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Taxation (Tables) | 12 Months Ended
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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

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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