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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
December 31, 2023Amortized
Cost		Valuation AllowanceGross Unrealized AppreciationGross Unrealized DepreciationFair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$3,721 $— $13 $(144)$3,590 
Non-U.S.35,918 (49)592 (1,297)35,164 
Corporate and asset-backed securities44,695 (104)390 (2,151)42,830 
Mortgage-backed securities23,720 (3)143 (1,802)22,058 
Municipal3,074 — 10 (155)2,929 
$111,128 $(156)$1,148 $(5,549)$106,571 
December 31, 2022Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross Unrealized DepreciationFair 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 CostValuation AllowanceNet Carrying ValueGross Unrealized AppreciationGross Unrealized DepreciationFair 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 HTM 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 — %
Other— — %
Total$8,882 100 %
  
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:

December 31
20232022 
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,729 $4,729 $2,962 $2,962 
Due after 1 year through 5 years33,573 33,573 24,791 24,791 
Due after 5 years through 10 years28,480 28,480 26,679 26,679 
Due after 10 years17,731 17,731 14,937 14,937 
84,513 84,513 69,369 69,369 
Mortgage-backed securities22,058 22,058 15,851 15,851 
$106,571 $106,571 $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 continuously been in an unrealized loss position:

 0 – 12 MonthsOver 12 MonthsTotal
December 31, 2023Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$463 $(9)$2,504 $(135)$2,967 $(144)
Non-U.S.2,464 (43)15,971 (957)18,435 (1,000)
Corporate and asset-backed securities2,866 (51)20,334 (1,194)23,200 (1,245)
Mortgage-backed securities1,659 (58)13,831 (1,706)15,490 (1,764)
Municipal
1,117 (15)1,310 (137)2,427 (152)
Total AFS fixed maturities$8,569 $(176)$53,950 $(4,129)$62,519 $(4,305)

 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)
Municipal
3,251 (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:


Year Ended December 31
(in millions of U.S. dollars)20232022
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$169 $14 
Provision for expected credit loss214 237 
Write-offs charged against the expected credit loss(5)— 
Recovery of expected credit loss(222)(82)
Valuation allowance for expected credit losses - end of period$156 $169 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$34 $35 
Provision for expected credit loss— 2 
Recovery of expected credit loss(34)(3)
Valuation allowance for expected credit losses - end of period$— $34 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$— $— 
Provision for expected credit loss4 — 
Valuation allowance for expected credit losses - end of period$4 $— 
  
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:


Year Ended December 31
(in millions of U.S. dollars)20232022
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$169 $14 
Provision for expected credit loss214 237 
Write-offs charged against the expected credit loss(5)— 
Recovery of expected credit loss(222)(82)
Valuation allowance for expected credit losses - end of period$156 $169 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$34 $35 
Provision for expected credit loss— 2 
Recovery of expected credit loss(34)(3)
Valuation allowance for expected credit losses - end of period$— $34 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$— $— 
Provision for expected credit loss4 — 
Valuation allowance for expected credit losses - end of period$4 $— 
  
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments:
 Year Ended December 31
(in millions of U.S. dollars)202320222021
Fixed maturities:
Gross realized gains$208 $619 $142 
Gross realized losses(656)(1,379)(123)
Other Investments - Fixed maturities
(12)— — 
Net (provision for) recovery of expected credit losses43 (154)14 
Impairment (1)
(64)(135)(30)
Total fixed maturities(481)(1,049)3 
Equity securities(38)(230)662 
Private equities (less than 3 percent ownership)
70 (31)111 
Foreign exchange(183)397 340 
Investment and embedded derivative instruments(53)(43)(72)
Other derivative instruments(10)(11)(8)
Other88 (118)(6)
Net realized gains (losses) (pre-tax)$(607)$(1,085)$1,030 
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale
$3,563 $(10,583)$(2,901)
Fixed maturities held to maturity(125)(15)(18)
Other10 20 (19)
Income tax (expense) benefit(328)1,043 521 
Change in net unrealized appreciation (depreciation) on investments (after-tax)$3,120 $(9,535)$(2,417)
(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 Other investments, Equity securities and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

Year Ended December 31, 2023
(in millions of U.S. dollars)Other InvestmentsEquity Securities
Private Equities
Total
Net gains (losses) recognized during the period$(12)$(38)$70 $20 
Less: Net gains (losses) recognized from sales of securities
— (68)— (68)
Unrealized gains (losses) recognized for securities still held at reporting date$(12)$30 $70 $88 
Year Ended December 31, 2022
(in millions of U.S. dollars)Equity Securities
Private Equities
Total
Net gains (losses) recognized during the period$(230)$(31)$(261)
Less: Net gains (losses) recognized from sales of securities
409 — 409 
Unrealized gains (losses) recognized for securities still held at reporting date$(639)$(31)$(670)
Year Ended December 31, 2021
(in millions of U.S. dollars)Equity Securities
Private Equities
Total
Net gains (losses) recognized during the period$662 $111 $773 
Less: Net gains (losses) recognized from sales of securities
157 — 157 
Unrealized gains (losses) recognized for securities still held at reporting date$505 $111 $616 
  
Schedule Of Other Investments
December 31
(in millions of U.S. dollars)20232022
Fixed maturities - Consolidated Investment Products (1)
$3,773 $— 
Life insurance policies463 399 
Policy loans651 343 
Non-qualified separate account assets (2)
258 223 
Other382 376 
Total$5,527 $1,341 
(1)Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.
(2)Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under U.S. GAAP.
  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities: 
December 31
 20232022
(in millions of U.S. dollars)Expected Liquidation
Period of Underlying Assets		Fair ValueMaximum
Future Funding
Commitments		Fair ValueMaximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,241 $364 $1,074 $505 
Real assets
2 to 13 Years
2,137 445 2,166 681 
Distressed
2 to 8 Years
1,206 936 1,048 755 
Private credit
3 to 8 Years
331 298 215 429 
Traditional
2 to 14 Years
8,873 4,167 7,424 5,025 
Vintage
1 to 3 Years
72 — 55 — 
Investment fundsNot Applicable218 — 373 — 
$14,078 $6,210 $12,355 $7,395 
  
Schedule Of Partially Owned Insurance Companies
The following table presents Investments in partially-owned insurance companies:
December 31, 2023December 31, 2022
(in millions of U.S. dollars, except for percentages)Carrying ValueGoodwillDirect Ownership PercentageCarrying ValueGoodwillDirect Ownership PercentageDomicile
Huatai Group$— $— — %$2,490 $1,247 47 %China
Huatai Life Insurance Company— — — %215 65 20 %China
Freisenbruch-Meyer12 3 40 %11 3 40 %Bermuda
Chubb Arabia Cooperative Insurance Company28 — 30 %24 — 30 %Saudi Arabia
ABR Reinsurance Ltd.151 — 19 %137 — 19 %Bermuda
Total$191 $3 $2,877 $1,315 
  
Schedule Of Sources Of Net Investment Income
Year Ended December 31
(in millions of U.S. dollars)2023 2022 2021 
Fixed maturities (1)
$4,619 $3,594 $3,300 
Short-term investments199 81 35 
Other interest income 69 42 11 
Equity securities119 99 150 
Private equities (less than 3 percent ownership)
55 63 94 
Other investments71 41 53 
Gross investment income (1)
5,132 3,920 3,643 
Investment expenses(195)(178)(187)
Net investment income (1)
$4,937 $3,742 $3,456 
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$(21)$(41)$(84)
  
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets: 
December 31
(in millions of U.S. dollars)20232022
Trust funds$8,482 $8,120 
Deposits with U.S. regulatory authorities2,544 2,345 
Deposits with non-U.S. regulatory authorities3,584 2,959 
Assets pledged under repurchase agreements2,924 1,527 
Other pledged assets880 885 
Total$18,414 $15,836