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, 2020						December 31, 2019
	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)	$	22	$	(49)	$	2,807	$	11	$	(78)	$	2,579
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	13		(3)		1,749		13		(15)		1,615
Convertible securities (1)	FM AFS / ES	9		—		11		4		—		5
		$	44	$	(52)	$	4,567	$	28	$	(93)	$	4,199
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(17)	$	709	$	—	$	(13)	$	613
Other	OA / (AP)	—		—		16		2		—		63
		$	—	$	(17)	$	725	$	2	$	(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, 2020		December 31, 2019
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	551	$	346
U.S. Treasury / Agency	148		6
Non-U.S.	1,032		595
Corporate and asset-backed securities	30		5
Mortgage-backed securities	4		18
Equity securities	79		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, 2020								December 31, 2019
	30-90 Days		Greater than 90 Days				Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)					Total
Collateral pledged under repurchase agreements:
Cash	$	—	$	4	$	4	$	2	$	—	$	—	$	2
U.S. Treasury / Agency	—		106		106		107		—		—		107
Mortgage-backed securities	481		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)	2020		2019		2018
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	65	$	(79)	$	3
Interest rate swaps	—		(270)		(115)
All other futures contracts, options, and equities	16		(88)		39
Convertible securities (1)	—		2		(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)
Other	1		(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
2022	123
2023	96
2024	68
2025	38
Thereafter	75
Total undiscounted lease payments	$	550
Less: Present value adjustment	33
Net lease liabilities reported as of December 31, 2020	$	517