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Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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
September 30, 2025Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,665 $2,181 $— $3,846 
Non-U.S.— 39,729 602 40,331 
Corporate and asset-backed securities— 44,212 3,239 47,451 
Mortgage-backed securities— 30,160 — 30,160 
1,665 116,282 3,841 121,788 
Equity securities (1)
5,153 — 114 5,267 
Short-term investments2,376 1,962 42 4,380 
Other investments (2)
638 8,106 — 8,744 
Securities lending collateral— 1,899 — 1,899 
Investment derivatives22 — — 22 
Derivatives designated as hedging instruments— 261 — 261 
Other derivative instruments5 — — 5 
Separate account assets6,733 77 — 6,810 
Total assets measured at fair value (1)(2)(3)
$16,592 $128,587 $3,997 $149,176 
Liabilities:
Investment derivatives$173 $— $— $173 
Derivatives designated as hedging instruments— 183 — 183 
Other derivative instruments11 5 — 16 
Market risk benefits (4)
— — 666 666 
Total liabilities measured at fair value$184 $188 $666 $1,038 
(1)Excluded from the table above is a fund of $5,110 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,438 million, principally policy loans, measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $16,734 million, measured using NAV as a practical expedient.
(4)Refer to Note 11 for additional information on Market risk benefits.
 
December 31, 2024Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,765 $2,305 $— $4,070 
Non-U.S.— 35,234 604 35,838 
Corporate and asset-backed securities— 40,316 2,891 43,207 
Mortgage-backed securities— 27,245 3 27,248 
1,765 105,100 3,498 110,363 
Equity securities (1)
4,053 — 120 4,173 
Short-term investments3,156 1,972 14 5,142 
Other investments (2)
573 6,783 — 7,356 
Securities lending collateral— 1,445 — 1,445 
Investment derivatives41 — — 41 
Derivatives designated as hedging instruments— 146 — 146 
Other derivative instruments35 — — 35 
Separate account assets6,165 66 — 6,231 
Total assets measured at fair value (1)(2)(3)
$15,788 $115,512 $3,632 $134,932 
Liabilities:
Investment derivatives$303 $— $— $303 
Derivatives designated as hedging instruments— 116 — 116 
Other derivative instruments— 2 — 2 
Market risk benefits (4)
— — 607 607 
Total liabilities measured at fair value$303 $118 $607 $1,028 
(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.
(4)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 tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.

Three Months Ended
September 30, 2025
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$598 $3,186 $— $125 $42 
Transfers into Level 3— 90 — — — 
Transfers out of Level 3(1)(3)— — — 
Change in Net Unrealized Gains (Losses) in OCI3 5 — — — 
Net Realized Gains (Losses)1 (8)— (2)— 
Purchases66 212 — 6 2 
Sales(22)(124)— (15)(1)
Settlements(43)(119)— — (1)
Balance, end of period$602 $3,239 $— $114 $42 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $1 $— $4 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$1 $(1)$— $— $— 
Three Months Ended
September 30, 2024
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$632 $2,709 $20 $100 $12 
Transfers out of Level 3(1)— (14)— — 
Change in Net Unrealized Gains (Losses) in OCI10 16 — — (1)
Net Realized Gains (Losses)(1)(10)— 7 — 
Purchases59 316 40 17 6 
Sales(18)(69)— (6)(1)
Settlements(42)(184)— — (1)
Balance, end of period$639 $2,778 $46 $118 $15 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(8)$— $6 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$11 $12 $— $— $(1)
Nine Months Ended
September 30, 2025
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$604 $2,891 $3 $120 $14 
Transfers into Level 311 174 — — — 
Transfers out of Level 3(1)(16)— (1)— 
Change in Net Unrealized Gains (Losses) in OCI41 (2)— — — 
Net Realized Gains (Losses)(2)(14)(2)(5)— 
Purchases210 726 1 32 32 
Sales(109)(224)(2)(32)(1)
Settlements(152)(296)— — (3)
Balance, end of period$602 $3,239 $— $114 $42 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(3)$— $13 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$31 $(18)$— $— $— 
Nine Months Ended
September 30, 2024
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
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 31 5 — — — 
Transfers out of Level 3(7)(3)(14)— — 
Change in Net Unrealized Gains (Losses) in OCI18 26 — — (2)
Net Realized Gains (Losses)(5)(15)— 6 — 
Purchases214 785 55 36 22 
Sales(69)(176)— (11)(1)
Settlements(205)(466)(2)— (7)
Balance, end of period$639 $2,778 $46 $118 $15 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(10)$— $5 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$14 $17 $— $— $(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:

September 30, 2025Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,566 $2,566 $2,535 
Total assets$— $— $2,566 $2,566 $2,535 
Liabilities:
Repurchase agreements$— $3,360 $— $3,360 $3,360 
Short-term debt— 1,492 — 1,492 1,499 
Long-term debt— 14,095 570 14,665 15,727 
Hybrid debt— 482 — 482 421 
Total liabilities$— $19,429 $570 $19,999 $21,007 

December 31, 2024Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,680 $2,680 $2,628 
Total assets$— $— $2,680 $2,680 $2,628 
Liabilities:
Repurchase agreements$— $2,731 $— $2,731 $2,731 
Short-term debt— 797 — 797 800 
Long-term debt— 12,979 — 12,979 14,379 
Hybrid debt— 479 — 479 419 
Total liabilities$— $16,986 $— $16,986 $18,329