Commitments, contingencies, and guarantees (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments

The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:



				March 31, 2017							December 31, 2016
	Consolidated Balance Sheet Location	Fair Value					Notional Value/ Payment Provision		Fair Value					Notional Value/ Payment Provision
(in millions of U.S. dollars)	Consolidated Balance Sheet Location	Derivative Asset		Derivative (Liability)			Notional Value/ Payment Provision		Derivative Asset		Derivative (Liability)			Notional Value/ Payment Provision
Investment and embedded derivative instruments
Foreign currency forward contracts	OA / (AP)	$	12	$	(26	)	$	2,303	$	25	$	(50	)	$	2,220
Cross-currency swaps	OA / (AP)	—		—			95		—		—			95
Options/Futures contracts on notes and bonds	OA / (AP)	3		(4		)	834		6		(4		)	2,344
Convertible securities ⁽¹⁾	FM AFS / ES	2		—			7		2		—			7
		$	17	$	(30	)	$	3,239	$	33	$	(54	)	$	4,666
Other derivative instruments
Futures contracts on equities⁽²⁾	OA / (AP)	$	4	$	—		$	1,391	$	1	$	—		$	1,316
Other	OA / (AP)	4		(11		)	254		2		(13		)	214
		$	8	$	(11	)	$	1,645	$	3	$	(13	)	$	1,530
GLB⁽³⁾	(AP) / (FPB)	$	—	$	(774	)	$	1,186	$	—	$	(853	)	$	1,264


⁽¹⁾	Includes fair value of embedded derivatives.


⁽²⁾	Related to GMDB and GLB blocks of business.


⁽³⁾	Includes both future policy benefits reserves and fair value derivative adjustment. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:



	Remaining contractual maturity
	March 31			December 31
	2017			2016
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	570		$	423
U.S. Treasury and agency	22			54
Foreign	233			578
Corporate securities	—			37
Mortgage-backed securities	33			—
Equity securities	213			—
	$	1,071		$	1,092
Gross amount of recognized liability for securities lending payable	$	1,072		$	1,093
Difference ⁽¹⁾	$	(1	)	$	(1	)


⁽¹⁾	The carrying value of the securities lending collateral held is $1 million lower than the securities lending payable at both March 31, 2017 and December 31, 2016, due to accrued interest recorded in the securities lending payable.

At March 31, 2017 and December 31, 2016, our repurchase agreement obligations of $1,404 million and $1,403 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale and Equity securities and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:



	Remaining contractual maturity
	March 31, 2017						December 31, 2016
	Up to 30 Days		Greater than 90 Days		Total		Up to 30 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)	Up to 30 Days		Greater than 90 Days		Total		Up to 30 Days		Greater than 90 Days		Total
Collateral pledged under repurchase agreements:
Cash	$	—	$	—	$	—	$	—	$	1	$	1
U.S. Treasury and agency	9		236		245		230		10		240
Mortgage-backed securities	360		848		1,208		339		881		1,220
	$	369	$	1,084	$	1,453	$	569	$	892	$	1,461
Gross amount of recognized liabilities for repurchase agreements					$	1,404					$	1,403
Difference ⁽¹⁾					$	49					$	58

Secured Borrowings Securities Lending Table Text Block [Table Text Block]



	Remaining contractual maturity
	March 31, 2017						December 31, 2016
	Up to 30 Days		Greater than 90 Days		Total		Up to 30 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)	Up to 30 Days		Greater than 90 Days		Total		Up to 30 Days		Greater than 90 Days		Total
Collateral pledged under repurchase agreements:
Cash	$	—	$	—	$	—	$	—	$	1	$	1
U.S. Treasury and agency	9		236		245		230		10		240
Mortgage-backed securities	360		848		1,208		339		881		1,220
	$	369	$	1,084	$	1,453	$	569	$	892	$	1,461
Gross amount of recognized liabilities for repurchase agreements					$	1,404					$	1,403
Difference ⁽¹⁾					$	49					$	58

Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:



	Three Months Ended
	March 31
(in millions of U.S. dollars)	2017			2016
Investment and embedded derivative instruments
Foreign currency forward contracts	$	14		$	(10	)
All other futures contracts and options	(8		)	(34		)
Convertible securities ⁽¹⁾	—			5
Total investment and embedded derivative instruments	$	6		$	(39	)
GLB and other derivative instruments
GLB ⁽²⁾	$	93		$	(228	)
Futures contracts on equities ⁽³⁾	(74		)	(15		)
Other	2			(2		)
Total GLB and other derivative instruments	$	21		$	(245	)
	$	27		$	(284	)


⁽¹⁾	Includes embedded derivatives.


⁽²⁾	Excludes foreign exchange gains (losses) related to GLB.


⁽³⁾	Related to GMDB and GLB blocks of business.