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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
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, 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
$
3,701

 
$
32

 
$
(35
)
 
$
3,698

 
$
—

Foreign
20,514

 
622

 
(106
)
 
21,030

 
(1
)
Corporate securities
23,453

 
638

 
(95
)
 
23,996

 
(4
)
Mortgage-backed securities
15,279

 
111

 
(100
)
 
15,290

 
(1
)
States, municipalities, and political subdivisions
14,888

 
125

 
(88
)
 
14,925

 
—

 
$
77,835

 
$
1,528

 
$
(424
)
 
$
78,939

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
908

 
$
12

 
$
(5
)
 
$
915

 
$
—

Foreign
1,738

 
27

 
(8
)
 
1,757

 
—

Corporate securities
3,159

 
67

 
(7
)
 
3,219

 
—

Mortgage-backed securities
2,724

 
23

 
(5
)
 
2,742

 
—

States, municipalities, and political subdivisions
5,806

 
50

 
(15
)
 
5,841

 
—

 
$
14,335

 
$
179

 
$
(40
)
 
$
14,474

 
$
—



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


December 31

(in millions of U.S. dollars)
2017


2016

Cost
$
737

 
$
706

Gross unrealized appreciation
212

 
129

Gross unrealized depreciation
(12
)
 
(21
)
Fair value
$
937

 
$
814
Schedule Of Amortized Cost And Fair Value Of Held_to_Maturity And Related OTTI Recognized In AOCI
December 31, 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
$
3,701

 
$
32

 
$
(35
)
 
$
3,698

 
$
—

Foreign
20,514

 
622

 
(106
)
 
21,030

 
(1
)
Corporate securities
23,453

 
638

 
(95
)
 
23,996

 
(4
)
Mortgage-backed securities
15,279

 
111

 
(100
)
 
15,290

 
(1
)
States, municipalities, and political subdivisions
14,888

 
125

 
(88
)
 
14,925

 
—

 
$
77,835

 
$
1,528

 
$
(424
)
 
$
78,939

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
908

 
$
12

 
$
(5
)
 
$
915

 
$
—

Foreign
1,738

 
27

 
(8
)
 
1,757

 
—

Corporate securities
3,159

 
67

 
(7
)
 
3,219

 
—

Mortgage-backed securities
2,724

 
23

 
(5
)
 
2,742

 
—

States, municipalities, and political subdivisions
5,806

 
50

 
(15
)
 
5,841

 
—

 
$
14,335

 
$
179

 
$
(40
)
 
$
14,474

 
$
—



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:
 
December 31
 
 
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
$
3,164

 
$
3,182

 
$
3,892

 
$
3,913

Due after 1 year through 5 years
24,749

 
25,068

 
24,027

 
24,429

Due after 5 years through 10 years
25,388

 
25,704

 
27,262

 
27,379

Due after 10 years
9,255

 
9,695

 
10,289

 
10,387

 
62,556

 
63,649

 
65,470

 
66,108

Mortgage-backed securities
15,279

 
15,290

 
14,066

 
14,007

 
$
77,835

 
$
78,939

 
$
79,536

 
$
80,115

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
743

 
$
746

 
$
430

 
$
435

Due after 1 year through 5 years
2,669

 
2,688

 
2,646

 
2,691

Due after 5 years through 10 years
4,744

 
4,756

 
2,969

 
2,944

Due after 10 years
3,455

 
3,542

 
3,206

 
3,172

 
11,611

 
11,732

 
9,251

 
9,242

Mortgage-backed securities
2,724

 
2,742

 
1,393

 
1,428

 
$
14,335

 
$
14,474

 
$
10,644

 
$
10,670
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
36.8
%
 
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)
2017

 
2016

 
2015

Fixed maturities:
 
 
 
 
 
OTTI on fixed maturities, gross
$
(24
)
 
$
(89
)
 
$
(142
)
OTTI on fixed maturities recognized in OCI (pre-tax)
1

 
8

 
39

OTTI on fixed maturities, net
(23
)
 
(81
)
 
(103
)
Gross realized gains excluding OTTI
149

 
183

 
158

Gross realized losses excluding OTTI
(157
)
 
(265
)
 
(235
)
Total fixed maturities
(31
)
 
(163
)
 
(180
)
Equity securities:
 
 
 
 
 
OTTI on equity securities
(10
)
 
(8
)
 
(7
)
Gross realized gains excluding OTTI
28

 
65

 
47

Gross realized losses excluding OTTI
(2
)
 
(13
)
 
(11
)
Total equity securities
16

 
44

 
29

OTTI on other investments
(12
)
 
(14
)
 
(2
)
Foreign exchange gains (losses)
36

 
118

 
(80
)
Investment and embedded derivative instruments
(11
)
 
(33
)
 
32

Fair value adjustments on insurance derivative
364

 
53

 
(203
)
S&P put options and futures
(261
)
 
(136
)
 
(10
)
Other derivative instruments
(5
)
 
(10
)
 
(12
)
Other
(12
)
 
(4
)
 
6

Net realized gains (losses)
84

 
(145
)
 
(420
)
Change in net unrealized appreciation (depreciation) on investments:
 
 
 
 
 
Fixed maturities available for sale
519

 
142

 
(1,119
)
Fixed maturities held to maturity
18

 
(59
)
 
43

Equity securities
88

 
52

 
(17
)
Other
8

 
(51
)
 
(36
)
Income tax (expense) benefit
(241
)
 
100

 
152

Change in net unrealized appreciation (depreciation) on investments
392

 
184

 
(977
)
Total net realized gains (losses) and change in net unrealized appreciation (depreciation) on investments
$
476

 
$
39

 
$
(1,397
)
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)
2017

 
2016

 
2015

Balance of credit losses related to securities still held – beginning of year
$
35

 
$
53

 
$
28

Additions where no OTTI was previously recorded
4

 
17

 
41

Additions where an OTTI was previously recorded
2

 
14

 
9

Reductions for securities sold during the period
(19
)
 
(49
)
 
(25
)
Balance of credit losses related to securities still held – end of year
$
22

 
$
35

 
$
53
Schedule Of Other Investments
 
 
 
December 31

 
 
 
December 31

 
 
 
2017

 
 
 
2016

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

 
Cost

 
Fair Value

 
Cost

Investment funds
$
270

 
$
123

 
$
251

 
$
126

Limited partnerships
549

 
441

 
730

 
607

Partially-owned investment companies
2,803

 
2,803

 
2,645

 
2,645

Life insurance policies
305

 
305

 
248

 
248

Policy loans
244

 
244

 
209

 
209

Trading securities
333

 
333

 
296

 
295

Other
168

 
168

 
140

 
140

Total
$
4,672

 
$
4,417

 
$
4,519

 
$
4,270
Schedule Of Partially Owned Insurance Companies
 
December 31, 2017
 
 
December 31, 2016
 
 
 
(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
$
438

 
$
616

 
20
%
 
$
447

 
$
624

 
20
%
 
China
Huatai Life Insurance Company
105

 
495

 
20
%
 
99

 
428

 
20
%
 
China
Freisenbruch-Meyer
9

 
—

 
40
%
 
8

 
5

 
40
%
 
Bermuda
Chubb Arabia Cooperative Insurance Company
15

 
27

 
30
%
 
13

 
27

 
30
%
 
Saudi Arabia
Russian Reinsurance Company
2

 
4

 
23
%
 
2

 
4

 
23
%
 
Russia
ABR Reinsurance Ltd.
93

 
800

 
11
%
 
97

 
800

 
11
%
 
Bermuda
Total
$
662

 
$
1,942

 
 
 
$
666

 
$
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, 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
$
2,172

 
$
(14
)
 
$
1,249

 
$
(26
)
 
$
3,421

 
$
(40
)
Foreign
5,657

 
(65
)
 
1,693

 
(49
)
 
7,350

 
(114
)
Corporate securities
5,210

 
(56
)
 
1,332

 
(46
)
 
6,542

 
(102
)
Mortgage-backed securities
6,194

 
(31
)
 
3,209

 
(74
)
 
9,403

 
(105
)
States, municipalities, and political subdivisions
9,259

 
(71
)
 
1,402

 
(32
)
 
10,661

 
(103
)
Total fixed maturities
28,492

 
(237
)
 
8,885

 
(227
)
 
37,377

 
(464
)
Equity securities
115

 
(12
)
 
—

 
—

 
115

 
(12
)
Other investments
78

 
(8
)
 
—

 
—

 
78

 
(8
)
Total
$
28,685

 
$
(257
)
 
$
8,885

 
$
(227
)
 
$
37,570

 
$
(484
)
 
 
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 Sources Of Net Investment Income
 
Year Ended December 31
 
(in millions of U.S. dollars)
2017

 
2016

 
2015

Fixed maturities
$
2,987

 
$
2,779

 
$
2,157

Short-term investments
131

 
93

 
49

Equity securities
38

 
36

 
16

Other investments
133

 
98

 
86

Gross investment income (1)
3,289

 
3,006

 
2,308

Investment expenses
(164
)
 
(141
)
 
(114
)
Net investment income (1)
$
3,125

 
$
2,865

 
$
2,194

(1) Includes amortization expense related to fair value adjustment of acquired invested assets related to the Chubb Corp acquisition

$
(332
)
 
$
(393
)
 
$
—
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)
2017

 
2016

Trust funds
$
17,011

 
$
13,880

Deposits with U.S. regulatory authorities
2,345

 
2,203

Deposits with non-U.S. regulatory authorities
2,250

 
2,191

Assets pledged under repurchase agreements
1,434

 
1,461

Other pledged assets
414

 
435

 
$
23,454

 
$
20,170