Taxation (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Pre-tax income:
Switzerland	$	121	$	44	$	234
Outside Switzerland	11,334		9,482		6,251
Total pre-tax income	$	11,455	$	9,526	$	6,485
Provision for income taxes
Current tax expense:
Switzerland	$	29	$	25	$	15
Outside Switzerland	1,700		1,570		1,066
Total current tax expense	1,729		1,595		1,081
Deferred tax expense (benefit):
Switzerland	14		(63)		34
Outside Switzerland	72		(1,021)		124
Total deferred tax expense (benefit)	86		(1,084)		158
Provision for income taxes	$	1,815	$	511	$	1,239

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)	2024		2023		2022
Expected tax provision at Swiss statutory tax rate	$	2,251	$	1,872	$	1,274
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate	(510)		(389)		(243)
Bermuda tax law enactment	(55)		(1,135)		—
Net withholding taxes	145		15		75
Other	(16)		148		133
Provision for income taxes	$	1,815	$	511	$	1,239

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)	2024		2023
Deferred tax assets:
Loss reserve discount	$	1,746	$	1,643
Unearned premiums reserve	753		678
Foreign tax credits	18		19
Loss carry-forwards	146		149
Investments (1)	512		524
Depreciation	26		37
Future policy benefits	176		(42)
Other	268		189
Total deferred tax assets	3,645		3,197
Valuation allowance	1,081		716
Deferred tax assets, net of valuation allowance	2,564		2,481
Deferred tax liabilities:
Deferred policy acquisition costs	1,005		675
Other intangible assets, including VOBA	1,289		1,444
Un-remitted foreign earnings	251		176
Total deferred tax liabilities	2,545		2,295
Net deferred tax assets (liabilities)	$	19	$	186

(1)Included in Investments are deferred taxes on unrealized depreciation of $787 million and $662 million at December 31, 2024 and 2023, respectively.

Schedule of Unrecognized Tax Benefits Roll Forward

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)	2024		2023
Balance, beginning of year	$	73	$	67
Additions based on tax positions related to the current year	1		—
Additions based on tax positions related to prior years	57		9
Reductions for settlements with taxing authorities	(1)		(3)
Balance, end of year	$	130	$	73

Summary of Income Tax Examinations

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

At December 31, 2024
Australia	2018	-	2024
Brazil	2018	-	2024
Canada	2012	-	2024
China	2021	-	2024
France	2022	-	2024
Germany	2016	-	2024
Italy	2019	-	2024
Korea	2019	-	2024
Mexico	2016	-	2024
Spain	2012	-	2024
Switzerland	2019	-	2024
United Kingdom	2015	-	2024
United States	2014	-	2024