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Commitments, contingencies, and guarantees (Tables)
12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
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 contractsOA / (AP)$22 $(49)$2,807 $11 $(78)$2,579 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)13 (3)1,749 13 (15)1,615 
Convertible securities (1)
FM AFS / ES9  11 — 
$44 $(52)$4,567 $28 $(93)$4,199 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$ $(17)$709 $— $(13)$613 
OtherOA / (AP)  16 — 63 
$ $(17)$725 $$(13)$676 
GLB (3)
(AP)$ $(1,089)$1,658 $— $(897)$1,510 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Secured Borrowings Securities Lending Table The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
December 31, 2020December 31, 2019
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$551 $346 
U.S. Treasury / Agency148 
Non-U.S.1,032 595 
Corporate and asset-backed securities30 
Mortgage-backed securities4 18 
Equity securities79 24 
$1,844 $994 
Gross amount of recognized liability for securities lending payable$1,844 $994 
At December 31, 2020 and 2019, our repurchase agreement obligations of $1,405 million and $1,416 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
December 31, 2020December 31, 2019
30-90 DaysGreater than 90 DaysUp to 30 Days30-90 DaysGreater than 90 DaysTotal
(in millions of U.S. dollars)Total
Collateral pledged under repurchase agreements:
Cash$ $4 $4 $$— $— $
U.S. Treasury / Agency 106 106 107 — — 107 
Mortgage-backed securities481 871 1,352 399 476 480 1,355 
$481 $981 $1,462 $508 $476 $480 $1,464 
Gross amount of recognized liabilities for repurchase agreements$1,405 $1,416 
Difference (1)
$57 $48 
(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)202020192018
Investment and embedded derivative instruments:
Foreign currency forward contracts$65 $(79)$
Interest rate swaps (270)(115)
All other futures contracts, options, and equities16 (88)39 
Convertible securities (1)
 (2)
Total investment and embedded derivative instruments$81 $(435)$(75)
GLB and other derivative instruments:
GLB$(202)$(4)$(248)
Futures contracts on equities (2)
(108)(138)(4)
Other1 (8)(3)
Total GLB and other derivative instruments$(309)$(150)$(255)
$(228)$(585)$(330)
(1)Includes embedded derivatives.
(2)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:
2021$150 
2022123 
202396 
202468 
202538 
Thereafter75 
Total undiscounted lease payments$550 
Less: Present value adjustment33 
Net lease liabilities reported as of December 31, 2020$517