Commitments, contingencies, and guarantees (Tables)
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9 Months Ended |
Sep. 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 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) | | $ | 123 | | | $ | (116) | | | $ | 3,989 | | | | | $ | 18 | | | $ | (230) | | | $ | 4,912 | | | Options/Futures/Forward contracts on notes and bonds | OA / (AP) | | 15 | | | (50) | | | 1,626 | | | | | 4 | | | (12) | | | 1,216 | | Convertible securities (1) | FM AFS | | — | | | — | | | — | | | | | 6 | | | — | | | 5 | | | Total | | | $ | 138 | | | $ | (166) | | | $ | 5,615 | | | | | $ | 28 | | | $ | (242) | | | $ | 6,133 | | | Other derivative instruments: | | | | | | | | | | | | | | | | Futures contracts on equities (2) | OA / (AP) | | $ | — | | | $ | (3) | | | $ | 665 | | | | | $ | 3 | | | $ | — | | | $ | 943 | | | Other | OA / (AP) | | 10 | | | — | | | 592 | | | | | 8 | | | (4) | | | 334 | | | Total | | | $ | 10 | | | $ | (3) | | | $ | 1,257 | | | | | $ | 11 | | | $ | (4) | | | $ | 1,277 | | | Derivatives designated as hedging instruments: | | | | | | | | | | | | | | | | | Cross-currency swaps - fair value hedges | OA / (AP) | | $ | 167 | | | $ | (6) | | | $ | 2,084 | | | | | $ | 198 | | | $ | — | | | $ | 2,046 | | | Cross-currency swaps - net investment hedges | OA / (AP) | | 66 | | | (237) | | | 3,702 | | | | | 68 | | | (232) | | | 2,995 | | | Total | | | $ | 233 | | | $ | (243) | | | $ | 5,786 | | | | | $ | 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 | | Nine Months Ended | | September 30 | | September 30 | | (pre-tax, in millions of U.S. dollars) | 2026 | 2025 | | 2026 | 2025 | | Gain (loss) recognized in OCI | $ | (9) | | $ | (17) | | | $ | (36) | | $ | 98 | | | Net realized gain (loss) reclassified from OCI | (16) | | (9) | | | (73) | | 229 | | | Interest expense reclassified from OCI | (5) | | (5) | | | (14) | | (14) | | | OCI gain (loss) after reclassifications | $ | 12 | | $ | (3) | | | $ | 51 | | $ | (117) | |
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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 | | Nine Months Ended | | September 30 | | September 30 | | (pre-tax, in millions of U.S. dollars) | 2026 | 2025 | | 2026 | 2025 | Cross-currency swaps: | | | | | | | Gain (loss) recognized in OCI | $ | (287) | | $ | 61 | | | $ | (212) | | $ | (53) | | | Interest income reclassified from OCI | 11 | | 8 | | | 31 | | 23 | | | Total cross currency swaps | (298) | | 53 | | | (243) | | (76) | | | Foreign denominated debt: | | | | | | | Gain (loss) recognized in OCI | (22) | | (11) | | | (69) | | (17) | | | Total OCI gain (loss) after reclassifications | $ | (320) | | $ | 42 | | | $ | (312) | | $ | (93) | |
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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 | | Nine Months Ended | | September 30 | | September 30 | | (in millions of U.S. dollars) | 2026 | | 2025 | | 2026 | | 2025 | | Investment and embedded derivative instruments: | | | | | | | | | Foreign currency forward contracts | $ | 276 | | | $ | (82) | | | $ | 108 | | | $ | 51 | | | | | | | | | | | Options/Futures/Forward contracts on notes and bonds | (43) | | | (3) | | | (45) | | | (5) | | | | | | | | | | | Total investment and embedded derivative instruments | $ | 233 | | | $ | (85) | | | $ | 63 | | | $ | 46 | | | Other derivative instruments: | | | | | | | | Futures contracts on equities (1) | $ | (11) | | | $ | (59) | | | $ | (76) | | | $ | (94) | | | Other | 5 | | | (9) | | | (12) | | | (14) | | | Total other derivative instruments | $ | (6) | | | $ | (68) | | | $ | (88) | | | $ | (108) | | | Total | $ | 227 | | | $ | (153) | | | $ | (25) | | | $ | (62) | |
(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 | | September 30, 2026 | | December 31, 2025 | | (in millions of U.S. dollars) | Overnight and Continuous | | Collateral held under securities lending agreements: | | | | | Cash | $ | 753 | | | $ | 1,332 | | | U.S. and local government securities | 378 | | | 234 | | | Non-U.S. | 652 | | | 768 | | | Corporate and asset-backed securities | 70 | | | 62 | | | | | | | Equity securities | 442 | | | 104 | | | Total | $ | 2,295 | | | $ | 2,500 | | | Gross amount of recognized liability for securities lending payable | $ | 2,295 | | | $ | 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 | | September 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 | $ | — | | | $ | 3 | | | | | $ | 3 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Non-U.S. | 1,429 | | | — | | | | | 1,429 | | | 1,496 | | | — | | | — | | | 1,496 | | | U.S. and local government securities | 41 | | | — | | | | | 41 | | | — | | | 129 | | | — | | | 129 | | | Corporate securities | 22 | | | — | | | | | 22 | | | — | | | — | | | — | | | — | | | Mortgage-backed securities | 967 | | | 972 | | | | | 1,939 | | | 980 | | | 904 | | | 9 | | | 1,893 | | | Total | $ | 2,459 | | | $ | 975 | | | | | $ | 3,434 | | | $ | 2,476 | | | $ | 1,033 | | | $ | 9 | | | $ | 3,518 | | | Gross amount of recognized liabilities for repurchase agreements | | | | | | | 3,225 | | | | | | | | | 3,324 | | Difference (1) | | | | | | | $ | 209 | | | | | | | | | $ | 194 | |
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
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