Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Value Of Fixed Maturities And Related OTTI Recognized In AOCI

June 30, 2014	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)
Available for sale
U.S. Treasury and agency	$	2,806	$	80	$	(17	)	$	2,869	$	—
Foreign	15,084		563		(38		)	15,609		(1		)
Corporate securities	17,085		981		(36		)	18,030		(3		)
Mortgage-backed securities	11,185		308		(75		)	11,418		(10		)
States, municipalities, and political subdivisions	3,559		131		(15		)	3,675		—
	$	49,719	$	2,063	$	(181	)	$	51,601	$	(14	)
Held to maturity
U.S. Treasury and agency	$	779	$	18	$	(2	)	$	795	$	—
Foreign	809		44		—			853		—
Corporate securities	1,828		101		—			1,929		—
Mortgage-backed securities	1,187		54		—			1,241		—
States, municipalities, and political subdivisions	1,171		31		(5		)	1,197		—
	$	5,774	$	248	$	(7	)	$	6,015	$	—

December 31, 2013	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)
Available for sale
U.S. Treasury and agency	$	2,946	$	62	$	(59	)	$	2,949	$	—
Foreign	14,336		377		(122		)	14,591		—
Corporate securities	16,825		777		(132		)	17,470		(6		)
Mortgage-backed securities	10,937		184		(227		)	10,894		(34		)
States, municipalities, and political subdivisions	3,362		65		(77		)	3,350		—
	$	48,406	$	1,465	$	(617	)	$	49,254	$	(40	)
Held to maturity
U.S. Treasury and agency	$	820	$	16	$	(4	)	$	832	$	—
Foreign	864		33		—			897		—
Corporate securities	1,922		83		—			2,005		—
Mortgage-backed securities	1,341		39		(1		)	1,379		—
States, municipalities, and political subdivisions	1,151		16		(17		)	1,150		—
	$	6,098	$	187	$	(22	)	$	6,263	$	—

Schedule Of Fixed Maturities By Contractual Maturity

			June 30				December 31
			2014				2013
(in millions of U.S. dollars)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Due in 1 year or less	$	2,513	$	2,537	$	2,387	$	2,411
Due after 1 year through 5 years	15,095		15,692		14,139		14,602
Due after 5 years through 10 years	15,917		16,575		16,200		16,535
Due after 10 years	5,009		5,379		4,743		4,812
	38,534		40,183		37,469		38,360
Mortgage-backed securities	11,185		11,418		10,937		10,894
	$	49,719	$	51,601	$	48,406	$	49,254
Held to maturity
Due in 1 year or less	$	483	$	489	$	401	$	405
Due after 1 year through 5 years	2,590		2,693		2,284		2,363
Due after 5 years through 10 years	1,157		1,206		1,686		1,723
Due after 10 years	357		386		386		393
	4,587		4,774		4,757		4,884
Mortgage-backed securities	1,187		1,241		1,341		1,379
	$	5,774	$	6,015	$	6,098	$	6,263

Schedule Of Cost And Fair Value Of Equity Securities

	June 30			December 31
(in millions of U.S. dollars)	2014			2013
Cost	$	874		$	841
Gross unrealized appreciation	77			63
Gross unrealized depreciation	(44		)	(67		)
Fair value	$	907		$	837

Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI

	Three Months Ended						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2014			2013			2014			2013
Fixed maturities:
OTTI on fixed maturities, gross	$	(9	)	$	(6	)	$	(15	)	$	(7	)
OTTI on fixed maturities recognized in OCI (pre-tax)	1			—			2			—
OTTI on fixed maturities, net	(8		)	(6		)	(13		)	(7		)
Gross realized gains excluding OTTI	54			64			90			126
Gross realized losses excluding OTTI	(26		)	(27		)	(46		)	(52		)
Total fixed maturities	20			31			31			67
Equity securities:
OTTI on equity securities	(1		)	—			(7		)	(1		)
Gross realized gains excluding OTTI	2			8			4			10
Gross realized losses excluding OTTI	—			(1		)	(1		)	(3		)
Total equity securities	1			7			(4		)	6
OTTI on other investments	(3		)	(1		)	(3		)	(2		)
Foreign exchange gains (losses)	(14		)	(5		)	(23		)	71
Investment and embedded derivative instruments	(15		)	40			(40		)	58
Fair value adjustments on insurance derivative	2			101			(46		)	429
S&P put options and futures	(72		)	(68		)	(91		)	(318		)
Other derivative instruments	9			(1		)	7			(1		)
Other	(1		)	—			(8		)	—
Net realized gains (losses)	$	(73	)	$	104		$	(177	)	$	310

Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI

	Three Months Ended						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2014			2013			2014			2013
Balance of credit losses related to securities still held – beginning of period	$	35		$	35		$	37		$	43
Additions where no OTTI was previously recorded	5			4			7			4
Additions where an OTTI was previously recorded	1			2			3			3
Reductions for securities sold during the period	(17		)	(1		)	(23		)	(10		)
Balance of credit losses related to securities still held – end of period	$	24		$	40		$	24		$	40

Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position

	0 – 12 Months					Over 12 Months					Total
June 30, 2014	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury and agency	$	—	$	—		$	1,069	$	(19	)	$	1,069	$	(19	)
Foreign	1,274		(11		)	1,303		(27		)	2,577		(38		)
Corporate securities	1,118		(12		)	1,050		(24		)	2,168		(36		)
Mortgage-backed securities	486		(4		)	2,540		(71		)	3,026		(75		)
States, municipalities, and political subdivisions	366		(4		)	1,041		(16		)	1,407		(20		)
Total fixed maturities	3,244		(31		)	7,003		(157		)	10,247		(188		)
Equity securities	45		(2		)	462		(42		)	507		(44		)
Other investments	39		(1		)	—		—			39		(1		)
Total	$	3,328	$	(34	)	$	7,465	$	(199	)	$	10,793	$	(233	)

	0 – 12 Months					Over 12 Months					Total
December 31, 2013	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury and agency	$	1,794	$	(57	)	$	31	$	(6	)	$	1,825	$	(63	)
Foreign	4,621		(114		)	201		(8		)	4,822		(122		)
Corporate securities	3,836		(118		)	194		(14		)	4,030		(132		)
Mortgage-backed securities	5,248		(197		)	384		(31		)	5,632		(228		)
States, municipalities, and political subdivisions	2,164		(90		)	84		(4		)	2,248		(94		)
Total fixed maturities	17,663		(576		)	894		(63		)	18,557		(639		)
Equity securities	498		(67		)	—		—			498		(67		)
Other investments	67		(9		)	—		—			67		(9		)
Total	$	18,228	$	(652	)	$	894	$	(63	)	$	19,122	$	(715	)

Schedule Of Components Of Restricted Assets

	June 30		December 31
(in millions of U.S. dollars)	2014		2013
Trust funds	$	10,554	$	11,315
Deposits with non-U.S. regulatory authorities	1,969		1,970
Assets pledged under repurchase agreements	1,451		1,435
Deposits with U.S. regulatory authorities	1,336		1,334
Other pledged assets	459		391
	$	15,769	$	16,445