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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
June 30, 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$4,271 $— $19 $(257)$4,033 
Non-U.S.38,411 (20)983 (911)38,463 
Corporate and asset-backed securities46,411 (51)568 (1,802)45,126 
Mortgage-backed securities29,854 — 173 (1,530)28,497 
$118,947 $(71)$1,743 $(4,500)$116,119 

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:
 June 30, 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$5,175 $5,175 $4,507 $4,507 
Due after 1 year through 5 years36,243 36,243 33,446 33,446 
Due after 5 years through 10 years27,636 27,636 26,901 26,901 
Due after 10 years18,568 18,568 18,261 18,261 
87,622 87,622 83,115 83,115 
Mortgage-backed securities28,497 28,497 27,248 27,248 
$116,119 $116,119 $110,363 $110,363 
Unrealized Gain (Loss) on Investments
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, 2025Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. and local government securities$528 $(7)$2,386 $(248)$2,914 $(255)
Non-U.S.3,265 (65)10,654 (668)13,919 (733)
Corporate and asset-backed securities4,608 (90)11,476 (867)16,084 (957)
Mortgage-backed securities4,391 (39)11,676 (1,490)16,067 (1,529)
Total AFS fixed maturities $12,792 $(201)$36,192 $(3,273)$48,984 $(3,474)

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 EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2025202420252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$63 $115 $70 $156 
Provision for expected credit loss30 41 51 72 
Write-offs charged against the expected credit loss(1)— (1)(5)
Recovery of expected credit loss(21)(34)(49)(101)
Valuation allowance for expected credit losses - end of period$71 $122 $71 $122 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$3 $5 $4 $4 
Provision for expected credit loss— 1 — 2 
Recovery of expected credit loss— (1)(1)(1)
Valuation allowance for expected credit losses - end of period$3 $5 $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 EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2025202420252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$63 $115 $70 $156 
Provision for expected credit loss30 41 51 72 
Write-offs charged against the expected credit loss(1)— (1)(5)
Recovery of expected credit loss(21)(34)(49)(101)
Valuation allowance for expected credit losses - end of period$71 $122 $71 $122 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$3 $5 $4 $4 
Provision for expected credit loss— 1 — 2 
Recovery of expected credit loss— (1)(1)(1)
Valuation allowance for expected credit losses - end of period$3 $5 $3 $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)2025202420252024
Fixed maturities:
Gross realized gains$69 $36 $107 $52 
Gross realized losses(123)(106)(219)(247)
Other investments - Fixed maturities (2025 includes $53 million and nil related to investments measured under the fair value option)
61 132 21 300 
Net (provision for) recovery of expected credit losses(9)(8)(1)32 
Impairment (1)
(5)(28)(12)(62)
Total fixed maturities (7)26 (104)75 
Equity securities (2025 includes $12 million and $65 million related to investments measured under the fair value option)
137 21 200 24 
Private equities (less than 3 percent ownership) (28)49 (17)80 
Foreign exchange(89)27 (154)(104)
Investment and embedded derivative instruments154 (17)131 (60)
Other derivative instruments(2)(3)(5)(5)
Other(5)1 (7)(7)
Net realized gains (losses) (pre-tax)$160 $104 $44 $3 
(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
20252024
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$137 $61 $(28)$170 $21 $132 $49 $202 
Less: Net gains (losses) recognized from sales of securities32 3 — 35 14 — — 14 
Unrealized gains (losses) recognized for securities still held at reporting date$105 $58 $(28)$135 $7 $132 $49 $188 
Six Months Ended
June 30
20252024
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$200 $21 $(17)$204 $24 $300 $80 $404 
Less: Net gains (losses) recognized from sales of securities20 4 — 24 11 — — 11 
Unrealized gains (losses) recognized for securities still held at reporting date$180 $17 $(17)$180 $13 $300 $80 $393 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		June 30, 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
$1,402 $224 $1,265 $281 
Real assets
2 to 13 Years
1,910 732 1,974 547 
Distressed
2 to 8 Years
1,213 1,034 1,257 679 
Private credit
3 to 8 Years
305 332 295 285 
Traditional
2 to 14 Years
11,153 4,563 9,674 4,650 
Vintage
1 to 3 Years
59 — 64 — 
Investment funds
Not Applicable
271 — 240 — 
$16,313 $6,885 $14,769 $6,442 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
June 30December 31
(in millions of U.S. dollars)20252024
Trust funds$8,438 $8,170 
Assets pledged under repurchase agreements3,132 2,890 
Deposits with U.S. regulatory authorities2,540 2,487 
Deposits with non-U.S. regulatory authorities and other4,407 4,659 
Total$18,517 $18,206