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Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Financial Instruments Measured At Fair Value On A Recurring Basis
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
September 30, 2023Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$3,084 $597 $— $3,681 
Non-U.S.— 32,084 633 32,717 
Corporate and asset-backed securities— 38,286 2,569 40,855 
Mortgage-backed securities— 19,580 25 19,605 
Municipal— 2,908 — 2,908 
3,084 93,455 3,227 99,766 
Equity securities3,310 — 85 3,395 
Short-term investments2,546 2,906 2 5,454 
Other investments (1)
569 4,364 — 4,933 
Securities lending collateral— 1,469 — 1,469 
Investment derivatives42 — — 42 
Derivatives designated as hedging instruments— 48 — 48 
Other derivative instruments53 — — 53 
Separate account assets5,217 89 — 5,306 
Total assets measured at fair value (1)(2)
$14,821 $102,331 $3,314 $120,466 
Liabilities:
Investment derivatives$168 $— $— $168 
Derivatives designated as hedging instruments— 68 — 68 
Other derivative instruments— 4 — 4 
Market risk benefits (3)
— — 770 770 
Total liabilities measured at fair value$168 $72 $770 $1,010 
(1)Excluded from the table above are policy loans of $603 million, and other investments of $47 million at September 30, 2023, measured using NAV as a practical expedient.
(2)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $13,362 million at September 30, 2023, measured using NAV as a practical expedient.
(3)Refer to Note 11 for additional information on Market risk benefits.
 
December 31, 2022Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,100 $526 $— $2,626 
Non-U.S.— 25,344 564 25,908 
Corporate and asset-backed securities— 34,506 2,449 36,955 
Mortgage-backed securities— 15,840 11 15,851 
Municipal— 3,880 — 3,880 
2,100 80,096 3,024 85,220 
Equity securities737 — 90 827 
Short-term investments3,108 1,849 3 4,960 
Other investments (1)
552 399 — 951 
Securities lending collateral— 1,523 — 1,523 
Investment derivative instruments82 — — 82 
Derivatives designated as hedging instruments— 17 — 17 
Other derivative instruments33 — — 33 
Separate account assets5,101 89 — 5,190 
Total assets measured at fair value (1)(2)
$11,713 $83,973 $3,117 $98,803 
Liabilities:
Investment derivatives$139 $— $— $139 
Derivatives designated as hedging instruments— 53 — 53 
Market risk benefits (3)
— — 800 800 
Total liabilities measured at fair value$139 $53 $800 $992 
(1)Excluded from the table above are policy loans of $343 million and other investments of $47 million at December 31, 2022, measured using NAV as a practical expedient.
(2)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million at December 31, 2022, measured using NAV as a practical expedient.
(3)Refer to Note 11 for additional information on Market risk benefits.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the following tables is the reconciliation of Market risk benefits, refer to Note 11 for additional information:

Three Months Ended
September 30, 2023
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$649 $2,524 $10 $86 $3 
Transfers into Level 3— — — — — 
Transfers out of Level 3(22)(10)— — — 
Change in Net Unrealized Gains/Losses in OCI(6)6 — — — 
Net Realized Gains/Losses(2)(4)— — — 
Purchases46 158 16 4 — 
Sales(17)(40)— (5)(1)
Settlements(15)(65)(1)— — 
Balance, end of period$633 $2,569 $25 $85 $2 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(4)$— $— $— 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$(8)$4 $— $— $— 
Three Months Ended
September 30, 2022
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$549 $2,261 $19 $81 $9 
Transfers into Level 3— 2 — — — 
Transfers out of Level 3— (4)— — — 
Change in Net Unrealized Gains/Losses in OCI(34)(16)— — — 
Net Realized Gains/Losses(4)(9)— 3 (1)
Purchases39 164 4 3 1 
Sales(19)(8)— (4)— 
Settlements(25)(94)(4)— (6)
Balance, end of period$506 $2,296 $19 $83 $3 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(3)$— $3 $(1)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$(35)$(19)$— $— $— 
Nine Months Ended
September 30, 2023
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$564 $2,449 $11 $90 $3 
Transfers into Level 321 3 — — — 
Transfers out of Level 3(22)(23)— — — 
Change in Net Unrealized Gains/Losses in OCI5 8 — — (1)
Net Realized Gains/Losses(3)(7)— (6)— 
Purchases151 481 16 15 3 
Sales(52)(70)— (14)(3)
Settlements(31)(272)(2)— — 
Balance, end of period$633 $2,569 $25 $85 $2 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(6)$— $(6)$— 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$1 $2 $— $— $— 
Nine Months Ended
September 30, 2022
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$633 $2,049 $26 $77 $7 
Transfers into Level 323 41 — 1 — 
Transfers out of Level 3(23)(97)(5)— — 
Change in Net Unrealized Gains/Losses in OCI(88)(68)— — — 
Net Realized Gains/Losses(6)(9)— 7 (1)
Purchases108 658 4 6 8 
Sales(44)(59)— (8)— 
Settlements(97)(219)(6)— (11)
Balance, end of period$506 $2,296 $19 $83 $3 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(3)$(4)$— $6 $(1)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$(89)$(71)$— $— $— 
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

September 30, 2023Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,389 $2,389 $2,401 
Total assets$— $— $2,389 $2,389 $2,401 
Liabilities:
Repurchase agreements$— $2,617 $— $2,617 $2,617 
Short-term debt— 688 — 688 700 
Long-term debt— 11,627 — 11,627 13,736 
Trust preferred securities— 362 — 362 308 
Total liabilities$— $15,294 $— $15,294 $17,361 
Private debt held-for-investment is related to Huatai and its consolidation. The fair value of Private debt held-for-investment is derived using a discounted cash flow approach, which includes an evaluation of forecasted contractual cash flows and yield curve information, among other loan characteristics and assumptions. These assumptions are derived from internal and third party sources. Since the valuation is derived from model-based techniques, Private debt held-for-investment is classified within Level 3 of the valuation hierarchy.

December 31, 2022Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,299 $71 $— $1,370 $1,417 
Non-U.S.— 1,054 — 1,054 1,136 
Corporate and asset-backed securities— 1,580 — 1,580 1,705 
Mortgage-backed securities— 1,351 — 1,351 1,455 
Municipal— 3,084 — 3,084 3,135 
Total assets$1,299 $7,140 $— $8,439 $8,848 
Liabilities:
Repurchase agreements$— $1,419 $— $1,419 $1,419 
Short-term debt— 473 — 473 475 
Long-term debt— 12,495 — 12,495 14,402 
Trust preferred securities— 383 — 383 308 
Total liabilities$— $14,770 $— $14,770 $16,604