Investments (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule Of Amortized Cost And Fair Value Of Fixed Maturities And Related OTTI Recognized In AOCI |
| | | | | | | | | | | | | | | | | | | | | September 30, 2015 | 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 | $ | 2,800 |
| | $ | 85 |
| | $ | — |
| | $ | 2,885 |
| | $ | — |
| Foreign | 13,976 |
| | 523 |
| | (208 | ) | | 14,291 |
| | (6 | ) | Corporate securities | 16,790 |
| | 467 |
| | (365 | ) | | 16,892 |
| | (14 | ) | Mortgage-backed securities | 10,858 |
| | 286 |
| | (25 | ) | | 11,119 |
| | (1 | ) | States, municipalities, and political subdivisions | 2,987 |
| | 111 |
| | (7 | ) | | 3,091 |
| | — |
| | $ | 47,411 |
| | $ | 1,472 |
| | $ | (605 | ) | | $ | 48,278 |
| | $ | (21 | ) | Held to maturity | | | | | | | | | | U.S. Treasury and agency | $ | 756 |
| | $ | 19 |
| | $ | (1 | ) | | $ | 774 |
| | $ | — |
| Foreign | 784 |
| | 38 |
| | (4 | ) | | 818 |
| | — |
| Corporate securities | 3,093 |
| | 74 |
| | (41 | ) | | 3,126 |
| | — |
| Mortgage-backed securities | 1,758 |
| | 60 |
| | (1 | ) | | 1,817 |
| | — |
| States, municipalities, and political subdivisions | 2,173 |
| | 44 |
| | (2 | ) | | 2,215 |
| | — |
| | $ | 8,564 |
| | $ | 235 |
| | $ | (49 | ) | | $ | 8,750 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | December 31, 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 | $ | 2,741 |
| | $ | 87 |
| | $ | (8 | ) | | $ | 2,820 |
| | $ | — |
| Foreign | 14,703 |
| | 629 |
| | (90 | ) | | 15,242 |
| | — |
| Corporate securities | 16,897 |
| | 704 |
| | (170 | ) | | 17,431 |
| | (7 | ) | Mortgage-backed securities | 10,011 |
| | 304 |
| | (29 | ) | | 10,286 |
| | (1 | ) | States, municipalities, and political subdivisions | 3,474 |
| | 147 |
| | (5 | ) | | 3,616 |
| | — |
| | $ | 47,826 |
| | $ | 1,871 |
| | $ | (302 | ) | | $ | 49,395 |
| | $ | (8 | ) | Held to maturity | | | | | | | | | | U.S. Treasury and agency | $ | 832 |
| | $ | 20 |
| | $ | (2 | ) | | $ | 850 |
| | $ | — |
| Foreign | 916 |
| | 47 |
| | — |
| | 963 |
| | — |
| Corporate securities | 2,323 |
| | 102 |
| | (2 | ) | | 2,423 |
| | — |
| Mortgage-backed securities | 1,983 |
| | 57 |
| | (1 | ) | | 2,039 |
| | — |
| States, municipalities, and political subdivisions | 1,277 |
| | 40 |
| | (3 | ) | | 1,314 |
| | — |
| | $ | 7,331 |
| | $ | 266 |
| | $ | (8 | ) | | $ | 7,589 |
| | $ | — |
|
|
Schedule Of Fixed Maturities By Contractual Maturity |
| | | | | | | | | | | | | | | | | | | | September 30 |
| | | | December 31 |
| | | | 2015 |
| | | | 2014 |
| (in millions of U.S. dollars) | Amortized Cost |
| | Fair Value |
| | Amortized Cost |
| | Fair Value |
| Available for sale | | | | | | | | Due in 1 year or less | $ | 1,979 |
| | $ | 1,995 |
| | $ | 2,187 |
| | $ | 2,206 |
| Due after 1 year through 5 years | 16,472 |
| | 16,794 |
| | 15,444 |
| | 15,857 |
| Due after 5 years through 10 years | 13,695 |
| | 13,708 |
| | 15,663 |
| | 16,089 |
| Due after 10 years | 4,407 |
| | 4,662 |
| | 4,521 |
| | 4,957 |
| | 36,553 |
| | 37,159 |
| | 37,815 |
| | 39,109 |
| Mortgage-backed securities | 10,858 |
| | 11,119 |
| | 10,011 |
| | 10,286 |
| | $ | 47,411 |
| | $ | 48,278 |
| | $ | 47,826 |
| | $ | 49,395 |
| Held to maturity | | | | | | | | Due in 1 year or less | $ | 411 |
| | $ | 413 |
| | $ | 353 |
| | $ | 355 |
| Due after 1 year through 5 years | 2,583 |
| | 2,683 |
| | 2,603 |
| | 2,693 |
| Due after 5 years through 10 years | 2,278 |
| | 2,300 |
| | 1,439 |
| | 1,489 |
| Due after 10 years | 1,534 |
| | 1,537 |
| | 953 |
| | 1,013 |
| | 6,806 |
| | 6,933 |
| | 5,348 |
| | 5,550 |
| Mortgage-backed securities | 1,758 |
| | 1,817 |
| | 1,983 |
| | 2,039 |
| | $ | 8,564 |
| | $ | 8,750 |
| | $ | 7,331 |
| | $ | 7,589 |
|
|
Schedule Of Cost And Fair Value Of Equity Securities |
| | | | | | | | | | September 30 |
|
| December 31 |
| (in millions of U.S. dollars) | 2015 |
|
| 2014 |
| Cost | $ | 434 |
| | $ | 440 |
| Gross unrealized appreciation | 54 |
| | 83 |
| Gross unrealized depreciation | (24 | ) | | (13 | ) | Fair value | $ | 464 |
| | $ | 510 |
|
|
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI |
| | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30 | | September 30 | | (in millions of U.S. dollars) | 2015 |
| | 2014 |
| 2015 |
| | 2014 |
| Fixed maturities: | | | | | | | OTTI on fixed maturities, gross | $ | (31 | ) | | $ | (5 | ) | $ | (57 | ) | | $ | (20 | ) | OTTI on fixed maturities recognized in OCI (pre-tax) | 5 |
| | 1 |
| 11 |
| | 3 |
| OTTI on fixed maturities, net | (26 | ) | | (4 | ) | (46 | ) |
| (17 | ) | Gross realized gains excluding OTTI | 19 |
| | 73 |
| 91 |
| | 163 |
| Gross realized losses excluding OTTI | (44 | ) | | (51 | ) | (95 | ) | | (97 | ) | Total fixed maturities | (51 | ) | | 18 |
| (50 | ) |
| 49 |
| Equity securities: | | | | | | | OTTI on equity securities | (3 | ) | | — |
| (4 | ) | | (7 | ) | Gross realized gains excluding OTTI | 10 |
| | 4 |
| 43 |
| | 8 |
| Gross realized losses excluding OTTI | (5 | ) | | (60 | ) | (7 | ) | | (61 | ) | Total equity securities | 2 |
| | (56 | ) | 32 |
|
| (60 | ) | OTTI on other investments | (1 | ) | | — |
| (1 | ) | | (3 | ) | Foreign exchange losses | (2 | ) | | (19 | ) | (73 | ) | | (42 | ) | Investment and embedded derivative instruments | (22 | ) | | (13 | ) | 6 |
| | (53 | ) | Fair value adjustments on insurance derivative | (396 | ) | | (80 | ) | (337 | ) | | (126 | ) | S&P put options and futures | 83 |
| | (15 | ) | 69 |
| | (106 | ) | Other derivative instruments | (9 | ) | | 45 |
| (10 | ) | | 52 |
| Other | (1 | ) | | — |
| 4 |
| | (8 | ) | Net realized gains (losses) | $ | (397 | ) | | $ | (120 | ) | $ | (360 | ) |
| $ | (297 | ) |
|
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 | | Nine Months Ended | | | September 30 | | September 30 | | (in millions of U.S. dollars) | 2015 |
| | 2014 |
| 2015 |
| | 2014 |
| Balance of credit losses related to securities still held – beginning of period | $ | 23 |
| | $ | 24 |
| $ | 28 |
| | $ | 37 |
| Additions where no OTTI was previously recorded | 8 |
| | 2 |
| 15 |
| | 9 |
| Additions where an OTTI was previously recorded | 6 |
| | 2 |
| 8 |
| | 5 |
| Reductions for securities sold during the period | (5 | ) | | (11 | ) | (19 | ) | | (34 | ) | Balance of credit losses related to securities still held – end of period | $ | 32 |
| | $ | 17 |
| $ | 32 |
|
| $ | 17 |
|
|
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 | | September 30, 2015 | 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 | $ | 228 |
| | $ | (1 | ) | | $ | 59 |
| | $ | — |
| | $ | 287 |
| | $ | (1 | ) | Foreign | 3,627 |
| | (160 | ) | | 402 |
| | (52 | ) | | 4,029 |
| | (212 | ) | Corporate securities | 6,641 |
| | (322 | ) | | 801 |
| | (84 | ) | | 7,442 |
| | (406 | ) | Mortgage-backed securities | 2,145 |
| | (16 | ) | | 626 |
| | (10 | ) | | 2,771 |
| | (26 | ) | States, municipalities, and political subdivisions | 766 |
| | (7 | ) | | 57 |
| | (2 | ) | | 823 |
| | (9 | ) | Total fixed maturities | 13,407 |
| | (506 | ) | | 1,945 |
| | (148 | ) | | 15,352 |
| | (654 | ) | Equity securities | 151 |
| | (24 | ) | | — |
| | — |
| | 151 |
| | (24 | ) | Other investments | 83 |
| | (2 | ) | | — |
| | — |
| | 83 |
| | (2 | ) | Total | $ | 13,641 |
| | $ | (532 | ) | | $ | 1,945 |
| | $ | (148 | ) | | $ | 15,586 |
| | $ | (680 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | 0 – 12 Months | | | Over 12 Months | | | Total | | December 31, 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 | $ | 350 |
| | $ | (1 | ) | | $ | 666 |
| | $ | (9 | ) | | $ | 1,016 |
| | $ | (10 | ) | Foreign | 2,262 |
| | (75 | ) | | 375 |
| | (15 | ) | | 2,637 |
| | (90 | ) | Corporate securities | 4,684 |
| | (150 | ) | | 738 |
| | (22 | ) | | 5,422 |
| | (172 | ) | Mortgage-backed securities | 704 |
| | (2 | ) | | 1,663 |
| | (28 | ) | | 2,367 |
| | (30 | ) | States, municipalities, and political subdivisions | 458 |
| | (3 | ) | | 490 |
| | (5 | ) | | 948 |
| | (8 | ) | Total fixed maturities | 8,458 |
| | (231 | ) | | 3,932 |
| | (79 | ) | | 12,390 |
| | (310 | ) | Equity securities | 101 |
| | (13 | ) | | — |
| | — |
| | 101 |
| | (13 | ) | Total | $ | 8,559 |
| | $ | (244 | ) | | $ | 3,932 |
| | $ | (79 | ) | | $ | 12,491 |
| | $ | (323 | ) |
|
Schedule Of Components Of Restricted Assets |
| | | | | | | | | | September 30 |
| | December 31 |
| (in millions of U.S. dollars) | 2015 |
| | 2014 |
| Trust funds | $ | 10,990 |
| | $ | 10,838 |
| Deposits with non-U.S. regulatory authorities | 2,105 |
| | 2,305 |
| Assets pledged under repurchase agreements | 1,468 |
| | 1,431 |
| Deposits with U.S. regulatory authorities | 1,322 |
| | 1,345 |
| Other pledged assets | 388 |
| | 457 |
| | $ | 16,273 |
| | $ | 16,376 |
|
|