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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
June 30, 2024Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$2,906 $— $3 $(168)$2,741 
Non-U.S.35,933 (45)482 (1,452)34,918 
Corporate and asset-backed securities45,952 (76)255 (2,511)43,620 
Mortgage-backed securities26,632 (1)75 (2,092)24,614 
Municipal2,106 — 8 (167)1,947 
$113,529 $(122)$823 $(6,390)$107,840 

December 31, 2023Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$3,721 $— $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 
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 June 30, 2024December 31, 2023
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,730 $4,730 $4,729 $4,729 
Due after 1 year through 5 years34,107 34,107 33,573 33,573 
Due after 5 years through 10 years26,766 26,766 28,480 28,480 
Due after 10 years17,623 17,623 17,731 17,731 
83,226 83,226 84,513 84,513 
Mortgage-backed securities24,614 24,614 22,058 22,058 
$107,840 $107,840 $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 MonthsOver 12 MonthsTotal
June 30, 2024Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$509 $(4)$2,050 $(164)$2,559 $(168)
Non-U.S.5,388 (94)15,668 (1,095)21,056 (1,189)
Corporate and asset-backed securities5,903 (68)19,214 (1,476)25,117 (1,544)
Mortgage-backed securities5,439 (57)14,205 (1,999)19,644 (2,056)
Municipal154 (3)1,469 (161)1,623 (164)
Total AFS fixed maturities $17,393 $(226)$52,606 $(4,895)$69,999 $(5,121)

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)
Municipal1,117 (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 EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2024202320242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$115 $168 $156 $169 
Provision for expected credit loss41 79 72 138 
Write-offs charged against the expected credit loss— (2)(5)(4)
Recovery of expected credit loss(34)(52)(101)(110)
Valuation allowance for expected credit losses - end of period$122 $193 $122 $193 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$— $33 $— $34 
Recovery of expected credit loss— (33)— (34)
Valuation allowance for expected credit losses - end of period$— $— $— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$5 $— $4 $— 
Provision for expected credit loss1 — 2 — 
Recovery of expected credit loss(1)— (1)— 
Valuation allowance for expected credit losses - end of period$5 $— $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 EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2024202320242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$115 $168 $156 $169 
Provision for expected credit loss41 79 72 138 
Write-offs charged against the expected credit loss— (2)(5)(4)
Recovery of expected credit loss(34)(52)(101)(110)
Valuation allowance for expected credit losses - end of period$122 $193 $122 $193 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$— $33 $— $34 
Recovery of expected credit loss— (33)— (34)
Valuation allowance for expected credit losses - end of period$— $— $— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$5 $— $4 $— 
Provision for expected credit loss1 — 2 — 
Recovery of expected credit loss(1)— (1)— 
Valuation allowance for expected credit losses - end of period$5 $— $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 EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2024202320242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$115 $168 $156 $169 
Provision for expected credit loss41 79 72 138 
Write-offs charged against the expected credit loss— (2)(5)(4)
Recovery of expected credit loss(34)(52)(101)(110)
Valuation allowance for expected credit losses - end of period$122 $193 $122 $193 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$— $33 $— $34 
Recovery of expected credit loss— (33)— (34)
Valuation allowance for expected credit losses - end of period$— $— $— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$5 $— $4 $— 
Provision for expected credit loss1 — 2 — 
Recovery of expected credit loss(1)— (1)— 
Valuation allowance for expected credit losses - end of period$5 $— $5 $— 
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)2024202320242023
Fixed maturities:
Gross realized gains$36 $17 $52 $19 
Gross realized losses(106)(113)(247)(272)
Other investments - Fixed maturities 132 — 300 — 
Net (provision for) recovery of expected credit losses(8)8 32 10 
Impairment (1)
(28)(19)(62)(44)
Total fixed maturities 26 (107)75 (287)
Equity securities21 28 24 39 
Private equities (less than 3 percent ownership) 49 20 80 35 
Foreign exchange27 (186)(104)(55)
Investment and embedded derivative instruments(17)(55)(60)(101)
Other derivative instruments(3)2 (5)1 
Other1 (6)(7)(13)
Net realized gains (losses) (pre-tax)$104 $(304)$3 $(381)
(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, Other investments 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
June 30
20242023
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$21 $132 $49 $202 $28 $20 $48 
Less: Net gains (losses) recognized from sales of securities14 — — 14 2 — 2 
Unrealized gains (losses) recognized for securities still held at reporting date$7 $132 $49 $188 $26 $20 $46 

Six Months Ended
June 30
20242023
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$24 $300 $80 $404 $39 $35 $74 
Less: Net gains (losses) recognized from sales of securities11 — — 11 (3)— (3)
Unrealized gains (losses) recognized for securities still held at reporting date$13 $300 $80 $393 $42 $35 $77 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		June 30, 2024December 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
$1,282 $336 $1,241 $364 
Real assets
2 to 13 Years
2,031 475 2,137 445 
Distressed
2 to 8 Years
1,272 876 1,206 936 
Private credit
3 to 8 Years
323 295 331 298 
Traditional
2 to 14 Years
9,150 4,845 8,873 4,167 
Vintage
1 to 3 Years
61 — 72 — 
Investment fundsNot Applicable246 — 218 — 
$14,365 $6,827 $14,078 $6,210 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
June 30December 31
(in millions of U.S. dollars)20242023
Trust funds$8,404 $8,482 
Deposits with U.S. regulatory authorities2,482 2,544 
Deposits with non-U.S. regulatory authorities4,160 3,584 
Assets pledged under repurchase agreements3,289 2,924 
Other pledged assets203 880 
Total$18,538 $18,414