Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities

March 31, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	3,058	$	—	$	5	$	(164)	$	2,899
Non-U.S.	36,962		(41)		605		(1,381)		36,145
Corporate and asset-backed securities	45,567		(73)		306		(2,353)		43,447
Mortgage-backed securities	25,696		(1)		89		(2,029)		23,755
Municipal	2,196		—		7		(160)		2,043
	$	113,479	$	(115)	$	1,012	$	(6,087)	$	108,289

December 31, 2023	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair 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 securities	44,695		(104)		390		(2,151)		42,830
Mortgage-backed securities	23,720		(3)		143		(1,802)		22,058
Municipal	3,074		—		10		(155)		2,929
	$	111,128	$	(156)	$	1,148	$	(5,549)	$	106,571

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

	March 31, 2024				December 31, 2023
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,521	$	4,521	$	4,729	$	4,729
Due after 1 year through 5 years	33,533		33,533		33,573		33,573
Due after 5 years through 10 years	28,198		28,198		28,480		28,480
Due after 10 years	18,282		18,282		17,731		17,731
	84,534		84,534		84,513		84,513
Mortgage-backed securities	23,755		23,755		22,058		22,058
	$	108,289	$	108,289	$	106,571	$	106,571

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 available-for-sale (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 Months				Over 12 Months				Total
March 31, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	632	$	(13)	$	2,007	$	(151)	$	2,639	$	(164)
Non-U.S.	3,793		(64)		15,928		(1,079)		19,721		(1,143)
Corporate and asset-backed securities	4,675		(71)		19,646		(1,487)		24,321		(1,558)
Mortgage-backed securities	4,907		(82)		13,783		(1,919)		18,690		(2,001)
Municipal	443		(12)		1,218		(148)		1,661		(160)
Total AFS fixed maturities	$	14,450	$	(242)	$	52,582	$	(4,784)	$	67,032	$	(5,026)

	0 – 12 Months				Over 12 Months				Total
December 31, 2023	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross 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 securities	2,866		(51)		20,334		(1,194)		23,200		(1,245)
Mortgage-backed securities	1,659		(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)

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 Ended
	March 31
(in millions of U.S. dollars)	2024		2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	156	$	169
Provision for expected credit loss	31		59
Write-offs charged against the expected credit loss	(5)		(2)
Recovery of expected credit loss	(67)		(58)
Valuation allowance for expected credit losses - end of period	$	115	$	168
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period	$	—	$	34
Recovery of expected credit loss	—		(1)
Valuation allowance for expected credit losses - end of period	$	—	$	33
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	—
Provision for expected credit loss	1		—
Valuation allowance for expected credit losses - end of period	$	5	$	—

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 Ended
	March 31
(in millions of U.S. dollars)	2024		2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	156	$	169
Provision for expected credit loss	31		59
Write-offs charged against the expected credit loss	(5)		(2)
Recovery of expected credit loss	(67)		(58)
Valuation allowance for expected credit losses - end of period	$	115	$	168
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period	$	—	$	34
Recovery of expected credit loss	—		(1)
Valuation allowance for expected credit losses - end of period	$	—	$	33
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	—
Provision for expected credit loss	1		—
Valuation allowance for expected credit losses - end of period	$	5	$	—

Private debt held-for-investment, allowance for credit loss

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2024		2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	156	$	169
Provision for expected credit loss	31		59
Write-offs charged against the expected credit loss	(5)		(2)
Recovery of expected credit loss	(67)		(58)
Valuation allowance for expected credit losses - end of period	$	115	$	168
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period	$	—	$	34
Recovery of expected credit loss	—		(1)
Valuation allowance for expected credit losses - end of period	$	—	$	33
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	—
Provision for expected credit loss	1		—
Valuation allowance for expected credit losses - end of period	$	5	$	—

Schedule of Realized Gain (Loss)

The following table presents the components of net realized gains (losses):

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2024		2023
Fixed maturities:
Gross realized gains	$	16	$	2
Gross realized losses	(141)		(159)
Other investments - Fixed maturities	168		—
Net (provision for) recovery of expected credit losses	40		2
Impairment (1)	(34)		(25)
Total fixed maturities	49		(180)
Equity securities	3		11
Private equities (less than 3 percent ownership)	31		15
Foreign exchange	(131)		131
Investment and embedded derivative instruments	(43)		(46)
Other derivative instruments	(2)		(1)
Other	(8)		(7)
Net realized gains (losses) (pre-tax)	$	(101)	$	(77)

(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:

									Three Months Ended
									March 31
	2024								2023
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	3	$	168	$	31	$	202	$	11	$	15	$	26
Less: Net gains (losses) recognized from sales of securities	(3)		—		—		(3)		(5)		—		(5)
Unrealized gains (losses) recognized for securities still held at reporting date	$	6	$	168	$	31	$	205	$	16	$	15	$	31

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

	Expected Liquidation Period of Underlying Assets	March 31, 2024				December 31, 2023
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,289	$	341	$	1,241	$	364
Real assets	2 to 13 Years	2,095		424		2,137		445
Distressed	2 to 8 Years	1,218		928		1,206		936
Private credit	3 to 8 Years	328		296		331		298
Traditional	2 to 14 Years	9,052		3,916		8,873		4,167
Vintage	1 to 3 Years	67		—		72		—
Investment funds	Not Applicable	232		—		218		—
		$	14,281	$	5,905	$	14,078	$	6,210

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

	March 31		December 31
(in millions of U.S. dollars)	2024		2023
Trust funds	$	8,626	$	8,482
Deposits with U.S. regulatory authorities	2,488		2,544
Deposits with non-U.S. regulatory authorities	3,595		3,584
Assets pledged under repurchase agreements	3,097		2,924
Other pledged assets	905		880
Total	$	18,711	$	18,414