Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI

September 30, 2016	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	$	2,626	$	84	$	(2	)	$	2,708	$	—
Foreign	21,499		1,057		(48		)	22,508		(9		)
Corporate securities	22,860		977		(64		)	23,773		(9		)
Mortgage-backed securities	13,083		383		(5		)	13,461		(1		)
States, municipalities, and political subdivisions	18,562		357		(11		)	18,908		—
	$	78,630	$	2,858	$	(130	)	$	81,358	$	(19	)
Held to maturity
U.S. Treasury and agency	$	709	$	26	$	—		$	735	$	—
Foreign	694		45		—			739		—
Corporate securities	2,852		131		(2		)	2,981		—
Mortgage-backed securities	1,507		72		—			1,579		—
States, municipalities, and political subdivisions	5,165		167		—			5,332		—
	$	10,927	$	441	$	(2	)	$	11,366	$	—

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	$	—

Schedule Of Amortized Cost And Fair Value Of Fixed Maturities And Related OTTI Recognized In AOCI

September 30, 2016	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	$	2,626	$	84	$	(2	)	$	2,708	$	—
Foreign	21,499		1,057		(48		)	22,508		(9		)
Corporate securities	22,860		977		(64		)	23,773		(9		)
Mortgage-backed securities	13,083		383		(5		)	13,461		(1		)
States, municipalities, and political subdivisions	18,562		357		(11		)	18,908		—
	$	78,630	$	2,858	$	(130	)	$	81,358	$	(19	)
Held to maturity
U.S. Treasury and agency	$	709	$	26	$	—		$	735	$	—
Foreign	694		45		—			739		—
Corporate securities	2,852		131		(2		)	2,981		—
Mortgage-backed securities	1,507		72		—			1,579		—
States, municipalities, and political subdivisions	5,165		167		—			5,332		—
	$	10,927	$	441	$	(2	)	$	11,366	$	—

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	$	—

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

			September 30				December 31
			2016				2015
(in millions of U.S. dollars)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Due in 1 year or less	$	3,402	$	3,413	$	1,856	$	1,865
Due after 1 year through 5 years	25,152		25,865		14,936		15,104
Due after 5 years through 10 years	26,702		27,645		12,258		12,173
Due after 10 years	10,291		10,974		4,272		4,487
	65,547		67,897		33,322		33,629
Mortgage-backed securities	13,083		13,461		9,827		9,958
	$	78,630	$	81,358	$	43,149	$	43,587
Held to maturity
Due in 1 year or less	$	458	$	462	$	492	$	495
Due after 1 year through 5 years	2,716		2,807		2,443		2,517
Due after 5 years through 10 years	2,815		2,919		2,292		2,313
Due after 10 years	3,431		3,599		1,496		1,484
	9,420		9,787		6,723		6,809
Mortgage-backed securities	1,507		1,579		1,707		1,743
	$	10,927	$	11,366	$	8,430	$	8,552

Schedule Of Cost And Fair Value Of Equity Securities

	September 30			December 31
(in millions of U.S. dollars)	2016			2015
Cost	$	695		$	441
Gross unrealized appreciation	122			74
Gross unrealized depreciation	(14		)	(18		)
Fair value	$	803		$	497

Schedule of Realized Gain (Loss)

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”:

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in millions of U.S. dollars)	2016			2015			2016			2015
Fixed maturities:
OTTI on fixed maturities, gross	$	(7	)	$	(31	)	$	(85	)	$	(57	)
OTTI on fixed maturities recognized in OCI (pre-tax)	—			5			8			11
OTTI on fixed maturities, net	(7		)	(26		)	(77		)	(46		)
Gross realized gains excluding OTTI	47			19			149			91
Gross realized losses excluding OTTI	(13		)	(44		)	(228		)	(95		)
Total fixed maturities	27			(51		)	(156		)	(50		)
Equity securities:
OTTI on equity securities	(1		)	(3		)	(7		)	(4		)
Gross realized gains excluding OTTI	19			10			63			43
Gross realized losses excluding OTTI	(12		)	(5		)	(17		)	(7		)
Total equity securities	6			2			39			32
OTTI on other investments	(4		)	(1		)	(7		)	(1		)
Foreign exchange gains (losses)	29			(2		)	46			(73		)
Investment and embedded derivative instruments	1			(22		)	(85		)	6
Fair value adjustments on insurance derivative	89			(396		)	(270		)	(337		)
S&P put options and futures	(45		)	83			(88		)	69
Other derivative instruments	3			(9		)	1			(10		)
Other	(6		)	(1		)	10			4
Net realized gains (losses)	$	100		$	(397	)	$	(510	)	$	(360	)

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:

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in millions of U.S. dollars)	2016			2015			2016			2015
Balance of credit losses related to securities still held – beginning of period	$	51		$	23		$	53		$	28
Additions where no OTTI was previously recorded	4			8			16			15
Additions where an OTTI was previously recorded	1			6			13			8
Reductions for securities sold during the period	(11		)	(5		)	(37		)	(19		)
Balance of credit losses related to securities still held – end of period	$	45		$	32		$	45		$	32

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
September 30, 2016	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	$	436	$	(2	)	$	—	$	—		$	436	$	(2	)
Foreign	1,899		(20		)	409		(28		)	2,308		(48		)
Corporate securities	1,559		(21		)	750		(45		)	2,309		(66		)
Mortgage-backed securities	1,039		(3		)	292		(2		)	1,331		(5		)
States, municipalities, and political subdivisions	2,807		(10		)	50		(1		)	2,857		(11		)
Total fixed maturities	7,740		(56		)	1,501		(76		)	9,241		(132		)
Equity securities	133		(14		)	—		—			133		(14		)
Other investments	233		(27		)	—		—			233		(27		)
Total	$	8,106	$	(97	)	$	1,501	$	(76	)	$	9,607	$	(173	)

	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	)

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)	2016		2015
Trust funds	$	13,093	$	11,862
Deposits with non-U.S. regulatory authorities	2,338		2,075
Deposits with U.S. regulatory authorities	2,232		1,242
Assets pledged under repurchase agreements	1,464		1,459
Other pledged assets	433		392
	$	19,560	$	17,030