v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
September 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$3,777 $— $3 $(393)$3,387 
Non-U.S.44,320 (17)304 (2,141)42,466 
Corporate and asset-backed securities50,414 (36)83 (3,319)47,142 
Mortgage-backed securities35,635 — 11 (2,837)32,809 
$134,146 $(53)$401 $(8,690)$125,804 

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:
September 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$3,991 $3,991 $4,749 $4,749 
Due after 1 year through 5 years35,226 35,226 35,611 35,611 
Due after 5 years through 10 years32,802 32,802 31,514 31,514 
Due after 10 years20,976 20,976 20,082 20,082 
92,995 92,995 91,956 91,956 
Mortgage-backed securities32,809 32,809 30,724 30,724 
$125,804 $125,804 $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
September 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$1,404 $(73)$1,764 $(320)$3,168 $(393)
Non-U.S.22,099 (944)8,207 (968)30,306 (1,912)
Corporate and asset-backed securities28,769 (1,130)7,905 (1,354)36,674 (2,484)
Mortgage-backed securities23,293 (1,104)8,604 (1,733)31,897 (2,837)
Total AFS fixed maturities $75,565 $(3,251)$26,480 $(4,375)$102,045 $(7,626)

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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$48 $71 $52 $70 
Provision for expected credit loss21 25 58 76 
Write-offs charged against the expected credit loss— (1)— (2)
Recovery of expected credit loss(16)(45)(57)(94)
Valuation allowance for expected credit losses - end of period$53 $50 $53 $50 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$2 $3 $3 $4 
Provision for expected credit loss1 1 1 1 
Recovery of expected credit loss(1)(1)(2)(2)
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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$48 $71 $52 $70 
Provision for expected credit loss21 25 58 76 
Write-offs charged against the expected credit loss— (1)— (2)
Recovery of expected credit loss(16)(45)(57)(94)
Valuation allowance for expected credit losses - end of period$53 $50 $53 $50 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$2 $3 $3 $4 
Provision for expected credit loss1 1 1 1 
Recovery of expected credit loss(1)(1)(2)(2)
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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Fixed maturities:
Gross realized gains$12 $121 $120 $228 
Gross realized losses(98)(157)(347)(376)
Other investments - Fixed maturities (includes $84, $(116), $127, and $(116) related to investments measured under the fair value option)
(39)82 51 103 
Net (provision for) recovery of expected credit losses(5)22 — 21 
Impairment (1)
(15)(22)(72)(34)
Total fixed maturities (145)46 (248)(58)
Equity securities (includes $(250), $66, $(319), and $131 related to investments measured under the fair value option)
(329)396 (352)596 
Private equities (less than 3 percent ownership) (105)48 4 31 
Foreign exchange(112)(115)(137)(269)
Investment and embedded derivative instruments233 (85)63 46 
Other derivative instruments5 (9)(12)(14)
Other(2)2 (18)(5)
Net realized gains (losses) (pre-tax)$(455)$283 $(700)$327 
(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
September 30
20262025
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$(329)$(39)$(105)$(473)$396 $82 $48 $526 
Less: Net gains recognized from sales of securities29 1 — 30 59 — — 59 
Unrealized gains (losses) recognized for securities still held at reporting date$(358)$(40)$(105)$(503)$337 $82 $48 $467 
Nine Months Ended
September 30
20262025
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$(352)$51 $4 $(297)$596 $103 $31 $730 
Less: Net gains recognized from sales of securities169 2 — 171 79 4 — 83 
Unrealized gains (losses) recognized for securities still held at reporting date$(521)$49 $4 $(468)$517 $99 $31 $647 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Expected
Liquidation
Period of Underlying Assets		September 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
$1,321 $393 $1,420 $483 
Real assets
2 to 13 Years
1,803 1,104 1,924 1,111 
Distressed
2 to 8 Years
1,178 878 1,226 977 
Private credit
3 to 8 Years
311 352 299 302 
Traditional
2 to 14 Years
12,415 4,355 11,990 4,345 
Vintage
1 to 3 Years
28 — 43 — 
Investment funds
Not Applicable
472 — 337 — 
$17,528 $7,082 $17,239 $7,218 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20262025
Trust funds$8,391 $8,461 
Assets pledged under repurchase agreements3,434 3,518 
Deposits with U.S. regulatory authorities2,498 2,598 
Deposits with non-U.S. regulatory authorities and other4,661 4,669 
Total$18,984 $19,246