Investments (Tables)

9 Months Ended

Sep. 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

September 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	$	3,571	$	38	$	(27	)	$	3,582	$	—
Foreign	22,516		690		(107		)	23,099		(2		)
Corporate securities	24,555		754		(83		)	25,226		(4		)
Mortgage-backed securities	15,369		157		(115		)	15,411		(1		)
States, municipalities, and political subdivisions	16,243		172		(47		)	16,368		—
	$	82,254	$	1,811	$	(379	)	$	83,686	$	(7	)
Held to maturity
U.S. Treasury and agency	$	611	$	13	$	(3	)	$	621	$	—
Foreign	616		28		—			644		—
Corporate securities	2,531		63		(5		)	2,589		—
Mortgage-backed securities	1,223		35		—			1,258		—
States, municipalities, and political subdivisions	5,179		77		(3		)	5,253		—
	$	10,160	$	216	$	(11	)	$	10,365	$	—

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:

			September 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	$	3,532	$	3,556	$	3,892	$	3,913
Due after 1 year through 5 years	24,918		25,397		24,027		24,429
Due after 5 years through 10 years	28,009		28,488		27,262		27,379
Due after 10 years	10,426		10,834		10,289		10,387
	66,885		68,275		65,470		66,108
Mortgage-backed securities	15,369		15,411		14,066		14,007
	$	82,254	$	83,686	$	79,536	$	80,115
Held to maturity
Due in 1 year or less	$	822	$	828	$	430	$	435
Due after 1 year through 5 years	2,479		2,524		2,646		2,691
Due after 5 years through 10 years	2,821		2,866		2,969		2,944
Due after 10 years	2,815		2,889		3,206		3,172
	8,937		9,107		9,251		9,242
Mortgage-backed securities	1,223		1,258		1,393		1,428
	$	10,160	$	10,365	$	10,644	$	10,670

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

September 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	$	3,571	$	38	$	(27	)	$	3,582	$	—
Foreign	22,516		690		(107		)	23,099		(2		)
Corporate securities	24,555		754		(83		)	25,226		(4		)
Mortgage-backed securities	15,369		157		(115		)	15,411		(1		)
States, municipalities, and political subdivisions	16,243		172		(47		)	16,368		—
	$	82,254	$	1,811	$	(379	)	$	83,686	$	(7	)
Held to maturity
U.S. Treasury and agency	$	611	$	13	$	(3	)	$	621	$	—
Foreign	616		28		—			644		—
Corporate securities	2,531		63		(5		)	2,589		—
Mortgage-backed securities	1,223		35		—			1,258		—
States, municipalities, and political subdivisions	5,179		77		(3		)	5,253		—
	$	10,160	$	216	$	(11	)	$	10,365	$	—

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	$	—

	September 30			December 31
(in millions of U.S. dollars)	2017			2016
Cost	$	723		$	706
Gross unrealized appreciation	195			129
Gross unrealized depreciation	(8		)	(21		)
Fair value	$	910		$	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						Nine Months Ended
	September 30						September 30
(in millions of U.S. dollars)	2017			2016			2017			2016
Fixed maturities:
OTTI on fixed maturities, gross	$	(5	)	$	(7	)	$	(16	)	$	(85	)
OTTI on fixed maturities recognized in OCI (pre-tax)	—			—			1			8
OTTI on fixed maturities, net	(5		)	(7		)	(15		)	(77		)
Gross realized gains excluding OTTI	30			47			109			149
Gross realized losses excluding OTTI	(19		)	(13		)	(77		)	(228		)
Total fixed maturities	6			27			17			(156		)
Equity securities:
OTTI on equity securities	(1		)	(1		)	(9		)	(7		)
Gross realized gains excluding OTTI	6			19			21			63
Gross realized losses excluding OTTI	(1		)	(12		)	(2		)	(17		)
Total equity securities	4			6			10			39
OTTI on other investments	(2		)	(4		)	(11		)	(7		)
Foreign exchange gains	15			29			10			46
Investment and embedded derivative instruments	(14		)	1			(24		)	(85		)
Fair value adjustments on insurance derivative	54			89			265			(270		)
S&P put options and futures	(57		)	(45		)	(169		)	(88		)
Other derivative instruments	(5		)	3			(4		)	1
Other	(11		)	(6		)	(10		)	10
Net realized gains (losses)	$	(10	)	$	100		$	84		$	(510	)

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)	2017			2016			2017			2016
Balance of credit losses related to securities still held – beginning of period	$	29		$	51		$	35		$	53
Additions where no OTTI was previously recorded	2			4			3			16
Additions where an OTTI was previously recorded	1			1			2			13
Reductions for securities sold during the period	(7		)	(11		)	(15		)	(37		)
Balance of credit losses related to securities still held – end of period	$	25		$	45		$	25		$	45

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, 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	$	1,763	$	(13	)	$	656	$	(17	)	$	2,419	$	(30	)
Foreign	5,353		(85		)	894		(22		)	6,247		(107		)
Corporate securities	3,373		(48		)	788		(40		)	4,161		(88		)
Mortgage-backed securities	6,946		(96		)	749		(19		)	7,695		(115		)
States, municipalities, and political subdivisions	4,548		(28		)	839		(22		)	5,387		(50		)
Total fixed maturities	21,983		(270		)	3,926		(120		)	25,909		(390		)
Equity securities	103		(8		)	—		—			103		(8		)
Other investments	157		(9		)	—		—			157		(9		)
Total	$	22,243	$	(287	)	$	3,926	$	(120	)	$	26,169	$	(407	)

	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:

	September 30		December 31
(in millions of U.S. dollars)	2017		2016
Trust funds	$	16,391	$	13,880
Deposits with U.S. regulatory authorities	2,361		2,203
Deposits with non-U.S. regulatory authorities	2,294		2,191
Assets pledged under repurchase agreements	1,441		1,461
Other pledged assets	377		435
	$	22,864	$	20,170