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Investments (Tables)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]    
Schedule Of Amortized Cost And Fair Value Of Fixed Maturities And Related OTTI Recognized In AOCI
December 31, 2015
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,481

 
$
52

 
$
(5
)
 
$
2,528

 
$
—

Foreign
13,190

 
468

 
(213
)
 
13,445

 
(13
)
Corporate securities
15,028

 
355

 
(454
)
 
14,929

 
(28
)
Mortgage-backed securities
9,827

 
183

 
(52
)
 
9,958

 
(1
)
States, municipalities, and political subdivisions
2,623

 
110

 
(6
)
 
2,727

 
—

 
$
43,149

 
$
1,168

 
$
(730
)
 
$
43,587

 
$
(42
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
733

 
$
13

 
$
(1
)
 
$
745

 
$
—

Foreign
763

 
30

 
(8
)
 
785

 
—

Corporate securities
3,054

 
57

 
(55
)
 
3,056

 
—

Mortgage-backed securities
1,707

 
38

 
(2
)
 
1,743

 
—

States, municipalities, and political subdivisions
2,173

 
52

 
(2
)
 
2,223

 
—

 
$
8,430

 
$
190

 
$
(68
)
 
$
8,552

 
$
—

December 31, 2014
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,741

 
$
87

 
$
(8
)
 
$
2,820

 
$
—

Foreign
14,703

 
629

 
(90
)
 
15,242

 
—

Corporate securities
16,897

 
704

 
(170
)
 
17,431

 
(7
)
Mortgage-backed securities
10,011

 
304

 
(29
)
 
10,286

 
(1
)
States, municipalities, and political subdivisions
3,474

 
147

 
(5
)
 
3,616

 
—

 
$
47,826

 
$
1,871

 
$
(302
)
 
$
49,395

 
$
(8
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
832

 
$
20

 
$
(2
)
 
$
850

 
$
—

Foreign
916

 
47

 
—

 
963

 
—

Corporate securities
2,323

 
102

 
(2
)
 
2,423

 
—

Mortgage-backed securities
1,983

 
57

 
(1
)
 
2,039

 
—

States, municipalities, and political subdivisions
1,277

 
40

 
(3
)
 
1,314

 
—

 
$
7,331

 
$
266

 
$
(8
)
 
$
7,589

 
$
—
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 
December 31
 
 
December 31
 
 
 
 
2015

 
 
 
2014

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
1,856

 
$
1,865

 
$
2,187

 
$
2,206

Due after 1 year through 5 years
14,936

 
15,104

 
15,444

 
15,857

Due after 5 years through 10 years
12,258

 
12,173

 
15,663

 
16,089

Due after 10 years
4,272

 
4,487

 
4,521

 
4,957

 
33,322

 
33,629

 
37,815

 
39,109

Mortgage-backed securities
9,827

 
9,958

 
10,011

 
10,286

 
$
43,149

 
$
43,587

 
$
47,826

 
$
49,395

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
492

 
$
495

 
$
353

 
$
355

Due after 1 year through 5 years
2,443

 
2,517

 
2,603

 
2,693

Due after 5 years through 10 years
2,292

 
2,313

 
1,439

 
1,489

Due after 10 years
1,496

 
1,484

 
953

 
1,013

 
6,723

 
6,809

 
5,348

 
5,550

Mortgage-backed securities
1,707

 
1,743

 
1,983

 
2,039

 
$
8,430

 
$
8,552

 
$
7,331

 
$
7,589

  
Schedule Of Cost And Fair Value Of Equity Securities
 
December 31


December 31

(in millions of U.S. dollars)
2015


2014

Cost
$
441

 
$
440

Gross unrealized appreciation
74

 
83

Gross unrealized depreciation
(18
)
 
(13
)
Fair value
$
497

 
$
510

  
Schedule Of Default Assumptions By Moody's Rating Category
The following table presents default assumptions by Moody's rating category (historical mean default rate provided for comparison):
Moody's Rating Category
1-in-100 Year Default Rate

 
Historical Mean Default Rate

Investment Grade:
 
 
 
Aaa-Baa
0.0-1.3%

 
0.0-0.3%

Below Investment Grade:
 
 
 
Ba
4.9
%
 
1.1
%
B
12.7
%
 
3.4
%
Caa-C
50.2
%
 
13.1
%
  
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
The following table presents the Net realized gains (losses) and the losses included in Net realized gains (losses) and OCI as a result of conditions which caused us to conclude the decline in fair value of certain investments was “other-than-temporary” and the change in net unrealized appreciation (depreciation) of investments: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2015

 
2014

 
2013

Fixed maturities:
 
 
 
 
 
OTTI on fixed maturities, gross
$
(142
)
 
$
(64
)
 
$
(18
)
OTTI on fixed maturities recognized in OCI (pre-tax)
39

 
7

 
—

OTTI on fixed maturities, net
(103
)
 
(57
)
 
(18
)
Gross realized gains excluding OTTI
158

 
213

 
237

Gross realized losses excluding OTTI
(235
)
 
(133
)
 
(129
)
Total fixed maturities
(180
)
 
23

 
90

Equity securities:
 
 
 
 
 
OTTI on equity securities
(7
)
 
(8
)
 
(2
)
Gross realized gains excluding OTTI
47

 
22

 
21

Gross realized losses excluding OTTI
(11
)
 
(61
)
 
(4
)
Total equity securities
29

 
(47
)
 
15

OTTI on other investments
(2
)
 
(3
)
 
(2
)
Foreign exchange gains (losses)
(80
)
 
(40
)
 
29

Investment and embedded derivative instruments
32

 
(107
)
 
78

Fair value adjustments on insurance derivative
(203
)
 
(217
)
 
878

S&P put options and futures
(10
)
 
(168
)
 
(579
)
Other derivative instruments
(12
)
 
50

 
(2
)
Other
6

 
2

 
(3
)
Net realized gains (losses)
(420
)
 
(507
)
 
504

Change in net unrealized appreciation (depreciation) on investments:
 
 
 
 
 
Fixed maturities available for sale
(1,119
)
 
734

 
(1,798
)
Fixed maturities held to maturity
43

 
(2
)
 
(82
)
Equity securities
(17
)
 
77

 
(41
)
Other
(36
)
 
35

 
54

Income tax (expense) benefit
152

 
(167
)
 
408

Change in net unrealized appreciation (depreciation) on investments
(977
)
 
677

 
(1,459
)
Total net realized gains (losses) and change in net unrealized appreciation (depreciation) on investments
$
(1,397
)
 
$
170

 
$
(955
)
  
Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI
The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2015

 
2014

 
2013

Balance of credit losses related to securities still held – beginning of year
$
28

 
$
37

 
$
43

Additions where no OTTI was previously recorded
41

 
22

 
9

Additions where an OTTI was previously recorded
9

 
5

 
3

Reductions for securities sold during the period
(25
)
 
(36
)
 
(18
)
Balance of credit losses related to securities still held – end of year
$
53

 
$
28

 
$
37

  
Schedule Of Other Investments
 
 
 
December 31

 
 
 
December 31

 
 
 
2015

 
 
 
2014

(in millions of U.S. dollars)
Fair Value

 
Cost

 
Fair Value

 
Cost

Investment funds
$
269

 
$
138

 
$
378

 
$
228

Limited partnerships
709

 
542

 
691

 
497

Partially-owned investment companies
1,498

 
1,498

 
1,492

 
1,492

Life insurance policies
222

 
222

 
205

 
205

Policy loans
184

 
184

 
187

 
187

Trading securities
284

 
284

 
290

 
287

Other
125

 
125

 
103

 
103

Total
$
3,291

 
$
2,993

 
$
3,346

 
$
2,999

  
Schedule Of Partially Owned Insurance Companies
 
December 31
 
 
December 31
 
 
 
 
2015
 
 
2014
 
 
 
(in millions of U.S. dollars, except for percentages)
Carrying Value

 
Issued
 Share
Capital

 
Ownership Percentage

 
Carrying Value

 
Issued Share Capital

 
Ownership Percentage

 
Domicile
Huatai Group
$
430

 
$
624

 
20.0
%
 
$
397

 
$
638

 
20.0
%
 
China
Huatai Life Insurance Company
107

 
428

 
20.0
%
 
86

 
438

 
20.0
%
 
China
Freisenbruch-Meyer
9

 
5

 
40.0
%
 
9

 
5

 
40.0
%
 
Bermuda
ACE Cooperative Insurance Co. – Saudi Arabia
11

 
27

 
30.0
%
 
10

 
27

 
30.0
%
 
Saudi Arabia
Russian Reinsurance Company
2

 
4

 
23.3
%
 
2

 
4

 
23.3
%
 
Russia
ABR Reinsurance Ltd.
94

 
800

 
11.3
%
 
—

 
—

 
—

 
Bermuda
Total
$
653

 
$
1,888

 
 
 
$
504

 
$
1,112

 
 
 
 
  
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for all securities in an unrealized loss position (including securities on loan), 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
 
December 31, 2015
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
996

 
$
(5
)
 
$
153

 
$
(1
)
 
$
1,149

 
$
(6
)
Foreign
3,953

 
(148
)
 
436

 
(73
)
 
4,389

 
(221
)
Corporate securities
7,518

 
(371
)
 
738

 
(138
)
 
8,256

 
(509
)
Mortgage-backed securities
3,399

 
(42
)
 
516

 
(12
)
 
3,915

 
(54
)
States, municipalities, and political subdivisions
556

 
(6
)
 
42

 
(2
)
 
598

 
(8
)
Total fixed maturities
16,422

 
(572
)
 
1,885

 
(226
)
 
18,307

 
(798
)
Equity securities
131

 
(18
)
 
—

 
—

 
131

 
(18
)
Other investments
210

 
(11
)
 
—

 
—

 
210

 
(11
)
Total
$
16,763

 
$
(601
)
 
$
1,885

 
$
(226
)
 
$
18,648

 
$
(827
)
 
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2014
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

 
Fair Value

 
Gross
Unrealized Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
350

 
$
(1
)
 
$
666

 
$
(9
)
 
$
1,016

 
$
(10
)
Foreign
2,262

 
(75
)
 
375

 
(15
)
 
2,637

 
(90
)
Corporate securities
4,684

 
(150
)
 
738

 
(22
)
 
5,422

 
(172
)
Mortgage-backed securities
704

 
(2
)
 
1,663

 
(28
)
 
2,367

 
(30
)
States, municipalities, and political subdivisions
458

 
(3
)
 
490

 
(5
)
 
948

 
(8
)
Total fixed maturities
8,458

 
(231
)
 
3,932

 
(79
)
 
12,390

 
(310
)
Equity securities
101

 
(13
)
 
—

 
—

 
101

 
(13
)
Total
$
8,559

 
$
(244
)
 
$
3,932

 
$
(79
)
 
$
12,491

 
$
(323
)
  
Schedule Of Sources Of Net Investment Income
 
Year Ended December 31
 
(in millions of U.S. dollars)
2015

 
2014

 
2013

Fixed maturities
$
2,157

 
$
2,199

 
$
2,093

Short-term investments
49

 
45

 
29

Equity securities
16

 
33

 
37

Other
86

 
94

 
105

Gross investment income
2,308

 
2,371

 
2,264

Investment expenses
(114
)
 
(119
)
 
(120
)
Net investment income
$
2,194

 
$
2,252

 
$
2,144

  
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets: 
 
December 31

 
December 31

(in millions of U.S. dollars)
2015

 
2014

Trust funds
$
11,862

 
$
10,838

Deposits with non-U.S. regulatory authorities
2,075

 
2,305

Assets pledged under repurchase agreements
1,459

 
1,431

Deposits with U.S. regulatory authorities
1,242

 
1,345

Other pledged assets
392

 
457

 
$
17,030

 
$
16,376