Other income and expense

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other (income) expense

Other income and expense

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Equity in net income of partially-owned entities (1)	$	16	$	2,433	$	1,019
Gains (losses) from fair value changes in separate account assets (2)	(42)		(8)		58
Federal excise and capital taxes	(21)		(19)		(22)
Other	(27)		(41)		(61)
Total	$	(74)	$	2,365	$	994

(1)     Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.

(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Other income and expense includes equity in net income of partially-owned entities, which includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.