Fair value measurements (Tables)

9 Months Ended

Sep. 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


September 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	$	1,359	$	2,028	$	—	$	3,387
Non-U.S.	—		41,753		713		42,466
Corporate and asset-backed securities	—		43,502		3,640		47,142
Mortgage-backed securities	—		32,697		112		32,809

	1,359		119,980		4,465		125,804
Equity securities (1)	5,385		—		115		5,500
Short-term investments	2,634		2,644		15		5,293
Other investments (2)	687		8,184		—		8,871
Securities lending collateral	—		2,295		—		2,295
Investment derivatives	138		—		—		138
Derivatives designated as hedging instruments	—		233		—		233
Other derivative instruments	10		—		—		10
Separate account assets	7,267		73		—		7,340
Total assets measured at fair value (1)(2)(3)	$	17,480	$	133,409	$	4,595	$	155,484
Liabilities:
Investment derivatives	$	166	$	—	$	—	$	166
Derivatives designated as hedging instruments	—		243		—		243
Other derivative instruments	3		—		—		3
Market risk benefits (4)	—		—		530		530
Total liabilities measured at fair value	$	169	$	243	$	530	$	942

(1)Excluded from the table above are funds of $5,260 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,990 million, principally investments measured using NAV as a practical expedient and policy loans.

(3)Excluded from the table above are private equities of $17,528 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 September 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			Mortgage-backed securities

Balance, beginning of period		$	694		$	3,542		$	—	$	110	$	10
Transfers into Level 3		—			1			18		—		—
Transfers out of Level 3		—			(1)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		6			(19)			(2)		—		(1)
Net Realized Gains (Losses)		(4)			(9)			—		1		(1)

Purchases		83			321			96		6		9
Sales		(33)			(71)			—		(2)		—
Settlements		(33)			(124)			—		—		(2)

Balance, end of period		$	713		$	3,640		$	112	$	115	$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(2)		$	4		$	—	$	2	$	5
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	7		$	(23)		$	(2)	$	—	$	(1)


Three Months Ended September 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		$	598		$	3,186		$	125		$	42
Transfers into Level 3		—			90			—			—
Transfers out of Level 3		(1)			(3)			—			—
Change in Net Unrealized Gains (Losses) in OCI		3			5			—			—
Net Realized Gains (Losses)		1			(8)			(2)			—

Purchases		66			212			6			2
Sales		(22)			(124)			(15)			(1)
Settlements		(43)			(119)			—			(1)

Balance, end of period		$	602		$	3,239		$	114		$	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		$	1		$	(1)		$	—		$	—


Nine Months Ended September 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			Mortgage-backed securities

Balance, beginning of period		$	671		$	3,546		$	—	$	119	$	45
Transfers into Level 3		2			17			18		—		—
Transfers out of Level 3		(2)			(22)			—		(13)		—
Change in Net Unrealized Gains (Losses) in OCI		(6)			(44)			(2)		—		(3)
Net Realized Gains (Losses)		(4)			(27)			—		—		(1)

Purchases		193			731			96		18		20
Sales		(72)			(125)			—		(9)		—
Settlements		(69)			(436)			—		—		(46)

Balance, end of period		$	713		$	3,640		$	112	$	115	$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(3)		$	(14)		$	—	$	—	$	(1)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	(5)		$	(55)		$	(2)	$	—	$	(2)


Nine Months Ended September 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			174			—		—		—
Transfers out of Level 3		(1)			(16)			—		(1)		—
Change in Net Unrealized Gains (Losses) in OCI		41			(2)			—		—		—
Net Realized Gains (Losses)		(2)			(14)			(2)		(5)		—

Purchases		210			726			1		32		32
Sales		(109)			(224)			(2)		(32)		(1)
Settlements		(152)			(296)			—		—		(3)

Balance, end of period		$	602		$	3,239		$	—	$	114	$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(3)		$	—	$	13	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	31		$	(18)		$	—	$	—	$	—

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:


September 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	$	—	$	—	$	2,292	$	2,292	$	2,261
Total assets	$	—	$	—	$	2,292	$	2,292	$	2,261
Liabilities:
Repurchase agreements	$	—	$	3,225	$	—	$	3,225	$	3,225
Short-term debt	—		657		—		657		668
Long-term debt	—		15,412		601		16,013		17,990
Hybrid debt	—		467		—		467		428
Total liabilities	$	—	$	19,761	$	601	$	20,362	$	22,311


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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