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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
December 31, 2024Amortized
Cost		Valuation AllowanceGross Unrealized AppreciationGross Unrealized DepreciationFair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$2,498 $— $3 $(160)$2,341 
Non-U.S.36,311 (23)753 (1,203)35,838 
Corporate and asset-backed securities45,231 (47)287 (2,264)43,207 
Mortgage-backed securities29,158 — 69 (1,979)27,248 
Municipal1,885 — 7 (163)1,729 
$115,083 $(70)$1,119 $(5,769)$110,363 

December 31, 2023Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross 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 
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:

December 31
20242023 
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,507 $4,507 $4,729 $4,729 
Due after 1 year through 5 years33,446 33,446 33,573 33,573 
Due after 5 years through 10 years26,901 26,901 28,480 28,480 
Due after 10 years18,261 18,261 17,731 17,731 
83,115 83,115 84,513 84,513 
Mortgage-backed securities27,248 27,248 22,058 22,058 
$110,363 $110,363 $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
December 31, 2024Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$418 $(7)$1,477 $(153)$1,895 $(160)
Non-U.S.6,630 (138)12,023 (874)18,653 (1,012)
Corporate and asset-backed securities10,069 (194)13,290 (1,259)23,359 (1,453)
Mortgage-backed securities10,490 (170)11,987 (1,794)22,477 (1,964)
Municipal
349 (9)1,012 (150)1,361 (159)
Total AFS fixed maturities$27,956 $(518)$39,789 $(4,230)$67,745 $(4,748)

 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)
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)20242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of year$156 $169 
Provision for expected credit loss118 214 
Write-offs charged against the expected credit loss(6)(5)
Recovery of expected credit loss(198)(222)
Valuation allowance for expected credit losses - end of year$70 $156 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of year$— $34 
Recovery of expected credit loss— (34)
Valuation allowance for expected credit losses - end of year$— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year$4 $— 
Provision for expected credit loss2 4 
Recovery of expected credit loss(2)— 
Valuation allowance for expected credit losses - end of year$4 $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)20242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of year$156 $169 
Provision for expected credit loss118 214 
Write-offs charged against the expected credit loss(6)(5)
Recovery of expected credit loss(198)(222)
Valuation allowance for expected credit losses - end of year$70 $156 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of year$— $34 
Recovery of expected credit loss— (34)
Valuation allowance for expected credit losses - end of year$— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year$4 $— 
Provision for expected credit loss2 4 
Recovery of expected credit loss(2)— 
Valuation allowance for expected credit losses - end of year$4 $4 
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:
Year Ended December 31
(in millions of U.S. dollars)20242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of year$156 $169 
Provision for expected credit loss118 214 
Write-offs charged against the expected credit loss(6)(5)
Recovery of expected credit loss(198)(222)
Valuation allowance for expected credit losses - end of year$70 $156 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of year$— $34 
Recovery of expected credit loss— (34)
Valuation allowance for expected credit losses - end of year$— $— 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year$4 $— 
Provision for expected credit loss2 4 
Recovery of expected credit loss(2)— 
Valuation allowance for expected credit losses - end of year$4 $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)202420232022
Fixed maturities:
Gross realized gains$132 $208 $619 
Gross realized losses(535)(656)(1,379)
Other investments - Fixed maturities (2)
602 (12)— 
Net (provision for) recovery of expected credit losses86 43 (154)
Impairment (1)
(94)(64)(135)
Total fixed maturities191 (481)(1,049)
Equity securities (2)
194 (38)(230)
Private equities (less than 3 percent ownership)124 70 (31)
Foreign exchange(223)(183)397 
Investment and embedded derivative instruments(189)(53)(43)
Other derivative instruments(4)(10)(11)
Other24 88 (118)
Net realized gains (losses) (pre-tax)$117 $(607)$(1,085)
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale$(251)$3,563 $(10,583)
Fixed maturities held-to-maturity— (125)(15)
Other— 10 20 
Income tax (expense) benefit(110)(328)1,043 
Change in net unrealized appreciation (depreciation) on investments (after-tax)$(361)$3,120 $(9,535)
(1)Relates to certain securities we intended to sell and securities written to market entering default.
(2)In 2024, Other investments - Fixed maturities and Equity securities includes $275 million and $(22) million, respectively, of realized gains (losses) related to investments measured under the fair value option.
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, 2024
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$602 $194 $124 $920 
Less: Net gains (losses) recognized from sales of securities4 25 — 29 
Unrealized gains (losses) recognized for securities still held at reporting date$598 $169 $124 $891 
Year Ended December 31, 2023
(in millions of U.S. dollars)Other InvestmentsEquity Securities
Private Equities
Total
Net gains (losses) recognized during the period$(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)
Schedule Of Other Investments
December 31
(in millions of U.S. dollars)20242023
Fixed maturities (1) (2)
$6,265 $3,773 
Life insurance policies518 463 
Policy loans941 651 
Non-qualified separate account assets (3)
256 258 
Other617 382 
Total$8,597 $5,527 
(1)Includes fixed maturities related to consolidated VIEs of $4.6 billion and $3.8 billion at December 31, 2024 and 2023, respectively. Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.
(2)2024 includes $1.7 billion of fixed maturities measured at fair value under the fair value option.
(3)Non-qualified separate account assets comprise 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
 Expected Liquidation
Period of Underlying Assets		20242023
(in millions of U.S. dollars)Fair ValueMaximum
Future Funding
Commitments		Fair ValueMaximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,265 $281 $1,241 $364 
Real assets
2 to 13 Years
1,974 547 2,137 445 
Distressed
2 to 8 Years
1,257 679 1,206 936 
Private credit
3 to 8 Years
295 285 331 298 
Traditional
2 to 14 Years
9,674 4,650 8,873 4,167 
Vintage
1 to 3 Years
64 — 72 — 
Investment fundsNot Applicable240 — 218 — 
$14,769 $6,442 $14,078 $6,210 
Schedule Of Partially Owned Insurance Companies
Schedule Of Sources Of Net Investment Income
Year Ended December 31
(in millions of U.S. dollars)2024 2023 2022 
Fixed maturities (1)
$5,535 $4,619 $3,594 
Short-term investments181 199 81 
Other interest income 80 69 42 
Equity securities125 119 99 
Private equities (less than 3 percent ownership)112 55 63 
Other investments103 71 41 
Gross investment income (1)
6,136 5,132 3,920 
Investment expenses(206)(195)(178)
Net investment income (1)
$5,930 $4,937 $3,742 
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$(16)$(21)$(41)
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets: 
December 31
(in millions of U.S. dollars)20242023
Trust funds$8,170 $8,482 
Assets pledged under repurchase agreements2,890 2,924 
Deposits with U.S. regulatory authorities2,487 2,544 
Deposits with non-U.S. regulatory authorities and other4,659 4,464 
Total$18,206 $18,414