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Investments (Tables)
 12 Months Ended
Dec. 31, 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
 
December 31


December 31

(in millions of U.S. dollars)
2016


2015

Cost
$
706

 
$
441

Gross unrealized appreciation
129

 
74

Gross unrealized depreciation
(21
)
 
(18
)
Fair value
$
814

 
$
497

December 31, 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
$
2,883

 
$
32

 
$
(45
)
 
$
2,870

 
$
—

Foreign
20,929

 
636

 
(125
)
 
21,440

 
(5
)
Corporate securities
23,736

 
580

 
(167
)
 
24,149

 
(8
)
Mortgage-backed securities
14,066

 
135

 
(194
)
 
14,007

 
(1
)
States, municipalities, and political subdivisions
17,922

 
72

 
(345
)
 
17,649

 
—

 
$
79,536

 
$
1,455

 
$
(876
)
 
$
80,115

 
$
(14
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
655

 
$
9

 
$
(3
)
 
$
661

 
$
—

Foreign
640

 
28

 
(1
)
 
667

 
—

Corporate securities
2,771

 
50

 
(26
)
 
2,795

 
—

Mortgage-backed securities
1,393

 
35

 
—

 
1,428

 
—

States, municipalities, and political subdivisions
5,185

 
26

 
(92
)
 
5,119

 
—

 
$
10,644

 
$
148

 
$
(122
)
 
$
10,670

 
$
—



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 Held_to_Maturity And Related OTTI Recognized In AOCI
December 31, 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
$
2,883

 
$
32

 
$
(45
)
 
$
2,870

 
$
—

Foreign
20,929

 
636

 
(125
)
 
21,440

 
(5
)
Corporate securities
23,736

 
580

 
(167
)
 
24,149

 
(8
)
Mortgage-backed securities
14,066

 
135

 
(194
)
 
14,007

 
(1
)
States, municipalities, and political subdivisions
17,922

 
72

 
(345
)
 
17,649

 
—

 
$
79,536

 
$
1,455

 
$
(876
)
 
$
80,115

 
$
(14
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
655

 
$
9

 
$
(3
)
 
$
661

 
$
—

Foreign
640

 
28

 
(1
)
 
667

 
—

Corporate securities
2,771

 
50

 
(26
)
 
2,795

 
—

Mortgage-backed securities
1,393

 
35

 
—

 
1,428

 
—

States, municipalities, and political subdivisions
5,185

 
26

 
(92
)
 
5,119

 
—

 
$
10,644

 
$
148

 
$
(122
)
 
$
10,670

 
$
—



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:
 
December 31
 
 
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
$
3,892

 
$
3,913

 
$
1,856

 
$
1,865

Due after 1 year through 5 years
24,027

 
24,429

 
14,936

 
15,104

Due after 5 years through 10 years
27,262

 
27,379

 
12,258

 
12,173

Due after 10 years
10,289

 
10,387

 
4,272

 
4,487

 
65,470

 
66,108

 
33,322

 
33,629

Mortgage-backed securities
14,066

 
14,007

 
9,827

 
9,958

 
$
79,536

 
$
80,115

 
$
43,149

 
$
43,587

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
430

 
$
435

 
$
492

 
$
495

Due after 1 year through 5 years
2,646

 
2,691

 
2,443

 
2,517

Due after 5 years through 10 years
2,969

 
2,944

 
2,292

 
2,313

Due after 10 years
3,206

 
3,172

 
1,496

 
1,484

 
9,251

 
9,242

 
6,723

 
6,809

Mortgage-backed securities
1,393

 
1,428

 
1,707

 
1,743

 
$
10,644

 
$
10,670

 
$
8,430

 
$
8,552
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
4.8
%
 
1.0
%
B
12.1
%
 
3.2
%
Caa-C
36.7
%
 
10.5
%
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)
2016

 
2015

 
2014

Fixed maturities:
 
 
 
 
 
OTTI on fixed maturities, gross
$
(89
)
 
$
(142
)
 
$
(64
)
OTTI on fixed maturities recognized in OCI (pre-tax)
8

 
39

 
7

OTTI on fixed maturities, net
(81
)
 
(103
)
 
(57
)
Gross realized gains excluding OTTI
183

 
158

 
213

Gross realized losses excluding OTTI
(265
)
 
(235
)
 
(133
)
Total fixed maturities
(163
)
 
(180
)
 
23

Equity securities:
 
 
 
 
 
OTTI on equity securities
(8
)
 
(7
)
 
(8
)
Gross realized gains excluding OTTI
65

 
47

 
22

Gross realized losses excluding OTTI
(13
)
 
(11
)
 
(61
)
Total equity securities
44

 
29

 
(47
)
OTTI on other investments
(14
)
 
(2
)
 
(3
)
Foreign exchange gains (losses)
118

 
(80
)
 
(40
)
Investment and embedded derivative instruments
(33
)
 
32

 
(107
)
Fair value adjustments on insurance derivative
53

 
(203
)
 
(217
)
S&P put options and futures
(136
)
 
(10
)
 
(168
)
Other derivative instruments
(10
)
 
(12
)
 
50

Other
(4
)
 
6

 
2

Net realized gains (losses)
(145
)
 
(420
)
 
(507
)
Change in net unrealized appreciation (depreciation) on investments:
 
 
 
 
 
Fixed maturities available for sale
142

 
(1,119
)
 
734

Fixed maturities held to maturity
(59
)
 
43

 
(2
)
Equity securities
52

 
(17
)
 
77

Other
(51
)
 
(36
)
 
35

Income tax (expense) benefit
100

 
152

 
(167
)
Change in net unrealized appreciation (depreciation) on investments
184

 
(977
)
 
677

Total net realized gains (losses) and change in net unrealized appreciation (depreciation) on investments
$
39

 
$
(1,397
)
 
$
170
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)
2016

 
2015

 
2014

Balance of credit losses related to securities still held – beginning of year
$
53

 
$
28

 
$
37

Additions where no OTTI was previously recorded
17

 
41

 
22

Additions where an OTTI was previously recorded
14

 
9

 
5

Reductions for securities sold during the period
(49
)
 
(25
)
 
(36
)
Balance of credit losses related to securities still held – end of year
$
35

 
$
53

 
$
28
Schedule Of Other Investments
 
 
 
December 31

 
 
 
December 31

 
 
 
2016

 
 
 
2015

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

 
Cost

 
Fair Value

 
Cost

Investment funds
$
251

 
$
126

 
$
269

 
$
138

Limited partnerships
730

 
607

 
709

 
542

Partially-owned investment companies
2,645

 
2,645

 
1,498

 
1,498

Life insurance policies
248

 
248

 
222

 
222

Policy loans
209

 
209

 
184

 
184

Trading securities
296

 
295

 
284

 
284

Other
140

 
140

 
125

 
125

Total
$
4,519

 
$
4,270

 
$
3,291

 
$
2,993
Schedule Of Partially Owned Insurance Companies
 
December 31, 2016
 
 
December 31, 2015
 
 
 
(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
$
447

 
$
624

 
20
%
 
$
430

 
$
624

 
20
%
 
China
Huatai Life Insurance Company
99

 
428

 
20
%
 
107

 
428

 
20
%
 
China
Freisenbruch-Meyer
8

 
5

 
40
%
 
9

 
5

 
40
%
 
Bermuda
Chubb Arabia Cooperative Insurance Company
13

 
27

 
30
%
 
11

 
27

 
30
%
 
Saudi Arabia
Russian Reinsurance Company
2

 
4

 
23
%
 
2

 
4

 
23
%
 
Russia
ABR Reinsurance Ltd.
97

 
800

 
11
%
 
94

 
800

 
11
%
 
Bermuda
Total
$
666

 
$
1,888

 
 
 
$
653

 
$
1,888

 
 
 
 
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, 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
$
2,216

 
$
(48
)
 
$
—

 
$
—

 
$
2,216

 
$
(48
)
Foreign
5,918

 
(99
)
 
386

 
(27
)
 
6,304

 
(126
)
Corporate securities
7,021

 
(149
)
 
641

 
(44
)
 
7,662

 
(193
)
Mortgage-backed securities
8,638

 
(189
)
 
234

 
(5
)
 
8,872

 
(194
)
States, municipalities, and political subdivisions
19,448

 
(435
)
 
49

 
(2
)
 
19,497

 
(437
)
Total fixed maturities
43,241

 
(920
)
 
1,310

 
(78
)
 
44,551

 
(998
)
Equity securities
199

 
(21
)
 
—

 
—

 
199

 
(21
)
Other investments
201

 
(18
)
 
—

 
—

 
201

 
(18
)
Total
$
43,641

 
$
(959
)
 
$
1,310

 
$
(78
)
 
$
44,951

 
$
(1,037
)
 
 
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 Sources Of Net Investment Income
 
Year Ended December 31
 
(in millions of U.S. dollars)
2016

 
2015

 
2014

Fixed maturities
$
2,779

 
$
2,157

 
$
2,199

Short-term investments
93

 
49

 
45

Equity securities
36

 
16

 
33

Other
98

 
86

 
94

Gross investment income
3,006

 
2,308

 
2,371

Investment expenses
(141
)
 
(114
)
 
(119
)
Net investment income
$
2,865

 
$
2,194

 
$
2,252
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)
2016

 
2015

Trust funds
$
13,880

 
$
11,862

Deposits with U.S. regulatory authorities
2,203

 
1,242

Deposits with non-U.S. regulatory authorities
2,191

 
2,075

Assets pledged under repurchase agreements
1,461

 
1,459

Other pledged assets
435

 
392

 
$
20,170

 
$
17,030