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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities

September 30, 2025			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities			$	4,046					$	—					$	24					$	(224)					$	3,846
Non-U.S.			40,176						(15)						986						(816)						40,331
Corporate and asset-backed securities			48,360						(35)						706						(1,580)						47,451
Mortgage-backed securities			31,144						—						326						(1,310)						30,160
			$	123,726					$	(50)					$	2,042					$	(3,930)					$	121,788

December 31, 2024			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities			$	4,383					$	—					$	10					$	(323)					$	4,070
Non-U.S.			36,311						(23)						753						(1,203)						35,838
Corporate and asset-backed securities			45,231						(47)						287						(2,264)						43,207
Mortgage-backed securities			29,158						—						69						(1,979)						27,248
			$	115,083					$	(70)					$	1,119					$	(5,769)					$	110,363

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

			September 30, 2025												December 31, 2024
(in millions of U.S. dollars)			Net Carrying Value						Fair Value						Net Carrying Value						Fair Value
Available-for-sale
Due in 1 year or less			$	5,207					$	5,207					$	4,507					$	4,507
Due after 1 year through 5 years			36,276						36,276						33,446						33,446
Due after 5 years through 10 years			30,504						30,504						26,901						26,901
Due after 10 years			19,641						19,641						18,261						18,261
			91,628						91,628						83,115						83,115
Mortgage-backed securities			30,160						30,160						27,248						27,248
			$	121,788					$	121,788					$	110,363					$	110,363

Unrealized Gain (Loss) on Investments

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:

			0 – 12 Months												Over 12 Months												Total
September 30, 2025			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities			$	274					$	(2)					$	2,195					$	(222)					$	2,469					$	(224)
Non-U.S.			4,617						(100)						9,797						(595)						14,414						(695)
Corporate and asset-backed securities			3,551						(57)						11,096						(928)						14,647						(985)
Mortgage-backed securities			925						(7)						11,695						(1,303)						12,620						(1,310)
Total AFS fixed maturities			$	9,367					$	(166)					$	34,783					$	(3,048)					$	44,150					$	(3,214)

			0 – 12 Months												Over 12 Months												Total
December 31, 2024			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities			$	767					$	(16)					$	2,489					$	(303)					$	3,256					$	(319)
Non-U.S.			6,630						(138)						12,023						(874)						18,653						(1,012)
Corporate and asset-backed securities			10,069						(194)						13,290						(1,259)						23,359						(1,453)
Mortgage-backed securities			10,490						(170)						11,987						(1,794)						22,477						(1,964)
Total AFS fixed maturities			$	27,956					$	(518)					$	39,789					$	(4,230)					$	67,745					$	(4,748)

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2025						2024						2025						2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period			$	71					$	122					$	70					$	156
Provision for expected credit loss			25						23						76						95
Write-offs charged against the expected credit loss			(1)						(1)						(2)						(6)
Recovery of expected credit loss			(45)						(69)						(94)						(170)
Valuation allowance for expected credit losses - end of period			$	50					$	75					$	50					$	75
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period			$	3					$	5					$	4					$	4
Provision for expected credit loss			1						—						1						2
Recovery of expected credit loss			(1)						—						(2)						(1)
Valuation allowance for expected credit losses - end of period			$	3					$	5					$	3					$	5

Private debt held-for-investment, allowance for credit loss

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2025						2024						2025						2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period			$	71					$	122					$	70					$	156
Provision for expected credit loss			25						23						76						95
Write-offs charged against the expected credit loss			(1)						(1)						(2)						(6)
Recovery of expected credit loss			(45)						(69)						(94)						(170)
Valuation allowance for expected credit losses - end of period			$	50					$	75					$	50					$	75
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period			$	3					$	5					$	4					$	4
Provision for expected credit loss			1						—						1						2
Recovery of expected credit loss			(1)						—						(2)						(1)
Valuation allowance for expected credit losses - end of period			$	3					$	5					$	3					$	5

Schedule of Realized Gain (Loss)

The following table presents the components of net realized gains (losses):

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2025						2024						2025						2024
Fixed maturities:
Gross realized gains			$	121					$	21					$	228					$	73
Gross realized losses			(157)						(91)						(376)						(338)
Other investments - Fixed maturities (2025 includes $(116) million and $(116) million related to investments measured under the fair value option)			82						152						103						452
Net recovery of expected credit losses			22						48						21						80
Impairment (1)			(22)						(19)						(34)						(81)
Total fixed maturities			46						111						(58)						186
Equity securities (2025 includes $66 million and $131 million related to investments measured under the fair value option)			396						123						596						147
Private equities (less than 3 percent ownership)			48						(41)						31						39
Foreign exchange			(115)						(58)						(269)						(162)
Investment and embedded derivative instruments			(85)						66						46						6
Other derivative instruments			(9)						(2)						(14)						(7)
Other			2						(1)						(5)						(8)
Net realized gains (losses) (pre-tax)			$	283					$	198					$	327					$	201

(1)Relates to certain securities we intend to sell and securities written to market entering default.

Gain (Loss) on Securities

Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

																																	Three Months Ended
																																							September 30
																					2025																								2024
(in millions of U.S. dollars)			Equity Securities						Other Investments						Private Equities						Total						Equity Securities						Other Investments						Private Equities						Total
Net gains (losses) recognized during the period			$	396					$	82					$	48					$	526					$	123					$	152					$	(41)					$	234
Less: Net gains (losses) recognized from sales of securities			59						—						—						59						(6)						2						—						(4)
Unrealized gains (losses) recognized for securities still held at reporting date			$	337					$	82					$	48					$	467					$	129					$	150					$	(41)					$	238

																																	Nine Months Ended
																																							September 30
																					2025																								2024
(in millions of U.S. dollars)			Equity Securities						Other Investments						Private Equities						Total						Equity Securities						Other Investments						Private Equities						Total
Net gains (losses) recognized during the period			$	596					$	103					$	31					$	730					$	147					$	452					$	39					$	638
Less: Net gains (losses) recognized from sales of securities			79						4						—						83						5						2						—						7
Unrealized gains (losses) recognized for securities still held at reporting date			$	517					$	99					$	31					$	647					$	142					$	450					$	39					$	631

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

			Expected Liquidation Period of Underlying Assets						September 30, 2025												December 31, 2024
(in millions of U.S. dollars)									Fair Value						Maximum Future Funding Commitments						Fair Value						Maximum Future Funding Commitments
Financial			2 to 10 Years						$	1,427					$	223					$	1,265					$	281
Real assets			2 to 13 Years						1,908						662						1,974						547
Distressed			2 to 8 Years						1,150						1,048						1,257						679
Private credit			3 to 8 Years						310						312						295						285
Traditional			2 to 14 Years						11,578						4,192						9,674						4,650
Vintage			1 to 3 Years						52						—						64						—
Investment funds			Not Applicable						309						—						240						—
									$	16,734					$	6,437					$	14,769					$	6,442

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

			September 30						December 31
(in millions of U.S. dollars)			2025						2024
Trust funds			$	8,675					$	8,170
Assets pledged under repurchase agreements			3,580						2,890
Deposits with U.S. regulatory authorities			2,563						2,487
Deposits with non-U.S. regulatory authorities and other			4,489						4,659
Total			$	19,307					$	18,206

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