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Commitments, contingencies, and guarantees (Tables)
 12 Months Ended
Dec. 31, 2018
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: 
 
 
 
December 31, 2018
 
 
 
December 31, 2017
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Derivative Asset

 
Derivative (Liability)

 
 
 
Derivative Asset

 
Derivative (Liability)

 
(in millions of U.S. dollars)
 
 
 
 
 
 
 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
15

 
$
(19
)
 
$
2,185

 
 
$
14

 
$
(27
)
 
$
2,064

Cross-currency swaps
OA / (AP)
 
—

 
—

 
45

 
 
—

 
—

 
45

Interest rate swaps
OA / (AP)
 
—

 
(115
)
 
5,250

 
 
—

 
—

 
—

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
13

 
(19
)
 
1,046

 
 
4

 
(3
)
 
1,007

Convertible securities (1)
FM AFS / ES
 
9

 
—

 
11

 
 
5

 
—

 
6

TBAs
FM AFS
 
6

 
—

 
6

 
 
—

 
—

 
—

 
 
 
$
43

 
$
(153
)
 
$
8,543

 
 
$
23

 
$
(30
)
 
$
3,122

Other derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures contracts on equities (2)
OA / (AP)
 
$
23

 
$
—

 
$
507

 
 
$
—

 
$
(21
)
 
$
1,553

Other
OA / (AP)
 
2

 
—

 
74

 
 
1

 
(2
)
 
75

 
 
 
$
25

 
$
—

 
$
581

 
 
$
1

 
$
(23
)
 
$
1,628

GLB (3)
(AP) / (FPB)
 
$
—

 
$
(861
)
 
$
1,750

 
 
$
—

 
$
(550
)
 
$
1,083

(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. Refer to Note 4 c) for additional information. 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.
Secured Borrowings Securities Lending Table
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
 
 
December 31, 2018
 
December 31, 2017
(in millions of U.S. dollars)
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
Cash
$
756

 
$
828

U.S. Treasury and agency
64

 
36

Foreign
795

 
712

Corporate securities
15

 
—

Mortgage-backed securities
45

 
74

Equity securities
251

 
87

 
$
1,926

 
$
1,737

Gross amount of recognized liability for securities lending payable
$
1,926

 
$
1,737


At December 31, 2018 and 2017, our repurchase agreement obligations of $1,418 million and $1,408 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 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
 
 
December 31, 2018
 
 
December 31, 2017
 
 
30-90 Days

 
Greater than 90 Days

 
 
 
Up to 30 Days

 
Greater than 90 Days

 
Total

(in millions of U.S. dollars)
 
Total

 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
—

 
$
259

 
$
259

 
$
9

 
$
230

 
$
239

Mortgage-backed securities
496

 
713

 
1,209

 
369

 
826

 
1,195

 
$
496

 
$
972

 
$
1,468

 
$
378

 
$
1,056

 
$
1,434

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,418

 
 
 
 
 
$
1,408

Difference (1)
 
 
 
 
$
50

 
 
 
 
 
$
26


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2018

 
2017

 
2016

Investment and embedded derivative instruments:
 
 
 
 
 
Foreign currency forward contracts
$
3

 
$
9

 
$
(31
)
Interest rate swaps
(115
)
 
—

 
—

All other futures contracts, options, and equities
39

 
(21
)
 
(10
)
Convertible securities (1)
(2
)
 
1

 
8

Total investment and embedded derivative instruments
$
(75
)
 
$
(11
)
 
$
(33
)
GLB and other derivative instruments:
 
 
 
 
 
GLB (2)
$
(248
)
 
$
364

 
$
53

Futures contracts on equities (3)
(4
)
 
(261
)
 
(136
)
Other
(3
)
 
(5
)
 
(10
)
Total GLB and other derivative instruments
$
(255
)
 
$
98

 
$
(93
)
 
$
(330
)
 
$
87

 
$
(126
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB blocks of business.
Schedule of Future Minimum Rental Payments for Operating Leases
Future minimum lease payments under the leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
2019
$
173

2020
151

2021
126

2022
100

2023
86

Thereafter
184

Total minimum future lease commitments
$
820