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Commitments, contingencies, and guarantees (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019
 
 
 
December 31, 2018
 
 
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)
 
$
11

 
$
(78
)
 
$
2,579

 
 
$
15

 
$
(19
)
 
$
2,185

Cross-currency swaps
OA / (AP)
 
—

 
—

 
—

 
 
—

 
—

 
45

Interest rate swaps
OA / (AP)
 
—

 
—

 
—

 
 
—

 
(115
)
 
5,250

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

 
(15
)
 
1,615

 
 
13

 
(19
)
 
1,046

Convertible securities (1)
FM AFS / ES
 
4

 
—

 
5

 
 
9

 
—

 
11

TBAs
FM AFS
 
—

 
—

 
—

 
 
6

 
—

 
6

 
 
 
$
28

 
$
(93
)
 
$
4,199

 
 
$
43

 
$
(153
)
 
$
8,543

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

 
$
(13
)
 
$
613

 
 
$
23

 
$
—

 
$
507

Other
OA / (AP)
 
2

 
—

 
63

 
 
2

 
—

 
74

 
 
 
$
2

 
$
(13
)
 
$
676

 
 
$
25

 
$
—

 
$
581

GLB (3)
(AP) / (FPB)
 
$
—

 
$
(897
)
 
$
1,510

 
 
$
—

 
$
(861
)
 
$
1,750

(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB book of business.
(3) 
Includes both future policy benefits reserves of $441 million and $409 million and fair value derivative adjustment of $456 million and $452 million at December 31, 2019 and 2018, respectively. Refer to Note 5 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, 2019

 
December 31, 2018

(in millions of U.S. dollars)
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
Cash
$
346

 
$
756

U.S. Treasury and agency
6

 
64

Foreign
595

 
795

Corporate securities
5

 
15

Mortgage-backed securities
18

 
45

Equity securities
24

 
251

 
$
994

 
$
1,926

Gross amount of recognized liability for securities lending payable
$
994

 
$
1,926


At December 31, 2019 and 2018, our repurchase agreement obligations of $1,416 million and $1,418 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, 2019
 
 
December 31, 2018
 
 
Up to 30 Days

 
30-90 Days

 
Greater than 90 Days

 
 
 
30-90 Days

 
Greater than 90 Days

 
Total

(in millions of U.S. dollars)
 
 
Total

 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$
2

 
$
—

 
$
—

 
$
2

 
$
—

 
$
—

 
$
—

U.S. Treasury and agency
107

 
—

 
—

 
107

 
—

 
259

 
259

Mortgage-backed securities
399

 
476

 
480

 
1,355

 
496

 
713

 
1,209

 
$
508

 
$
476

 
$
480

 
$
1,464

 
$
496

 
$
972

 
$
1,468

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
 
 
$
1,416

 
 
 
 
 
$
1,418

Difference (1)
 
 
 
 
 
 
$
48

 
 
 
 
 
$
50


(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)
2019

 
2018

 
2017

Investment and embedded derivative instruments:
 
 
 
 
 
Foreign currency forward contracts
$
(79
)
 
$
3

 
$
9

Interest rate swaps
(270
)
 
(115
)
 
—

All other futures contracts, options, and equities
(88
)
 
39

 
(21
)
Convertible securities (1)
2

 
(2
)
 
1

Total investment and embedded derivative instruments
$
(435
)
 
$
(75
)
 
$
(11
)
GLB and other derivative instruments:
 
 
 
 
 
GLB (2)
$
(4
)
 
$
(248
)
 
$
364

Futures contracts on equities (3)
(138
)
 
(4
)
 
(261
)
Other
(8
)
 
(3
)
 
(5
)
Total GLB and other derivative instruments
$
(150
)
 
$
(255
)
 
$
98

 
$
(585
)
 
$
(330
)
 
$
87

(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB book of business.
Schedule of Future Minimum Rental Payments for Operating Leases
Future minimum lease payments under the operating leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
Undiscounted cash flows:
 
2020
$
158

2021
136

2022
107

2023
88

2024
66

Thereafter
105

Total undiscounted lease payments
$
660

Less: Present value adjustment
57

Net lease liabilities reported as of December 31, 2019
$
603