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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
September 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$2,709 $— $18 $(98)$2,629 
Non-U.S.37,560 (23)895 (931)37,501 
Corporate and asset-backed securities47,588 (52)736 (1,579)46,693 
Mortgage-backed securities29,517 — 341 (1,384)28,474 
Municipal2,067 — 18 (117)1,968 
$119,441 $(75)$2,008 $(4,109)$117,265 

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:
 September 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$4,536 $4,536 $4,729 $4,729 
Due after 1 year through 5 years35,739 35,739 33,573 33,573 
Due after 5 years through 10 years28,913 28,913 28,480 28,480 
Due after 10 years19,603 19,603 17,731 17,731 
88,791 88,791 84,513 84,513 
Mortgage-backed securities28,474 28,474 22,058 22,058 
$117,265 $117,265 $106,571 $106,571 
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
September 30, 2024Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$— $— $1,677 $(98)$1,677 $(98)
Non-U.S.1,706 (26)13,628 (734)15,334 (760)
Corporate and asset-backed securities1,511 (13)15,280 (959)16,791 (972)
Mortgage-backed securities664 (5)13,684 (1,366)14,348 (1,371)
Municipal35 (1)1,188 (114)1,223 (115)
Total AFS fixed maturities $3,916 $(45)$45,457 $(3,271)$49,373 $(3,316)

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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2024202320242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$122 $193 $156 $169 
Provision for expected credit loss23 34 95 172 
Write-offs charged against the expected credit loss(1)(1)(6)(5)
Recovery of expected credit loss(69)(68)(170)(178)
Valuation allowance for expected credit losses - end of period$75 $158 $75 $158 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$— $— $— $34 
Recovery of expected credit loss— — — (34)
Valuation allowance for expected credit losses - end of period$— $— $— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$5 $— $4 $— 
Provision for expected credit loss— — 2 — 
Recovery of expected credit loss— — (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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2024202320242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$122 $193 $156 $169 
Provision for expected credit loss23 34 95 172 
Write-offs charged against the expected credit loss(1)(1)(6)(5)
Recovery of expected credit loss(69)(68)(170)(178)
Valuation allowance for expected credit losses - end of period$75 $158 $75 $158 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$— $— $— $34 
Recovery of expected credit loss— — — (34)
Valuation allowance for expected credit losses - end of period$— $— $— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$5 $— $4 $— 
Provision for expected credit loss— — 2 — 
Recovery of expected credit loss— — (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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2024202320242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$122 $193 $156 $169 
Provision for expected credit loss23 34 95 172 
Write-offs charged against the expected credit loss(1)(1)(6)(5)
Recovery of expected credit loss(69)(68)(170)(178)
Valuation allowance for expected credit losses - end of period$75 $158 $75 $158 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$— $— $— $34 
Recovery of expected credit loss— — — (34)
Valuation allowance for expected credit losses - end of period$— $— $— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$5 $— $4 $— 
Provision for expected credit loss— — 2 — 
Recovery of expected credit loss— — (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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2024202320242023
Fixed maturities:
Gross realized gains$21 $97 $73 $116 
Gross realized losses(91)(184)(338)(456)
Other investments - Fixed maturities 152 (1)452 (1)
Net (provision for) recovery of expected credit losses48 34 80 44 
Impairment (1)
(19)(16)(81)(60)
Total fixed maturities 111 (70)186 (357)
Equity securities123 (100)147 (61)
Private equities (less than 3 percent ownership) (41)40 39 75 
Foreign exchange(58)(67)(162)(122)
Investment and embedded derivative instruments66 9 6 (92)
Other derivative instruments(2)(7)(7)(6)
Other (2)
(1)92 (8)79 
Net realized gains (losses) (pre-tax)$198 $(103)$201 $(484)
(1)Relates to certain securities we intended to sell and securities written to market entering default.
(2)The three and nine months ended September 30, 2023 includes a one-time realized gain of $116 million as a result of the consolidation of Huatai Group.
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
September 30
20242023
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$123 $152 $(41)$234 $(100)$(1)$40 $(61)
Less: Net gains (losses) recognized from sales of securities(6)2 — (4)(45)— — (45)
Unrealized gains (losses) recognized for securities still held at reporting date$129 $150 $(41)$238 $(55)$(1)$40 $(16)
Nine Months Ended
September 30
20242023
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$147 $452 $39 $638 $(61)$(1)$75 $13 
Less: Net gains (losses) recognized from sales of securities5 2 — 7 (48)— — (48)
Unrealized gains (losses) recognized for securities still held at reporting date$142 $450 $39 $631 $(13)$(1)$75 $61 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		September 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
$1,247 $316 $1,241 $364 
Real assets
2 to 13 Years
2,006 588 2,137 445 
Distressed
2 to 8 Years
1,257 822 1,206 936 
Private credit
3 to 8 Years
316 288 331 298 
Traditional
2 to 14 Years
9,307 4,767 8,873 4,167 
Vintage
1 to 3 Years
59 — 72 — 
Investment fundsNot Applicable213 — 218 — 
$14,405 $6,781 $14,078 $6,210 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20242023
Trust funds$9,137 $8,482 
Assets pledged under repurchase agreements3,273 2,924 
Deposits with U.S. regulatory authorities2,565 2,544 
Deposits with non-U.S. regulatory authorities and other4,714 4,464 
Total$19,689 $18,414