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Commitments, contingencies, and guarantees (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021December 31, 2020
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
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 contractsOA / (AP)$25 $(139)$6,182 $22 $(49)$2,807 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)33 (27)12,944 13 (3)1,749 
Convertible securities (1)
FM AFS / ES11  12 — 11 
$69 $(166)$19,138 $44 $(52)$4,567 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$ $(16)$905 $— $(17)$709 
OtherOA / (AP)  3 — — 16 
$ $(16)$908 $— $(17)$725 
GLB (3)
(AP)$ $(745)$1,432 $— $(1,089)$1,658 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)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
December 31, 2021December 31, 2020
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$931 $551 
U.S. Treasury / Agency128 148 
Non-U.S.752 1,032 
Corporate and asset-backed securities12 30 
Mortgage-backed securities1 
Equity securities7 79 
$1,831 $1,844 
Gross amount of recognized liability for securities lending payable$1,831 $1,844 
At December 31, 2021 and 2020, our repurchase agreement obligations of $1,406 million and $1,405 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
December 31, 2021December 31, 2020
30-90 DaysGreater than 90 Days30-90 DaysGreater than 90 DaysTotal
(in millions of U.S. dollars)Total
Collateral pledged under repurchase agreements:
Cash$ $29 $29 $— $$
U.S. Treasury / Agency103  103 — 106 106 
Mortgage-backed securities 1,288 1,288 481 871 1,352 
$103 $1,317 $1,420 $481 $981 $1,462 
Gross amount of recognized liabilities for repurchase agreements$1,406 $1,405 
Difference (1)
$14 $57 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Derivative Instruments, Gain (Loss) [Table Text Block] The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Year Ended December 31
(in millions of U.S. dollars)202120202019
Investment and embedded derivative instruments:
Foreign currency forward contracts$(62)$65 $(79)
Interest rate swaps — (270)
All other futures contracts, options, and equities(10)16 (88)
Convertible securities (1)
 — 
Total investment and embedded derivative instruments$(72)$81 $(435)
GLB and other derivative instruments:
GLB$316 $(202)$(4)
Futures contracts on equities (2)
(202)(108)(138)
Other(8)(8)
Total GLB and other derivative instruments$106 $(309)$(150)
$34 $(228)$(585)
(1)Includes embedded derivatives.
(2)Related to GMDB and GLB book of business.
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments under the operating leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
Undiscounted cash flows:
2022$142 
2023117 
202488 
202558 
202651 
Thereafter57 
Total undiscounted lease payments$513 
Less: Present value adjustment29 
Net lease liabilities reported as of December 31, 2021$484