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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI
March 31, 2020
Amortized
Cost

 
Valuation Allowance

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
(in millions of U.S. dollars)
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,773

 
$
—

 
$
240

 
$
—

 
$
3,013

 


Foreign
22,615

 
(44
)
 
850

 
(577
)
 
22,844

 


Corporate securities
31,530

 
(132
)
 
644

 
(1,374
)
 
30,668

 


Mortgage-backed securities
17,073

 
—

 
864

 
(52
)
 
17,885

 


States, municipalities, and political subdivisions
6,968

 
—

 
169

 
(17
)
 
7,120

 


 
$
80,959

 
$
(176
)
 
$
2,767

 
$
(2,020
)
 
$
81,530

 


 
Amortized
Cost

 
Valuation Allowance

 
Net Carrying Value

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,208

 
$
—

 
$
1,208

 
$
75

 
$
—

 
$
1,283

Foreign
1,294

 
(7
)
 
1,287

 
63

 
(7
)
 
1,343

Corporate securities
2,272

 
(36
)
 
2,236

 
113

 
(27
)
 
2,322

Mortgage-backed securities
2,266

 
(1
)
 
2,265

 
106

 
(4
)
 
2,367

States, municipalities, and political subdivisions
5,030

 
(1
)
 
5,029

 
130

 
(3
)
 
5,156

 
$
12,070

 
$
(45
)
 
$
12,025

 
$
487

 
$
(41
)
 
$
12,471


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

 
$
—
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI
March 31, 2020
Amortized
Cost

 
Valuation Allowance

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
(in millions of U.S. dollars)
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,773

 
$
—

 
$
240

 
$
—

 
$
3,013

 


Foreign
22,615

 
(44
)
 
850

 
(577
)
 
22,844

 


Corporate securities
31,530

 
(132
)
 
644

 
(1,374
)
 
30,668

 


Mortgage-backed securities
17,073

 
—

 
864

 
(52
)
 
17,885

 


States, municipalities, and political subdivisions
6,968

 
—

 
169

 
(17
)
 
7,120

 


 
$
80,959

 
$
(176
)
 
$
2,767

 
$
(2,020
)
 
$
81,530

 


 
Amortized
Cost

 
Valuation Allowance

 
Net Carrying Value

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,208

 
$
—

 
$
1,208

 
$
75

 
$
—

 
$
1,283

Foreign
1,294

 
(7
)
 
1,287

 
63

 
(7
)
 
1,343

Corporate securities
2,272

 
(36
)
 
2,236

 
113

 
(27
)
 
2,322

Mortgage-backed securities
2,266

 
(1
)
 
2,265

 
106

 
(4
)
 
2,367

States, municipalities, and political subdivisions
5,030

 
(1
)
 
5,029

 
130

 
(3
)
 
5,156

 
$
12,070

 
$
(45
)
 
$
12,025

 
$
487

 
$
(41
)
 
$
12,471


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

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

 
 
 
December 31

 
 
 
2020

 
 
 
2019

(in millions of U.S. dollars)
Net Carrying Value

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,816

 
$
3,816

 
$
3,951

 
$
3,973

Due after 1 year through 5 years
25,837

 
25,837

 
27,142

 
27,720

Due after 5 years through 10 years
23,712

 
23,712

 
23,901

 
24,874

Due after 10 years
10,280

 
10,280

 
8,874

 
9,729

 
63,645

 
63,645

 
63,868

 
66,296

Mortgage-backed securities
17,885

 
17,885

 
18,712

 
19,192

 
$
81,530

 
$
81,530

 
$
82,580

 
$
85,488

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
614

 
$
620

 
$
478

 
$
479

Due after 1 year through 5 years
3,695

 
3,775

 
3,869

 
3,940

Due after 5 years through 10 years
3,383

 
3,479

 
3,756

 
3,883

Due after 10 years
2,068

 
2,230

 
2,147

 
2,307

 
9,760

 
10,104

 
10,250

 
10,609

Mortgage-backed securities
2,265

 
2,367

 
2,331

 
2,396

 
$
12,025

 
$
12,471

 
$
12,581

 
$
13,005
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2020

 
2019

Fixed maturities:
 
 
 
OTTI on fixed maturities, gross and net
$
—

 
$
(13
)
Gross realized gains excluding OTTI
77

 
27

Gross realized losses excluding OTTI
(125
)
 
(58
)
Provision for expected credit losses
(150
)
 
—

Impairment (1)
(121
)
 
—

Total fixed maturities
$
(319
)
 
$
(44
)
Equity securities
(29
)
 
58

Other investments
5

 
(44
)
Foreign exchange gains (losses)
(68
)
 
13

Investment and embedded derivative instruments
15

 
(130
)
Fair value adjustments on insurance derivative
(685
)
 
114

S&P futures
125

 
(63
)
Other derivative instruments
(2
)
 
(1
)
Net realized gains (losses) (pre-tax)
$
(958
)
 
$
(97
)

(1) 
Related to our intent to sell certain securities.

Gain (Loss) on Securities [Table Text Block]
Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
 
 
 
Three Months Ended
 
 
 
 
March 31
 
 
2020
 
 
2019
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
(29
)
 
$
5

 
$
(24
)
 
$
58

 
$
(44
)
 
$
14

Less: Net gains (losses) recognized from sales of securities
(24
)
 
—

 
(24
)
 
1

 
(2
)
 
(1
)
Unrealized gains (losses) recognized for securities still held at reporting date
$
(5
)
 
$
5

 
$
—

 
$
57

 
$
(42
)
 
$
15
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 table presents, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have credit losses, 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
 
March 31, 2020
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
Foreign
$
6,534

 
$
(376
)
 
$
132

 
$
(21
)
 
$
6,666

 
$
(397
)
Corporate securities
13,492

 
(858
)
 
448

 
(51
)
 
13,940

 
(909
)
Mortgage-backed securities
914

 
(48
)
 
36

 
(4
)
 
950

 
(52
)
States, municipalities, and political subdivisions
637

 
(6
)
 
130

 
(11
)
 
767

 
(17
)
Total AFS fixed maturities
$
21,577

 
$
(1,288
)
 
$
746

 
$
(87
)
 
$
22,323

 
$
(1,375
)

The following table presents, 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
)
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block] The following table presents the amortized cost of our HTM securities according to S&P rating:
 
March 31, 2020
 
(in millions of U.S. dollars)
Amortized cost

 
% of Total

AAA
$
2,642

 
22
%
AA
6,608

 
55
%
A
2,371

 
20
%
BBB
422

 
3
%
BB
21

 
—
%
Other
6

 
—
%
Total
$
12,070

 
100
%
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
 
March 31

 
December 31

(in millions of U.S. dollars)
2020

 
2019

Trust funds
$
13,974

 
$
14,004

Deposits with U.S. regulatory authorities
2,424

 
2,466

Deposits with non-U.S. regulatory authorities
2,669

 
2,709

Assets pledged under repurchase agreements
1,492

 
1,464

Other pledged assets
496

 
490

Total
$
21,055

 
$
21,133
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
 
Three Months Ended

 
March 31

(in millions of U.S. dollars)
2020

Available for sale
 
Valuation allowance for expected credit losses - beginning of period
$
—

Impact of adoption of new accounting guidance
25

Provision for expected credit loss
149

Initial allowance for purchased securities with credit deterioration
2

Valuation allowance for expected credit losses - end of period
$
176

Held to maturity
 
Valuation allowance for expected credit losses - beginning of period
$
—

Impact of adoption of new accounting guidance
44

Provision for expected credit loss
1

Valuation allowance for expected credit losses - end of period
$
45
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
 
Three Months Ended

 
March 31

(in millions of U.S. dollars)
2020

Available for sale
 
Valuation allowance for expected credit losses - beginning of period
$
—

Impact of adoption of new accounting guidance
25

Provision for expected credit loss
149

Initial allowance for purchased securities with credit deterioration
2

Valuation allowance for expected credit losses - end of period
$
176

Held to maturity
 
Valuation allowance for expected credit losses - beginning of period
$
—

Impact of adoption of new accounting guidance
44

Provision for expected credit loss
1

Valuation allowance for expected credit losses - end of period
$
45
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
 
 
 
 
 
March 31

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2020

 
 
 
2019

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

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
2 to 10 Years
 
$
590

 
$
325

 
$
611

 
$
329

Real Assets
2 to 11 Years
 
721

 
414

 
712

 
422

Distressed
2 to 7 Years
 
262

 
67

 
263

 
80

Private Credit
3 to 8 Years
 
106

 
272

 
104

 
272

Traditional
2 to 14 Years
 
3,045

 
1,868

 
2,844

 
2,160

Vintage
1 to 2 Years
 
103

 
—

 
116

 
—

Investment funds
Not Applicable
 
264

 
—

 
271

 
—

 
 
 
$
5,091

 
$
2,946

 
$
4,921

 
$
3,263