Investments (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

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

June 30, 2017	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	$	3,122	$	40	$	(26	)	$	3,136	$	—
Foreign	21,139		653		(82		)	21,710		(2		)
Corporate securities	24,744		714		(94		)	25,364		(7		)
Mortgage-backed securities	14,469		148		(144		)	14,473		(1		)
States, municipalities, and political subdivisions	16,889		138		(65		)	16,962		—
	$	80,363	$	1,693	$	(411	)	$	81,645	$	(10	)
Held to maturity
U.S. Treasury and agency	$	602	$	13	$	(2	)	$	613	$	—
Foreign	613		29		—			642		—
Corporate securities	2,645		62		(7		)	2,700		—
Mortgage-backed securities	1,268		37		(1		)	1,304		—
States, municipalities, and political subdivisions	5,243		66		(8		)	5,301		—
	$	10,371	$	207	$	(18	)	$	10,560	$	—

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	$	—

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

			June 30				December 31
			2017				2016
(in millions of U.S. dollars)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Due in 1 year or less	$	3,799	$	3,823	$	3,892	$	3,913
Due after 1 year through 5 years	23,748		24,207		24,027		24,429
Due after 5 years through 10 years	28,040		28,498		27,262		27,379
Due after 10 years	10,307		10,644		10,289		10,387
	65,894		67,172		65,470		66,108
Mortgage-backed securities	14,469		14,473		14,066		14,007
	$	80,363	$	81,645	$	79,536	$	80,115
Held to maturity
Due in 1 year or less	$	807	$	814	$	430	$	435
Due after 1 year through 5 years	2,353		2,396		2,646		2,691
Due after 5 years through 10 years	3,001		3,045		2,969		2,944
Due after 10 years	2,942		3,001		3,206		3,172
	9,103		9,256		9,251		9,242
Mortgage-backed securities	1,268		1,304		1,393		1,428
	$	10,371	$	10,560	$	10,644	$	10,670

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

June 30, 2017	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	$	3,122	$	40	$	(26	)	$	3,136	$	—
Foreign	21,139		653		(82		)	21,710		(2		)
Corporate securities	24,744		714		(94		)	25,364		(7		)
Mortgage-backed securities	14,469		148		(144		)	14,473		(1		)
States, municipalities, and political subdivisions	16,889		138		(65		)	16,962		—
	$	80,363	$	1,693	$	(411	)	$	81,645	$	(10	)
Held to maturity
U.S. Treasury and agency	$	602	$	13	$	(2	)	$	613	$	—
Foreign	613		29		—			642		—
Corporate securities	2,645		62		(7		)	2,700		—
Mortgage-backed securities	1,268		37		(1		)	1,304		—
States, municipalities, and political subdivisions	5,243		66		(8		)	5,301		—
	$	10,371	$	207	$	(18	)	$	10,560	$	—

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	$	—

	June 30			December 31
(in millions of U.S. dollars)	2017			2016
Cost	$	697		$	706
Gross unrealized appreciation	164			129
Gross unrealized depreciation	(5		)	(21		)
Fair value	$	856		$	814

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						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2017			2016			2017			2016
Fixed maturities:
OTTI on fixed maturities, gross	$	(5	)	$	(11	)	$	(11	)	$	(78	)
OTTI on fixed maturities recognized in OCI (pre-tax)	1			—			1			8
OTTI on fixed maturities, net	(4		)	(11		)	(10		)	(70		)
Gross realized gains excluding OTTI	45			37			79			102
Gross realized losses excluding OTTI	(18		)	(19		)	(58		)	(215		)
Total fixed maturities	23			7			11			(183		)
Equity securities:
OTTI on equity securities	(3		)	(5		)	(8		)	(6		)
Gross realized gains excluding OTTI	6			4			15			44
Gross realized losses excluding OTTI	(1		)	(4		)	(1		)	(5		)
Total equity securities	2			(5		)	6			33
OTTI on other investments	(1		)	—			(9		)	(3		)
Foreign exchange gains (losses)	14			(22		)	(5		)	17
Investment and embedded derivative instruments	(16		)	(47		)	(10		)	(86		)
Fair value adjustments on insurance derivative	118			(131		)	211			(359		)
S&P put options and futures	(38		)	(28		)	(112		)	(43		)
Other derivative instruments	(1		)	—			1			(2		)
Other	—			10			1			16
Net realized gains (losses)	$	101		$	(216	)	$	94		$	(610	)

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						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2017			2016			2017			2016
Balance of credit losses related to securities still held – beginning of period	$	32		$	57		$	35		$	53
Additions where no OTTI was previously recorded	1			1			1			12
Additions where an OTTI was previously recorded	—			6			1			12
Reductions for securities sold during the period	(4		)	(13		)	(8		)	(26		)
Balance of credit losses related to securities still held – end of period	$	29		$	51		$	29		$	51

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
June 30, 2017	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	$	2,021	$	(28	)	$	—	$	—		$	2,021	$	(28	)
Foreign	4,381		(57		)	599		(25		)	4,980		(82		)
Corporate securities	4,410		(72		)	372		(29		)	4,782		(101		)
Mortgage-backed securities	7,657		(141		)	118		(4		)	7,775		(145		)
States, municipalities, and political subdivisions	9,049		(68		)	182		(5		)	9,231		(73		)
Total fixed maturities	27,518		(366		)	1,271		(63		)	28,789		(429		)
Equity securities	104		(5		)	—		—			104		(5		)
Other investments	70		(4		)	—		—			70		(4		)
Total	$	27,692	$	(375	)	$	1,271	$	(63	)	$	28,963	$	(438	)

	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	)

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

	June 30		December 31
(in millions of U.S. dollars)	2017		2016
Trust funds	$	14,938	$	13,880
Deposits with U.S. regulatory authorities	2,325		2,203
Deposits with non-U.S. regulatory authorities	2,170		2,191
Assets pledged under repurchase agreements	1,472		1,461
Other pledged assets	371		435
	$	21,276	$	20,170