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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
March 31, 2025Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$4,268 $— $17 $(260)$4,025 
Non-U.S.36,574 (22)810 (1,060)36,302 
Corporate and asset-backed securities45,105 (41)309 (2,093)43,280 
Mortgage-backed securities28,983 — 145 (1,612)27,516 
$114,930 $(63)$1,281 $(5,025)$111,123 

December 31, 2024Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$4,383 $— $10 $(323)$4,070 
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 
$115,083 $(70)$1,119 $(5,769)$110,363 
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 March 31, 2025December 31, 2024
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,938 $4,938 $4,507 $4,507 
Due after 1 year through 5 years33,342 33,342 33,446 33,446 
Due after 5 years through 10 years27,027 27,027 26,901 26,901 
Due after 10 years18,300 18,300 18,261 18,261 
83,607 83,607 83,115 83,115 
Mortgage-backed securities27,516 27,516 27,248 27,248 
$111,123 $111,123 $110,363 $110,363 
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
March 31, 2025Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. and local government securities$524 $(7)$2,468 $(253)$2,992 $(260)
Non-U.S.5,533 (102)11,375 (774)16,908 (876)
Corporate and asset-backed securities10,320 (177)12,824 (1,172)23,144 (1,349)
Mortgage-backed securities5,493 (48)11,986 (1,564)17,479 (1,612)
Total AFS fixed maturities $21,870 $(334)$38,653 $(3,763)$60,523 $(4,097)

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. and local government securities$767 $(16)$2,489 $(303)$3,256 $(319)
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)
Total AFS fixed maturities$27,956 $(518)$39,789 $(4,230)$67,745 $(4,748)
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)20252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$70 $156 
Provision for expected credit loss21 31 
Write-offs charged against the expected credit loss— (5)
Recovery of expected credit loss(28)(67)
Valuation allowance for expected credit losses - end of period$63 $115 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$4 $4 
Provision for expected credit loss— 1 
Recovery of expected credit loss(1)— 
Valuation allowance for expected credit losses - end of period$3 $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)20252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$70 $156 
Provision for expected credit loss21 31 
Write-offs charged against the expected credit loss— (5)
Recovery of expected credit loss(28)(67)
Valuation allowance for expected credit losses - end of period$63 $115 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$4 $4 
Provision for expected credit loss— 1 
Recovery of expected credit loss(1)— 
Valuation allowance for expected credit losses - end of period$3 $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)20252024
Fixed maturities:
Gross realized gains$38 $16 
Gross realized losses(96)(141)
Other investments - Fixed maturities (2025 includes $(53) million related to investments measured under the fair value option)
(40)168 
Net (provision for) recovery of expected credit losses8 40 
Impairment (1)
(7)(34)
Total fixed maturities (97)49 
Equity securities (2025 includes $53 million related to investments measured under the fair value option)
63 3 
Private equities (less than 3 percent ownership) 11 31 
Foreign exchange(65)(131)
Investment and embedded derivative instruments(23)(43)
Other derivative instruments(3)(2)
Other(2)(8)
Net realized gains (losses) (pre-tax)$(116)$(101)
(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
March 31
20252024
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$63 $(40)$11 $34 $3 $168 $31 $202 
Less: Net gains (losses) recognized from sales of securities(12)1 — (11)(3)— — (3)
Unrealized gains (losses) recognized for securities still held at reporting date$75 $(41)$11 $45 $6 $168 $31 $205 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		March 31, 2025December 31, 2024
(in millions of U.S. dollars)Fair
Value		Maximum
Future Funding
Commitments		Fair
Value		Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,340 $250 $1,265 $281 
Real assets
2 to 13 Years
1,952 487 1,974 547 
Distressed
2 to 8 Years
1,249 656 1,257 679 
Private credit
3 to 8 Years
315 328 295 285 
Traditional
2 to 14 Years
10,336 4,694 9,674 4,650 
Vintage
1 to 3 Years
61 — 64 — 
Investment fundsNot Applicable253 — 240 — 
$15,506 $6,415 $14,769 $6,442 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
March 31December 31
(in millions of U.S. dollars)20252024
Trust funds$8,273 $8,170 
Assets pledged under repurchase agreements3,364 2,890 
Deposits with U.S. regulatory authorities2,522 2,487 
Deposits with non-U.S. regulatory authorities and other4,198 4,659 
Total$18,357 $18,206