XML 35 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI
June 30, 2019
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
$
3,545

 
$
97

 
$
(2
)
 
$
3,640

 
$
—

Foreign
21,777

 
942

 
(71
)
 
22,648

 
—

Corporate securities
28,940

 
891

 
(97
)
 
29,734

 
(6
)
Mortgage-backed securities
17,597

 
398

 
(29
)
 
17,966

 
(1
)
States, municipalities, and political subdivisions
8,260

 
176

 
(14
)
 
8,422

 
—

 
$
80,119

 
$
2,504

 
$
(213
)
 
$
82,410

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,167

 
$
27

 
$
(1
)
 
$
1,193

 
$
—

Foreign
1,465

 
59

 
(1
)
 
1,523

 
—

Corporate securities
2,457

 
79

 
(9
)
 
2,527

 
—

Mortgage-backed securities
2,442

 
60

 
—

 
2,502

 
—

States, municipalities, and political subdivisions
5,307

 
127

 
(2
)
 
5,432

 
—

 
$
12,838

 
$
352

 
$
(13
)
 
$
13,177

 
$
—


December 31, 2018
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
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI
 
June 30, 2019
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
$
3,545

 
$
97

 
$
(2
)
 
$
3,640

 
$
—

Foreign
21,777

 
942

 
(71
)
 
22,648

 
—

Corporate securities
28,940

 
891

 
(97
)
 
29,734

 
(6
)
Mortgage-backed securities
17,597

 
398

 
(29
)
 
17,966

 
(1
)
States, municipalities, and political subdivisions
8,260

 
176

 
(14
)
 
8,422

 
—

 
$
80,119

 
$
2,504

 
$
(213
)
 
$
82,410

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,167

 
$
27

 
$
(1
)
 
$
1,193

 
$
—

Foreign
1,465

 
59

 
(1
)
 
1,523

 
—

Corporate securities
2,457

 
79

 
(9
)
 
2,527

 
—

Mortgage-backed securities
2,442

 
60

 
—

 
2,502

 
—

States, municipalities, and political subdivisions
5,307

 
127

 
(2
)
 
5,432

 
—

 
$
12,838

 
$
352

 
$
(13
)
 
$
13,177

 
$
—


December 31, 2018
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
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$
—

Foreign
21,370

 
395

 
(349
)
 
21,416

 
—

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 
—

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$
—

Foreign
1,549

 
11

 
(18
)
 
1,542

 
—

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 
—

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 
—

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 
—

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$
—
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 
 
 
June 30

 
 
 
December 31

 
 
 
2019

 
 
 
2018

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,613

 
$
3,630

 
$
3,569

 
$
3,568

Due after 1 year through 5 years
26,776

 
27,281

 
27,134

 
27,005

Due after 5 years through 10 years
22,957

 
23,711

 
24,095

 
23,543

Due after 10 years
9,176

 
9,822

 
8,767

 
8,814

 
62,522

 
64,444

 
63,565

 
62,930

Mortgage-backed securities
17,597

 
17,966

 
15,758

 
15,540

 
$
80,119

 
$
82,410

 
$
79,323

 
$
78,470

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
545

 
$
548

 
$
536

 
$
537

Due after 1 year through 5 years
3,267

 
3,315

 
3,122

 
3,106

Due after 5 years through 10 years
4,082

 
4,192

 
4,468

 
4,407

Due after 10 years
2,502

 
2,620

 
2,785

 
2,723

 
10,396

 
10,675

 
10,911

 
10,773

Mortgage-backed securities
2,442

 
2,502

 
2,524

 
2,486

 
$
12,838

 
$
13,177

 
$
13,435

 
$
13,259
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
 
Three Months Ended
 
 
Six Months Ended
 
 
June 30
 
 
June 30
 
(in millions of U.S. dollars)
2019

 
2018

 
2019

 
2018

Fixed maturities:
 
 
 
 
 
 
 
OTTI on fixed maturities, gross
$
(14
)
 
$
(4
)
 
$
(27
)
 
$
(5
)
OTTI on fixed maturities recognized in OCI (pre-tax)
1

 
—

 
1

 
—

OTTI on fixed maturities, net
(13
)
 
(4
)
 
(26
)
 
(5
)
Gross realized gains excluding OTTI
56

 
99

 
83

 
165

Gross realized losses excluding OTTI
(31
)
 
(176
)
 
(89
)
 
(264
)
Total fixed maturities
12

 
(81
)
 
(32
)
 
(104
)
Equity securities
5

 
(2
)
 
63

 
(13
)
Other investments
30

 
(11
)
 
(14
)
 
18

Foreign exchange gains (losses)
(11
)
 
140

 
2

 
63

Investment and embedded derivative instruments
(181
)
 
24

 
(311
)
 
41

Fair value adjustments on insurance derivative
(65
)
 
41

 
49

 
79

S&P futures
(20
)
 
(44
)
 
(83
)
 
(22
)
Other derivative instruments
7

 
8

 
6

 
10

Other
—

 
(57
)
 
—

 
(56
)
Net realized gains (losses) (pre-tax)
$
(223
)
 
$
18

 
$
(320
)
 
$
16
Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI
The following table presents a 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)
2019

 
2018

 
2019

 
2018

Balance of credit losses related to securities still held – beginning of period
$
32

 
$
15

 
$
34

 
$
22

Additions where no OTTI was previously recorded
5

 
1

 
11

 
1

Additions where an OTTI was previously recorded
3

 
—

 
3

 
—

Reductions for securities sold during the period
(10
)
 
—

 
(18
)
 
(7
)
Balance of credit losses related to securities still held – end of period
$
30

 
$
16

 
$
30

 
$
16
Gain (Loss) on Securities [Table Text Block] equity securities and other investments, including both sales of securities and unrealized gains and losses from changes in fair value:
 
 
 
Three Months Ended
 
 
 
 
June 30
 
 
2019
 
 
2018
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
5

 
$
30

 
$
35

 
$
(2
)
 
$
(11
)
 
$
(13
)
Less: Net gains (losses) recognized from sales of securities
32

 
—

 
32

 
5

 
—

 
5

Unrealized gains (losses) recognized for securities still held at reporting date
$
(27
)
 
$
30

 
$
3

 
$
(7
)
 
$
(11
)
 
$
(18
)


 
 
 
Six Months Ended
 
 
 
 
June 30
 
 
2019
 
 
2018
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
63

 
$
(14
)
 
$
49

 
$
(13
)
 
$
18

 
$
5

Less: Net gains (losses) recognized from sales of securities
33

 
(2
)
 
31

 
15

 
—

 
15

Unrealized gains (losses) recognized for securities still held at reporting date
$
30

 
$
(12
)
 
$
18

 
$
(28
)
 
$
18

 
$
(10
)
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for all securities in an unrealized loss position (including securities on loan), the 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, 2019
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
$
41

 
$
—

 
$
836

 
$
(3
)
 
$
877

 
$
(3
)
Foreign
946

 
(14
)
 
2,042

 
(58
)
 
2,988

 
(72
)
Corporate securities
2,617

 
(49
)
 
1,834

 
(57
)
 
4,451

 
(106
)
Mortgage-backed securities
289

 
(1
)
 
2,779

 
(28
)
 
3,068

 
(29
)
States, municipalities, and political subdivisions
61

 
—

 
1,467

 
(16
)
 
1,528

 
(16
)
Total fixed maturities
$
3,954

 
$
(64
)
 
$
8,958

 
$
(162
)
 
$
12,912

 
$
(226
)
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2018
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
$
523

 
$
(4
)
 
$
2,859

 
$
(50
)
 
$
3,382

 
$
(54
)
Foreign
6,764

 
(208
)
 
5,349

 
(159
)
 
12,113

 
(367
)
Corporate securities
16,538

 
(599
)
 
4,873

 
(255
)
 
21,411

 
(854
)
Mortgage-backed securities
6,103

 
(98
)
 
6,913

 
(229
)
 
13,016

 
(327
)
States, municipalities, and political subdivisions
5,024

 
(44
)
 
7,768

 
(124
)
 
12,792

 
(168
)
Total fixed maturities
$
34,952

 
$
(953
)
 
$
27,762

 
$
(817
)
 
$
62,714

 
$
(1,770
)
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
 
June 30

 
December 31

(in millions of U.S. dollars)
2019

 
2018

Trust funds
$
14,517

 
$
13,988

Deposits with U.S. regulatory authorities
2,920

 
2,405

Deposits with non-U.S. regulatory authorities
2,861

 
2,531

Assets pledged under repurchase agreements
1,470

 
1,468

Other pledged assets
519

 
692

Total
$
22,287

 
$
21,084