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Investment Information (Tables)
3 Months Ended
Mar. 31, 2022
Disclosure Investment Information [Abstract]  
Summary of fair value and cost or amortized cost of available for sale securities
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Expected Credit Losses Cost or
Amortized
Cost
March 31, 2022
Fixed maturities:
Corporate bonds$7,231,686 $31,393 $(356,464)$(26,509)$7,583,266 
Mortgage backed securities416,138 1,717 (28,430)(797)443,648 
Municipal bonds370,470 4,169 (10,900)(106)377,307 
Commercial mortgage backed securities1,066,365 751 (15,862)(256)1,081,732 
U.S. government and government agencies4,716,790 10,031 (178,836)— 4,885,595 
Non-U.S. government securities2,169,714 42,121 (92,040)(532)2,220,165 
Asset backed securities1,677,690 1,128 (43,473)(5,945)1,725,980 
Total17,648,853 91,310 (726,005)(34,145)18,317,693 
Short-term investments2,332,624 758 (647)— 2,332,513 
Total$19,981,477 $92,068 $(726,652)$(34,145)$20,650,206 
December 31, 2021
Fixed maturities:
Corporate bonds$6,553,333 $104,170 $(69,194)$(2,037)$6,520,394 
Mortgage backed securities408,477 2,825 (5,410)(48)411,110 
Municipal bonds404,666 18,724 (1,409)(2)387,353 
Commercial mortgage backed securities1,046,484 1,740 (3,117)(6)1,047,867 
U.S. government and government agencies4,772,764 10,076 (45,967)— 4,808,655 
Non-U.S. government securities2,120,294 54,048 (34,749)(82)2,101,077 
Asset backed securities2,692,091 6,540 (11,108)(708)2,697,367 
Total17,998,109 198,123 (170,954)(2,883)17,973,823 
Short-term investments1,734,716 568 (590)— 1,734,738 
Total$19,732,825 $198,691 $(171,544)$(2,883)$19,708,561 
Summary of available for sale securities in a continual unrealized loss position
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
 Less than 12 Months12 Months or MoreTotal
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
March 31, 2022
Fixed maturities:
Corporate bonds$5,798,556 $(305,661)$513,866 $(50,803)$6,312,422 $(356,464)
Mortgage backed securities328,090 (21,714)68,490 (6,716)396,580 (28,430)
Municipal bonds203,717 (9,578)14,759 (1,322)218,476 (10,900)
Commercial mortgage backed securities942,203 (15,815)1,654 (47)943,857 (15,862)
U.S. government and government agencies4,201,416 (173,754)80,735 (5,082)4,282,151 (178,836)
Non-U.S. government securities2,045,013 (82,107)98,575 (9,933)2,143,588 (92,040)
Asset backed securities1,450,006 (41,196)110,116 (2,277)1,560,122 (43,473)
Total14,969,001 (649,825)888,195 (76,180)15,857,196 (726,005)
Short-term investments420,157 (647)— — 420,157 (647)
Total$15,389,158 $(650,472)$888,195 $(76,180)$16,277,353 $(726,652)
December 31, 2021
Fixed maturities:
Corporate bonds$3,639,582 $(63,938)$98,867 $(5,256)$3,738,449 $(69,194)
Mortgage backed securities222,176 (3,545)46,809 (1,865)268,985 (5,410)
Municipal bonds26,665 (385)16,361 (1,024)43,026 (1,409)
Commercial mortgage backed securities675,603 (2,805)5,908 (312)681,511 (3,117)
U.S. government and government agencies4,211,621 (44,180)33,373 (1,787)4,244,994 (45,967)
Non-U.S. government securities1,511,301 (31,983)62,957 (2,766)1,574,258 (34,749)
Asset backed securities1,667,002 (9,853)33,082 (1,255)1,700,084 (11,108)
Total11,953,950 (156,689)297,357 (14,265)12,251,307 (170,954)
Short-term investments284,733 (590)— — 284,733 (590)
Total$12,238,683 $(157,279)$297,357 $(14,265)$12,536,040 $(171,544)
Contractual maturities of the Company's fixed maturities
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2022December 31, 2021
MaturityEstimated
Fair
Value
Amortized
Cost
Estimated
Fair
Value
Amortized
Cost
Due in one year or less$313,167 $311,780 $300,889 $299,772 
Due after one year through five years9,592,143 9,884,149 8,355,255 8,339,387 
Due after five years through 10 years4,107,319 4,353,470 4,689,155 4,684,393 
Due after 10 years476,031 516,934 505,758 493,927 
 14,488,660 15,066,333 13,851,057 13,817,479 
Mortgage backed securities416,138 443,648 408,477 411,110 
Commercial mortgage backed securities1,066,365 1,081,732 1,046,484 1,047,867 
Asset backed securities1,677,690 1,725,980 2,692,091 2,697,367 
Total$17,648,853 $18,317,693 $17,998,109 $17,973,823 
Summary of other investments and other investable assets
The following table summarizes the Company’s other investments and other investable assets:
March 31,
2022
December 31,
2021
Fixed maturities$426,187 $416,698 
Other investments1,226,808 1,432,553 
Short-term investments12,371 97,806 
Equity securities21,300 26,493 
Total$1,686,666 $1,973,550 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:
March 31,
2022
December 31,
2021
Lending$472,099 $536,345 
Investment grade fixed income350,217 147,810 
Term loan investments160,945 484,950 
Private equity98,471 91,126 
Energy81,693 81,692 
Credit related funds63,383 70,278 
Infrastructure— 20,352 
Total$1,226,808 $1,432,553 
Summary of investments accounted for using equity method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:
March 31,
2022
December 31,
2021
Credit related funds$1,067,549 $1,022,334 
Private equity602,802 436,042 
Real estate444,755 396,395 
Lending409,736 376,649 
Equities360,906 395,090 
Infrastructure226,430 230,070 
Energy107,842 119,141 
Fixed income105,523 101,890 
Total$3,325,543 $3,077,611 
Summary of investments in limited partnership interests where the Company has a variable interest
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet line item:
March 31,
2022
December 31,
2021
Investments accounted for using the equity method (1)3,325,543 3,077,611 
Investments accounted for using the fair value option (2)146,718 170,595 
Total$3,472,261 $3,248,206 
(1)    Aggregate unfunded commitments were $2.7 billion at March 31, 2022, compared to $2.6 billion at December 31, 2021.
(2)    Aggregate unfunded commitments were $21.3 million at March 31, 2022, compared to $18.8 million at December 31, 2021.
Components of net investment income
The components of net investment income were derived from the following sources:
March 31,
 20222021
Three Months Ended
Fixed maturities$82,053 $90,626 
Term loans1,617 14,728 
Equity securities6,238 5,650 
Short-term investments2,575 607 
Other (1)10,459 14,355 
Gross investment income102,942 125,966 
Investment expenses(22,506)(27,110)
Net investment income$80,436 $98,856 
(1)    Includes income distributions from investment funds and other items.
Summary of net realized gains (losses), including change in allowance for credit losses on financial assets and net impairment losses recognized in earnings
Net realized gains (losses), which include changes in the allowance for credit losses on financial assets and net impairment losses recognized in earnings were as follows:
March 31,
 20222021
Three Months Ended
Available for sale securities:  
Gross gains on investment sales$19,707 $65,002 
Gross losses on investment sales(108,347)(62,998)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities(30,589)16,553 
Other investments4,389 46,855 
Equity securities(3,313)2,065 
Short-term investments(149)736 
Equity securities, at fair value:
Net realized gains (losses) on sales during the period65,211 37,849 
Net unrealized gains (losses) on equity securities still held at reporting date(176,195)19,708 
Allowance for credit losses:
Investments related(31,722)(1,648)
Underwriting related(4,286)5,268 
Derivative instruments (1)(23,711)36,116 
Other(3,409)(23,045)
Net realized gains (losses)$(292,414)$142,461 
(1)    See note 9 for information on the Company’s derivative instruments.
Rollforward of the allowance for expected credit losses of securities classified as available for sale
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Structured Securities (1)Municipal
Bonds
Corporate
Bonds
Total
Three Months Ended March 31, 2022
Balance at beginning of period$802 $$2,079 $2,883 
Additions for current-period provision for expected credit losses5,990 95 25,150 31,235 
Additions (reductions) for previously recognized expected credit losses 487 (15)481 
Reductions due to disposals(281)— (173)(454)
Balance at end of period$6,998 $106 $27,041 $34,145 
Three Months Ended March 31, 2021
Balance at beginning of period$1,490 $11 $896 $2,397 
Additions for current-period provision for expected credit losses182 — 2,421 2,603 
Additions (reductions) for previously recognized expected credit losses (382)(9)(540)(931)
Reductions due to disposals(83)— (156)(239)
Balance at end of period$1,207 $$2,621 $3,830 
(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
Summary of restricted assets
The following table details the value of the Company’s restricted assets:
March 31,
2022
December 31,
2021
Assets used for collateral or guarantees:  
Affiliated transactions$4,202,190 $4,223,955 
Third party agreements3,018,035 2,721,160 
Deposits with U.S. regulatory authorities773,105 798,100 
Deposits with non-U.S. regulatory authorities509,741 506,517 
Total restricted assets$8,503,071 $8,249,732 
Reconciliation of cash and restricted cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
March 31,
2022
December 31,
2021
Cash$812,917 $858,668 
Restricted cash (included in ‘other assets’)$503,201 $456,103 
Cash and restricted cash$1,316,118 $1,314,771