Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2026

Financial Instruments Measured At Fair Value On A Recurring Basis

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


June 30, 2026	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,442	$	2,152	$	—	$	3,594
Non-U.S.	—		40,678		694		41,372
Corporate and asset-backed securities	—		44,385		3,542		47,927
Mortgage-backed securities	—		32,625		—		32,625

	1,442		119,840		4,236		125,518
Equity securities (1)	5,394		—		110		5,504
Short-term investments	3,074		2,374		10		5,458
Other investments (2)	716		8,455		—		9,171
Securities lending collateral	—		1,870		—		1,870
Investment derivatives	34		—		—		34
Derivatives designated as hedging instruments	—		346		—		346
Other derivative instruments	15		—		—		15
Separate account assets	7,405		66		—		7,471
Total assets measured at fair value (1)(2)(3)	$	18,080	$	132,951	$	4,356	$	155,387
Liabilities:
Investment derivatives	$	371	$	—	$	—	$	371
Derivatives designated as hedging instruments	—		127		—		127
Other derivative instruments	2		—		—		2
Market risk benefits (4)	—		—		505		505
Total liabilities measured at fair value	$	373	$	127	$	505	$	1,005

(1)Excluded from the table above are funds of $5,510 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,851 million, principally investments measured using NAV as a practical expedient and policy loans.

(3)Excluded from the table above are private equities of $17,385 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.


December 31, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,481	$	2,233	$	—	$	3,714
Non-U.S.	—		39,685		671		40,356
Corporate and asset-backed securities	—		44,340		3,546		47,886
Mortgage-backed securities	—		30,724		—		30,724

	1,481		116,982		4,217		122,680
Equity securities (1)	5,163		—		119		5,282
Short-term investments	2,657		2,138		45		4,840
Other investments (2)	630		8,684		—		9,314
Securities lending collateral	—		2,500		—		2,500
Investment derivatives	22		—		—		22
Derivatives designated as hedging instruments	—		266		—		266
Other derivative instruments	11		—		—		11
Separate account assets	6,858		67		—		6,925
Total assets measured at fair value (1)(2)(3)	$	16,822	$	130,637	$	4,381	$	151,840
Liabilities:
Investment derivatives	$	242	$	—	$	—	$	242
Derivatives designated as hedging instruments	—		232		—		232
Other derivative instruments	—		4		—		4
Market risk benefits (4)	—		—		659		659
Total liabilities measured at fair value	$	242	$	236	$	659	$	1,137

(1)Excluded from the table above are funds of $5,519 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,435 million, principally investments measured using NAV as a practical expedient and policy loans.

(3)Excluded from the table above are private equities of $17,239 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 10 for additional information.


Three Months Ended June 30, 2026 (in millions of U.S. dollars)		Available-for-Sale Debt Securities					Equity securities			Short-term investments
	Non-U.S.			Corporate and asset- backed securities

Balance, beginning of period		$	689		$	3,536		$	121		$	11
Transfers into Level 3		—			15			—			—
Transfers out of Level 3		(2)			(4)			(13)			—
Change in Net Unrealized Gains (Losses) in OCI		(2)			(11)			—			—
Net Realized Gains (Losses)		—			(11)			(1)			—

Purchases		34			299			6			3
Sales		(9)			(53)			(3)			—
Settlements		(16)			(229)			—			(4)

Balance, end of period		$	694		$	3,542		$	110		$	10
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(15)		$	(2)		$	(6)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	(2)		$	(14)		$	—		$	—


Three Months Ended June 30, 2025 (in millions of U.S. dollars)		Available-for-Sale Debt Securities					Equity securities			Short-term investments
	Non-U.S.			Corporate and asset- backed securities

Balance, beginning of period		$	587		$	3,017		$	113		$	18
Transfers into Level 3		10			60			—			—
Transfers out of Level 3		—			(12)			(1)			—
Change in Net Unrealized Gains (Losses) in OCI		18			(3)			—			—
Net Realized Gains (Losses)		3			(4)			2			—

Purchases		84			295			19			25
Sales		(34)			(53)			(8)			—
Settlements		(70)			(114)			—			(1)

Balance, end of period		$	598		$	3,186		$	125		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(1)		$	4		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	16		$	(7)		$	—		$	—


Six Months Ended June 30, 2026 (in millions of U.S. dollars)		Available-for-Sale Debt Securities					Equity securities	Short-term investments
	Non-U.S.			Corporate and asset- backed securities

Balance, beginning of period		$	671		$	3,546		$	119	$	45
Transfers into Level 3		2			16			—		—
Transfers out of Level 3		(2)			(21)			(13)		—
Change in Net Unrealized Gains (Losses) in OCI		(12)			(25)			—		(2)
Net Realized Gains (Losses)		—			(18)			(1)		—

Purchases		110			410			12		11
Sales		(39)			(54)			(7)		—
Settlements		(36)			(312)			—		(44)

Balance, end of period		$	694		$	3,542		$	110	$	10
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(18)		$	(2)	$	(6)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	(12)		$	(32)		$	—	$	(1)


Six Months Ended June 30, 2025 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	604		$	2,891		$	3	$	120	$	14
Transfers into Level 3		11			84			—		—		—
Transfers out of Level 3		—			(13)			—		(1)		—
Change in Net Unrealized Gains (Losses) in OCI		38			(7)			—		—		—
Net Realized Gains (Losses)		(3)			(6)			$	(2)	(3)		—

Purchases		144			514			1		26		30
Sales		(87)			(100)			(2)		(17)		—
Settlements		(109)			(177)			—		—		(2)

Balance, end of period		$	598		$	3,186		$	—	$	125	$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(4)		$	—	$	9	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	30		$	(17)		$	—	$	—	$	—

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:


June 30, 2026	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,289	$	2,289	$	2,252
Total assets	$	—	$	—	$	2,289	$	2,289	$	2,252
Liabilities:
Repurchase agreements	$	—	$	3,368	$	—	$	3,368	$	3,368
Short-term debt	—		652		—		652		663
Long-term debt	—		15,694		590		16,284		17,452
Hybrid debt	—		482		—		482		427
Total liabilities	$	—	$	20,196	$	590	$	20,786	$	21,910


December 31, 2025	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,445	$	2,445	$	2,411
Total assets	$	—	$	—	$	2,445	$	2,445	$	2,411
Liabilities:
Repurchase agreements	$	—	$	3,324	$	—	$	3,324	$	3,324
Short-term debt	—		1,498		—		1,498		1,499
Long-term debt	—		14,045		576		14,621		15,728
Hybrid debt	—		484		—		484		422
Total liabilities	$	—	$	19,351	$	576	$	19,927	$	20,973

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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