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Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

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

June 30, 2024			Level 1						Level 2						Level 3						Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency			$	2,128					$	613					$	—					$	2,741
Non-U.S.			—						34,286						632						34,918
Corporate and asset-backed securities			—						40,911						2,709						43,620
Mortgage-backed securities			—						24,594						20						24,614
Municipal			—						1,947						—						1,947
			2,128						102,351						3,361						107,840
Equity securities			3,692						—						100						3,792
Short-term investments			2,822						1,712						12						4,546
Other investments (1)			581						5,903						—						6,484
Securities lending collateral			—						1,889						—						1,889
Investment derivatives			41						—						—						41
Derivatives designated as hedging instruments			—						127						—						127
Other derivative instruments			1						—						—						1
Separate account assets			5,749						85						—						5,834
Total assets measured at fair value (1)(2)			$	15,014					$	112,067					$	3,473					$	130,554
Liabilities:
Investment derivatives			$	169					$	—					$	—					$	169
Derivatives designated as hedging instruments			—						96						—						96
Other derivative instruments			2						5						—						7
Market risk benefits (3)			—						—						576						576
Total liabilities measured at fair value			$	171					$	101					$	576					$	848

(1)Excluded from the table above are other investments of $1,029 million, principally policy loans, measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $14,365 million, measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.

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, measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $14,078 million, 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).

Three Months Ended June 30, 2024 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
									Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
			Balance, beginning of period															$	718								$	2,658														$	7																	$	101					$	5
Transfers into Level 3									—						4						—																		—						—
Transfers out of Level 3									(2)						—						—																		—						—
Change in Net Unrealized Gains (Losses) in OCI									(6)						4						—																		—						(1)
Net Realized Gains (Losses)									(4)						(5)						—																		2						—
Purchases									83						326						15																		1						12
Sales									(31)						(87)						—																		(4)						—
Settlements									(126)						(191)						(2)																		—						(4)
Balance, end of period									$	632					$	2,709					$	20																	$	100					$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(2)					$	—																	$	1					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	(10)					$	(1)					$	—																	$	—					$	(1)

Three Months Ended June 30, 2023 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
			Balance, beginning of period																		$	561					$	2,544														$	10											$	88					$	7
Transfers into Level 3									21						3						—												—						—
Transfers out of Level 3									—						(2)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									15						4						—												—						—
Net Realized Gains (Losses)									(1)						(5)						—												(2)						—
Purchases									62						118						—												4						(2)
Sales									(4)						(10)						—												(4)						(2)
Settlements									(5)						(128)						—												—						—
Balance, end of period									$	649					$	2,524					$	10											$	86					$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	—					$	(6)					$	—											$	(3)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	15					$	3					$	—											$	—					$	1

Six Months Ended June 30, 2024 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																					Equity securities						Short-term investments
									Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
			Balance, beginning of period															$	692								$	2,622														$	7											$	87					$	3
Transfers into Level 3									1						5						—												—						—
Transfers out of Level 3									(6)						(3)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									8						10						—												—						(1)
Net Realized Gains (Losses)									(4)						(5)						—												(1)						—
Purchases									155						469						15												19						16
Sales									(51)						(107)						—												(5)						—
Settlements									(163)						(282)						(2)												—						(6)
Balance, end of period									$	632					$	2,709					$	20											$	100					$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(2)					$	—											$	(1)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	3					$	5					$	—											$	—					$	(1)

Six Months Ended June 30, 2023 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
			Balance, beginning of period																		$	564					$	2,449														$	11											$	90					$	3
Transfers into Level 3									21						3						—												—						—
Transfers out of Level 3									—						(13)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									11						2						—												—						(1)
Net Realized Gains (Losses)									(1)						(3)						—												(6)						—
Purchases									105						323						—												11						3
Sales									(35)						(30)						—												(9)						(2)
Settlements									(16)						(207)						(1)												—						—
Balance, end of period									$	649					$	2,524					$	10											$	86					$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	—					$	(2)					$	—											$	(6)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	9					$	(2)					$	—											$	—					$	—

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

June 30, 2024			Fair Value																								Net Carrying Value
(in millions of U.S. dollars)			Level 1						Level 2						Level 3						Total
Assets:
Private debt held-for-investment			$	—					$	—					$	2,696					$	2,696					$	2,680
Total assets			$	—					$	—					$	2,696					$	2,696					$	2,680
Liabilities:
Repurchase agreements			$	—					$	3,149					$	—					$	3,149					$	3,149
Short-term debt			—						1,528						—						1,528						1,553
Long-term debt			—						11,698						—						11,698						13,178
Trust preferred securities			—						367						—						367						309
Total liabilities			$	—					$	16,742					$	—					$	16,742					$	18,189

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

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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