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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Debt securities Available for sale
December 31, 2019
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
$
3,188

 
$
96

 
$
(1
)
 
$
3,283

 
$
—

Foreign
22,670

 
1,099

 
(62
)
 
23,707

 
(25
)
Corporate securities
30,689

 
1,180

 
(78
)
 
31,791

 
(5
)
Mortgage-backed securities
18,712

 
494

 
(14
)
 
19,192

 
—

States, municipalities, and political subdivisions
7,321

 
205

 
(11
)
 
7,515

 
—

 
$
82,580

 
$
3,074

 
$
(166
)
 
$
85,488

 
$
(30
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,318

 
$
29

 
$
—

 
$
1,347

 
$
—

Foreign
1,423

 
62

 
—

 
1,485

 
—

Corporate securities
2,349

 
121

 
(2
)
 
2,468

 
—

Mortgage-backed securities
2,331

 
65

 
—

 
2,396

 
—

States, municipalities, and political subdivisions
5,160

 
150

 
(1
)
 
5,309

 
—

 
$
12,581

 
$
427

 
$
(3
)
 
$
13,005

 
$
—



December 31, 2018
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
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—
Debt Securities Held to Maturity
December 31, 2019
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
$
3,188

 
$
96

 
$
(1
)
 
$
3,283

 
$
—

Foreign
22,670

 
1,099

 
(62
)
 
23,707

 
(25
)
Corporate securities
30,689

 
1,180

 
(78
)
 
31,791

 
(5
)
Mortgage-backed securities
18,712

 
494

 
(14
)
 
19,192

 
—

States, municipalities, and political subdivisions
7,321

 
205

 
(11
)
 
7,515

 
—

 
$
82,580

 
$
3,074

 
$
(166
)
 
$
85,488

 
$
(30
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,318

 
$
29

 
$
—

 
$
1,347

 
$
—

Foreign
1,423

 
62

 
—

 
1,485

 
—

Corporate securities
2,349

 
121

 
(2
)
 
2,468

 
—

Mortgage-backed securities
2,331

 
65

 
—

 
2,396

 
—

States, municipalities, and political subdivisions
5,160

 
150

 
(1
)
 
5,309

 
—

 
$
12,581

 
$
427

 
$
(3
)
 
$
13,005

 
$
—



December 31, 2018
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
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 
December 31
 
 
December 31
 
 
 
 
2019

 
 
 
2018

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,951

 
$
3,973

 
$
3,569

 
$
3,568

Due after 1 year through 5 years
27,142

 
27,720

 
27,134

 
27,005

Due after 5 years through 10 years
23,901

 
24,874

 
24,095

 
23,543

Due after 10 years
8,874

 
9,729

 
8,767

 
8,814

 
63,868

 
66,296

 
63,565

 
62,930

Mortgage-backed securities
18,712

 
19,192

 
15,758

 
15,540

 
$
82,580

 
$
85,488

 
$
79,323

 
$
78,470

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
478

 
$
479

 
$
536

 
$
537

Due after 1 year through 5 years
3,869

 
3,940

 
3,122

 
3,106

Due after 5 years through 10 years
3,756

 
3,883

 
4,468

 
4,407

Due after 10 years
2,147

 
2,307

 
2,785

 
2,723

 
10,250

 
10,609

 
10,911

 
10,773

Mortgage-backed securities
2,331

 
2,396

 
2,524

 
2,486

 
$
12,581

 
$
13,005

 
$
13,435

 
$
13,259
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):
 
Investment Grade
 
Below Investment Grade
 
 
Aaa-Baa
 
Ba

 
B

 
Caa-C

1-in-100 Year Default Rate
0.0 - 1.3%
 
4.8
%
 
12.0
%
 
36.3
%
Historical Mean Default Rate
0.0 - 0.3%
 
1.0
%
 
3.1
%
 
10.4
%
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
The following table presents the components of Net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments: 
 
Year Ended December 31
 
(in millions of U.S. dollars)
2019

 
2018

 
2017

Fixed maturities:
 
 
 
 
 
OTTI on fixed maturities, gross
$
(90
)
 
$
(52
)
 
$
(24
)
OTTI on fixed maturities recognized in OCI (pre-tax)
32

 
3

 
1

OTTI on fixed maturities, net
(58
)
 
(49
)
 
(23
)
Gross realized gains excluding OTTI
203

 
334

 
149

Gross realized losses excluding OTTI
(176
)
 
(587
)
 
(157
)
Total fixed maturities
(31
)
 
(302
)
 
(31
)
Equity securities (1)
104

 
(59
)
 
16

OTTI on other investments
—

 
—

 
(12
)
Other investments
(20
)
 
(5
)
 
—

Foreign exchange gains
7

 
131

 
36

Investment and embedded derivative instruments
(435
)
 
(75
)
 
(11
)
Fair value adjustments on insurance derivative
(4
)
 
(248
)
 
364

S&P futures
(138
)
 
(4
)
 
(261
)
Other derivative instruments
(8
)
 
(3
)
 
(5
)
Other
(5
)
 
(87
)
 
(12
)
Net realized gains (losses) (pre-tax)
$
(530
)
 
$
(652
)
 
$
84

 
 
 
 
 
 
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
 
 
 
 
 
Fixed maturities available for sale
$
3,769

 
$
(1,958
)
 
$
519

Fixed maturities held to maturity
(31
)
 
(38
)
 
18

Equity securities
—

 
—

 
88

Other
(3
)
 
—

 
8

Income tax (expense) benefit
(647
)
 
297

 
(241
)
Change in net unrealized appreciation (depreciation) on investments (after-tax)
$
3,088

 
$
(1,699
)
 
$
392
Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI

Schedule Of Other Investments
 
December 31
 
(in millions of U.S. dollars)
2019

 
2018

Alternative investments:
 
 
 
Partially-owned investment companies
$
4,142

 
$
3,623

Limited partnerships
508

 
538

Investment funds
271

 
83

Alternative investments
4,921

 
4,244

Life insurance policies
377

 
304

Policy loans
247

 
243

Non-qualified separate account assets (1)
283

 
252

Other
234

 
234

Total
$
6,062

 
$
5,277
Schedule Of Partially Owned Insurance Companies
 
December 31, 2019
 
 
December 31, 2018
 
 
 
(in millions of U.S. dollars, except for percentages)
Carrying Value

 
Direct Ownership Percentage

 
Carrying Value

 
Direct Ownership Percentage

 
Domicile
Huatai Group
$
1,053

 
31
%
 
$
452

 
20
%
 
China
Huatai Life Insurance Company
147

 
20
%
 
106

 
20
%
 
China
Freisenbruch-Meyer
10

 
40
%
 
9

 
40
%
 
Bermuda
Chubb Arabia Cooperative Insurance Company
20

 
30
%
 
18

 
30
%
 
Saudi Arabia
Russian Reinsurance Company
2

 
23
%
 
2

 
23
%
 
Russia
ABR Reinsurance Ltd.
100

 
12
%
 
91

 
12
%
 
Bermuda
Total
$
1,332

 
 
 
$
678

 
 
 
 
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, 2019
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
$
234

 
$
(1
)
 
$
339

 
$
—

 
$
573

 
$
(1
)
Foreign
1,846

 
(34
)
 
802

 
(28
)
 
2,648

 
(62
)
Corporate securities
2,121

 
(40
)
 
988

 
(40
)
 
3,109

 
(80
)
Mortgage-backed securities
1,174

 
(6
)
 
932

 
(8
)
 
2,106

 
(14
)
States, municipalities, and political subdivisions
188

 
—

 
276

 
(12
)
 
464

 
(12
)
Total fixed maturities
$
5,563

 
$
(81
)
 
$
3,337

 
$
(88
)
 
$
8,900

 
$
(169
)
 
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2018
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
$
523

 
$
(4
)
 
$
2,859

 
$
(50
)
 
$
3,382

 
$
(54
)
Foreign
6,764

 
(208
)
 
5,349

 
(159
)
 
12,113

 
(367
)
Corporate securities
16,538

 
(599
)
 
4,873

 
(255
)
 
21,411

 
(854
)
Mortgage-backed securities
6,103

 
(98
)
 
6,913

 
(229
)
 
13,016

 
(327
)
States, municipalities, and political subdivisions
5,024

 
(44
)
 
7,768

 
(124
)
 
12,792

 
(168
)
Total fixed maturities
$
34,952

 
$
(953
)
 
$
27,762

 
$
(817
)
 
$
62,714

 
$
(1,770
)
Schedule Of Sources Of Net Investment Income
 
Year Ended December 31
 
(in millions of U.S. dollars)
2019

 
2018

 
2017

Fixed maturities
$
3,385

 
$
3,128

 
$
2,987

Short-term investments
84

 
90

 
56

Other interest income
25

 
118

 
75

Equity securities
26

 
33

 
38

Other investments
78

 
104

 
133

Gross investment income (1)
3,598

 
3,473

 
3,289

Investment expenses
(172
)
 
(168
)
 
(164
)
Net investment income (1)
$
3,426

 
$
3,305

 
$
3,125

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

$
(161
)
 
$
(248
)
 
$
(332
)
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)
2019

 
2018

Trust funds
$
14,004

 
$
13,988

Deposits with U.S. regulatory authorities
2,466

 
2,405

Deposits with non-U.S. regulatory authorities
2,709

 
2,531

Assets pledged under repurchase agreements
1,464

 
1,468

Other pledged assets
490

 
692

Total
$
21,133

 
$
21,084
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: 
 
 
 
December 31
 
 
December 31
 
 
 
 
2019
 
 
2018
 
(in millions of U.S. dollars)
Expected Liquidation
Period of Underlying Assets
 
Fair Value

 
Maximum
Future Funding
Commitments

 
Fair Value

 
Maximum
Future Funding
Commitments

Financial
2 to 10 Years
 
$
611

 
$
329

 
$
596

 
$
193

Real Assets
2 to 11 Years
 
712

 
422

 
704

 
362

Distressed
2 to 7 Years
 
263

 
80

 
296

 
105

Private Credit
3 to 8 Years
 
104

 
272

 
147

 
310

Traditional
2 to 14 Years
 
2,844

 
2,160

 
2,362

 
2,735

Vintage
1 to 2 Years
 
116

 
—

 
56

 
—

Investment funds
Not Applicable
 
271

 
—

 
83

 
—

 
 
 
$
4,921

 
$
3,263

 
$
4,244

 
$
3,705