REORGANIZATION EXPENSES

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

REORGANIZATION EXPENSES

For the year ended December 31, 2022, reorganization expenses were $31 million (2021: $nil and 2020: $8 million).

In 2022, reorganization expenses included compensation-related costs and software asset impairments attributable to the Company's exit from catastrophe and property reinsurance lines of business in June 2022.

In 2020, reorganization expenses were related to the Company's transformation program which was launched in 2017. This program encompassed the integration of Novae, which commenced in the fourth quarter of 2017, the realignment of the Company's accident and health business, together with other initiatives designed to increase efficiency and enhance profitability while delivering a customer-centric operating model.