v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
June 30, 2026Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$3,823 $— $12 $(241)$3,594 
Non-U.S.42,094 (14)477 (1,185)41,372 
Corporate and asset-backed securities49,363 (34)375 (1,777)47,927 
Mortgage-backed securities33,748 — 217 (1,340)32,625 
$129,028 $(48)$1,081 $(4,543)$125,518 

December 31, 2025Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$3,908 $— $27 $(221)$3,714 
Non-U.S.40,479 (10)795 (908)40,356 
Corporate and asset-backed securities48,806 (42)734 (1,612)47,886 
Mortgage-backed securities31,533 — 398 (1,207)30,724 
$124,726 $(52)$1,954 $(3,948)$122,680 
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 June 30, 2026December 31, 2025
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,240 $4,240 $4,749 $4,749 
Due after 1 year through 5 years35,517 35,517 35,611 35,611 
Due after 5 years through 10 years32,012 32,012 31,514 31,514 
Due after 10 years21,124 21,124 20,082 20,082 
92,893 92,893 91,956 91,956 
Mortgage-backed securities32,625 32,625 30,724 30,724 
$125,518 $125,518 $122,680 $122,680 
Unrealized Gain (Loss) on Investments
The following tables present, for available-for-sale (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 MonthsOver 12 MonthsTotal
June 30, 2026Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. and local government securities$928 $(14)$1,891 $(227)$2,819 $(241)
Non-U.S.12,200 (344)8,121 (693)20,321 (1,037)
Corporate and asset-backed securities13,317 (182)8,502 (875)21,819 (1,057)
Mortgage-backed securities7,991 (89)9,638 (1,251)17,629 (1,340)
Total AFS fixed maturities $34,436 $(629)$28,152 $(3,046)$62,588 $(3,675)

0 – 12 MonthsOver 12 MonthsTotal
December 31, 2025Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. and local government securities$307 $(3)$2,139 $(216)$2,446 $(219)
Non-U.S.6,664 (163)8,995 (622)15,659 (785)
Corporate and asset-backed securities4,136 (59)10,225 (867)14,361 (926)
Mortgage-backed securities1,467 (12)11,016 (1,194)12,483 (1,206)
Total AFS fixed maturities$12,574 $(237)$32,375 $(2,899)$44,949 $(3,136)
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:
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2026202520262025
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$50 $63 $52 $70 
Provision for expected credit loss18 30 37 51 
Write-offs charged against the expected credit loss— (1)— (1)
Recovery of expected credit loss(20)(21)(41)(49)
Valuation allowance for expected credit losses - end of period$48 $71 $48 $71 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$2 $3 $3 $4 
Recovery of expected credit loss— — (1)(1)
Valuation allowance for expected credit losses - end of period$2 $3 $2 $3 
Private debt held-for-investment, allowance for credit loss
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2026202520262025
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$50 $63 $52 $70 
Provision for expected credit loss18 30 37 51 
Write-offs charged against the expected credit loss— (1)— (1)
Recovery of expected credit loss(20)(21)(41)(49)
Valuation allowance for expected credit losses - end of period$48 $71 $48 $71 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$2 $3 $3 $4 
Recovery of expected credit loss— — (1)(1)
Valuation allowance for expected credit losses - end of period$2 $3 $2 $3 
Schedule of Realized Gain (Loss)
The following table presents the components of net realized gains (losses):
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2026202520262025
Fixed maturities:
Gross realized gains$68 $69 $108 $107 
Gross realized losses(125)(123)(249)(219)
Other investments - Fixed maturities (includes $63, $53, $43, and nil related to investments measured under the fair value option)
98 61 90 21 
Net recovery of expected credit losses2 (9)5 (1)
Impairment (1)
(25)(5)(57)(12)
Total fixed maturities 18 (7)(103)(104)
Equity securities (includes $(2), $12, $(69), and $65 related to investments measured under the fair value option)
126 137 (23)200 
Private equities (less than 3 percent ownership) 93 (28)109 (17)
Foreign exchange(17)(89)(25)(154)
Investment and embedded derivative instruments(55)154 (170)131 
Other derivative instruments(8)(2)(17)(5)
Other5 (5)(16)(7)
Net realized gains (losses) (pre-tax)$162 $160 $(245)$44 
(1)Relates to certain securities we intend to sell and securities written to market entering default.
Gain (Loss) on Securities
Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

Three Months Ended
June 30
20262025
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$126 $98 $93 $317 $137 $61 $(28)$170 
Less: Net gains recognized from sales of securities46 1 — 47 32 3 — 35 
Unrealized gains (losses) recognized for securities still held at reporting date$80 $97 $93 $270 $105 $58 $(28)$135 
Six Months Ended
June 30
20262025
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$(23)$90 $109 $176 $200 $21 $(17)$204 
Less: Net gains recognized from sales of securities140 1 — 141 20 4 — 24 
Unrealized gains (losses) recognized for securities still held at reporting date$(163)$89 $109 $35 $180 $17 $(17)$180 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		June 30, 2026December 31, 2025
(in millions of U.S. dollars)Fair
Value		Maximum
Future Funding
Commitments		Fair
Value		Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,293 $402 $1,420 $483 
Real assets
2 to 13 Years
1,909 1,043 1,924 1,111 
Distressed
2 to 8 Years
1,185 1,208 1,226 977 
Private credit
3 to 8 Years
303 360 299 302 
Traditional
2 to 14 Years
12,199 4,112 11,990 4,345 
Vintage
1 to 3 Years
29 — 43 — 
Investment funds
Not Applicable
467 — 337 — 
$17,385 $7,125 $17,239 $7,218 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
June 30December 31
(in millions of U.S. dollars)20262025
Trust funds$8,529 $8,461 
Assets pledged under repurchase agreements3,546 3,518 
Deposits with U.S. regulatory authorities2,575 2,598 
Deposits with non-U.S. regulatory authorities and other4,548 4,669 
Total$19,198 $19,246