XML 45 R33.htm IDEA: XBRL DOCUMENT v3.25.1
Investment Information (Tables)
3 Months Ended
Mar. 31, 2025
Disclosure Investment Information [Abstract]  
Summary of fair value and cost or amortized cost of available for sale securities
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Expected Credit Losses Cost or
Amortized
Cost
March 31, 2025
Fixed maturities:
Corporate bonds$13,703 $153 $(267)$(12)$13,829 
U.S. government and government agencies6,531 36 (53)— 6,548 
Asset backed securities3,087 11 (30)(8)3,114 
Non-U.S. government securities2,602 31 (81)(1)2,653 
Commercial mortgage backed securities931 (9)— 935 
Residential mortgage backed securities1,755 16 (26)— 1,765 
Municipal bonds189 — (8)— 197 
Total28,798 252 (474)(21)29,041 
Short-term investments2,477 (1)— 2,476 
Total$31,275 $254 $(475)$(21)$31,517 
December 31, 2024
Fixed maturities:
Corporate bonds$12,487 $110 $(346)$(12)$12,735 
U.S. government and government agencies6,710 (149)— 6,851 
Asset backed securities2,900 19 (32)(8)2,921 
Non-U.S. government securities2,538 30 (107)(1)2,616 
Commercial mortgage backed securities1,058 (11)(1)1,064 
Residential mortgage backed securities1,079 (31)— 1,104 
Municipal bonds263 — (16)— 279 
Total27,035 179 (692)(22)27,570 
Short-term investments2,784 (2)— 2,784 
Total$29,819 $181 $(694)$(22)$30,354 
Summary of available for sale securities in a continual unrealized loss position
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
 Less than 12 Months12 Months or MoreTotal
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
March 31, 2025
Fixed maturities:
Corporate bonds$3,812 $(84)$2,569 $(183)$6,381 $(267)
U.S. government and government agencies2,160 (25)403 (28)2,563 (53)
Non-U.S. government securities1,387 (33)411 (48)1,798 (81)
Residential mortgage backed securities269 (2)180 (24)449 (26)
Asset backed securities1,016 (7)396 (23)1,412 (30)
Commercial mortgage backed securities367 (2)238 (7)605 (9)
Municipal bonds17 (1)159 (7)176 (8)
Total9,028 (154)4,356 (320)13,384 (474)
Short-term investments821 (1)— — 821 (1)
Total$9,849 $(155)$4,356 $(320)$14,205 $(475)
December 31, 2024
Fixed maturities:
Corporate bonds$4,582 $(114)$2,924 $(232)$7,506 $(346)
U.S. government and government agencies5,130 (100)516 (49)5,646 (149)
Non-U.S. government securities1,650 (58)418 (49)2,068 (107)
Residential mortgage backed securities571 (6)186 (25)757 (31)
Asset backed securities236 (8)426 (24)662 (32)
Commercial mortgage backed securities180 (1)434 (10)614 (11)
Municipal bonds48 (1)176 (15)224 (16)
Total12,397 (288)5,080 (404)17,477 (692)
Short-term investments97 (2)— — 97 (2)
Total$12,494 $(290)$5,080 $(404)$17,574 $(694)
Contractual maturities of the Company's fixed maturities
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2025December 31, 2024
MaturityEstimated
Fair
Value
Amortized
Cost
Estimated
Fair
Value
Amortized
Cost
Due in one year or less$493 $507 $438 $451 
Due after one year through five years16,026 16,088 15,364 15,590 
Due after five years through 10 years5,981 6,106 5,811 6,039 
Due after 10 years525 526 385 401 
 23,025 23,227 21,998 22,481 
Residential mortgage backed securities1,755 1,765 1,079 1,104 
Commercial mortgage backed securities931 935 1,058 1,064 
Asset backed securities3,087 3,114 2,900 2,921 
Total$28,798 $29,041 $27,035 $27,570 
Summary of other investments, at fair value
The following table summarizes the Company’s other investments:
March 31,
2025
December 31,
2024
Other investments$1,866 $2,135 
Fixed maturities 913 854 
Short term investments104 70 
Equity securities
Total$2,888 $3,066 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:
March 31,
2025
December 31,
2024
Investment grade fixed income$1,085 $1,055 
Private equity252 229 
Lending237 303 
Term loan investments200 430 
Credit related funds74 99 
Energy18 19 
Total$1,866 $2,135 
Components of net investment income
The components of net investment income were derived from the following sources:
March 31,
 20252024
Three Months Ended
Fixed maturities$342 $280 
Short term investments26 29 
Equity securities11 
Other (1)28 33 
Gross investment income407 350 
Investment expenses(29)(23)
Net investment income$378 $327 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.
Summary of net realized gains (losses), including change in allowance for credit losses on financial assets and net impairment losses recognized in earnings
Net realized gains (losses), which include changes in the allowance for credit losses on financial assets and net impairment losses recognized in earnings were as follows:
March 31,
 20252024
Three Months Ended
Available for sale securities:  
Gross gains on investment sales$51 $50 
Gross losses on investment sales(113)(78)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities
Other investments13 (2)
Equity securities, at fair value:
Net realized gains (losses) on sales during the period47 11 
Net unrealized gains (losses) on equity securities still held at reporting date(95)82 
Allowance for credit losses:
Investments related— (6)
Underwriting related
Derivative instruments (1)99 (10)
Other (2)17 
Net realized gains (losses)$$67 
(1)    See note 10 for information on the Company’s derivative instruments.
Summary of investments accounted for using equity method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:
March 31,
2025
December 31,
2024
Private equity$1,978 $1,915 
Credit related funds1,522 1,487 
Lending869 616 
Real estate861 869 
Fixed income449 384 
Infrastructure413 425 
Equities202 217 
Energy46 67 
Total$6,340 $5,980 
Summary of investments in limited partnership interests where the Company has a variable interest
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet line item:
March 31,
2025
December 31,
2024
Investments accounted for using the equity method (1)$6,340 $5,980 
Investments accounted for using the fair value option (2)31 48 
Total$6,371 $6,028 
(1)    Aggregate unfunded commitments were $4.3 billion at March 31, 2025, consistent with $4.3 billion at December 31, 2024.
(2)    Aggregate unfunded commitments were $21 million at March 31, 2025, consistent with $21 million at December 31, 2024.
Rollforward of the allowance for expected credit losses of securities classified as available for sale
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Structured Securities (1)Corporate
Bonds
Non-U.S.
Government
Securities
Total
Three Months Ended March 31, 2025
Balance at beginning of period$$12 $$22 
Additions for current-period provision for expected credit losses— — 
Additions (reductions) for previously recognized expected credit losses (4)— (3)
Reductions due to disposals— (1)— (1)
Balance at end of period$$12 $$21 
Three Months Ended March 31, 2024
Balance at beginning of period$$20 $$28 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses — — 
Reductions due to disposals— (1)— (1)
Balance at end of period$$24 $$32 
(1)    Includes asset backed securities, residential mortgage backed securities and commercial mortgage backed securities.
Summary of restricted assets
The following table details the value of the Company’s restricted assets:
March 31,
2025
December 31,
2024
Assets used for collateral or guarantees:  
Affiliated transactions$5,034 $4,730 
Third party agreements6,344 5,999 
Deposits with U.S. regulatory authorities945 882 
Other (1)1,446 1,437 
Total restricted assets$13,769 $13,048 
(1)    Primarily includes Funds at Lloyds, deposits with non-U.S. regulatory authorities and other restricted assets.
Reconciliation of cash and restricted cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
March 31,
2025
December 31,
2024
Cash$1,187 $979 
Restricted cash (included in ‘other assets’)798 781 
Cash and restricted cash$1,985 $1,760