Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision

The following table presents pre-tax income and the related provision for income taxes:

	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Pre-tax income:
Switzerland	$	44	$	234	$	349
Outside Switzerland	9,482		6,251		9,445
Total pre-tax income	$	9,526	$	6,485	$	9,794
Provision for income taxes
Current tax expense:
Switzerland	$	25	$	15	$	65
Outside Switzerland	1,570		1,066		1,294
Total current tax expense	1,595		1,081		1,359
Deferred tax expense (benefit):
Switzerland	(63)		34		(15)
Outside Switzerland	(1,021)		124		(75)
Total deferred tax expense (benefit)	(1,084)		158		(90)
Provision for income taxes	$	511	$	1,239	$	1,269

Reconciliation schedule of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate

The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate:

	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Expected tax provision at Swiss statutory tax rate	$	1,872	$	1,274	$	1,929
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate	(389)		(243)		(743)
Bermuda tax law enactment	(1,135)		—		—
Net withholding taxes	15		75		78
Other	148		133		5
Provision for income taxes	$	511	$	1,239	$	1,269

Schedule of the components of net deferred tax assets

The following table presents the components of net deferred tax assets and liabilities:

	December 31
(in millions of U.S. dollars)	2023		2022
Deferred tax assets:
Loss reserve discount	$	1,643	$	1,048
Unearned premiums reserve	678		424
Foreign tax credits	19		76
Loss carry-forwards	149		104
Investments	—		62
Unrealized depreciation on investments	662		1,387
Depreciation	37		126
Other	147		85
Total deferred tax assets	3,335		3,312
Valuation allowance	716		916
Deferred tax assets, net of valuation allowance	2,619		2,396
Deferred tax liabilities:
Deferred policy acquisition costs	675		311
Other intangible assets, including VOBA	1,444		2,213
Un-remitted foreign earnings	176		249
Investments	138		—
Total deferred tax liabilities	2,433		2,773
Net deferred tax assets (liabilities)	$	186	$	(377)

Reconciliation schedule of unrecognized tax benefits

The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits:

	Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Balance, beginning of year	$	67	$	64
Additions based on tax positions related to prior years	9		4
Reductions for settlements with taxing authorities	(3)		(1)
Balance, end of year	$	73	$	67

Summary of Income Tax Examinations

The following table summarizes tax years open for examination by major income tax jurisdiction:

At December 31, 2023
Australia	2017	-	2023
Brazil	2017	-	2023
Canada	2012	-	2023
China	2020	-	2023
France	2021	-	2023
Germany	2016	-	2023
Italy	2019	-	2023
Korea	2018	-	2023
Mexico	2016	-	2023
Spain	2012	-	2023
Switzerland	2019	-	2023
United Kingdom	2015	-	2023
United States	2014	-	2023