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Taxation (Tables) | 12 Months Ended
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Dec. 31, 2021
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) | 2021 |  | 2020 |  | 2019
Pre-tax income: |  |  |  |  |
Switzerland | $ | 349 |  |  | $ | 350 |  |  | $ | 440 |
Outside Switzerland | 9,467 |  |  | 3,812 |  |  | 4,809 |
Total pre-tax income | $ | 9,816 |  |  | $ | 4,162 |  |  | $ | 5,249 |
Provision for income taxes |  |  |  |  |
Current tax expense: |  |  |  |  |
Switzerland | $ | 65 |  |  | $ | 52 |  |  | $ | 29 |
Outside Switzerland | 1,294 |  |  | 876 |  |  | 879 |
Total current tax expense | 1,359 |  |  | 928 |  |  | 908 |
Deferred tax expense (benefit): |  |  |  |  |
Switzerland | (15) |  |  | 2 |  |  | 11 |
Outside Switzerland | (67) |  |  | (301) |  |  | (124) |
Total deferred tax expense (benefit) | (82) |  |  | (299) |  |  | (113) |
Provision for income taxes | $ | 1,277 |  |  | $ | 629 |  |  | $ | 795 |
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) | 2021 |  | 2020 |  |  | 2019 |
Expected tax provision at Swiss statutory tax rate | $ | 1,934 |  |  | $ | 880 |  |  | $ | 411 |
Permanent differences: |  |  |  |  |
Taxes on earnings subject to rate other than Swiss statutory rate | (740) |  |  | (337) |  |  | 376 |
Tax-exempt interest and dividends received deduction, net of proration | (38) |  |  | (41) |  |  | (49) |
Net withholding taxes | 78 |  |  | 67 |  |  | 40 |
Other | 43 |  |  | 60 |  |  | 17 |
Provision for income taxes | $ | 1,277 |  |  | $ | 629 |  |  | $ | 795 |
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) | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |
Loss reserve discount | $ | 950 |  |  | $ | 884 |
Unearned premiums reserve | 544 |  |  | 496 |
Foreign tax credits | 156 |  |  | 222 |
Provision for uncollectible balances | 32 |  |  | 46 |
Loss carry-forwards | 139 |  |  | 123 |
Debt related amounts | 70 |  |  | 69 |
Compensation related amounts | 178 |  |  | 281 |
Cumulative translation adjustments | 28 |  |  | 120 |
Investments | — |  |  | 75 |
Lease liability | 111 |  |  | 121 |
Depreciation | 190 |  |  | — |
Total deferred tax assets | 2,398 |  |  | 2,437 |
Deferred tax liabilities: |  |  |
Deferred policy acquisition costs | 679 |  |  | 522 |
Other intangible assets, including VOBA | 1,268 |  |  | 1,425 |
Un-remitted foreign earnings | 121 |  |  | 77 |
Investments | 144 |  |  | — |
Unrealized appreciation on investments | 360 |  |  | 957 |
Depreciation | — |  |  | 123 |
Lease right-of-use asset | 100 |  |  | 111 |
Other, net | 23 |  |  | 31 |
Total deferred tax liabilities | 2,695 |  |  | 3,246 |
Valuation allowance | 92 |  |  | 83 |
Net deferred tax liabilities | $ | (389) |  |  | $ | (892) |
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) | 2021 |  |  | 2020 |
Balance, beginning of year | $ | 76 |  |  | $ | 47 |
Additions based on tax positions related to the current year | — |  |  | 5 |
Additions based on tax positions related to prior years | 7 |  |  | 24 |
Reductions for settlements with taxing authorities | (19) |  |  | — |
Balance, end of year | $ | 64 |  |  | $ | 76 |
Summary of Income Tax Examinations [Table Text Block] | The following table summarizes tax years open for examination by major income tax jurisdiction:
At December 31, 2021 |  |  |
Australia | 2015 | - | 2021
Canada | 2012 | - | 2021
France | 2019 | - | 2021
Germany | 2015 | - | 2021
Italy | 2011 | - | 2021
Mexico | 2014 | - | 2021
Spain | 2012 | - | 2021
Switzerland | 2016 | - | 2021
United Kingdom | 2015 | - | 2021
United States | 2014 | - | 2021

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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