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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
June 30, 2023Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$3,942 $— $6 $(204)$3,744 
Non-U.S.31,513 (64)267 (2,014)29,702 
Corporate and asset-backed securities43,348 (127)90 (3,134)40,177 
Mortgage-backed securities20,032 (2)10 (2,068)17,972 
Municipal5,389 — 9 (204)5,194 
$104,224 $(193)$382 $(7,624)$96,789 

December 31, 2022Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,792 $— $5 $(171)$2,626 
Non-U.S.28,064 (59)108 (2,205)25,908 
Corporate and asset-backed securities40,547 (107)49 (3,534)36,955 
Mortgage-backed securities17,871 (3)4 (2,021)15,851 
Municipal4,081 — 8 (209)3,880 
$93,355 $(169)$174 $(8,140)$85,220 
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities
December 31, 2022Amortized
Cost		Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Held to maturity
U.S. Treasury / Agency$1,417 $— $1,417 $1 $(48)$1,370 
Non-U.S.1,140 (4)1,136 — (82)1,054 
Corporate and asset-backed securities1,733 (28)1,705 1 (126)1,580 
Mortgage-backed securities1,456 (1)1,455 — (104)1,351 
Municipal3,136 (1)3,135 1 (52)3,084 
$8,882 $(34)$8,848 $3 $(412)$8,439 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table presents the amortized cost of our held to maturity securities according to S&P rating:
December 31, 2022
(in millions of U.S. dollars, except for percentages)Amortized cost% of Total
AAA$1,612 18 %
AA5,023 57 %
A1,634 18 %
BBB593 7 %
BB20 — %
Total$8,882 100 %
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 June 30, 2023December 31, 2022
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$4,355 $4,355 $2,962 $2,962 
Due after 1 year through 5 years30,067 30,067 24,791 24,791 
Due after 5 years through 10 years28,491 28,491 26,679 26,679 
Due after 10 years15,904 15,904 14,937 14,937 
78,817 78,817 69,369 69,369 
Mortgage-backed securities17,972 17,972 15,851 15,851 
$96,789 $96,789 $85,220 $85,220 
Held to maturity
Due in 1 year or less$— $— $1,015 $1,003 
Due after 1 year through 5 years— — 3,658 3,531 
Due after 5 years through 10 years— — 1,460 1,423 
Due after 10 years— — 1,260 1,131 
— — 7,393 7,088 
Mortgage-backed securities— — 1,455 1,351 
$— $— $8,848 $8,439 
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 tables present, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
June 30, 2023Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$1,843 $(70)$1,779 $(134)$3,622 $(204)
Non-U.S.7,895 (243)14,825 (1,377)22,720 (1,620)
Corporate and asset-backed securities11,053 (352)19,674 (1,718)30,727 (2,070)
Mortgage-backed securities6,081 (258)11,418 (1,763)17,499 (2,021)
Municipal3,626 (63)856 (141)4,482 (204)
Total AFS fixed maturities $30,498 $(986)$48,552 $(5,133)$79,050 $(6,119)

0 – 12 MonthsOver 12 MonthsTotal
December 31, 2022Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$2,152 $(125)$386 $(46)$2,538 $(171)
Non-U.S.15,538 (1,012)5,490 (704)21,028 (1,716)
Corporate and asset-backed securities25,687 (1,793)4,190 (552)29,877 (2,345)
Mortgage-backed securities10,561 (1,033)4,770 (941)15,331 (1,974)
Municipal3,251 (152)155 (48)3,406 (200)
Total AFS fixed maturities$57,189 $(4,115)$14,991 $(2,291)$72,180 $(6,406)
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2023202220232022
Available for sale
Valuation allowance for expected credit losses - beginning of period$168 $27 $169 $14 
Provision for expected credit loss79 61 138 78 
Write-offs charged against the expected credit loss(2)— (4)— 
Recovery of expected credit loss(52)(10)(110)(14)
Valuation allowance for expected credit losses - end of period$193 $78 $193 $78 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$33 $34 $34 $35 
Provision for expected credit loss— 1 — 1 
Recovery of expected credit loss(33)(1)(34)(2)
Valuation allowance for expected credit losses - end of period$— $34 $— $34 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2023202220232022
Available for sale
Valuation allowance for expected credit losses - beginning of period$168 $27 $169 $14 
Provision for expected credit loss79 61 138 78 
Write-offs charged against the expected credit loss(2)— (4)— 
Recovery of expected credit loss(52)(10)(110)(14)
Valuation allowance for expected credit losses - end of period$193 $78 $193 $78 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$33 $34 $34 $35 
Provision for expected credit loss— 1 — 1 
Recovery of expected credit loss(33)(1)(34)(2)
Valuation allowance for expected credit losses - end of period$— $34 $— $34 
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2023202220232022
Fixed maturities:
Gross realized gains$17 $362 $19 $401 
Gross realized losses(113)(700)(272)(827)
Net (provision for) recovery of expected credit losses8 (51)10 (63)
Impairment (1)
(19)(53)(44)(89)
Total fixed maturities (107)(442)(287)(578)
Equity securities28 (263)39 (207)
Other investments20 4 35 59 
Foreign exchange(186)270 (55)344 
Investment and embedded derivative instruments(55)(81)(101)(34)
Other derivative instruments2 9 1 10 
Other(6)— (13)(74)
Net realized gains (losses) (pre-tax)$(304)$(503)$(381)$(480)
(1)Relates to certain securities we intended to sell and securities written to market entering default.
Gain (Loss) on Securities
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
June 30
20232022
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$28 $20 $48 $(263)$4 $(259)
Less: Net gains (losses) recognized from sales of securities2 — 2 163 — 163 
Unrealized gains (losses) recognized for securities still held at reporting date$26 $20 $46 $(426)$4 $(422)
Six Months Ended
June 30
20232022
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$39 $35 $74 $(207)$59 $(148)
Less: Net gains (losses) recognized from sales of securities(3)— (3)418 — 418 
Unrealized gains (losses) recognized for securities still held at reporting date$42 $35 $77 $(625)$59 $(566)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		June 30, 2023December 31, 2022
(in millions of U.S. dollars)Fair
Value		Maximum
Future Funding
Commitments		Fair
Value		Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,177 $428 $1,074 $505 
Real assets
2 to 13 Years
2,149 560 2,166 681 
Distressed
2 to 8 Years
1,141 620 1,048 755 
Private credit
3 to 8 Years
304 316 215 429 
Traditional
2 to 14 Years
8,068 4,297 7,424 5,025 
Vintage
1 to 2 Years
50 — 55 — 
Investment fundsNot Applicable399 — 373 — 
$13,288 $6,221 $12,355 $7,395 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
June 30December 31
(in millions of U.S. dollars)20232022
Trust funds$8,194 $8,120 
Deposits with U.S. regulatory authorities2,337 2,345 
Deposits with non-U.S. regulatory authorities3,115 2,959 
Assets pledged under repurchase agreements1,565 1,527 
Other pledged assets861 885 
Total$16,072 $15,836