v3.25.4
Fair value measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements
Note 17: Fair value measurements

The following table presents the financial assets and liabilities that are measured at fair value on a recurring basis. Management classifies these items based on the type of inputs used in their respective fair value determination as described in "Note 2: Significant accounting policies".

Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management.

Financial instruments in Level 1 include US and UK Government Treasury notes.

Financial instruments in Level 2 include government debt securities, mortgage-backed securities, other asset-backed securities, forward foreign exchange contracts and securities sold under agreements to repurchase.

There were no Level 3 investments as at December 31, 2025 and December 31, 2024.

During the year ended December 31, 2025 and December 31, 2024, there were no transfers between Level 1 and Level 2 or Level 2 and Level 3.
December 31, 2025December 31, 2024
Fair valueTotal carrying
amount /
fair value		Fair valueTotal carrying
amount /
fair value
Level 1Level 2Level 1Level 2
Items that are recognized at fair value on a recurring basis:
Financial assets
Available-for-sale investments
US government and federal agencies1,342,083 1,340,388 2,682,471 991,357 1,172,262 2,163,619 
Non-US governments debt securities— — — 93,468 — 93,468 
Asset-backed securities - Student loans— — — — 40 40 
Residential mortgage-backed securities— 13,782 13,782 — 15,359 15,359 
Total available-for-sale1,342,083 1,354,170 2,696,253 1,084,825 1,187,661 2,272,486 
Other assets - Derivatives— 1,064 1,064 — 35,478 35,478 
Financial liabilities
Other liabilities - Derivatives— 5,267 5,267 — 2,039 2,039 


Items Other Than Those Recognized at Fair Value on a Recurring Basis:
December 31, 2025December 31, 2024
LevelCarrying
amount		Fair
 value		Appreciation /
(depreciation)		Carrying
amount		Fair
 value		Appreciation /
(depreciation)
Financial assets
Cash and cash equivalentsLevel 11,708,936 1,708,936 — 1,998,112 1,998,112 — 
Securities purchased under agreements to resellLevel 21,096,238 1,096,238 — 1,205,373 1,205,373 — 
Short-term investmentsLevel 1756,543 756,543 — 580,026 580,026 — 
Investments held-to-maturityLevel 22,992,052 2,566,470 (425,582)3,240,290 2,671,040 (569,250)
Loans, net of allowance for credit lossesLevel 24,382,411 4,367,439 (14,972)4,473,591 4,433,872 (39,719)
Financial liabilities
Term depositsLevel 23,941,581 3,944,728 (3,147)4,478,257 4,482,978 (4,721)
Securities sold under agreements to repurchaseLevel 2— — — 92,562 92,562 — 
Long-term debtLevel 2— — — 98,725 98,361 364