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Fair value measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Financial Instruments Measured At Fair Value On A Recurring Basis | Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions of U.S. dollars) |  |  |
Assets: |  |  |  |  |  |  |
Fixed maturities available-for-sale |  |  |  |  |  |  |
U.S. Treasury / Agency | $ | 2,911 |  |  | $ | 679 |  |  | $ | — |  |  | $ | 3,590 |
Non-U.S. | — |  |  | 34,472 |  |  | 692 |  |  | 35,164 |
Corporate and asset-backed securities | — |  |  | 40,208 |  |  | 2,622 |  |  | 42,830 |
Mortgage-backed securities | — |  |  | 22,051 |  |  | 7 |  |  | 22,058 |
Municipal | — |  |  | 2,929 |  |  | — |  |  | 2,929 |
| 2,911 |  |  | 100,339 |  |  | 3,321 |  |  | 106,571 |
Equity securities | 3,368 |  |  | — |  |  | 87 |  |  | 3,455 |
Short-term investments | 1,915 |  |  | 2,633 |  |  | 3 |  |  | 4,551 |
Other investments (1) | 589 |  |  | 4,236 |  |  | — |  |  | 4,825 |
Securities lending collateral | — |  |  | 1,299 |  |  | — |  |  | 1,299 |
Investment derivatives | 54 |  |  | — |  |  | — |  |  | 54 |
Derivatives designated as hedging instruments | — |  |  | 136 |  |  | — |  |  | 136 |
Separate account assets | 5,482 |  |  | 91 |  |  | — |  |  | 5,573 |
Total assets measured at fair value (1) (2) | $ | 14,319 |  |  | $ | 108,734 |  |  | $ | 3,411 |  |  | $ | 126,464 |
Liabilities: |  |  |  |  |  |  |
Investment derivatives | $ | 136 |  |  | $ | — |  |  | $ | — |  |  | $ | 136 |
Derivatives designated as hedging instruments | — |  |  | 128 |  |  | — |  |  | 128 |
Other derivative instruments | 37 |  |  | 5 |  |  | — |  |  | 42 |
Market risk benefits (3) | — |  |  | — |  |  | 771 |  |  | 771 |
Total liabilities measured at fair value | $ | 173 |  |  | $ | 133 |  |  | $ | 771 |  |  | $ | 1,077 |
(1)Excluded from the table above are other investments of $702 million, principally policy loans at December 31, 2023 measured using NAV as a practical expedient. (2)Excluded from the table above are Private equities of $14,078 million at December 31, 2023 measured using NAV as a practical expedient. (3)Refer to Note 11 for additional information on Market risk benefits.
December 31, 2022 | Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions of U.S. dollars) |  |  |
Assets: |  |  |  |  |  |  |
Fixed maturities available-for-sale |  |  |  |  |  |  |
U.S. Treasury / Agency | $ | 2,100 |  |  | $ | 526 |  |  | $ | — |  |  | $ | 2,626 |
Non-U.S. | — |  |  | 25,344 |  |  | 564 |  |  | 25,908 |
Corporate and asset-backed securities | — |  |  | 34,506 |  |  | 2,449 |  |  | 36,955 |
Mortgage-backed securities | — |  |  | 15,840 |  |  | 11 |  |  | 15,851 |
Municipal | — |  |  | 3,880 |  |  | — |  |  | 3,880 |
| 2,100 |  |  | 80,096 |  |  | 3,024 |  |  | 85,220 |
Equity securities | 737 |  |  | — |  |  | 90 |  |  | 827 |
Short-term investments | 3,108 |  |  | 1,849 |  |  | 3 |  |  | 4,960 |
Other investments (1) | 552 |  |  | 399 |  |  | — |  |  | 951 |
Securities lending collateral | — |  |  | 1,523 |  |  | — |  |  | 1,523 |
Investment derivative instruments | 82 |  |  | — |  |  | — |  |  | 82 |
Derivatives designated as hedging instruments | — |  |  | 17 |  |  | — |  |  | 17 |
Other derivative instruments | 33 |  |  | — |  |  | — |  |  | 33 |
Separate account assets | 5,101 |  |  | 89 |  |  | — |  |  | 5,190 |
Total assets measured at fair value (1) (2) | $ | 11,713 |  |  | $ | 83,973 |  |  | $ | 3,117 |  |  | $ | 98,803 |
Liabilities: |  |  |  |  |  |  |
Investment derivatives | $ | 139 |  |  | $ | — |  |  | $ | — |  |  | $ | 139 |
Derivatives designated as hedging instruments | — |  |  | 53 |  |  | — |  |  | 53 |
Market risk benefits (3) | — |  |  | — |  |  | 800 |  |  | 800 |
Total liabilities measured at fair value | $ | 139 |  |  | $ | 53 |  |  | $ | 800 |  |  | $ | 992 |
(1)Excluded from the table above are other investments of $390 million, principally policy loans at December 31, 2022 measured using NAV as a practical expedient. (2)Excluded from the table above are Private equities of $12,355 million at December 31, 2022 measured using NAV as a practical expedient. (3)Refer to Note 11 for additional information on Market risk benefits.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the following tables is the reconciliation of Market risk benefits, refer to Note 11 for additional information:
|  | Available-for-Sale Debt Securities |  |  |  | Equity securities |  | Short-term investments |  |  |  |  |  |
Year Ended December 31, 2023 |  | Non-U.S. |  | Corporate and asset-backed securities |  | Mortgage-backed securities |  |  |  |
(in millions of U.S. dollars) |  |  |  |  |
Balance, beginning of year |  | $ | 564 |  |  | $ | 2,449 |  |  | $ | 11 |  |  |  |  | $ | 90 |  |  | $ | 3 |  |  |  |  |  |  |
Transfers into Level 3 |  | 21 |  |  | 30 |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  |  |  |
Transfers out of Level 3 |  | (22) |  |  | (26) |  |  | (15) |  |  |  |  | — |  |  | — |  |  |  |  |  |  |
Change in Net Unrealized Gains (Losses) in OCI |  | 13 |  |  | 28 |  |  | — |  |  |  |  | — |  |  | (1) |  |  |  |  |  |  |
Net Realized Gains (Losses) |  | (4) |  |  | (17) |  |  | — |  |  |  |  | (7) |  |  | (1) |  |  |  |  |  |  |
Purchases |  | 258 |  |  | 681 |  |  | 15 |  |  |  |  | 24 |  |  | 5 |  |  |  |  |  |  |
Sales |  | (82) |  |  | (81) |  |  | — |  |  |  |  | (20) |  |  | (3) |  |  |  |  |  |  |
Settlements |  | (56) |  |  | (442) |  |  | (4) |  |  |  |  | — |  |  | — |  |  |  |  |  |  |
Balance, end of year |  | $ | 692 |  |  | $ | 2,622 |  |  | $ | 7 |  |  |  |  | $ | 87 |  |  | $ | 3 |  |  |  |  |  |  |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date |  | $ | (1) |  |  | $ | (5) |  |  | $ | — |  |  |  |  | $ | (7) |  |  | $ | — |  |  |  |  |  |  |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  | $ | 7 |  |  | $ | 12 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
| Available-for-Sale Debt Securities |  | Equity securities |  | Short-term investments |  |  |  |  |
Year Ended December 31, 2022 | Non-U.S. |  | Corporate and asset-backed securities |  | Mortgage-backed securities |
(in millions of U.S. dollars) |  |  |  |  |  |
Balance, beginning of year | $ | 633 |  |  | $ | 2,049 |  |  | $ | 26 |  |  | $ | 77 |  |  | $ | 7 |  |  |  |  |  |
Transfers into Level 3 | 23 |  |  | 47 |  |  | — |  |  | 1 |  |  | — |  |  |  |  |  |
Transfers out of Level 3 | (23) |  |  | (97) |  |  | (9) |  |  | — |  |  | — |  |  |  |  |  |
Change in Net Unrealized Gains (Losses) in OCI | (53) |  |  | (80) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Net Realized Gains (Losses) | (6) |  |  | (14) |  |  | — |  |  | 15 |  |  | (2) |  |  |  |  |  |
Purchases | 156 |  |  | 921 |  |  | 4 |  |  | 9 |  |  | 3 |  |  |  |  |  |
Sales | (59) |  |  | (85) |  |  | — |  |  | (12) |  |  | — |  |  |  |  |  |
Settlements | (107) |  |  | (292) |  |  | (10) |  |  | — |  |  | (5) |  |  |  |  |  |
Balance, end of year | $ | 564 |  |  | $ | 2,449 |  |  | $ | 11 |  |  | $ | 90 |  |  | $ | 3 |  |  |  |  |  |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date | $ | (2) |  |  | $ | (9) |  |  | $ | — |  |  | $ | 14 |  |  | $ | (1) |  |  |  |  |  |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date | $ | (53) |  |  | $ | (84) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
| Available-for-Sale Debt Securities |  |  |  | Short-term investments |  |  |  |
Year Ended December 31, 2021 | Non-U.S. |  | Corporate and asset-backed securities |  | Mortgage-backed securities |  | Equity securities |  |  | Other investments
(in millions of U.S. dollars) |  |  |  |
Balance, beginning of year | $ | 546 |  |  | $ | 1,573 |  |  | $ | 60 |  |  | $ | 73 |  |  | $ | 5 |  |  | $ | 10 |  |  |
Transfers into Level 3 | 24 |  |  | 91 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Transfers out of Level 3 | (11) |  |  | (76) |  |  | (18) |  |  | — |  |  | — |  |  | (10) |  |  |
Change in Net Unrealized Gains (Losses) in OCI | (30) |  |  | 15 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  |
Net Realized Gains (Losses) | (1) |  |  | (2) |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  |
Purchases | 275 |  |  | 1,154 |  |  | 18 |  |  | 21 |  |  | 9 |  |  | — |  |  |
Sales | (48) |  |  | (99) |  |  | (1) |  |  | (25) |  |  | — |  |  | — |  |  |
Settlements | (122) |  |  | (607) |  |  | (33) |  |  | — |  |  | (6) |  |  | — |  |  |
Balance, end of year | $ | 633 |  |  | $ | 2,049 |  |  | $ | 26 |  |  | $ | 77 |  |  | $ | 7 |  |  | $ | — |  |  |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date | $ | (25) |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value |
December 31, 2023 | Fair Value |  | Net Carrying Value
(in millions of U.S. dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Private debt held-for-investment | $ | — |  |  | $ | — |  |  | $ | 2,560 |  |  | $ | 2,560 |  |  | $ | 2,553 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 2,560 |  |  | $ | 2,560 |  |  | $ | 2,553 |
Liabilities: |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | — |  |  | $ | 2,833 |  |  | $ | — |  |  | $ | 2,833 |  |  | $ | 2,833 |
Short-term debt | — |  |  | 1,431 |  |  | — |  |  | 1,431 |  |  | 1,460 |
Long-term debt | — |  |  | 11,924 |  |  | — |  |  | 11,924 |  |  | 13,035 |
Trust preferred securities | — |  |  | 365 |  |  | — |  |  | 365 |  |  | 308 |
Total liabilities | $ | — |  |  | $ | 16,553 |  |  | $ | — |  |  | $ | 16,553 |  |  | $ | 17,636 |
December 31, 2022 | Fair Value |  | Net Carrying Value
(in millions of U.S. dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities held to maturity |  |  |  |  |  |  |  |  |
U.S. Treasury / Agency | $ | 1,299 |  |  | $ | 71 |  |  | $ | — |  |  | $ | 1,370 |  |  | $ | 1,417 |
Non-U.S. | — |  |  | 1,054 |  |  | — |  |  | 1,054 |  |  | 1,136 |
Corporate and asset-backed securities | — |  |  | 1,580 |  |  | — |  |  | 1,580 |  |  | 1,705 |
Mortgage-backed securities | — |  |  | 1,351 |  |  | — |  |  | 1,351 |  |  | 1,455 |
Municipal | — |  |  | 3,084 |  |  | — |  |  | 3,084 |  |  | 3,135 |
Total assets | $ | 1,299 |  |  | $ | 7,140 |  |  | $ | — |  |  | $ | 8,439 |  |  | $ | 8,848 |
Liabilities: |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | — |  |  | $ | 1,419 |  |  | $ | — |  |  | $ | 1,419 |  |  | $ | 1,419 |
Short-term debt | — |  |  | 473 |  |  | — |  |  | 473 |  |  | 475 |
Long-term debt | — |  |  | 12,495 |  |  | — |  |  | 12,495 |  |  | 14,402 |
Trust preferred securities | — |  |  | 383 |  |  | — |  |  | 383 |  |  | 308 |
Total liabilities | $ | — |  |  | $ | 14,770 |  |  | $ | — |  |  | $ | 14,770 |  |  | $ | 16,604 |

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