Commitments, contingencies, and guarantees (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| 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 location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | December 31, 2025 | | Consolidated
Balance Sheet
Location | | Fair Value | | Notional
Amount/
Payment
Provision | | | | Fair Value | | Notional
Amount/
Payment
Provision | | (in millions of U.S. dollars) | | Derivative Asset | | Derivative (Liability) | | | | Derivative Asset | | Derivative (Liability) | | | Investment and embedded derivatives not designated as hedging instruments: | | | | | | | | | | | | | | | | | Foreign currency forward contracts | OA / (AP) | | $ | 17 | | | $ | (353) | | | $ | 3,960 | | | | | $ | 18 | | | $ | (230) | | | $ | 4,912 | | | Options/Futures/Forward contracts on notes and bonds | OA / (AP) | | 17 | | | (18) | | | 1,860 | | | | | 4 | | | (12) | | | 1,216 | | Convertible securities (1) | FM AFS | | 6 | | | — | | | 5 | | | | | 6 | | | — | | | 5 | | | Total | | | $ | 40 | | | $ | (371) | | | $ | 5,825 | | | | | $ | 28 | | | $ | (242) | | | $ | 6,133 | | | Other derivative instruments: | | | | | | | | | | | | | | | | Futures contracts on equities (2) | OA / (AP) | | $ | — | | | $ | (2) | | | $ | 904 | | | | | $ | 3 | | | $ | — | | | $ | 943 | | | Other | OA / (AP) | | 15 | | | — | | | 538 | | | | | 8 | | | (4) | | | 334 | | | Total | | | $ | 15 | | | $ | (2) | | | $ | 1,442 | | | | | $ | 11 | | | $ | (4) | | | $ | 1,277 | | | Derivatives designated as hedging instruments: | | | | | | | | | | | | | | | | | Cross-currency swaps - fair value hedges | OA / (AP) | | $ | 173 | | | $ | (3) | | | $ | 2,081 | | | | | $ | 198 | | | $ | — | | | $ | 2,046 | | | Cross-currency swaps - net investment hedges | OA / (AP) | | 173 | | | (124) | | | 3,874 | | | | | 68 | | | (232) | | | 2,995 | | | Total | | | $ | 346 | | | $ | (127) | | | $ | 5,955 | | | | | $ | 266 | | | $ | (232) | | | $ | 5,041 | |
(1)Includes fair value of embedded derivatives. (2)Related to MRB book of business.
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| Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
| | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30 | | June 30 | | (pre-tax, in millions of U.S. dollars) | 2026 | 2025 | | 2026 | 2025 | | Gain (loss) recognized in OCI | $ | 16 | | $ | 141 | | | $ | (27) | | $ | 115 | | | Net realized gain (loss) reclassified from OCI | (23) | | 169 | | | (57) | | 238 | | | Interest expense reclassified from OCI | (4) | | (5) | | | (9) | | (9) | | | OCI gain (loss) after reclassifications | $ | 43 | | $ | (23) | | | $ | 39 | | $ | (114) | |
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| Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location |
The following table presents the OCI impact of derivative and non-derivative net investment hedges:
| | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30 | | June 30 | | (pre-tax, in millions of U.S. dollars) | 2026 | 2025 | | 2026 | 2025 | Cross-currency swaps: | | | | | | | Gain (loss) recognized in OCI | $ | 17 | | $ | (138) | | | $ | 75 | | $ | (114) | | | Interest income reclassified from OCI | 11 | | 7 | | | 20 | | 15 | | | Total cross currency swaps | 6 | | (145) | | | 55 | | (129) | | | Foreign denominated debt: | | | | | | | Gain (loss) recognized in OCI | (14) | | (6) | | | (47) | | (6) | | | Total OCI gain (loss) after reclassifications | $ | (8) | | $ | (151) | | | $ | 8 | | $ | (135) | |
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| Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations |
The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30 | | June 30 | | (in millions of U.S. dollars) | 2026 | | 2025 | | 2026 | | 2025 | | Investment and embedded derivative instruments: | | | | | | | | | Foreign currency forward contracts | $ | (60) | | | $ | 147 | | | $ | (168) | | | $ | 133 | | | | | | | | | | | Options/Futures/Forward contracts on notes and bonds | 5 | | | 7 | | | (2) | | | (2) | | | | | | | | | | | Total investment and embedded derivative instruments | $ | (55) | | | $ | 154 | | | $ | (170) | | | $ | 131 | | | Other derivative instruments: | | | | | | | | Futures contracts on equities (1) | $ | (110) | | | $ | (89) | | | $ | (65) | | | $ | (35) | | | Other | (8) | | | (2) | | | (17) | | | (5) | | | Total other derivative instruments | $ | (118) | | | $ | (91) | | | $ | (82) | | | $ | (40) | | | Total | $ | (173) | | | $ | 63 | | | $ | (252) | | | $ | 91 | |
(1)Related to MRB book of business.
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| Transfer of Certain Financial Assets Accounted for as Secured Borrowings |
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 | | June 30, 2026 | | December 31, 2025 | | (in millions of U.S. dollars) | Overnight and Continuous | | Collateral held under securities lending agreements: | | | | | Cash | $ | 533 | | | $ | 1,332 | | | U.S. and local government securities | 315 | | | 234 | | | Non-U.S. | 544 | | | 768 | | | Corporate and asset-backed securities | 96 | | | 62 | | | | | | | Equity securities | 382 | | | 104 | | | Total | $ | 1,870 | | | $ | 2,500 | | | Gross amount of recognized liability for securities lending payable | $ | 1,870 | | | $ | 2,500 | | | | | |
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 | | June 30, 2026 | | December 31, 2025 | | Up to 30 Days | | 30-90 Days | | | | Total | | Up to 30 Days | | 30-90 Days | | Greater than
90 Days | | Total | | (in millions of U.S. dollars) | | | | | | | | | Collateral pledged under repurchase agreements: | | | | | | | | | | | | | | | | | Cash | $ | — | | | $ | 4 | | | | | $ | 4 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Non-U.S. | 1,535 | | | — | | | | | 1,535 | | | — | | | 129 | | | — | | | 129 | | | U.S. and local government securities | 6 | | | 104 | | | | | 110 | | | 1,496 | | | — | | | — | | | 1,496 | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | 990 | | | 907 | | | | | 1,897 | | | 980 | | | 904 | | | 9 | | | 1,893 | | | Total | $ | 2,531 | | | $ | 1,015 | | | | | $ | 3,546 | | | $ | 2,476 | | | $ | 1,033 | | | $ | 9 | | | $ | 3,518 | | | Gross amount of recognized liabilities for repurchase agreements | | | | | | | 3,368 | | | | | | | | | 3,324 | | Difference (1) | | | | | | | $ | 178 | | | | | | | | | $ | 194 | |
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
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