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Commitments, contingencies, and guarantees (Tables)
 12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: 
 
 
 
December 31, 2016
 
 
 
December 31, 2015
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
 
Derivative Asset

 
Derivative (Liability)

 
 
 
Derivative Asset

 
Derivative (Liability)

 
(in millions of U.S. dollars)
 
 
 
 
 
 
 
Investment and embedded derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
25

 
$
(50
)
 
$
2,220

 
 
$
7

 
$
(11
)
 
$
1,029

Cross-currency swaps
OA / (AP)
 
—

 
—

 
95

 
 
—

 
—

 
95

Options/Futures contracts on notes and bonds
OA / (AP)
 
6

 
(4
)
 
2,344

 
 
5

 
(2
)
 
751

Convertible securities(1)
FM AFS/ES
 
2

 
—

 
7

 
 
31

 
—

 
40

 
 
 
$
33

 
$
(54
)
 
$
4,666

 
 
$
43

 
$
(13
)
 
$
1,915

Other derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures contracts on equities(2)
OA / (AP)
 
$
1

 
$
—

 
$
1,316

 
 
$
—

 
$
(4
)
 
$
1,197

Other
OA / (AP)
 
2

 
(13
)
 
214

 
 
—

 
(6
)
 
15

 
 
 
$
3

 
$
(13
)
 
$
1,530

 
 
$
—

 
$
(10
)
 
$
1,212

GLB(3)
(AP) / (FPB)
 
$
—

 
$
(853
)
 
$
1,264

 
 
$
—

 
$
(888
)
 
$
1,155

(1)
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves and fair value derivative adjustment. Refer to Note 5 c) for additional information. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Secured Borrowings Securities Lending Table
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
Overnight and Continuous

 
(in millions of U.S. dollars)
December 31
2016

 
December 31
2015

Collateral held under securities lending agreements:
 
 
 
Cash
$
423

 
$
424

U.S. Treasury and agency
54

 
67

Foreign
578

 
296

Corporate securities
37

 
2

Equity securities
—

 
257

 
$
1,092

 
$
1,046

Gross amount of recognized liability for securities lending payable
$
1,093

 
$
1,047

Difference(1)
$
(1
)
 
$
(1
)
(1) 
The carrying value of the securities lending collateral held is $1 million lower than the securities lending payable due to accrued interest recorded in the securities lending payable.
At December 31, 2016 and 2015, our repurchase agreement obligations of $1,403 million and $1,404 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale and Equity securities, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
 
December 31, 2016
 
 
December 31, 2015
 
 
Remaining contractual maturity
 
 
 
 
Remaining contractual
maturity
 
 
 
 
Up to 30 Days

 
Greater than 90 Days

 
 
 
Up to 30 Days

 
30 - 90 Days

 
Greater than 90 Days

 
Total

(in millions of U.S. dollars)
 
Total

 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$
—

 
$
1

 
$
1

 
$
34

 
$
—

 
$
—

 
$
34

U.S. Treasury and agency
230

 
10

 
240

 
6

 
—

 
231

 
237

Mortgage-backed securities
339

 
881

 
1,220

 
365

 
480

 
343

 
1,188

 
$
569

 
$
892

 
$
1,461

 
$
405

 
$
480

 
$
574

 
$
1,459

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,403

 
 
 
 
 
 
 
$
1,404

Difference(1)
 
 
 
 
$
58

 
 
 
 
 
 
 
$
55


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Year Ended December 31
 
(in millions of U.S. dollars)
2016

 
2015

 
2014

Investment and embedded derivative instruments
 
 
 
 
 
Foreign currency forward contracts
$
(31
)
 
$
31

 
$
29

All other futures contracts and options
(10
)
 
9

 
(118
)
Convertible securities(1)
8

 
(8
)
 
(18
)
Total investment and embedded derivative instruments
$
(33
)
 
$
32

 
$
(107
)
GLB and other derivative instruments
 
 
 
 
 
GLB(2)
$
53

 
$
(203
)
 
$
(217
)
Futures contracts on equities(3)
(136
)
 
(8
)
 
(164
)
Options on equity market indices(3)
—

 
(2
)
 
(4
)
Other
(10
)
 
(12
)
 
50

Total GLB and other derivative instruments
$
(93
)
 
$
(225
)
 
$
(335
)
 
$
(126
)
 
$
(193
)
 
$
(442
)
(1) 
Includes embedded derivatives.
(2) 
Schedule of Future Minimum Rental Payments for Operating Leases
Future minimum lease payments under the leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
2017
$
173

2018
149

2019
118

2020
93

2021
78

Thereafter
186

Total minimum future lease commitments
$
797