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Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

Financial Instruments Measured At Fair Value On A Recurring Basis

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


June 30, 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	$	1,783	$	2,250	$	—	$	4,033
Non-U.S.	—		37,865		598		38,463
Corporate and asset-backed securities	—		41,940		3,186		45,126
Mortgage-backed securities	—		28,497		—		28,497

	1,783		110,552		3,784		116,119
Equity securities (1)	4,744		—		125		4,869
Short-term investments	2,666		1,800		42		4,508
Other investments (2)	599		6,999		—		7,598
Securities lending collateral	—		1,941		—		1,941
Investment derivatives	51		—		—		51
Derivatives designated as hedging instruments	—		257		—		257
Other derivative instruments	7		—		—		7
Separate account assets	6,399		82		—		6,481
Total assets measured at fair value (1)(2)(3)	$	16,249	$	121,631	$	3,951	$	141,831
Liabilities:
Investment derivatives	$	143	$	—	$	—	$	143
Derivatives designated as hedging instruments	—		223		—		223
Other derivative instruments	31		5		—		36
Market risk benefits (4)	—		—		609		609
Total liabilities measured at fair value	$	174	$	228	$	609	$	1,011

(1)Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,313 million, measured using NAV as a practical expedient.

(4)Refer to Note 11 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 11 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). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.


Three Months Ended June 30, 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		$	587		$	3,017		$	—	$	113	$	18
Transfers into Level 3		10			60			—		—		—
Transfers out of Level 3		—			(12)			—		(1)		—
Change in Net Unrealized Gains (Losses) in OCI		18			(3)			—		—		—
Net Realized Gains (Losses)		3			(4)			—		2		—

Purchases		84			295			—		19		25
Sales		(34)			(53)			—		(8)		—
Settlements		(70)			(114)			—		—		(1)

Balance, end of period		$	598		$	3,186		$	—	$	125	$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(1)		$	—	$	4	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	16		$	(7)		$	—	$	—	$	—


Three Months Ended June 30, 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		$	718		$	2,658		$	7	$	101	$	5
Transfers into Level 3		—			4			—		—		—
Transfers out of Level 3		(2)			—			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		(6)			4			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		2		—

Purchases		83			326			15		1		12
Sales		(31)			(87)			—		(4)		—
Settlements		(126)			(191)			(2)		—		(4)

Balance, end of period		$	632		$	2,709		$	20	$	100	$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(2)		$	—	$	1	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	(10)		$	(1)		$	—	$	—	$	(1)



Six Months Ended June 30, 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	11		84		—			—			—
Transfers out of Level 3	—		(13)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	38		(7)		—			—			—
Net Realized Gains (Losses)	(3)		(6)		(2)			(3)			—
Purchases	144		514		1			26			30
Sales	(87)		(100)		(2)			(17)			—
Settlements	(109)		(177)		—			—			(2)

Balance, end of period	$	598	$	3,186	$	—		$	125		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(4)	$	—		$	9		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	30	$	(17)	$	—		$	—		$	—



Six Months Ended June 30, 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			5			—		—		—
Transfers out of Level 3		(6)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		8			10			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		(1)		—

Purchases		155			469			15		19		16
Sales		(51)			(107)			—		(5)		—
Settlements		(163)			(282)			(2)		—		(6)

Balance, end of period		$	632		$	2,709		$	20	$	100	$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(2)		$	—	$	(1)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	3		$	5		$	—	$	—	$	(1)

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:


June 30, 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	$	—	$	—	$	2,472	$	2,472	$	2,429
Total assets	$	—	$	—	$	2,472	$	2,472	$	2,429
Liabilities:
Repurchase agreements	$	—	$	3,059	$	—	$	3,059	$	3,059
Short-term debt	—		1,488		—		1,488		1,499
Long-term debt	—		12,025		254		12,279		13,477
Hybrid debt	—		479		—		479		420
Total liabilities	$	—	$	17,051	$	254	$	17,305	$	18,455


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.

+ References + Details