Investments (Tables)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities

December 31, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220

December 31, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,111	$	—	$	109	$	(6)	$	2,214
Non-U.S.	25,156		(8)		953		(272)		25,829
Corporate and asset-backed securities	37,844		(6)		1,410		(185)		39,063
Mortgage-backed securities	20,080		—		532		(123)		20,489
Municipal	5,302		—		216		(5)		5,513
	$	90,493	$	(14)	$	3,220	$	(591)	$	93,108

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,213	$	—	$	1,213	$	34	$	(3)	$	1,244
Non-U.S.	1,201		(5)		1,196		66		—		1,262
Corporate and asset-backed securities	2,032		(28)		2,004		197		—		2,201
Mortgage-backed securities	1,731		(1)		1,730		74		(1)		1,803
Municipal	3,976		(1)		3,975		162		—		4,137
	$	10,153	$	(35)	$	10,118	$	533	$	(4)	$	10,647

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table presents the amortized cost of our HTM securities according to S&P rating:

					December 31
			2022				2021
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,612	18	%	$	2,089	21	%
AA	5,023		57	%	5,303		52	%
A	1,634		18	%	1,964		19	%
BBB	593		7	%	773		8	%
BB	20		—	%	23		—	%
Other	—		—	%	1		—	%
Total	$	8,882	100	%	$	10,153	100	%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

					December 31
			2022				2021
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available for sale
Due in 1 year or less	$	2,962	$	2,962	$	4,498	$	4,498
Due after 1 year through 5 years	24,791		24,791		25,542		25,542
Due after 5 years through 10 years	26,679		26,679		28,207		28,207
Due after 10 years	14,937		14,937		14,372		14,372
	69,369		69,369		72,619		72,619
Mortgage-backed securities	15,851		15,851		20,489		20,489
	$	85,220	$	85,220	$	93,108	$	93,108
Held to maturity
Due in 1 year or less	$	1,015	$	1,003	$	888	$	894
Due after 1 year through 5 years	3,658		3,531		3,744		3,846
Due after 5 years through 10 years	1,460		1,423		2,242		2,349
Due after 10 years	1,260		1,131		1,514		1,755
	7,393		7,088		8,388		8,844
Mortgage-backed securities	1,455		1,351		1,730		1,803
	$	8,848	$	8,439	$	10,118	$	10,647

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 AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, 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
December 31, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)

	0 – 12 Months				Over 12 Months				Total
December 31, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	363	$	(3)	$	70	$	(3)	$	433	$	(6)
Non-U.S.	6,917		(196)		1,093		(62)		8,010		(258)
Corporate and asset-backed securities	9,449		(145)		806		(32)		10,255		(177)
Mortgage-backed securities	8,086		(116)		190		(7)		8,276		(123)
Municipal	226		(5)		—		—		226		(5)
Total AFS fixed maturities	$	25,041	$	(465)	$	2,159	$	(104)	$	27,200	$	(569)

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	14	$	20
Provision for expected credit loss	237		14
Recovery of expected credit loss	(82)		(20)
Valuation allowance for expected credit losses - end of period	$	169	$	14
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	35	$	44
Provision for expected credit loss	2		1
Recovery of expected credit loss	(3)		(10)
Valuation allowance for expected credit losses - end of period	$	34	$	35

Debt Securities, Held-to-maturity, Allowance for Credit Loss

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	14	$	20
Provision for expected credit loss	237		14
Recovery of expected credit loss	(82)		(20)
Valuation allowance for expected credit losses - end of period	$	169	$	14
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	35	$	44
Provision for expected credit loss	2		1
Recovery of expected credit loss	(3)		(10)
Valuation allowance for expected credit losses - end of period	$	34	$	35

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

The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments:

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Fixed maturities:
Gross realized gains	$	619	$	142	$	244
Gross realized losses	(1,379)		(123)		(366)
Net (provision for) recovery of expected credit losses	(154)		14		11
Impairment (1)	(135)		(30)		(170)
Total fixed maturities	(1,049)		3		(281)
Equity securities	(230)		662		586
Other investments	(31)		111		(32)
Foreign exchange	393		348		(483)
Investment and embedded derivative instruments	(43)		(72)		81
Fair value adjustments on insurance derivative	(63)		316		(202)
S&P futures	187		(202)		(108)
Other derivative instruments	(11)		(8)		1
Other	(118)		(6)		(60)
Net realized gains (losses) (pre-tax)	$	(965)	$	1,152	$	(498)
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available for sale	$	(10,583)	$	(2,901)	$	2,628
Fixed maturities held to maturity	(15)		(18)		(24)
Other	20		(19)		(12)
Income tax (expense) benefit	1,043		521		(462)
Change in net unrealized appreciation (depreciation) on investments (after-tax)	$	(9,535)	$	(2,417)	$	2,130

(1)Relates to certain securities we intended to sell and securities written to market entering default.

Gain (Loss) on Securities

Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

													Year Ended December 31
	2022						2021						2020
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(230)	$	(31)	$	(261)	$	662	$	111	$	773	$	586	$	(32)	$	554
Less: Net gains recognized from sales of securities	409		—		409		157		—		157		455		—		455
Unrealized gains (losses) recognized for securities still held at reporting date	$	(639)	$	(31)	$	(670)	$	505	$	111	$	616	$	131	$	(32)	$	99

Schedule Of Other Investments

	December 31
(in millions of U.S. dollars)	2022		2021
Alternative investments:
Partially-owned investment companies	$	10,527	$	9,210
Limited partnerships	1,455		631
Investment funds	373		267
Alternative investments	12,355		10,108
Life insurance policies	399		481
Policy loans	343		243
Non-qualified separate account assets (1)	223		278
Other	376		59
Total	$	13,696	$	11,169

(1)Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: 

						December 31
		2022				2021
(in millions of U.S. dollars)	Expected Liquidation Period of Underlying Assets	Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,074	$	505	$	1,096	$	267
Real assets	2 to 13 Years	2,166		681		1,193		766
Distressed	2 to 8 Years	1,048		755		753		641
Private credit	3 to 8 Years	215		429		84		279
Traditional	2 to 14 Years	7,424		5,025		6,647		5,200
Vintage	1 to 2 Years	55		—		68		—
Investment funds	Not Applicable	373		—		267		—
		$	12,355	$	7,395	$	10,108	$	7,153

Schedule Of Partially Owned Insurance Companies

The following table presents Investments in partially-owned insurance companies:

	December 31, 2022						December 31, 2021
(in millions of U.S. dollars, except for percentages)	Carrying Value		Goodwill		Direct Ownership Percentage		Carrying Value		Goodwill		Direct Ownership Percentage		Domicile
Huatai Group	$	2,490	$	1,247	47	%	$	2,698	$	1,355	47	%	China
Huatai Life Insurance Company	215		65		20	%	253		71		20	%	China
Freisenbruch-Meyer	11		3		40	%	10		3		40	%	Bermuda
Chubb Arabia Cooperative Insurance Company	24		—		30	%	23		—		30	%	Saudi Arabia
Russian Reinsurance Company	—		—		23	%	4		—		23	%	Russia
ABR Reinsurance Ltd.	137		—		19	%	142		—		17	%	Bermuda
Total	$	2,877	$	1,315			$	3,130	$	1,429

Schedule Of Sources Of Net Investment Income

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Fixed maturities (1)	$	3,594	$	3,300	$	3,321
Short-term investments	81		35		48
Other interest income	42		11		19
Equity securities	99		150		81
Other investments	104		147		82
Gross investment income (1)	3,920		3,643		3,551
Investment expenses	(178)		(187)		(176)
Net investment income (1)	$	3,742	$	3,456	$	3,375
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(41)	$	(84)	$	(116)

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets: 

			December 31
(in millions of U.S. dollars)	2022		2021
Trust funds	$	8,120	$	9,915
Deposits with U.S. regulatory authorities	2,345		2,402
Deposits with non-U.S. regulatory authorities	2,959		2,873
Assets pledged under repurchase agreements	1,527		1,420
Other pledged assets	885		634
Total	$	15,836	$	17,244