Commitments, contingencies, and guarantees (Tables)

12 Months Ended

Dec. 31, 2023

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 location, fair value of derivative instruments in an asset or (liability) position, and notional value/payment provision of our derivative instruments: 

		December 31, 2023						December 31, 2022
	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 derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	27	$	(94)	$	3,662	$	64	$	(115)	$	4,134
Options/Futures contracts on notes and bonds	OA / (AP)	27		(42)		2,062		18		(24)		1,511
Convertible securities (1)	FM AFS / ES	56		—		64		30		—		37
		$	110	$	(136)	$	5,788	$	112	$	(139)	$	5,682
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(37)	$	1,157	$	33	$	—	$	939
Other	OA / (AP)	—		(5)		217		—		—		—
		$	—	$	(42)	$	1,374	$	33	$	—	$	939
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	126	$	—	$	1,631	$	17	$	—	$	1,595
Cross-currency swaps - net investment hedges	OA / (AP)	10		(128)		1,619		—		(53)		1,604
		$	136	$	(128)	$	3,250	$	17	$	(53)	$	3,199

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

	Year Ended December 31
(pre-tax, in millions of U.S. dollars)	2023		2022
Gain recognized in OCI	$	101	$	17
Net realized gain reclassified from OCI	50		105
Interest expense reclassified from OCI	(16)		(5)
OCI gain (loss) after reclassifications	$	67	$	(83)

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

	Year Ended December 31
(pre-tax, in millions of U.S. dollars)	2023		2022
Loss recognized in OCI	$	(58)	$	(53)
Interest income reclassified from OCI	13		4
OCI loss after reclassifications	$	(71)	$	(57)

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:

	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(50)	$	(339)	$	(62)
All other futures contracts, options, and equities	(2)		297		(10)
Convertible securities (1)	(1)		(1)		—
Total investment and embedded derivative instruments	$	(53)	$	(43)	$	(72)
Other derivative instruments:
Futures contracts on equities (2)	(189)		187		(202)
Other	(10)		(11)		(8)
Total other derivative instruments	$	(199)	$	176	$	(210)
	$	(252)	$	133	$	(282)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

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, 2023		December 31, 2022
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	555	$	820
U.S. Treasury / Agency	33		72
Non-U.S.	621		604
Corporate and asset-backed securities	57		27
Municipal	6		—
Equity securities	27		—
	$	1,299	$	1,523
Gross amount of recognized liability for securities lending payable	$	1,299	$	1,523

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, 2023								December 31, 2022
	Up to 30 Days		30-90 Days		Greater than 90 Days				Up to 30 Days		30-90 Days		Total
(in millions of U.S. dollars)							Total
Collateral pledged under repurchase agreements:
Cash	$	—	$	33	$	1	$	34	$	12	$	—	$	12
Non-U.S.	1,355		—		—		1,355		—		—		—
U.S. Treasury / Agency	—		105		—		105		—		101		101
Mortgage-backed securities	—		913		517		1,430		921		493		1,414
	$	1,355	$	1,051	$	518	$	2,924	$	933	$	594	$	1,527
Gross amount of recognized liabilities for repurchase agreements							$	2,833					$	1,419
Difference (1)							$	91					$	108

(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Lessee, Operating Lease, Liability, Maturity

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:
2024	$	166
2025	141
2026	117
2027	88
2028	65
Thereafter	618
Total undiscounted lease payments	$	1,195
Less: Present value adjustment	363
Net lease liabilities reported as of December 31, 2023	$	832