Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2025

Financial Instruments Measured At Fair Value On A Recurring Basis

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


March 31, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,739	$	2,286	$	—	$	4,025
Non-U.S.	—		35,715		587		36,302
Corporate and asset-backed securities	—		40,263		3,017		43,280
Mortgage-backed securities	—		27,516		—		27,516

	1,739		105,780		3,604		111,123
Equity securities (1)	4,412		—		113		4,525
Short-term investments	2,484		1,930		18		4,432
Other investments (2)	577		7,318		—		7,895
Securities lending collateral	—		1,909		—		1,909
Investment derivatives	40		—		—		40
Derivatives designated as hedging instruments	—		132		—		132
Other derivative instruments	5		—		—		5
Separate account assets	6,212		73		—		6,285
Total assets measured at fair value (1)(2)(3)	$	15,469	$	117,142	$	3,735	$	136,346
Liabilities:
Investment derivatives	$	294	$	—	$	—	$	294
Derivatives designated as hedging instruments	—		101		—		101
Other derivative instruments	—		5		—		5
Market risk benefits (4)	—		—		708		708
Total liabilities measured at fair value	$	294	$	106	$	708	$	1,108

(1)Excluded from the table above is a fund of $5,031 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,329 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $15,506 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.


December 31, 2024	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,765	$	2,305	$	—	$	4,070
Non-U.S.	—		35,234		604		35,838
Corporate and asset-backed securities	—		40,316		2,891		43,207
Mortgage-backed securities	—		27,245		3		27,248

	1,765		105,100		3,498		110,363
Equity securities (1)	4,053		—		120		4,173
Short-term investments	3,156		1,972		14		5,142
Other investments (2)	573		6,783		—		7,356
Securities lending collateral	—		1,445		—		1,445
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		146		—		146
Other derivative instruments	35		—		—		35
Separate account assets	6,165		66		—		6,231
Total assets measured at fair value (1)(2)(3)	$	15,788	$	115,512	$	3,632	$	134,932
Liabilities:
Investment derivatives	$	303	$	—	$	—	$	303
Derivatives designated as hedging instruments	—		116		—		116
Other derivative instruments	—		2		—		2
Market risk benefits (4)	—		—		607		607
Total liabilities measured at fair value	$	303	$	118	$	607	$	1,028

(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3).



Three Months Ended March 31, 2025 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	604	$	2,891	$	3		$	120		$	14
Transfers into Level 3	1		24		—			—			—
Transfers out of Level 3	—		(1)		—			—			—
Change in Net Unrealized Gains (Losses) in OCI	20		(4)		—			—			—
Net Realized Gains (Losses)	(6)		(2)		(2)			(5)			—
Purchases	60		219		1			7			5
Sales	(53)		(47)		(2)			(9)			—
Settlements	(39)		(63)		—			—			(1)

Balance, end of period	$	587	$	3,017	$	—		$	113		$	18
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—		$	5		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	14	$	(10)	$	—		$	—		$	—



Three Months Ended March 31, 2024 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			1			—		—		—
Transfers out of Level 3		(4)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		14			6			—		—		—
Net Realized Gains (Losses)		—			—			—		(3)		—

Purchases		72			143			—		18		4
Sales		(20)			(20)			—		(1)		—
Settlements		(37)			(91)			—		—		(2)

Balance, end of period		$	718		$	2,658		$	7	$	101	$	5
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	—		$	—	$	(2)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	13		$	6		$	—	$	—	$	—

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:


March 31, 2025	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,498	$	2,498	$	2,460
Total assets	$	—	$	—	$	2,498	$	2,498	$	2,460
Liabilities:
Repurchase agreements	$	—	$	3,124	$	—	$	3,124	$	3,124

Long-term debt	—		13,149		—		13,149		14,508
Hybrid debt	—		476		—		476		419
Total liabilities	$	—	$	16,749	$	—	$	16,749	$	18,051


December 31, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,680	$	2,680	$	2,628
Total assets	$	—	$	—	$	2,680	$	2,680	$	2,628
Liabilities:
Repurchase agreements	$	—	$	2,731	$	—	$	2,731	$	2,731
Short-term debt	—		797		—		797		800
Long-term debt	—		12,979		—		12,979		14,379
Hybrid debt	—		479		—		479		419
Total liabilities	$	—	$	16,986	$	—	$	16,986	$	18,329

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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