Fairfax Financial Holdings Limited (FRFHF) 40-F 4 Mar 22 2021 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information
Entity Registrant Name	FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Entity File Number	1-31556
Entity Primary SIC Number	6331
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	95 Wellington Street West
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5J 2N7
City Area Code	416
Local Phone Number	367-4941
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0000915191
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	271
Subordinate voting shares
Document Information
Entity Common Stock, Shares Outstanding	23,116,830
Multiple voting shares
Document Information
Entity Common Stock, Shares Outstanding	1,548,000
Business Contact
Document Information
Contact Personnel Name	CT Corporation System
Entity Address, Address Line One	111 Eighth Avenue
Entity Address, Address Line Two	13th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	212
Local Phone Number	894-8700

Consolidated Balance Sheets

Consolidated Balance Sheets $ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Assets
Holding company cash and investments (including assets pledged for derivative obligations - $111.0; December 31, 2020 - $79.5)	$ 1,478.3	$ 1,252.2
Insurance contract receivables	6,883.2	5,816.1
Portfolio investments
Subsidiary cash and short term investments (including restricted cash and cash equivalents - $1,246.4;December 31, 2020 - $751.9)	11,685.4	4,467.1
Investments in associates (fair value $5,671.9; December 31, 2020 - $4,154.3)	6,104	6,439.6
Total portfolio investments	51,697.4	42,108.6
Deferred premium acquisition costs	1,924.1	1,543.7
Recoverable from reinsurers (including recoverables on paid losses - $884.3; December 31, 2020 - $686.8)	12,090.5	10,533.2
Deferred income tax assets	522.4	713.9
Goodwill and intangible assets	5,928.2	6,229.1
Other assets	6,121.3	5,857.2
Total assets	86,645.4	74,054
Liabilities
Accounts payable and accrued liabilities	4,985.4	4,996.1
Derivative obligations (including at the holding company - $32.1; December 31, 2020 - $22.8)	152.9	189.4
Deferred income tax liabilities	598.8	356.4
Insurance contract payables	4,493.5	2,964
Insurance contract liabilities	47,346.5	39,206.8
Borrowings	7,753	8,814
Total liabilities	65,330.1	56,526.7
Equity
Shareholders' equity attributable to shareholders of Fairfax	16,385.1	13,856.6
Non-controlling interests	4,930.2	3,670.7
Total equity	21,315.3	17,527.3
Total liabilities and total equity	86,645.4	74,054
Common shares
Equity
Equity in stock	15,049.6	12,521.1
Preferred shares
Equity
Equity in stock	1,335.5	1,335.5
Portfolio investments
Portfolio investments
Subsidiary cash and short term investments (including restricted cash and cash equivalents - $1,246.4;December 31, 2020 - $751.9)	21,799.5	13,197.8
Bonds (cost $13,836.3; December 31, 2020 - $14,916.1)	14,091.2	15,734.6
Preferred stocks (cost $576.6; December 31, 2020 - $268.3)	2,405.9	605.2
Common stocks (cost $4,717.2; December 31, 2020 - $4,635.5)	5,468.9	4,599.1
Investments in associates (fair value $5,671.9; December 31, 2020 - $4,154.3)	4,755.1	4,381.8
Investment in associate held for sale (fair value nil; December 31, 2020 - $729.5)		729.5
Derivatives and other invested assets (cost $888.2; December 31, 2020 - $944.4)	991.2	812.4
Assets pledged for derivative obligations (cost $119.6; December 31, 2020 - $196.1)	119.6	196.4
Total portfolio investments	51,697.4	42,108.6
Portfolio investments | Non-insurance companies, Fairfax India
Portfolio investments
Fairfax India cash, portfolio investments and associates (fair value $3,336.4; December 31, 2020 - $2,791.0)	2,066	1,851.8
Holding company and insurance and reinsurance companies
Liabilities
Borrowings	6,129.3	6,614
Non-insurance companies
Portfolio investments
Other assets	3,195.6	3,868.5
Liabilities
Accounts payable and accrued liabilities	2,077.2	2,566.4
Borrowings	$ 1,623.7	$ 2,200

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Restricted cash and cash equivalents	$ 1,261	$ 789.6
Recoverables on paid losses	884.3	686.8
Short sale and derivative obligations, holding company	152.9	189.4
Holding company cash and investments
Statement [Line Items]
Assets pledged for derivative obligations, at cost	111	79.5
Short sale and derivative obligations, holding company	32.1	22.8
Portfolio investments
Statement [Line Items]
Restricted cash and cash equivalents	1,246.4	751.9
Bonds, at cost	13,836.3	14,916.1
Preferred stocks, at cost	576.6	268.3
Common stocks, at cost	4,717.2	4,635.5
Fair value of investments in associates	5,671.9	4,154.3
Fair value of investments in associates held-for-sale	0	729.5
Derivatives and other invested assets, at cost	888.2	944.4
Assets pledged for derivative obligations, at cost	119.6	196.1
Portfolio investments | Non-insurance companies, Fairfax India
Statement [Line Items]
Fairfax India cash, portfolio investments and associates, fair value	$ 3,336.4	$ 2,791

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income
Gross premiums earned	$ 21,786.8	$ 17,898.8
Premiums ceded to reinsurers	(5,228.8)	(3,910.1)
Net premiums earned	16,558	13,988.7
Interest and dividends	640.8	769.2
Share of profit (loss) of associates	402	(112.8)
Net gains on investments	3,445.1	313.1
Gain on sale and consolidation of insurance subsidiaries	264	117.1
Other revenue	5,158	4,719.6
Income	26,467.9	19,794.9
Expenses
Losses on claims, gross	14,200.7	12,234.8
Losses on claims, ceded to reinsurers	(3,460.2)	(2,910.3)
Losses on claims, net	10,740.5	9,324.5
Operating expenses	2,946.1	2,536.5
Commissions, net	2,787.9	2,355
Interest expense	513.9	475.9
Other expenses	5,086.9	4,858.9
Expenses	22,075.3	19,550.8
Earnings before income taxes	4,392.6	244.1
Provision for income taxes	726	206.7
Net earnings	3,666.6	37.4
Attributable to:
Shareholders of Fairfax	3,401.1	218.4
Non-controlling interests	265.5	(181)
Net earnings	$ 3,666.6	$ 37.4
Net earnings per share (in dollars per share)	$ 129.33	$ 6.59
Net earnings per diluted share (in dollars per share)	122.25	6.29
Cash dividends paid per share (in dollars per share)	$ 10	$ 10
Shares outstanding (000) (weighted average) (in shares)	25,953,114	26,446,939

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Earnings
Gross premiums written	$ 23,910.2	$ 19,125.9
Net premiums written	$ 18,278.1	$ 14,864.5

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Net earnings	$ 3,666.6	$ 37.4
Items that may be subsequently reclassified to net earnings
Net unrealized foreign currency translation losses on foreign subsidiaries	(199.5)	(139.7)
Share of other comprehensive income (loss) of associates, excluding net gains (losses) on defined benefit plans	(75.1)	72.2
Items that may be subsequently reclassified to net earnings before reclassification adjustments	(227.4)	(181.3)
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earningset of tax	6.7	114.4
Net unrealized foreign currency translation (gains) losses on associates reclassified to net earnings	(45.2)	69.5
Items that may be subsequently reclassified to net earnings	(265.9)	2.6
Items that will not be subsequently reclassified to net earnings
Net gains (losses) on defined benefit plans	88.2	(67.5)
Share of net gains (losses) on defined benefit plans of associates	67	(51.1)
Other	13.8
Items that will not be subsequently reclassified to net earnings	169	(118.6)
Other comprehensive income (loss), net of income taxes	(96.9)	(116)
Comprehensive income (loss)	3,569.7	(78.6)
Attributable to:
Shareholders of Fairfax	3,377.6	103
Non-controlling interests	192.1	(181.6)
Comprehensive income (loss)	3,569.7	(78.6)
Income tax on items that may be subsequently reclassified to net earnings
Net unrealized foreign currency translation losses on foreign subsidiaries	5.2	10.8
Share of other comprehensive income (loss) of associates, excluding net gains (losses) on defined benefit plans	12.7	(10)
Income tax on items that may be reclassified to net earnings	17.9	0.8
Net unrealized foreign currency translation (gains) losses on foreign subsidiaries reclassified to net earnings (loss)		0.1
Income tax on items that may be subsequently reclassified to net earnings	17.9	0.9
Income tax on items that will not be subsequently reclassified to net earnings
Net gains (losses) on defined benefit plans	(27.4)	20.8
Share of net gains (losses) on defined benefit plans of associates	(12.8)	5.3
Income tax on items that will not be subsequently reclassified to net earnings	(40.2)	26.1
Total income tax (expense) recovery included in other comprehensive income (loss)	(22.3)	27
Canada
Statement [Line Items]
Net earnings	667.2	91.6
Items that may be subsequently reclassified to net earnings
Gains (losses) on hedge of net investment	(16.7)	(38)
Europe
Items that may be subsequently reclassified to net earnings
Gains (losses) on hedge of net investment	$ 63.9	$ (75.8)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Issued capitalCommon shares	Issued capitalPreferred shares	Treasury shares at cost	Share- based payments and other reserves	Retained earnings	Accumulated other comprehensive income (loss)Canada	Accumulated other comprehensive income (loss)Europe	Accumulated other comprehensive income (loss)	Common shareholders' equityCanada	Common shareholders' equityEurope	Common shareholders' equity	Equity attributable to shareholders of FairfaxCanada	Equity attributable to shareholders of FairfaxEurope	Equity attributable to shareholders of Fairfax	Non-controlling interests.	Preferred shares	Canada	Europe	Total
Beginning balance at Dec. 31, 2019	$ 6,797.2	$ 1,335.5	$ (661.1)	$ 239	$ 7,379.2			$ (711.7)			$ 13,042.6			$ 14,378.1	$ 3,529.1				$ 17,907.2
Changes in equity [abstract]
Net earnings (loss) for the year					218.4						218.4			218.4	(181)		$ 91.6		37.4
Net unrealized foreign currency translation losses on foreign operations								(117.2)			(117.2)			(117.2)	(22.5)				(139.7)
Losses on hedge of net investment						$ (38)	$ (75.8)		$ (38)	$ (75.8)		$ (38)	$ (75.8)				(38)	$ (75.8)
Share of other comprehensive income of associates, excluding net losses on defined benefit plans								43.6			43.6			43.6	28.6				72.2
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earnings								114.4			114.4			114.4					114.4
Net unrealized foreign currency translation (gains) losses on associates reclassified to net earnings								69.5			69.5			69.5					69.5
Net losses on defined benefit plans								(66)			(66)			(66)	(1.5)				(67.5)
Share of net losses on defined benefit plans of associates								(45.9)			(45.9)			(45.9)	(5.2)				(51.1)
Issuances for share-based payments			56.7	(66.5)							(9.8)			(9.8)	(2.2)				(12)
Purchases and amortization for share-based payments (note 16)			(137.9)	84.3							(53.6)			(53.6)	5.5				(48.1)
Purchases for cancellation (note 16)	(85.2)				(15.7)						(100.9)			(100.9)					(100.9)
Common share dividends (note 16)					(275.7)						(275.7)			(275.7)	(165.6)				(441.3)
Preferred share dividends (note 16)					(44)						(44)			(44)		$ (44)			(44)
Acquisitions of subsidiaries (note 23)															92.9				92.9
Deconsolidation of subsidiaries (note 23)			9.5	(10.9)	(53.2)			28			(26.6)			(26.6)	282.3				255.7
Other net changes in capitalization (note 16)				2.5	(116.5)			0.1			(113.9)			(113.9)	110.3				(3.6)
Ending balance at Dec. 31, 2020	6,712	1,335.5	(732.8)	248.4	7,092.5			(799)			12,521.1			13,856.6	3,670.7				17,527.3
Changes in equity [abstract]
Net earnings (loss) for the year					3,401.1						3,401.1			3,401.1	265.5		667.2		3,666.6
Net unrealized foreign currency translation losses on foreign operations								(123.3)			(123.3)			(123.3)	(76.2)				(199.5)
Losses on hedge of net investment						$ (16.7)	$ 63.9		$ (16.7)	$ 63.9		$ (16.7)	$ 63.9				$ (16.7)	$ 63.9
Share of other comprehensive income of associates, excluding net losses on defined benefit plans								(65.2)			(65.2)			(65.2)	(9.9)				(75.1)
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earnings								3.1			3.1			3.1	3.6				6.7
Net unrealized foreign currency translation (gains) losses on associates reclassified to net earnings								(45.6)			(45.6)			(45.6)	0.4				(45.2)
Net losses on defined benefit plans								82.8			82.8			82.8	5.4				88.2
Share of net losses on defined benefit plans of associates								68.3			68.3			68.3	(1.3)				67
Other								9.2			9.2			9.2	4.6				13.8
Issuances for share-based payments			57.3	(56.1)							1.2			1.2	(3)				(1.8)
Purchases and amortization for share-based payments (note 16)			(132.6)	104.1							(28.5)			(28.5)	6.8				(21.7)
Purchases for cancellation (note 16)	(529.6)				(528.5)						(1,058.1)			(1,058.1)					(1,058.1)
Common share dividends (note 16)					(272.1)						(272.1)			(272.1)	(155.4)				(427.5)
Preferred share dividends (note 16)					(44.5)						(44.5)			(44.5)		$ (44.5)			(44.5)
Acquisitions of subsidiaries (note 23)															7.5				7.5
Deconsolidation of subsidiaries (note 23)															(15.4)				(15.4)
Other net changes in capitalization (note 16)				208.4	323.7			20.8			552.9			552.9	1,226.9				1,779.8
Ending balance at Dec. 31, 2021	$ 6,182.4	$ 1,335.5	$ (808.1)	$ 504.8	$ 9,972.2			$ (801.7)			$ 15,049.6			$ 16,385.1	$ 4,930.2				$ 21,315.3

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Multiple voting shares | Issued capital.
Common stock, multiple voting shares, value	$ 3.8	$ 3.8	$ 3.8

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net earnings	$ 3,666.6	$ 37.4
Depreciation, amortization and impairment charges	930.4	752.1
Net bond premium (discount) amortization	65	(11.5)
Amortization of share-based payment awards	104.1	84.3
Share of (profit) loss of associates	(402)	112.8
Net deferred income taxes	339	57.9
Net gains on investments	(3,386.5)	(297.9)
Gain on sale and consolidation of insurance subsidiaries	(264)	(117.1)
Loss on repurchase of borrowings	45.7
Net increase in fair value of investment property	(58.6)	(15.2)
Net (purchases) sales of securities classified at FVTPL	2,614.4	(2,336.2)
Changes in operating assets and liabilities	2,986.9	1,873.2
Cash provided by operating activities	6,641	139.8
Investing activities
Sales of investments in associates	809.2	139.8
Purchases of investments in associates	(175.4)	(29.8)
Net purchases of premises and equipment and intangible assets	(353.9)	(273.3)
Net (purchases) sales of investment property	27	(7.8)
Purchases of subsidiaries, net of cash acquired	1,259.5
Cash provided by (used in) investing activities	1,838.6	(46.8)
Financing activities
Net borrowings from (repayments to) revolving credit facility and short term loans	(1,046.3)	750.5
Purchases for treasury	(132.6)	(137.9)
Purchases for cancellation	(1,058.1)	(100.9)
Common share dividends	(272.1)	(275.7)
Preferred share dividends	(44.5)	(44)
Issuances to non-controlling interests, net of issuance costs	1,603.2	218.2
Purchases of non-controlling interests	(233)	(251.2)
Sales to non-controlling interests	174.8
Dividends paid to non-controlling interests	(175.6)	(165.6)
Cash provided by (used in) financing activities	(1,189.3)	436.9
Increase in cash and cash equivalents	7,290.3	529.9
Cash and cash equivalents - beginning of year	4,467.1	3,863.3
Foreign currency translation	(72)	73.9
Cash and cash equivalents - end of year	11,685.4	4,467.1
Holding company and insurance and reinsurance companies
Investing activities
Cash divested on deconsolidation of non-insurance subsidiary	85.4	221.7
Financing activities
Proceeds, net of issuance costs	1,250	645
Repayments	(932.9)	(0.3)
Net borrowings (repayments) on holding company credit facility	(700)	700
Net repayments on other revolving credit facilities	(84.3)	(10)
Principal payments on lease liabilities	(64.6)	(61.9)
Non-insurance companies.
Investing activities
Cash divested on deconsolidation of non-insurance subsidiary	186.8	(97.4)
Financing activities
Proceeds, net of issuance costs	499.1	107.8
Repayments	(593.9)	(82.5)
Net borrowings from (repayments to) revolving credit facility and short term loans	(262)	60.5
Principal payments on lease liabilities	$ (162.8)	$ (164.6)

Business Operations

Business Operations	12 Months Ended
	Dec. 31, 2021
Business Operations
Business Operations	1. Business Operations Fairfax Financial Holdings Limited (“the company” or “Fairfax”) is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. The holding company is federally incorporated and domiciled in Ontario, Canada.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The company’s consolidated financial statements for the year ended December 31, 2021 are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, investment property and fair value through profit and loss (“FVTPL”) financial assets and liabilities that have been measured at fair value, and an investment in associate held for sale that has been measured at the lower of carrying value and fair value less costs to sell. The consolidated balance sheets of the company are presented on a non-classified basis. Assets expected to be realized and liabilities expected to be settled within the company’s normal operating cycle of one year are considered current, including the following balances: cash, short term investments, insurance contract receivables, investment in associate held for sale, deferred premium acquisition costs, derivative obligations and insurance contract payables. The following balances are considered non-current: deferred income tax assets, goodwill and intangible assets and deferred income tax liabilities. All other balances are comprised of current and non-current amounts. The holding company has significant liquid resources that are generally not restricted by insurance regulators. The subsidiary insurance and reinsurance companies are often subject to a wide variety of insurance and other laws and regulations that vary by jurisdiction and are intended to protect policyholders rather than investors. These laws and regulations may limit the ability of the insurance and reinsurance companies to pay dividends or make distributions to parent companies. The company’s consolidated balance sheet and consolidated statement of cash flows therefore make a distinction in classification between the holding company and the insurance and reinsurance companies for cash and investments to provide additional insight into the company’s liquidity, financial leverage and capital structure. These consolidated financial statements were approved for issue by the company’s Board of Directors on March 4, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies The principal accounting policies applied to the presentation of these consolidated financial statements and the methods of computation have been consistently applied to all periods presented unless otherwise stated, and are as set out below. Consolidation Subsidiaries is recognized in the consolidated statement of earnings, and foreign currency translation gains (losses) of that subsidiary are recycled from accumulated other comprehensive income (loss) to the consolidated statement of earnings. The consolidated financial statements were prepared as of December 31, 2021 and 2020 based on individual holding companies’ and subsidiaries’ financial statements at those dates. Accounting policies of subsidiaries have been aligned with those of the company where necessary. The company’s significant operating subsidiaries are identified in note 29. Non-controlling interests Business combinations Business combinations are accounted for using the acquisition method of accounting whereby the consideration transferred is measured at fair value at the date of acquisition. This consideration may include cash paid and the fair value at the date of exchange of assets given, liabilities assumed and equity instruments issued by the company or its subsidiaries. Directly attributable acquisition-related costs are recorded in operating expenses or other expenses in the consolidated statement of earnings as incurred. At the date of acquisition, the company recognizes the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired business. The identifiable assets acquired and liabilities assumed are initially recognized at fair value. For each business combination the company determines whether to initially record non-controlling interest at fair value or as the proportionate share of the identifiable net assets of the acquired subsidiary. If the consideration transferred is less than the fair value of identifiable net assets acquired, the excess is recognized in the consolidated statement of earnings. An existing equity interest in an acquired subsidiary is remeasured to fair value at the date of the business combination with any gain or loss recognized in net gains (losses) on investments in the consolidated statement of earnings. Goodwill and intangible assets Goodwill Intangible assets Intangible assets are initially recognized at cost, or at fair value when acquired through a business combination. Intangible assets with a finite life are subsequently measured at cost less accumulated amortization and impairment, where amortization is calculated using the straight-line method over the estimated useful life, and carrying value is re-assessed when there are indicators of impairment. Indefinite-lived intangible assets are not subject to amortization and are assessed annually for impairment or more frequently if there are indicators of impairment. When the carrying value of an intangible asset exceeds its recoverable amount, an impairment loss is recorded in operating expenses or other expenses in the consolidated statement of earnings. The estimated useful lives of the company’s intangible assets are as follows: ​ ​ ​ ​ Customer and broker relationships 8 to 20 years Brand names and Lloyd's participation rights Indefinite Computer software 3 to 15 years ​ Brand names and Lloyd’s participation rights are considered to be indefinite-lived based on their strength, history and expected future use. Investments in associates Investments in associates are accounted for using the equity method and are comprised of investments in corporations, limited partnerships and trusts where the company has the ability to exercise significant influence but not control. An investment in associate is initially recognized at cost and adjusted thereafter for the post-acquisition change in the company’s share of net assets of the associate. The company’s share of profit (loss) and share of other comprehensive income (loss) of associates are reported in the corresponding lines in the consolidated statement of earnings and consolidated statement of comprehensive income, respectively. An existing equity interest in an acquired associate is remeasured to fair value at the date significant influence is obtained and included in the carrying value of the associate. The fair value of associates is estimated at each reporting date using valuation techniques consistent with those applied to the company’s other investments in equity instruments. See “Determination of fair value” under the heading of “Investments” in this note for further details. If there is objective evidence that the carrying value of an associate is impaired, it is written down to its recoverable amount, being the higher of the associate’s fair value and value-in-use. The unrealized impairment loss is recognized in share of profit (loss) of associates in the consolidated statement of earnings. An impairment loss is reversed in future periods if the circumstances that led to the impairment no longer exist. The reversal is limited to restoring the carrying value to what it would have been had no impairment loss been recognized in prior periods. Upon loss of significant influence, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are recycled to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of significant influence or disposition of an associate are recognized in net gains (losses) on investments in the consolidated statement of earnings. Investments in joint ventures Investments in joint ventures are accounted for using the equity method (as described in the preceding paragraphs) and are comprised of investments in corporations and limited partnerships where the company has joint control together with one or more third parties by contractual agreement. Joint control requires the unanimous consent of all parties sharing control to make decisions regarding the joint venture’s relevant activities. When a subsidiary constituting a business is contributed to a joint venture, any gain or loss on derecognition of the subsidiary, including recycling of applicable amounts in accumulated other comprehensive income (loss) and remeasurement to fair value of any retained interest in the subsidiary, is recognized in the consolidated statement of earnings. Upon loss of joint control, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are reclassified to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of joint control or disposition of a joint venture are recognized in net gains (losses) on investments in the consolidated statement of earnings. Investments in joint ventures and all related activity are presented with investments in associates in these consolidated financial statements. Consolidated statement of cash flows The company’s consolidated statement of cash flows is prepared in accordance with the indirect method, classifying cash flows by operating, investing and financing activities. Cash and cash equivalents Investments Investments include cash and cash equivalents, short term investments, bonds, equity instruments, investments in associates, derivative assets, other invested assets (primarily investment property) and derivative obligations. Management determines the appropriate classifications of investments at their acquisition date. Classification - Recognition and measurement - Subsequent to initial recognition, investments classified at FVTPL are measured at fair value with changes in fair value reported in the consolidated statement of earnings as income, comprised of interest and dividends and net gains (losses) on investments. Interest and dividends represent interest income on short term investments and bonds calculated using the effective interest method, and dividends received on holdings of common stocks and preferred stocks, net of investment expenses. All other changes in fair value are reported in net gains (losses) on investments in the consolidated statement of earnings. For short term investments and bonds, the sum of their interest income and net gains (losses) on investments is equal to their total change in fair value for the reporting period. For investments classified at FVTPL, the company further disaggregates net gains (losses) on investments into realized and unrealized components in note 5. Where a financial instrument continues to be held by the company at the end of a reporting period, changes in the fair value of that instrument during the reporting period, excluding those changes reported as interest and dividends, are presented in net change in unrealized gains (losses). On disposition or as a result of a change in accounting for that financial instrument, its inception-to-date net gain (loss), excluding those changes previously reported as interest and dividends, is presented as net realized gains (losses). The cumulative unrealized net gain (loss) recognized in prior periods on that financial instrument is then reversed in net change in unrealized gains (losses). The sum of the inception-to-date net gain (loss) and the cumulative reversal of prior period net unrealized gains (losses) equals that financial instrument’s net gain (loss) on investment for the current reporting period as presented in the consolidated statement of earnings. Interest and dividends and net gains (losses) on investments are reported as operating activities in the consolidated statement of cash flows. Derecognition Short term investments Bonds Derivatives The company uses derivatives for investment purposes and to mitigate financial risks arising from its investment holdings and reinsurance recoverables, and monitors its derivatives for effectiveness in achieving their risk management objectives where applicable. The fair value of derivatives in a gain position are presented on the consolidated balance sheet in holding company cash and investments, and in portfolio investments as derivatives and other invested assets. The fair value of derivatives in a loss position are presented on the consolidated balance sheet in derivative obligations. The initial premium paid for a derivative contract, if any, is recorded as a derivative asset and subsequently adjusted for changes in the fair value of the contract at each reporting date. Changes in the fair value of derivatives are recorded as net gains (losses) on investments in the consolidated statement of earnings. Cash received from counterparties as collateral for derivative contracts is recognized on the consolidated balance sheet in holding company cash and investments or subsidiary cash and short term investments, and a corresponding liability is recognized in accounts payable and accrued liabilities. Securities received from counterparties as collateral are not recorded as assets. Cash and securities delivered to counterparties as collateral for derivative contracts continue to be reflected as assets on the consolidated balance sheet in holding company cash and investments or in portfolio investments as assets pledged for derivative obligations. The portion of the collateral related to changes in fair value of derivative contracts may be repledged by the counterparties holding the collateral. Determination of fair value Level 1 - Inputs represent unadjusted quoted prices for identical instruments exchanged in active markets. The fair values of the majority of the company’s common stocks, equity call options and certain warrants are based on published quotes in active markets. Level 2 - Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar financial instruments exchanged in active markets, quoted prices for identical or similar financial instruments exchanged in inactive markets and other market observable inputs. The fair value of the vast majority of the company’s investments in bonds are priced based on information provided by independent pricing service providers while much of the remainder, along with most derivative contracts (including total return swaps, U.S. treasury bond forward contracts and certain warrants) are based primarily on non-binding third party broker-dealer quotes that are prepared using Level 2 inputs. Where third party broker-dealer quotes are used, typically one quote is obtained from a broker-dealer with particular expertise in the instrument being priced. Preferred stocks are priced using a combination of independent pricing service providers and internal valuation models that rely on directly or indirectly observable inputs. The fair values of investments in certain limited partnerships classified as common stocks on the consolidated balance sheet are based on the net asset values received from the general partner, adjusted for liquidity as required and are classified as Level 2 when they may be liquidated or redeemed within three months or less of providing notice to the general partner. All other such investments in limited partnerships are classified as Level 3. Level 3 - Inputs include unobservable inputs that management uses to develop assumptions for which market data is limited or unavailable at the measurement date. In some instances, such as for private company preferred shares, management will use limited recent market transactions that are corroborated by industry accepted discounted cash flow models that incorporate one or more unobservable inputs. Transfers between fair value hierarchy levels are considered effective from the beginning of the annual reporting period in which the transfer is identified. Valuation techniques used by the company’s independent pricing service providers and third party broker-dealers include use of prices from similar instruments where observable market prices exist, discounted cash flow analysis, option pricing models, and other valuation techniques commonly used by market participants. The company assesses the reasonableness of pricing received from these third party sources by comparing the fair values received to recent transaction prices for similar assets where available, to industry accepted discounted cash flow models (that incorporate estimates of the amount and timing of future cash flows and market observable inputs such as credit spreads and discount rates) and to option pricing models (that incorporate market observable inputs including the quoted price, volatility and dividend yield of the underlying security and the risk free rate). The company employs specialist personnel for the valuation of its investment portfolio. Detailed valuations are prepared for those financial instruments that are priced internally, while external pricing received from independent pricing service providers and third party broker-dealers are evaluated by the company for reasonableness. The company’s Chief Financial Officer oversees the valuation function and regularly reviews valuation processes and results, including at each quarterly reporting period. Significant valuation matters, particularly those requiring extensive judgment, are communicated to the company’s Audit Committee. Foreign currency translation Functional and presentation currency Foreign currency transactions Translation of foreign subsidiaries Hedging At the inception of a hedge transaction the company documents the economic relationship between the hedged item and hedging instrument, and its risk management objective and strategy for undertaking the hedge. Net investment hedge Comprehensive income (loss) Comprehensive income (loss) consists of net earnings (loss) and other comprehensive income (loss) and includes all changes in total equity during a reporting period, except for those resulting from investments by owners or distributions to owners. Unrealized foreign currency translation amounts arising from the translation of foreign subsidiaries and associates and the effective portion of changes in the fair value of hedging instruments on hedges of net investments in foreign subsidiaries and associates are recognized in other comprehensive income (loss) and included in accumulated other comprehensive income (loss) until recycled to the consolidated statement of earnings on disposal of an investment in a foreign subsidiary or associate. Actuarial gains and losses and changes in asset limitation amounts on defined benefit pension and post retirement plans are recorded in other comprehensive income (loss) and included in accumulated other comprehensive income (loss) without recycling to the consolidated statement of earnings. Upon settlement of the defined benefit plan or disposal of the related subsidiary or associate, those amounts are reclassified directly to retained earnings. Accumulated other comprehensive income (loss), net of income taxes, is included on the consolidated balance sheet as a component of common shareholders’ equity. Property and casualty insurance contracts Insurance contracts are those contracts that have significant insurance risk at the inception of the contract. Insurance risk arises when the company agrees to compensate a policyholder if a specified uncertain future event adversely affects the policyholder, with the possibility of paying (including variability in timing of payments) significantly more in a scenario where the insured event occurs than when it does not occur. Contracts not meeting the definition of an insurance contract under IFRS are classified as investment contracts, derivative contracts or service contracts, as appropriate. Revenue recognition Deferred premium acquisition costs Provision for losses and loss adjustment expenses estimates of possible outcomes aimed at evaluating the expected ultimate cost to settle unpaid claims that occurred on or before the balance sheet date. The company establishes its reserves by product line, type and extent of coverage and year of occurrence. Loss reserves fall into two categories: reserves for reported losses (case reserves) and reserves for incurred but not reported (“IBNR”) losses. Those reserves include amounts for loss adjustment expenses, such as the estimated legal and other expenses expected to be incurred to finalize the settlement of the losses. Losses and loss adjustment expenses are charged to losses on claims, gross, in the consolidated statement of earnings. The company’s reserves for reported losses and loss adjustment expenses are based on estimates of future payments to settle reported general insurance and reinsurance claims and claims from its run-off operations. Case reserve estimates are based on the facts available at the time the reserves are established and for reinsurance, based on reports and individual case reserve estimates received from ceding companies. The company establishes these reserves on an undiscounted basis to recognize the estimated costs of bringing pending claims to final settlement, taking into account inflation, as well as other factors that can influence the amount of reserves required, some of which are subjective and some of which are dependent on future events. In determining the level of reserves, the company considers historical trends and patterns of loss payments, pending levels of unpaid claims and types of coverage. In addition, court decisions, economic conditions and public attitudes may affect the ultimate cost of settlement and, as a result, the company’s estimation of reserves. Between the reporting and final settlement of a claim, circumstances may change, which would result in changes to established reserves. Items such as changes in law and interpretations of relevant case law, results of litigation, changes in medical costs, as well as costs of vehicle and building repair materials and labour rates can substantially impact ultimate settlement costs. Accordingly, the company regularly reviews and re-evaluates case reserves. Any resulting adjustments are included in the current period consolidated statement of earnings in losses on claims, gross, and in losses on claims, ceded to reinsurers, as applicable. Amounts ultimately paid for losses and loss adjustment expenses can vary significantly from the level of reserves originally set or currently recorded. The company also establishes reserves for IBNR losses on an undiscounted basis to recognize the estimated final settlement cost for loss events which have already occurred but which have not yet been reported. Historical information and statistical models, based on product line, type and extent of coverage, as well as reported claims trends, severities and frequencies, exposure changes and other factors are relied upon to estimate IBNR reserves. These estimates are revised as additional information becomes available and as claims are actually reported and paid. Estimation techniques Where possible the company applies several commonly accepted actuarial projection methodologies in estimating required provisions to give greater insight into the trends inherent in the data being projected. These include methods based upon the following: the development of previously settled claims, where payments to date are extrapolated for each prior year; estimates based upon a projection of number of claims and average cost; notified claims development, where notified claims to date for each year are extrapolated based upon observed development of earlier years; and, expected loss ratios. In addition, the company uses other techniques such as aggregate benchmarking methods for specialist classes of business. In selecting its best estimate, the company considers the appropriateness of the methods to the individual circumstances of the line of business and accident or underwriting year. Large claims affecting each relevant line of business are generally assessed separately, being measured either at the face value of the loss adjuster’s estimate or projected separately in order to allow for the future development of large claims. Provisions for losses and loss adjustment expenses are calculated gross of any reinsurance recoveries. A separate estimate is made of the amounts that will be recoverable from reinsurers based upon the gross provisions and with due regard to collectability. The provisions for losses and loss adjustment expenses are subject to review at the subsidiary level by subsidiary actuaries and at the corporate level by the company’s Chief Actuary. In addition, for major classes of business where the risks and uncertainties inherent in the provisions are greatest, ad hoc detailed reviews are undertaken by internal and external actuaries who are able to draw upon their specialist expertise and a broader knowledge of current industry trends in claims development. The results of these reviews are considered when establishing the appropriate levels of provisions for losses and loss adjustment expenses and unexpired risks. Life insurance contracts The company, through Eurolife (which was consolidated on July 14, 2021 as described in note 23), writes life, disability, accident, health and critical illness insurance in addition to offering life annuities and insurance related investment products, both on an individual and group basis. Premiums for most life insurance contracts are generally recognized as revenue when due. The provision for policy benefits is calculated in compliance with local regulatory requirements and IFRS using actuarial principles consistent with those applied where life insurance policies are written. The provision for policy benefits is determined based on the discounting of projected future cash flows of claims and premiums using assumptions that include mortality, morbidity, lapse rates, discount rates, investment returns, inflation, and future expenses. These assumptions can vary by contract type and reflect current and expected future experience and represent the best estimates to settle outstanding claims, estimated future benefits and expenses on in-force insurance contracts. Certain insurance contracts written by Eurolife transfer the market risk associated with the underlying investment performance, which supports the benefit payments, to the policyholder (“unit-linked”). For these unit-linked contracts or funds, the company measures the underlying investments at fair value and presents them in other assets on the consolidated balance sheet. A corresponding liability is presented in insurance contract payables on the consolidated balance sheet. A change in the fair value of the investments of the unit-linked funds result in a corresponding change to the related liabilities, with both changes recorded together in the consolidated statement of earnings such that there is no effect on income, expenses or net earnings. Reinsurance Reinsurance does not relieve the originating insurer of its liability and is reflected on the consolidated balance sheet on a gross basis to indicate the extent of credit risk related to reinsurance and the obligations of the insurer to its policyholders. Reinsurance assets include balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and ceded unearned premiums. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policy. Reinsurance is recorded gross on the consolidated balance sheet unless a legal right to offset against a liability owing to the same reinsurer exists. Ceded premiums and losses are recorded in the consolidated statement of earnings in premiums ceded to reinsurers and losses on claims, ceded to reinsurers respectively and in recoverable from reinsurers on the consolidated balance sheet. Commission income earned on premiums ceded to reinsurers is included in commissions, net, in the consolidated statement of earnings. Unearned premiums are reported on the consolidated balance sheet before reduction for premiums ceded to reinsurers. Reinsurers’ portion of unearned premiums is included in recoverable from reinsurers on the consolidated balance sheet together with estimates of reinsurers’ share of provision for claims determined on a basis consistent with the related claims liabilities. Impairment Risk transfer Premiums Income taxes The provision for income taxes for the period comprises current and deferred income tax. Income taxes are recognized in the consolidated statement of earnings, except when related to items recognized in other comprehensive income (loss) or in equity. In those cases, the income taxes are also recognized in other comprehensive income (loss) or in equity, respectively, except for dividends where the income taxes are recognized in earnings, other comprehensive income (loss) or equity according to where the transactions that generated the distributable profits were recognized. Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company’s subsidiaries and associates operate and generate taxable income. Deferred income tax is calculated under the liability method whereby deferred income tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases at current substantively enacted tax rates. With the exception of initial recognition of deferred income tax arising from business combinations, changes in deferred income tax associated with components of other comprehensive income (loss) are recognized in other comprehensive income (loss) while all other changes in deferred income tax are included in the provision for income taxes in the consolidated statement of earnings. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Carry forwards of unused losses or unused tax credits are tax effected and recognized as deferred tax assets when it is probable that future taxable profits will be available against which these losses or tax credits can be utilized. Deferred income tax is not recognized on unremitted earnings of subsidiaries where the company has determined it is not probable those earnings will be repatriated in the foreseeable future. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and there is a legally enforceable right of offset. Investment in associate held for sale An investment in associate is classified as held for sale if its carrying amount will be recovered through sale rather than through continuing use. Classification as held for sale requires that management be committed to the sale, the sale is highly probable, the asset is available for immediate sale in its present condition, and the sale is expected to be completed within one year from the date of classification. Upon classification as held for sale the investment in associate is measured at the lower of carrying value and fair value less costs to sell and the equity method of accounting is no longer applied. Investment property Investment property consists of real estate held by the company for capital appreciation, rental income, or both, and is initially recorded at cost, including transaction costs, and subsequently measured at fair value. On the consolidated balance sheet investment property is included in portfolio investments by the insurance and reinsurance companies and in other assets by the non-insurance companies. In the consolidated statement of earnings, insurance and reinsurance companies record investment property rental income and direct expenses in interest and dividends, and changes in fair value in net gains (losses) on investments, while non-insurance companies record investment property rental income and changes in fair value in other revenue, and direct expenses in other expenses. Other assets Other assets primarily consist of premises and equipment, right-of-use assets associated with leases, assets associated with unit-linked insurance products, inventories, sales receivables and finance lease receivables of the non-insurance companies, prepaid expenses, accrued interest and dividends, income taxes refundable, receivables for securities sold, pension assets, deferred compensation assets, prepaid losses on claims, and other miscellaneous receivables. Receivables are initially recognized at fair value less a provision for expected lifetime credit losses, and subsequently measured at amortized cost. Premises and equipment Other revenue Other revenue is primarily comprised of revenue earned by the non-insurance companies. Revenue from restaurant and retail sales is recognized when the company provides goods to the customer and receives payment. Revenue from the sale of other goods is typically recognized when shipped to the customer, with payment received in advance of shipment. The shipping and handling performance obligation is recorded as a contract liability and recognized as revenue once the services have been performed. Revenue from providing travel, hospitality and other non-insurance services is recognized over time based on measured progress towards complete satisfaction of the related performance obligations. Payment is usually received at the time of initial booking for travel and hospitality services, and received in installments for other services. Unconditional payments due from customers for satisfied performance obligations are recorded as sales receivables within other assets on the consolidated balance sheet. Customer prepayments are recorded as deferred revenue within accounts payable and accrued liabilities on the consolidated balance sheet and are not recognized as revenue until the shipment of goods or provision of services occurs. Certain contracts include multiple deliverables which are accounted for as separate performance obligations, with the transaction price allocated to the performance obligations based on their individual selling prices. Other expenses Other expenses is primarily comprised of the cost of inventories sold or services provided and the operating expenses of

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2021
Critical Accounting Estimates and Judgments
Critical Accounting Estimates and Judgments	4. Critical Accounting Estimates and Judgments In the preparation of the company’s consolidated financial statements, management has made a number of critical accounting estimates and judgments as described below, and in certain notes to the consolidated financial statements: determination of fair value for financial instruments in note 5; carrying value of goodwill and intangibles in note 12; and contingencies in note 20. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Provision for losses and loss adjustment expenses Property and casualty insurance and reinsurance - Life insurance - Determination of fair value for financial instruments classified as Level 3 in the fair value hierarchy Fair values for substantially all of the company’s financial instruments are measured using market or income approaches. Considerable judgment may be required in developing estimates of fair value, particularly for financial instruments classified as Level 3 in the fair value hierarchy as such estimates incorporate unobservable inputs that require management to use its own assumptions. In particular, for private placement debt securities and private company preferred shares the company uses industry accepted discounted cash flow models to respectively, value the instruments directly, and to corroborate fair values implied by limited market activity. Significant judgements and assumptions are required to determine the discounted cash flows, including discount rates, long term growth rates and credit spreads, as applicable. See note 5 for details of the company’s Level 3 financial instruments and the valuation assumptions applied. Impairment assessments of goodwill and indefinite-lived intangible assets Goodwill and indefinite-lived intangible assets are assessed annually for impairment, or more frequently if there are indicators of impairment, by comparing the carrying value of the cash-generating unit (“CGU”) or group of CGUs to which these assets are allocated to their recoverable amounts. The company principally uses discounted cash flows to estimate the recoverable amount of a CGU or group of CGUs to which goodwill or indefinite-lived intangible assets have been allocated, and market approaches inclusive of a control premium are used when applicable. Significant judgements and assumptions are required to determine the discounted cash flows, including discount rates, long term growth rates and working capital requirements, and also (i) for goodwill, premiums, investment returns, revenues and expenses, and (ii) for indefinite-lived intangible assets, premiums, revenues and royalty rates. Discounted cash flows are subject to sensitivity analysis given the uncertainty in preparing forecasts. Details of goodwill and indefinite-lived intangible assets, including the results of annual impairment tests, are presented in note 12. Determination of significant influence, joint control and control The determination of whether an investment is an associate, a joint arrangement or a subsidiary requires consideration of all facts and circumstances, and typically begins with an analysis of the company’s proportion of the investee’s voting rights. Judgment may be required to determine the existence of significant influence, joint control or control when it involves elements such as contractual arrangements between shareholders, currently exercisable potential voting rights through warrants or convertible instruments, significant shareholdings relative to other third party shareholders, and regulatory restrictions on board representation, voting rights, or relevant activities of the investee. De facto control over an investee without holding the majority of its voting rights may occur due to dispersion of third party shareholdings and other factors. Conversely, having significant influence over an investee when holding the majority of its voting rights may occur due to regulatory and other restrictions that limit the application of voting and other rights. The company’s investments in associates and joint ventures are presented in note 6, business combinations and divestitures are presented in note 23 and subsidiaries are presented in note 29. During 2021 the company exercised judgment in determining it had significant influence over Gulf Insurance pursuant to arrangements related to its sale of RiverStone Barbados as described in note 6. Business combinations Accounting for business combinations requires estimates of fair value for the consideration transferred, assets acquired and liabilities assumed. The company uses all available information, including third party valuations and appraisals where appropriate, to determine these fair values. Changes in estimates of fair value due to additional information related to facts and circumstances that existed at the acquisition date would impact the amount of goodwill or gain on bargain purchase recognized. The company has up to one year from the acquisition date to finalize its determination of fair values for a business combination if needed. Details of business combinations are presented in note 23.

Cash and Investments

Cash and Investments	12 Months Ended
	Dec. 31, 2021
Cash and Investments
Cash and Investments	5. Cash and Investments Presented in the table below are holding company cash and investments and portfolio investments, net of derivative obligations, all of which are classified at FVTPL except for investments in associates, investment in associate held for sale and other invested assets. ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Holding company Cash and cash equivalents (1) 465.9 280.0 Short term investments 216.9 159.2 Bonds 242.6 457.2 Preferred stocks 14.0 4.7 Common stocks (2) 137.5 123.7 Derivatives (note 7) 290.5 147.9 ​ 1,367.4 1,172.7 Assets pledged for derivative obligations: Cash equivalents (1) ​ 46.8 ​ — Short term investments 64.1 79.5 ​ 110.9 79.5 ​ ​ ​ ​ ​ Holding company cash and investments as presented on the consolidated balance sheet 1,478.3 1,252.2 Derivative obligations (note 7) (32.1) (22.8) ​ 1,446.2 1,229.4 Portfolio investments Cash and cash equivalents (1)(4) 12,283.2 4,886.5 Short term investments (4) 9,516.3 8,311.3 Bonds (4) 14,091.2 15,734.6 Preferred stocks 2,405.9 605.2 Common stocks (2)(4) 5,468.9 4,599.1 Investments in associates (note 6) (4) 4,755.1 4,381.8 Investment in associate held for sale (note 6) — 729.5 Derivatives (note 7) 291.3 234.8 Other invested assets (3) 699.9 577.6 ​ 49,511.8 40,060.4 Assets pledged for derivative obligations: Cash equivalents (1) ​ 74.0 ​ — Short term investments 45.6 113.9 Bonds — 82.5 ​ 119.6 196.4 Fairfax India cash, portfolio investments and associates: Cash and cash equivalents (1) 76.5 90.2 Short term investments ​ 6.2 ​ — Bonds 199.8 21.0 Common stocks 434.6 412.3 Investments in associates (note 6) 1,348.9 1,328.3 ​ 2,066.0 1,851.8 ​ ​ ​ ​ ​ Portfolio investments as presented on the consolidated balance sheet 51,697.4 42,108.6 Derivative obligations (note 7) (120.8) (166.6) ​ 51,576.6 41,942.0 ​ ​ ​ ​ ​ Total investments, net of derivative obligations 53,022.8 43,171.4 (1) Includes aggregate restricted cash and cash equivalents at December 31, 2021 of $1,261.0 (December 31, 2020 – $789.6 ). See note 27. (2) Includes aggregate investments in limited partnerships with a carrying value at December 31, 2021 of $1,971.0 (December 31, 2020 – $1,935.9 ). (3) Comprised primarily of investment property. (4) Presented in the following table are portfolio investments held by Eurolife to support its life insurance operations that are included in the table above. Eurolife was consolidated on July 14, 2021 as described in note 23. ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Eurolife life insurance portfolio investments Cash and cash equivalents 741.5 — Short term investments 854.3 — Bonds 1,206.8 — Common stocks 148.1 — Investments in associates (note 6) 147.5 — ​ 3,098.2 — ​ Restricted cash and cash equivalents at December 31, 2021 of $1,261.0 (December 31, 2020 – $789.6) was comprised primarily of amounts required to be maintained on deposit with various regulatory authorities to support the operations of the insurance and reinsurance subsidiaries. Refer to note 27 for details of restricted cash and cash equivalents presented on the consolidated balance sheet. The company’s subsidiaries have pledged cash and investments, inclusive of trust funds and regulatory deposits, as security for their own obligations to pay claims or make premium payments (these pledges are either direct or collateral for letters of credit). In order to write insurance business in certain jurisdictions (primarily U.S. states) the company’s subsidiaries must deposit funds with local insurance regulatory authorities to provide security for future claims payments as ultimate protection for the policyholder. Additionally, some of the company’s subsidiaries provide reinsurance to primary insurers, for which funds must be posted as security for losses that have been incurred but not yet paid. These pledges are in the normal course of business and are generally released when the payment obligation is fulfilled. The table that follows summarizes assets pledged to third parties by the nature of the pledge requirement (excluding assets pledged in favour of Lloyd’s (note 20), for derivative obligations and for certain intercompany reinsurance arrangements). Pledged assets primarily consist of cash and cash equivalents, short term investments and bonds within portfolio investments on the consolidated balance sheet. ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Regulatory deposits 5,147.1 4,781.0 Security for reinsurance and other 1,434.9 1,245.7 ​ 6,582.0 6,026.7 ​ Fixed Income Maturity Profile Bonds are summarized by their earliest contractual maturity date in the table below. Actual maturities may differ from maturities shown below due to the existence of call and put features. At December 31, 2021 bonds containing call, put and both call and put features represented $4,063.0, $77.2 and $467.8 respectively (December 31, 2020 – $7,155.0, $1.3 and $1,075.8) of the total fair value of bonds. The table below does not reflect the impact of U.S. treasury bond forward contracts with a notional amount at December 31, 2021 of $1,691.3 (December 31, 2020 – $330.8) that economically hedge the company’s exposure to interest rate risk as described in note 7. The increase in the company’s holdings of bonds due in 1 year or less was primarily due to net purchases of first mortgage loans of $826.9 and an investment in Mosaic Capital 25-year debentures as described in note 23. The decrease in the company’s holdings of bonds due after 1 year through 5 years was primarily due to net sales of short to mid-dated high quality corporate bonds for net proceeds of $3,948.5, the exchange of Seaspan Corporation debentures for Atlas Corp. preferred shares and redemption of the remaining Seaspan Corporation debentures as described in note 6, partially offset by net purchases of Canadian government bonds of $617.3. The increase in the company’s holdings of bonds due after 10 years was primarily due to the consolidation of Eurolife’s bond portfolio as described in note 23. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ ​ cost (1) ​ value (1) ​ cost (1) ​ value (1) ​ Due in 1 year or less 6,022.8 5,946.5 4,968.1 4,935.3 ​ Due after 1 year through 5 years 6,674.2 6,950.1 9,378.4 10,096.9 ​ Due after 5 years through 10 years 534.0 531.3 654.2 718.5 ​ Due after 10 years 990.1 1,105.7 419.2 544.6 ​ ​ 14,221.1 14,533.6 15,419.9 16,295.3 ​ Pre-tax effective interest rate 2.7 % 3.2 % (1) Includes bonds held by the holding company and Fairfax India. Fair Value Disclosures The company’s use of quoted market prices (Level 1), valuation models with significant observable market information as inputs (Level 2) and valuation models with significant unobservable information as inputs (Level 3) in the valuation of securities and derivative contracts by type of issuer was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Significant ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ other ​ Significant ​ ​ ​ ​ ​ other ​ Significant ​ ​ ​ ​ Quoted ​ observable ​ unobservable ​ Total fair ​ Quoted ​ observable ​ unobservable ​ Total fair ​ ​ prices ​ inputs ​ inputs ​ value asset ​ prices ​ inputs ​ inputs ​ value asset ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (liability) ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (liability) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (1) ​ 12,946.4 ​ — ​ — ​ 12,946.4 ​ 5,256.7 — ​ — 5,256.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ 16.2 ​ — ​ — ​ 16.2 ​ 638.1 ​ — ​ — ​ 638.1 ​ Canadian provincials ​ 535.8 ​ — ​ — ​ 535.8 ​ 1,002.9 ​ — ​ — ​ 1,002.9 ​ U.S. treasury ​ 7,608.8 ​ — ​ — ​ 7,608.8 ​ 6,343.3 ​ — ​ — ​ 6,343.3 ​ Other government ​ 283.5 ​ 1,140.9 ​ — ​ 1,424.4 ​ 266.7 ​ 234.9 ​ — ​ 501.6 ​ Corporate and other ​ — ​ 263.9 ​ — ​ 263.9 ​ — ​ 178.0 ​ — ​ 178.0 ​ ​ ​ 8,444.3 ​ 1,404.8 ​ — ​ 9,849.1 ​ 8,251.0 ​ 412.9 ​ — ​ 8,663.9 ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ — ​ 614.6 ​ — ​ 614.6 ​ — ​ 16.5 ​ — ​ 16.5 ​ Canadian provincials ​ — ​ 45.0 ​ — ​ 45.0 ​ — ​ 49.9 ​ — ​ 49.9 ​ U.S. treasury ​ — ​ 3,957.9 ​ — ​ 3,957.9 ​ — ​ 3,058.4 ​ — ​ 3,058.4 ​ U.S. states and municipalities ​ — ​ 387.2 ​ — ​ 387.2 ​ — ​ 378.2 ​ — ​ 378.2 ​ Other government ​ — ​ 2,655.0 ​ — ​ 2,655.0 ​ — ​ 944.0 ​ — ​ 944.0 ​ Corporate and other (2) ​ — ​ 4,078.1 ​ 2,795.8 ​ 6,873.9 ​ — ​ 10,074.1 ​ 1,774.2 ​ 11,848.3 ​ ​ ​ — ​ 11,737.8 ​ 2,795.8 ​ 14,533.6 ​ — ​ 14,521.1 ​ 1,774.2 ​ 16,295.3 ​ Preferred stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ — ​ 16.6 ​ 93.6 ​ 110.2 ​ — ​ 12.2 ​ 93.0 ​ 105.2 ​ U.S. ​ — ​ — ​ 40.6 ​ 40.6 ​ — ​ — ​ 17.0 ​ 17.0 ​ Other (3) ​ 13.5 ​ 288.0 ​ 1,967.6 ​ 2,269.1 ​ 10.3 ​ — ​ 477.4 ​ 487.7 ​ ​ ​ 13.5 ​ 304.6 ​ 2,101.8 ​ 2,419.9 ​ 10.3 ​ 12.2 ​ 587.4 ​ 609.9 ​ Common stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 1,104.2 ​ 188.4 ​ 303.7 ​ 1,596.3 ​ 802.5 ​ 108.7 ​ 181.5 ​ 1,092.7 ​ U.S. ​ 597.9 ​ 32.0 ​ 1,155.3 ​ 1,785.2 ​ 485.1 ​ 32.0 ​ 998.8 ​ 1,515.9 ​ Other ​ 1,438.0 ​ 276.7 ​ 944.8 ​ 2,659.5 ​ 1,250.8 ​ 338.4 ​ 937.3 ​ 2,526.5 ​ ​ ​ 3,140.1 ​ 497.1 ​ 2,403.8 ​ 6,041.0 ​ 2,538.4 ​ 479.1 ​ 2,117.6 ​ 5,135.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets ​ 0.1 ​ 175.4 ​ 1,106.2 ​ 1,281.7 ​ — ​ 237.4 ​ 722.9 ​ 960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative obligations (note 7) ​ — ​ (88.5) ​ (64.4) ​ (152.9) ​ — ​ (164.1) ​ (25.3) ​ (189.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments and portfolio investments measured at fair value ​ 24,544.4 ​ 14,031.2 ​ 8,343.2 ​ 46,918.8 ​ 16,056.4 ​ 15,498.6 ​ 5,176.8 ​ 36,731.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 52.3 % 29.9 % 17.8 % 100.0 % 43.7 % 42.2 % 14.1 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates (note 6) (4) ​ 4,188.8 ​ 106.8 ​ 3,995.6 ​ 8,291.2 ​ 2,916.3 ​ 175.2 ​ 4,059.8 ​ 7,151.3 ​ (1) Includes restricted cash and cash equivalents of $1,261.0 at December 31, 2021 (December 31, 2020 – $789.6 ). See note 27. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 – $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Primarily comprised of the company’s investment in compulsory convertible preferred shares of Go Digit Infoworks Services Limited (“Digit”),which are described in footnote (2) of the following table. The company also holds a 49.0% equity interest in Digit as described in note 6. (4) The fair value of investments in associates is presented separately as such investments are measured using the equity method of accounting. Also included is the fair value of RiverStone Barbados which was held for sale at December 31, 2020 and subsequently sold on August 23,2021 as described in note 23. In the preceding table certain limited partnerships included in common stocks are classified as Level 3 because their net asset values are unobservable or because they contractually require greater than three months to liquidate or redeem. During 2021 and 2020 there were no significant transfers of financial instruments between Level 1 and Level 2, and there were no significant transfers of financial instruments in or out of Level 3 as a result of changes in the observability of valuation inputs except as described in the following table which summarizes changes in Level 3 financial assets measured at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ Private ​ ​ ​ ​ ​ Limited ​ Private ​ Derivatives ​ company ​ ​ ​ Private ​ ​ ​ ​ partnerships ​ placement ​ and other ​ preferred ​ Common ​ equity ​ ​ ​ ​ and other (1) ​ debt securities ​ invested assets ​ shares ​ shares ​ funds (1) ​ Total Balance - January 1 ​ 1,766.9 ​ 1,774.2 ​ 697.6 ​ 587.4 ​ 239.9 ​ 110.8 ​ 5,176.8 Net realized and unrealized gains included in the consolidated statement of earnings (2) ​ 450.6 ​ 69.1 ​ 297.4 ​ 1,489.3 ​ 53.7 ​ 2.4 ​ 2,362.5 Purchases (3)(4) ​ 254.3 ​ 1,241.5 ​ 115.5 ​ 32.0 ​ 216.9 ​ — ​ 1,860.2 Acquisitions of subsidiaries (note 23) — 47.5 27.4 — — — 74.9 Transfer into category (5) — 139.6 — — 10.9 — 150.5 Sales and distributions (580.9) (476.6) (91.8) (7.2) (2.5) (5.9) (1,164.9) Transfer out of category (102.0) — — — (10.7) — (112.7) Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss) 0.2 0.5 (4.3) 0.3 (1.2) 0.4 (4.1) Balance - December 31 1,789.1 2,795.8 1,041.8 2,101.8 507.0 107.7 8,343.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Private ​ ​ ​ ​ ​ Limited ​ Private ​ Derivatives ​ company ​ ​ ​ Private ​ ​ ​ ​ partnerships ​ placement ​ and other ​ preferred ​ Common ​ equity ​ ​ ​ ​ and other (1) ​ debt securities ​ invested assets ​ shares ​ shares ​ funds (1) ​ Total Balance - January 1 ​ 1,846.7 ​ 1,420.1 ​ 764.3 ​ 569.2 ​ 205.6 ​ 129.2 ​ 4,935.1 Net realized and unrealized gains (losses) included in the consolidated statement of earnings ​ 155.9 ​ 99.3 ​ (100.4) ​ (3.0) ​ 27.4 ​ (1.0) ​ 178.2 Purchases ​ 198.1 ​ 1,012.8 ​ 44.2 ​ 20.7 ​ 14.3 ​ — ​ 1,290.1 Sales and distributions (392.8) (474.6) — (0.1) (8.0) (18.8) (894.3) Transfer out of category (6) (44.4) (149.3) — — — — (193.7) Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss) 3.4 12.5 (0.6) 0.6 0.6 1.4 17.9 Deconsolidation of non-insurance subsidiary (note 23) — (146.6) (9.9) — — — (156.5) Balance - December 31 1,766.9 1,774.2 697.6 587.4 239.9 110.8 5,176.8 (1) Included in common stocks in the fair value hierarchy table presented on the previous page and in holding company cash and investments or common stocks on the consolidated balance sheets. (2) During June 2021 the company’s associate Go Digit Infoworks Services Private Limited (“Digit”) entered into agreements with certain third party investors for its general insurance subsidiary Go Digit Insurance Limited (“Digit Insurance”) to raise approximately $200 ( 14.9 billion Indian rupees) of new equity shares, valuing Digit Insurance at approximately $3.5 billion ( 259.5 billion Indian rupees) (the “transaction fair value”). Digit Insurance subsequently raised approximately $122 ( 9.0 billion Indian rupees) at the transaction fair value, with the remaining tranches expected to close in the first half of 2022, subject to customary closing conditions and regulatory approval. The increased valuation of Digit Insurance based upon the transaction fair value, which was supported by an internal discounted cash flow analysis, resulted in the company recording a net unrealized gain of $1,490.3 (inclusive of foreign exchange losses) in 2021 on its investment in Digit compulsory convertible preferred shares. The company also holds a 49.0% equity accounted interest in Digit as described in note 6. (3) Common shares include non-voting shares of the RiverStone Barbados holding company as described in note 23. (4) Derivatives and other invested assets include a monthly royalty on future revenues of Toys “R” Us Canada as described in note 23. (5) Private placement debt securities include Mosaic Capital 25-year debentures as described in note 23. (6) On July 1, 2020 the company derecognized its investment in Farmers Edge convertible debentures pursuant to the consolidation of Farmers Edge as described in note 6. The table below presents the valuation techniques and unobservable inputs used to estimate fair values for the company’s significant Level 3 financial assets at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on fair value ​ ​ Carrying ​ ​ ​ ​ ​ Input range used ​ if input value is Asset class ​ value ​ Valuation technique ​ Significant unobservable input ​ Low ​ High ​ increased (a) Bonds (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private placement debt securities (1) 1,001.7 Discounted cash flow Credit spread 1.0 % 9.9 % Decrease Mortgage loans (2) 1,659.4 Market approach Recent transaction price N/A N/A Increase ​ ​ Discounted cash flow Credit spread ​ 1.9 % 7.6 % Decrease Other ​ 134.7 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 2,795.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stocks (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private company preferred shares (3) 1,965.5 Market approach Recent transaction price N/A ​ N/A ​ Increase ​ ​ Discounted cash flow ​ Discount rate ​ 11.3 % 11.3 % Decrease ​ ​ ​ ​ Long term growth rate ​ 6.0 % 6.0 % Increase Private placement preferred shares (4) 71.2 Discounted cash flow Credit spread 3.7 % 3.7 % Decrease Other ​ 65.1 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 2,101.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks (d) ​ ​ ​ ​ ​ ​ Limited partnerships and other (5) ​ 1,789.1 ​ Net asset value ​ Net asset value ​ N/A ​ N/A ​ Increase Common shares (6) ​ 200.0 ​ Market approach ​ Recent transaction price ​ N/A ​ N/A ​ Increase Common shares (7) ​ 83.0 ​ Market comparable ​ Book value multiple ​ 1.4 ​ 1.4 ​ Increase Private equity funds (7) 58.3 ​ Market comparable Price/Earnings multiple 10.0 10.0 Increase Private equity funds (5) 49.4 Net asset value Net asset value N/A N/A Increase Other 224.0 Various Various N/A N/A N/A ​ ​ 2,403.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets (e) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment property (8) ​ 507.9 ​ Income capitalization ​ Terminal capitalization rate ​ 5.8 % 7.5 % Decrease ​ ​ ​ ​ ​ ​ Discount rate ​ 7.1 % 8.8 % Decrease ​ ​ ​ ​ ​ ​ Market rent growth rate ​ 2.5 % 3.0 % Increase Warrants (9) ​ 259.2 ​ Option pricing model ​ Equity volatility ​ 19.3 % 75.1 % Increase Investment property (10) ​ 69.5 ​ Sales comparison ​ Price per acre (Cdn$ thousands) ​ 30.0 ​ 125.0 ​ Increase Other ​ 205.2 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 1,041.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 8,343.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Decreasing the input value would have the opposite effect on the estimated fair value. (b) Included in holding company cash and investments or bonds on the consolidated balance sheet. (c) Included in preferred stocks on the consolidated balance sheet. (d) Included in holding company cash and investments or common stocks on the consolidated balance sheet. (e) Included in holding company cash and investments or derivatives and other invested assets, net of derivative obligations on the consolidated balance sheet. (1) At December 31, 2021 these private placement debt securities were valued using industry accepted discounted cash flow models that incorporated unobservable credit spreads of the issuers, and consisted of 12 investments, the largest being $535.1 (the company’s investment in Blackberry Limited) (December 31, 2020 - 10 investments, the largest being $438.6 (the company’s investment in Blackberry Limited)). By increasing (decreasing) the credit spreads applied at December 31, 2021 by 100 basis points, the fair value of this asset class would collectively decrease by $26.5 (increase by $11.3 ). (2) At December 31, 2021 these mortgage loans consisted of 36 investments, the largest being $149.4 (December 31, 2020 - 22 investments, the largest being $111.5 ). By increasing (decreasing) the credit spreads applied at December 31, 2021 by 100 basis points, the fair value of this asset class would not change significantly primarily due to the short term nature of these instruments. (3) These private company preferred shares relate to the company’s investment in Digit compulsory convertible preferred shares where the recent transaction price was applied which was supported by an industry accepted discounted cash flow model that incorporated an unobservable discount rate and long term growth rate. As the company is restricted from selling the preferred shares for a specified period a discount for lack of marketability was also applied using an industry accepted option pricing model that incorporated unobservable long-dated equity volatilities. At December 31, 2021 by increasing (decreasing) the discount rate applied by 0.5% , the fair value of the preferred shares would decrease by $212.1 (increase by $258.0 ); by increasing (decreasing) the long term growth rate applied by 0.25% , the fair value of the preferred shares would increase by $80.4 (decrease by $73.2 ). (4) These private placement preferred shares were valued using industry accepted discounted cash flow models that incorporated unobservable credit spreads of the preferred shares. By increasing (decreasing) the credit spreads applied at December 31, 2021 by 100 basis points, the fair value of this asset class would decrease by $8.0 (increase by $8.6 ). (5) Limited partnerships and other, and certain private equity funds, are investment funds managed by third party fund managers and general partners that invest in a diverse range of industries and geographies. These investment funds were valued primarily using net asset value statements provided by those third party fund managers and general partners. The fair values in those statements are determined using quoted prices of the underlying assets, and to a lesser extent, observable inputs where available and unobservable inputs, in conjunction with industry accepted valuation models, where required. In some instances, such investments are classified as Level 3 if they require at least three months’ notice to liquidate or redeem. At December 31, 2021 limited partnerships and other consisted of 47 investments, the three largest being $258.2 (industrials), $252.1 (oil and gas extraction) and $192.0 (primarily household appliance manufacturing) (December 31, 2020 - 51 investments, the three largest being $299.5 (beverage manufacturing), $191.8 (industrials) and $146.4 (oil and gas extraction)). By increasing (decreasing) net asset values at December 31, 2021 by 10% , the fair value of limited partnerships and other would collectively increase (decrease) by $178.9 , and the fair value of the private equity funds would collectively increase (decrease) by $4.9 . (6) These common shares applied the recent transaction price that was supported by a probability weighted valuation model which attributed 85.0% weighting to the fair value whereby the common shares will convert into a secured loan note upon completion of certain regulatory undertakings by the investee and 15.0% weighting to the fair value whereby the common shares remain unchanged. (7) These common shares and private equity funds were valued using various valuation measures for comparable companies and transactions, including relevant valuation multiples. In some instances, such investments are classified as Level 3 because the valuation multiples applied by the company were adjusted for differences in attributes between the investment and the underlying companies or transactions from which the valuation multiples were derived. (8) These investment property were valued by third party appraisers using an industry accepted income capitalization approach that incorporated unobservable capitalization rates, discount rates and market rent growth rates. (9) These warrants were valued using industry accepted option pricing models that incorporated unobservable long-dated equity volatilities. A higher equity volatility generally results in a higher fair value due to the higher probability of obtaining a greater return from the warrant. By increasing (decreasing) equity volatilities applied at December 31, 2021 by 10% , the fair value of these warrants would collectively increase by $25.5 (decrease by $26.0 ). (10) These investment property were valued using an industry accepted direct sales comparison approach that incorporated unobservable recent sale prices per acre for comparable properties in similar locations. Investment Income An analysis of investment income for the years ended December 31 follows: Interest and dividends and share of profit (losses) of associates ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Interest income: Cash and short term investments 26.8 104.1 Bonds 488.5 557.4 Derivatives and other invested assets 53.1 55.0 ​ 568.4 716.5 Dividends: ​ Preferred stocks 14.1 4.3 Common stocks 94.1 73.5 ​ 108.2 77.8 Investment expenses (35.8) (25.1) Interest and dividends 640.8 769.2 ​ ​ ​ ​ ​ Share of profit (losses) of associates (1) 402.0 (112.8) (1) Includes impairment charges recorded on investments in associates during 2021 of nil (2020 - $240.3 ). Net gains (losses) on investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Net change in Net gains ​ Net change in Net gains ​ ​ ​ Net realized ​ unrealized ​ (losses) on ​ Net realized ​ unrealized ​ (losses) on ​ ​ ​ gains (losses) ​ gains (losses) ​ investments ​ gains (losses) (8) ​ gains (losses) ​ investments ​ Bonds 338.2 (1) (523.5) (1) (185.3) ​ 112.1 593.5 705.6 Preferred stocks ​ 2.2 ​ 1,509.5 (2) 1,511.7 ​ — ​ 10.0 ​ 10.0 ​ Common stocks 488.0 852.3 1,340.3 243.7 (212.4) 31.3 ​ 828.4 1,838.3 2,666.7 355.8 391.1 746.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: Equity total return swaps - short positions — — — (613.2) (3) 84.6 (528.6) Equity total return swaps - long positions 439.6 (3) (32.1) 407.5 207.4 (3) 118.2 ​ 325.6 Equity warrants and options 15.8 98.4 114.2 (1.6) (54.7) (56.3) CPI-linked derivatives (108.5) 113.8 5.3 (300.0) 286.1 (13.9) U.S. treasury bond forwards 26.0 (0.3) 25.7 (103.0) 1.0 (102.0) Other (42.6) 171.3 ​ 128.7 (4) (59.0) 26.1 (32.9) ​ 330.3 351.1 681.4 ​ (869.4) 461.3 (408.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency net gains (losses) on: Investing activities (43.5) (78.8) (122.3) (5) (51.0) 156.4 105.4 (5) Underwriting activities 41.2 ​ — 41.2 (16.8) — (16.8) Foreign currency contracts (62.2) 50.2 (12.0) 2.1 (35.1) (33.0) ​ (64.5) (28.6) (93.1) (65.7) 121.3 55.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Disposition of associates 56.4 (6) — 56.4 8.6 (9)(10) — 8.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deconsolidation of non-insurance subsidiaries 190.3 (7) — 190.3 (78.5) (11) — ​ (78.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other 122.1 (178.7) (56.6) (19.9) 8.5 (11.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains (losses) on investments 1,463.0 1,982.1 3,445.1 (669.1) 982.2 313.1 (1) Includes the derecognition of Seaspan Corporation debentures that were exchanged for Atlas Corp. preferred shares and Seaspan Corporation debentures that were redeemed as described in note 6. (2) Includes net unrealized gains of $1,490.3 (inclusive of foreign exchange losses)on Digit compulsory convertible preferred shares described earlier in this note. (3) Amounts recorded in net realized gains (losses) include net gains (losses) on total return swaps where the counterparties are required to cash-settle monthly or quarterly the market value movement since the previous reset date notwithstanding that the total return swap positions remain open subsequent to the cash settlement. (4) Includes net gains of $109.9 (excludes net foreign exchange losses) related to Asset Value Loan Notes (“AVLNs”) entered into with RiverStone Barbados as described in note 23. (5) Foreign currency net losses on investing activities during 2021 primarily related to euro and Indian rupee denominated investments held by subsidiaries with a U.S. dollar functional currency as the U.S. dollar strengthened relative to those currencies. Foreign currency net gains on investing activities during 2020 primarily related to euro and Canadian dollar denominated investments held by subsidiaries with a U.S. dollar functional currency as the U.S. dollar weakened relative to those currencies. (6) During 2021 the company sold a portion of its investment in IIFL Finance for cash proceeds of $113.7 ( 8.6 billion Indian rupees) and recorded a net realized gain of $42.0 in the consolidated statement of earnings as described in note 6. (7) Principally comprised of the sale of Toys “R” Us Canada and Fairfax India’s sale of Privi as described in note 23. (8) Amounts recorded in net realized gains (losses) in 2020 include net gains (losses) on investments that were disposed of pursuant to the deconsolidation of European Run-off on March 31, 2020 and Fairfax Africa on December 8, 2020 as described in note 23. (9) On February 28, 2020 the company sold its investment in APR Energy to Atlas Corp. in an all-stock transaction . (10) On September 30, 2020 the company sold its investment in Davos Brands for cash proceeds of $58.6 and recorded a net realized gain of $19.3 . (11) On December 8, 2020 Fairfax Africa was deconsolidated pursuant to the transaction described in note 23 and an equity accounted investment in Helios Fairfax Partners Corporation (“HFP”) was recognized, resulting in a net realized loss of $61.5 .

Investments in Associates

Investments in Associates	12 Months Ended
	Dec. 31, 2021
Investments in Associates
Investments in Associates	6. Investments in Associates The company’s investments in associates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Year ended ​ ​ ​ ​ ​ ​ Carrying value ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of ​ ​ Ownership ​ ​ ​ Associates and joint ​ Fairfax India ​ ​ ​ profit ​ ​ percentage (a) ​ Fair value (b) ​ ventures ​ associates (c) ​ Total ​ (loss) Insurance and reinsurance: ​ ​ ​ ​ ​ ​ Gulf Insurance Group K.S.C.P. ("Gulf Insurance") (1) ​ 43.7 % 409.5 ​ 380.0 ​ — ​ 380.0 ​ 55.5 Go Digit Infoworks Services Private Limited ("Digit") (2) ​ 49.0 % 498.3 ​ 79.1 ​ — ​ 79.1 ​ 5.3 Other (3)(4)(5) — 191.3 148.3 — 148.3 ​ 11.8 ​ ​ ​ ​ 1,099.1 ​ 607.4 ​ — ​ 607.4 ​ 72.6 Non-insurance: India Bangalore International Airport Limited ("Bangalore Airport") (13) 54.0 % 1,372.2 — 585.8 585.8 (45.8) Quess Corp Limited ("Quess") 31.0 % 528.5 506.3 (d) — 506.3 (1.4) IIFL Finance Limited (“IIFL Finance”) (8) 22.3 % 318.1 ​ — 198.8 198.8 40.6 Sanmar Chemicals Group ("Sanmar") 42.9 % 421.2 ​ — 124.2 124.2 (2.4) CSB Bank Limited ("CSB Bank") 49.7 % 227.6 ​ — 180.8 180.8 27.6 IIFL Securities Limited ("IIFL Securities") 37.2 % 138.0 35.0 101.0 136.0 14.0 Seven Islands Shipping Limited ("Seven Islands") 48.5 % 105.9 — 98.5 98.5 (0.5) Other — ​ 84.8 10.9 59.8 70.7 0.5 ​ ​ 3,196.3 552.2 1,348.9 1,901.1 ​ 32.6 Real estate KWF Real Estate Ventures Limited Partnerships ("KWF LPs") — ​ 76.3 76.3 (d) — 76.3 (9.0) Other — ​ 139.6 140.5 — 140.5 (1.7) ​ ​ 215.9 216.8 — 216.8 ​ (10.7) Other Eurobank Ergasias Services & Holdings S.A ("Eurobank") 32.2 % 1,210.3 1,298.5 — 1,298.5 162.3 Atlas Corp. ("Atlas", formerly Seaspan Corporation) (10) 36.7 % 1,285.8 922.1 — 922.1 69.5 EXCO Resources Inc. ("EXCO") 43.3 % 267.2 195.4 — 195.4 (41.2) Resolute Forest Products Inc. ("Resolute") 32.3 % 377.1 275.8 — 275.8 75.9 Helios Fairfax Partners Corporation ("HFP") (9) 34.4 % 116.2 206.1 — 206.1 (1.2) Peak Achievement Athletics ("Peak Achievement") 42.6 % 181.2 140.5 (d) — 140.5 13.3 Astarta Holding N.V. ("Astarta") ​ 28.4 % 73.3 ​ 104.0 ​ — ​ 104.0 ​ 38.4 Partnerships, trusts and other — ​ 268.8 236.3 — 236.3 (9.5) ​ ​ 3,779.9 3,378.7 — 3,378.7 ​ 307.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,192.1 4,147.7 1,348.9 5,496.6 ​ 329.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates ​ 8,291.2 4,755.1 1,348.9 6,104.0 402.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As presented on the consolidated balance sheet: Investments in associates ​ 5,671.9 4,755.1 Fairfax India investments in associates ​ 2,619.3 1,348.9 ​ ​ 8,291.2 ​ ​ ​ ​ ​ 6,104.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2020 ​ December 31, ​ ​ ​ ​ ​ ​ Carrying value ​ 2020 ​ ​ ​ ​ ​ ​ Associates ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Fair ​ and joint ​ Fairfax India ​ ​ ​ Share of profit ​ ​ percentage (a) ​ value (b) ventures ​ associates (c) ​ Total ​ (loss) Insurance and reinsurance: Eurolife ERB Insurance Group Holdings S.A. ("Eurolife") (7) 50.0 % 457.9 336.2 (d) — 336.2 6.1 Go Digit Infoworks Services Private Limited ("Digit") 49.0 % 120.5 41.8 — 41.8 8.8 RiverStone (Barbados) Ltd. ("RiverStone Barbados"), held for sale (5)(6) 60.0 % 729.5 ​ 729.5 (d) — 729.5 113.0 Other (4) — 233.6 197.2 — 197.2 (8.6) ​ ​ ​ 1,541.5 1,304.7 ​ — 1,304.7 119.3 Non-insurance: India Bangalore International Airport Limited ("Bangalore Airport") 54.0 % 1,396.1 — 642.4 642.4 (30.5) Quess Corp Limited ("Quess") 33.2 % 366.8 558.9 (d) — 558.9 (124.6) IIFL Finance Limited (“IIFL Finance”) 29.9 % 175.6 57.7 175.9 233.6 19.9 Sanmar Chemicals Group ("Sanmar") 42.9 % 338.6 — 128.6 128.6 (48.6) CSB Bank Limited ("CSB Bank") 49.7 % 214.4 — 164.4 164.4 14.1 IIFL Securities Limited (“IIFL Securities”) 35.3 % 74.3 32.1 93.4 125.5 9.8 Seven Islands Shipping Limited ("Seven Islands") 48.5 % 103.6 — 100.8 100.8 17.8 Other — 37.1 8.8 22.8 31.6 0.1 ​ ​ 2,706.5 657.5 ​ 1,328.3 1,985.8 ​ (142.0) Agriculture Astarta Holding N.V. ("Astarta") 28.4 % 49.9 65.3 — 65.3 (28.0) Farmers Edge Inc. ("Farmers Edge") (11) — — — — — (21.8) ​ ​ 49.9 65.3 ​ — 65.3 ​ (49.8) Real estate KWF Real Estate Ventures Limited Partnerships ("KWF LPs") — 84.3 84.3 (d) — 84.3 (17.9) Other — 48.3 50.8 — 50.8 (0.2) ​ ​ 132.6 135.1 ​ — 135.1 ​ (18.1) Other Eurobank Ergasias Services & Holdings S.A ("Eurobank") 30.5 % 799.9 1,166.3 — 1,166.3 (11.9) Atlas Corp. ("Atlas", formerly Seaspan Corporation) (12) 36.7 % 978.9 900.1 — 900.1 116.4 EXCO Resources Inc. ("EXCO") 43.7 % 237.7 238.5 — 238.5 (4.6) Resolute Forest Products Inc. ("Resolute") 30.6 % 161.9 134.3 — 134.3 (57.0) APR Energy plc ("APR Energy") (12) — ​ — — ​ — — (13.6) Helios Fairfax Partners Corporation ("HFP") ​ 32.3 % 185.9 ​ 185.9 ​ — ​ 185.9 ​ — Peak Achievement Athletics ("Peak Achievement") 42.6 % 171.5 140.2 (d) — 140.2 34.2 Partnerships, trusts and other — 185.0 183.4 — 183.4 (85.7) ​ ​ 2,720.8 2,948.7 ​ — 2,948.7 ​ (22.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,609.8 3,806.6 ​ 1,328.3 5,134.9 ​ (232.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates ​ 7,151.3 5,111.3 1,328.3 6,439.6 (112.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As presented on the consolidated balance sheet: Investments in associates ​ 4,154.3 4,381.8 Investment in associate held for sale (5)(d) ​ 729.5 729.5 Fairfax India investments in associates ​ 2,267.5 1,328.3 ​ ​ 7,151.3 ​ ​ ​ ​ ​ 6,439.6 ​ ​ (a) Ownership percentages include the effects of financial instruments that are considered in-substance equity. (b) See note 5 for fair value hierarchy information. (c) Fairfax India’s associates are domiciled in India. (d) These investments are joint ventures. Insurance and reinsurance associates and joint ventures (1) On February 8, 2021 the company entered into an arrangement to purchase (unless sold earlier) certain portfolio investments owned by RiverStone Barbados as described in note 23 and subsequently commenced applying the equity method of accounting to its interest in Gulf Insurance pursuant to that arrangement. (2) The company estimated the fair value of its 49.0% equity accounted interest in Digit at December 31, 2021 to be $498.3 based on the transaction fair value, which is further supported by an internal discounted cash flow model, as described in note 5. Indian law permits an equity interest of 74.0% but regulatory approvals are required for the company to increase its equity interest in Digit beyond 49.0% and to obtain control, so the company anticipates it will consolidate Digit when the company receives such regulatory approvals. (3) On July 14, 2021 the company increased its interest in Eurolife to 80.0% and commenced consolidating Eurolife as described in note 23. (4) On June 17, 2021 the company increased its equity interest in Singapore Re from 28.2% to 94.0% and commenced consolidating Singapore Re as described in note 23. (5) On August 23, 2021 the company completed the sale of its joint venture interest in RiverStone Barbados, which was held for sale at December 31, 2020, pursuant to the transactions described in note 23. (6) On March 31, 2020 the company received a 60.0% joint venture interest with a fair value of $605.0 in RiverStone Barbados pursuant to its contribution of European Run-off to RiverStone Barbados as described in Note 23. (7) The company held a 50.0% indirect interest in Eurolife at December 31, 2020 through its 62.5% interest in a joint venture with OMERS, the pension plan for Ontario’s municipal employees. The joint venture held an 80.0% equity interest in Eurolife, with the remaining 20.0% equity interest held by Eurobank. Non-insurance associates and joint ventures (8) During 2021 the company reduced its interest in IIFL Finance to 22.3% by selling a portion of its interest for cash proceeds of $113.7 ( 8.6 billion Indian rupees) and recorded a net realized gain of $42.0 in the consolidated statement of earnings. (9) On March 31, 2021 the company invested $100.0 in $100.0 principal amount of Helios Fairfax Partners Corporation (“HFP”) 3.0% unsecured debentures and warrants to purchase 3 million HFP subordinate voting shares exercisable at $4.90 per share any time prior to the fifth anniversary of closing. The debentures will mature on the third anniversary of closing or, at the company’s option, on either the first or second anniversary. At redemption or maturity, if the fair value of certain Fairfax Africa legacy investments held by HFP are below their fair value at June 30, 2020 of $102.6 , the redemption price of the debentures will be reduced by that difference. The company recorded the debentures at their fair value of $78.0 and recorded the balance of $22.0 as an addition to its equity accounted investment in HFP. On December 8, 2020 the company deconsolidated Fairfax Africa (subsequently renamed Helios Fairfax Partners Corporation) and accounted for its interest in HFP as an investment in associate pursuant to the transaction described in note 23. (10) On June 11, 2021 the company entered into an exchange and amendment transaction with Atlas in relation to its investment in $575.0 principal amount of debentures issued by Seaspan Corporation (“Seaspan”), an operating subsidiary of Atlas, whereby the company exchanged $288.0 principal amount of those Seaspan debentures for newly-issued Atlas Series J preferred shares and equity warrants with an exercise price of $13.71 per share. The terms of the remaining Seaspan debentures were amended to primarily remove the company’s mandatory put rights and discharge all outstanding guarantees and liens on collateral. The company derecognized the Seaspan debentures that were exchanged and recorded its investment in the Atlas preferred shares and warrants as preferred stocks and derivatives respectively on the consolidated balance sheet. On August 23, 2021 Atlas redeemed the remaining $287.0 principal amount of the Seaspan debentures. (11) On July 1, 2020 the company commenced consolidating Farmers Edge as the company held convertible debentures and warrants that, together with its holdings of common shares, represented a substantive potential voting interest of approximately 67 %. (12) On February 27, 2020 Seaspan Corporation (“Seaspan”) completed a reorganization pursuant to which Atlas Corp., a newly created holding company, became its parent. Shareholders of Seaspan, including the company, exchanged their Seaspan shares for Atlas shares with no change in ownership percentage. On February 28, 2020 Atlas acquired all issued and outstanding shares of APR Energy from the company and other APR Energy shareholders in an all-stock transaction at a deemed value of $388.3 (including certain Atlas shares reserved for holdback). Accordingly, the company derecognized its investment in APR Energy, recorded a pre-tax loss of $7.6 , increased its equity accounted carrying value of Atlas by the fair value of the APR Energy shares exchanged (considered to be equal to the fair value of the newly issued Atlas common shares received of $178.1 , which excluded the Atlas shares received by European Run-off of $45.9 ), and continued to apply the equity method of accounting to its investment in Atlas. On February 28, 2020 the company invested $100.0 in Atlas 5.50% unsecured debentures due March 1, 2027, which increased the company’s aggregate investment in Atlas debentures to a principal amount of $575.0 . Fairfax India (13) On September 16, 2021 Fairfax India transferred 43.6% out of its 54.0% equity interest in Bangalore Airport to Anchorage Infrastructure Investments Holdings Limited (“Anchorage”), its wholly-owned holding company for investments in the airport sector of India, and sold an 11.5% equity interest in Anchorage to OMERS for gross proceeds of $129.2 ( 9.5 billion Indian rupees). Upon closing Fairfax India recorded a non-controlling interest in Anchorage and continued to equity account for its consolidated 54.0% equity interest in Bangalore Airport. Annual changes in carrying value Changes in the carrying value of investments in associates, including investment in associate held for sale, for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ Fairfax India ​ ​ ​ Associates ​ Joint ventures ​ associates ​ Total Balance - January 1 3,170.4 1,940.9 1,328.3 6,439.6 Share of pre-tax comprehensive income (loss): Share of profit 375.8 6.0 20.2 402.0 Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans (67.7) (20.5) 0.3 (87.9) Share of gains (losses) on defined benefit plans 89.1 0.1 (9.4) 79.8 ​ 397.2 (14.4) 11.1 393.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends and distributions received (153.8) (23.6) (4.6) (182.0) Purchases and acquisitions 466.5 114.4 35.7 616.6 Divestitures and other net changes in capitalization (54.8) (764.4) 0.9 (818.3) Reclassifications (1) 36.4 (352.0) — (315.6) Foreign exchange effect and other (3.2) (4.5) (22.5) (30.2) Balance - December 31 3,858.7 896.4 1,348.9 6,104.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ Fairfax India ​ Fairfax Africa ​ ​ ​ ​ Associates ​ Joint ventures ​ associates ​ associates ​ Total Balance - January 1 2,876.6 1,483.6 1,391.3 232.9 5,984.4 Share of pre-tax comprehensive income (loss): Share of profit (loss) 83.4 91.8 (24.8) (27.3) 123.1 Impairments (2) (88.3) (98.9) — (35.0) (222.2) Share of other comprehensive income (loss), excluding losses on defined benefit plans 88.0 42.1 3.2 (41.7) 91.6 Share of losses on defined benefit plans (32.2) (20.8) (4.9) — (57.9) ​ 50.9 14.2 (26.5) (104.0) (65.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends and distributions received (70.0) (3.7) (4.9) (1.4) (80.0) Purchases and acquisitions 223.4 20.8 — 5.0 249.2 Divestitures and other net changes in capitalization (107.2) (180.6) 0.9 (1.7) (288.6) Reclassifications (1) 174.4 605.0 — — 779.4 Deconsolidation of non-insurance subsidiary (note 23) — — — (103.6) (103.6) Foreign exchange effect and other 22.3 1.6 (32.5) (27.2) (35.8) Balance - December 31 3,170.4 1,940.9 1,328.3 — 6,439.6 (1) Primarily reflects the consolidation of Eurolife and Singapore Re and the commencement of the equity method of accounting on a limited partnership investment in 2021, and the investments in HFP (an associate) and RiverStone Barbados (a joint venture) and the consolidation of Farmers Edge in 2020. See note 23. (2) Impairments recorded on associates and joint ventures are included in share of profit (loss) of associates in the consolidated statement of earnings. Impairments of $222.2 recorded during 2020 included non-cash impairment charges on Quess, Resolute, Atlas Mara and Astarta .

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivatives.
Derivatives	7. Derivatives The following table summarizes the company’s derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ Notional ​ ​ ​ Fair value ​ Notional ​ ​ ​ Fair value ​ ​ amount Cost Assets Liabilities ​ amount Cost Assets Liabilities Equity contracts: Equity total return swaps – long positions 1,082.8 — 96.1 1.9 1,788.3 — 144.3 18.0 Equity warrants and options (1) 646.1 113.9 259.2 1.9 626.9 102.4 133.2 0.4 RiverStone Barbados AVLNs (note 23) 1,250.1 — 103.8 — — — — — CPI-linked derivative contracts 61,952.5 237.3 0.7 — 74,906.0 347.5 2.8 — U.S. treasury bond forward contracts 1,691.3 — 3.7 0.8 330.8 — 3.1 — Foreign currency forward and swap contracts (2) — — 58.4 77.4 — — 66.4 136.0 Foreign currency options — — — — — 53.7 5.8 — Other derivative contracts — 26.0 59.9 70.9 — 25.6 27.1 35.0 Total ​ ​ 581.8 152.9 382.7 189.4 (1) Includes the company’s investment in Atlas warrants with a fair value at December 31, 2021 of $200.1 (December 31, 2020 - $110.5 ). (2) Includes AGT’s foreign currency forward and swap liabilities with a fair value at December 31, 2021 of $47.6 (December 31, 2020 - $46.2 ). The company is exposed to significant market risk (comprised of foreign currency risk, interest rate risk and other price risk) through its investing activities. Derivative contracts entered into by the company, with limited exceptions, are considered investments or economic hedges and are not designated as hedges for financial reporting. Equity contracts Equity total return swaps - long positions During 2021 the company entered into $753.6 notional amount of long equity total return swaps for investment purposes which included long equity total return swaps on an aggregate of 969,460 Fairfax subordinate voting shares with an original notional amount of $403.3 (Cdn$508.5) or approximately $416.03 (Cdn$524.47) per share, all of which remained open at December 31, 2021. At December 31, 2021 the company held long equity total return swaps on individual equities for investment purposes with an original notional amount at December 31, 2021 of $866.2 (December 31, 2020 - $1,746.2), which included an aggregate of 1,964,155 Fairfax subordinate voting shares with an original notional amount of $732.5 (Cdn$935.0) or approximately $372.96 (Cdn $476.03) per share. These contracts provide a return which is directly correlated to changes in the fair values of the underlying individual equities. During 2021 the company received net cash of $439.6 (2020 - $207.4) in connection with the closures and reset provisions of its long equity total return swaps (excluding the impact of collateral requirements). During 2021 the company closed out $1,876.7 notional amount (2020 - $878.8) of its long equity total return swaps and recorded net realized gains on investments of $243.0 (2020 - $216.7). Equity total return swaps - short positions The company has held short equity total return swaps for investment purposes from time to time, but no longer held any at December 31, 2021 (December 31, 2020 - nil). These contracts provided a return which was inverse to changes in the fair values of the underlying individual equities. During 2021 the company did not initiate or close out any short equity total return swaps. During 2020 the company paid net cash of $613.2 in connection with the closures and reset provisions of its short equity total return swaps (excluding the impact of collateral requirements). During 2020 the company closed out $898.4 notional amount of short equity total return swaps and recognized net losses on investments of $528.6 (realized losses of $703.9, of which $175.3 was recognized as unrealized losses in prior years). Collateral deposits on derivative contracts At December 31, 2021 the fair value of collateral deposited for the benefit of derivative counterparties included in holding company cash and investments and in assets pledged for derivative obligations was $230.5 (December 31, 2020 - $275.9), comprised of collateral of $221.2 (December 31, 2020 - $226.4) required to be deposited to enter into such derivative contracts (principally related to total return swaps), and collateral of $9.3 (December 31, 2020 - $49.5) securing amounts owed to counterparties in respect of fair value changes since the most recent reset date. ​ U.S. treasury bond forward contracts To reduce its exposure to interest rate risk (primarily exposure to certain long dated U.S. corporate bonds and U.S. state and municipal bonds held in its fixed income portfolio), the company held forward contracts to sell long dated U.S. treasury bonds with a notional amount at December 31, 2021 of $1,691.3 (December 31, 2020 - $330.8). These contracts have an average term to maturity of less than six months, and may be renewed at market rates. During 2021 the company recorded net gains on investments of $25.7 (2020 – net losses of $102.0) on its U.S. treasury bond forward contracts. Foreign currency forward contracts Long and short foreign currency forward contracts, primarily denominated in the euro, the British pound sterling and the Canadian dollar, are used to manage certain foreign currency exposures arising from foreign currency denominated transactions. These contracts have an average term to maturity of less than one year and may be renewed at market rates. Counterparty collateral The company endeavours to limit counterparty risk through diligent selection of counterparties to its derivative contracts and through the terms of negotiated agreements. The fair value of collateral deposited for the benefit of the company at December 31, 2021 consisted of cash of $14.3 and government securities of $125.7 (December 31, 2020 - $116.4 and $12.9). The cash is recorded on the consolidated balance sheet in subsidiary cash and short term investments with a corresponding liability recorded in accounts payable and accrued liabilities. The company had not exercised its right to sell or repledge collateral at December 31, 2021. The company’s exposure to counterparty risk and the management thereof are discussed in note 24. Hedge of net investment in Canadian subsidiaries At December 31, 2021 the company had designated the carrying value of Cdn$2,800.0 principal amount of its Canadian dollar denominated unsecured senior notes with a fair value of $2,364.6 (December 31, 2020 - principal amount of Cdn$2,796.0 with a fair value of $2,397.6) as a hedge of a portion of its net investment in subsidiaries with a Canadian dollar functional currency. On March 29, 2021 the company used the net proceeds from its issuance of $671.6 (Cdn$850.0) principal amount of unsecured senior notes due 2031 to redeem its unsecured senior notes with aggregate principal amount of $670.6 (Cdn$846.0) due 2022 and 2023 as described in note 15. Contemporaneously with the redemptions, the company designated the carrying value of its $671.6 (Cdn$850.0) principal amount of unsecured senior notes as a hedge of a portion of its net investment in Canadian subsidiaries. During 2021 the company recognized pre-tax losses of $16.7 (2020 - $38.0) related to exchange rate movements on the Canadian dollar denominated unsecured senior notes in losses on hedge of net investment in Canadian subsidiaries in the consolidated statement of comprehensive income. Hedge of net investment in European operations At December 31, 2021 the company had designated the carrying value of €750.0 principal amount of its euro denominated unsecured senior notes with a fair value of $926.3 (December 31, 2020 - principal amount of €750.0 with a fair value of $1,023.9) as a hedge of its net investment in European operations with a euro functional currency. During 2021 the company recognized pre-tax gains of $63.9 (2020 - pre-tax losses of $75.8) related to exchange rate movements on the euro denominated unsecured senior notes in gains on hedge of net investment in European operations in the consolidated statement of comprehensive income.

Insurance Contract Liabilities

Insurance Contract Liabilities	12 Months Ended
	Dec. 31, 2021
Insurance Contract Liabilities
Insurance Contract Liabilities	8. Insurance Contract Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Gross ​ Ceded ​ Net ​ Gross ​ Ceded ​ Net Provision for unearned premiums 10,437.7 2,260.0 8,177.7 8,397.5 1,899.1 6,498.4 Provision for losses and loss adjustment expenses 34,422.8 8,943.9 25,478.9 30,809.3 7,947.3 22,862.0 Property and casualty insurance contract liabilities 44,860.5 11,203.9 33,656.6 39,206.8 9,846.4 29,360.4 Provision for life policy benefits (1) 2,486.0 2.3 2,483.7 — — — Insurance contract liabilities 47,346.5 11,206.2 36,140.3 39,206.8 9,846.4 29,360.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 20,618.3 4,740.3 15,878.0 17,389.7 4,218.2 13,171.5 Non-current 26,728.2 6,465.9 20,262.3 21,817.1 5,628.2 16,188.9 ​ 47,346.5 11,206.2 36,140.3 39,206.8 9,846.4 29,360.4 (1) Eurolife was consolidated on July 14, 2021 as described in note 23. At December 31, 2021 the company’s net provision for losses and loss adjustment expenses of $25,478.9 (December 31, 2020 - $22,862.0) was comprised of case reserves of $10,258.5 and IBNR of $15,220.4 (December 31, 2020 - $9,390.3 and $13,471.7). Provision for unearned premiums, gross Changes in the property and casualty provision for unearned premiums for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Provision for unearned premiums – January 1 8,397.5 7,222.4 Gross premiums written (1) 23,796.0 18,979.4 Less: gross premiums earned (1) (21,673.6) (17,782.9) Acquisitions of subsidiaries (note 23) 64.1 — Divestiture of subsidiary ​ (62.9) ​ — Foreign exchange effect and other (83.4) (21.4) Provision for unearned premiums - December 31 10,437.7 8,397.5 (1) Changes in the provision for unearned premiums, gross for the year ended December 31, 2020 exclude European Run-off’s gross premiums written and gross premiums earned of $146.5 and $115.9 , as the liabilities of European Run-off were included in liabilities associated with assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23. Provision for losses and loss adjustment expenses, gross Changes in the property and casualty provision for losses and loss adjustment expenses for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Provision for losses and loss adjustment expenses – January 1 30,809.3 28,500.2 Decrease in estimated losses and expenses for claims occurring in the prior years (283.1) (267.7) Losses and expenses for claims occurring in the current year 14,396.8 12,303.9 Paid on claims occurring during: the current year (3,148.6) (2,987.5) the prior years (7,212.8) (7,338.0) Acquisitions of subsidiaries (note 23) 297.3 — Divestiture of subsidiary (18.7) — Foreign exchange effect and other (1) (417.4) 598.4 Provision for losses and loss adjustment expenses – December 31 34,422.8 30,809.3 (1) Included in 2020 is $347.7 of unpaid losses from loss reserves assumed from European Run-off which were previously eliminated on consolidation. See note 23 . Changes in the property and casualty provision for losses and loss adjustment expenses presented in the table above for the year ended December 31, 2020 exclude European Run-off’s losses and loss adjustment expenses of $196.9 as the liabilities of European Run-off were included in liabilities associated with assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23. Provision for life policy benefits Changes in the provision for life policy benefits for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Provision for life policy benefits – January 1 — — Acquisition of subsidiary (note 23) 2,638.5 — New business and renewals 78.1 — Surrenders, lapses, maturities and deaths (121.0) — Foreign exchange effect and other (109.6) — Provision for life policy benefits – December 31 2,486.0 — ​ Development of insurance losses, gross The development of insurance liabilities illustrates the estimation uncertainty associated with these liabilities and provides a measure of the company’s ability to estimate the ultimate value of claims. The loss development table below shows the provision for losses and loss adjustment expenses at the end of each calendar year, the cumulative payments made in respect of those reserves in subsequent years and the re-estimated amount of each calendar year’s provision for losses and loss adjustment expenses as at December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calendar year ​ 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Property and casualty provision for losses and loss adjustment expenses 19,648.8 19,212.8 17,749.1 19,816.4 19,481.8 28,610.8 29,081.7 28,500.2 30,809.3 34,422.8 Less: CTR Life (1) 20.6 17.9 15.2 14.2 12.8 8.7 8.0 7.0 5.5 4.4 ​ 19,628.2 19,194.9 17,733.9 19,802.2 19,469.0 28,602.1 29,073.7 28,493.2 30,803.8 34,418.4 Cumulative payments as of: One year later 4,323.5 4,081.1 3,801.6 4,441.4 4,608.0 7,564.0 7,732.0 7,288.8 7,180.7 Two years later 7,153.1 6,787.6 6,364.5 7,283.6 7,631.4 12,081.3 12,313.5 11,598.0 Three years later 9,148.0 8,775.5 8,172.7 9,466.5 9,655.9 15,222.3 15,363.3 Four years later 10,702.8 10,212.4 9,561.8 10,914.2 11,122.6 17,378.8 Five years later 11,783.3 11,354.4 10,496.4 12,013.9 12,233.4 Six years later 12,729.6 12,123.4 11,202.2 12,859.5 Seven years later 13,335.1 12,754.2 11,793.5 Eight years later 13,877.0 13,283.6 Nine years later 14,341.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves re-estimated as of: One year later 19,021.2 18,375.6 16,696.4 19,169.3 19,343.1 27,580.6 28,974.3 28,225.5 30,360.1 Two years later 18,529.4 17,475.0 16,269.2 18,973.6 18,804.8 27,565.9 28,839.4 28,165.4 Three years later 17,820.5 17,307.9 16,114.0 18,502.5 18,752.8 27,451.3 28,990.4 Four years later 17,735.5 17,287.2 15,938.9 18,469.1 18,743.9 27,698.6 Five years later 17,830.5 17,203.5 16,049.6 18,490.5 19,046.6 Six years later 17,791.8 17,340.1 16,123.1 18,759.5 Seven years later 17,931.9 17,420.0 16,403.8 Eight years later 18,041.2 17,680.5 Nine years later 18,285.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable development 1,342.3 1,514.4 1,330.1 1,042.7 422.4 903.5 83.3 327.8 443.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable development comprised of: Effect of foreign currency translation 569.8 475.0 277.4 (185.7) (148.0) 550.0 186.3 267.6 190.6 Favourable (adverse) loss reserve development 772.5 1,039.4 1,052.7 1,228.4 570.4 353.5 (103.0) 60.2 253.1 ​ 1,342.3 1,514.4 1,330.1 1,042.7 422.4 903.5 83.3 327.8 443.7 ​ ​ (1) Guaranteed minimum death benefit retrocessional business written by Compagnie Transcontinentale de Réassurance (“CTR Life”), a wholly owned subsidiary of the company that was transferred to Wentworth and placed into run-off in 2002. The effect of foreign currency translation in the table above primarily arose on translation to U.S. dollars of loss reserves of subsidiaries with functional currencies other than the U.S. dollar. The company’s exposure to foreign currency risk and the management thereof are discussed in note 24. Loss reserve development in the table above excludes the loss reserve development of a subsidiary in the year it is acquired whereas the consolidated statement of earnings includes the loss reserve development of a subsidiary from its acquisition date. Favourable loss reserve development in calendar year 2021 of $253.1 in the table above was principally comprised of favourable loss emergence on accident years 2020, 2019 and 2018, partially offset by adverse development primarily related to asbestos and other latent claims liabilities. Development of losses and loss adjustment expenses for asbestos A number of the company’s subsidiaries wrote general liability policies and reinsurance prior to their acquisition by the company under which policyholders continue to present asbestos-related injury claims. Substantially all of these claims are presented under policies written many years ago and reside primarily within U.S. Run-off. There is a great deal of uncertainty surrounding these types of claims, which affects the ability of insurers and reinsurers to estimate the ultimate amount of unpaid claims and related settlement expenses. The majority of these claims differ from most other types of claims because there is inconsistent precedent, if any at all, to determine what, if any, coverage exists or which, if any, policy years and insurers or reinsurers may be liable. These uncertainties are exacerbated by judicial and legislative interpretations of coverage that in some cases have eroded the clear and express intent of the parties to the insurance contracts, and in others have expanded theories of liability. Changes in the company’s provision for losses and loss adjustment expenses related to U.S. asbestos exposure on a gross and net basis for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Gross Net Gross Net Provision for asbestos claims and loss adjustment expenses - January 1 1,030.6 840.0 1,074.6 860.5 Losses and loss adjustment expenses incurred 199.1 151.6 161.0 121.2 Losses and loss adjustment expenses paid (193.0) (152.7) (205.0) (141.7) Provision for asbestos claims and loss adjustment expenses - December 31 1,036.7 838.9 1,030.6 840.0 ​

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2021
Reinsurance.
Reinsurance	9. Reinsurance Reinsurers’ share of insurance contract liabilities was comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Gross Provision for Recoverable from Gross Provision for Recoverable ​ ​ recoverable from ​ uncollectible ​ reinsurers ​ recoverable from ​ uncollectible ​ from reinsurers ​ ​ reinsurers ​ reinsurance (1) ​ ​ ​ reinsurers ​ reinsurance (1) ​ ​ Provision for losses and loss adjustment expenses 8,989.3 (43.1) 8,946.2 7,971.7 (24.4) 7,947.3 Reinsurers’ share of paid losses 1,019.9 ​ (135.6) 884.3 818.0 (131.2) 686.8 Provision for unearned premiums 2,260.0 — 2,260.0 1,899.1 — 1,899.1 ​ 12,269.2 (178.7) 12,090.5 10,688.8 (155.6) 10,533.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 5,572.4 4,839.0 Non-current 6,518.1 5,694.2 ​ ​ ​ ​ ​ 12,090.5 ​ ​ ​ ​ 10,533.2 (1) Management of credit risk on reinsurance recoverables is discussed in note 24. Changes in reinsurers’ share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Provision for Recoverable ​ ​ Paid ​ Unpaid ​ Unearned ​ uncollectible ​ from ​ ​ losses ​ losses ​ premiums ​ reinsurance ​ reinsurers Balance – January 1 818.0 7,971.7 1,899.1 (155.6) 10,533.2 Reinsurers’ share of losses paid to insureds 2,360.3 (2,360.3) — — — Reinsurance recoveries received (2,152.8) — — — (2,152.8) Reinsurers’ share of unpaid losses and premiums earned (1) — 3,479.0 (5,228.8) — (1,749.8) Premiums ceded to reinsurers (1) — — 5,632.1 — 5,632.1 Change in provision, recovery or write-off of impaired balances (1.7) — — (22.1) (23.8) Acquisitions of subsidiaries (note 23) ​ 0.3 ​ 82.7 ​ 16.7 ​ — ​ 99.7 Divestiture of subsidiary ​ (3.3) ​ (6.4) ​ (10.6) ​ — ​ (20.3) Foreign exchange effect and other (0.9) (177.4) (48.5) (1.0) (227.8) Balance – December 31 1,019.9 8,989.3 2,260.0 (178.7) 12,090.5 (1) Effective October 1, 2021 Brit completed a loss portfolio transfer with a third party to reinsure loss reserves for a portfolio of risks predominantly comprised of U.S. casualty and discontinued lines of business relating to prior accident years. Pursuant to this transaction Brit ceded net insurance contract liabilities of $379.1 for consideration of $344.1 and recorded net favourable reserve development of $35.0 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Provision for Recoverable ​ ​ Paid ​ Unpaid ​ Unearned ​ uncollectible ​ from ​ ​ losses ​ losses ​ premiums reinsurance reinsurers Balance – January 1 776.9 6,956.7 1,583.7 (161.5) 9,155.8 Reinsurers’ share of losses paid to insureds 2,375.4 (2,375.4) — — — Reinsurance recoveries received (2,317.9) — — — (2,317.9) Reinsurers’ share of unpaid losses and premiums earned (1) — 2,842.3 (3,923.6) — (1,081.3) Premiums ceded to reinsurers — — 4,261.4 — 4,261.4 Change in provision, recovery or write-off of impaired balances (2.7) — — 6.0 3.3 Foreign exchange effect and other (2) (13.7) 548.1 (22.4) (0.1) 511.9 Balance – December 31 818.0 7,971.7 1,899.1 (155.6) 10,533.2 (1) Changes in reinsurers’ share of unpaid losses and unearned premiums for the year ended December 31, 2020 exclude European Run-off’s reinsurers’ share of unpaid losses and premiums earned of $70.6 and $13.5 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23. (2) Includes $467.1 of unpaid losses from loss reserves ceded to European Run-off which were previously eliminated on consolidation. See note 23. Commission income earned on premiums ceded to reinsurers in 2021 of $1,007.8 (2020 - $821.0) is included in commissions, net in the consolidated statement of earnings.

Insurance Contract Receivables

Insurance Contract Receivables and Payables	12 Months Ended
	Dec. 31, 2021
Insurance Contract Receivables and Payables
Insurance Contract Receivables and Payables	10. Insurance Contract Receivables and Payables Insurance contract receivables were comprised as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Insurance premiums receivable 4,247.1 3,665.6 Reinsurance premiums receivable 1,863.9 1,385.3 Funds withheld receivable 574.0 567.3 Other 234.0 235.6 Provision for uncollectible receivables (35.8) (37.7) ​ 6,883.2 5,816.1 ​ ​ ​ ​ ​ Current 6,170.0 5,144.7 Non-current 713.2 671.4 ​ 6,883.2 5,816.1 ​ Changes in insurance premiums receivable and reinsurance premiums receivable for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance ​ Reinsurance ​ ​ premiums receivable ​ premiums receivable ​ 2021 2020 2021 2020 Balance – January 1 3,665.6 3,325.0 1,385.3 1,176.0 Gross premiums written (1) 18,118.6 14,309.4 5,791.6 4,670.0 Premiums collected (15,703.6) (12,537.2) (3,963.7) (3,375.6) Amounts due to brokers and agents (1,770.1) (1,417.3) (1,332.3) (1,104.8) Acquisitions of subsidiaries (note 23) 10.2 — 25.8 — Divestiture of subsidiary (25.2) — — — Foreign exchange effect and other (48.4) (14.3) (42.8) 19.7 Balance – December 31 4,247.1 3,665.6 ​ 1,863.9 1,385.3 (1) Changes in insurance premiums receivable and reinsurance premiums receivable for the year ended December 31, 2020 exclude European Run-off’s gross premiums written of $146.5 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23. Insurance contract payables were comprised as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Payable to reinsurers 2,333.7 1,669.5 Payables associated with unit-linked life insurance products (note 3 and note 23) 621.7 — Ceded deferred premium acquisition costs 510.3 441.1 Funds withheld payable to reinsurers 274.0 206.3 Amounts payable to agents and brokers 142.4 127.2 Accrued premium taxes 124.1 93.1 Accrued commissions 100.8 69.0 Other insurance contract payables 386.5 357.8 ​ 4,493.5 2,964.0 ​ ​ ​ ​ ​ Current 3,503.4 2,705.8 Non-current 990.1 258.2 ​ 4,493.5 2,964.0 ​

Deferred Premium Acquisition Co

Deferred Premium Acquisition Costs	12 Months Ended
	Dec. 31, 2021
Deferred Premium Acquisition Costs
Deferred Premium Acquisition Costs	11. Deferred Premium Acquisition Costs Changes in deferred premium acquisition costs for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Balance – January 1 1,543.7 1,344.3 Premium acquisition costs deferred 4,502.4 3,629.4 Amortization (1) (4,098.1) (3,424.0) Divestiture of subsidiary (19.7) — Foreign exchange effect and other (4.2) (6.0) Balance – December 31 1,924.1 1,543.7 (1) Excludes in 2020 amortization of European Run-off’s commission expenses of $7.7 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets
Goodwill and Intangible Assets	​ 12. Goodwill and Intangible Assets Goodwill and intangible assets were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ Intangible assets ​ Total ​ ​ Lloyd's Customer ​ Computer ​ ​ ​ ​ ​ participation ​ and broker ​ Brand ​ software ​ ​ ​ ​ ​ ​ rights (1) ​ relationships ​ names (1) ​ and other (1) ​ ​ Balance - January 1, 2021 3,126.3 503.2 867.5 1,153.3 578.8 6,229.1 Additions 60.7 — 17.8 27.9 264.3 370.7 Disposals (2) (28.9) — (25.1) (64.0) (7.5) (125.5) Amortization — — (96.6) — (342.8) (439.4) Impairments (3) (52.1) — — (33.1) (0.1) (85.3) Foreign exchange effect and other (21.2) — (2.7) 3.2 (0.7) (21.4) Balance - December 31, 2021 3,084.8 503.2 760.9 1,087.3 492.0 5,928.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross carrying amount 3,214.1 503.2 1,338.5 1,139.2 1,427.0 7,622.0 Accumulated amortization — — (577.4) — (915.4) (1,492.8) Accumulated impairment (129.3) — (0.2) (51.9) (19.6) (201.0) ​ 3,084.8 503.2 760.9 1,087.3 492.0 5,928.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ Intangible assets ​ Total ​ ​ Lloyd's Customer ​ Computer ​ ​ ​ ​ ​ participation ​ and broker ​ Brand ​ software ​ ​ ​ ​ ​ ​ rights (1) ​ relationships ​ names (1) ​ and other (1) ​ ​ Balance - January 1, 2020 2,997.3 503.2 969.8 1,181.1 542.7 6,194.1 Additions 182.1 — (1.0) 0.1 221.0 402.2 Disposals (2) (30.3) — — — (66.5) (96.8) Amortization — — (100.4) — (115.6) (216.0) Impairments (3) (33.0) — (2.1) (44.7) (6.3) (86.1) Foreign exchange effect and other 10.2 — 1.2 16.8 3.5 31.7 Balance - December 31, 2020 3,126.3 503.2 867.5 1,153.3 578.8 6,229.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross carrying amount 3,199.6 503.2 1,383.6 1,200.4 1,210.4 7,497.2 Accumulated amortization — — (513.7) — (611.9) (1,125.6) Accumulated impairment (73.3) — (2.4) (47.1) (19.7) (142.5) ​ 3,126.3 503.2 867.5 1,153.3 578.8 6,229.1 (1) Indefinite-lived intangible assets not subject to amortization had an aggregate carrying value at December 31, 2021 of $ 1,686.2 (December 31, 2020 - $ 1,751.6 ). (2) During 2021 the company sold the operations of Toys “R” Us Canada and Fairfax India sold its 48.8 % equity interest in Privi as described in note 23. During 2020 AMAG Insurance settled its bancassurance agreement with PT Bank Pan Indonesia Tbk, received cash consideration of $ 66.3 and recorded a net gain of $ 3.2 on disposal of the intangible asset. (3) Non-cash impairment charges recorded in operating expenses and in other expenses in the consolidated statement of earnings by the insurance and reinsurance companies and Non-insurance companies reporting segment, respectively. ​ Goodwill and intangible assets were allocated to the company’s cash-generating units (“CGUs”) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Intangible ​ ​ Intangible ​ ​ ​ Goodwill ​ assets ​ Total ​ Goodwill ​ assets ​ Total Insurance and reinsurance companies Allied World 940.0 565.8 1,505.8 940.0 611.7 1,551.7 Brit 215.6 580.5 796.1 200.2 581.1 781.3 Zenith National 317.6 84.4 402.0 317.6 93.2 410.8 Crum & Forster 189.1 91.0 280.1 188.8 104.2 293.0 Northbridge 94.9 121.3 216.2 95.4 105.5 200.9 Odyssey Group 119.7 54.9 174.6 119.7 57.3 177.0 All other (1) 95.9 116.3 212.2 148.4 64.2 212.6 ​ 1,972.8 1,614.2 3,587.0 2,010.1 1,617.2 3,627.3 Non-insurance companies Recipe 321.2 980.5 1,301.7 280.9 1,011.0 1,291.9 Farmers Edge 208.3 16.0 224.3 202.6 17.0 219.6 Thomas Cook India 142.1 54.5 196.6 144.6 56.3 200.9 AGT 154.4 34.9 189.3 168.5 47.1 215.6 Boat Rocker 89.1 90.2 179.3 90.1 230.8 320.9 All other (2) 196.9 53.1 250.0 229.5 123.4 352.9 ​ 1,112.0 1,229.2 2,341.2 1,116.2 1,485.6 2,601.8 ​ 3,084.8 2,843.4 5,928.2 3,126.3 3,102.8 6,229.1 (1) Comprised primarily of balances related to AMAG Insurance, Pacific Insurance and Eurolife, and U.S. Run-off in 2020. (2) Comprised primarily of balances related to Dexterra Group, Pethealth, Privi (deconsolidated on April 29, 2021), Mosaic Capital (deconsolidated on August 5, 2021), and Sterling Resorts. At December 31, 2021 goodwill and intangible assets were comprised primarily of amounts arising on the consolidation of Farmers Edge during 2020, the acquisitions of AGT during 2019, Allied World during 2017, St-Hubert and Original Joe’s (both by Recipe) during 2016, Recipe and Brit during 2015, Thomas Cook India during 2012, and Zenith National during 2010. Impairment tests for goodwill and indefinite-lived intangible assets were completed during 2021 and it was concluded that no significant impairments had occurred. When testing for impairment, the recoverable amount of each CGU or group of CGUs was based on the higher of (i) fair value less costs of disposal, determined using market prices inclusive of a control premium or discounted cash flow models, and (ii) value-in-use, determined using discounted cash flow models. In preparing discounted cash flow models, cash flow projections typically covering a five year period were derived from financial budgets approved by management. Cash flows beyond the projected periods were extrapolated using estimated growth rates which do not exceed the long term average historic growth rate for the business in which each CGU operates. A number of other assumptions and estimates including premiums, investment returns, revenues, expenses, royalty rates and working capital requirements were required to be incorporated into the discounted cash flow models. The forecasts were based on best estimates of future premiums or revenues and operating expenses using historical trends, general geographical market conditions, industry trends and forecasts and other available information. These assumptions and estimates were reviewed by the applicable CGU’s management and by Fairfax management. The cash flow forecasts were adjusted by applying appropriate discount rates within a range of 8.1% to 12.1% for insurance and reinsurance subsidiaries, and 9.4% to 19.8% for non-insurance subsidiaries. A long term investment return of 5.0% was applied to the investment portfolios of insurance and reinsurance subsidiaries. The long term growth rates used to extrapolate cash flows beyond five years for the majority of the CGUs ranged from 3.0% to 3.7%.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Other Assets
Other Assets	13. Other assets were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Premises and equipment and right-of-use assets (note 22) 725.6 1,558.4 2,284.0 758.1 1,996.0 2,754.1 Assets associated with unit-linked insurance products (note 3 and note 23) 637.1 — 637.1 — — — Inventories — 547.3 547.3 — 645.6 645.6 Other revenue receivables — 508.4 508.4 — 550.8 550.8 Finance lease receivables (note 22) 9.4 256.7 266.1 8.5 296.9 305.4 Income tax, sales tax and subsidies receivable ​ 61.6 ​ 170.3 ​ 231.9 ​ 85.5 ​ 170.9 ​ 256.4 Accrued interest and dividends 211.4 3.7 215.1 195.5 2.4 197.9 Prepaid expenses 110.9 94.9 205.8 125.2 120.7 245.9 Receivable for securities sold but not yet settled 135.4 — 135.4 28.5 — 28.5 Prepaid losses on claims 129.4 — 129.4 118.6 — 118.6 Pension surplus (note 21) 113.8 — 113.8 48.8 — 48.8 Other (2) 791.1 55.9 847.0 620.0 85.2 705.2 ​ 2,925.7 3,195.6 6,121.3 1,988.7 3,868.5 5,857.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 989.9 1,343.7 ​ 2,333.6 925.5 1,504.5 2,430.0 Non-current 1,935.8 1,851.9 3,787.7 1,063.2 2,364.0 3,427.2 ​ 2,925.7 3,195.6 6,121.3 1,988.7 3,868.5 5,857.2 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Principally comprised of other receivables, deposits and deferred compensation plans .

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	14. Accounts payable and accrued liabilities were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Lease liabilities (note 22) 384.2 756.5 1,140.7 456.8 995.3 1,452.1 Payables related to cost of sales — 580.9 580.9 — 625.7 625.7 Salaries and employee benefit liabilities 482.6 85.6 568.2 394.4 90.6 485.0 Amounts withheld and accrued taxes 453.9 23.8 477.7 367.3 29.1 396.4 Deferred gift card, hospitality and other revenue 35.4 318.5 353.9 21.1 433.3 454.4 Pension and post retirement liabilities (note 21) 237.4 16.5 253.9 325.3 26.6 351.9 Income taxes payable 163.8 11.2 175.0 42.8 21.7 64.5 Administrative and other (2) 1,150.9 284.2 1,435.1 822.0 344.1 1,166.1 ​ 2,908.2 2,077.2 4,985.4 2,429.7 2,566.4 4,996.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 1,538.7 1,177.2 2,715.9 1,274.7 1,414.6 2,689.3 Non-current 1,369.5 900.0 2,269.5 1,155.0 1,151.8 2,306.8 ​ 2,908.2 2,077.2 4,985.4 2,429.7 2,566.4 4,996.1 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Principally comprised of accrued operating expenses, advances from customers and liabilities related to business acquisitions.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2021
Borrowings.
Borrowings	15. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Principal ​ Carrying ​ Fair ​ Principal ​ Carrying ​ Fair ​ ​ ​ ​ value (a) ​ value (b) ​ ​ ​ value (a) ​ value (b) Borrowings - holding company Fairfax unsecured notes (d) 5.84% due October 14, 2022 (Cdn$446.0) (4) — — — 350.1 351.1 377.6 4.50% due March 22, 2023 (Cdn$400.0) (4) — — — 314.0 312.9 334.1 4.142% due February 7, 2024 (1) — — — 85.0 85.0 85.1 4.875% due August 13, 2024 282.5 281.1 301.7 282.5 280.6 309.7 4.95% due March 3, 2025 (Cdn$350.0) 277.1 275.4 299.6 274.7 272.5 306.3 8.30% due April 15, 2026 (e) 91.8 91.7 113.3 91.8 91.7 118.6 4.70% due December 16, 2026 (Cdn$450.0) 356.3 354.8 387.9 353.2 351.5 394.6 4.25% due December 6, 2027 (Cdn$650.0) 514.6 513.1 551.4 510.2 508.5 558.3 2.75% due March 29, 2028 (€750.0) 852.9 842.4 926.3 917.7 904.4 1,023.9 4.85% due April 17, 2028 600.0 596.3 668.5 600.0 595.8 677.6 4.23% due June 14, 2029 (Cdn$500.0) 395.8 394.2 424.4 392.5 390.6 426.7 4.625% due April 29, 2030 650.0 645.9 730.0 650.0 645.4 731.8 3.375% due March 3, 2031 (3) 600.0 585.1 620.7 — — — 3.95% due March 3, 2031(Cdn$850.0) (4) 672.9 668.0 701.3 — — — 7.75% due July 15, 2037 (e) 91.3 90.6 125.4 91.3 90.6 123.1 Revolving credit facility (2) — — — 700.0 700.0 700.0 ​ 5,385.2 5,338.6 5,850.5 5,613.0 5,580.6 6,167.4 Borrowings - insurance and reinsurance companies Odyssey Group floating rate unsecured senior notes due 2021 (6) — — — 90.0 90.0 91.0 Allied World 4.35% senior notes due October 29, 2025 500.0 503.9 536.9 500.0 505.0 544.9 Allied World revolving credit facility and other borrowings 17.4 20.6 21.1 40.8 44.2 51.4 Zenith National 8.55% debentures due August 1, 2028 (d) 38.5 38.3 38.3 38.5 38.3 38.3 Brit 3.6757% subordinated notes due December 9, 2030 (£135.0) 182.9 182.9 174.5 184.5 184.5 170.4 Brit floating rate revolving credit facility 45.0 45.0 45.0 130.0 130.0 130.0 First Mercury trust preferred securities due 2036 and 2037 (5) — — — 41.4 41.4 41.4 ​ 783.8 790.7 815.8 1,025.2 1,033.4 1,067.4 Borrowings - non-insurance companies (c) Fairfax India 5.00% unsecured senior notes due 2028 (8) 441.6 438.4 440.3 550.0 547.2 550.0 Fairfax India subsidiary borrowings 91.9 91.3 91.3 167.1 166.4 166.4 AGT credit facilities, senior notes and loans (9) 491.8 488.9 488.9 516.4 514.2 514.0 Recipe term loans and credit facilities 359.0 356.9 356.9 430.7 428.4 428.4 Boat Rocker demand loans and revolving credit facilities 93.8 93.1 93.1 184.6 183.0 183.0 Loans and revolving credit facilities primarily at floating rates (7) 155.2 155.1 155.1 362.0 360.8 360.8 ​ 1,633.3 1,623.7 1,625.6 2,210.8 2,200.0 2,202.6 Total debt 7,802.3 7,753.0 8,291.9 8,849.0 8,814.0 9,437.4 ( a) Principal net of unamortized issue costs and discounts (premiums). (b) Based principally on quoted market prices with the remainder based on discounted cash flow models using market observable inputs (Levels 1 and 2 respectively in the fair value hierarchy). (c) These borrowings are non-recourse to the holding company. (d) Issuer may redeem any time at prices specified in the instrument’s offering document, except those disclosed in footnote (e) below. (e) Not redeemable prior to the contractual maturity date. During and subsequent to 2021 the company and its subsidiaries completed the following debt transactions: Holding company (1) On October 29, 2021 the company redeemed its $85.0 principal amount of 4.142% unsecured senior notes due February 7, 2024 at par. (2) On June 29, 2021 the company amended and restated its $ 2.0 billion unsecured revolving credit facility with a syndicate of lenders which extended the term from December 21, 2022 to June 29, 2026. During 2021 the company made a net repayment of $700.0 on its revolving credit facility leaving nil borrowed at December 31, 2021 (December 31, 2020 - $700.0 ). The principal financial covenants of the credit facility require the company to maintain a ratio of consolidated debt to consolidated capitalization not exceeding 0.35 :1 and consolidated shareholders’ equity attributable to shareholders of Fairfax of not less than $9.5 billion. At December 31, 2021 the company was in compliance with its financial covenants, with a consolidated debt to consolidated capitalization ratio of 0.245 :1 and consolidated shareholders’ equity attributable to shareholders of Fairfax of $ 16.4 billion, both calculated as defined in the financial covenants. (3) On March 3, 2021 the company completed an offering of $600.0 principal amount of 3.375% unsecured senior notes due March 3, 2031 for net proceeds of $583.8 after discount, commissions and expenses. Commissions and expenses of $15.4 were included in the carrying value of the notes. (4) On March 1, 2021 the company completed an offering of $671.6 (Cdn $850.0 ) principal amount of 3.95% unsecured senior notes due March 3, 2031 for net proceeds of $666.2 after premium, commissions and expenses. Commissions and expenses of $5.4 were included in the carrying value of the notes. On March 29, 2021 the company used the net proceeds of that offering to redeem its $353.5 (Cdn $446.0 ) principal amount of 5.84% unsecured senior notes due October 14, 2022 and its $317.1 (Cdn $400.0 ) principal amount of 4.50% unsecured senior notes due March 22, 2023, and recorded a loss of $ 45.7 on redemption as interest expense. Contemporaneously with the redemptions, the company designated the carrying value of its Cdn$ 850.0 senior notes due March 3, 2031 as a hedge of a portion of its net investment in Canadian subsidiaries. Insurance and reinsurance companies (5) On December 15, 2021 Crum & Forster redeemed its $ 41.4 principal amount of First Mercury trust preferred securities. (6) On June 15, 2021 and March 15, 2021 Odyssey Group redeemed $40.0 and $50.0 principal amounts of its unsecured senior notes, respectively. Non-insurance companies (7) On December 17, 2021 Fairfax India entered into a $175.0 , 3-year unsecured floating rate revolving credit facility with a syndicate of lenders, with an option to extend for an additional year. At December 31, 2021 the credit facility remained undrawn. (8) On February 26, 2021 Fairfax India completed an offering of $500.0 principal amount of 5.00% unsecured senior notes due February 26, 2028 and subsequently used the net proceeds to repay $ 500.0 principal amount of its floating rate term loan. The company’s insurance and reinsurance subsidiaries purchased $58.4 of Fairfax India’s offering on the same terms as other participants and that intercompany investment is eliminated in the company’s consolidated financial reporting. (9) On January 4, 2022 AGT extended the maturity on its credit facilities to March 17, 2023. Changes in the carrying values of borrowings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ ​ company ​ companies ​ companies ​ Total ​ company ​ companies ​ companies ​ Total Balance – January 1 5,580.6 1,033.4 2,200.0 8,814.0 4,117.3 1,039.6 2,075.7 7,232.6 Cash inflows from issuances 1,250.0 — 499.1 1,749.1 645.0 — 107.8 752.8 Cash outflows from repayments (801.2) (131.7) (593.9) (1,526.8) — (0.3) (82.5) (82.8) Net cash inflows (outflows) from credit facilities and short term loans (700.0) (84.3) (262.0) (1,046.3) 700.0 (10.0) 60.5 750.5 Non-cash changes: ​ ​ ​ ​ Acquisition of subsidiary (note 23) — — — — — — 127.4 127.4 Deconsolidation of subsidiary (note 23) — (22.5) (187.4) (209.9) — — (118.7) (118.7) Loss on redemption 45.7 — (0.1) 45.6 — — — — Foreign exchange effect and other (36.5) (4.2) (32.0) (72.7) 118.3 4.1 29.8 152.2 Balance – December 31 5,338.6 790.7 1,623.7 7,753.0 5,580.6 1,033.4 2,200.0 8,814.0 ​ Principal repayments on borrowings are due as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 2025 2026 Thereafter Total Holding company — — 282.5 277.1 448.1 4,377.5 5,385.2 Insurance and reinsurance companies 0.3 0.3 0.3 545.3 0.3 237.3 783.8 Non-insurance companies 584.4 62.8 208.0 21.1 20.2 736.8 1,633.3 Total 584.7 63.1 490.8 843.5 468.6 5,351.6 7,802.3 ​ Interest Expense Interest expense in 2021 of $513.9 (2020 – $475.9) was comprised of $356.8 (2020 – $286.3) incurred on borrowings by the holding company and the insurance and reinsurance companies, inclusive of a loss on redemption of holding company unsecured senior notes of $45.7 (2020 - nil

Total Equity

Total Equity	12 Months Ended
	Dec. 31, 2021
Total Equity
Total Equity	16. Equity attributable to shareholders of Fairfax Authorized capital The authorized share capital of the company consists of an unlimited number of preferred shares issuable in series, an unlimited number of multiple voting shares (cumulatively carrying 41.8% voting power) and an unlimited number of subordinate voting shares carrying one vote per share. Issued capital Issued capital at December 31, 2021 was comprised of 1,548,000 multiple voting shares and 24,986,170 subordinate voting shares without par value prior to deducting 1,869,340 subordinate voting shares reserved in treasury for share-based payment awards (December 31, 2020 - 1,548,000, 27,124,093 and 1,696,357 respectively). The multiple voting shares are not traded. Common stock The number of shares outstanding was as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Subordinate voting shares – January 1 25,427,736 26,082,299 Purchases for cancellation (2,137,923) (343,871) Treasury shares acquired (293,197) (457,603) Treasury shares reissued 120,214 146,911 Subordinate voting shares – December 31 23,116,830 25,427,736 Multiple voting shares – beginning and end of year 1,548,000 1,548,000 Interest in multiple and subordinate voting shares held through ownership interest in shareholder – beginning and end of year (799,230) (799,230) Common stock effectively outstanding – December 31 23,865,600 26,176,506 ​ During 2021 the company purchased for cancellation 137,923 subordinate voting shares (2020 - 343,871) under the terms of its normal course issuer bids at a cost of $58.1 (2020 - $100.9), of which $23.9 (2020 - $15.7) was charged to retained earnings. On December 29, 2021 the company completed a substantial issuer bid pursuant to which it purchased for cancellation 2,000,000 subordinate voting shares at a price of $500.00 per share, for aggregate cash consideration of $1.0 billion, of which $504.6 was charged to retained earnings representing the excess value paid over the company’s paid-up capital of $495.4 that was recorded in common shares, purchases for cancellation, in the consolidated statement of changes in equity. During 2021 the company purchased for treasury 293,197 subordinate voting shares at a cost of $132.6 (2020 - 457,603 subordinate voting shares at a cost of $137.9) on the open market for use in its share-based payment awards. Subsequent to December 31, 2021 and up to March 3, 2022 the company purchased for treasury 92,719 subordinate voting shares at a cost of $45.9 on the open market for use in its share-based payment awards. Dividends paid by the company on its outstanding multiple voting and subordinate voting shares were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of declaration Date of record Date of payment Dividend per share Total cash payment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 5, 2022 ​ January 20, 2022 ​ January 27, 2022 ​ $ 10.00 ​ $ 249.9 January 5, 2021 ​ January 21, 2021 ​ January 28, 2021 ​ $ 10.00 ​ $ 272.1 January 3, 2020 ​ January 17, 2020 ​ January 28, 2020 ​ $ 10.00 ​ $ 275.7 ​ Preferred stock The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Next possible ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ redemption and ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ Liquidation ​ Fixed dividend ​ Floating ​ ​ conversion ​ shares ​ ​ Carrying ​ ​ ​ ​ ​ preference per ​ rate per ​ dividend rate ​ ​ date (1)(2) ​ outstanding (3) ​ ​ value (3) ​ Stated capital (3) ​ share ​ annum ​ per annum (4) Series C December 31, 2024 7,515,642 $ 170.8 Cdn $ 187.9 Cdn $ 25.00 4.71 % — ​ Series D ​ December 31, 2024 2,484,358 ​ $ 56.4 Cdn $ 62.1 Cdn $ 25.00 — 3.28 % Series E ​ March 31, 2025 5,440,132 ​ $ 124.5 Cdn $ 136.0 Cdn $ 25.00 3.18 % — ​ Series F ​ March 31, 2025 2,099,046 ​ $ 48.1 Cdn $ 52.5 Cdn $ 25.00 — 2.29 % Series G ​ September 30, 2025 7,719,843 ​ $ 182.1 Cdn $ 193.0 Cdn $ 25.00 2.96 % — ​ Series H ​ September 30, 2025 2,280,157 ​ $ 53.8 Cdn $ 57.0 Cdn $ 25.00 — 2.69 % Series I ​ December 31, 2025 10,420,101 ​ $ 250.5 Cdn $ 260.5 Cdn $ 25.00 3.33 % — ​ Series J ​ December 31, 2025 1,579,899 ​ $ 38.0 Cdn $ 39.5 Cdn $ 25.00 — 2.98 % Series K ​ March 31, 2022 9,500,000 ​ $ 231.7 Cdn $ 237.5 Cdn $ 25.00 4.67 % — ​ Series M ​ March 31, 2025 9,200,000 ​ $ 179.6 Cdn $ 230.0 Cdn $ 25.00 5.00 % — ​ ​ ​ ​ ​ ​ ​ $ 1,335.5 Cdn $ 1,456.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Fixed and floating rate cumulative preferred shares are redeemable by the company at each stated redemption date and on each subsequent five-year anniversary date at Cdn$ 25.00 per share. (2) Holders of Series C, Series E, Series G, Series I, Series K and Series M fixed rate cumulative preferred shares will have the option to convert their shares into Series D, Series F, Series H, Series J, Series L and Series N floating rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. Holders of Series D, Series F, Series H and Series J floating rate cumulative preferred shares will have the option to convert their shares into Series C, Series E, Series G and Series I fixed rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. (3) For each series of preferred shares, the number of shares outstanding, carrying value and stated capital remained unchanged during 2021. (4) The Series D, Series F, Series H, and Series J preferred shares, and the Series L and Series N preferred shares (of which none are currently issued), have a floating dividend rate equal to the three-month Government of Canada treasury bill yield plus 3.15% , 2.16% , 2.56% , 2.85% , 3.51% and 3.98% respectively, with rate resets at the end of each calendar quarter. During 2021 the company paid preferred share dividends of $44.5 (2020 - $44.0). Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax ​ ​ ​ ​ ​ ​ Income tax ​ After-tax ​ ​ ​ (expense) ​ After-tax ​ ​ Pre-tax amount ​ recovery ​ amount ​ Pre-tax amount ​ recovery ​ amount Items that may be subsequently reclassified to net earnings Foreign currency translation losses (636.2) 24.6 (611.6) (550.8) 12.2 (538.6) Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans (79.8) 0.4 (79.4) 43.7 (12.3) 31.4 ​ (716.0) 25.0 (691.0) (507.1) (0.1) (507.2) Items that will not be subsequently reclassified to net earnings ​ ​ ​ Net losses on defined benefit plans (104.9) 27.5 (77.4) (214.9) 54.7 (160.2) Share of net losses on defined benefit plans of associates (57.3) 5.5 (51.8) (159.1) 18.2 (140.9) Other 8.4 10.1 18.5 (0.8) 10.1 9.3 ​ (153.8) 43.1 (110.7) (374.8) 83.0 (291.8) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax (869.8) 68.1 (801.7) (881.9) 82.9 (799.0) ​ Non-controlling interests Details of non-controlling interests as at and for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ attributable to non- ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ controlling interests ​ Domicile Voting Carrying Voting Carrying ​ ​ ​ ​ ​ ​ ​ percentage (6) value percentage (6) value ​ 2021 2020 Insurance and reinsurance companies (1) Allied World (2) Bermuda 29.1 % 1,419.6 29.1 % 1,329.0 117.8 106.6 Brit (3) United Kingdom 13.8 % 559.3 — 121.7 14.0 (10.9) Odyssey Group (4) United States 9.99 % 550.0 — ​ — — — All other (5) — — ​ 402.5 — 381.1 89.4 10.9 ​ ​ ​ ​ ​ 2,931.4 ​ ​ 1,831.8 ​ 221.2 106.6 Non-insurance companies Restaurants and retail (6) — — ​ 494.3 — ​ 469.7 11.8 (51.2) Fairfax India (6)(7) Canada 6.1 % 1,133.1 6.6 % 1,130.9 72.7 (29.4) Thomas Cook India India 33.2 % 56.3 33.1 % 69.4 (16.8) (23.5) Other (8) — — ​ 315.1 — 168.9 (23.4) (183.5) ​ ​ ​ ​ ​ 1,998.8 ​ ​ 1,838.9 44.3 (287.6) ​ ​ ​ ​ ​ 4,930.2 ​ ​ 3,670.7 ​ 265.5 (181.0) (1) Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and Corporate and other. (2) On April 28, 2021 Allied World paid a dividend of $126.4 (April 30, 2020 - $126.4 ) to its minority shareholders (OMERS, AIMCo and others).The increase in carrying value of Allied World’s non-controlling interests primarily reflected the non-controlling interests’ share of Allied World’s net earnings ( $117.8 ). The company has the option to purchase the interests of the minority shareholders in Allied World at certain dates until September 2024. (3) The increase in carrying value of Brit’s non-controlling interests during 2021 primarily reflected the sale of a 13.9% equity interest in Brit to OMERS on August 27, 2021 as described in note 23 and a third party investment of $124.0 in Brit’s subsidiary Ki Insurance, a fully digital and algorithmically-driven Lloyd’s of London syndicate. (4) On December 15, 2021 the company sold a 9.99% equity interest in Odyssey Group to OMERS and CPPIB as described in note 23. (5) Principally related to Fairfax consolidated internal investment funds (held by RiverStone Barbados as described in note 23), and Fairfax Asia. (6) At December 31, 2021 Fairfax India and Recipe’s non-controlling interest economic ownership percentages were 69.9% and 61.5% (December 31, 2020 - 72.0% and 59.8% ), which differed from their non-controlling interest voting percentages of 6.1% and 39.0% (December 31, 2020 - 6.6% and 38.9% ). Subsequent to December 31, 2021, on February 15, 2022, the company acquired an additional 5,416,000 subordinate voting shares of Fairfax India from non-controlling interests, which decreased Fairfax India’s non-controlling interest economic ownership and voting percentages to 65.6% and 5.7% at that date. (7) The increase in carrying value of Fairfax India’s non-controlling interests during 2021 primarily reflected the sale of an equity interest in Anchorage ( $107.4 ) as described in note 6, the non-controlling interests’ share of Fairfax India’s net earnings and the sale of an equity interest in Fairchem, partially offset by share repurchases ( $114.3 , primarily reflecting the completion of a substantial issuer bid for cash consideration of $105.0 in which Fairfax did not tender any shares), the deconsolidation of Privi ( $58.6) as described in note 23, and the weakening of the Indian rupee relative to the U.S. dollar. (8) The increase in carrying value of Other during 2021 primarily reflected the initial public offerings and related capital transactions at Farmers Edge and Boat Rocker. Other net changes in capitalization The impact on retained earnings and non-controlling interests of certain capital transactions and changes in ownership interests of the company’s consolidated subsidiaries for the years ended December 31, 2021 and 2020 are included in other net changes in capitalization in the consolidated statement of changes in equity as shown in the table below. See note 23 and under the heading “Non-controlling interests” earlier in this note for details of those transactions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Common Non- Common Non- ​ ​ shareholders' ​ controlling ​ shareholders' ​ controlling ​ ​ equity ​ interests ​ equity ​ interests Sale of non-controlling interests in Odyssey Group 429.1 550.0 ​ — ​ — Sale (acquisition) of non-controlling interests in Brit ​ 115.4 ​ 296.7 ​ (47.8) ​ (189.6) Initial public offerings and related capital transactions at Farmers Edge and Boat Rocker (3.1) 242.6 — — Third party's investment in Brit's subsidiary Ki Insurance — 124.0 — 124.4 Fairfax India's sale of an equity interest in Anchorage (note 6) ​ 21.8 ​ 107.4 ​ — ​ — Dividends paid to non-controlling interests by Allied World (89.6) 89.6 (88.6) 88.6 Fairfax India share repurchases (12.5) (114.3) 0.3 (29.1) Third parties' net investments in Fairfax consolidated internal investment funds ​ — ​ 26.2 ​ — ​ 93.7 Other 91.8 (95.3) 22.2 22.3 As presented in other net changes in capitalization in the consolidated statement of changes in equity 552.9 1,226.9 (113.9) 110.3 ​

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2021
Earnings per Share
Earnings per Share	17. Net earnings per share is calculated using the weighted average common shares outstanding as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Net earnings attributable to shareholders of Fairfax ​ 3,401.1 ​ 218.4 Preferred share dividends ​ (44.5) ​ (44.0) Net earnings attributable to common shareholders – basic and diluted ​ 3,356.6 ​ 174.4 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding – basic ​ 25,953,114 ​ 26,446,939 Share-based payment awards ​ 1,503,931 ​ 1,273,250 Weighted average common shares outstanding – diluted ​ 27,457,045 ​ 27,720,189 ​ ​ ​ ​ ​ ​ ​ Net earnings per common share – basic ​ $ 129.33 ​ $ 6.59 Net earnings per common share – diluted ​ $ 122.25 ​ $ 6.29 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	18. The company’s provision for income taxes for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Current income tax: Current year expense 401.6 172.6 Adjustments to prior years' income taxes (14.6) (23.8) ​ 387.0 148.8 Deferred income tax: ​ Origination and reversal of temporary differences 313.5 51.1 Adjustments to prior years' deferred income taxes 18.9 15.4 Other 6.6 (8.6) ​ 339.0 57.9 ​ ​ ​ ​ ​ Provision for income taxes 726.0 206.7 ​ A significant portion of the company’s earnings (loss) before income taxes may be earned or incurred outside of Canada. The statutory income tax rates for jurisdictions outside of Canada generally differ from the Canadian statutory income tax rate, and may be significantly higher or lower. The company’s earnings (loss) before income taxes by jurisdiction and the associated provision for income taxes for the years ended December 31 are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Canada (1) ​ U.S. (2) ​ U.K. (3) ​ Other (4) ​ Total ​ Canada (1) ​ U.S. (2) ​ U.K. (3) ​ Other (4) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) before income taxes ​ 858.8 ​ 974.5 ​ 157.3 ​ 2,402.0 4,392.6 212.6 (110.8) (221.4) 363.7 244.1 Provision for income taxes 191.6 238.6 18.7 277.1 726.0 121.0 31.4 5.7 48.6 206.7 Net earnings (loss) 667.2 735.9 138.6 2,124.9 3,666.6 91.6 (142.2) (227.1) 315.1 37.4 (1) Includes Fairfax India and Fairfax Africa (deconsolidated on December 8, 2020). (2) Principally comprised of Crum & Forster, Zenith National, Odyssey Group (notwithstanding that certain operations of Odyssey Group conduct business outside of the U.S.), U.S. Run-off and other associated holding company results. (3) Principally comprised of Brit, European Run-off (deconsolidated on March 31, 2020) and other associated holding company results. (4) Primarily includes companies in India, Asia and Europe (excluding the U.K.), and Allied World, which has operations in multiple jurisdictions. Increased pre-tax profitability across all jurisdictions in 2021 compared to 2020 primarily reflected improved investment performance (which included the unrealized gain recorded in Asia on the company’s investment in Digit compulsory convertible preferred shares as described in note 5) and improved underwriting results in most companies. Reconciliations of the provision for income taxes calculated at the Canadian statutory income tax rate to the provision for income taxes at the effective tax rate in the consolidated financial statements for the years ended December 31 are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Canadian statutory income tax rate 26.5 % 26.5 % ​ ​ ​ ​ ​ ​ Provision for income taxes at the Canadian statutory income tax rate 1,164.0 64.7 ​ Non-taxable investment income (149.4) (108.3) ​ Tax rate differential on income and losses outside Canada (399.1) 5.2 ​ Change in unrecorded tax benefit of losses and temporary differences 67.2 172.8 ​ Change in tax rate for deferred income taxes 0.3 (5.7) ​ Provision (recovery) relating to prior years 4.3 (8.4) ​ Foreign exchange effect (23.0) 40.9 ​ Other including permanent differences 61.7 45.5 ​ Provision for income taxes 726.0 206.7 ​ ​ Non-taxable investment income of $149.4 in 2021 and $108.3 in 2020 were principally comprised of dividend income, non-taxable interest income and long term capital gains, and the 50% of net capital gains which are not taxable in Canada. Non-taxable investment income in 2021 also included gains on the consolidation of Eurolife and the deconsolidation of Privi. Non-taxable investment income in 2020 principally reflected the gain on deconsolidation of European Run-off, as described in note 23, that was not taxable in Canada or Barbados. The tax rate differential on income and losses outside Canada of $399.1 in 2021 principally related to income taxed at lower rates in Asia (principally related to the unrealized gain recorded on the company’s investment in Digit compulsory convertible preferred shares), the U.S. and at Allied World. The tax rate differential on income and losses outside Canada of $5.2 in 2020 principally related to losses tax-effected at lower rates at Brit and Fairfax Africa (deconsolidated on December 8, 2020), and in Barbados, partially offset by income taxed at lower rates at Allied World. The change in unrecorded tax benefit of losses and temporary differences of an income tax rate expense of $67.2 in 2021 principally related to unrecorded deferred tax assets in Canada and the U.S. of $65.6 and $24.2, partially offset by the recognition of previously unrecognized deferred tax assets in the U.K. and at Allied World of $5.5 and $22.0. The change in unrecorded tax benefit of losses and temporary differences of an income tax rate expense of $172.8 in 2020 principally related to unrecorded deferred tax assets in Canada, the U.S. and the U.K. of $63.3, $54.7 and $53.9 respectively. Other including permanent differences of $61.7 in 2021 included $8.0 related to non-cash impairment charges on goodwill. Other including permanent differences of $45.5 in 2020 principally reflected non-cash impairment charges on goodwill and intangible assets recorded by the Non-insurance companies reporting segment. Income taxes refundable and payable were as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Income taxes refundable 58.3 88.7 Income taxes payable (175.0) (64.5) Net income taxes (payable) refundable (116.7) 24.2 ​ Changes in net income taxes (payable) refundable during the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance - January 1 24.2 90.6 Amounts recorded in the consolidated statements of earnings (387.0) (148.8) Payments made during the year 288.7 63.3 Acquisitions of subsidiaries (note 23) (54.5) (0.3) Deconsolidation of non-insurance subsidiary (note 23) — 7.6 Foreign exchange effect and other 11.9 11.8 Balance - December 31 (116.7) 24.2 ​ Changes in the net deferred income tax asset (liability) during the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ for losses ​ Provision ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ and loss ​ for ​ premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capital ​ adjustment ​ unearned ​ acquisition ​ Intangible ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ losses ​ expenses ​ premiums ​ costs ​ assets ​ Investments ​ credits ​ Other ​ Total Balance - January 1 236.3 168.8 141.7 (116.1) (389.5) 23.9 174.8 117.6 357.5 Amounts recorded in the consolidated statement of earnings (3.5) 35.6 46.0 (39.4) (19.5) (339.2) 32.3 (51.3) (339.0) Amounts recorded in total equity 17.5 — — — — ​ 0.8 — (37.5) (19.2) Acquisitions of subsidiaries (note 23) (4.2) — — 7.9 (10.3) (98.9) — 31.4 (74.1) Deconsolidation of non-insurance subsidiaries (note 23) (7.5) — — — 7.8 — — 2.3 2.6 Foreign exchange effect and other (8.6) (0.2) — (0.2) (1.6) (1.1) 6.5 1.0 (4.2) Balance - December 31 230.0 204.2 187.7 (147.8) (413.1) (414.5) 213.6 63.5 (76.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ for losses ​ Provision ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ and loss ​ for ​ premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capital ​ adjustment ​ unearned ​ acquisition ​ Intangible ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ losses expenses ​ premiums ​ costs ​ assets ​ Investments ​ credits ​ Other ​ Total Balance - January 1 119.2 145.3 119.9 (96.9) (428.2) 128.0 211.0 177.6 375.9 Amounts recorded in the consolidated statement of earnings 105.0 22.5 21.8 (19.3) 37.9 (110.8) (36.0) (79.0) (57.9) Amounts recorded in total equity 0.4 — — — — 0.6 — 25.1 26.1 Acquisitions of subsidiaries (note 23) (0.1) — — — — — 0.1 6.0 6.0 Deconsolidation of non-insurance subsidiary (note 23) (0.5) — — — — — — 2.3 1.8 Foreign exchange effect and other 12.3 1.0 — 0.1 0.8 6.1 (0.3) (14.4) 5.6 Balance - December 31 236.3 168.8 141.7 (116.1) (389.5) 23.9 174.8 117.6 357.5 ​ Management expects that recognized deferred income tax assets will be realized in the normal course of operations. The most significant temporary differences included in the net deferred income tax liability at December 31, 2021 related to investments (primarily related to net unrealized investment gains in the U.S. and Asia (principally related to unrealized gains recorded in Asia on the company’s investment in Digit compulsory convertible preferred shares)), intangible assets and deferred premium acquisition costs, partially offset by deferred income tax assets related to operating and capital losses, tax credits, provision for losses and loss adjustment expenses and provision for unearned premiums. In these consolidated financial statements, investment gains and losses are primarily recognized on a mark-to-market basis but are only recognized for income tax when realized (particularly in the U.S. and several other jurisdictions). The provision for losses and loss adjustment expenses is recorded on an undiscounted basis in these consolidated financial statements but is recorded on a discounted basis in certain jurisdictions for income tax, resulting in temporary differences. Deferred income tax liabilities on intangible assets primarily relate to intangible assets recognized on acquisitions (principally Allied World, Recipe and Brit) that are typically not deductible in the determination of income taxes payable. The deferred income tax asset related to operating and capital losses arises primarily at Brit, Northbridge, Thomas Cook India, AGT and Fairfax Latam. Tax credits are primarily in the U.S. and relate to foreign taxes paid that will reduce U.S. taxes payable in the future. Other deferred income tax assets include temporary differences related to pensions and premises and equipment. Management conducts ongoing reviews of the recoverability of the deferred income tax asset and adjusts, as necessary, to reflect its anticipated realization. At December 31, 2021 deferred income tax assets of $875.9 (December 31, 2020 - $837.8) related principally to operating and capital losses and U.S. foreign tax credits have not been recorded. The losses for which deferred income tax assets have not been recorded are comprised of losses in Canada of $2,089.3 (December 31, 2020 - $2,102.8), losses in Europe of $488.8 (December 31, 2020 - $537.6), losses in the U.S. of $109.4 (December 31, 2020 - $46.1), losses at Allied World of $251.4 across various jurisdictions (December 31, 2020 - $338.8) and U.S. foreign tax credits of $44.7 (December 31, 2020 - $43.0). The losses in Canada expire between 2029 and 2041. The losses and foreign tax credits in the U.S. expire between 2024 and 2041. Substantially all of the losses in Europe do not have an expiry date. Allied World’s losses are primarily in the U.K. and Asia, with no expiry date. Deferred income tax has not been recognized for the withholding tax and other taxes that could be payable on the unremitted earnings of certain subsidiaries. Unremitted earnings at December 31, 2021 amounted to approximately $7.6 billion (December 31, 2020 – approximately $5.1 billion) and are not likely to be repatriated in the foreseeable future.

Statutory Requirements

Statutory Requirements	12 Months Ended
	Dec. 31, 2021
Statutory Requirements
Statutory Requirements	19. The retained earnings of the company are largely represented by retained earnings at the company’s insurance and reinsurance subsidiaries. Those subsidiaries are subject to certain requirements and restrictions under their respective insurance company Acts including minimum capital requirements and dividend restrictions. The company’s capital requirements and management thereof are discussed in note 24. The company’s share of dividends paid in 2021 by the insurance and reinsurance subsidiaries, which are eliminated on consolidation, was $429.5 (2020 - $239.7). Based on the surplus and net earnings (loss) of the primary insurance and reinsurance subsidiaries as at and for the year ended December 31, 2021, the maximum dividend capacity available in 2022 at each of those subsidiaries, payable to all shareholders (including non-controlling interests) is as follows: ​ ​ ​ ​ ​ December 31, ​ ​ 2021 Allied World 1,014.2 Odyssey Group 400.4 Northbridge (1) 326.6 Crum & Forster 185.3 Zenith National 70.8 ​ 1,997.3 (1) Subject to prior regulatory approval. When determining the amount of dividends to be paid from its insurance and reinsurance subsidiaries, the company considers regulatory capital requirements, and also rating agency capital tests, future capital levels required to support growth and tax planning matters, among other factors. In addition, the non-controlling interests in Allied World, Odyssey Group and Brit have a dividend in priority to the company.

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Dec. 31, 2021
Contingencies and Commitments
Contingencies and Commitments	20. Subsidiaries of the company, in the ordinary course of their business, are or may be anticipated to be defendants, or named as third parties, in damage suits. The uninsured exposure to the company is not considered to be material to the company’s financial position, financial performance or cash flows. Odyssey Group, Brit and Allied World (“the Lloyd’s participants”) underwrite in the Lloyd’s of London insurance market through their participation in certain Lloyd’s syndicates. The Lloyd’s participants have pledged cash and cash equivalents of $278.8 and securities with a fair value of $1,624.1 at December 31, 2021 as capital to support those underwriting activities. Pledged securities primarily consist of short term investments, bonds and equity investments presented within portfolio investments on the consolidated balance sheet. The Lloyd’s participants have the ability to substitute other securities for these pledged securities, subject to certain admissibility criteria. The Lloyd’s participants’ liability in respect of assets pledged as capital is limited to the aggregate amount of the pledged assets and their obligation to support these liabilities will continue until such liabilities are settled or are reinsured by a third party approved by Lloyd’s. The company believes that the syndicates for which the Lloyd’s participants are capital providers maintain sufficient liquidity and financial resources to support their ultimate liabilities and does not anticipate that the pledged assets will be utilized. The company’s maximum capital commitments for potential investments in common stocks, limited partnerships, associates and joint ventures at December 31, 2021 was $762.5. Additionally, pursuant to the sale of RiverStone Barbados as described in note 23, the company has guaranteed the value of approximately $1.1 billion of certain securities held by CVC and certain affiliates thereof until such time that the securities are purchased by or sold at the direction of Hamblin Watsa, prior to the end of 2022.

Pensions and Post Retirement Be

Pensions and Post Retirement Benefits	12 Months Ended
	Dec. 31, 2021
Pensions and Post Retirement Benefits
Pensions and Post Retirement Benefits	21. The funded status of the company’s defined benefit pension and post retirement plans at December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined benefit ​ Defined benefit ​ ​ pension plans ​ post retirement plans ​ 2021 2020 2021 2020 Benefit obligation (1,070.9) (914.8) (83.9) (89.2) ​ Fair value of plan assets 1,014.7 700.9 — — ​ Net accrued liability (1) (56.2) (213.9) (83.9) (89.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average assumptions used to determine benefit obligations: ​ Discount rate ​ 2.6 % 2.2 % 3.1 % 2.6 % Rate of compensation increase ​ 2.2 % 2.6 % 3.7 % 3.4 % Health care cost trend ​ — ​ — ​ 3.6 % 3.5 % (1) The defined benefit pension plan net accrued liability at December 31, 2021 of $56.2 (December 31, 2020 - $213.9 ) was comprised of pension deficits of $170.0 , partially offset by pension surpluses of $113.8 (December 31, 2020 - $262.7 , partially offset by $48.8 ). See notes 13 and 14. Pension and post retirement benefit expenses recognized in the consolidated statement of earnings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Defined benefit pension plan expense 25.8 24.3 Defined contribution pension plan expense 57.8 53.7 Defined benefit post retirement plan expense (recovery) (1) 2.0 (39.8) ​ 85.6 38.2 (1) During 2020 Odyssey Group amended its post retirement plan which resulted in a recovery of $48.5 . Pre-tax actuarial net gains (losses) recognized in the consolidated statement of comprehensive income for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Defined benefit pension plans Actuarial net gains on plan assets and change in asset ceiling 78.6 17.6 Actuarial net gains (losses) on benefit obligations 33.8 (101.5) ​ 112.4 (83.9) Defined benefit post retirement plans - actuarial net gains (losses) on benefit obligations 3.2 (4.4) ​ 115.6 (88.3) ​ During 2021 the company contributed $45.6 (2020 - $80.3) to its defined benefit pension and post retirement plans, and expects to contribute $18.1 in 2022.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	22. Changes in the company’s right-of-use assets for the year ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Balance - January 1 396.1 611.9 1,008.0 385.4 635.2 1,020.6 Additions 44.0 92.0 136.0 81.5 100.6 182.1 Disposals (41.2) (19.8) (61.0) (3.1) (19.9) (23.0) Depreciation (2) (68.3) (113.0) (181.3) (68.9) (118.0) (186.9) Acquisitions of subsidiaries (note 23) 0.9 14.1 15.0 — 20.1 20.1 Deconsolidation of subsidiaries (note 23) (1.4) (146.7) (148.1) — — — Foreign exchange effect and other (1.3) (7.5) (8.8) 1.2 (6.1) (4.9) Balance - December 31 (note 13) 328.8 431.0 759.8 396.1 611.9 1,008.0 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Recorded in operating expenses and other expenses in the consolidated statement of earnings. The maturity profile of the company’s lease liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 77.4 ​ 173.6 ​ 251.0 78.7 212.9 291.6 ​ One to two years 67.6 ​ 148.1 ​ 215.7 72.5 179.6 252.1 ​ Two to three years 58.6 ​ 129.8 ​ 188.4 64.3 152.0 216.3 ​ Three to four years 52.0 ​ 115.4 ​ 167.4 56.5 128.7 185.2 ​ Four to five years 45.1 ​ 96.3 ​ 141.4 50.6 110.6 161.2 ​ More than five years 142.8 ​ 249.6 ​ 392.4 213.4 373.0 586.4 ​ Lease liabilities, undiscounted 443.5 912.8 1,356.3 536.0 1,156.8 1,692.8 ​ Lease liabilities, discounted 384.2 756.5 1,140.7 456.8 995.3 1,452.1 ​ Weighted average incremental borrowing rate 3.8 % 4.5 % 4.3 % 4.2 % 4.5 % 4.4 % ​ (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. During 2021 the company recognized in the consolidated statement of earnings interest expense on lease liabilities of $57.9 (2020 - $62.8) (note 15), and short-term, low value and other lease costs of $19.1 (2020 - $46.5) that included the benefit of COVID-19 lease concessions and government rent subsidies of $28.9 (2020 - $15.8) primarily recorded in the Non-insurance companies reporting segment (note 26). The maturity profile of the company’s finance lease receivables was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies(1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 2.5 ​ 62.0 ​ 64.5 1.8 65.4 67.2 One to two years 2.3 ​ 53.0 ​ 55.3 1.8 59.3 61.1 Two to three years 1.3 ​ 44.7 ​ 46.0 1.6 49.6 51.2 Three to four years 1.0 ​ 39.3 ​ 40.3 0.7 42.0 42.7 Four to five years 1.0 ​ 33.3 ​ 34.3 0.7 35.6 36.3 More than five years 2.8 ​ 64.5 ​ 67.3 3.4 90.5 93.9 Finance lease receivables, undiscounted 10.9 296.8 307.7 10.0 342.4 352.4 Unearned finance income 1.5 40.1 41.6 1.5 45.5 47.0 Finance lease receivables (note 13) 9.4 256.7 266.1 8.5 296.9 305.4 ​ (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other .

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2021
Acquisitions and Divestitures
Acquisitions and Divestitures	23. Year ended December 31, 2021 Sale of non-controlling interest in Odyssey Group On December 15, 2021 Odyssey Group issued shares representing an aggregate 9.99% equity interest to a subsidiary of Canada Pension Plan Investment Board (“CPPIB”) and OMERS, the pension plan for Ontario’s municipal employees, for cash consideration of $900.0 which was subsequently paid by Odyssey Group as a dividend to Fairfax. The company recorded an aggregate equity gain of $429.1, principally comprised of a dilution gain and the fair value of a call option received, which was presented as other net changes in capitalization in the consolidated statement of changes in equity. The company has the option to purchase the interests of CPPIB and OMERS in Odyssey Group at certain dates commencing in January 2025. Sale of non-controlling interest in Brit On August 27, 2021 Brit issued shares representing a 13.9% equity interest to OMERS for cash consideration of $375.0 which was subsequently paid by Brit as a dividend to Fairfax. The company recorded an aggregate equity gain of $115.4, principally comprised of a dilution gain and the fair value of a call option received, which was presented as other net changes in capitalization in the consolidated statement of changes in equity. The company has the option to purchase OMERS’ interest in Brit at certain dates commencing in October 2023. Sale of RiverStone Barbados On August 23, 2021 the company sold its 60.0% joint venture interest in RiverStone (Barbados) Ltd. (“RiverStone Barbados”) to CVC Capital Partners (“CVC”). OMERS also sold its 40.0% joint venture interest in RiverStone Barbados to CVC as part of the transaction. The company received consideration of $695.7, principally comprised of cash of $462.0, non-voting shares of CVC’s RiverStone Barbados holding company with a fair value of $200.0 (which will convert into a secured vendor loan note with a principal amount of $200.0 upon completion of certain regulatory undertakings by CVC) and a pension asset on assumption of RiverStone Barbados’ closed pension plan, and recorded a net loss of $2.1 in net gains (losses) on investments in the consolidated statement of earnings, inclusive of foreign currency translation gains that were reclassified from accumulated other comprehensive income (loss) to the consolidated statement of earnings. The company also received a contingent value instrument for potential future proceeds of up to $235.7 with a nominal fair value. Prior to completion of the transaction, certain subsidiaries of RiverStone Barbados held investments in various Fairfax subsidiaries and certain other companies. Accordingly, CVC and certain affiliates thereof became the indirect owner of those securities upon completion of the transaction. As part of the transaction, on February 8, 2021 the company had entered into Asset Value Loan Notes (“AVLNs”) to guarantee the then approximately $1.3 billion value of the securities to CVC and certain affiliates thereof until such time the securities are purchased by or sold at the direction of Hamblin Watsa, prior to the end of 2022. The company, through Hamblin Watsa, continues to manage and have direction over these securities, including their voting rights. The company recorded the AVLNs as derivative instruments whose fair value is the difference between the guaranteed value of the underlying securities and their fair value, which resulted in a derivative asset of $103.8 on the consolidated balance sheet at December 31, 2021, and a net gain on investments of $103.8 for the year then ended in the consolidated statement of earnings. During 2021 securities with a guaranteed value of $120.8 were sold or purchased by Hamblin Watsa, leaving securities with a guaranteed value of approximately $1.1 billion remaining under the AVLNs at December 31, 2021. Sale of Toys “R” Us Canada On August 19, 2021 the company sold the operations of Toys “R” Us Canada for consideration of $90.3 (Cdn$115.7), deconsolidated Toys “R” Us Canada from the Non-insurance companies reporting segment and recorded a net gain of $85.7 in net gains (losses) on investments in the consolidated statement of earnings. The consideration received was comprised principally of a monthly royalty on future revenue of Toys “R” Us Canada. Privatization of Mosaic Capital On August 5, 2021 Mosaic Capital completed a privatization arrangement with a third party purchaser pursuant to which the company exchanged its holdings of Mosaic Capital debentures and warrants, and cash of $10.7 (Cdn$13.3), for $130.8 (Cdn$163.3) of newly issued Mosaic Capital 25-year debentures, and invested $4.0 (Cdn$5.0) in the privatized company for a 20.0% equity interest. The company deconsolidated Mosaic Capital from the Non-insurance companies reporting segment, recorded the Mosaic Capital 25-year debentures at FVTPL and commenced applying the equity method of accounting to its interest in the purchaser. Acquisition of Eurolife FFH Insurance Group Holdings S.A. On July 14, 2021 the company increased its interest in Eurolife FFH Insurance Group Holdings S.A. (“Eurolife”) to 80.0% from 50.0% by exercising a call option valued at $127.3 to acquire the joint venture interest of OMERS for cash consideration of $142.7 (€120.7). The assets, liabilities and results of operations of Eurolife’s life insurance business were consolidated in the Life insurance and Run-off reporting segment and those of Eurolife’s property and casualty insurance business were consolidated in the Insurance and Reinsurance - Other reporting segment, pursuant to which the company remeasured its 50.0% joint venture interest in Eurolife to its fair value of $450.0 and recorded a net gain of $130.5 in gain on sale and consolidation of insurance subsidiaries in the consolidated statement of earnings, inclusive of foreign currency translation gains that were reclassified from accumulated other comprehensive income (loss) to the consolidated statement of earnings. The remaining 20.0% equity interest in Eurolife continues to be owned by the company’s associate Eurobank. Eurolife is a Greek insurer which distributes its life and property and casualty insurance products and services through Eurobank’s network and other distribution channels. ​ ​ ​ ​ ​ ​ ​ Eurolife Acquisition date ​ July 14, 2021 Percentage of common shares acquired ​ 80.0 % (1) ​ ​ ​ ​ ​ Assets: ​ Insurance contract receivables ​ 11.6 Portfolio investments ​ 3,653.9 ​ (2) Recoverable from reinsurers ​ 18.6 Deferred income tax assets ​ 32.6 Intangible assets ​ 45.5 ​ (3) Other assets ​ 616.3 ​ (4) ​ ​ 4,378.5 ​ ​ Liabilities: ​ Accounts payable and accrued liabilities ​ 273.2 ​ (5) Insurance contract payables ​ 529.0 Insurance contract liabilities ​ 2,751.4 Deferred income tax liabilities ​ 100.9 ​ ​ 3,654.5 ​ ​ Purchase consideration ​ 720.0 ​ (6) Excess of fair value of net assets acquired over purchase consideration ​ 4.0 ​ ​ ​ ​ 4,378.5 ​ ​ (1) The transaction was recorded as the acquisition of a 100% equity interest in Eurolife with the non-controlling interests represented by a redemption liability (described in footnote 5 below) that was included in the fair value of assets acquired and liabilities assumed. (2) Includes subsidiary cash and cash equivalents of $1,433.3 . (3) Principally an intangible asset of $29.0 related to a distribution agreement with Eurobank. (4) Principally investment assets of $532.1 related to unit-linked life insurance contracts. (5) Includes a redemption liability of $124.9 on non-controlling interests as the company’s associate Eurobank may put its 20.0% equity interest in Eurolife to the company commencing in 2024 at the then fair value of that interest. (6) Comprised of cash consideration of $142.7 , a call option exercised with a fair value of $127.3 and the company’s 50.0% joint venture interest with a fair value of $450.0 . Additional investment in Singapore Reinsurance Corporation Limited On June 17, 2021 the company increased its ownership interest in Singapore Reinsurance Corporation Limited (“Singapore Re”) from 28.2% to 94.0% for $102.9 (SGD 138.0) and subsequently increased its ownership interest to 100%. Singapore Re is a general property and casualty reinsurer that underwrites business primarily in southeast Asia. Fairfax India’s sale of Privi Speciality Chemicals Limited On April 29, 2021 Fairfax India sold its 48.8% equity interest in Privi Speciality Chemicals Limited (“Privi”) to certain affiliates of Privi’s founders for $164.8 (12.2 billion Indian rupees), deconsolidated the assets and liabilities of Privi and recorded a net realized gain on investment of $94.9 in the consolidated statement of earnings. Year ended December 31, 2020 Fairfax Africa transaction with Helios Holdings Limited On December 8, 2020 Helios Holdings Limited (“Helios”) acquired a 45.9% voting and equity interest in Fairfax Africa in exchange for contributing its entitlement to cash flows from certain fee streams. Upon closing Helios was appointed sole investment advisor to Fairfax Africa and its co-founders were appointed as Co-Chief Executive Officers, resulting in Fairfax no longer being able to exercise control over Fairfax Africa. Fairfax Africa was subsequently renamed Helios Fairfax Partners Corporation (“HFP”) and continues to be listed on the Toronto Stock Exchange. Prior to closing, in an intercompany transaction on December 7, 2020 the holding company acquired Fairfax Africa’s 42.3% equity interest in Atlas Mara for consideration of $40.0. At closing the company deconsolidated Fairfax Africa from the Non-insurance companies reporting segment, recognized its 32.3% equity interest in HFP as an associate and recorded a loss of $61.5 in net gains on investments in the consolidated statement of earnings, inclusive of foreign currency translation losses. On March 31, 2021 the company invested in HFP debentures and warrants as described in note 6. Acquisition of Horizon North Logistics On May 29, 2020 Horizon North Logistics Inc. (“Horizon North”) legally acquired 100% of Dexterra by issuing common shares to the company representing a 49.0% equity interest in Horizon North. The company obtained de facto voting control of Horizon North as its largest equity and voting shareholder and accounted for the transaction as a reverse acquisition of Horizon North by Dexterra. The assets, liabilities and results of operations of Horizon North were consolidated in the Non-insurance companies reporting segment. Horizon North, which was subsequently renamed Dexterra Group Inc. (“Dexterra Group”), is a Canadian publicly listed corporation that provides a range of industrial services and modular construction solutions. Contribution of European Run-off to a joint venture On March 31, 2020 the company contributed its wholly owned European Run-off group (“European Run-off”) to RiverStone (Barbados) Ltd. (“RiverStone Barbados”), a newly created joint venture entity, for cash proceeds of $599.5 and a 60.0% equity interest in RiverStone Barbados with a fair value of $605.0. OMERS, the pension plan for municipal employees in the province of Ontario, contemporaneously subscribed for a 40.0% equity interest for cash consideration of $599.5, based on the fair value of European Run- off at December 31, 2019 pursuant to a subscription agreement on December 20, 2019, and entered into a shareholders’ agreement with the company to jointly direct the relevant activities of RiverStone Barbados. At closing on March 31, 2020, the company deconsolidated the assets and liabilities of European Run-off and commenced applying the equity method of accounting to its joint venture interest in RiverStone Barbados. The company recorded a pre- tax gain on deconsolidation of insurance subsidiary of $117.1 in the consolidated statement of earnings, comprised of a gain of $243.4 on the disposal of 40.0% of European Run-off and a gain of $35.6 on remeasurement to fair value at the closing date of the 60.0% of European Run-off retained, partially offset by foreign currency translation losses of $161.9 that were reclassified from accumulated other comprehensive income (loss) to the consolidated statement of earnings. The deconsolidation of European Run-off increased the company’s non-controlling interests by $340.4 at March 31, 2020 as RiverStone Barbados held investments in certain of the company’s subsidiaries. Subsequently on February 8, 2021 the company entered into AVLNs relating to those investments as described above in “ Sale of RiverStone Barbados”.

Financial Risk Management

Financial Risk Management	12 Months Ended
	Dec. 31, 2021
Financial Risk Management
Financial Risk Management	24. Overview The primary goals of the company’s financial risk management are to ensure that the outcomes of activities involving elements of risk are consistent with the company’s objectives and risk tolerance, while maintaining an appropriate balance between risk and reward and protecting the company’s consolidated balance sheet from events that have the potential to materially impair its financial strength. The company’s exposure to potential loss from its insurance and reinsurance operations and investment activities primarily relates to underwriting risk, credit risk, liquidity risk and various market risks. Balancing risk and reward is achieved through identifying risk appropriately, aligning risk tolerances with business strategy, diversifying risk, pricing appropriately for risk, mitigating risk through preventive controls and transferring risk to third parties. There were no significant changes in the types of the company’s risk exposures or the processes used by the company for managing those risk exposures at December 31, 2021 compared to those identified at December 31, 2020, except as discussed below. Financial risk management objectives are achieved through a two tiered system, with detailed risk management processes and procedures at the company’s primary operating subsidiaries and its investment management subsidiary combined with the analysis of the company- wide aggregation and accumulation of risks at the holding company. In addition, although the company and its operating subsidiaries each have an officer with designated responsibility for risk management, the company regards each Chief Executive Officer as the chief risk officer of his or her company; each Chief Executive Officer is the individual ultimately responsible for risk management for his or her company and its subsidiaries. The company’s Chief Operating Officer reports on risk considerations to the company’s Executive Committee and provides a quarterly report on key risk exposures to the company’s Board of Directors. The Executive Committee, in consultation with the Chief Operating Officer, approves certain policies for overall risk management, as well as policies addressing specific areas such as investments, underwriting, catastrophe risk and reinsurance. The company’s Investment Committee approves policies for the management of market risk (including currency risk, interest rate risk and other price risk) and the use of derivative and non-derivative financial instruments, and monitors to ensure compliance with relevant regulatory guidelines and requirements. A discussion of the company’s risks and the management of those risks is an agenda item for every regularly scheduled meeting of the Board of Directors. COVID-19 pandemic Given the uncertain and continually evolving situation resulting from COVID-19 including subsequent variants, it is difficult to predict the impact the pandemic will continue to have on the company’s businesses. The extent of the impact will depend on future developments including new information which may emerge concerning the severity of COVID-19 and additional actions which may be taken to contain or mitigate COVID-19, including extending government mandated economic shutdowns, particularly as new variants continue to emerge. COVID-19 has adversely affected the company’s operations across its operating segments, with varying effects. The company’s underwriting results in 2021 showed significant improvement from those in 2020, with modest current period COVID-19 losses of $55.1 in 2021 (primarily event cancellation and accident and health exposures). Net prior year reserve development in 2021 included net adverse prior year reserve development of $73.5 related to unfavourable development on COVID-19 losses from 2020 (primarily business interruption outside North America and workers compensation exposures). Additionally, the company expects its insurance and reinsurance operations to continue to experience reduced premiums written in certain segments where premiums are directly or indirectly linked to travel or economic activity in affected industries, albeit these segments are beginning to recover. Certain of the company’s non-insurance operations continue to experience disruptions and increased uncertainty due to current economic conditions, particularly those in the restaurant, retail and hospitality sectors whose business volumes are directly linked to the re-opening of the economy in the jurisdictions in which they operate. The company’s non-insurance operations have reported improved results in the latter half of 2021 within the Restaurants and retail operating segment as a result of higher business volumes across most companies in this segment due to reduced COVID-19 related lockdown restrictions. Underwriting Risk Property and casualty insurance and reinsurance Underwriting risk is the risk that the total cost of claims, claims adjustment expenses, commissions and premium acquisition costs will exceed premiums received and can arise as a result of numerous factors, including pricing risk, reserving risk and catastrophe risk. As discussed in the preceding section, COVID-19 has increased uncertainty and may adversely affect the company’s future underwriting results. There were no other significant changes to the company’s exposure to underwriting risk, and there were no changes to the framework used to monitor, evaluate and manage underwriting risk at December 31, 2021 compared to December 31, 2020. Principal lines of business The company’s principal insurance and reinsurance lines of business and the significant insurance risks inherent therein are as follows: ● Property, which insures against losses to property from (among other things) fire, explosion, natural perils (for example, earthquake, windstorm and flood), terrorism and engineering problems (for example, boiler explosion, machinery breakdown and construction defects). Specific types of property risks underwritten by the company include automobile, commercial and personal property and crop; ● Casualty, which insures against accidents (including workers’ compensation and automobile) and also includes employers’ liability, accident and health, medical malpractice, professional liability and umbrella coverage; and ● Specialty, which insures against marine, aerospace and surety risk, and other various risks and liabilities that are not identified above. An analysis of net premiums earned by line of business is included in note 25. The table that follows shows the company’s concentration of insurance risk by region and line of business based on gross premiums written prior to giving effect to ceded reinsurance premiums. The company’s exposure to general insurance risk varies by geographic region and may change over time. Premiums ceded to reinsurers (including retrocessions) in 2021 by line of business was comprised of property of $1,717.4 (2020 - $1,470.7), casualty of $3,487.7 (2020 - $2,361.2) and specialty of $423.4 (2020 - $429.5). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ United States ​ Asia (1) ​ International (2) ​ Total (3) For the years ended December 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property 1,229.1 996.2 3,912.4 3,364.7 849.2 ​ 735.4 2,141.9 1,756.2 8,132.6 6,852.5 Casualty 1,159.0 899.1 10,364.0 7,812.8 549.8 ​ 446.6 1,659.5 1,279.4 13,732.3 10,437.9 Specialty 223.3 188.9 755.6 735.7 277.4 ​ 248.4 674.8 662.5 1,931.1 1,835.5 Total 2,611.4 2,084.2 15,032.0 11,913.2 1,676.4 1,430.4 4,476.2 3,698.1 23,796.0 19,125.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance 2,475.1 1,969.4 11,448.6 9,020.4 739.7 ​ 682.2 3,341.0 2,637.4 18,004.4 14,309.4 Reinsurance 136.3 114.8 3,583.4 2,892.8 936.7 ​ 748.2 1,135.2 1,060.7 5,791.6 4,816.5 ​ 2,611.4 2,084.2 15,032.0 11,913.2 1,676.4 1,430.4 4,476.2 3,698.1 23,796.0 19,125.9 (1) The Asia geographic segment is primarily comprised of countries located throughout Asia, including China, Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia and Thailand, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe and Africa. (3) Excludes Eurolife’s life insurance operations gross premiums written of $114.2 (2020 - nil ) since Eurolife’s consolidation on July 14, 2021. Pricing risk Pricing risk arises because actual claims experience may differ adversely from the assumptions used in pricing insurance risk. Historically, the underwriting results of the property and casualty industry have fluctuated significantly due to the cyclical nature of the insurance market. Market cycles are affected by the frequency and severity of losses, levels of capacity and demand, general economic conditions and competition on rates and terms of coverage. The operating companies focus on profitable underwriting using a combination of experienced underwriting and actuarial staff, pricing models and price adequacy monitoring tools. Reserving risk Reserving risk arises because actual claims experience may differ adversely from the assumptions used in setting reserves, in large part due to the length of time between the occurrence of a loss, the reporting of the loss to the insurer and the ultimate resolution of the claim. The degree of uncertainty will vary by line of business according to the characteristics of the insured risks, with the ultimate cost of a claim determined by the actual insured loss suffered by the policyholder. Claims provisions reflect expectations of the ultimate cost of resolution and administration of claims based on an assessment of facts and circumstances then known, a review of historical settlement patterns, estimates of trends in claim severity and frequency, developing case law and other factors. The time required to learn of and settle claims is often referred to as the “tail” and is an important consideration in establishing the company’s reserves. Short-tail claims are those for which losses are normally reported soon after the incident and are generally settled within months following the reported incident. This would include, for example, most property, automobile and marine and aerospace damage. Long-tail claims are considered by the company to be those that often take three years or more to develop and settle, such as asbestos, environmental pollution, workers’ compensation, professional liability and product liability. Information concerning the loss event and ultimate cost of a long-tail claim may not be readily available, making the reserving analysis of long-tail lines of business more difficult and subject to greater uncertainties than for short-tail lines of business. In the extreme cases, long-tail claims involving asbestos and environmental pollution, it may take upwards of 40 years to settle. The company employs specialized techniques to determine such provisions using the extensive knowledge of both internal and external asbestos and environmental pollution experts and legal advisors. The establishment of provisions for losses and loss adjustment expenses is an inherently uncertain process that can be affected by internal factors such as: the risk in estimating loss development patterns based on historical data that may not be representative of future loss payment patterns; assumptions built on industry loss ratios or industry benchmark development patterns that may not reflect actual experience; the intrinsic risk as to the homogeneity of the underlying data used in carrying out the reserve analyses; and external factors such as trends relating to jury awards; economic inflation; medical cost inflation; worldwide economic conditions; tort reforms; court interpretations of coverage; the regulatory environment; underlying policy pricing; claims handling procedures; inclusion of exposures not contemplated at the time of policy inception; and significant changes in severity or frequency of losses relative to historical trends. Due to the amount of time between the occurrence of a loss, the actual reporting of the loss and the ultimate settlement of the claim, provisions may ultimately develop differently from the actuarial assumptions made when initially estimating the provision for losses. The diversity of insurance risk within the company’s portfolio of issued policies makes it difficult to predict whether material prior year reserve development will occur and, if it does occur, the location and the timing of such an occurrence. Catastrophe risk Catastrophe risk arises from exposure to large losses caused by man-made or natural catastrophes that could result in significant underwriting losses. Weather-related catastrophe losses are also affected by climate change which increases the unpredictability of both frequency and severity of such losses. As the company does not establish reserves for catastrophes in advance of the occurrence of such events, these events may cause volatility in the levels of incurred losses and reserves, subject to the effects of reinsurance recoveries. This volatility may also be contingent upon political and legal developments after the occurrence of the event. The company evaluates potential catastrophic events and assesses the probability of occurrence and magnitude of these events predominantly through probable maximum loss (“PML”) modeling techniques and through the aggregation of limits exposed. A wide range of events are simulated using the company’s proprietary and commercial models, including single large events and multiple events spanning the numerous geographic regions in which the company assumes insurance risk. Each operating company has developed and applies strict underwriting guidelines for the amount of catastrophe exposure it may assume as a standalone entity for any one risk and location, and those guidelines are regularly monitored and updated. Operating companies also manage catastrophe exposure by diversifying risk across geographic regions, catastrophe types and other lines of business, factoring in levels of reinsurance protection, adjusting the amount of business written based on capital levels and adhering to risk tolerance guidelines. The company’s head office aggregates catastrophe exposure company-wide and continually monitors the group’s aggregate exposure. Independent exposure limits for each entity in the group are aggregated to produce an exposure limit for the group as there is presently no model capable of simultaneously projecting the magnitude and probability of loss in all geographic regions in which the company operates. Currently the company’s objective is to limit its company-wide catastrophe loss exposure such that one year’s aggregate pre-tax net catastrophe losses would not exceed one year’s normalized net earnings before income taxes. The company takes a long term view and generally considers a 15% return on common shareholders’ equity, adjusted to a pre-tax basis, to be representative of one year’s normalized net earnings. The modeled probability of aggregate catastrophe losses in any one year exceeding this amount is generally more than once in every 250 years. Management of underwriting risk To manage exposure to underwriting risk, and the pricing, reserving and catastrophe risks contained therein, operating companies have established limits for underwriting authority and requirements for specific approvals of transactions involving new products or transactions involving existing products which exceed certain limits of size or complexity. The company’s objective of operating with a prudent and stable underwriting philosophy with sound reserving is also achieved through the establishment of goals, delegation of authorities, financial monitoring, underwriting reviews and remedial actions to facilitate continuous improvement. The company’s provision for claims is reviewed separately by, and must be acceptable to, internal actuaries at each operating company and the company’s Chief Actuary. Additionally, independent actuaries are periodically engaged to review an operating company’s reserves or reserves for certain lines of business. The company purchases reinsurance protection for risks assumed when it is considered prudent and cost effective to do so at the operating companies for specific exposures and, if needed, at the holding company for aggregate exposures. Steps are taken to actively reduce the volume of insurance and reinsurance underwritten on particular types of risks when the company desires to reduce its direct exposure due to inadequate pricing. As part of its overall risk management strategy, the company cedes insurance risk through proportional, non-proportional and facultative reinsurance treaties. With proportional reinsurance, the reinsurer shares a pro rata portion of the company’s losses and premium, whereas with non-proportional reinsurance, the reinsurer assumes payment of the company’s loss above a specified retention, subject to a limit. Facultative reinsurance is the reinsurance of individual risks as agreed by the company and the reinsurer. The company follows a policy of underwriting and reinsuring contracts of insurance and reinsurance which, depending on the type of contract, generally limits the liability of an operating company on any policy to a maximum amount on any one loss. Reinsurance decisions are made by operating companies to reduce and spread the risk of loss on insurance and reinsurance written, to limit multiple claims arising from a single occurrence and to protect capital resources. The amount of reinsurance purchased can vary among operating companies depending on the lines of business written, their respective capital resources and prevailing or expected market conditions. Reinsurance is generally placed on an excess of loss basis and written in several layers, the purpose of which is to limit the amount of one risk to a maximum amount acceptable to the company and to protect from losses on multiple risks arising from a single occurrence. This type of reinsurance includes what is generally referred to as catastrophe reinsurance. The company’s reinsurance does not, however, relieve the company of its primary obligation to the policyholder. The majority of reinsurance contracts purchased by the company provide coverage for a one year term and are negotiated annually. The ability of the company to obtain reinsurance on terms and prices consistent with historical results reflects, among other factors, recent loss experience of the company and of the industry in general. The effects of low interest rates, increased catastrophes, uncertainty surrounding the impact of climate change on the nature of catastrophic losses and rising claims costs are elevating reinsurance pricing, which has affected the company’s reinsurance cost for loss affected business and retroactive reinsurance. Notwithstanding the significant catastrophe losses suffered by the industry since 2017 and some uncertainty surrounding the losses ultimately ceded to reinsurers related to COVID-19, capital adequacy within the reinsurance market remains strong with new capital entering the market and alternative forms of reinsurance capacity continuing to be available. The company remains opportunistic in its use of reinsurance including alternative forms of reinsurance, balancing capital requirements and the cost of reinsurance. Life Insurance Life insurance risk in the company arises principally through Eurolife’s exposure to actual experience in the areas of mortality, morbidity, longevity, policyholder behaviour and expenses which is adverse to expectations. Exposure to underwriting risk is managed by uniform underwriting procedures that have been established at Eurolife to determine the insurability of applicants and to manage aggregate exposures for adverse deviations in assumptions. These underwriting requirements are regularly reviewed by Eurolife’s actuaries. Credit Risk Credit risk is the risk of loss resulting from the failure of a counterparty to honour its financial obligations to the company. Credit risk arises predominantly on cash and short term investments, investments in debt instruments, insurance contract receivables, recoverable from reinsurers and receivables from counterparties to derivative contracts (primarily foreign currency forward contracts and total return swaps). There were no significant changes to the company’s exposure to credit risk (except as set out in the discussion which follows) or the framework used to monitor, evaluate and manage credit risk at December 31, 2021 compared to December 31, 2020. The company’s gross credit risk exposure (without consideration of amounts held by the company as collateral) was comprised as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Cash and short term investments 22,795.5 13,920.6 Investments in debt instruments: ​ U.S. sovereign government (1) 3,957.9 3,058.4 Other sovereign government rated AA/Aa or higher (1)(2) 1,074.7 311.2 All other sovereign government (3) 2,194.9 649.3 Canadian provincials 45.0 49.9 U.S. states and municipalities 387.2 378.2 Corporate and other (4)(5) 6,873.9 11,848.3 Receivable from counterparties to derivative contracts 158.9 222.4 Insurance contract receivables 6,883.2 5,816.1 Recoverable from reinsurers 12,090.5 10,533.2 Other assets (6) ​ 1,881.3 ​ 1,729.7 Total gross credit risk exposure ​ 58,343.0 ​ 48,517.3 (1) Represented together 9.5% of the company’s total investment portfolio at December 31, 2021 (December 31, 2020 - 7.8% ) and considered by the company to have nominal credit risk. (2) Comprised primarily of bonds issued by the governments of Canada, Singapore, Australia and Hong Kong with fair values at December 31, 2021 of $614.6 , $95.1 , $92.7 and $43.5 respectively (December 31, 2020 - $16.5 , $95.7 , $42.0 and $58.7 ). (3) Comprised primarily of bonds issued by the governments of Greece, Brazil, Spain and India with fair values at December 31, 2021 of $844.7 , $415.4 , $297.5 and $192.5 respectively (December 31, 2020 - $1.2 , $40.0 , $233.9 , and $22.5 ). (4) Represents 13.0% of the company’s total investment portfolio at December 31, 2021 compared to 27.4% at December 31, 2020, with the decrease principally related to net sales of short to mid-dated high quality corporate bonds of $4,867.1 , the exchange of Seaspan debentures for Atlas preferred shares and the redemption of the remaining Seaspan debentures as described in note 6 , partially offset by net purchases of unrated first mortgage loans of $826.9 and an investment in Mosaic Capital 25-year debentures as described in note 23. (5) Includes the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 - $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada . (6) Excludes assets associated with unit-linked insurance products of $637.1 at December 31, 2021 (December 31, 2020 – nil ) for which credit risk is not borne by the company, and income taxes refundable of $58.3 at December 31, 2021 (December 31, 2020 - $88.7 ) that are considered to have nominal credit risk. Cash and short term investments The company’s cash and short term investments (including those of the holding company) are primarily held at major financial institutions in the jurisdictions in which the company operates. At December 31, 2021, 82.7% of these balances were held in Canadian and U.S. financial institutions, 14.9% in European financial institutions and 2.4% in other foreign financial institutions (December 31, 2020 - 86.7%, 10.2% and 3.1% respectively). The company monitors risks associated with cash and short term investments by regularly reviewing the financial strength and creditworthiness of these financial institutions and more frequently during periods of economic volatility. From these reviews, the company may transfer balances from financial institutions where it perceives heightened credit risk to others considered to be more stable. Investments in debt instruments The company’s risk management strategy for debt instruments is to invest primarily in those of high credit quality issuers and to limit the amount of credit exposure to any one corporate issuer. Management considers high quality debt instruments to be those with a S&P or Moody’s issuer credit rating of BBB/Baa or higher. While the company reviews third party credit ratings, it also performs its own analysis and does not delegate the credit decision to rating agencies. The company endeavours to limit credit exposure by monitoring fixed income portfolio limits on individual corporate issuers and on credit quality and may, from time to time, initiate positions in certain types of derivatives to further mitigate credit risk exposure. The composition of the company’s investments in debt instruments classified according to the higher of each security’s respective S&P and Moody’s issuer credit rating is presented in the table that follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Amortized Fair ​ Amortized Fair Issuer Credit Rating ​ cost ​ value ​ % ​ cost ​ value ​ % AAA/Aaa 5,248.2 5,237.3 36.1 3,574.3 3,604.8 22.1 AA/Aa 435.0 437.7 ​ 3.0 779.1 805.1 4.9 A/A 1,838.4 1,865.5 ​ 12.8 3,856.5 4,086.6 25.1 BBB/Baa 1,749.9 1,914.6 ​ 13.2 4,157.4 4,590.8 28.2 BB/Ba 1,840.9 1,808.3 ​ 12.4 489.6 518.8 3.2 B/B 115.0 114.8 ​ 0.8 41.7 42.9 0.3 Lower than B/B 58.4 62.9 ​ 0.4 62.4 63.8 0.4 Unrated (1)(2) 2,935.3 3,092.5 ​ 21.3 2,458.9 2,582.5 15.8 Total 14,221.1 14,533.6 ​ 100.0 15,419.9 16,295.3 100.0 (1) Comprised primarily of the fair value of the company’s investments in Blackberry Limited of $535.1 (December 31, 2020 - $438.6 ), Mosaic Capital of $129.3 (December 31, 2020 - nil ), Chorus Aviation Inc. of $90.6 (December 31, 2020 - $153.0 ) and Atlas of nil (December 31, 2020 - $575.9 ). (2) Includes the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 - $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada, primarily with loan-to-value ratios of approximately 60% , reducing the company’s credit risk exposure related to these investments. At December 31, 2021, 65.1% (December 31, 2020 - 80.3%) of the fixed income portfolio’s carrying value was rated investment grade or better, with 39.1% (December 31, 2020 – 27.0%) rated AA or better (primarily consisting of government bonds). The increase in the fair value of bonds rated AAA/Aaa primarily reflected net purchases of U.S. treasury bonds of $915.7 and Canadian government bonds of $617.3. The decrease in the fair value of bonds rated AA/Aa, A/A and BBB/Baa was primarily due to net sales of high quality corporate bonds of $289.7, $2,192.6 and $2,763.2 respectively. The increase in the fair value of bonds rated BB/Ba was primarily due to the consolidation of the bond portfolios of Eurolife. The increase in the fair value of unrated bonds was primarily due to net purchases of unrated corporate bonds and first mortgage loans of $826.9 and an investment in Mosaic Capital 25-year debentures as described in note 23, partially offset by the exchange of Seaspan debentures for Atlas preferred shares and the redemption of the remaining Seaspan debentures as described in note 6. At December 31, 2021 holdings of bonds in the ten issuers to which the company had the greatest exposure (excluding U.S., Canadian, U.K. and German sovereign government bonds) totaled $3,444.5 (December 31, 2020 - $3,474.4), which represented approximately 6.5% (December 31, 2020 - 8.0%) of the total investment portfolio. Exposure to the largest single issuer of corporate bonds at December 31, 2021 was the company’s investment in Blackberry Limited of $535.1 (December 31, 2020 - Atlas of $575.9), which represented approximately 1.0% (December 31, 2020 - 1.3%) of the total investment portfolio. Counterparties to derivative contracts Counterparty risk arises from the company’s derivative contracts primarily in three ways: first, a counterparty may be unable to honour its obligation under a derivative contract and have insufficient collateral pledged in favour of the company to support that obligation; second, collateral deposited by the company to a counterparty as a prerequisite for entering into certain derivative contracts (also known as initial margin) may be at risk should the counterparty face financial difficulty; and third, excess collateral pledged in favour of a counterparty may be at risk should the counterparty face financial difficulty (counterparties may hold excess collateral as a result of the timing of the settlement of the amount of collateral required to be pledged based on the fair value of a derivative contract). The company endeavours to limit counterparty risk through diligent selection of counterparties to its derivative contracts and through the terms of negotiated agreements. Pursuant to these agreements, counterparties are contractually required to deposit eligible collateral in collateral accounts (subject to certain minimum thresholds) for the benefit of the company based on the daily fair value of the derivative contracts. The company’s exposure to risk associated with providing initial margin is mitigated where possible through the use of segregated third party custodian accounts that only permit counterparties to take control of the collateral in the event of default by the company. Agreements negotiated with counterparties provide for a single net settlement of all financial instruments covered by the agreement in the event of default by the counterparty, thereby permitting obligations owed by the company to a counterparty to be offset against amounts receivable by the company from that counterparty (the “net settlement arrangements”). The following table sets out the company’s net derivative counterparty risk assuming all derivative counterparties are simultaneously in default: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Total derivative assets (1) 158.9 222.4 Obligations that may be offset under net settlement arrangements (9.6) (32.0) Fair value of collateral deposited for the benefit of the company (2) (116.5) (124.3) Excess collateral pledged by the company in favour of counterparties 4.8 11.7 Initial margin not held in segregated third party custodian accounts — 5.6 Net derivative counterparty exposure after net settlement and collateral arrangements 37.6 83.4 (1) Excludes equity warrants, equity call options and other derivatives which are not subject to counterparty risk. (2) Excludes excess collateral pledged by counterparties of $22.5 at December 31, 2021 (December 31, 2020 - $5.0 ). Collateral deposited for the benefit of the company at December 31, 2021 consisted of cash of $14.3 and government securities of $125.7 (December 31, 2020 - $116.4 and $12.9). The company had not exercised its right to sell or repledge collateral at December 31, 2021. Recoverable from reinsurers Credit risk on the company’s recoverable from reinsurers balance existed at December 31, 2021 to the extent that any reinsurer may be unable or unwilling to reimburse the company under the terms of the relevant reinsurance arrangements. The company is also exposed to the credit risk assumed in fronting arrangements and to potential reinsurance capacity constraints. The company regularly assesses the creditworthiness of reinsurers with whom it transacts business; internal guidelines generally require reinsurers to have strong A.M. Best ratings and to maintain capital and surplus in excess of $500.0. Where contractually provided for, the company has collateral for outstanding balances in the form of cash, letters of credit, guarantees or assets held in trust accounts. This collateral may be drawn on when amounts remain unpaid beyond contractually specified time periods for each individual reinsurer. The company’s reinsurance security staff conduct ongoing detailed assessments of current and potential reinsurers, perform annual reviews of impaired reinsurers, and provide recommendations for uncollectible reinsurance provisions for the group. The reinsurance security staff also collect and maintain individual operating company and group reinsurance exposures across the company. The company’s single largest recoverable from a reinsurer (Munich Reinsurance Company) represented 7.5% of shareholders’ equity attributable to shareholders of Fairfax at December 31, 2021 (December 31, 2020 - 8.0%) and is rated A+ by A.M. Best. The company’s gross exposure to credit risk from its reinsurers increased at December 31, 2021 compared to December 31, 2020, primarily reflecting an increase in reinsurers’ share of unearned premiums, p

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2021
Segmented Information
Segmented Information	25. Segmented Information The company identifies its operating segments by operating company, consistent with its management structure. Certain of the operating segments have been aggregated into reporting segments that are categorized by type of business as described below. The accounting policies of the reporting segments are the same as those described in note 3. Prices for inter-segment reinsurance provided by Group Re, Odyssey Group and Allied World are set at arm’s length. Eliminations and adjustments principally reflect the elimination of inter-segment reinsurance, including Crum & Forster’s loss portfolio transfer to U.S. Run-off during 2021, and the elimination of intercompany investment management fees, including Fairfax India’s performance fee accrual as described in note 28. Geographic premiums are determined by the domicile of the operating companies and where the primary underlying insurance risk resides. Property and Casualty Insurance and Reinsurance Northbridge Odyssey Group Crum & Forster Zenith National Brit Allied World Fairfax Asia Insurance and Reinsurance - Other Life insurance and Run-off This reporting segment is comprised of Eurolife’s life insurance operations and U.S. Run-off, which includes TIG Insurance Company. European Run-off, which principally consisted of RiverStone (UK), Advent, Syndicate 3500 at Lloyd’s (managed by RiverStone Managing Agency Limited) and TIG Insurance (Barbados) Limited, was deconsolidated on March 31, 2020 as described in note 23. Non-insurance companies This reporting segment is comprised as follows: Restaurants and retail Fairfax India Thomas Cook India Other Corporate and Other Corporate and Other includes the parent entity (Fairfax Financial Holdings Limited), its subsidiary intermediate holding companies and Hamblin Watsa, an investment management company. Sources of Earnings by Reporting Segment Sources of earnings by reporting segment for the years ended December 31 were as follows: 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ insurance ​ Non- ​ ​ ​ Eliminations ​ ​ ​ ​ ​ ​ Odyssey ​ Crum & ​ Zenith ​ ​ ​ Allied ​ Fairfax ​ ​ ​ ​ ​ and ​ insurance ​ Corporate ​ and ​ ​ ​ Northbridge Group Forster National Brit World Asia Other Total Run-off companies and Other adjustments Consolidated Gross premiums written External 2,121.6 5,551.4 3,704.8 718.2 3,221.9 5,794.3 534.4 2,149.4 23,796.0 114.2 — — — 23,910.2 Intercompany 5.0 194.9 24.9 17.0 16.4 57.6 2.6 216.4 534.8 358.1 — — (892.9) — ​ 2,126.6 5,746.3 3,729.7 735.2 3,238.3 5,851.9 537.0 2,365.8 24,330.8 472.3 — — (892.9) 23,910.2 Net premiums written 1,917.4 4,849.4 2,689.3 713.0 1,998.3 3,907.8 260.6 1,473.6 17,809.4 468.7 — — — 18,278.1 Net premiums earned External 1,815.9 4,178.3 2,910.5 708.9 1,754.4 3,597.9 283.1 1,199.3 16,448.3 109.7 — — — 16,558.0 Intercompany (15.0) 67.6 (397.7) 2.2 (0.1) (146.3) (33.4) 164.6 (358.1) 358.1 — — — — ​ 1,800.9 4,245.9 2,512.8 711.1 1,754.3 3,451.6 249.7 1,363.9 16,090.2 467.8 — — — 16,558.0 Underwriting expenses (2) (1,598.7) (4,153.7) (2,410.9) (628.3) (1,698.7) (3,225.2) (229.6) (1,343.9) (15,289.0) (776.8) — — 0.3 (16,065.5) Underwriting profit (loss) 202.2 92.2 101.9 82.8 55.6 226.4 20.1 20.0 801.2 (309.0) — — 0.3 492.5 Interest income 61.8 149.0 80.9 11.7 52.2 98.4 15.4 51.4 520.8 22.2 3.9 28.2 (6.7) 568.4 Dividends 14.8 14.3 6.3 2.8 5.3 17.6 5.3 6.3 72.7 7.8 28.5 (0.8) — 108.2 Investment expenses (16.9) (46.3) (18.2) (8.1) (14.1) (39.7) (1.5) (7.0) (151.8) (10.7) (127.1) (2.8) 256.6 (35.8) Interest and dividends 59.7 117.0 69.0 6.4 43.4 76.3 19.2 50.7 441.7 19.3 (94.7) 24.6 249.9 640.8 Share of profit of associates 1.9 101.6 66.6 35.1 31.5 51.7 12.2 23.5 324.1 16.8 22.3 38.8 — 402.0 Other Revenue — — — — — — — — — — 5,157.5 — 0.5 5,158.0 Expenses — — — — — — — — — — (5,092.1) — 5.2 (5,086.9) ​ — — — — — — — — — — 65.4 — 5.7 71.1 Operating income (loss) 263.8 310.8 237.5 124.3 130.5 354.4 51.5 94.2 1,567.0 (272.9) (7.0) 63.4 255.9 1,606.4 Net gains on investments (1) 269.2 419.2 201.9 47.4 6.9 178.0 1,485.7 36.2 2,644.5 69.7 266.0 464.9 — 3,445.1 Gain on sale and consolidation of insurance subsidiaries — — — — 33.2 35.5 60.8 4.0 133.5 — — 130.5 — 264.0 Interest expense (1.2) (4.4) (3.7) (3.7) (18.3) (27.8) (0.2) (2.2) (61.5) (7.9) (140.3) (305.4) 1.2 (513.9) Corporate overhead and other (11.8) (18.9) (32.7) (9.2) (13.2) (55.9) (19.8) (2.5) (164.0) (38.4) — 50.0 (256.6) (409.0) Pre-tax income (loss) 520.0 706.7 403.0 158.8 139.1 484.2 1,578.0 129.7 4,119.5 (249.5) 118.7 403.4 0.5 4,392.6 Provision for income taxes (726.0) Net earnings ​ 3,666.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ Shareholders of Fairfax ​ 3,401.1 Non-controlling interests ​ 265.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,666.6 (1) Includes net gains on deconsolidation of non-insurance subsidiaries primarily related to the deconsolidation of Fairfax India’s subsidiary Privi of $94.9 and Toys “R” Us Canada of $85.7 as described in note 23. (2) Property and casualty insurance and reinsurance underwriting expenses for the year ended December 31, 2021 were comprised as shown below. Accident year underwriting expenses exclude the impact of favourable or adverse prior year claims reserve development. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ Odyssey Crum & Zenith ​ Allied Fairfax ​ ​ ​ ​ Northbridge ​ Group ​ Forster ​ National ​ Brit ​ World ​ Asia ​ Other ​ Total Loss & LAE - accident year 1,038.0 3,111.7 1,434.9 427.4 981.6 2,458.3 162.9 823.7 10,438.5 Commissions 316.0 796.6 516.3 81.3 489.1 285.3 32.2 257.4 2,774.2 Other underwriting expenses 273.9 365.5 463.4 190.4 328.1 462.8 56.0 291.8 2,431.9 Underwriting expenses - accident year 1,627.9 4,273.8 2,414.6 699.1 1,798.8 3,206.4 251.1 1,372.9 15,644.6 Net (favourable) adverse claims reserve development (29.2) (120.1) (3.7) (70.8) (100.1) 18.8 (21.5) (29.0) (355.6) Underwriting expenses - calendar year 1,598.7 4,153.7 2,410.9 628.3 1,698.7 3,225.2 229.6 1,343.9 15,289.0 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ Eliminations ​ ​ ​ ​ ​ Odyssey ​ Crum & Zenith ​ Allied Fairfax ​ ​ ​ Run- ​ insurance ​ Corporate ​ and ​ ​ ​ ​ Northbridge ​ Group ​ Forster ​ National ​ Brit ​ World ​ Asia ​ Other Total ​ off (1) ​ companies ​ and Other ​ adjustments ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross premiums written External 1,727.5 4,306.3 3,082.4 661.7 2,407.6 4,633.8 421.2 1,738.6 18,979.1 146.8 — — — 19,125.9 Intercompany 7.7 140.4 27.0 — 16.8 46.9 3.5 135.4 377.7 — — — (377.7) — ​ ​ 1,735.2 4,446.7 3,109.4 661.7 2,424.4 4,680.7 424.7 1,874.0 19,356.8 146.8 — — (377.7) 19,125.9 Net premiums written 1,540.4 3,789.6 2,543.0 646.1 1,775.6 3,017.6 221.6 1,183.8 14,717.7 146.8 — — — 14,864.5 Net premiums earned External 1,435.1 3,555.8 2,462.7 646.6 1,710.4 2,788.4 229.2 1,030.8 13,859.0 129.7 — — — 13,988.7 Intercompany (11.0) 30.8 (36.5) (2.8) 0.3 (65.8) (7.5) 94.1 1.6 (1.6) — — — — ​ ​ 1,424.1 3,586.6 2,426.2 643.8 1,710.7 2,722.6 221.7 1,124.9 13,860.6 128.1 — — — 13,988.7 Underwriting expenses (2) (1,315.3) (3,396.7) (2,366.1) (591.9) (1,951.0) (2,596.6) (214.6) (1,119.4) (13,551.6) (336.2) — — — (13,887.8) Underwriting profit (loss) 108.8 189.9 60.1 51.9 (240.3) 126.0 7.1 5.5 309.0 (208.1) — — — 100.9 Interest income 59.6 173.6 91.9 24.3 67.1 136.5 14.1 52.6 619.7 28.5 20.5 57.1 (9.3) 716.5 Dividends 7.9 8.6 2.2 1.8 3.4 20.3 7.1 3.7 55.0 4.9 17.2 0.7 — 77.8 Investment expenses (11.3) (31.0) (14.5) (7.1) (12.3) (30.1) (1.2) (6.6) (114.1) (8.7) 9.4 (2.0) 90.3 (25.1) Interest and dividends 56.2 151.2 79.6 19.0 58.2 126.7 20.0 49.7 560.6 24.7 47.1 55.8 81.0 769.2 Share of profit (loss) of associates (3.0) 27.8 (14.8) (4.2) 6.6 35.6 14.6 (16.4) 46.2 (11.2) (100.2) (47.6) — (112.8) Other Revenue — — — — — — — — — — 4,742.4 — (22.8) 4,719.6 Expenses — — — — — — — — — — (4,868.0) — 9.1 (4,858.9) ​ ​ — — — — — — — — — — (125.6) — (13.7) (139.3) Operating income (loss) 162.0 368.9 124.9 66.7 (175.5) 288.3 41.7 38.8 915.8 (194.6) (178.7) 8.2 67.3 618.0 Net gains (losses) on investments 105.7 (26.9) (158.2) (59.9) 24.4 246.0 12.3 (7.0) 136.4 (96.9) (65.6) 339.2 — 313.1 Gain (loss) on sale of insurance subsidiary (note 23) ​ — ​ (30.5) ​ (25.8) ​ — ​ — ​ — ​ — ​ — ​ (56.3) ​ (9.0) ​ — ​ 182.4 ​ — ​ 117.1 Interest expense (1.3) (6.4) (4.7) (3.8) (19.0) (30.3) (0.4) (1.7) (67.6) (2.3) (170.6) (235.6) 0.2 (475.9) Corporate overhead and other (8.1) (10.5) (28.2) (9.8) (11.9) (79.2) (6.0) (1.4) (155.1) (0.2) — (82.6) (90.3) (328.2) Pre-tax income (loss) 258.3 294.6 (92.0) (6.8) (182.0) 424.8 47.6 28.7 773.2 (303.0) (414.9) 211.6 (22.8) 244.1 Provision for income taxes ​ (206.7) Net earnings ​ 37.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ Shareholders of Fairfax ​ 218.4 Non-controlling interests ​ (181.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37.4 (1) Includes European Run-off prior to its deconsolidation on March 31, 2020 pursuant to the transaction described in note 23. (2) Property and casualty insurance and reinsurance underwriting expenses for the year ended December 31, 2020 were comprised as shown below. Accident year underwriting expenses exclude the impact of favourable or adverse prior year claims reserve development. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ Odyssey Crum & Zenith ​ Allied Fairfax ​ ​ ​ ​ Northbridge ​ Group ​ Forster ​ National ​ Brit ​ World ​ Asia ​ Other ​ Total Loss & LAE - accident year 878.9 2,652.2 1,521.7 401.8 1,301.8 1,931.2 148.3 687.6 9,523.5 Commissions 243.8 693.5 415.2 74.1 436.4 253.7 30.8 215.6 2,363.1 Other underwriting expenses 231.8 270.5 434.4 190.1 275.6 416.8 54.0 246.7 2,119.9 Underwriting expenses - accident year 1,354.5 3,616.2 2,371.3 666.0 2,013.8 2,601.7 233.1 1,149.9 14,006.5 Net favourable claims reserve development (39.2) (219.5) (5.2) (74.1) (62.8) (5.1) (18.5) (30.5) (454.9) Underwriting expenses - calendar year 1,315.3 3,396.7 2,366.1 591.9 1,951.0 2,596.6 214.6 1,119.4 13,551.6 ​ Investments in Associates, Additions to Goodwill, Segment Assets and Segment Liabilities Investments in associates, segment assets and segment liabilities at December 31, and additions to goodwill for the years then ended, by reporting segment, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ associates ​ Additions to goodwill ​ Segment assets ​ Segment liabilities ​ 2021 2020 2021 2020 2021 2020 2021 2020 Property and Casualty Insurance and Reinsurance ​ Northbridge 192.1 182.1 ​ — — 6,152.3 5,231.6 3,978.7 3,418.3 Odyssey Group 1,211.8 1,164.9 ​ — — 17,309.9 15,041.7 11,946.1 10,141.0 Crum & Forster 422.5 368.2 ​ — — 8,719.4 7,596.0 6,073.4 5,448.2 Zenith National 186.9 124.5 ​ — — 2,562.9 2,472.0 1,515.3 1,539.1 Brit 363.0 363.1 ​ 16.4 — 10,597.7 9,040.7 8,082.6 6,826.2 Allied World 593.9 537.0 ​ — — 19,294.8 16,975.5 14,591.1 12,547.4 Fairfax Asia 159.8 149.9 ​ — — 4,010.0 1,920.1 1,336.8 794.7 Other 255.4 219.6 ​ — — 5,752.7 5,097.8 4,509.7 4,021.4 ​ 3,385.4 3,109.3 ​ 16.4 — 74,399.7 63,375.4 52,033.7 44,736.3 Life insurance and Run-off 272.6 129.3 ​ — — 6,669.1 2,601.9 5,781.1 2,095.9 Non-insurance companies 1,379.7 1,373.5 ​ 44.3 182.1 7,856.4 8,349.0 4,075.1 5,124.2 Corporate and Other and eliminations and adjustments 1,066.3 1,827.5 (1) — — (2,279.8) (272.3) 3,440.2 4,570.3 Consolidated 6,104.0 6,439.6 ​ 60.7 182.1 86,645.4 74,054.0 65,330.1 56,526.7 (1) Includes investment in associate held for sale related to RiverStone Barbados of $729.5 as described in note 23. Product Line Net premiums earned by product line for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ Casualty ​ Specialty (1) ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 Property and Casualty Insurance and Reinsurance - net premiums earned ​ Northbridge 810.8 626.4 828.7 659.6 161.4 138.1 1,800.9 1,424.1 ​ Odyssey Group 2,187.5 1,838.9 1,741.8 1,444.0 316.6 303.7 4,245.9 3,586.6 ​ Crum & Forster 355.9 364.2 1,903.3 1,837.5 253.6 224.5 2,512.8 2,426.2 ​ Zenith National 42.9 37.5 668.2 605.9 — 0.4 711.1 643.8 ​ Brit 699.2 544.3 745.7 853.0 309.4 313.4 1,754.3 1,710.7 ​ Allied World 990.2 882.6 2,369.3 1,755.4 92.1 84.6 3,451.6 2,722.6 ​ Fairfax Asia 90.4 74.5 120.9 116.4 38.4 30.8 249.7 221.7 ​ Other 744.5 634.3 423.4 332.1 196.0 158.5 1,363.9 1,124.9 ​ ​ 5,921.4 5,002.7 8,801.3 7,603.9 1,367.5 1,254.0 16,090.2 13,860.6 ​ Life insurance and Run-off (1) 8.2 31.6 348.8 31.5 110.8 65.0 467.8 128.1 ​ Consolidated net premiums earned 5,929.6 5,034.3 9,150.1 7,635.4 1,478.3 1,319.0 16,558.0 13,988.7 ​ Interest and dividends ​ ​ ​ 640.8 769.2 ​ Share of profit (loss) of associates ​ ​ ​ 402.0 (112.8) ​ Net gains on investments ​ ​ ​ 3,445.1 313.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) ​ ​ ​ 264.0 117.1 ​ Other revenue ​ ​ ​ 5,158.0 4,719.6 ​ Consolidated income ​ ​ ​ 26,467.9 19,794.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 35.8 % 36.0 % 55.3 % 54.6 % 8.9 % 9.4 % 100.0 % 100.0 % (1) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, and European Run-off prior to its deconsolidation on March 31, 2020, pursuant to the transactions described in note 23. Geographic Region Net premiums earned by geographic region for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ United States ​ Asia (1) ​ International (2) ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property and Casualty Insurance and Reinsurance - net premiums earned ​ Northbridge 1,782.7 1,407.3 18.2 16.8 — — — — 1,800.9 1,424.1 ​ Odyssey Group 124.1 101.2 2,830.6 2,356.3 518.6 469.8 772.6 659.3 4,245.9 3,586.6 ​ Crum & Forster 2.2 — 2,495.4 2,409.2 1.2 0.2 14.0 16.8 2,512.8 2,426.2 ​ Zenith National — — 708.5 643.8 — — 2.6 — 711.1 643.8 ​ Brit 90.5 97.7 1,271.1 1,228.5 49.3 45.9 343.4 338.6 1,754.3 1,710.7 ​ Allied World 78.5 52.6 2,569.7 2,030.5 239.0 227.6 564.4 411.9 3,451.6 2,722.6 ​ Fairfax Asia — — — — 249.7 221.7 — — 249.7 221.7 ​ Other 0.2 0.1 81.8 54.8 189.2 139.6 1,092.7 930.4 1,363.9 1,124.9 ​ ​ 2,078.2 1,658.9 9,975.3 8,739.9 1,247.0 1,104.8 2,789.7 2,357.0 16,090.2 13,860.6 ​ Life insurance and Run-off (3) — 0.1 358.1 1.1 — — 109.7 126.9 467.8 128.1 ​ Consolidated net premiums earned 2,078.2 1,659.0 10,333.4 8,741.0 1,247.0 1,104.8 2,899.4 2,483.9 16,558.0 13,988.7 ​ Interest and dividends 640.8 769.2 ​ Share of profit (loss) of associates 402.0 (112.8) ​ Net gains on investments 3,445.1 313.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) 264.0 117.1 ​ Other revenue 5,158.0 4,719.6 ​ Consolidated income 26,467.9 19,794.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 12.6 % 11.9 % 62.4 % 62.4 % 7.5 % 7.9 % 17.5 % 17.8 % 100.0 % 100.0 % (1) The Asia geographic segment is primarily comprised of countries located throughout Asia, including China, Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia and Thailand, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe and Africa. (3) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, and European Run-off prior to its deconsolidation on March 31, 2020, pursuant to the transactions described in note 23. Non-insurance companies Revenue and expenses of the non-insurance companies were comprised as follows for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and retail ​ Fairfax India (1) ​ Thomas Cook India (2) ​ Other ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Revenue 1,803.8 1,734.2 228.2 312.8 249.4 225.2 2,876.1 2,470.2 5,157.5 4,742.4 Expenses (1,724.8) (1,811.1) (206.9) (305.9) (293.4) (288.3) (2,867.0) (2,462.7) (5,092.1) (4,868.0) Pre-tax income (loss) before interest expense and other (3) 79.0 (76.9) 21.3 6.9 (44.0) (63.1) 9.1 7.5 65.4 (125.6) Interest and dividends 7.5 6.1 (102.2) 28.9 (0.1) — 0.1 12.1 (94.7) 47.1 Share of profit (loss) of associates — 1.3 20.2 (24.8) (0.1) (3.4) 2.2 (73.3) 22.3 (100.2) Operating income (loss) 86.5 (69.5) (60.7) 11.0 (44.2) (66.5) 11.4 (53.7) (7.0) (178.7) Net gains (losses) on investments 29.5 (6.6) 236.4 (12.4) (3.3) 4.0 3.4 (50.6) 266.0 (65.6) Pre-tax income (loss) before interest expense 116.0 (76.1) 175.7 (1.4) (47.5) (62.5) 14.8 (104.3) 259.0 (244.3) (1) These results differ from those published by Fairfax India due to Fairfax India’s application of investment entity accounting under IFRS. (2) These results differ from those published by Thomas Cook India primarily due to differences between IFRS and Ind AS, and acquisition accounting adjustments. (3) Excludes interest and dividends, share of profit (loss) of associates and net gains (losses) on investments. Segmented Balance Sheet The company’s segmented balance sheets as at December 31, 2021 and 2020 present the assets, liabilities and non-controlling interests in each of the company’s reporting segments in accordance with the company’s IFRS accounting policies and includes, where applicable, acquisition accounting adjustments principally related to goodwill and intangible assets which arose on initial acquisition of the subsidiaries or on a subsequent step acquisition. Certain of the company’s subsidiaries hold equity interests in other Fairfax subsidiaries (“affiliates”) which are carried at cost. Affiliated insurance and reinsurance balances are not shown separately and are eliminated in “Corporate and eliminations”. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Insurance Life ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ and ​ insurance ​ Non- ​ Corporate ​ ​ ​ and ​ ​ ​ Non- Corporate ​ ​ ​ ​ reinsurance ​ and ​ insurance ​ and ​ ​ ​ reinsurance ​ ​ ​ insurance ​ and ​ ​ ​ ​ companies ​ Run-off ​ companies ​ eliminations (5) ​ Consolidated ​ companies ​ Run-off ​ companies ​ eliminations (5) ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments 604.5 — — 873.8 1,478.3 598.1 — — 654.1 1,252.2 Insurance contract receivables 7,266.0 7.8 — (390.6) 6,883.2 6,052.5 8.4 — (244.8) 5,816.1 Portfolio investments (1)(2) 45,061.8 4,963.9 2,252.8 (581.1) 51,697.4 37,947.8 1,592.4 1,810.3 758.1 42,108.6 Deferred premium acquisition costs 1,977.3 3.8 — (57.0) 1,924.1 1,574.4 — — (30.7) 1,543.7 Recoverable from reinsurers 13,497.3 457.6 — (1,864.4) 12,090.5 11,254.2 453.7 — (1,174.7) 10,533.2 Deferred income tax assets 268.2 29.0 66.9 158.3 522.4 460.0 0.1 64.5 189.3 713.9 Goodwill and intangible assets 3,579.5 7.5 2,341.2 — 5,928.2 3,586.2 41.1 2,601.8 — 6,229.1 Due from affiliates 231.9 360.2 — (592.1) — 222.6 357.7 3.8 (584.1) — Other assets 1,746.0 810.0 3,195.5 369.8 6,121.3 1,526.4 119.2 3,868.6 343.0 5,857.2 Investments in affiliates (3) 167.2 29.3 — (196.5) — 153.2 29.3 — (182.5) — Total assets 74,399.7 6,669.1 7,856.4 (2,279.8) 86,645.4 63,375.4 2,601.9 8,349.0 (272.3) 74,054.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Accounts payable and accrued liabilities 2,150.4 233.4 2,077.4 524.2 4,985.4 1,843.3 59.9 2,566.4 526.5 4,996.1 Derivative obligations 72.5 — 47.9 32.5 152.9 114.9 1.1 50.0 23.4 189.4 Due to affiliates 29.4 0.2 135.1 (164.7) — 8.3 — 117.6 (125.9) — Deferred income tax liabilities 322.2 72.9 198.5 5.2 598.8 152.7 — 197.7 6.0 356.4 Insurance contract payables 4,289.4 652.0 — (447.9) 4,493.5 3,224.2 11.6 — (271.8) 2,964.0 Provision for losses and loss adjustment expenses (4) 33,684.6 4,806.1 — (1,598.4) 36,892.3 29,809.4 2,023.3 — (1,023.4) 30,809.3 Provision for unearned premiums (4) 10,694.5 16.5 — (256.8) 10,454.2 8,550.1 — — (152.6) 8,397.5 Borrowings 790.7 — 1,616.2 5,346.1 7,753.0 1,033.4 — 2,192.5 5,588.1 8,814.0 Total liabilities 52,033.7 5,781.1 4,075.1 3,440.2 65,330.1 44,736.3 2,095.9 5,124.2 4,570.3 56,526.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Shareholders' equity attributable to shareholders of Fairfax 19,778.9 888.0 1,782.5 (6,064.3) 16,385.1 17,117.4 506.0 1,385.9 (5,152.7) 13,856.6 Non-controlling interests 2,587.1 — 1,998.8 344.3 4,930.2 1,521.7 — 1,838.9 310.1 3,670.7 Total equity 22,366.0 888.0 3,781.3 (5,720.0) 21,315.3 18,639.1 506.0 3,224.8 (4,842.6) 17,527.3 Total liabilities and total equity 74,399.7 6,669.1 7,856.4 (2,279.8) 86,645.4 63,375.4 2,601.9 8,349.0 (272.3) 74,054.0 (1) Includes intercompany investments in Fairfax non-insurance subsidiaries carried at cost that are eliminated on consolidation. (2) Includes investment in associate held for sale at December 31, 2021 of nil (December 31, 2020 - $729.5 ). See note 6 and note 23. (3) Intercompany investments in Fairfax insurance and reinsurance subsidiaries carried at cost that are eliminated on consolidation. (4) Included in insurance contract liabilities on the consolidated balance sheet. (5) Corporate and eliminations includes the Fairfax holding company, subsidiary intermediate holding companies, and consolidating and eliminating entries. The most significant of those entries are the elimination of intercompany reinsurance provided by Group Re, and reinsurance provided by Odyssey Group and Allied World to the primary insurers. ​ ​

Expenses

Expenses	12 Months Ended
	Dec. 31, 2021
Expenses
Expenses	26. Expenses Losses on claims, net, operating expenses and other expenses for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Losses and loss adjustment expenses, property and casualty 10,272.9 — 10,272.9 8,954.5 — 8,954.5 Cost of sales — 2,987.5 2,987.5 — 2,997.6 2,997.6 Wages and salaries (2) 1,547.1 761.3 2,308.4 1,359.1 632.4 1,991.5 Depreciation, amortization and impairment charges 291.0 639.4 930.4 234.6 517.5 752.1 Employee benefits 345.3 116.9 462.2 293.0 105.2 398.2 Premium taxes 285.9 — 285.9 240.3 — 240.3 Information technology costs 216.3 40.7 257.0 194.4 33.0 227.4 Audit, legal and tax professional fees 159.7 43.4 203.1 141.0 64.0 205.0 Repairs, maintenance and utilities 13.2 144.2 157.4 12.7 110.0 122.7 Share-based payments to directors and employees 118.2 18.3 136.5 103.6 5.9 109.5 Shipping and delivery 1.2 120.0 121.2 1.2 107.5 108.7 Marketing costs 33.4 70.1 103.5 27.6 67.5 95.1 Administrative expense and other (3) 402.4 145.1 547.5 299.0 218.3 517.3 Losses on claims, net, operating expenses and other expenses (4)(5) 13,686.6 5,086.9 18,773.5 11,861.0 4,858.9 16,719.9 Commissions, net (note 9) (6) 2,787.9 — 2,787.9 2,355.0 — 2,355.0 Interest expense (note 15) (6) 373.6 140.3 513.9 305.3 170.6 475.9 ​ 16,848.1 5,227.2 22,075.3 14,521.3 5,029.5 19,550.8 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Includes the benefit of COVID-19 related government wage assistance of $62.1 (2020 - $123.8 ) recorded by the non-insurance companies as a reduction of other expenses in the consolidated statement of earnings. (3) Includes the benefit of COVID-19 lease concessions and government rent subsidies of $28.9 (2020 - $15.8 ), primarily at the non-insurance companies. (4) Expenses of the insurance and reinsurance companies, excluding commissions, net and interest expense, are included in losses on claims, net and operating expenses in the consolidated statement of earnings. (5) Expenses of the non-insurance companies, excluding commissions, net and interest expense, are included in other expenses in the consolidated statement of earnings. (6) Presented as separate lines in the consolidated statement of earnings.

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	12 Months Ended
	Dec. 31, 2021
Supplementary Cash Flow Information
Supplementary Cash Flow Information	27. Cash, cash equivalents and bank overdrafts as presented in the consolidated statements of cash flows excludes restricted cash and cash equivalents that are amounts primarily required to be maintained on deposit with various regulatory authorities to support the operations of the property and casualty insurance and reinsurance subsidiaries. Cash equivalents are comprised of treasury bills and other eligible bills. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Unrestricted cash and cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equivalents included in the ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents included on ​ ​ consolidated statement of cash flows ​ Restricted cash and cash equivalents ​ the consolidated balance sheet ​ ​ Cash ​ ​ Cash ​ ​ Cash ​ ​ ​ Cash equivalents ​ Total ​ Cash equivalents ​ Total ​ Cash equivalents ​ Total Holding company cash and investments 129.9 336.0 465.9 — — — 129.9 336.0 465.9 Holding company assets pledged for derivative obligations — 46.8 46.8 — — — — 46.8 46.8 Subsidiary cash and short term investments 5,259.2 5,777.6 11,036.8 484.6 761.8 1,246.4 5,743.8 6,539.4 12,283.2 Subsidiary assets pledged for derivative obligations ​ — ​ 74.0 ​ 74.0 ​ — ​ — ​ — ​ — ​ 74.0 ​ 74.0 Fairfax India 35.1 26.8 61.9 1.6 13.0 14.6 36.7 39.8 76.5 ​ 5,424.2 6,261.2 11,685.4 486.2 774.8 1,261.0 5,910.4 7,036.0 12,946.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Unrestricted cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ included in the consolidated statement ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents included on ​ ​ of cash flows ​ Restricted cash and cash equivalents ​ the consolidated balance sheet ​ ​ Cash ​ ​ Cash ​ ​ Cash ​ ​ ​ Cash ​ equivalents ​ Total ​ Cash ​ equivalents ​ Total ​ Cash ​ equivalents ​ Total Holding company cash and investments 81.9 192.3 274.2 5.8 — 5.8 87.7 192.3 280.0 Subsidiary cash and short term investments 2,736.0 1,398.6 4,134.6 349.4 402.5 751.9 3,085.4 1,801.1 4,886.5 Fairfax India 36.0 22.3 58.3 31.9 — 31.9 67.9 22.3 90.2 ​ 2,853.9 1,613.2 4,467.1 387.1 402.5 789.6 3,241.0 2,015.7 5,256.7 ​ Details of certain cash flows included in the consolidated statement of cash flows for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Net (purchases) sales of securities classified at FVTPL Short term investments (767.1) (2,138.1) Bonds 2,545.7 287.2 Preferred stocks (37.3) (24.5) Common stocks 477.2 18.4 Net derivatives and other invested assets 395.9 (479.2) ​ 2,614.4 (2,336.2) ​ ​ ​ ​ ​ Changes in operating assets and liabilities Net increase in restricted cash and cash equivalents (472.6) (187.8) Provision for losses and loss adjustment expenses 3,692.0 1,884.3 Provision for unearned premiums 2,152.2 1,243.2 Provision for life policy benefits ​ (167.9) ​ — Insurance contract receivables (1,152.9) (496.7) Insurance contract payables 1,079.8 441.9 Recoverable from reinsurers (1,580.0) (898.8) Other receivables (96.7) 104.9 Accounts payable and accrued liabilities 291.1 (45.4) Other (758.1) (172.4) ​ 2,986.9 1,873.2 ​ ​ ​ ​ ​ Net interest and dividends received Interest and dividends received 865.7 789.8 Interest paid on borrowings (366.7) (370.4) Interest paid on lease liabilities (54.8) (62.4) ​ 444.2 357.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income taxes paid (288.7) (63.3) ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	28. Management and Director Compensation Compensation for the company’s key management team for the years ended December 31 determined in accordance with the company’s IFRS accounting policies was as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Salaries and other short-term employee benefits 10.8 10.9 Share-based payments 4.7 3.5 ​ 15.5 14.4 ​ Compensation for the company’s Board of Directors for the years ended December 31 was as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Retainers and fees 1.5 1.1 Share-based payments 0.4 0.6 ​ 1.9 1.7 ​ Transactions with investments in associates Atlas preferred shares and warrants On June 11, 2021 the company exchanged certain tranches of its Atlas debentures for preferred shares and warrants as described in note 6. HFP unsecured debentures and warrants On March 31, 2021 the company invested $100.0 in HFP unsecured debentures and warrants as described in note 6. RiverStone Barbados portfolio investments On February 8, 2021 the company entered into an arrangement to purchase (unless sold earlier) certain portfolio investments owned by RiverStone Barbados pursuant to the transaction described in note 23. Eurolife non-controlling interest redemption liability Pursuant to the consolidation of Eurolife as described in note 23, the company has a redemption liability on the 20.0% non-controlling interest in Eurolife held by the company’s associate Eurobank that is included in accounts payable and accrued liabilities on the consolidated balance sheet. Transactions with subsidiaries Fairfax India’s sale of Privi On April 29, 2021 Fairfax India completed the sale of its 48.8% equity interest in Privi to certain affiliates of Privi’s founders as described in note 23. Thomas Cook India preferred shares During the first quarter of 2021 the company invested $60.0 in Thomas Cook India preferred shares through a private placement. This intercompany shareholding is eliminated in the company’s consolidated financial reporting. Fairfax India Performance Fee Receivable On December 31, 2021 the holding company had a performance fee receivable of $84.7 pursuant to its investment advisory agreement with Fairfax India for the period from January 1, 2021 to December 31, 2023. This intercompany receivable is eliminated in the company’s consolidated financial reporting. Under the investment advisory agreement, if a performance fee is payable for the period ending on December 31, 2023, the performance fee will be payable in cash, or at Fairfax’s option, in subordinate voting shares of Fairfax India. If Fairfax elects to have the performance fee paid in subordinate voting shares, such election must be made no later than December 15, 2023. On March 5, 2021 the holding company received 546,263 newly issued Fairfax India subordinate voting shares as settlement of an intercompany performance fee receivable of $5.2 pursuant to its investment advisory agreement with Fairfax India as the increase in Fairfax India’s book value per share (common shareholders’ equity divided by the number of common shares effectively outstanding) over the period from January 1, 2018 to December 31, 2020 exceeded a specified threshold. Fairfax India Senior Notes Offering On February 26, 2021 the company’s subsidiaries purchased $58.4 principal amount of Fairfax India’s 5.00% unsecured senior notes pursuant to the offering described in note 15.

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2021
Subsidiaries.
Subsidiaries	29. The company’s principal operating subsidiaries are presented in the tables below. During 2021 the company consolidated Eurolife and Singapore Re and deconsolidated Toys “R” Us Canada, Mosaic Capital and Privi, a subsidiary of Fairfax India, as described in note 23. Excluded from these tables are intermediate holding companies of investments in subsidiaries and intercompany balances that are eliminated on consolidation. ​ ​ ​ ​ ​ ​ ​ ​ ​ Fairfax's ownership ​ ​ ​ ​ (100% other than as December 31, 2021 ​ Domicile ​ shown below) Property and casualty insurance and reinsurance ​ Northbridge Financial Corporation (Northbridge) Canada ​ Odyssey Group Holdings, Inc. (Odyssey Group) United States 90.0 % Crum & Forster Holdings Corp. (Crum & Forster) United States ​ Zenith National Insurance Corp. (Zenith National) United States ​ Brit Limited (Brit) United Kingdom 86.2 % Allied World Assurance Company Holdings, Ltd (Allied World) Bermuda 70.9 % Fairfax Central and Eastern Europe, which consists of: ​ Polskie Towarzystwo Reasekuracji Spólka Akcyjna (Polish Re) Poland ​ Colonnade Insurance S.A. (Colonnade Insurance) Luxembourg ​ FFH Ukraine Holdings (Fairfax Ukraine), which consists of: Ukraine 70.0 % ARX Insurance Company (ARX Insurance) Ukraine ​ Private Joint Stock Company Insurance Company Universalna (Universalna) Ukraine ​ Fairfax Latin America, which consists of: ​ Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brasil) Brazil ​ La Meridional Compañía Argentina de Seguros S.A. (La Meridional Argentina) Argentina ​ SBS Seguros Colombia S.A. (Southbridge Colombia) Colombia ​ SBI Seguros Uruguay S.A. (Southbridge Uruguay) Uruguay ​ Southbridge Compañía de Seguros Generales S.A. (Southbridge Chile) Chile ​ Bryte Insurance Company Ltd (Bryte Insurance) South Africa ​ Eurolife FFH General Insurance Single Member S.A. (Eurolife General) Greece 80.0 % ​ ​ ​ ​ ​ ​ Group Re, which underwrites business in: ​ CRC Reinsurance Limited (CRC Re) Barbados ​ Wentworth Insurance Company Ltd. (Wentworth) Barbados ​ Connemara Reinsurance Company Ltd. (Connemara) Barbados ​ ​ ​ ​ ​ ​ ​ Fairfax Asia, which consists of: ​ Falcon Insurance Company (Hong Kong) Limited (Falcon) Hong Kong ​ The Pacific Insurance Berhad (Pacific Insurance) Malaysia 85.0 % PT Asuransi Multi Artha Guna Tbk (AMAG Insurance) Indonesia 80.3 % Fairfirst Insurance Limited (Fairfirst Insurance) Sri Lanka 78.0 % Singapore Reinsurance Corporation Limited (Singapore Re) Singapore ​ ​ ​ ​ ​ ​ ​ Life insurance and Run-off ​ Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife) Greece 80.0 % Run-off , which is principally comprised of: ​ U.S. Run-off: TIG Insurance Company (TIG Insurance) United States ​ ​ ​ ​ ​ ​ ​ Investment management ​ Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa) Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fairfax's ​ December 31, 2021 ​ Domicile ​ ownership ​ ​ Primary business ​ ​ ​ ​ ​ ​ ​ ​ Non-insurance companies ​ ​ ​ ​ ​ ​ ​ ​ Restaurants and retail Recipe Unlimited Corporation (Recipe) Canada ​ 38.5 % (1) Franchisor, owner and operator of restaurants Sporting Life Group Limited, which owns: Canada 71.4 % Invests in retail businesses 100.0% of Sporting Life Inc. (Sporting Life) Canada 71.4 % Retailer of sporting goods and sports apparel 100.0% of Golf Town Limited (Golf Town) Canada 71.4 % Retailer of golf equipment, apparel and accessories ​ ​ ​ ​ ​ ​ ​ ​ Fairfax India Fairfax India Holdings Corporation (Fairfax India) (2) Canada ​ 30.1 % (2) Invests in public and private Indian businesses ​ ​ ​ ​ ​ ​ ​ ​ Thomas Cook India Thomas Cook (India) Limited (Thomas Cook India), which owns: India 66.8 % Provider of integrated travel and travel-related financial services 100.0% of Sterling Holiday Resorts Limited (Sterling Resorts) India 66.8 % ​ Owner and operator of holiday resorts ​ ​ ​ ​ ​ ​ ​ ​ Other AGT Food and Ingredients Inc. (AGT) Canada 58.0 % Originator, processor and distributor of value-added pulses and staple foods Dexterra Group Inc. (Dexterra Group) Canada 48.8 % Provider of Infrastructure support services Boat Rocker Media Inc. (Boat Rocker) Canada ​ 45.0 % (3) Entertainment content creator, producer and distributor Farmers Edge Inc. (Farmers Edge) Canada 61.4 % Provider of advanced digital tools for agriculture (1) The company owns multiple voting shares and subordinate voting shares of Recipe that give it voting rights of 61.0 %. (2) The company owns multiple voting shares and subordinate voting shares of Fairfax India that give it voting rights of 93.9 %. Fairfax India owns an equity interest of 89.5 % in National Commodities Management Services Limited (NCML), a provider of agricultural commodities storage. (3) The company has voting rights of 56.1 % due to Boat Rocker’s issuance of non-voting shares to non-controlling interests.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Consolidation	Consolidation Subsidiaries is recognized in the consolidated statement of earnings, and foreign currency translation gains (losses) of that subsidiary are recycled from accumulated other comprehensive income (loss) to the consolidated statement of earnings. The consolidated financial statements were prepared as of December 31, 2021 and 2020 based on individual holding companies’ and subsidiaries’ financial statements at those dates. Accounting policies of subsidiaries have been aligned with those of the company where necessary. The company’s significant operating subsidiaries are identified in note 29. Non-controlling interests
Business combinations	Business combinations Business combinations are accounted for using the acquisition method of accounting whereby the consideration transferred is measured at fair value at the date of acquisition. This consideration may include cash paid and the fair value at the date of exchange of assets given, liabilities assumed and equity instruments issued by the company or its subsidiaries. Directly attributable acquisition-related costs are recorded in operating expenses or other expenses in the consolidated statement of earnings as incurred. At the date of acquisition, the company recognizes the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired business. The identifiable assets acquired and liabilities assumed are initially recognized at fair value. For each business combination the company determines whether to initially record non-controlling interest at fair value or as the proportionate share of the identifiable net assets of the acquired subsidiary. If the consideration transferred is less than the fair value of identifiable net assets acquired, the excess is recognized in the consolidated statement of earnings. An existing equity interest in an acquired subsidiary is remeasured to fair value at the date of the business combination with any gain or loss recognized in net gains (losses) on investments in the consolidated statement of earnings.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill Intangible assets Intangible assets are initially recognized at cost, or at fair value when acquired through a business combination. Intangible assets with a finite life are subsequently measured at cost less accumulated amortization and impairment, where amortization is calculated using the straight-line method over the estimated useful life, and carrying value is re-assessed when there are indicators of impairment. Indefinite-lived intangible assets are not subject to amortization and are assessed annually for impairment or more frequently if there are indicators of impairment. When the carrying value of an intangible asset exceeds its recoverable amount, an impairment loss is recorded in operating expenses or other expenses in the consolidated statement of earnings. The estimated useful lives of the company’s intangible assets are as follows: ​ ​ ​ ​ Customer and broker relationships 8 to 20 years Brand names and Lloyd's participation rights Indefinite Computer software 3 to 15 years ​ Brand names and Lloyd’s participation rights are considered to be indefinite-lived based on their strength, history and expected future use.
Investment in associates	Investments in associates Investments in associates are accounted for using the equity method and are comprised of investments in corporations, limited partnerships and trusts where the company has the ability to exercise significant influence but not control. An investment in associate is initially recognized at cost and adjusted thereafter for the post-acquisition change in the company’s share of net assets of the associate. The company’s share of profit (loss) and share of other comprehensive income (loss) of associates are reported in the corresponding lines in the consolidated statement of earnings and consolidated statement of comprehensive income, respectively. An existing equity interest in an acquired associate is remeasured to fair value at the date significant influence is obtained and included in the carrying value of the associate. The fair value of associates is estimated at each reporting date using valuation techniques consistent with those applied to the company’s other investments in equity instruments. See “Determination of fair value” under the heading of “Investments” in this note for further details. If there is objective evidence that the carrying value of an associate is impaired, it is written down to its recoverable amount, being the higher of the associate’s fair value and value-in-use. The unrealized impairment loss is recognized in share of profit (loss) of associates in the consolidated statement of earnings. An impairment loss is reversed in future periods if the circumstances that led to the impairment no longer exist. The reversal is limited to restoring the carrying value to what it would have been had no impairment loss been recognized in prior periods. Upon loss of significant influence, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are recycled to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of significant influence or disposition of an associate are recognized in net gains (losses) on investments in the consolidated statement of earnings.
Investments in joint ventures	Investments in joint ventures Investments in joint ventures are accounted for using the equity method (as described in the preceding paragraphs) and are comprised of investments in corporations and limited partnerships where the company has joint control together with one or more third parties by contractual agreement. Joint control requires the unanimous consent of all parties sharing control to make decisions regarding the joint venture’s relevant activities. When a subsidiary constituting a business is contributed to a joint venture, any gain or loss on derecognition of the subsidiary, including recycling of applicable amounts in accumulated other comprehensive income (loss) and remeasurement to fair value of any retained interest in the subsidiary, is recognized in the consolidated statement of earnings. Upon loss of joint control, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are reclassified to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of joint control or disposition of a joint venture are recognized in net gains (losses) on investments in the consolidated statement of earnings. Investments in joint ventures and all related activity are presented with investments in associates in these consolidated financial statements.
Consolidated statement of cash flows	Consolidated statement of cash flows The company’s consolidated statement of cash flows is prepared in accordance with the indirect method, classifying cash flows by operating, investing and financing activities. Cash and cash equivalents
Investments	Investments Investments include cash and cash equivalents, short term investments, bonds, equity instruments, investments in associates, derivative assets, other invested assets (primarily investment property) and derivative obligations. Management determines the appropriate classifications of investments at their acquisition date. Classification - Recognition and measurement - Subsequent to initial recognition, investments classified at FVTPL are measured at fair value with changes in fair value reported in the consolidated statement of earnings as income, comprised of interest and dividends and net gains (losses) on investments. Interest and dividends represent interest income on short term investments and bonds calculated using the effective interest method, and dividends received on holdings of common stocks and preferred stocks, net of investment expenses. All other changes in fair value are reported in net gains (losses) on investments in the consolidated statement of earnings. For short term investments and bonds, the sum of their interest income and net gains (losses) on investments is equal to their total change in fair value for the reporting period. For investments classified at FVTPL, the company further disaggregates net gains (losses) on investments into realized and unrealized components in note 5. Where a financial instrument continues to be held by the company at the end of a reporting period, changes in the fair value of that instrument during the reporting period, excluding those changes reported as interest and dividends, are presented in net change in unrealized gains (losses). On disposition or as a result of a change in accounting for that financial instrument, its inception-to-date net gain (loss), excluding those changes previously reported as interest and dividends, is presented as net realized gains (losses). The cumulative unrealized net gain (loss) recognized in prior periods on that financial instrument is then reversed in net change in unrealized gains (losses). The sum of the inception-to-date net gain (loss) and the cumulative reversal of prior period net unrealized gains (losses) equals that financial instrument’s net gain (loss) on investment for the current reporting period as presented in the consolidated statement of earnings. Interest and dividends and net gains (losses) on investments are reported as operating activities in the consolidated statement of cash flows. Derecognition Short term investments Bonds Derivatives The company uses derivatives for investment purposes and to mitigate financial risks arising from its investment holdings and reinsurance recoverables, and monitors its derivatives for effectiveness in achieving their risk management objectives where applicable. The fair value of derivatives in a gain position are presented on the consolidated balance sheet in holding company cash and investments, and in portfolio investments as derivatives and other invested assets. The fair value of derivatives in a loss position are presented on the consolidated balance sheet in derivative obligations. The initial premium paid for a derivative contract, if any, is recorded as a derivative asset and subsequently adjusted for changes in the fair value of the contract at each reporting date. Changes in the fair value of derivatives are recorded as net gains (losses) on investments in the consolidated statement of earnings. Cash received from counterparties as collateral for derivative contracts is recognized on the consolidated balance sheet in holding company cash and investments or subsidiary cash and short term investments, and a corresponding liability is recognized in accounts payable and accrued liabilities. Securities received from counterparties as collateral are not recorded as assets. Cash and securities delivered to counterparties as collateral for derivative contracts continue to be reflected as assets on the consolidated balance sheet in holding company cash and investments or in portfolio investments as assets pledged for derivative obligations. The portion of the collateral related to changes in fair value of derivative contracts may be repledged by the counterparties holding the collateral. Determination of fair value Level 1 - Inputs represent unadjusted quoted prices for identical instruments exchanged in active markets. The fair values of the majority of the company’s common stocks, equity call options and certain warrants are based on published quotes in active markets. Level 2 - Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar financial instruments exchanged in active markets, quoted prices for identical or similar financial instruments exchanged in inactive markets and other market observable inputs. The fair value of the vast majority of the company’s investments in bonds are priced based on information provided by independent pricing service providers while much of the remainder, along with most derivative contracts (including total return swaps, U.S. treasury bond forward contracts and certain warrants) are based primarily on non-binding third party broker-dealer quotes that are prepared using Level 2 inputs. Where third party broker-dealer quotes are used, typically one quote is obtained from a broker-dealer with particular expertise in the instrument being priced. Preferred stocks are priced using a combination of independent pricing service providers and internal valuation models that rely on directly or indirectly observable inputs. The fair values of investments in certain limited partnerships classified as common stocks on the consolidated balance sheet are based on the net asset values received from the general partner, adjusted for liquidity as required and are classified as Level 2 when they may be liquidated or redeemed within three months or less of providing notice to the general partner. All other such investments in limited partnerships are classified as Level 3. Level 3 - Inputs include unobservable inputs that management uses to develop assumptions for which market data is limited or unavailable at the measurement date. In some instances, such as for private company preferred shares, management will use limited recent market transactions that are corroborated by industry accepted discounted cash flow models that incorporate one or more unobservable inputs. Transfers between fair value hierarchy levels are considered effective from the beginning of the annual reporting period in which the transfer is identified. Valuation techniques used by the company’s independent pricing service providers and third party broker-dealers include use of prices from similar instruments where observable market prices exist, discounted cash flow analysis, option pricing models, and other valuation techniques commonly used by market participants. The company assesses the reasonableness of pricing received from these third party sources by comparing the fair values received to recent transaction prices for similar assets where available, to industry accepted discounted cash flow models (that incorporate estimates of the amount and timing of future cash flows and market observable inputs such as credit spreads and discount rates) and to option pricing models (that incorporate market observable inputs including the quoted price, volatility and dividend yield of the underlying security and the risk free rate). The company employs specialist personnel for the valuation of its investment portfolio. Detailed valuations are prepared for those financial instruments that are priced internally, while external pricing received from independent pricing service providers and third party broker-dealers are evaluated by the company for reasonableness. The company’s Chief Financial Officer oversees the valuation function and regularly reviews valuation processes and results, including at each quarterly reporting period. Significant valuation matters, particularly those requiring extensive judgment, are communicated to the company’s Audit Committee.
Foreign currency translation	Foreign currency translation Functional and presentation currency Foreign currency transactions Translation of foreign subsidiaries
Hedging	Hedging At the inception of a hedge transaction the company documents the economic relationship between the hedged item and hedging instrument, and its risk management objective and strategy for undertaking the hedge. Net investment hedge
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (loss) consists of net earnings (loss) and other comprehensive income (loss) and includes all changes in total equity during a reporting period, except for those resulting from investments by owners or distributions to owners. Unrealized foreign currency translation amounts arising from the translation of foreign subsidiaries and associates and the effective portion of changes in the fair value of hedging instruments on hedges of net investments in foreign subsidiaries and associates are recognized in other comprehensive income (loss) and included in accumulated other comprehensive income (loss) until recycled to the consolidated statement of earnings on disposal of an investment in a foreign subsidiary or associate. Actuarial gains and losses and changes in asset limitation amounts on defined benefit pension and post retirement plans are recorded in other comprehensive income (loss) and included in accumulated other comprehensive income (loss) without recycling to the consolidated statement of earnings. Upon settlement of the defined benefit plan or disposal of the related subsidiary or associate, those amounts are reclassified directly to retained earnings. Accumulated other comprehensive income (loss), net of income taxes, is included on the consolidated balance sheet as a component of common shareholders’ equity.
Property and casually insurance contracts	Property and casualty insurance contracts Insurance contracts are those contracts that have significant insurance risk at the inception of the contract. Insurance risk arises when the company agrees to compensate a policyholder if a specified uncertain future event adversely affects the policyholder, with the possibility of paying (including variability in timing of payments) significantly more in a scenario where the insured event occurs than when it does not occur. Contracts not meeting the definition of an insurance contract under IFRS are classified as investment contracts, derivative contracts or service contracts, as appropriate. Revenue recognition Deferred premium acquisition costs Provision for losses and loss adjustment expenses estimates of possible outcomes aimed at evaluating the expected ultimate cost to settle unpaid claims that occurred on or before the balance sheet date. The company establishes its reserves by product line, type and extent of coverage and year of occurrence. Loss reserves fall into two categories: reserves for reported losses (case reserves) and reserves for incurred but not reported (“IBNR”) losses. Those reserves include amounts for loss adjustment expenses, such as the estimated legal and other expenses expected to be incurred to finalize the settlement of the losses. Losses and loss adjustment expenses are charged to losses on claims, gross, in the consolidated statement of earnings. The company’s reserves for reported losses and loss adjustment expenses are based on estimates of future payments to settle reported general insurance and reinsurance claims and claims from its run-off operations. Case reserve estimates are based on the facts available at the time the reserves are established and for reinsurance, based on reports and individual case reserve estimates received from ceding companies. The company establishes these reserves on an undiscounted basis to recognize the estimated costs of bringing pending claims to final settlement, taking into account inflation, as well as other factors that can influence the amount of reserves required, some of which are subjective and some of which are dependent on future events. In determining the level of reserves, the company considers historical trends and patterns of loss payments, pending levels of unpaid claims and types of coverage. In addition, court decisions, economic conditions and public attitudes may affect the ultimate cost of settlement and, as a result, the company’s estimation of reserves. Between the reporting and final settlement of a claim, circumstances may change, which would result in changes to established reserves. Items such as changes in law and interpretations of relevant case law, results of litigation, changes in medical costs, as well as costs of vehicle and building repair materials and labour rates can substantially impact ultimate settlement costs. Accordingly, the company regularly reviews and re-evaluates case reserves. Any resulting adjustments are included in the current period consolidated statement of earnings in losses on claims, gross, and in losses on claims, ceded to reinsurers, as applicable. Amounts ultimately paid for losses and loss adjustment expenses can vary significantly from the level of reserves originally set or currently recorded. The company also establishes reserves for IBNR losses on an undiscounted basis to recognize the estimated final settlement cost for loss events which have already occurred but which have not yet been reported. Historical information and statistical models, based on product line, type and extent of coverage, as well as reported claims trends, severities and frequencies, exposure changes and other factors are relied upon to estimate IBNR reserves. These estimates are revised as additional information becomes available and as claims are actually reported and paid. Estimation techniques Where possible the company applies several commonly accepted actuarial projection methodologies in estimating required provisions to give greater insight into the trends inherent in the data being projected. These include methods based upon the following: the development of previously settled claims, where payments to date are extrapolated for each prior year; estimates based upon a projection of number of claims and average cost; notified claims development, where notified claims to date for each year are extrapolated based upon observed development of earlier years; and, expected loss ratios. In addition, the company uses other techniques such as aggregate benchmarking methods for specialist classes of business. In selecting its best estimate, the company considers the appropriateness of the methods to the individual circumstances of the line of business and accident or underwriting year. Large claims affecting each relevant line of business are generally assessed separately, being measured either at the face value of the loss adjuster’s estimate or projected separately in order to allow for the future development of large claims. Provisions for losses and loss adjustment expenses are calculated gross of any reinsurance recoveries. A separate estimate is made of the amounts that will be recoverable from reinsurers based upon the gross provisions and with due regard to collectability. The provisions for losses and loss adjustment expenses are subject to review at the subsidiary level by subsidiary actuaries and at the corporate level by the company’s Chief Actuary. In addition, for major classes of business where the risks and uncertainties inherent in the provisions are greatest, ad hoc detailed reviews are undertaken by internal and external actuaries who are able to draw upon their specialist expertise and a broader knowledge of current industry trends in claims development. The results of these reviews are considered when establishing the appropriate levels of provisions for losses and loss adjustment expenses and unexpired risks.
Life insurance contracts	Life insurance contracts The company, through Eurolife (which was consolidated on July 14, 2021 as described in note 23), writes life, disability, accident, health and critical illness insurance in addition to offering life annuities and insurance related investment products, both on an individual and group basis. Premiums for most life insurance contracts are generally recognized as revenue when due. The provision for policy benefits is calculated in compliance with local regulatory requirements and IFRS using actuarial principles consistent with those applied where life insurance policies are written. The provision for policy benefits is determined based on the discounting of projected future cash flows of claims and premiums using assumptions that include mortality, morbidity, lapse rates, discount rates, investment returns, inflation, and future expenses. These assumptions can vary by contract type and reflect current and expected future experience and represent the best estimates to settle outstanding claims, estimated future benefits and expenses on in-force insurance contracts. Certain insurance contracts written by Eurolife transfer the market risk associated with the underlying investment performance, which supports the benefit payments, to the policyholder (“unit-linked”). For these unit-linked contracts or funds, the company measures the underlying investments at fair value and presents them in other assets on the consolidated balance sheet. A corresponding liability is presented in insurance contract payables on the consolidated balance sheet. A change in the fair value of the investments of the unit-linked funds result in a corresponding change to the related liabilities, with both changes recorded together in the consolidated statement of earnings such that there is no effect on income, expenses or net earnings.
Reinsurance	Reinsurance Reinsurance does not relieve the originating insurer of its liability and is reflected on the consolidated balance sheet on a gross basis to indicate the extent of credit risk related to reinsurance and the obligations of the insurer to its policyholders. Reinsurance assets include balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and ceded unearned premiums. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policy. Reinsurance is recorded gross on the consolidated balance sheet unless a legal right to offset against a liability owing to the same reinsurer exists. Ceded premiums and losses are recorded in the consolidated statement of earnings in premiums ceded to reinsurers and losses on claims, ceded to reinsurers respectively and in recoverable from reinsurers on the consolidated balance sheet. Commission income earned on premiums ceded to reinsurers is included in commissions, net, in the consolidated statement of earnings. Unearned premiums are reported on the consolidated balance sheet before reduction for premiums ceded to reinsurers. Reinsurers’ portion of unearned premiums is included in recoverable from reinsurers on the consolidated balance sheet together with estimates of reinsurers’ share of provision for claims determined on a basis consistent with the related claims liabilities. Impairment Risk transfer Premiums
Income taxes	Income taxes The provision for income taxes for the period comprises current and deferred income tax. Income taxes are recognized in the consolidated statement of earnings, except when related to items recognized in other comprehensive income (loss) or in equity. In those cases, the income taxes are also recognized in other comprehensive income (loss) or in equity, respectively, except for dividends where the income taxes are recognized in earnings, other comprehensive income (loss) or equity according to where the transactions that generated the distributable profits were recognized. Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company’s subsidiaries and associates operate and generate taxable income. Deferred income tax is calculated under the liability method whereby deferred income tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases at current substantively enacted tax rates. With the exception of initial recognition of deferred income tax arising from business combinations, changes in deferred income tax associated with components of other comprehensive income (loss) are recognized in other comprehensive income (loss) while all other changes in deferred income tax are included in the provision for income taxes in the consolidated statement of earnings. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Carry forwards of unused losses or unused tax credits are tax effected and recognized as deferred tax assets when it is probable that future taxable profits will be available against which these losses or tax credits can be utilized. Deferred income tax is not recognized on unremitted earnings of subsidiaries where the company has determined it is not probable those earnings will be repatriated in the foreseeable future. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and there is a legally enforceable right of offset.
Investment in associate held for sale	Investment in associate held for sale An investment in associate is classified as held for sale if its carrying amount will be recovered through sale rather than through continuing use. Classification as held for sale requires that management be committed to the sale, the sale is highly probable, the asset is available for immediate sale in its present condition, and the sale is expected to be completed within one year from the date of classification. Upon classification as held for sale the investment in associate is measured at the lower of carrying value and fair value less costs to sell and the equity method of accounting is no longer applied.
Investment property	Investment property Investment property consists of real estate held by the company for capital appreciation, rental income, or both, and is initially recorded at cost, including transaction costs, and subsequently measured at fair value. On the consolidated balance sheet investment property is included in portfolio investments by the insurance and reinsurance companies and in other assets by the non-insurance companies. In the consolidated statement of earnings, insurance and reinsurance companies record investment property rental income and direct expenses in interest and dividends, and changes in fair value in net gains (losses) on investments, while non-insurance companies record investment property rental income and changes in fair value in other revenue, and direct expenses in other expenses.
Other assets	Other assets Other assets primarily consist of premises and equipment, right-of-use assets associated with leases, assets associated with unit-linked insurance products, inventories, sales receivables and finance lease receivables of the non-insurance companies, prepaid expenses, accrued interest and dividends, income taxes refundable, receivables for securities sold, pension assets, deferred compensation assets, prepaid losses on claims, and other miscellaneous receivables. Receivables are initially recognized at fair value less a provision for expected lifetime credit losses, and subsequently measured at amortized cost. Premises and equipment
Other revenue and expenses	Other revenue Other revenue is primarily comprised of revenue earned by the non-insurance companies. Revenue from restaurant and retail sales is recognized when the company provides goods to the customer and receives payment. Revenue from the sale of other goods is typically recognized when shipped to the customer, with payment received in advance of shipment. The shipping and handling performance obligation is recorded as a contract liability and recognized as revenue once the services have been performed. Revenue from providing travel, hospitality and other non-insurance services is recognized over time based on measured progress towards complete satisfaction of the related performance obligations. Payment is usually received at the time of initial booking for travel and hospitality services, and received in installments for other services. Unconditional payments due from customers for satisfied performance obligations are recorded as sales receivables within other assets on the consolidated balance sheet. Customer prepayments are recorded as deferred revenue within accounts payable and accrued liabilities on the consolidated balance sheet and are not recognized as revenue until the shipment of goods or provision of services occurs. Certain contracts include multiple deliverables which are accounted for as separate performance obligations, with the transaction price allocated to the performance obligations based on their individual selling prices. Other expenses Other expenses is primarily comprised of the cost of inventories sold or services provided and the operating expenses of the non-insurance companies.
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities Accounts payable and accrued liabilities primarily consist of leases liabilities, trade payables of the non-insurance companies, accrued amounts for salaries and employee benefits, deferred revenue of the non-insurance companies, pension and post retirement liabilities, amounts withheld and accrued taxes, income taxes payable, and other administrative costs. Accounts payable and accrued liabilities are initially recognized at fair value and subsequently measured at amortized cost.
Borrowings	Borrowings Borrowings are initially recognized at fair value, net of incremental and directly attributable transaction costs, and subsequently measured at amortized cost. Interest expense on borrowings is recognized in the consolidated statement of earnings using the effective interest rate method. Borrowings are derecognized when extinguished, with any gain or loss on extinguishment or modification recognized in interest expense in the consolidated statement of earnings.
Equity	Equity Common stock issued by the company is classified as equity when there is no contractual obligation to transfer cash or other financial assets to the holder of the shares. Incremental costs directly attributable to the issue or repurchase of equity instruments are recognized in equity, net of tax. Treasury shares are equity instruments repurchased by the company which have not been canceled and are deducted from equity on the consolidated balance sheet, irrespective of the objective of the purchase. The company acquires its own subordinate voting shares on the open market for its share-based payment awards. No gain or loss is recognized in the consolidated statement of earnings on the purchase, sale, issue or cancellation of treasury shares. Consideration paid or received is recognized directly in equity. Dividends and other distributions to holders of the company’s equity instruments are recognized directly in equity.
Share-based payments	Share-based payments The company has restricted share plans or equivalent for management of the holding company and its subsidiaries with vesting periods of up to fifteen years from the date of grant. The fair value of restricted share awards on the grant date is amortized to compensation expense over the vesting period, with a corresponding increase in the share-based payments equity reserve. At each balance sheet date, the company reviews its estimates of the number of restricted share awards expected to vest.
Net earnings per share attributable to shareholders of Fairfax	Net earnings per share attributable to shareholders of Fairfax Net earnings (loss) per share Net earnings (loss) per diluted share
Pensions and post retirement benefits	Pensions and post retirement benefits The company’s subsidiaries have a number of arrangements in Canada, the United States, the United Kingdom and certain other jurisdictions that provide pension and post retirement benefits to retired and current employees. The holding company has no such arrangements or plans. Pension arrangements of the subsidiaries include defined benefit statutory pension plans and supplemental arrangements that provide pension benefits in excess of statutory limits. These plans are a combination of defined benefit plans and defined contribution plans. The assets of these plans are held separately from the company’s general assets in separate pension funds and invested principally in equities, high quality fixed income securities and cash and short term investments. Certain of the company’s post retirement benefit plans covering medical care and life insurance are internally funded. Defined contribution plan Defined benefit plan Defined benefit obligations, net of the fair value of plan assets, and adjusted for pension asset limitations, if any, are accrued on the consolidated balance sheet in accounts payable and accrued liabilities (note 14). Plans in a net asset position, subject to any minimum funding requirements, are recognized in other assets (note 13). Defined benefit expense recognized in the consolidated statement of earnings includes the net interest on the net defined benefit liability (asset) calculated using a discount rate based on market yields on high quality bonds, past service costs arising from plan amendments or curtailments and gains or losses on plan settlements. Remeasurements, consisting of actuarial gains and losses on plan liabilities, the actual return on plan assets (excluding the net interest component) and any change in asset limitation amounts, are recognized in other comprehensive income (loss) and subsequently included in accumulated other comprehensive income (loss). Remeasurements are not recycled to the consolidated statement of earnings and are reclassified to retained earnings upon settlement of the plan or disposal of the related subsidiary.
Leases	Leases Lessees A right-of-use asset and a lease liability are recognized at the commencement date of a lease. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made before the commencement date, and any initial direct costs incurred. Lease liabilities are initially measured at the present value of lease payments, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the company’s incremental borrowing rate. The company typically uses its incremental borrowing rate. Right-of-use assets are included in other assets and lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheet. Subsequent to initial recognition, right-of-use assets are depreciated using the straight-line method over the shorter of the lease term and the right-of-use asset’s useful life, with depreciation expense recorded as operating expenses or other expenses in the consolidated statement of earnings, and lease liabilities are measured at amortized cost using the effective interest method, with accretion of lease liabilities recorded as interest expense in the consolidated statement of earnings. Each lease payment is allocated between principal and interest expense to produce a constant periodic rate of interest on the remaining balance of the lease liability. The interest and principal portions of cash payments on lease liabilities are reported as operating activities and financing activities respectively in the consolidated statement of cash flows. Right-of-use assets and lease liabilities are not recognized for short-term leases that have a lease term of twelve months or less, or for low value leases, which principally relate to office equipment, furniture and fixtures. Payments for short-term and low value leases are recorded on a straight-line basis over the lease term in the consolidated statement of earnings and reported as operating activities in the consolidated statement of cash flows. Lessors Classification of a sub-lease is determined with reference to the right-of-use asset arising from the head lease, and not with reference to the underlying leased asset. If substantially all of the risk and rewards of ownership of the right-of-use asset are transferred, then the sub-lease is classified as a finance lease, where the right-of-use asset is derecognized, a finance lease receivable is recorded, representing the present value of future lease payments to be received, and any difference is recorded in the consolidated statement of earnings. Finance lease receivables are included in other assets on the consolidated balance sheet. Interest revenue earned on finance lease receivables is included in other revenue in the consolidated statement of earnings. Sub-leases classified as operating leases do not result in any change to the amounts initially recognized on the head lease. Payments received from operating leases are recorded on a straight-line basis over the lease term as other revenue in the consolidated statement of earnings.
New accounting pronouncements adopted in 2021	New accounting pronouncements adopted in 2021 Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) The amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance Contracts Leases COVID-19-related Rent Concessions beyond June 30, 2021 (Amendment to IFRS 16) The amendment to IFRS 16 Leases Configuration or Customization Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets) The agenda decision by the IFRS Interpretations Committee clarifies the accounting for configuration and customization costs incurred in a Software as a Service (“SaaS”) arrangement. The agenda decision provides guidance on assessing whether costs incurred can be capitalized as an intangible asset and timing of expense recognition. Adoption of this agenda decision did not have a significant impact on the company’s consolidated financial statements.
New accounting pronouncements issued but not yet effective	New accounting pronouncements issued but not yet effective The following new standards and amendments have been issued by the IASB and were not yet effective for the fiscal year beginning January 1, 2021. The company does not expect to adopt them in advance of their effective dates. IFRS 17 Insurance Contracts (“IFRS 17”) On May 18, 2017 the IASB issued IFRS 17, a comprehensive standard for the recognition, measurement, presentation and disclosure of insurance contracts. IFRS 17 requires entities to measure insurance contracts using current estimates of discounted fulfillment cash flows, including the discounting of loss reserves using one of three measurement models. On June 25, 2020 the IASB issued amendments to IFRS 17 that included targeted improvements and the deferral of the effective date to January 1, 2023. The standard must be applied retrospectively with restatement of comparatives unless impracticable. In 2021, the company’s efforts focused on the selection and evaluation of significant accounting policies and estimates, and the implementation and testing of information technology systems across the insurance and reinsurance subsidiaries to enable parallel reporting in 2022. The company continues to evaluate the effect that the adoption of IFRS 17 will have on its consolidated financial statements. Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) On May 14, 2020 the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets recognized as an adjustment to opening equity at the date of initial application. The amendments are not expected to have a significant impact on the company’s consolidated financial statements. Reference to the Conceptual Framework (Amendments to IFRS 3) On May 14, 2020 the IASB issued amendments to IFRS 3 Business Combinations Framework for the Preparation and Presentation of Financial Statements Conceptual Framework for Financial Reporting Provisions, Contingent Liabilities and Contingent Assets Levies Annual Improvements to IFRS Standards 2018 – 2020 On May 14, 2020 the IASB issued amendments to certain IFRS Standards as a result of its annual improvements project, which included an amendment to IFRS 9 Financial Instruments Leases Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) On May 7, 2021 the IASB issued amendments to IAS 12 Income Taxes Leases Classification of Liabilities as Current or Non-current (Amendments to IAS 1) On January 23, 2020 the IASB issued amendments to IAS 1 Presentation of Financial Statements Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) On February 12, 2021 the IASB issued amendments to IAS 1 Presentation of Financial Statements Making Materiality Judgements Definition of Accounting Estimates (Amendments to IAS 8) On February 12, 2021 the IASB issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors accounting estimates and changes in accounting policies occurring on or after January 1, 2023 and are not expected to have a significant impact on the company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Schedule of estimated useful lives of intangible assets	​ ​ ​ ​ Customer and broker relationships 8 to 20 years Brand names and Lloyd's participation rights Indefinite Computer software 3 to 15 years

Cash and Investments (Tables)

Cash and Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Investments
Schedule of cash and investments	Presented in the table below are holding company cash and investments and portfolio investments, net of derivative obligations, all of which are classified at FVTPL except for investments in associates, investment in associate held for sale and other invested assets. ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Holding company Cash and cash equivalents (1) 465.9 280.0 Short term investments 216.9 159.2 Bonds 242.6 457.2 Preferred stocks 14.0 4.7 Common stocks (2) 137.5 123.7 Derivatives (note 7) 290.5 147.9 ​ 1,367.4 1,172.7 Assets pledged for derivative obligations: Cash equivalents (1) ​ 46.8 ​ — Short term investments 64.1 79.5 ​ 110.9 79.5 ​ ​ ​ ​ ​ Holding company cash and investments as presented on the consolidated balance sheet 1,478.3 1,252.2 Derivative obligations (note 7) (32.1) (22.8) ​ 1,446.2 1,229.4 Portfolio investments Cash and cash equivalents (1)(4) 12,283.2 4,886.5 Short term investments (4) 9,516.3 8,311.3 Bonds (4) 14,091.2 15,734.6 Preferred stocks 2,405.9 605.2 Common stocks (2)(4) 5,468.9 4,599.1 Investments in associates (note 6) (4) 4,755.1 4,381.8 Investment in associate held for sale (note 6) — 729.5 Derivatives (note 7) 291.3 234.8 Other invested assets (3) 699.9 577.6 ​ 49,511.8 40,060.4 Assets pledged for derivative obligations: Cash equivalents (1) ​ 74.0 ​ — Short term investments 45.6 113.9 Bonds — 82.5 ​ 119.6 196.4 Fairfax India cash, portfolio investments and associates: Cash and cash equivalents (1) 76.5 90.2 Short term investments ​ 6.2 ​ — Bonds 199.8 21.0 Common stocks 434.6 412.3 Investments in associates (note 6) 1,348.9 1,328.3 ​ 2,066.0 1,851.8 ​ ​ ​ ​ ​ Portfolio investments as presented on the consolidated balance sheet 51,697.4 42,108.6 Derivative obligations (note 7) (120.8) (166.6) ​ 51,576.6 41,942.0 ​ ​ ​ ​ ​ Total investments, net of derivative obligations 53,022.8 43,171.4 (1) Includes aggregate restricted cash and cash equivalents at December 31, 2021 of $1,261.0 (December 31, 2020 – $789.6 ). See note 27. (2) Includes aggregate investments in limited partnerships with a carrying value at December 31, 2021 of $1,971.0 (December 31, 2020 – $1,935.9 ). (3) Comprised primarily of investment property. (4) Presented in the following table are portfolio investments held by Eurolife to support its life insurance operations that are included in the table above. Eurolife was consolidated on July 14, 2021 as described in note 23.
Schedule of Eurolife life insurance portfolio investments	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Eurolife life insurance portfolio investments Cash and cash equivalents 741.5 — Short term investments 854.3 — Bonds 1,206.8 — Common stocks 148.1 — Investments in associates (note 6) 147.5 — ​ 3,098.2 — ​
Schedule of pledged assets, by nature of pledge requirement	The table that follows summarizes assets pledged to third parties by the nature of the pledge requirement (excluding assets pledged in favour of Lloyd’s (note 20), for derivative obligations and for certain intercompany reinsurance arrangements). Pledged assets primarily consist of cash and cash equivalents, short term investments and bonds within portfolio investments on the consolidated balance sheet. ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Regulatory deposits 5,147.1 4,781.0 Security for reinsurance and other 1,434.9 1,245.7 ​ 6,582.0 6,026.7 ​
Schedule of fixed income maturity profile	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ ​ cost (1) ​ value (1) ​ cost (1) ​ value (1) ​ Due in 1 year or less 6,022.8 5,946.5 4,968.1 4,935.3 ​ Due after 1 year through 5 years 6,674.2 6,950.1 9,378.4 10,096.9 ​ Due after 5 years through 10 years 534.0 531.3 654.2 718.5 ​ Due after 10 years 990.1 1,105.7 419.2 544.6 ​ ​ 14,221.1 14,533.6 15,419.9 16,295.3 ​ Pre-tax effective interest rate 2.7 % 3.2 % (1) Includes bonds held by the holding company and Fairfax India.
Disclosure of fair value measurement of assets	The company’s use of quoted market prices (Level 1), valuation models with significant observable market information as inputs (Level 2) and valuation models with significant unobservable information as inputs (Level 3) in the valuation of securities and derivative contracts by type of issuer was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Significant ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ other ​ Significant ​ ​ ​ ​ ​ other ​ Significant ​ ​ ​ ​ Quoted ​ observable ​ unobservable ​ Total fair ​ Quoted ​ observable ​ unobservable ​ Total fair ​ ​ prices ​ inputs ​ inputs ​ value asset ​ prices ​ inputs ​ inputs ​ value asset ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (liability) ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (liability) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (1) ​ 12,946.4 ​ — ​ — ​ 12,946.4 ​ 5,256.7 — ​ — 5,256.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ 16.2 ​ — ​ — ​ 16.2 ​ 638.1 ​ — ​ — ​ 638.1 ​ Canadian provincials ​ 535.8 ​ — ​ — ​ 535.8 ​ 1,002.9 ​ — ​ — ​ 1,002.9 ​ U.S. treasury ​ 7,608.8 ​ — ​ — ​ 7,608.8 ​ 6,343.3 ​ — ​ — ​ 6,343.3 ​ Other government ​ 283.5 ​ 1,140.9 ​ — ​ 1,424.4 ​ 266.7 ​ 234.9 ​ — ​ 501.6 ​ Corporate and other ​ — ​ 263.9 ​ — ​ 263.9 ​ — ​ 178.0 ​ — ​ 178.0 ​ ​ ​ 8,444.3 ​ 1,404.8 ​ — ​ 9,849.1 ​ 8,251.0 ​ 412.9 ​ — ​ 8,663.9 ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ — ​ 614.6 ​ — ​ 614.6 ​ — ​ 16.5 ​ — ​ 16.5 ​ Canadian provincials ​ — ​ 45.0 ​ — ​ 45.0 ​ — ​ 49.9 ​ — ​ 49.9 ​ U.S. treasury ​ — ​ 3,957.9 ​ — ​ 3,957.9 ​ — ​ 3,058.4 ​ — ​ 3,058.4 ​ U.S. states and municipalities ​ — ​ 387.2 ​ — ​ 387.2 ​ — ​ 378.2 ​ — ​ 378.2 ​ Other government ​ — ​ 2,655.0 ​ — ​ 2,655.0 ​ — ​ 944.0 ​ — ​ 944.0 ​ Corporate and other (2) ​ — ​ 4,078.1 ​ 2,795.8 ​ 6,873.9 ​ — ​ 10,074.1 ​ 1,774.2 ​ 11,848.3 ​ ​ ​ — ​ 11,737.8 ​ 2,795.8 ​ 14,533.6 ​ — ​ 14,521.1 ​ 1,774.2 ​ 16,295.3 ​ Preferred stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ — ​ 16.6 ​ 93.6 ​ 110.2 ​ — ​ 12.2 ​ 93.0 ​ 105.2 ​ U.S. ​ — ​ — ​ 40.6 ​ 40.6 ​ — ​ — ​ 17.0 ​ 17.0 ​ Other (3) ​ 13.5 ​ 288.0 ​ 1,967.6 ​ 2,269.1 ​ 10.3 ​ — ​ 477.4 ​ 487.7 ​ ​ ​ 13.5 ​ 304.6 ​ 2,101.8 ​ 2,419.9 ​ 10.3 ​ 12.2 ​ 587.4 ​ 609.9 ​ Common stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 1,104.2 ​ 188.4 ​ 303.7 ​ 1,596.3 ​ 802.5 ​ 108.7 ​ 181.5 ​ 1,092.7 ​ U.S. ​ 597.9 ​ 32.0 ​ 1,155.3 ​ 1,785.2 ​ 485.1 ​ 32.0 ​ 998.8 ​ 1,515.9 ​ Other ​ 1,438.0 ​ 276.7 ​ 944.8 ​ 2,659.5 ​ 1,250.8 ​ 338.4 ​ 937.3 ​ 2,526.5 ​ ​ ​ 3,140.1 ​ 497.1 ​ 2,403.8 ​ 6,041.0 ​ 2,538.4 ​ 479.1 ​ 2,117.6 ​ 5,135.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets ​ 0.1 ​ 175.4 ​ 1,106.2 ​ 1,281.7 ​ — ​ 237.4 ​ 722.9 ​ 960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative obligations (note 7) ​ — ​ (88.5) ​ (64.4) ​ (152.9) ​ — ​ (164.1) ​ (25.3) ​ (189.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments and portfolio investments measured at fair value ​ 24,544.4 ​ 14,031.2 ​ 8,343.2 ​ 46,918.8 ​ 16,056.4 ​ 15,498.6 ​ 5,176.8 ​ 36,731.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 52.3 % 29.9 % 17.8 % 100.0 % 43.7 % 42.2 % 14.1 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates (note 6) (4) ​ 4,188.8 ​ 106.8 ​ 3,995.6 ​ 8,291.2 ​ 2,916.3 ​ 175.2 ​ 4,059.8 ​ 7,151.3 ​ (1) Includes restricted cash and cash equivalents of $1,261.0 at December 31, 2021 (December 31, 2020 – $789.6 ). See note 27. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 – $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Primarily comprised of the company’s investment in compulsory convertible preferred shares of Go Digit Infoworks Services Limited (“Digit”),which are described in footnote (2) of the following table. The company also holds a 49.0% equity interest in Digit as described in note 6. (4) The fair value of investments in associates is presented separately as such investments are measured using the equity method of accounting. Also included is the fair value of RiverStone Barbados which was held for sale at December 31, 2020 and subsequently sold on August 23,2021 as described in note 23. In the preceding table certain limited partnerships included in common stocks are classified as Level 3 because their net asset values are unobservable or because they contractually require greater than three months to liquidate or redeem. During 2021 and 2020 there were no significant transfers of financial instruments between Level 1 and Level 2, and there were no significant transfers of financial instruments in or out of Level 3 as a result of changes in the observability of valuation inputs except as described in the following table which summarizes changes in Level 3 financial assets measured at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ Private ​ ​ ​ ​ ​ Limited ​ Private ​ Derivatives ​ company ​ ​ ​ Private ​ ​ ​ ​ partnerships ​ placement ​ and other ​ preferred ​ Common ​ equity ​ ​ ​ ​ and other (1) ​ debt securities ​ invested assets ​ shares ​ shares ​ funds (1) ​ Total Balance - January 1 ​ 1,766.9 ​ 1,774.2 ​ 697.6 ​ 587.4 ​ 239.9 ​ 110.8 ​ 5,176.8 Net realized and unrealized gains included in the consolidated statement of earnings (2) ​ 450.6 ​ 69.1 ​ 297.4 ​ 1,489.3 ​ 53.7 ​ 2.4 ​ 2,362.5 Purchases (3)(4) ​ 254.3 ​ 1,241.5 ​ 115.5 ​ 32.0 ​ 216.9 ​ — ​ 1,860.2 Acquisitions of subsidiaries (note 23) — 47.5 27.4 — — — 74.9 Transfer into category (5) — 139.6 — — 10.9 — 150.5 Sales and distributions (580.9) (476.6) (91.8) (7.2) (2.5) (5.9) (1,164.9) Transfer out of category (102.0) — — — (10.7) — (112.7) Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss) 0.2 0.5 (4.3) 0.3 (1.2) 0.4 (4.1) Balance - December 31 1,789.1 2,795.8 1,041.8 2,101.8 507.0 107.7 8,343.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Private ​ ​ ​ ​ ​ Limited ​ Private ​ Derivatives ​ company ​ ​ ​ Private ​ ​ ​ ​ partnerships ​ placement ​ and other ​ preferred ​ Common ​ equity ​ ​ ​ ​ and other (1) ​ debt securities ​ invested assets ​ shares ​ shares ​ funds (1) ​ Total Balance - January 1 ​ 1,846.7 ​ 1,420.1 ​ 764.3 ​ 569.2 ​ 205.6 ​ 129.2 ​ 4,935.1 Net realized and unrealized gains (losses) included in the consolidated statement of earnings ​ 155.9 ​ 99.3 ​ (100.4) ​ (3.0) ​ 27.4 ​ (1.0) ​ 178.2 Purchases ​ 198.1 ​ 1,012.8 ​ 44.2 ​ 20.7 ​ 14.3 ​ — ​ 1,290.1 Sales and distributions (392.8) (474.6) — (0.1) (8.0) (18.8) (894.3) Transfer out of category (6) (44.4) (149.3) — — — — (193.7) Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss) 3.4 12.5 (0.6) 0.6 0.6 1.4 17.9 Deconsolidation of non-insurance subsidiary (note 23) — (146.6) (9.9) — — — (156.5) Balance - December 31 1,766.9 1,774.2 697.6 587.4 239.9 110.8 5,176.8 (1) Included in common stocks in the fair value hierarchy table presented on the previous page and in holding company cash and investments or common stocks on the consolidated balance sheets. (2) During June 2021 the company’s associate Go Digit Infoworks Services Private Limited (“Digit”) entered into agreements with certain third party investors for its general insurance subsidiary Go Digit Insurance Limited (“Digit Insurance”) to raise approximately $200 ( 14.9 billion Indian rupees) of new equity shares, valuing Digit Insurance at approximately $3.5 billion ( 259.5 billion Indian rupees) (the “transaction fair value”). Digit Insurance subsequently raised approximately $122 ( 9.0 billion Indian rupees) at the transaction fair value, with the remaining tranches expected to close in the first half of 2022, subject to customary closing conditions and regulatory approval. The increased valuation of Digit Insurance based upon the transaction fair value, which was supported by an internal discounted cash flow analysis, resulted in the company recording a net unrealized gain of $1,490.3 (inclusive of foreign exchange losses) in 2021 on its investment in Digit compulsory convertible preferred shares. The company also holds a 49.0% equity accounted interest in Digit as described in note 6. (3) Common shares include non-voting shares of the RiverStone Barbados holding company as described in note 23. (4) Derivatives and other invested assets include a monthly royalty on future revenues of Toys “R” Us Canada as described in note 23. (5) Private placement debt securities include Mosaic Capital 25-year debentures as described in note 23. (6) On July 1, 2020 the company derecognized its investment in Farmers Edge convertible debentures pursuant to the consolidation of Farmers Edge as described in note 6.
Disclosure of fair value measurement of liabilities	The company’s use of quoted market prices (Level 1), valuation models with significant observable market information as inputs (Level 2) and valuation models with significant unobservable information as inputs (Level 3) in the valuation of securities and derivative contracts by type of issuer was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Significant ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ other ​ Significant ​ ​ ​ ​ ​ other ​ Significant ​ ​ ​ ​ Quoted ​ observable ​ unobservable ​ Total fair ​ Quoted ​ observable ​ unobservable ​ Total fair ​ ​ prices ​ inputs ​ inputs ​ value asset ​ prices ​ inputs ​ inputs ​ value asset ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (liability) ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (liability) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (1) ​ 12,946.4 ​ — ​ — ​ 12,946.4 ​ 5,256.7 — ​ — 5,256.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ 16.2 ​ — ​ — ​ 16.2 ​ 638.1 ​ — ​ — ​ 638.1 ​ Canadian provincials ​ 535.8 ​ — ​ — ​ 535.8 ​ 1,002.9 ​ — ​ — ​ 1,002.9 ​ U.S. treasury ​ 7,608.8 ​ — ​ — ​ 7,608.8 ​ 6,343.3 ​ — ​ — ​ 6,343.3 ​ Other government ​ 283.5 ​ 1,140.9 ​ — ​ 1,424.4 ​ 266.7 ​ 234.9 ​ — ​ 501.6 ​ Corporate and other ​ — ​ 263.9 ​ — ​ 263.9 ​ — ​ 178.0 ​ — ​ 178.0 ​ ​ ​ 8,444.3 ​ 1,404.8 ​ — ​ 9,849.1 ​ 8,251.0 ​ 412.9 ​ — ​ 8,663.9 ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ — ​ 614.6 ​ — ​ 614.6 ​ — ​ 16.5 ​ — ​ 16.5 ​ Canadian provincials ​ — ​ 45.0 ​ — ​ 45.0 ​ — ​ 49.9 ​ — ​ 49.9 ​ U.S. treasury ​ — ​ 3,957.9 ​ — ​ 3,957.9 ​ — ​ 3,058.4 ​ — ​ 3,058.4 ​ U.S. states and municipalities ​ — ​ 387.2 ​ — ​ 387.2 ​ — ​ 378.2 ​ — ​ 378.2 ​ Other government ​ — ​ 2,655.0 ​ — ​ 2,655.0 ​ — ​ 944.0 ​ — ​ 944.0 ​ Corporate and other (2) ​ — ​ 4,078.1 ​ 2,795.8 ​ 6,873.9 ​ — ​ 10,074.1 ​ 1,774.2 ​ 11,848.3 ​ ​ ​ — ​ 11,737.8 ​ 2,795.8 ​ 14,533.6 ​ — ​ 14,521.1 ​ 1,774.2 ​ 16,295.3 ​ Preferred stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ — ​ 16.6 ​ 93.6 ​ 110.2 ​ — ​ 12.2 ​ 93.0 ​ 105.2 ​ U.S. ​ — ​ — ​ 40.6 ​ 40.6 ​ — ​ — ​ 17.0 ​ 17.0 ​ Other (3) ​ 13.5 ​ 288.0 ​ 1,967.6 ​ 2,269.1 ​ 10.3 ​ — ​ 477.4 ​ 487.7 ​ ​ ​ 13.5 ​ 304.6 ​ 2,101.8 ​ 2,419.9 ​ 10.3 ​ 12.2 ​ 587.4 ​ 609.9 ​ Common stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 1,104.2 ​ 188.4 ​ 303.7 ​ 1,596.3 ​ 802.5 ​ 108.7 ​ 181.5 ​ 1,092.7 ​ U.S. ​ 597.9 ​ 32.0 ​ 1,155.3 ​ 1,785.2 ​ 485.1 ​ 32.0 ​ 998.8 ​ 1,515.9 ​ Other ​ 1,438.0 ​ 276.7 ​ 944.8 ​ 2,659.5 ​ 1,250.8 ​ 338.4 ​ 937.3 ​ 2,526.5 ​ ​ ​ 3,140.1 ​ 497.1 ​ 2,403.8 ​ 6,041.0 ​ 2,538.4 ​ 479.1 ​ 2,117.6 ​ 5,135.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets ​ 0.1 ​ 175.4 ​ 1,106.2 ​ 1,281.7 ​ — ​ 237.4 ​ 722.9 ​ 960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative obligations (note 7) ​ — ​ (88.5) ​ (64.4) ​ (152.9) ​ — ​ (164.1) ​ (25.3) ​ (189.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments and portfolio investments measured at fair value ​ 24,544.4 ​ 14,031.2 ​ 8,343.2 ​ 46,918.8 ​ 16,056.4 ​ 15,498.6 ​ 5,176.8 ​ 36,731.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 52.3 % 29.9 % 17.8 % 100.0 % 43.7 % 42.2 % 14.1 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates (note 6) (4) ​ 4,188.8 ​ 106.8 ​ 3,995.6 ​ 8,291.2 ​ 2,916.3 ​ 175.2 ​ 4,059.8 ​ 7,151.3 ​ (1) Includes restricted cash and cash equivalents of $1,261.0 at December 31, 2021 (December 31, 2020 – $789.6 ). See note 27. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 – $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Primarily comprised of the company’s investment in compulsory convertible preferred shares of Go Digit Infoworks Services Limited (“Digit”),which are described in footnote (2) of the following table. The company also holds a 49.0% equity interest in Digit as described in note 6. (4) The fair value of investments in associates is presented separately as such investments are measured using the equity method of accounting. Also included is the fair value of RiverStone Barbados which was held for sale at December 31, 2020 and subsequently sold on August 23,2021 as described in note 23.
Disclosure of significant unobservable inputs used in fair value measurement of assets	The table below presents the valuation techniques and unobservable inputs used to estimate fair values for the company’s significant Level 3 financial assets at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on fair value ​ ​ Carrying ​ ​ ​ ​ ​ Input range used ​ if input value is Asset class ​ value ​ Valuation technique ​ Significant unobservable input ​ Low ​ High ​ increased (a) Bonds (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private placement debt securities (1) 1,001.7 Discounted cash flow Credit spread 1.0 % 9.9 % Decrease Mortgage loans (2) 1,659.4 Market approach Recent transaction price N/A N/A Increase ​ ​ Discounted cash flow Credit spread ​ 1.9 % 7.6 % Decrease Other ​ 134.7 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 2,795.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stocks (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private company preferred shares (3) 1,965.5 Market approach Recent transaction price N/A ​ N/A ​ Increase ​ ​ Discounted cash flow ​ Discount rate ​ 11.3 % 11.3 % Decrease ​ ​ ​ ​ Long term growth rate ​ 6.0 % 6.0 % Increase Private placement preferred shares (4) 71.2 Discounted cash flow Credit spread 3.7 % 3.7 % Decrease Other ​ 65.1 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 2,101.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks (d) ​ ​ ​ ​ ​ ​ Limited partnerships and other (5) ​ 1,789.1 ​ Net asset value ​ Net asset value ​ N/A ​ N/A ​ Increase Common shares (6) ​ 200.0 ​ Market approach ​ Recent transaction price ​ N/A ​ N/A ​ Increase Common shares (7) ​ 83.0 ​ Market comparable ​ Book value multiple ​ 1.4 ​ 1.4 ​ Increase Private equity funds (7) 58.3 ​ Market comparable Price/Earnings multiple 10.0 10.0 Increase Private equity funds (5) 49.4 Net asset value Net asset value N/A N/A Increase Other 224.0 Various Various N/A N/A N/A ​ ​ 2,403.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets (e) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment property (8) ​ 507.9 ​ Income capitalization ​ Terminal capitalization rate ​ 5.8 % 7.5 % Decrease ​ ​ ​ ​ ​ ​ Discount rate ​ 7.1 % 8.8 % Decrease ​ ​ ​ ​ ​ ​ Market rent growth rate ​ 2.5 % 3.0 % Increase Warrants (9) ​ 259.2 ​ Option pricing model ​ Equity volatility ​ 19.3 % 75.1 % Increase Investment property (10) ​ 69.5 ​ Sales comparison ​ Price per acre (Cdn$ thousands) ​ 30.0 ​ 125.0 ​ Increase Other ​ 205.2 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 1,041.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 8,343.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Decreasing the input value would have the opposite effect on the estimated fair value. (b) Included in holding company cash and investments or bonds on the consolidated balance sheet. (c) Included in preferred stocks on the consolidated balance sheet. (d) Included in holding company cash and investments or common stocks on the consolidated balance sheet. (e) Included in holding company cash and investments or derivatives and other invested assets, net of derivative obligations on the consolidated balance sheet. (1) At December 31, 2021 these private placement debt securities were valued using industry accepted discounted cash flow models that incorporated unobservable credit spreads of the issuers, and consisted of 12 investments, the largest being $535.1 (the company’s investment in Blackberry Limited) (December 31, 2020 - 10 investments, the largest being $438.6 (the company’s investment in Blackberry Limited)). By increasing (decreasing) the credit spreads applied at December 31, 2021 by 100 basis points, the fair value of this asset class would collectively decrease by $26.5 (increase by $11.3 ). (2) At December 31, 2021 these mortgage loans consisted of 36 investments, the largest being $149.4 (December 31, 2020 - 22 investments, the largest being $111.5 ). By increasing (decreasing) the credit spreads applied at December 31, 2021 by 100 basis points, the fair value of this asset class would not change significantly primarily due to the short term nature of these instruments. (3) These private company preferred shares relate to the company’s investment in Digit compulsory convertible preferred shares where the recent transaction price was applied which was supported by an industry accepted discounted cash flow model that incorporated an unobservable discount rate and long term growth rate. As the company is restricted from selling the preferred shares for a specified period a discount for lack of marketability was also applied using an industry accepted option pricing model that incorporated unobservable long-dated equity volatilities. At December 31, 2021 by increasing (decreasing) the discount rate applied by 0.5% , the fair value of the preferred shares would decrease by $212.1 (increase by $258.0 ); by increasing (decreasing) the long term growth rate applied by 0.25% , the fair value of the preferred shares would increase by $80.4 (decrease by $73.2 ). (4) These private placement preferred shares were valued using industry accepted discounted cash flow models that incorporated unobservable credit spreads of the preferred shares. By increasing (decreasing) the credit spreads applied at December 31, 2021 by 100 basis points, the fair value of this asset class would decrease by $8.0 (increase by $8.6 ). (5) Limited partnerships and other, and certain private equity funds, are investment funds managed by third party fund managers and general partners that invest in a diverse range of industries and geographies. These investment funds were valued primarily using net asset value statements provided by those third party fund managers and general partners. The fair values in those statements are determined using quoted prices of the underlying assets, and to a lesser extent, observable inputs where available and unobservable inputs, in conjunction with industry accepted valuation models, where required. In some instances, such investments are classified as Level 3 if they require at least three months’ notice to liquidate or redeem. At December 31, 2021 limited partnerships and other consisted of 47 investments, the three largest being $258.2 (industrials), $252.1 (oil and gas extraction) and $192.0 (primarily household appliance manufacturing) (December 31, 2020 - 51 investments, the three largest being $299.5 (beverage manufacturing), $191.8 (industrials) and $146.4 (oil and gas extraction)). By increasing (decreasing) net asset values at December 31, 2021 by 10% , the fair value of limited partnerships and other would collectively increase (decrease) by $178.9 , and the fair value of the private equity funds would collectively increase (decrease) by $4.9 . (6) These common shares applied the recent transaction price that was supported by a probability weighted valuation model which attributed 85.0% weighting to the fair value whereby the common shares will convert into a secured loan note upon completion of certain regulatory undertakings by the investee and 15.0% weighting to the fair value whereby the common shares remain unchanged. (7) These common shares and private equity funds were valued using various valuation measures for comparable companies and transactions, including relevant valuation multiples. In some instances, such investments are classified as Level 3 because the valuation multiples applied by the company were adjusted for differences in attributes between the investment and the underlying companies or transactions from which the valuation multiples were derived. (8) These investment property were valued by third party appraisers using an industry accepted income capitalization approach that incorporated unobservable capitalization rates, discount rates and market rent growth rates. (9) These warrants were valued using industry accepted option pricing models that incorporated unobservable long-dated equity volatilities. A higher equity volatility generally results in a higher fair value due to the higher probability of obtaining a greater return from the warrant. By increasing (decreasing) equity volatilities applied at December 31, 2021 by 10% , the fair value of these warrants would collectively increase by $25.5 (decrease by $26.0 ). (10) These investment property were valued using an industry accepted direct sales comparison approach that incorporated unobservable recent sale prices per acre for comparable properties in similar locations.
Disclosure of investment income	An analysis of investment income for the years ended December 31 follows: Interest and dividends and share of profit (losses) of associates ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Interest income: Cash and short term investments 26.8 104.1 Bonds 488.5 557.4 Derivatives and other invested assets 53.1 55.0 ​ 568.4 716.5 Dividends: ​ Preferred stocks 14.1 4.3 Common stocks 94.1 73.5 ​ 108.2 77.8 Investment expenses (35.8) (25.1) Interest and dividends 640.8 769.2 ​ ​ ​ ​ ​ Share of profit (losses) of associates (1) 402.0 (112.8) (1) Includes impairment charges recorded on investments in associates during 2021 of nil (2020 - $240.3 ).
Schedule of gains (losses) on investment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Net change in Net gains ​ Net change in Net gains ​ ​ ​ Net realized ​ unrealized ​ (losses) on ​ Net realized ​ unrealized ​ (losses) on ​ ​ ​ gains (losses) ​ gains (losses) ​ investments ​ gains (losses) (8) ​ gains (losses) ​ investments ​ Bonds 338.2 (1) (523.5) (1) (185.3) ​ 112.1 593.5 705.6 Preferred stocks ​ 2.2 ​ 1,509.5 (2) 1,511.7 ​ — ​ 10.0 ​ 10.0 ​ Common stocks 488.0 852.3 1,340.3 243.7 (212.4) 31.3 ​ 828.4 1,838.3 2,666.7 355.8 391.1 746.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives: Equity total return swaps - short positions — — — (613.2) (3) 84.6 (528.6) Equity total return swaps - long positions 439.6 (3) (32.1) 407.5 207.4 (3) 118.2 ​ 325.6 Equity warrants and options 15.8 98.4 114.2 (1.6) (54.7) (56.3) CPI-linked derivatives (108.5) 113.8 5.3 (300.0) 286.1 (13.9) U.S. treasury bond forwards 26.0 (0.3) 25.7 (103.0) 1.0 (102.0) Other (42.6) 171.3 ​ 128.7 (4) (59.0) 26.1 (32.9) ​ 330.3 351.1 681.4 ​ (869.4) 461.3 (408.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency net gains (losses) on: Investing activities (43.5) (78.8) (122.3) (5) (51.0) 156.4 105.4 (5) Underwriting activities 41.2 ​ — 41.2 (16.8) — (16.8) Foreign currency contracts (62.2) 50.2 (12.0) 2.1 (35.1) (33.0) ​ (64.5) (28.6) (93.1) (65.7) 121.3 55.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Disposition of associates 56.4 (6) — 56.4 8.6 (9)(10) — 8.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deconsolidation of non-insurance subsidiaries 190.3 (7) — 190.3 (78.5) (11) — ​ (78.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other 122.1 (178.7) (56.6) (19.9) 8.5 (11.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains (losses) on investments 1,463.0 1,982.1 3,445.1 (669.1) 982.2 313.1 (1) Includes the derecognition of Seaspan Corporation debentures that were exchanged for Atlas Corp. preferred shares and Seaspan Corporation debentures that were redeemed as described in note 6. (2) Includes net unrealized gains of $1,490.3 (inclusive of foreign exchange losses)on Digit compulsory convertible preferred shares described earlier in this note. (3) Amounts recorded in net realized gains (losses) include net gains (losses) on total return swaps where the counterparties are required to cash-settle monthly or quarterly the market value movement since the previous reset date notwithstanding that the total return swap positions remain open subsequent to the cash settlement. (4) Includes net gains of $109.9 (excludes net foreign exchange losses) related to Asset Value Loan Notes (“AVLNs”) entered into with RiverStone Barbados as described in note 23. (5) Foreign currency net losses on investing activities during 2021 primarily related to euro and Indian rupee denominated investments held by subsidiaries with a U.S. dollar functional currency as the U.S. dollar strengthened relative to those currencies. Foreign currency net gains on investing activities during 2020 primarily related to euro and Canadian dollar denominated investments held by subsidiaries with a U.S. dollar functional currency as the U.S. dollar weakened relative to those currencies. (6) During 2021 the company sold a portion of its investment in IIFL Finance for cash proceeds of $113.7 ( 8.6 billion Indian rupees) and recorded a net realized gain of $42.0 in the consolidated statement of earnings as described in note 6. (7) Principally comprised of the sale of Toys “R” Us Canada and Fairfax India’s sale of Privi as described in note 23. (8) Amounts recorded in net realized gains (losses) in 2020 include net gains (losses) on investments that were disposed of pursuant to the deconsolidation of European Run-off on March 31, 2020 and Fairfax Africa on December 8, 2020 as described in note 23. (9) On February 28, 2020 the company sold its investment in APR Energy to Atlas Corp. in an all-stock transaction . (10) On September 30, 2020 the company sold its investment in Davos Brands for cash proceeds of $58.6 and recorded a net realized gain of $19.3 . (11) On December 8, 2020 Fairfax Africa was deconsolidated pursuant to the transaction described in note 23 and an equity accounted investment in Helios Fairfax Partners Corporation (“HFP”) was recognized, resulting in a net realized loss of $61.5 .

Investments in Associates (Tabl

Investments in Associates (Tables)	12 Months Ended
	Dec. 31, 2021
Investments in Associates
Schedule of investments in associates	The company’s investments in associates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Year ended ​ ​ ​ ​ ​ ​ Carrying value ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of ​ ​ Ownership ​ ​ ​ Associates and joint ​ Fairfax India ​ ​ ​ profit ​ ​ percentage (a) ​ Fair value (b) ​ ventures ​ associates (c) ​ Total ​ (loss) Insurance and reinsurance: ​ ​ ​ ​ ​ ​ Gulf Insurance Group K.S.C.P. ("Gulf Insurance") (1) ​ 43.7 % 409.5 ​ 380.0 ​ — ​ 380.0 ​ 55.5 Go Digit Infoworks Services Private Limited ("Digit") (2) ​ 49.0 % 498.3 ​ 79.1 ​ — ​ 79.1 ​ 5.3 Other (3)(4)(5) — 191.3 148.3 — 148.3 ​ 11.8 ​ ​ ​ ​ 1,099.1 ​ 607.4 ​ — ​ 607.4 ​ 72.6 Non-insurance: India Bangalore International Airport Limited ("Bangalore Airport") (13) 54.0 % 1,372.2 — 585.8 585.8 (45.8) Quess Corp Limited ("Quess") 31.0 % 528.5 506.3 (d) — 506.3 (1.4) IIFL Finance Limited (“IIFL Finance”) (8) 22.3 % 318.1 ​ — 198.8 198.8 40.6 Sanmar Chemicals Group ("Sanmar") 42.9 % 421.2 ​ — 124.2 124.2 (2.4) CSB Bank Limited ("CSB Bank") 49.7 % 227.6 ​ — 180.8 180.8 27.6 IIFL Securities Limited ("IIFL Securities") 37.2 % 138.0 35.0 101.0 136.0 14.0 Seven Islands Shipping Limited ("Seven Islands") 48.5 % 105.9 — 98.5 98.5 (0.5) Other — ​ 84.8 10.9 59.8 70.7 0.5 ​ ​ 3,196.3 552.2 1,348.9 1,901.1 ​ 32.6 Real estate KWF Real Estate Ventures Limited Partnerships ("KWF LPs") — ​ 76.3 76.3 (d) — 76.3 (9.0) Other — ​ 139.6 140.5 — 140.5 (1.7) ​ ​ 215.9 216.8 — 216.8 ​ (10.7) Other Eurobank Ergasias Services & Holdings S.A ("Eurobank") 32.2 % 1,210.3 1,298.5 — 1,298.5 162.3 Atlas Corp. ("Atlas", formerly Seaspan Corporation) (10) 36.7 % 1,285.8 922.1 — 922.1 69.5 EXCO Resources Inc. ("EXCO") 43.3 % 267.2 195.4 — 195.4 (41.2) Resolute Forest Products Inc. ("Resolute") 32.3 % 377.1 275.8 — 275.8 75.9 Helios Fairfax Partners Corporation ("HFP") (9) 34.4 % 116.2 206.1 — 206.1 (1.2) Peak Achievement Athletics ("Peak Achievement") 42.6 % 181.2 140.5 (d) — 140.5 13.3 Astarta Holding N.V. ("Astarta") ​ 28.4 % 73.3 ​ 104.0 ​ — ​ 104.0 ​ 38.4 Partnerships, trusts and other — ​ 268.8 236.3 — 236.3 (9.5) ​ ​ 3,779.9 3,378.7 — 3,378.7 ​ 307.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,192.1 4,147.7 1,348.9 5,496.6 ​ 329.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates ​ 8,291.2 4,755.1 1,348.9 6,104.0 402.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As presented on the consolidated balance sheet: Investments in associates ​ 5,671.9 4,755.1 Fairfax India investments in associates ​ 2,619.3 1,348.9 ​ ​ 8,291.2 ​ ​ ​ ​ ​ 6,104.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2020 ​ December 31, ​ ​ ​ ​ ​ ​ Carrying value ​ 2020 ​ ​ ​ ​ ​ ​ Associates ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Fair ​ and joint ​ Fairfax India ​ ​ ​ Share of profit ​ ​ percentage (a) ​ value (b) ventures ​ associates (c) ​ Total ​ (loss) Insurance and reinsurance: Eurolife ERB Insurance Group Holdings S.A. ("Eurolife") (7) 50.0 % 457.9 336.2 (d) — 336.2 6.1 Go Digit Infoworks Services Private Limited ("Digit") 49.0 % 120.5 41.8 — 41.8 8.8 RiverStone (Barbados) Ltd. ("RiverStone Barbados"), held for sale (5)(6) 60.0 % 729.5 ​ 729.5 (d) — 729.5 113.0 Other (4) — 233.6 197.2 — 197.2 (8.6) ​ ​ ​ 1,541.5 1,304.7 ​ — 1,304.7 119.3 Non-insurance: India Bangalore International Airport Limited ("Bangalore Airport") 54.0 % 1,396.1 — 642.4 642.4 (30.5) Quess Corp Limited ("Quess") 33.2 % 366.8 558.9 (d) — 558.9 (124.6) IIFL Finance Limited (“IIFL Finance”) 29.9 % 175.6 57.7 175.9 233.6 19.9 Sanmar Chemicals Group ("Sanmar") 42.9 % 338.6 — 128.6 128.6 (48.6) CSB Bank Limited ("CSB Bank") 49.7 % 214.4 — 164.4 164.4 14.1 IIFL Securities Limited (“IIFL Securities”) 35.3 % 74.3 32.1 93.4 125.5 9.8 Seven Islands Shipping Limited ("Seven Islands") 48.5 % 103.6 — 100.8 100.8 17.8 Other — 37.1 8.8 22.8 31.6 0.1 ​ ​ 2,706.5 657.5 ​ 1,328.3 1,985.8 ​ (142.0) Agriculture Astarta Holding N.V. ("Astarta") 28.4 % 49.9 65.3 — 65.3 (28.0) Farmers Edge Inc. ("Farmers Edge") (11) — — — — — (21.8) ​ ​ 49.9 65.3 ​ — 65.3 ​ (49.8) Real estate KWF Real Estate Ventures Limited Partnerships ("KWF LPs") — 84.3 84.3 (d) — 84.3 (17.9) Other — 48.3 50.8 — 50.8 (0.2) ​ ​ 132.6 135.1 ​ — 135.1 ​ (18.1) Other Eurobank Ergasias Services & Holdings S.A ("Eurobank") 30.5 % 799.9 1,166.3 — 1,166.3 (11.9) Atlas Corp. ("Atlas", formerly Seaspan Corporation) (12) 36.7 % 978.9 900.1 — 900.1 116.4 EXCO Resources Inc. ("EXCO") 43.7 % 237.7 238.5 — 238.5 (4.6) Resolute Forest Products Inc. ("Resolute") 30.6 % 161.9 134.3 — 134.3 (57.0) APR Energy plc ("APR Energy") (12) — ​ — — ​ — — (13.6) Helios Fairfax Partners Corporation ("HFP") ​ 32.3 % 185.9 ​ 185.9 ​ — ​ 185.9 ​ — Peak Achievement Athletics ("Peak Achievement") 42.6 % 171.5 140.2 (d) — 140.2 34.2 Partnerships, trusts and other — 185.0 183.4 — 183.4 (85.7) ​ ​ 2,720.8 2,948.7 ​ — 2,948.7 ​ (22.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,609.8 3,806.6 ​ 1,328.3 5,134.9 ​ (232.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates ​ 7,151.3 5,111.3 1,328.3 6,439.6 (112.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As presented on the consolidated balance sheet: Investments in associates ​ 4,154.3 4,381.8 Investment in associate held for sale (5)(d) ​ 729.5 729.5 Fairfax India investments in associates ​ 2,267.5 1,328.3 ​ ​ 7,151.3 ​ ​ ​ ​ ​ 6,439.6 ​ ​ (a) Ownership percentages include the effects of financial instruments that are considered in-substance equity. (b) See note 5 for fair value hierarchy information. (c) Fairfax India’s associates are domiciled in India. (d) These investments are joint ventures. Insurance and reinsurance associates and joint ventures (1) On February 8, 2021 the company entered into an arrangement to purchase (unless sold earlier) certain portfolio investments owned by RiverStone Barbados as described in note 23 and subsequently commenced applying the equity method of accounting to its interest in Gulf Insurance pursuant to that arrangement. (2) The company estimated the fair value of its 49.0% equity accounted interest in Digit at December 31, 2021 to be $498.3 based on the transaction fair value, which is further supported by an internal discounted cash flow model, as described in note 5. Indian law permits an equity interest of 74.0% but regulatory approvals are required for the company to increase its equity interest in Digit beyond 49.0% and to obtain control, so the company anticipates it will consolidate Digit when the company receives such regulatory approvals. (3) On July 14, 2021 the company increased its interest in Eurolife to 80.0% and commenced consolidating Eurolife as described in note 23. (4) On June 17, 2021 the company increased its equity interest in Singapore Re from 28.2% to 94.0% and commenced consolidating Singapore Re as described in note 23. (5) On August 23, 2021 the company completed the sale of its joint venture interest in RiverStone Barbados, which was held for sale at December 31, 2020, pursuant to the transactions described in note 23. (6) On March 31, 2020 the company received a 60.0% joint venture interest with a fair value of $605.0 in RiverStone Barbados pursuant to its contribution of European Run-off to RiverStone Barbados as described in Note 23. (7) The company held a 50.0% indirect interest in Eurolife at December 31, 2020 through its 62.5% interest in a joint venture with OMERS, the pension plan for Ontario’s municipal employees. The joint venture held an 80.0% equity interest in Eurolife, with the remaining 20.0% equity interest held by Eurobank. Non-insurance associates and joint ventures (8) During 2021 the company reduced its interest in IIFL Finance to 22.3% by selling a portion of its interest for cash proceeds of $113.7 ( 8.6 billion Indian rupees) and recorded a net realized gain of $42.0 in the consolidated statement of earnings. (9) On March 31, 2021 the company invested $100.0 in $100.0 principal amount of Helios Fairfax Partners Corporation (“HFP”) 3.0% unsecured debentures and warrants to purchase 3 million HFP subordinate voting shares exercisable at $4.90 per share any time prior to the fifth anniversary of closing. The debentures will mature on the third anniversary of closing or, at the company’s option, on either the first or second anniversary. At redemption or maturity, if the fair value of certain Fairfax Africa legacy investments held by HFP are below their fair value at June 30, 2020 of $102.6 , the redemption price of the debentures will be reduced by that difference. The company recorded the debentures at their fair value of $78.0 and recorded the balance of $22.0 as an addition to its equity accounted investment in HFP. On December 8, 2020 the company deconsolidated Fairfax Africa (subsequently renamed Helios Fairfax Partners Corporation) and accounted for its interest in HFP as an investment in associate pursuant to the transaction described in note 23. (10) On June 11, 2021 the company entered into an exchange and amendment transaction with Atlas in relation to its investment in $575.0 principal amount of debentures issued by Seaspan Corporation (“Seaspan”), an operating subsidiary of Atlas, whereby the company exchanged $288.0 principal amount of those Seaspan debentures for newly-issued Atlas Series J preferred shares and equity warrants with an exercise price of $13.71 per share. The terms of the remaining Seaspan debentures were amended to primarily remove the company’s mandatory put rights and discharge all outstanding guarantees and liens on collateral. The company derecognized the Seaspan debentures that were exchanged and recorded its investment in the Atlas preferred shares and warrants as preferred stocks and derivatives respectively on the consolidated balance sheet. On August 23, 2021 Atlas redeemed the remaining $287.0 principal amount of the Seaspan debentures. (11) On July 1, 2020 the company commenced consolidating Farmers Edge as the company held convertible debentures and warrants that, together with its holdings of common shares, represented a substantive potential voting interest of approximately 67 %. (12) On February 27, 2020 Seaspan Corporation (“Seaspan”) completed a reorganization pursuant to which Atlas Corp., a newly created holding company, became its parent. Shareholders of Seaspan, including the company, exchanged their Seaspan shares for Atlas shares with no change in ownership percentage. On February 28, 2020 Atlas acquired all issued and outstanding shares of APR Energy from the company and other APR Energy shareholders in an all-stock transaction at a deemed value of $388.3 (including certain Atlas shares reserved for holdback). Accordingly, the company derecognized its investment in APR Energy, recorded a pre-tax loss of $7.6 , increased its equity accounted carrying value of Atlas by the fair value of the APR Energy shares exchanged (considered to be equal to the fair value of the newly issued Atlas common shares received of $178.1 , which excluded the Atlas shares received by European Run-off of $45.9 ), and continued to apply the equity method of accounting to its investment in Atlas. On February 28, 2020 the company invested $100.0 in Atlas 5.50% unsecured debentures due March 1, 2027, which increased the company’s aggregate investment in Atlas debentures to a principal amount of $575.0 . Fairfax India (13) On September 16, 2021 Fairfax India transferred 43.6% out of its 54.0% equity interest in Bangalore Airport to Anchorage Infrastructure Investments Holdings Limited (“Anchorage”), its wholly-owned holding company for investments in the airport sector of India, and sold an 11.5% equity interest in Anchorage to OMERS for gross proceeds of $129.2 ( 9.5 billion Indian rupees). Upon closing Fairfax India recorded a non-controlling interest in Anchorage and continued to equity account for its consolidated 54.0% equity interest in Bangalore Airport. Annual changes in carrying value Changes in the carrying value of investments in associates, including investment in associate held for sale, for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ Fairfax India ​ ​ ​ Associates ​ Joint ventures ​ associates ​ Total Balance - January 1 3,170.4 1,940.9 1,328.3 6,439.6 Share of pre-tax comprehensive income (loss): Share of profit 375.8 6.0 20.2 402.0 Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans (67.7) (20.5) 0.3 (87.9) Share of gains (losses) on defined benefit plans 89.1 0.1 (9.4) 79.8 ​ 397.2 (14.4) 11.1 393.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends and distributions received (153.8) (23.6) (4.6) (182.0) Purchases and acquisitions 466.5 114.4 35.7 616.6 Divestitures and other net changes in capitalization (54.8) (764.4) 0.9 (818.3) Reclassifications (1) 36.4 (352.0) — (315.6) Foreign exchange effect and other (3.2) (4.5) (22.5) (30.2) Balance - December 31 3,858.7 896.4 1,348.9 6,104.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ Fairfax India ​ Fairfax Africa ​ ​ ​ ​ Associates ​ Joint ventures ​ associates ​ associates ​ Total Balance - January 1 2,876.6 1,483.6 1,391.3 232.9 5,984.4 Share of pre-tax comprehensive income (loss): Share of profit (loss) 83.4 91.8 (24.8) (27.3) 123.1 Impairments (2) (88.3) (98.9) — (35.0) (222.2) Share of other comprehensive income (loss), excluding losses on defined benefit plans 88.0 42.1 3.2 (41.7) 91.6 Share of losses on defined benefit plans (32.2) (20.8) (4.9) — (57.9) ​ 50.9 14.2 (26.5) (104.0) (65.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends and distributions received (70.0) (3.7) (4.9) (1.4) (80.0) Purchases and acquisitions 223.4 20.8 — 5.0 249.2 Divestitures and other net changes in capitalization (107.2) (180.6) 0.9 (1.7) (288.6) Reclassifications (1) 174.4 605.0 — — 779.4 Deconsolidation of non-insurance subsidiary (note 23) — — — (103.6) (103.6) Foreign exchange effect and other 22.3 1.6 (32.5) (27.2) (35.8) Balance - December 31 3,170.4 1,940.9 1,328.3 — 6,439.6 (1) Primarily reflects the consolidation of Eurolife and Singapore Re and the commencement of the equity method of accounting on a limited partnership investment in 2021, and the investments in HFP (an associate) and RiverStone Barbados (a joint venture) and the consolidation of Farmers Edge in 2020. See note 23. (2) Impairments recorded on associates and joint ventures are included in share of profit (loss) of associates in the consolidated statement of earnings. Impairments of $222.2 recorded during 2020 included non-cash impairment charges on Quess, Resolute, Atlas Mara and Astarta .

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
Derivatives.
Schedule of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ Notional ​ ​ ​ Fair value ​ Notional ​ ​ ​ Fair value ​ ​ amount Cost Assets Liabilities ​ amount Cost Assets Liabilities Equity contracts: Equity total return swaps – long positions 1,082.8 — 96.1 1.9 1,788.3 — 144.3 18.0 Equity warrants and options (1) 646.1 113.9 259.2 1.9 626.9 102.4 133.2 0.4 RiverStone Barbados AVLNs (note 23) 1,250.1 — 103.8 — — — — — CPI-linked derivative contracts 61,952.5 237.3 0.7 — 74,906.0 347.5 2.8 — U.S. treasury bond forward contracts 1,691.3 — 3.7 0.8 330.8 — 3.1 — Foreign currency forward and swap contracts (2) — — 58.4 77.4 — — 66.4 136.0 Foreign currency options — — — — — 53.7 5.8 — Other derivative contracts — 26.0 59.9 70.9 — 25.6 27.1 35.0 Total ​ ​ 581.8 152.9 382.7 189.4 (1) Includes the company’s investment in Atlas warrants with a fair value at December 31, 2021 of $200.1 (December 31, 2020 - $110.5 ). (2) Includes AGT’s foreign currency forward and swap liabilities with a fair value at December 31, 2021 of $47.6 (December 31, 2020 - $46.2 ).

Insurance Contract Liabilities

Insurance Contract Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Insurance Contract Liabilities
Schedule of amounts arising from insurance contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Gross ​ Ceded ​ Net ​ Gross ​ Ceded ​ Net Provision for unearned premiums 10,437.7 2,260.0 8,177.7 8,397.5 1,899.1 6,498.4 Provision for losses and loss adjustment expenses 34,422.8 8,943.9 25,478.9 30,809.3 7,947.3 22,862.0 Property and casualty insurance contract liabilities 44,860.5 11,203.9 33,656.6 39,206.8 9,846.4 29,360.4 Provision for life policy benefits (1) 2,486.0 2.3 2,483.7 — — — Insurance contract liabilities 47,346.5 11,206.2 36,140.3 39,206.8 9,846.4 29,360.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 20,618.3 4,740.3 15,878.0 17,389.7 4,218.2 13,171.5 Non-current 26,728.2 6,465.9 20,262.3 21,817.1 5,628.2 16,188.9 ​ 47,346.5 11,206.2 36,140.3 39,206.8 9,846.4 29,360.4 (1) Eurolife was consolidated on July 14, 2021 as described in note 23. Changes in the property and casualty provision for unearned premiums for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Provision for unearned premiums – January 1 8,397.5 7,222.4 Gross premiums written (1) 23,796.0 18,979.4 Less: gross premiums earned (1) (21,673.6) (17,782.9) Acquisitions of subsidiaries (note 23) 64.1 — Divestiture of subsidiary ​ (62.9) ​ — Foreign exchange effect and other (83.4) (21.4) Provision for unearned premiums - December 31 10,437.7 8,397.5 (1) Changes in the provision for unearned premiums, gross for the year ended December 31, 2020 exclude European Run-off’s gross premiums written and gross premiums earned of $146.5 and $115.9 , as the liabilities of European Run-off were included in liabilities associated with assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23. Changes in the provision for life policy benefits for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Provision for life policy benefits – January 1 — — Acquisition of subsidiary (note 23) 2,638.5 — New business and renewals 78.1 — Surrenders, lapses, maturities and deaths (121.0) — Foreign exchange effect and other (109.6) — Provision for life policy benefits – December 31 2,486.0 — The development of insurance liabilities illustrates the estimation uncertainty associated with these liabilities and provides a measure of the company’s ability to estimate the ultimate value of claims. The loss development table below shows the provision for losses and loss adjustment expenses at the end of each calendar year, the cumulative payments made in respect of those reserves in subsequent years and the re-estimated amount of each calendar year’s provision for losses and loss adjustment expenses as at December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calendar year ​ 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Property and casualty provision for losses and loss adjustment expenses 19,648.8 19,212.8 17,749.1 19,816.4 19,481.8 28,610.8 29,081.7 28,500.2 30,809.3 34,422.8 Less: CTR Life (1) 20.6 17.9 15.2 14.2 12.8 8.7 8.0 7.0 5.5 4.4 ​ 19,628.2 19,194.9 17,733.9 19,802.2 19,469.0 28,602.1 29,073.7 28,493.2 30,803.8 34,418.4 Cumulative payments as of: One year later 4,323.5 4,081.1 3,801.6 4,441.4 4,608.0 7,564.0 7,732.0 7,288.8 7,180.7 Two years later 7,153.1 6,787.6 6,364.5 7,283.6 7,631.4 12,081.3 12,313.5 11,598.0 Three years later 9,148.0 8,775.5 8,172.7 9,466.5 9,655.9 15,222.3 15,363.3 Four years later 10,702.8 10,212.4 9,561.8 10,914.2 11,122.6 17,378.8 Five years later 11,783.3 11,354.4 10,496.4 12,013.9 12,233.4 Six years later 12,729.6 12,123.4 11,202.2 12,859.5 Seven years later 13,335.1 12,754.2 11,793.5 Eight years later 13,877.0 13,283.6 Nine years later 14,341.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves re-estimated as of: One year later 19,021.2 18,375.6 16,696.4 19,169.3 19,343.1 27,580.6 28,974.3 28,225.5 30,360.1 Two years later 18,529.4 17,475.0 16,269.2 18,973.6 18,804.8 27,565.9 28,839.4 28,165.4 Three years later 17,820.5 17,307.9 16,114.0 18,502.5 18,752.8 27,451.3 28,990.4 Four years later 17,735.5 17,287.2 15,938.9 18,469.1 18,743.9 27,698.6 Five years later 17,830.5 17,203.5 16,049.6 18,490.5 19,046.6 Six years later 17,791.8 17,340.1 16,123.1 18,759.5 Seven years later 17,931.9 17,420.0 16,403.8 Eight years later 18,041.2 17,680.5 Nine years later 18,285.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable development 1,342.3 1,514.4 1,330.1 1,042.7 422.4 903.5 83.3 327.8 443.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable development comprised of: Effect of foreign currency translation 569.8 475.0 277.4 (185.7) (148.0) 550.0 186.3 267.6 190.6 Favourable (adverse) loss reserve development 772.5 1,039.4 1,052.7 1,228.4 570.4 353.5 (103.0) 60.2 253.1 ​ 1,342.3 1,514.4 1,330.1 1,042.7 422.4 903.5 83.3 327.8 443.7 ​ ​ (1) Guaranteed minimum death benefit retrocessional business written by Compagnie Transcontinentale de Réassurance (“CTR Life”), a wholly owned subsidiary of the company that was transferred to Wentworth and placed into run-off in 2002. Changes in the company’s provision for losses and loss adjustment expenses related to U.S. asbestos exposure on a gross and net basis for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Gross Net Gross Net Provision for asbestos claims and loss adjustment expenses - January 1 1,030.6 840.0 1,074.6 860.5 Losses and loss adjustment expenses incurred 199.1 151.6 161.0 121.2 Losses and loss adjustment expenses paid (193.0) (152.7) (205.0) (141.7) Provision for asbestos claims and loss adjustment expenses - December 31 1,036.7 838.9 1,030.6 840.0

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2021
Reinsurance.
Disclosure of reinsurers' share of amounts arising from insurance contracts	Reinsurers’ share of insurance contract liabilities was comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Gross Provision for Recoverable from Gross Provision for Recoverable ​ ​ recoverable from ​ uncollectible ​ reinsurers ​ recoverable from ​ uncollectible ​ from reinsurers ​ ​ reinsurers ​ reinsurance (1) ​ ​ ​ reinsurers ​ reinsurance (1) ​ ​ Provision for losses and loss adjustment expenses 8,989.3 (43.1) 8,946.2 7,971.7 (24.4) 7,947.3 Reinsurers’ share of paid losses 1,019.9 ​ (135.6) 884.3 818.0 (131.2) 686.8 Provision for unearned premiums 2,260.0 — 2,260.0 1,899.1 — 1,899.1 ​ 12,269.2 (178.7) 12,090.5 10,688.8 (155.6) 10,533.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 5,572.4 4,839.0 Non-current 6,518.1 5,694.2 ​ ​ ​ ​ ​ 12,090.5 ​ ​ ​ ​ 10,533.2 (1) Management of credit risk on reinsurance recoverables is discussed in note 24. Changes in reinsurers’ share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Provision for Recoverable ​ ​ Paid ​ Unpaid ​ Unearned ​ uncollectible ​ from ​ ​ losses ​ losses ​ premiums ​ reinsurance ​ reinsurers Balance – January 1 818.0 7,971.7 1,899.1 (155.6) 10,533.2 Reinsurers’ share of losses paid to insureds 2,360.3 (2,360.3) — — — Reinsurance recoveries received (2,152.8) — — — (2,152.8) Reinsurers’ share of unpaid losses and premiums earned (1) — 3,479.0 (5,228.8) — (1,749.8) Premiums ceded to reinsurers (1) — — 5,632.1 — 5,632.1 Change in provision, recovery or write-off of impaired balances (1.7) — — (22.1) (23.8) Acquisitions of subsidiaries (note 23) ​ 0.3 ​ 82.7 ​ 16.7 ​ — ​ 99.7 Divestiture of subsidiary ​ (3.3) ​ (6.4) ​ (10.6) ​ — ​ (20.3) Foreign exchange effect and other (0.9) (177.4) (48.5) (1.0) (227.8) Balance – December 31 1,019.9 8,989.3 2,260.0 (178.7) 12,090.5 (1) Effective October 1, 2021 Brit completed a loss portfolio transfer with a third party to reinsure loss reserves for a portfolio of risks predominantly comprised of U.S. casualty and discontinued lines of business relating to prior accident years. Pursuant to this transaction Brit ceded net insurance contract liabilities of $379.1 for consideration of $344.1 and recorded net favourable reserve development of $35.0 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Provision for Recoverable ​ ​ Paid ​ Unpaid ​ Unearned ​ uncollectible ​ from ​ ​ losses ​ losses ​ premiums reinsurance reinsurers Balance – January 1 776.9 6,956.7 1,583.7 (161.5) 9,155.8 Reinsurers’ share of losses paid to insureds 2,375.4 (2,375.4) — — — Reinsurance recoveries received (2,317.9) — — — (2,317.9) Reinsurers’ share of unpaid losses and premiums earned (1) — 2,842.3 (3,923.6) — (1,081.3) Premiums ceded to reinsurers — — 4,261.4 — 4,261.4 Change in provision, recovery or write-off of impaired balances (2.7) — — 6.0 3.3 Foreign exchange effect and other (2) (13.7) 548.1 (22.4) (0.1) 511.9 Balance – December 31 818.0 7,971.7 1,899.1 (155.6) 10,533.2 (1) Changes in reinsurers’ share of unpaid losses and unearned premiums for the year ended December 31, 2020 exclude European Run-off’s reinsurers’ share of unpaid losses and premiums earned of $70.6 and $13.5 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23. (2) Includes $467.1 of unpaid losses from loss reserves ceded to European Run-off which were previously eliminated on consolidation. See note 23.

Insurance Contract Receivable_2

Insurance Contract Receivables and Payables (Tables)	12 Months Ended
	Dec. 31, 2021
Insurance Contract Receivables and Payables
Disclosure of insurance contract receivables and changes in premiums	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Insurance premiums receivable 4,247.1 3,665.6 Reinsurance premiums receivable 1,863.9 1,385.3 Funds withheld receivable 574.0 567.3 Other 234.0 235.6 Provision for uncollectible receivables (35.8) (37.7) ​ 6,883.2 5,816.1 ​ ​ ​ ​ ​ Current 6,170.0 5,144.7 Non-current 713.2 671.4 ​ 6,883.2 5,816.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance ​ Reinsurance ​ ​ premiums receivable ​ premiums receivable ​ 2021 2020 2021 2020 Balance – January 1 3,665.6 3,325.0 1,385.3 1,176.0 Gross premiums written (1) 18,118.6 14,309.4 5,791.6 4,670.0 Premiums collected (15,703.6) (12,537.2) (3,963.7) (3,375.6) Amounts due to brokers and agents (1,770.1) (1,417.3) (1,332.3) (1,104.8) Acquisitions of subsidiaries (note 23) 10.2 — 25.8 — Divestiture of subsidiary (25.2) — — — Foreign exchange effect and other (48.4) (14.3) (42.8) 19.7 Balance – December 31 4,247.1 3,665.6 ​ 1,863.9 1,385.3 (1) Changes in insurance premiums receivable and reinsurance premiums receivable for the year ended December 31, 2020 exclude European Run-off’s gross premiums written of $146.5 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23.
Disclosure of amounts arising from insurance contract payables	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Payable to reinsurers 2,333.7 1,669.5 Payables associated with unit-linked life insurance products (note 3 and note 23) 621.7 — Ceded deferred premium acquisition costs 510.3 441.1 Funds withheld payable to reinsurers 274.0 206.3 Amounts payable to agents and brokers 142.4 127.2 Accrued premium taxes 124.1 93.1 Accrued commissions 100.8 69.0 Other insurance contract payables 386.5 357.8 ​ 4,493.5 2,964.0 ​ ​ ​ ​ ​ Current 3,503.4 2,705.8 Non-current 990.1 258.2 ​ 4,493.5 2,964.0

Deferred Premium Acquisition _2

Deferred Premium Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Premium Acquisition Costs
Schedule of deferred premium acquisition costs	Changes in deferred premium acquisition costs for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Balance – January 1 1,543.7 1,344.3 Premium acquisition costs deferred 4,502.4 3,629.4 Amortization (1) (4,098.1) (3,424.0) Divestiture of subsidiary (19.7) — Foreign exchange effect and other (4.2) (6.0) Balance – December 31 1,924.1 1,543.7 (1) Excludes in 2020 amortization of European Run-off’s commission expenses of $7.7 as the assets of European Run-off were included in assets held for sale on the consolidated balance sheet at December 31, 2019 and European Run-off was deconsolidated on March 31, 2020 as described in note 23.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets
Schedule of changes in goodwill and intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ Intangible assets ​ Total ​ ​ Lloyd's Customer ​ Computer ​ ​ ​ ​ ​ participation ​ and broker ​ Brand ​ software ​ ​ ​ ​ ​ ​ rights (1) ​ relationships ​ names (1) ​ and other (1) ​ ​ Balance - January 1, 2021 3,126.3 503.2 867.5 1,153.3 578.8 6,229.1 Additions 60.7 — 17.8 27.9 264.3 370.7 Disposals (2) (28.9) — (25.1) (64.0) (7.5) (125.5) Amortization — — (96.6) — (342.8) (439.4) Impairments (3) (52.1) — — (33.1) (0.1) (85.3) Foreign exchange effect and other (21.2) — (2.7) 3.2 (0.7) (21.4) Balance - December 31, 2021 3,084.8 503.2 760.9 1,087.3 492.0 5,928.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross carrying amount 3,214.1 503.2 1,338.5 1,139.2 1,427.0 7,622.0 Accumulated amortization — — (577.4) — (915.4) (1,492.8) Accumulated impairment (129.3) — (0.2) (51.9) (19.6) (201.0) ​ 3,084.8 503.2 760.9 1,087.3 492.0 5,928.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ Intangible assets ​ Total ​ ​ Lloyd's Customer ​ Computer ​ ​ ​ ​ ​ participation ​ and broker ​ Brand ​ software ​ ​ ​ ​ ​ ​ rights (1) ​ relationships ​ names (1) ​ and other (1) ​ ​ Balance - January 1, 2020 2,997.3 503.2 969.8 1,181.1 542.7 6,194.1 Additions 182.1 — (1.0) 0.1 221.0 402.2 Disposals (2) (30.3) — — — (66.5) (96.8) Amortization — — (100.4) — (115.6) (216.0) Impairments (3) (33.0) — (2.1) (44.7) (6.3) (86.1) Foreign exchange effect and other 10.2 — 1.2 16.8 3.5 31.7 Balance - December 31, 2020 3,126.3 503.2 867.5 1,153.3 578.8 6,229.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross carrying amount 3,199.6 503.2 1,383.6 1,200.4 1,210.4 7,497.2 Accumulated amortization — — (513.7) — (611.9) (1,125.6) Accumulated impairment (73.3) — (2.4) (47.1) (19.7) (142.5) ​ 3,126.3 503.2 867.5 1,153.3 578.8 6,229.1 (1) Indefinite-lived intangible assets not subject to amortization had an aggregate carrying value at December 31, 2021 of $ 1,686.2 (December 31, 2020 - $ 1,751.6 ). (2) During 2021 the company sold the operations of Toys “R” Us Canada and Fairfax India sold its 48.8 % equity interest in Privi as described in note 23. During 2020 AMAG Insurance settled its bancassurance agreement with PT Bank Pan Indonesia Tbk, received cash consideration of $ 66.3 and recorded a net gain of $ 3.2 on disposal of the intangible asset. (3) Non-cash impairment charges recorded in operating expenses and in other expenses in the consolidated statement of earnings by the insurance and reinsurance companies and Non-insurance companies reporting segment, respectively.
Schedule goodwill and intangible asset allocation to CGUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Intangible ​ ​ Intangible ​ ​ ​ Goodwill ​ assets ​ Total ​ Goodwill ​ assets ​ Total Insurance and reinsurance companies Allied World 940.0 565.8 1,505.8 940.0 611.7 1,551.7 Brit 215.6 580.5 796.1 200.2 581.1 781.3 Zenith National 317.6 84.4 402.0 317.6 93.2 410.8 Crum & Forster 189.1 91.0 280.1 188.8 104.2 293.0 Northbridge 94.9 121.3 216.2 95.4 105.5 200.9 Odyssey Group 119.7 54.9 174.6 119.7 57.3 177.0 All other (1) 95.9 116.3 212.2 148.4 64.2 212.6 ​ 1,972.8 1,614.2 3,587.0 2,010.1 1,617.2 3,627.3 Non-insurance companies Recipe 321.2 980.5 1,301.7 280.9 1,011.0 1,291.9 Farmers Edge 208.3 16.0 224.3 202.6 17.0 219.6 Thomas Cook India 142.1 54.5 196.6 144.6 56.3 200.9 AGT 154.4 34.9 189.3 168.5 47.1 215.6 Boat Rocker 89.1 90.2 179.3 90.1 230.8 320.9 All other (2) 196.9 53.1 250.0 229.5 123.4 352.9 ​ 1,112.0 1,229.2 2,341.2 1,116.2 1,485.6 2,601.8 ​ 3,084.8 2,843.4 5,928.2 3,126.3 3,102.8 6,229.1 (1) Comprised primarily of balances related to AMAG Insurance, Pacific Insurance and Eurolife, and U.S. Run-off in 2020. (2) Comprised primarily of balances related to Dexterra Group, Pethealth, Privi (deconsolidated on April 29, 2021), Mosaic Capital (deconsolidated on August 5, 2021), and Sterling Resorts.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Other Assets
Disclosure of information for other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Premises and equipment and right-of-use assets (note 22) 725.6 1,558.4 2,284.0 758.1 1,996.0 2,754.1 Assets associated with unit-linked insurance products (note 3 and note 23) 637.1 — 637.1 — — — Inventories — 547.3 547.3 — 645.6 645.6 Other revenue receivables — 508.4 508.4 — 550.8 550.8 Finance lease receivables (note 22) 9.4 256.7 266.1 8.5 296.9 305.4 Income tax, sales tax and subsidies receivable ​ 61.6 ​ 170.3 ​ 231.9 ​ 85.5 ​ 170.9 ​ 256.4 Accrued interest and dividends 211.4 3.7 215.1 195.5 2.4 197.9 Prepaid expenses 110.9 94.9 205.8 125.2 120.7 245.9 Receivable for securities sold but not yet settled 135.4 — 135.4 28.5 — 28.5 Prepaid losses on claims 129.4 — 129.4 118.6 — 118.6 Pension surplus (note 21) 113.8 — 113.8 48.8 — 48.8 Other (2) 791.1 55.9 847.0 620.0 85.2 705.2 ​ 2,925.7 3,195.6 6,121.3 1,988.7 3,868.5 5,857.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 989.9 1,343.7 ​ 2,333.6 925.5 1,504.5 2,430.0 Non-current 1,935.8 1,851.9 3,787.7 1,063.2 2,364.0 3,427.2 ​ 2,925.7 3,195.6 6,121.3 1,988.7 3,868.5 5,857.2 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Principally comprised of other receivables, deposits and deferred compensation plans .

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Lease liabilities (note 22) 384.2 756.5 1,140.7 456.8 995.3 1,452.1 Payables related to cost of sales — 580.9 580.9 — 625.7 625.7 Salaries and employee benefit liabilities 482.6 85.6 568.2 394.4 90.6 485.0 Amounts withheld and accrued taxes 453.9 23.8 477.7 367.3 29.1 396.4 Deferred gift card, hospitality and other revenue 35.4 318.5 353.9 21.1 433.3 454.4 Pension and post retirement liabilities (note 21) 237.4 16.5 253.9 325.3 26.6 351.9 Income taxes payable 163.8 11.2 175.0 42.8 21.7 64.5 Administrative and other (2) 1,150.9 284.2 1,435.1 822.0 344.1 1,166.1 ​ 2,908.2 2,077.2 4,985.4 2,429.7 2,566.4 4,996.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 1,538.7 1,177.2 2,715.9 1,274.7 1,414.6 2,689.3 Non-current 1,369.5 900.0 2,269.5 1,155.0 1,151.8 2,306.8 ​ 2,908.2 2,077.2 4,985.4 2,429.7 2,566.4 4,996.1 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Principally comprised of accrued operating expenses, advances from customers and liabilities related to business acquisitions.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2021
Borrowings.
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Principal ​ Carrying ​ Fair ​ Principal ​ Carrying ​ Fair ​ ​ ​ ​ value (a) ​ value (b) ​ ​ ​ value (a) ​ value (b) Borrowings - holding company Fairfax unsecured notes (d) 5.84% due October 14, 2022 (Cdn$446.0) (4) — — — 350.1 351.1 377.6 4.50% due March 22, 2023 (Cdn$400.0) (4) — — — 314.0 312.9 334.1 4.142% due February 7, 2024 (1) — — — 85.0 85.0 85.1 4.875% due August 13, 2024 282.5 281.1 301.7 282.5 280.6 309.7 4.95% due March 3, 2025 (Cdn$350.0) 277.1 275.4 299.6 274.7 272.5 306.3 8.30% due April 15, 2026 (e) 91.8 91.7 113.3 91.8 91.7 118.6 4.70% due December 16, 2026 (Cdn$450.0) 356.3 354.8 387.9 353.2 351.5 394.6 4.25% due December 6, 2027 (Cdn$650.0) 514.6 513.1 551.4 510.2 508.5 558.3 2.75% due March 29, 2028 (€750.0) 852.9 842.4 926.3 917.7 904.4 1,023.9 4.85% due April 17, 2028 600.0 596.3 668.5 600.0 595.8 677.6 4.23% due June 14, 2029 (Cdn$500.0) 395.8 394.2 424.4 392.5 390.6 426.7 4.625% due April 29, 2030 650.0 645.9 730.0 650.0 645.4 731.8 3.375% due March 3, 2031 (3) 600.0 585.1 620.7 — — — 3.95% due March 3, 2031(Cdn$850.0) (4) 672.9 668.0 701.3 — — — 7.75% due July 15, 2037 (e) 91.3 90.6 125.4 91.3 90.6 123.1 Revolving credit facility (2) — — — 700.0 700.0 700.0 ​ 5,385.2 5,338.6 5,850.5 5,613.0 5,580.6 6,167.4 Borrowings - insurance and reinsurance companies Odyssey Group floating rate unsecured senior notes due 2021 (6) — — — 90.0 90.0 91.0 Allied World 4.35% senior notes due October 29, 2025 500.0 503.9 536.9 500.0 505.0 544.9 Allied World revolving credit facility and other borrowings 17.4 20.6 21.1 40.8 44.2 51.4 Zenith National 8.55% debentures due August 1, 2028 (d) 38.5 38.3 38.3 38.5 38.3 38.3 Brit 3.6757% subordinated notes due December 9, 2030 (£135.0) 182.9 182.9 174.5 184.5 184.5 170.4 Brit floating rate revolving credit facility 45.0 45.0 45.0 130.0 130.0 130.0 First Mercury trust preferred securities due 2036 and 2037 (5) — — — 41.4 41.4 41.4 ​ 783.8 790.7 815.8 1,025.2 1,033.4 1,067.4 Borrowings - non-insurance companies (c) Fairfax India 5.00% unsecured senior notes due 2028 (8) 441.6 438.4 440.3 550.0 547.2 550.0 Fairfax India subsidiary borrowings 91.9 91.3 91.3 167.1 166.4 166.4 AGT credit facilities, senior notes and loans (9) 491.8 488.9 488.9 516.4 514.2 514.0 Recipe term loans and credit facilities 359.0 356.9 356.9 430.7 428.4 428.4 Boat Rocker demand loans and revolving credit facilities 93.8 93.1 93.1 184.6 183.0 183.0 Loans and revolving credit facilities primarily at floating rates (7) 155.2 155.1 155.1 362.0 360.8 360.8 ​ 1,633.3 1,623.7 1,625.6 2,210.8 2,200.0 2,202.6 Total debt 7,802.3 7,753.0 8,291.9 8,849.0 8,814.0 9,437.4 ( a) Principal net of unamortized issue costs and discounts (premiums). (b) Based principally on quoted market prices with the remainder based on discounted cash flow models using market observable inputs (Levels 1 and 2 respectively in the fair value hierarchy). (c) These borrowings are non-recourse to the holding company. (d) Issuer may redeem any time at prices specified in the instrument’s offering document, except those disclosed in footnote (e) below. (e) Not redeemable prior to the contractual maturity date. Holding company (1) On October 29, 2021 the company redeemed its $85.0 principal amount of 4.142% unsecured senior notes due February 7, 2024 at par. (2) On June 29, 2021 the company amended and restated its $ 2.0 billion unsecured revolving credit facility with a syndicate of lenders which extended the term from December 21, 2022 to June 29, 2026. During 2021 the company made a net repayment of $700.0 on its revolving credit facility leaving nil borrowed at December 31, 2021 (December 31, 2020 - $700.0 ). The principal financial covenants of the credit facility require the company to maintain a ratio of consolidated debt to consolidated capitalization not exceeding 0.35 :1 and consolidated shareholders’ equity attributable to shareholders of Fairfax of not less than $9.5 billion. At December 31, 2021 the company was in compliance with its financial covenants, with a consolidated debt to consolidated capitalization ratio of 0.245 :1 and consolidated shareholders’ equity attributable to shareholders of Fairfax of $ 16.4 billion, both calculated as defined in the financial covenants. (3) On March 3, 2021 the company completed an offering of $600.0 principal amount of 3.375% unsecured senior notes due March 3, 2031 for net proceeds of $583.8 after discount, commissions and expenses. Commissions and expenses of $15.4 were included in the carrying value of the notes. (4) On March 1, 2021 the company completed an offering of $671.6 (Cdn $850.0 ) principal amount of 3.95% unsecured senior notes due March 3, 2031 for net proceeds of $666.2 after premium, commissions and expenses. Commissions and expenses of $5.4 were included in the carrying value of the notes. On March 29, 2021 the company used the net proceeds of that offering to redeem its $353.5 (Cdn $446.0 ) principal amount of 5.84% unsecured senior notes due October 14, 2022 and its $317.1 (Cdn $400.0 ) principal amount of 4.50% unsecured senior notes due March 22, 2023, and recorded a loss of $ 45.7 on redemption as interest expense. Contemporaneously with the redemptions, the company designated the carrying value of its Cdn$ 850.0 senior notes due March 3, 2031 as a hedge of a portion of its net investment in Canadian subsidiaries. Insurance and reinsurance companies (5) On December 15, 2021 Crum & Forster redeemed its $ 41.4 principal amount of First Mercury trust preferred securities. (6) On June 15, 2021 and March 15, 2021 Odyssey Group redeemed $40.0 and $50.0 principal amounts of its unsecured senior notes, respectively. Non-insurance companies (7) On December 17, 2021 Fairfax India entered into a $175.0 , 3-year unsecured floating rate revolving credit facility with a syndicate of lenders, with an option to extend for an additional year. At December 31, 2021 the credit facility remained undrawn. (8) On February 26, 2021 Fairfax India completed an offering of $500.0 principal amount of 5.00% unsecured senior notes due February 26, 2028 and subsequently used the net proceeds to repay $ 500.0 principal amount of its floating rate term loan. The company’s insurance and reinsurance subsidiaries purchased $58.4 of Fairfax India’s offering on the same terms as other participants and that intercompany investment is eliminated in the company’s consolidated financial reporting. (9) On January 4, 2022 AGT extended the maturity on its credit facilities to March 17, 2023. Changes in the carrying values of borrowings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ ​ company ​ companies ​ companies ​ Total ​ company ​ companies ​ companies ​ Total Balance – January 1 5,580.6 1,033.4 2,200.0 8,814.0 4,117.3 1,039.6 2,075.7 7,232.6 Cash inflows from issuances 1,250.0 — 499.1 1,749.1 645.0 — 107.8 752.8 Cash outflows from repayments (801.2) (131.7) (593.9) (1,526.8) — (0.3) (82.5) (82.8) Net cash inflows (outflows) from credit facilities and short term loans (700.0) (84.3) (262.0) (1,046.3) 700.0 (10.0) 60.5 750.5 Non-cash changes: ​ ​ ​ ​ Acquisition of subsidiary (note 23) — — — — — — 127.4 127.4 Deconsolidation of subsidiary (note 23) — (22.5) (187.4) (209.9) — — (118.7) (118.7) Loss on redemption 45.7 — (0.1) 45.6 — — — — Foreign exchange effect and other (36.5) (4.2) (32.0) (72.7) 118.3 4.1 29.8 152.2 Balance – December 31 5,338.6 790.7 1,623.7 7,753.0 5,580.6 1,033.4 2,200.0 8,814.0
Schedule of borrowing repayments	Principal repayments on borrowings are due as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 2025 2026 Thereafter Total Holding company — — 282.5 277.1 448.1 4,377.5 5,385.2 Insurance and reinsurance companies 0.3 0.3 0.3 545.3 0.3 237.3 783.8 Non-insurance companies 584.4 62.8 208.0 21.1 20.2 736.8 1,633.3 Total 584.7 63.1 490.8 843.5 468.6 5,351.6 7,802.3

Total Equity (Tables)

Total Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Total Equity
Schedule of classes of share capital	​ ​ ​ ​ ​ ​ ​ 2021 2020 Subordinate voting shares – January 1 25,427,736 26,082,299 Purchases for cancellation (2,137,923) (343,871) Treasury shares acquired (293,197) (457,603) Treasury shares reissued 120,214 146,911 Subordinate voting shares – December 31 23,116,830 25,427,736 Multiple voting shares – beginning and end of year 1,548,000 1,548,000 Interest in multiple and subordinate voting shares held through ownership interest in shareholder – beginning and end of year (799,230) (799,230) Common stock effectively outstanding – December 31 23,865,600 26,176,506
Schedule of dividends paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of declaration Date of record Date of payment Dividend per share Total cash payment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 5, 2022 ​ January 20, 2022 ​ January 27, 2022 ​ $ 10.00 ​ $ 249.9 January 5, 2021 ​ January 21, 2021 ​ January 28, 2021 ​ $ 10.00 ​ $ 272.1 January 3, 2020 ​ January 17, 2020 ​ January 28, 2020 ​ $ 10.00 ​ $ 275.7
Schedule of preferred shares	The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Next possible ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ redemption and ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ Liquidation ​ Fixed dividend ​ Floating ​ ​ conversion ​ shares ​ ​ Carrying ​ ​ ​ ​ ​ preference per ​ rate per ​ dividend rate ​ ​ date (1)(2) ​ outstanding (3) ​ ​ value (3) ​ Stated capital (3) ​ share ​ annum ​ per annum (4) Series C December 31, 2024 7,515,642 $ 170.8 Cdn $ 187.9 Cdn $ 25.00 4.71 % — ​ Series D ​ December 31, 2024 2,484,358 ​ $ 56.4 Cdn $ 62.1 Cdn $ 25.00 — 3.28 % Series E ​ March 31, 2025 5,440,132 ​ $ 124.5 Cdn $ 136.0 Cdn $ 25.00 3.18 % — ​ Series F ​ March 31, 2025 2,099,046 ​ $ 48.1 Cdn $ 52.5 Cdn $ 25.00 — 2.29 % Series G ​ September 30, 2025 7,719,843 ​ $ 182.1 Cdn $ 193.0 Cdn $ 25.00 2.96 % — ​ Series H ​ September 30, 2025 2,280,157 ​ $ 53.8 Cdn $ 57.0 Cdn $ 25.00 — 2.69 % Series I ​ December 31, 2025 10,420,101 ​ $ 250.5 Cdn $ 260.5 Cdn $ 25.00 3.33 % — ​ Series J ​ December 31, 2025 1,579,899 ​ $ 38.0 Cdn $ 39.5 Cdn $ 25.00 — 2.98 % Series K ​ March 31, 2022 9,500,000 ​ $ 231.7 Cdn $ 237.5 Cdn $ 25.00 4.67 % — ​ Series M ​ March 31, 2025 9,200,000 ​ $ 179.6 Cdn $ 230.0 Cdn $ 25.00 5.00 % — ​ ​ ​ ​ ​ ​ ​ $ 1,335.5 Cdn $ 1,456.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Fixed and floating rate cumulative preferred shares are redeemable by the company at each stated redemption date and on each subsequent five-year anniversary date at Cdn$ 25.00 per share. (2) Holders of Series C, Series E, Series G, Series I, Series K and Series M fixed rate cumulative preferred shares will have the option to convert their shares into Series D, Series F, Series H, Series J, Series L and Series N floating rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. Holders of Series D, Series F, Series H and Series J floating rate cumulative preferred shares will have the option to convert their shares into Series C, Series E, Series G and Series I fixed rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. (3) For each series of preferred shares, the number of shares outstanding, carrying value and stated capital remained unchanged during 2021. (4) The Series D, Series F, Series H, and Series J preferred shares, and the Series L and Series N preferred shares (of which none are currently issued), have a floating dividend rate equal to the three-month Government of Canada treasury bill yield plus 3.15% , 2.16% , 2.56% , 2.85% , 3.51% and 3.98% respectively, with rate resets at the end of each calendar quarter.
Schedule of AOCI	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax ​ ​ ​ ​ ​ ​ Income tax ​ After-tax ​ ​ ​ (expense) ​ After-tax ​ ​ Pre-tax amount ​ recovery ​ amount ​ Pre-tax amount ​ recovery ​ amount Items that may be subsequently reclassified to net earnings Foreign currency translation losses (636.2) 24.6 (611.6) (550.8) 12.2 (538.6) Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans (79.8) 0.4 (79.4) 43.7 (12.3) 31.4 ​ (716.0) 25.0 (691.0) (507.1) (0.1) (507.2) Items that will not be subsequently reclassified to net earnings ​ ​ ​ Net losses on defined benefit plans (104.9) 27.5 (77.4) (214.9) 54.7 (160.2) Share of net losses on defined benefit plans of associates (57.3) 5.5 (51.8) (159.1) 18.2 (140.9) Other 8.4 10.1 18.5 (0.8) 10.1 9.3 ​ (153.8) 43.1 (110.7) (374.8) 83.0 (291.8) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax (869.8) 68.1 (801.7) (881.9) 82.9 (799.0)
Schedule of non-controlling interests	Details of non-controlling interests as at and for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ attributable to non- ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ controlling interests ​ Domicile Voting Carrying Voting Carrying ​ ​ ​ ​ ​ ​ ​ percentage (6) value percentage (6) value ​ 2021 2020 Insurance and reinsurance companies (1) Allied World (2) Bermuda 29.1 % 1,419.6 29.1 % 1,329.0 117.8 106.6 Brit (3) United Kingdom 13.8 % 559.3 — 121.7 14.0 (10.9) Odyssey Group (4) United States 9.99 % 550.0 — ​ — — — All other (5) — — ​ 402.5 — 381.1 89.4 10.9 ​ ​ ​ ​ ​ 2,931.4 ​ ​ 1,831.8 ​ 221.2 106.6 Non-insurance companies Restaurants and retail (6) — — ​ 494.3 — ​ 469.7 11.8 (51.2) Fairfax India (6)(7) Canada 6.1 % 1,133.1 6.6 % 1,130.9 72.7 (29.4) Thomas Cook India India 33.2 % 56.3 33.1 % 69.4 (16.8) (23.5) Other (8) — — ​ 315.1 — 168.9 (23.4) (183.5) ​ ​ ​ ​ ​ 1,998.8 ​ ​ 1,838.9 44.3 (287.6) ​ ​ ​ ​ ​ 4,930.2 ​ ​ 3,670.7 ​ 265.5 (181.0) (1) Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and Corporate and other. (2) On April 28, 2021 Allied World paid a dividend of $126.4 (April 30, 2020 - $126.4 ) to its minority shareholders (OMERS, AIMCo and others).The increase in carrying value of Allied World’s non-controlling interests primarily reflected the non-controlling interests’ share of Allied World’s net earnings ( $117.8 ). The company has the option to purchase the interests of the minority shareholders in Allied World at certain dates until September 2024. (3) The increase in carrying value of Brit’s non-controlling interests during 2021 primarily reflected the sale of a 13.9% equity interest in Brit to OMERS on August 27, 2021 as described in note 23 and a third party investment of $124.0 in Brit’s subsidiary Ki Insurance, a fully digital and algorithmically-driven Lloyd’s of London syndicate. (4) On December 15, 2021 the company sold a 9.99% equity interest in Odyssey Group to OMERS and CPPIB as described in note 23. (5) Principally related to Fairfax consolidated internal investment funds (held by RiverStone Barbados as described in note 23), and Fairfax Asia. (6) At December 31, 2021 Fairfax India and Recipe’s non-controlling interest economic ownership percentages were 69.9% and 61.5% (December 31, 2020 - 72.0% and 59.8% ), which differed from their non-controlling interest voting percentages of 6.1% and 39.0% (December 31, 2020 - 6.6% and 38.9% ). Subsequent to December 31, 2021, on February 15, 2022, the company acquired an additional 5,416,000 subordinate voting shares of Fairfax India from non-controlling interests, which decreased Fairfax India’s non-controlling interest economic ownership and voting percentages to 65.6% and 5.7% at that date. (7) The increase in carrying value of Fairfax India’s non-controlling interests during 2021 primarily reflected the sale of an equity interest in Anchorage ( $107.4 ) as described in note 6, the non-controlling interests’ share of Fairfax India’s net earnings and the sale of an equity interest in Fairchem, partially offset by share repurchases ( $114.3 , primarily reflecting the completion of a substantial issuer bid for cash consideration of $105.0 in which Fairfax did not tender any shares), the deconsolidation of Privi ( $58.6) as described in note 23, and the weakening of the Indian rupee relative to the U.S. dollar. (8) The increase in carrying value of Other during 2021 primarily reflected the initial public offerings and related capital transactions at Farmers Edge and Boat Rocker.
Schedule of capitalization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Common Non- Common Non- ​ ​ shareholders' ​ controlling ​ shareholders' ​ controlling ​ ​ equity ​ interests ​ equity ​ interests Sale of non-controlling interests in Odyssey Group 429.1 550.0 ​ — ​ — Sale (acquisition) of non-controlling interests in Brit ​ 115.4 ​ 296.7 ​ (47.8) ​ (189.6) Initial public offerings and related capital transactions at Farmers Edge and Boat Rocker (3.1) 242.6 — — Third party's investment in Brit's subsidiary Ki Insurance — 124.0 — 124.4 Fairfax India's sale of an equity interest in Anchorage (note 6) ​ 21.8 ​ 107.4 ​ — ​ — Dividends paid to non-controlling interests by Allied World (89.6) 89.6 (88.6) 88.6 Fairfax India share repurchases (12.5) (114.3) 0.3 (29.1) Third parties' net investments in Fairfax consolidated internal investment funds ​ — ​ 26.2 ​ — ​ 93.7 Other 91.8 (95.3) 22.2 22.3 As presented in other net changes in capitalization in the consolidated statement of changes in equity 552.9 1,226.9 (113.9) 110.3

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per Share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Net earnings attributable to shareholders of Fairfax ​ 3,401.1 ​ 218.4 Preferred share dividends ​ (44.5) ​ (44.0) Net earnings attributable to common shareholders – basic and diluted ​ 3,356.6 ​ 174.4 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding – basic ​ 25,953,114 ​ 26,446,939 Share-based payment awards ​ 1,503,931 ​ 1,273,250 Weighted average common shares outstanding – diluted ​ 27,457,045 ​ 27,720,189 ​ ​ ​ ​ ​ ​ ​ Net earnings per common share – basic ​ $ 129.33 ​ $ 6.59 Net earnings per common share – diluted ​ $ 122.25 ​ $ 6.29

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of The company's provision for (recovery of) income taxes	​ ​ ​ ​ ​ ​ ​ 2021 2020 Current income tax: Current year expense 401.6 172.6 Adjustments to prior years' income taxes (14.6) (23.8) ​ 387.0 148.8 Deferred income tax: ​ Origination and reversal of temporary differences 313.5 51.1 Adjustments to prior years' deferred income taxes 18.9 15.4 Other 6.6 (8.6) ​ 339.0 57.9 ​ ​ ​ ​ ​ Provision for income taxes 726.0 206.7
Schedule of earnings before income taxes by jurisdiction	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Canada (1) ​ U.S. (2) ​ U.K. (3) ​ Other (4) ​ Total ​ Canada (1) ​ U.S. (2) ​ U.K. (3) ​ Other (4) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) before income taxes ​ 858.8 ​ 974.5 ​ 157.3 ​ 2,402.0 4,392.6 212.6 (110.8) (221.4) 363.7 244.1 Provision for income taxes 191.6 238.6 18.7 277.1 726.0 121.0 31.4 5.7 48.6 206.7 Net earnings (loss) 667.2 735.9 138.6 2,124.9 3,666.6 91.6 (142.2) (227.1) 315.1 37.4 (1) Includes Fairfax India and Fairfax Africa (deconsolidated on December 8, 2020). (2) Principally comprised of Crum & Forster, Zenith National, Odyssey Group (notwithstanding that certain operations of Odyssey Group conduct business outside of the U.S.), U.S. Run-off and other associated holding company results. (3) Principally comprised of Brit, European Run-off (deconsolidated on March 31, 2020) and other associated holding company results. (4) Primarily includes companies in India, Asia and Europe (excluding the U.K.), and Allied World, which has operations in multiple jurisdictions.
Schedule of reconciliations of the provision for (recovery of) income taxes	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Canadian statutory income tax rate 26.5 % 26.5 % ​ ​ ​ ​ ​ ​ Provision for income taxes at the Canadian statutory income tax rate 1,164.0 64.7 ​ Non-taxable investment income (149.4) (108.3) ​ Tax rate differential on income and losses outside Canada (399.1) 5.2 ​ Change in unrecorded tax benefit of losses and temporary differences 67.2 172.8 ​ Change in tax rate for deferred income taxes 0.3 (5.7) ​ Provision (recovery) relating to prior years 4.3 (8.4) ​ Foreign exchange effect (23.0) 40.9 ​ Other including permanent differences 61.7 45.5 ​ Provision for income taxes 726.0 206.7 ​
Schedule of income taxes refundable and payable	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Income taxes refundable 58.3 88.7 Income taxes payable (175.0) (64.5) Net income taxes (payable) refundable (116.7) 24.2
Schedule of changes net income taxes (payable) refundable	​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance - January 1 24.2 90.6 Amounts recorded in the consolidated statements of earnings (387.0) (148.8) Payments made during the year 288.7 63.3 Acquisitions of subsidiaries (note 23) (54.5) (0.3) Deconsolidation of non-insurance subsidiary (note 23) — 7.6 Foreign exchange effect and other 11.9 11.8 Balance - December 31 (116.7) 24.2
Schedule of changes in net deferred income tax asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ for losses ​ Provision ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ and loss ​ for ​ premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capital ​ adjustment ​ unearned ​ acquisition ​ Intangible ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ losses ​ expenses ​ premiums ​ costs ​ assets ​ Investments ​ credits ​ Other ​ Total Balance - January 1 236.3 168.8 141.7 (116.1) (389.5) 23.9 174.8 117.6 357.5 Amounts recorded in the consolidated statement of earnings (3.5) 35.6 46.0 (39.4) (19.5) (339.2) 32.3 (51.3) (339.0) Amounts recorded in total equity 17.5 — — — — ​ 0.8 — (37.5) (19.2) Acquisitions of subsidiaries (note 23) (4.2) — — 7.9 (10.3) (98.9) — 31.4 (74.1) Deconsolidation of non-insurance subsidiaries (note 23) (7.5) — — — 7.8 — — 2.3 2.6 Foreign exchange effect and other (8.6) (0.2) — (0.2) (1.6) (1.1) 6.5 1.0 (4.2) Balance - December 31 230.0 204.2 187.7 (147.8) (413.1) (414.5) 213.6 63.5 (76.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ for losses ​ Provision ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ and loss ​ for ​ premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capital ​ adjustment ​ unearned ​ acquisition ​ Intangible ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ losses expenses ​ premiums ​ costs ​ assets ​ Investments ​ credits ​ Other ​ Total Balance - January 1 119.2 145.3 119.9 (96.9) (428.2) 128.0 211.0 177.6 375.9 Amounts recorded in the consolidated statement of earnings 105.0 22.5 21.8 (19.3) 37.9 (110.8) (36.0) (79.0) (57.9) Amounts recorded in total equity 0.4 — — — — 0.6 — 25.1 26.1 Acquisitions of subsidiaries (note 23) (0.1) — — — — — 0.1 6.0 6.0 Deconsolidation of non-insurance subsidiary (note 23) (0.5) — — — — — — 2.3 1.8 Foreign exchange effect and other 12.3 1.0 — 0.1 0.8 6.1 (0.3) (14.4) 5.6 Balance - December 31 236.3 168.8 141.7 (116.1) (389.5) 23.9 174.8 117.6 357.5

Statutory Requirements (Tables)

Statutory Requirements (Tables)	12 Months Ended
	Dec. 31, 2021
Statutory Requirements
Schedule of dividend capacity available	​ ​ ​ ​ ​ December 31, ​ ​ 2021 Allied World 1,014.2 Odyssey Group 400.4 Northbridge (1) 326.6 Crum & Forster 185.3 Zenith National 70.8 ​ 1,997.3 (1) Subject to prior regulatory approval.

Pensions and Post Retirement _2

Pensions and Post Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Pensions and Post Retirement Benefits
Schedule of disclosure of defined benefit plans	The funded status of the company’s defined benefit pension and post retirement plans at December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined benefit ​ Defined benefit ​ ​ pension plans ​ post retirement plans ​ 2021 2020 2021 2020 Benefit obligation (1,070.9) (914.8) (83.9) (89.2) ​ Fair value of plan assets 1,014.7 700.9 — — ​ Net accrued liability (1) (56.2) (213.9) (83.9) (89.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average assumptions used to determine benefit obligations: ​ Discount rate ​ 2.6 % 2.2 % 3.1 % 2.6 % Rate of compensation increase ​ 2.2 % 2.6 % 3.7 % 3.4 % Health care cost trend ​ — ​ — ​ 3.6 % 3.5 % (1) The defined benefit pension plan net accrued liability at December 31, 2021 of $56.2 (December 31, 2020 - $213.9 ) was comprised of pension deficits of $170.0 , partially offset by pension surpluses of $113.8 (December 31, 2020 - $262.7 , partially offset by $48.8 ). See notes 13 and 14.
Schedule of pension and post retirement expenses recognized	Pension and post retirement benefit expenses recognized in the consolidated statement of earnings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Defined benefit pension plan expense 25.8 24.3 Defined contribution pension plan expense 57.8 53.7 Defined benefit post retirement plan expense (recovery) (1) 2.0 (39.8) ​ 85.6 38.2 (1) During 2020 Odyssey Group amended its post retirement plan which resulted in a recovery of $48.5 .
Schedule of pre-tax actuarial net gains (losses) recognized in the consolidated statements	Pre-tax actuarial net gains (losses) recognized in the consolidated statement of comprehensive income for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Defined benefit pension plans Actuarial net gains on plan assets and change in asset ceiling 78.6 17.6 Actuarial net gains (losses) on benefit obligations 33.8 (101.5) ​ 112.4 (83.9) Defined benefit post retirement plans - actuarial net gains (losses) on benefit obligations 3.2 (4.4) ​ 115.6 (88.3) ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of changes in right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Balance - January 1 396.1 611.9 1,008.0 385.4 635.2 1,020.6 Additions 44.0 92.0 136.0 81.5 100.6 182.1 Disposals (41.2) (19.8) (61.0) (3.1) (19.9) (23.0) Depreciation (2) (68.3) (113.0) (181.3) (68.9) (118.0) (186.9) Acquisitions of subsidiaries (note 23) 0.9 14.1 15.0 — 20.1 20.1 Deconsolidation of subsidiaries (note 23) (1.4) (146.7) (148.1) — — — Foreign exchange effect and other (1.3) (7.5) (8.8) 1.2 (6.1) (4.9) Balance - December 31 (note 13) 328.8 431.0 759.8 396.1 611.9 1,008.0 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Recorded in operating expenses and other expenses in the consolidated statement of earnings.
Disclosure of maturity analysis of operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 77.4 ​ 173.6 ​ 251.0 78.7 212.9 291.6 ​ One to two years 67.6 ​ 148.1 ​ 215.7 72.5 179.6 252.1 ​ Two to three years 58.6 ​ 129.8 ​ 188.4 64.3 152.0 216.3 ​ Three to four years 52.0 ​ 115.4 ​ 167.4 56.5 128.7 185.2 ​ Four to five years 45.1 ​ 96.3 ​ 141.4 50.6 110.6 161.2 ​ More than five years 142.8 ​ 249.6 ​ 392.4 213.4 373.0 586.4 ​ Lease liabilities, undiscounted 443.5 912.8 1,356.3 536.0 1,156.8 1,692.8 ​ Lease liabilities, discounted 384.2 756.5 1,140.7 456.8 995.3 1,452.1 ​ Weighted average incremental borrowing rate 3.8 % 4.5 % 4.3 % 4.2 % 4.5 % 4.4 % ​ (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other.
Disclosure of maturity analysis of finance lease payments receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies(1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 2.5 ​ 62.0 ​ 64.5 1.8 65.4 67.2 One to two years 2.3 ​ 53.0 ​ 55.3 1.8 59.3 61.1 Two to three years 1.3 ​ 44.7 ​ 46.0 1.6 49.6 51.2 Three to four years 1.0 ​ 39.3 ​ 40.3 0.7 42.0 42.7 Four to five years 1.0 ​ 33.3 ​ 34.3 0.7 35.6 36.3 More than five years 2.8 ​ 64.5 ​ 67.3 3.4 90.5 93.9 Finance lease receivables, undiscounted 10.9 296.8 307.7 10.0 342.4 352.4 Unearned finance income 1.5 40.1 41.6 1.5 45.5 47.0 Finance lease receivables (note 13) 9.4 256.7 266.1 8.5 296.9 305.4 ​ (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other .

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2021
Acquisitions and Divestitures
Schedule of fair value of assets acquired and liabilities	​ ​ ​ ​ ​ ​ ​ Eurolife Acquisition date ​ July 14, 2021 Percentage of common shares acquired ​ 80.0 % (1) ​ ​ ​ ​ ​ Assets: ​ Insurance contract receivables ​ 11.6 Portfolio investments ​ 3,653.9 ​ (2) Recoverable from reinsurers ​ 18.6 Deferred income tax assets ​ 32.6 Intangible assets ​ 45.5 ​ (3) Other assets ​ 616.3 ​ (4) ​ ​ 4,378.5 ​ ​ Liabilities: ​ Accounts payable and accrued liabilities ​ 273.2 ​ (5) Insurance contract payables ​ 529.0 Insurance contract liabilities ​ 2,751.4 Deferred income tax liabilities ​ 100.9 ​ ​ 3,654.5 ​ ​ Purchase consideration ​ 720.0 ​ (6) Excess of fair value of net assets acquired over purchase consideration ​ 4.0 ​ ​ ​ ​ 4,378.5 ​ ​ (1) The transaction was recorded as the acquisition of a 100% equity interest in Eurolife with the non-controlling interests represented by a redemption liability (described in footnote 5 below) that was included in the fair value of assets acquired and liabilities assumed. (2) Includes subsidiary cash and cash equivalents of $1,433.3 . (3) Principally an intangible asset of $29.0 related to a distribution agreement with Eurobank. (4) Principally investment assets of $532.1 related to unit-linked life insurance contracts. (5) Includes a redemption liability of $124.9 on non-controlling interests as the company’s associate Eurobank may put its 20.0% equity interest in Eurolife to the company commencing in 2024 at the then fair value of that interest. (6) Comprised of cash consideration of $142.7 , a call option exercised with a fair value of $127.3 and the company’s 50.0% joint venture interest with a fair value of $450.0 .

Financial Risk Management (Tabl

Financial Risk Management (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Risk Management
Schedule of concentration of risk by region and line of business based on gross premiums written	The table that follows shows the company’s concentration of insurance risk by region and line of business based on gross premiums written prior to giving effect to ceded reinsurance premiums. The company’s exposure to general insurance risk varies by geographic region and may change over time. Premiums ceded to reinsurers (including retrocessions) in 2021 by line of business was comprised of property of $1,717.4 (2020 - $1,470.7), casualty of $3,487.7 (2020 - $2,361.2) and specialty of $423.4 (2020 - $429.5). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ United States ​ Asia (1) ​ International (2) ​ Total (3) For the years ended December 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property 1,229.1 996.2 3,912.4 3,364.7 849.2 ​ 735.4 2,141.9 1,756.2 8,132.6 6,852.5 Casualty 1,159.0 899.1 10,364.0 7,812.8 549.8 ​ 446.6 1,659.5 1,279.4 13,732.3 10,437.9 Specialty 223.3 188.9 755.6 735.7 277.4 ​ 248.4 674.8 662.5 1,931.1 1,835.5 Total 2,611.4 2,084.2 15,032.0 11,913.2 1,676.4 1,430.4 4,476.2 3,698.1 23,796.0 19,125.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance 2,475.1 1,969.4 11,448.6 9,020.4 739.7 ​ 682.2 3,341.0 2,637.4 18,004.4 14,309.4 Reinsurance 136.3 114.8 3,583.4 2,892.8 936.7 ​ 748.2 1,135.2 1,060.7 5,791.6 4,816.5 ​ 2,611.4 2,084.2 15,032.0 11,913.2 1,676.4 1,430.4 4,476.2 3,698.1 23,796.0 19,125.9 (1) The Asia geographic segment is primarily comprised of countries located throughout Asia, including China, Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia and Thailand, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe and Africa. (3) Excludes Eurolife’s life insurance operations gross premiums written of $114.2 (2020 - nil ) since Eurolife’s consolidation on July 14, 2021.
Schedule of gross credit risk exposure	The company’s gross credit risk exposure (without consideration of amounts held by the company as collateral) was comprised as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Cash and short term investments 22,795.5 13,920.6 Investments in debt instruments: ​ U.S. sovereign government (1) 3,957.9 3,058.4 Other sovereign government rated AA/Aa or higher (1)(2) 1,074.7 311.2 All other sovereign government (3) 2,194.9 649.3 Canadian provincials 45.0 49.9 U.S. states and municipalities 387.2 378.2 Corporate and other (4)(5) 6,873.9 11,848.3 Receivable from counterparties to derivative contracts 158.9 222.4 Insurance contract receivables 6,883.2 5,816.1 Recoverable from reinsurers 12,090.5 10,533.2 Other assets (6) ​ 1,881.3 ​ 1,729.7 Total gross credit risk exposure ​ 58,343.0 ​ 48,517.3 (1) Represented together 9.5% of the company’s total investment portfolio at December 31, 2021 (December 31, 2020 - 7.8% ) and considered by the company to have nominal credit risk. (2) Comprised primarily of bonds issued by the governments of Canada, Singapore, Australia and Hong Kong with fair values at December 31, 2021 of $614.6 , $95.1 , $92.7 and $43.5 respectively (December 31, 2020 - $16.5 , $95.7 , $42.0 and $58.7 ). (3) Comprised primarily of bonds issued by the governments of Greece, Brazil, Spain and India with fair values at December 31, 2021 of $844.7 , $415.4 , $297.5 and $192.5 respectively (December 31, 2020 - $1.2 , $40.0 , $233.9 , and $22.5 ). (4) Represents 13.0% of the company’s total investment portfolio at December 31, 2021 compared to 27.4% at December 31, 2020, with the decrease principally related to net sales of short to mid-dated high quality corporate bonds of $4,867.1 , the exchange of Seaspan debentures for Atlas preferred shares and the redemption of the remaining Seaspan debentures as described in note 6 , partially offset by net purchases of unrated first mortgage loans of $826.9 and an investment in Mosaic Capital 25-year debentures as described in note 23. (5) Includes the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 - $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada . (6) Excludes assets associated with unit-linked insurance products of $637.1 at December 31, 2021 (December 31, 2020 – nil ) for which credit risk is not borne by the company, and income taxes refundable of $58.3 at December 31, 2021 (December 31, 2020 - $88.7 ) that are considered to have nominal credit risk.
Schedule of investments in debt instruments classified according to the higher of each security's respective S&P and Moody's issuer credit rating	The composition of the company’s investments in debt instruments classified according to the higher of each security’s respective S&P and Moody’s issuer credit rating is presented in the table that follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Amortized Fair ​ Amortized Fair Issuer Credit Rating ​ cost ​ value ​ % ​ cost ​ value ​ % AAA/Aaa 5,248.2 5,237.3 36.1 3,574.3 3,604.8 22.1 AA/Aa 435.0 437.7 ​ 3.0 779.1 805.1 4.9 A/A 1,838.4 1,865.5 ​ 12.8 3,856.5 4,086.6 25.1 BBB/Baa 1,749.9 1,914.6 ​ 13.2 4,157.4 4,590.8 28.2 BB/Ba 1,840.9 1,808.3 ​ 12.4 489.6 518.8 3.2 B/B 115.0 114.8 ​ 0.8 41.7 42.9 0.3 Lower than B/B 58.4 62.9 ​ 0.4 62.4 63.8 0.4 Unrated (1)(2) 2,935.3 3,092.5 ​ 21.3 2,458.9 2,582.5 15.8 Total 14,221.1 14,533.6 ​ 100.0 15,419.9 16,295.3 100.0 (1) Comprised primarily of the fair value of the company’s investments in Blackberry Limited of $535.1 (December 31, 2020 - $438.6 ), Mosaic Capital of $129.3 (December 31, 2020 - nil ), Chorus Aviation Inc. of $90.6 (December 31, 2020 - $153.0 ) and Atlas of nil (December 31, 2020 - $575.9 ). (2) Includes the company’s investments in first mortgage loans at December 31, 2021 of $1,659.4 (December 31, 2020 - $775.4 ) secured by real estate predominantly in the U.S., Europe and Canada, primarily with loan-to-value ratios of approximately 60% , reducing the company’s credit risk exposure related to these investments.
Schedule of credit risk related to derivative contract counterparties	The following table sets out the company’s net derivative counterparty risk assuming all derivative counterparties are simultaneously in default: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Total derivative assets (1) 158.9 222.4 Obligations that may be offset under net settlement arrangements (9.6) (32.0) Fair value of collateral deposited for the benefit of the company (2) (116.5) (124.3) Excess collateral pledged by the company in favour of counterparties 4.8 11.7 Initial margin not held in segregated third party custodian accounts — 5.6 Net derivative counterparty exposure after net settlement and collateral arrangements 37.6 83.4 (1) Excludes equity warrants, equity call options and other derivatives which are not subject to counterparty risk. (2) Excludes excess collateral pledged by counterparties of $22.5 at December 31, 2021 (December 31, 2020 - $5.0 ).
Schedule of gross recoverable from reinsurers classified according to the financial strength ratings of the reinsurers	The following table presents the gross recoverable from reinsurers classified according to the financial strength ratings of the reinsurers. Pools and associations are generally government or similar insurance funds with limited credit risk. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ Gross ​ balances for ​ Net unsecured ​ Gross ​ balances for ​ Net unsecured ​ ​ recoverable ​ which security ​ recoverable ​ recoverable ​ which security ​ recoverable A.M. Best Rating (or S&P equivalent) ​ from reinsurers ​ is held ​ from reinsurers ​ from reinsurers ​ is held ​ from reinsurers A++ ​ 568.2 27.2 541.0 473.9 27.5 446.4 A+ 5,905.9 494.4 5,411.5 5,244.2 361.5 4,882.7 A 3,899.8 227.3 3,672.5 3,072.9 97.6 2,975.3 A- 371.9 43.9 328.0 359.1 29.9 329.2 B++ 50.8 4.6 46.2 55.9 5.2 50.7 B+ 0.5 0.3 0.2 2.6 — 2.6 B or lower 20.2 0.1 20.1 16.0 0.4 15.6 Not rated 1,004.0 576.7 427.3 1,101.8 726.9 374.9 Pools and associations 447.9 7.1 440.8 362.4 7.0 355.4 ​ 12,269.2 1,381.6 10,887.6 10,688.8 1,256.0 9,432.8 Provision for uncollectible reinsurance (178.7) (178.7) (155.6) (155.6) Recoverable from reinsurers 12,090.5 10,708.9 10,533.2 9,277.2
Disclosure of maturity profile of the financial liabilities	The following tables set out the maturity profile of the company’s financial and insurance liabilities based on the expected undiscounted cash flows from the balance sheet date to the contractual maturity date or the settlement date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ 3 months ​ 3 months ​ ​ ​ ​ ​ More than ​ ​ ​ ​ or less ​ to 1 year ​ 1 - 3 years ​ 3 - 5 years ​ 5 years ​ Total Accounts payable and accrued liabilities (1) 1,586.6 821.6 1,131.3 399.1 519.7 4,458.3 Insurance contract payables (2) 1,026.7 1,970.0 346.4 16.1 611.6 3,970.8 Provision for losses and loss adjustment expenses 2,925.1 7,033.9 10,662.4 5,391.2 8,410.2 34,422.8 Provision for life policy benefits ​ 72.0 ​ 162.7 ​ 585.0 ​ 575.7 ​ 1,280.4 ​ 2,675.8 Borrowings - holding company and insurance and reinsurance companies: Principal 0.1 0.2 283.1 1,270.8 4,614.8 6,169.0 Interest 66.0 193.8 520.0 445.6 584.9 1,810.3 Borrowings - non-insurance companies: Principal 512.2 72.2 270.8 41.3 736.8 1,633.3 Interest 38.3 35.9 99.8 78.9 114.9 367.8 ​ 6,227.0 10,290.3 13,898.8 8,218.7 16,873.3 55,508.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ 3 months ​ 3 months ​ ​ ​ ​ ​ More than ​ ​ ​ ​ or less ​ to 1 year ​ 1 - 3 years ​ 3 - 5 years ​ 5 years ​ Total Accounts payable and accrued liabilities (1) 1,464.8 816.6 854.5 454.3 675.3 4,265.5 Insurance contract payables (2) 775.6 1,493.0 205.6 13.5 13.5 2,501.2 Provision for losses and loss adjustment expenses 2,880.5 6,111.7 9,577.5 4,753.5 7,486.1 30,809.3 Borrowings - holding company and insurance and reinsurance companies: ​ Principal 50.1 892.7 664.7 1,142.9 3,887.8 6,638.2 Interest 54.6 204.2 479.0 411.5 554.1 1,703.4 Borrowings - non-insurance companies: Principal 547.6 761.6 269.5 344.0 288.1 2,210.8 Interest 27.2 43.3 76.5 40.7 103.4 291.1 ​ 5,800.4 10,323.1 12,127.3 7,160.4 13,008.3 48,419.5 (1) Excludes pension and post retirement liabilities (note 21), deferred gift card, hospitality and other revenue, accrued interest expense and other. The maturity profile of lease liabilities included in the table above is described in note 22. (2) Excludes ceded deferred premium acquisition costs.
Disclosure of maturity profile of the derivative obligations	The following table provides a maturity profile of the company’s derivative obligations based on the expected undiscounted cash flows from the balance sheet date to the contractual maturity date or the settlement date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ 3 months ​ 3 months ​ More than ​ ​ ​ 3 months ​ 3 months ​ More than ​ ​ ​ ​ or less ​ to 1 year ​ 1 year ​ Total ​ or less ​ to 1 year ​ 1 year ​ Total Equity total return swaps - long positions 1.8 0.1 — 1.9 8.3 9.7 — 18.0 U.S. treasury bond forward contracts — 0.8 — 0.8 — — — — Foreign currency forward and swap contracts 26.4 5.0 46.0 77.4 74.3 16.1 45.6 136.0 Other derivative contracts 46.5 25.9 0.4 72.8 25.8 9.5 0.1 35.4 ​ 74.7 31.8 46.4 152.9 108.4 35.3 45.7 189.4
Schedule of potential impact of changes in interest rates on fixed income portfolio	The table below displays the potential impact of changes in interest rates on the company’s fixed income portfolio based on parallel 200 basis points shifts up and down, in 100 basis points increments, which the company believes to be reasonably possible in the current economic environment given the continued uncertainty caused by the COVID-19 pandemic. This analysis was performed on each individual security to determine the hypothetical effect on net earnings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Fair value of ​ Hypothetical ​ Hypothetical ​ Fair value of ​ Hypothetical ​ Hypothetical ​ ​ fixed income ​ change in net ​ % change ​ fixed income ​ change in net ​ % change ​ ​ portfolio ​ earnings (1) ​ in fair value (1) ​ portfolio ​ earnings (1) ​ in fair value (1) Change in interest rates 200 basis point increase 13,984.0 (418.4) (3.8) 15,540.5 (624.5) (4.6) 100 basis point increase 14,239.6 (224.3) (2.0) 15,889.8 (335.2) (2.5) No change 14,533.6 — — 16,295.3 — — 100 basis point decrease 14,900.9 280.6 2.5 16,790.2 410.0 3.0 200 basis point decrease 15,327.9 607.5 5.5 17,348.4 871.6 6.5 (1) Includes the impact of forward contracts to sell long dated U.S. treasury bonds with a notional amount at December 31, 2021 of $1,691.3 (December 31, 2020 - $330.8 ).
Schedule of impact of equity and equity-related holdings on the financial position	The following table summarizes the net effect of the company’s equity and equity-related holdings (long exposures net of short exposures) on the company’s financial position as at December 31, 2021 and 2020 and results of operations for the years then ended. In that table the company considers its non-insurance investments in associates (note 6) with a fair value at December 31, 2021 of $7,192.1 (December 31, 2020 – $5,609.8) as a component of its equity and equity-related holdings when assessing its net equity exposures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ December 31, 2021 ​ December 31, 2020 ​ 2021 ​ 2020 ​ ​ Exposure/ ​ ​ ​ Exposure/ ​ ​ ​ Pre-tax ​ Pre-tax ​ ​ Notional ​ Carrying ​ Notional ​ Carrying ​ earnings ​ earnings ​ ​ amount ​ value ​ amount ​ value ​ (loss) ​ (loss) Long equity exposures: Common stocks 5,845.5 5,845.5 4,939.7 4,939.7 1,333.4 24.7 Preferred stocks – convertible (1) 54.5 54.5 27.9 27.9 2.8 4.4 Bonds – convertible 583.4 583.4 461.3 461.3 101.3 143.4 Investments in associates (1)(2)(3) 7,192.1 5,496.6 5,609.8 5,134.9 52.7 8.6 Deconsolidation of non-insurance subsidiaries (4) — — — — 190.3 (78.5) Derivatives and other invested assets: ​ Equity total return swaps – long positions 1,082.8 ​ 94.2 1,788.3 126.3 407.5 325.6 Equity warrants and options (5) 257.3 257.3 132.8 132.8 114.2 (56.3) RiverStone Barbados AVLNs (note 23) 1,250.1 103.8 — — 109.9 — Total equity and equity related holdings 16,265.7 12,435.3 12,959.8 10,822.9 2,312.1 371.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short equity exposures: Derivatives and other invested assets: Equity total return swaps – short positions — — — — — (528.6) ​ — — — — — (528.6) Net equity exposures and financial effects 16,265.7 ​ 12,959.8 ​ ​ 2,312.1 (156.7) (1) Excludes the company’s insurance and reinsurance investments in associates and joint ventures and certain other equity and equity-related holdings which are considered long term strategic holdings. See note 6. (2) During 2021 the company sold a portion of its investment in IIFL Finance for cash proceeds of $113.7 ( 8.6 billion Indian rupees) and recorded a net realized gain of $42.0 in the consolidated statement of earnings as described in note 6. (3) On February 28, 2020 the company sold its investment in APR Energy to Atlas in an all-stock transaction as described in note 6. (4) Principally comprised of the sale of Toys “R” Us Canada and Fairfax India’s sale of Privi during 2021 and the deconsolidation of Fairfax Africa during 2020 as described in note 23. (5) Includes Atlas warrants.
Schedule of potential impact on net earnings of changes in the fair value of equity and equity-related holdings	The table that follows illustrates the potential impact on net earnings of changes in the fair value of the company’s equity and equity-related holdings (long exposures net of short exposures) as a result of changes in global equity markets at December 31, 2021 and 2020. The analysis assumes variations of 10% and 20% (December 31, 2020 - 10% and 20%) which the company believes to be reasonably possible in the current economic environment based on analysis of the return on various equity indexes and management’s knowledge of global equity markets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Change in global equity markets 20% increase 10% increase No change 10% decrease 20% decrease Fair value of equity and equity-related holdings 10,861.1 ​ 9,966.1 ​ 9,073.6 ​ 8,184.4 ​ 7,297.3 Hypothetical $ change in net earnings ​ 1,549.7 ​ 773.5 ​ — ​ (770.6) ​ (1,538.8) Hypothetical % change in fair value ​ 19.7 ​ 9.8 ​ — ​ (9.8) ​ (19.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Change in global equity markets 20% increase 10% increase No change 10% decrease 20% decrease Fair value of equity and equity-related holdings 8,799.0 8,074.2 7,350.0 6,627.5 5,897.4 Hypothetical $ change in net earnings 1,227.5 613.3 — (611.6) (1,228.8) Hypothetical % change in fair value 19.7 9.9 — (9.8) (19.8)
Schedule of pre-tax foreign exchange effects included in net gains (losses) on investments	The pre-tax foreign exchange effects included in net gains (losses) on investments in the company’s consolidated statements of earnings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Net gains (losses) on investments: Investing activities (122.3) 105.4 Underwriting activities 41.2 (16.8) Foreign currency contracts (12.0) (33.0) Foreign currency net gains (losses) (93.1) 55.6 ​
Schedule of effect of currency appreciation	The table below shows the approximate effect of a 10% appreciation of the U.S. dollar against each of the Canadian dollar, euro, British pound sterling, Indian rupee and all other currencies, respectively, on pre-tax earnings (loss), net earnings (loss), pre-tax other comprehensive income (loss) and other comprehensive income (loss). Certain shortcomings are inherent in the method of analysis presented, including the assumption that the 10% appreciation of the U.S. dollar occurred at December 31, 2021 with all other variables held constant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ British ​ ​ ​ ​ ​ All other ​ ​ ​ ​ ​ ​ Canadian dollar ​ Euro ​ pound sterling ​ Indian rupee ​ currencies ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Pre-tax earnings (loss) 5.9 (25.6) 31.4 (35.2) 41.6 58.3 (252.6) (47.3) 50.1 45.0 (123.6) (4.8) Net earnings (loss) 1.7 (25.1) 26.9 (26.5) 35.5 48.8 (235.8) (45.9) 33.3 36.0 (138.4) (12.7) Pre-tax other comprehensive income (loss) (210.4) (112.1) (64.1) (17.4) (50.1) (56.4) (247.9) (247.7) (156.5) (108.6) (729.0) (542.2) Other comprehensive income (loss) (209.3) (115.5) (40.0) 13.7 (49.1) (55.6) (230.5) (229.2) (148.4) (109.1) (677.3) (495.7)
Schedule of capital management	The company manages its capital based on the following financial measurements and ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding consolidated non- ​ ​ Consolidated ​ insurance companies ​ December 31, December 31, December 31, December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ Holding company cash and investments (net of derivative obligations) 1,446.2 1,229.4 1,446.2 1,229.4 ​ Borrowings – holding company ​ 5,338.6 ​ 5,580.6 ​ 5,338.6 ​ 5,580.6 ​ Borrowings – insurance and reinsurance companies ​ 790.7 ​ 1,033.4 ​ 790.7 ​ 1,033.4 ​ Borrowings – non-insurance companies ​ 1,623.7 ​ 2,200.0 ​ — ​ — ​ Total debt ​ 7,753.0 ​ 8,814.0 ​ 6,129.3 ​ 6,614.0 ​ Net debt (1) ​ 6,306.8 ​ 7,584.6 ​ 4,683.1 ​ 5,384.6 ​ Common shareholders’ equity ​ 15,049.6 ​ 12,521.1 ​ 15,049.6 ​ 12,521.1 ​ Preferred stock ​ 1,335.5 ​ 1,335.5 ​ 1,335.5 ​ 1,335.5 ​ Non-controlling interests ​ 4,930.2 ​ 3,670.7 ​ 2,931.4 ​ 1,831.8 ​ Total equity ​ 21,315.3 ​ 17,527.3 ​ 19,316.5 ​ 15,688.4 ​ Net debt/total equity ​ 29.6 % 43.3 % 24.2 % 34.3 % Net debt/net total capital (2) ​ 22.8 % 30.2 % 19.5 % 25.6 % Total debt/total capital (3) ​ 26.7 % 33.5 % 24.1 % 29.7 % Interest coverage (4) ​ 10.6x ​ 1.6x ​ 13.0x (6) 3.3x (6) Interest and preferred share dividend distribution coverage (5) ​ 9.4x ​ 1.4x ​ 11.1x (6) 2.7x (6) (1) Net debt is calculated by the company as total debt less holding company cash and investments (net of derivative obligations). (2) Net total capital is calculated by the company as the sum of total equity and net debt. (3) Total capital is calculated by the company as the sum of total equity and total debt. (4) Interest coverage is calculated by the company as earnings (loss) before income taxes and interest expense on borrowings, divided by interest expense on borrowings. (5) Interest and preferred share dividend distribution coverage is calculated by the company as earnings (loss) before income taxes and interest expense on borrowings divided by the sum of interest expense on borrowings and preferred share dividend distributions adjusted to a pre-tax equivalent at the company’s Canadian statutory income tax rate. (6) Excludes earnings (loss) before income taxes, and interest expense on borrowings, of consolidated non-insurance companies.

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segmented Information
Schedule of operating segments	Sources of earnings by reporting segment for the years ended December 31 were as follows: 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ insurance ​ Non- ​ ​ ​ Eliminations ​ ​ ​ ​ ​ ​ Odyssey ​ Crum & ​ Zenith ​ ​ ​ Allied ​ Fairfax ​ ​ ​ ​ ​ and ​ insurance ​ Corporate ​ and ​ ​ ​ Northbridge Group Forster National Brit World Asia Other Total Run-off companies and Other adjustments Consolidated Gross premiums written External 2,121.6 5,551.4 3,704.8 718.2 3,221.9 5,794.3 534.4 2,149.4 23,796.0 114.2 — — — 23,910.2 Intercompany 5.0 194.9 24.9 17.0 16.4 57.6 2.6 216.4 534.8 358.1 — — (892.9) — ​ 2,126.6 5,746.3 3,729.7 735.2 3,238.3 5,851.9 537.0 2,365.8 24,330.8 472.3 — — (892.9) 23,910.2 Net premiums written 1,917.4 4,849.4 2,689.3 713.0 1,998.3 3,907.8 260.6 1,473.6 17,809.4 468.7 — — — 18,278.1 Net premiums earned External 1,815.9 4,178.3 2,910.5 708.9 1,754.4 3,597.9 283.1 1,199.3 16,448.3 109.7 — — — 16,558.0 Intercompany (15.0) 67.6 (397.7) 2.2 (0.1) (146.3) (33.4) 164.6 (358.1) 358.1 — — — — ​ 1,800.9 4,245.9 2,512.8 711.1 1,754.3 3,451.6 249.7 1,363.9 16,090.2 467.8 — — — 16,558.0 Underwriting expenses (2) (1,598.7) (4,153.7) (2,410.9) (628.3) (1,698.7) (3,225.2) (229.6) (1,343.9) (15,289.0) (776.8) — — 0.3 (16,065.5) Underwriting profit (loss) 202.2 92.2 101.9 82.8 55.6 226.4 20.1 20.0 801.2 (309.0) — — 0.3 492.5 Interest income 61.8 149.0 80.9 11.7 52.2 98.4 15.4 51.4 520.8 22.2 3.9 28.2 (6.7) 568.4 Dividends 14.8 14.3 6.3 2.8 5.3 17.6 5.3 6.3 72.7 7.8 28.5 (0.8) — 108.2 Investment expenses (16.9) (46.3) (18.2) (8.1) (14.1) (39.7) (1.5) (7.0) (151.8) (10.7) (127.1) (2.8) 256.6 (35.8) Interest and dividends 59.7 117.0 69.0 6.4 43.4 76.3 19.2 50.7 441.7 19.3 (94.7) 24.6 249.9 640.8 Share of profit of associates 1.9 101.6 66.6 35.1 31.5 51.7 12.2 23.5 324.1 16.8 22.3 38.8 — 402.0 Other Revenue — — — — — — — — — — 5,157.5 — 0.5 5,158.0 Expenses — — — — — — — — — — (5,092.1) — 5.2 (5,086.9) ​ — — — — — — — — — — 65.4 — 5.7 71.1 Operating income (loss) 263.8 310.8 237.5 124.3 130.5 354.4 51.5 94.2 1,567.0 (272.9) (7.0) 63.4 255.9 1,606.4 Net gains on investments (1) 269.2 419.2 201.9 47.4 6.9 178.0 1,485.7 36.2 2,644.5 69.7 266.0 464.9 — 3,445.1 Gain on sale and consolidation of insurance subsidiaries — — — — 33.2 35.5 60.8 4.0 133.5 — — 130.5 — 264.0 Interest expense (1.2) (4.4) (3.7) (3.7) (18.3) (27.8) (0.2) (2.2) (61.5) (7.9) (140.3) (305.4) 1.2 (513.9) Corporate overhead and other (11.8) (18.9) (32.7) (9.2) (13.2) (55.9) (19.8) (2.5) (164.0) (38.4) — 50.0 (256.6) (409.0) Pre-tax income (loss) 520.0 706.7 403.0 158.8 139.1 484.2 1,578.0 129.7 4,119.5 (249.5) 118.7 403.4 0.5 4,392.6 Provision for income taxes (726.0) Net earnings ​ 3,666.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ Shareholders of Fairfax ​ 3,401.1 Non-controlling interests ​ 265.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,666.6 (1) Includes net gains on deconsolidation of non-insurance subsidiaries primarily related to the deconsolidation of Fairfax India’s subsidiary Privi of $94.9 and Toys “R” Us Canada of $85.7 as described in note 23. (2) Property and casualty insurance and reinsurance underwriting expenses for the year ended December 31, 2021 were comprised as shown below. Accident year underwriting expenses exclude the impact of favourable or adverse prior year claims reserve development. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ Odyssey Crum & Zenith ​ Allied Fairfax ​ ​ ​ ​ Northbridge ​ Group ​ Forster ​ National ​ Brit ​ World ​ Asia ​ Other ​ Total Loss & LAE - accident year 1,038.0 3,111.7 1,434.9 427.4 981.6 2,458.3 162.9 823.7 10,438.5 Commissions 316.0 796.6 516.3 81.3 489.1 285.3 32.2 257.4 2,774.2 Other underwriting expenses 273.9 365.5 463.4 190.4 328.1 462.8 56.0 291.8 2,431.9 Underwriting expenses - accident year 1,627.9 4,273.8 2,414.6 699.1 1,798.8 3,206.4 251.1 1,372.9 15,644.6 Net (favourable) adverse claims reserve development (29.2) (120.1) (3.7) (70.8) (100.1) 18.8 (21.5) (29.0) (355.6) Underwriting expenses - calendar year 1,598.7 4,153.7 2,410.9 628.3 1,698.7 3,225.2 229.6 1,343.9 15,289.0 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ Eliminations ​ ​ ​ ​ ​ Odyssey ​ Crum & Zenith ​ Allied Fairfax ​ ​ ​ Run- ​ insurance ​ Corporate ​ and ​ ​ ​ ​ Northbridge ​ Group ​ Forster ​ National ​ Brit ​ World ​ Asia ​ Other Total ​ off (1) ​ companies ​ and Other ​ adjustments ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross premiums written External 1,727.5 4,306.3 3,082.4 661.7 2,407.6 4,633.8 421.2 1,738.6 18,979.1 146.8 — — — 19,125.9 Intercompany 7.7 140.4 27.0 — 16.8 46.9 3.5 135.4 377.7 — — — (377.7) — ​ ​ 1,735.2 4,446.7 3,109.4 661.7 2,424.4 4,680.7 424.7 1,874.0 19,356.8 146.8 — — (377.7) 19,125.9 Net premiums written 1,540.4 3,789.6 2,543.0 646.1 1,775.6 3,017.6 221.6 1,183.8 14,717.7 146.8 — — — 14,864.5 Net premiums earned External 1,435.1 3,555.8 2,462.7 646.6 1,710.4 2,788.4 229.2 1,030.8 13,859.0 129.7 — — — 13,988.7 Intercompany (11.0) 30.8 (36.5) (2.8) 0.3 (65.8) (7.5) 94.1 1.6 (1.6) — — — — ​ ​ 1,424.1 3,586.6 2,426.2 643.8 1,710.7 2,722.6 221.7 1,124.9 13,860.6 128.1 — — — 13,988.7 Underwriting expenses (2) (1,315.3) (3,396.7) (2,366.1) (591.9) (1,951.0) (2,596.6) (214.6) (1,119.4) (13,551.6) (336.2) — — — (13,887.8) Underwriting profit (loss) 108.8 189.9 60.1 51.9 (240.3) 126.0 7.1 5.5 309.0 (208.1) — — — 100.9 Interest income 59.6 173.6 91.9 24.3 67.1 136.5 14.1 52.6 619.7 28.5 20.5 57.1 (9.3) 716.5 Dividends 7.9 8.6 2.2 1.8 3.4 20.3 7.1 3.7 55.0 4.9 17.2 0.7 — 77.8 Investment expenses (11.3) (31.0) (14.5) (7.1) (12.3) (30.1) (1.2) (6.6) (114.1) (8.7) 9.4 (2.0) 90.3 (25.1) Interest and dividends 56.2 151.2 79.6 19.0 58.2 126.7 20.0 49.7 560.6 24.7 47.1 55.8 81.0 769.2 Share of profit (loss) of associates (3.0) 27.8 (14.8) (4.2) 6.6 35.6 14.6 (16.4) 46.2 (11.2) (100.2) (47.6) — (112.8) Other Revenue — — — — — — — — — — 4,742.4 — (22.8) 4,719.6 Expenses — — — — — — — — — — (4,868.0) — 9.1 (4,858.9) ​ ​ — — — — — — — — — — (125.6) — (13.7) (139.3) Operating income (loss) 162.0 368.9 124.9 66.7 (175.5) 288.3 41.7 38.8 915.8 (194.6) (178.7) 8.2 67.3 618.0 Net gains (losses) on investments 105.7 (26.9) (158.2) (59.9) 24.4 246.0 12.3 (7.0) 136.4 (96.9) (65.6) 339.2 — 313.1 Gain (loss) on sale of insurance subsidiary (note 23) ​ — ​ (30.5) ​ (25.8) ​ — ​ — ​ — ​ — ​ — ​ (56.3) ​ (9.0) ​ — ​ 182.4 ​ — ​ 117.1 Interest expense (1.3) (6.4) (4.7) (3.8) (19.0) (30.3) (0.4) (1.7) (67.6) (2.3) (170.6) (235.6) 0.2 (475.9) Corporate overhead and other (8.1) (10.5) (28.2) (9.8) (11.9) (79.2) (6.0) (1.4) (155.1) (0.2) — (82.6) (90.3) (328.2) Pre-tax income (loss) 258.3 294.6 (92.0) (6.8) (182.0) 424.8 47.6 28.7 773.2 (303.0) (414.9) 211.6 (22.8) 244.1 Provision for income taxes ​ (206.7) Net earnings ​ 37.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ Shareholders of Fairfax ​ 218.4 Non-controlling interests ​ (181.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37.4 (1) Includes European Run-off prior to its deconsolidation on March 31, 2020 pursuant to the transaction described in note 23. (2) Property and casualty insurance and reinsurance underwriting expenses for the year ended December 31, 2020 were comprised as shown below. Accident year underwriting expenses exclude the impact of favourable or adverse prior year claims reserve development. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ Odyssey Crum & Zenith ​ Allied Fairfax ​ ​ ​ ​ Northbridge ​ Group ​ Forster ​ National ​ Brit ​ World ​ Asia ​ Other ​ Total Loss & LAE - accident year 878.9 2,652.2 1,521.7 401.8 1,301.8 1,931.2 148.3 687.6 9,523.5 Commissions 243.8 693.5 415.2 74.1 436.4 253.7 30.8 215.6 2,363.1 Other underwriting expenses 231.8 270.5 434.4 190.1 275.6 416.8 54.0 246.7 2,119.9 Underwriting expenses - accident year 1,354.5 3,616.2 2,371.3 666.0 2,013.8 2,601.7 233.1 1,149.9 14,006.5 Net favourable claims reserve development (39.2) (219.5) (5.2) (74.1) (62.8) (5.1) (18.5) (30.5) (454.9) Underwriting expenses - calendar year 1,315.3 3,396.7 2,366.1 591.9 1,951.0 2,596.6 214.6 1,119.4 13,551.6 Investments in associates, segment assets and segment liabilities at December 31, and additions to goodwill for the years then ended, by reporting segment, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ associates ​ Additions to goodwill ​ Segment assets ​ Segment liabilities ​ 2021 2020 2021 2020 2021 2020 2021 2020 Property and Casualty Insurance and Reinsurance ​ Northbridge 192.1 182.1 ​ — — 6,152.3 5,231.6 3,978.7 3,418.3 Odyssey Group 1,211.8 1,164.9 ​ — — 17,309.9 15,041.7 11,946.1 10,141.0 Crum & Forster 422.5 368.2 ​ — — 8,719.4 7,596.0 6,073.4 5,448.2 Zenith National 186.9 124.5 ​ — — 2,562.9 2,472.0 1,515.3 1,539.1 Brit 363.0 363.1 ​ 16.4 — 10,597.7 9,040.7 8,082.6 6,826.2 Allied World 593.9 537.0 ​ — — 19,294.8 16,975.5 14,591.1 12,547.4 Fairfax Asia 159.8 149.9 ​ — — 4,010.0 1,920.1 1,336.8 794.7 Other 255.4 219.6 ​ — — 5,752.7 5,097.8 4,509.7 4,021.4 ​ 3,385.4 3,109.3 ​ 16.4 — 74,399.7 63,375.4 52,033.7 44,736.3 Life insurance and Run-off 272.6 129.3 ​ — — 6,669.1 2,601.9 5,781.1 2,095.9 Non-insurance companies 1,379.7 1,373.5 ​ 44.3 182.1 7,856.4 8,349.0 4,075.1 5,124.2 Corporate and Other and eliminations and adjustments 1,066.3 1,827.5 (1) — — (2,279.8) (272.3) 3,440.2 4,570.3 Consolidated 6,104.0 6,439.6 ​ 60.7 182.1 86,645.4 74,054.0 65,330.1 56,526.7 (1) Includes investment in associate held for sale related to RiverStone Barbados of $729.5 as described in note 23. Revenue and expenses of the non-insurance companies were comprised as follows for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and retail ​ Fairfax India (1) ​ Thomas Cook India (2) ​ Other ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Revenue 1,803.8 1,734.2 228.2 312.8 249.4 225.2 2,876.1 2,470.2 5,157.5 4,742.4 Expenses (1,724.8) (1,811.1) (206.9) (305.9) (293.4) (288.3) (2,867.0) (2,462.7) (5,092.1) (4,868.0) Pre-tax income (loss) before interest expense and other (3) 79.0 (76.9) 21.3 6.9 (44.0) (63.1) 9.1 7.5 65.4 (125.6) Interest and dividends 7.5 6.1 (102.2) 28.9 (0.1) — 0.1 12.1 (94.7) 47.1 Share of profit (loss) of associates — 1.3 20.2 (24.8) (0.1) (3.4) 2.2 (73.3) 22.3 (100.2) Operating income (loss) 86.5 (69.5) (60.7) 11.0 (44.2) (66.5) 11.4 (53.7) (7.0) (178.7) Net gains (losses) on investments 29.5 (6.6) 236.4 (12.4) (3.3) 4.0 3.4 (50.6) 266.0 (65.6) Pre-tax income (loss) before interest expense 116.0 (76.1) 175.7 (1.4) (47.5) (62.5) 14.8 (104.3) 259.0 (244.3) (1) These results differ from those published by Fairfax India due to Fairfax India’s application of investment entity accounting under IFRS. (2) These results differ from those published by Thomas Cook India primarily due to differences between IFRS and Ind AS, and acquisition accounting adjustments. (3) Excludes interest and dividends, share of profit (loss) of associates and net gains (losses) on investments.
Schedule of net premiums earned by product line	Net premiums earned by product line for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ Casualty ​ Specialty (1) ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 Property and Casualty Insurance and Reinsurance - net premiums earned ​ Northbridge 810.8 626.4 828.7 659.6 161.4 138.1 1,800.9 1,424.1 ​ Odyssey Group 2,187.5 1,838.9 1,741.8 1,444.0 316.6 303.7 4,245.9 3,586.6 ​ Crum & Forster 355.9 364.2 1,903.3 1,837.5 253.6 224.5 2,512.8 2,426.2 ​ Zenith National 42.9 37.5 668.2 605.9 — 0.4 711.1 643.8 ​ Brit 699.2 544.3 745.7 853.0 309.4 313.4 1,754.3 1,710.7 ​ Allied World 990.2 882.6 2,369.3 1,755.4 92.1 84.6 3,451.6 2,722.6 ​ Fairfax Asia 90.4 74.5 120.9 116.4 38.4 30.8 249.7 221.7 ​ Other 744.5 634.3 423.4 332.1 196.0 158.5 1,363.9 1,124.9 ​ ​ 5,921.4 5,002.7 8,801.3 7,603.9 1,367.5 1,254.0 16,090.2 13,860.6 ​ Life insurance and Run-off (1) 8.2 31.6 348.8 31.5 110.8 65.0 467.8 128.1 ​ Consolidated net premiums earned 5,929.6 5,034.3 9,150.1 7,635.4 1,478.3 1,319.0 16,558.0 13,988.7 ​ Interest and dividends ​ ​ ​ 640.8 769.2 ​ Share of profit (loss) of associates ​ ​ ​ 402.0 (112.8) ​ Net gains on investments ​ ​ ​ 3,445.1 313.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) ​ ​ ​ 264.0 117.1 ​ Other revenue ​ ​ ​ 5,158.0 4,719.6 ​ Consolidated income ​ ​ ​ 26,467.9 19,794.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 35.8 % 36.0 % 55.3 % 54.6 % 8.9 % 9.4 % 100.0 % 100.0 % (1) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, and European Run-off prior to its deconsolidation on March 31, 2020, pursuant to the transactions described in note 23.
Disclosure of geographical regions	Net premiums earned by geographic region for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ United States ​ Asia (1) ​ International (2) ​ Total ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property and Casualty Insurance and Reinsurance - net premiums earned ​ Northbridge 1,782.7 1,407.3 18.2 16.8 — — — — 1,800.9 1,424.1 ​ Odyssey Group 124.1 101.2 2,830.6 2,356.3 518.6 469.8 772.6 659.3 4,245.9 3,586.6 ​ Crum & Forster 2.2 — 2,495.4 2,409.2 1.2 0.2 14.0 16.8 2,512.8 2,426.2 ​ Zenith National — — 708.5 643.8 — — 2.6 — 711.1 643.8 ​ Brit 90.5 97.7 1,271.1 1,228.5 49.3 45.9 343.4 338.6 1,754.3 1,710.7 ​ Allied World 78.5 52.6 2,569.7 2,030.5 239.0 227.6 564.4 411.9 3,451.6 2,722.6 ​ Fairfax Asia — — — — 249.7 221.7 — — 249.7 221.7 ​ Other 0.2 0.1 81.8 54.8 189.2 139.6 1,092.7 930.4 1,363.9 1,124.9 ​ ​ 2,078.2 1,658.9 9,975.3 8,739.9 1,247.0 1,104.8 2,789.7 2,357.0 16,090.2 13,860.6 ​ Life insurance and Run-off (3) — 0.1 358.1 1.1 — — 109.7 126.9 467.8 128.1 ​ Consolidated net premiums earned 2,078.2 1,659.0 10,333.4 8,741.0 1,247.0 1,104.8 2,899.4 2,483.9 16,558.0 13,988.7 ​ Interest and dividends 640.8 769.2 ​ Share of profit (loss) of associates 402.0 (112.8) ​ Net gains on investments 3,445.1 313.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) 264.0 117.1 ​ Other revenue 5,158.0 4,719.6 ​ Consolidated income 26,467.9 19,794.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 12.6 % 11.9 % 62.4 % 62.4 % 7.5 % 7.9 % 17.5 % 17.8 % 100.0 % 100.0 % (1) The Asia geographic segment is primarily comprised of countries located throughout Asia, including China, Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia and Thailand, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe and Africa. (3) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, and European Run-off prior to its deconsolidation on March 31, 2020, pursuant to the transactions described in note 23.
Schedule of Segmented Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Insurance Life ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ and ​ insurance ​ Non- ​ Corporate ​ ​ ​ and ​ ​ ​ Non- Corporate ​ ​ ​ ​ reinsurance ​ and ​ insurance ​ and ​ ​ ​ reinsurance ​ ​ ​ insurance ​ and ​ ​ ​ ​ companies ​ Run-off ​ companies ​ eliminations (5) ​ Consolidated ​ companies ​ Run-off ​ companies ​ eliminations (5) ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments 604.5 — — 873.8 1,478.3 598.1 — — 654.1 1,252.2 Insurance contract receivables 7,266.0 7.8 — (390.6) 6,883.2 6,052.5 8.4 — (244.8) 5,816.1 Portfolio investments (1)(2) 45,061.8 4,963.9 2,252.8 (581.1) 51,697.4 37,947.8 1,592.4 1,810.3 758.1 42,108.6 Deferred premium acquisition costs 1,977.3 3.8 — (57.0) 1,924.1 1,574.4 — — (30.7) 1,543.7 Recoverable from reinsurers 13,497.3 457.6 — (1,864.4) 12,090.5 11,254.2 453.7 — (1,174.7) 10,533.2 Deferred income tax assets 268.2 29.0 66.9 158.3 522.4 460.0 0.1 64.5 189.3 713.9 Goodwill and intangible assets 3,579.5 7.5 2,341.2 — 5,928.2 3,586.2 41.1 2,601.8 — 6,229.1 Due from affiliates 231.9 360.2 — (592.1) — 222.6 357.7 3.8 (584.1) — Other assets 1,746.0 810.0 3,195.5 369.8 6,121.3 1,526.4 119.2 3,868.6 343.0 5,857.2 Investments in affiliates (3) 167.2 29.3 — (196.5) — 153.2 29.3 — (182.5) — Total assets 74,399.7 6,669.1 7,856.4 (2,279.8) 86,645.4 63,375.4 2,601.9 8,349.0 (272.3) 74,054.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Accounts payable and accrued liabilities 2,150.4 233.4 2,077.4 524.2 4,985.4 1,843.3 59.9 2,566.4 526.5 4,996.1 Derivative obligations 72.5 — 47.9 32.5 152.9 114.9 1.1 50.0 23.4 189.4 Due to affiliates 29.4 0.2 135.1 (164.7) — 8.3 — 117.6 (125.9) — Deferred income tax liabilities 322.2 72.9 198.5 5.2 598.8 152.7 — 197.7 6.0 356.4 Insurance contract payables 4,289.4 652.0 — (447.9) 4,493.5 3,224.2 11.6 — (271.8) 2,964.0 Provision for losses and loss adjustment expenses (4) 33,684.6 4,806.1 — (1,598.4) 36,892.3 29,809.4 2,023.3 — (1,023.4) 30,809.3 Provision for unearned premiums (4) 10,694.5 16.5 — (256.8) 10,454.2 8,550.1 — — (152.6) 8,397.5 Borrowings 790.7 — 1,616.2 5,346.1 7,753.0 1,033.4 — 2,192.5 5,588.1 8,814.0 Total liabilities 52,033.7 5,781.1 4,075.1 3,440.2 65,330.1 44,736.3 2,095.9 5,124.2 4,570.3 56,526.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Shareholders' equity attributable to shareholders of Fairfax 19,778.9 888.0 1,782.5 (6,064.3) 16,385.1 17,117.4 506.0 1,385.9 (5,152.7) 13,856.6 Non-controlling interests 2,587.1 — 1,998.8 344.3 4,930.2 1,521.7 — 1,838.9 310.1 3,670.7 Total equity 22,366.0 888.0 3,781.3 (5,720.0) 21,315.3 18,639.1 506.0 3,224.8 (4,842.6) 17,527.3 Total liabilities and total equity 74,399.7 6,669.1 7,856.4 (2,279.8) 86,645.4 63,375.4 2,601.9 8,349.0 (272.3) 74,054.0 (1) Includes intercompany investments in Fairfax non-insurance subsidiaries carried at cost that are eliminated on consolidation. (2) Includes investment in associate held for sale at December 31, 2021 of nil (December 31, 2020 - $729.5 ). See note 6 and note 23. (3) Intercompany investments in Fairfax insurance and reinsurance subsidiaries carried at cost that are eliminated on consolidation. (4) Included in insurance contract liabilities on the consolidated balance sheet. (5) Corporate and eliminations includes the Fairfax holding company, subsidiary intermediate holding companies, and consolidating and eliminating entries. The most significant of those entries are the elimination of intercompany reinsurance provided by Group Re, and reinsurance provided by Odyssey Group and Allied World to the primary insurers.

Expenses (Tables)

Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Expenses
Schedule of losses on claims, net, operating expenses and other expenses	Losses on claims, net, operating expenses and other expenses for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Losses and loss adjustment expenses, property and casualty 10,272.9 — 10,272.9 8,954.5 — 8,954.5 Cost of sales — 2,987.5 2,987.5 — 2,997.6 2,997.6 Wages and salaries (2) 1,547.1 761.3 2,308.4 1,359.1 632.4 1,991.5 Depreciation, amortization and impairment charges 291.0 639.4 930.4 234.6 517.5 752.1 Employee benefits 345.3 116.9 462.2 293.0 105.2 398.2 Premium taxes 285.9 — 285.9 240.3 — 240.3 Information technology costs 216.3 40.7 257.0 194.4 33.0 227.4 Audit, legal and tax professional fees 159.7 43.4 203.1 141.0 64.0 205.0 Repairs, maintenance and utilities 13.2 144.2 157.4 12.7 110.0 122.7 Share-based payments to directors and employees 118.2 18.3 136.5 103.6 5.9 109.5 Shipping and delivery 1.2 120.0 121.2 1.2 107.5 108.7 Marketing costs 33.4 70.1 103.5 27.6 67.5 95.1 Administrative expense and other (3) 402.4 145.1 547.5 299.0 218.3 517.3 Losses on claims, net, operating expenses and other expenses (4)(5) 13,686.6 5,086.9 18,773.5 11,861.0 4,858.9 16,719.9 Commissions, net (note 9) (6) 2,787.9 — 2,787.9 2,355.0 — 2,355.0 Interest expense (note 15) (6) 373.6 140.3 513.9 305.3 170.6 475.9 ​ 16,848.1 5,227.2 22,075.3 14,521.3 5,029.5 19,550.8 (1) Includes the Life insurance and Run-off reporting segment and Corporate and Other. (2) Includes the benefit of COVID-19 related government wage assistance of $62.1 (2020 - $123.8 ) recorded by the non-insurance companies as a reduction of other expenses in the consolidated statement of earnings. (3) Includes the benefit of COVID-19 lease concessions and government rent subsidies of $28.9 (2020 - $15.8 ), primarily at the non-insurance companies. (4) Expenses of the insurance and reinsurance companies, excluding commissions, net and interest expense, are included in losses on claims, net and operating expenses in the consolidated statement of earnings. (5) Expenses of the non-insurance companies, excluding commissions, net and interest expense, are included in other expenses in the consolidated statement of earnings. (6) Presented as separate lines in the consolidated statement of earnings.

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplementary Cash Flow Information
Schedule of supplemental balance sheet disclosures	Cash, cash equivalents and bank overdrafts as presented in the consolidated statements of cash flows excludes restricted cash and cash equivalents that are amounts primarily required to be maintained on deposit with various regulatory authorities to support the operations of the property and casualty insurance and reinsurance subsidiaries. Cash equivalents are comprised of treasury bills and other eligible bills. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Unrestricted cash and cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equivalents included in the ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents included on ​ ​ consolidated statement of cash flows ​ Restricted cash and cash equivalents ​ the consolidated balance sheet ​ ​ Cash ​ ​ Cash ​ ​ Cash ​ ​ ​ Cash equivalents ​ Total ​ Cash equivalents ​ Total ​ Cash equivalents ​ Total Holding company cash and investments 129.9 336.0 465.9 — — — 129.9 336.0 465.9 Holding company assets pledged for derivative obligations — 46.8 46.8 — — — — 46.8 46.8 Subsidiary cash and short term investments 5,259.2 5,777.6 11,036.8 484.6 761.8 1,246.4 5,743.8 6,539.4 12,283.2 Subsidiary assets pledged for derivative obligations ​ — ​ 74.0 ​ 74.0 ​ — ​ — ​ — ​ — ​ 74.0 ​ 74.0 Fairfax India 35.1 26.8 61.9 1.6 13.0 14.6 36.7 39.8 76.5 ​ 5,424.2 6,261.2 11,685.4 486.2 774.8 1,261.0 5,910.4 7,036.0 12,946.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Unrestricted cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ included in the consolidated statement ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents included on ​ ​ of cash flows ​ Restricted cash and cash equivalents ​ the consolidated balance sheet ​ ​ Cash ​ ​ Cash ​ ​ Cash ​ ​ ​ Cash ​ equivalents ​ Total ​ Cash ​ equivalents ​ Total ​ Cash ​ equivalents ​ Total Holding company cash and investments 81.9 192.3 274.2 5.8 — 5.8 87.7 192.3 280.0 Subsidiary cash and short term investments 2,736.0 1,398.6 4,134.6 349.4 402.5 751.9 3,085.4 1,801.1 4,886.5 Fairfax India 36.0 22.3 58.3 31.9 — 31.9 67.9 22.3 90.2 ​ 2,853.9 1,613.2 4,467.1 387.1 402.5 789.6 3,241.0 2,015.7 5,256.7 ​
Schedule of cash flow, supplemental disclosures	Details of certain cash flows included in the consolidated statement of cash flows for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Net (purchases) sales of securities classified at FVTPL Short term investments (767.1) (2,138.1) Bonds 2,545.7 287.2 Preferred stocks (37.3) (24.5) Common stocks 477.2 18.4 Net derivatives and other invested assets 395.9 (479.2) ​ 2,614.4 (2,336.2) ​ ​ ​ ​ ​ Changes in operating assets and liabilities Net increase in restricted cash and cash equivalents (472.6) (187.8) Provision for losses and loss adjustment expenses 3,692.0 1,884.3 Provision for unearned premiums 2,152.2 1,243.2 Provision for life policy benefits ​ (167.9) ​ — Insurance contract receivables (1,152.9) (496.7) Insurance contract payables 1,079.8 441.9 Recoverable from reinsurers (1,580.0) (898.8) Other receivables (96.7) 104.9 Accounts payable and accrued liabilities 291.1 (45.4) Other (758.1) (172.4) ​ 2,986.9 1,873.2 ​ ​ ​ ​ ​ Net interest and dividends received Interest and dividends received 865.7 789.8 Interest paid on borrowings (366.7) (370.4) Interest paid on lease liabilities (54.8) (62.4) ​ 444.2 357.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income taxes paid (288.7) (63.3)

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Schedule of related parties	​ ​ ​ ​ ​ ​ ​ 2021 2020 Salaries and other short-term employee benefits 10.8 10.9 Share-based payments 4.7 3.5 ​ 15.5 14.4 ​ Compensation for the company’s Board of Directors for the years ended December 31 was as follows: ​ ​ ​ ​ ​ ​ 2021 2020 Retainers and fees 1.5 1.1 Share-based payments 0.4 0.6 ​ 1.9 1.7

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2021
Subsidiaries.
Disclosure of interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ Fairfax's ownership ​ ​ ​ ​ (100% other than as December 31, 2021 ​ Domicile ​ shown below) Property and casualty insurance and reinsurance ​ Northbridge Financial Corporation (Northbridge) Canada ​ Odyssey Group Holdings, Inc. (Odyssey Group) United States 90.0 % Crum & Forster Holdings Corp. (Crum & Forster) United States ​ Zenith National Insurance Corp. (Zenith National) United States ​ Brit Limited (Brit) United Kingdom 86.2 % Allied World Assurance Company Holdings, Ltd (Allied World) Bermuda 70.9 % Fairfax Central and Eastern Europe, which consists of: ​ Polskie Towarzystwo Reasekuracji Spólka Akcyjna (Polish Re) Poland ​ Colonnade Insurance S.A. (Colonnade Insurance) Luxembourg ​ FFH Ukraine Holdings (Fairfax Ukraine), which consists of: Ukraine 70.0 % ARX Insurance Company (ARX Insurance) Ukraine ​ Private Joint Stock Company Insurance Company Universalna (Universalna) Ukraine ​ Fairfax Latin America, which consists of: ​ Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brasil) Brazil ​ La Meridional Compañía Argentina de Seguros S.A. (La Meridional Argentina) Argentina ​ SBS Seguros Colombia S.A. (Southbridge Colombia) Colombia ​ SBI Seguros Uruguay S.A. (Southbridge Uruguay) Uruguay ​ Southbridge Compañía de Seguros Generales S.A. (Southbridge Chile) Chile ​ Bryte Insurance Company Ltd (Bryte Insurance) South Africa ​ Eurolife FFH General Insurance Single Member S.A. (Eurolife General) Greece 80.0 % ​ ​ ​ ​ ​ ​ Group Re, which underwrites business in: ​ CRC Reinsurance Limited (CRC Re) Barbados ​ Wentworth Insurance Company Ltd. (Wentworth) Barbados ​ Connemara Reinsurance Company Ltd. (Connemara) Barbados ​ ​ ​ ​ ​ ​ ​ Fairfax Asia, which consists of: ​ Falcon Insurance Company (Hong Kong) Limited (Falcon) Hong Kong ​ The Pacific Insurance Berhad (Pacific Insurance) Malaysia 85.0 % PT Asuransi Multi Artha Guna Tbk (AMAG Insurance) Indonesia 80.3 % Fairfirst Insurance Limited (Fairfirst Insurance) Sri Lanka 78.0 % Singapore Reinsurance Corporation Limited (Singapore Re) Singapore ​ ​ ​ ​ ​ ​ ​ Life insurance and Run-off ​ Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife) Greece 80.0 % Run-off , which is principally comprised of: ​ U.S. Run-off: TIG Insurance Company (TIG Insurance) United States ​ ​ ​ ​ ​ ​ ​ Investment management ​ Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa) Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fairfax's ​ December 31, 2021 ​ Domicile ​ ownership ​ ​ Primary business ​ ​ ​ ​ ​ ​ ​ ​ Non-insurance companies ​ ​ ​ ​ ​ ​ ​ ​ Restaurants and retail Recipe Unlimited Corporation (Recipe) Canada ​ 38.5 % (1) Franchisor, owner and operator of restaurants Sporting Life Group Limited, which owns: Canada 71.4 % Invests in retail businesses 100.0% of Sporting Life Inc. (Sporting Life) Canada 71.4 % Retailer of sporting goods and sports apparel 100.0% of Golf Town Limited (Golf Town) Canada 71.4 % Retailer of golf equipment, apparel and accessories ​ ​ ​ ​ ​ ​ ​ ​ Fairfax India Fairfax India Holdings Corporation (Fairfax India) (2) Canada ​ 30.1 % (2) Invests in public and private Indian businesses ​ ​ ​ ​ ​ ​ ​ ​ Thomas Cook India Thomas Cook (India) Limited (Thomas Cook India), which owns: India 66.8 % Provider of integrated travel and travel-related financial services 100.0% of Sterling Holiday Resorts Limited (Sterling Resorts) India 66.8 % ​ Owner and operator of holiday resorts ​ ​ ​ ​ ​ ​ ​ ​ Other AGT Food and Ingredients Inc. (AGT) Canada 58.0 % Originator, processor and distributor of value-added pulses and staple foods Dexterra Group Inc. (Dexterra Group) Canada 48.8 % Provider of Infrastructure support services Boat Rocker Media Inc. (Boat Rocker) Canada ​ 45.0 % (3) Entertainment content creator, producer and distributor Farmers Edge Inc. (Farmers Edge) Canada 61.4 % Provider of advanced digital tools for agriculture (1) The company owns multiple voting shares and subordinate voting shares of Recipe that give it voting rights of 61.0 %. (2) The company owns multiple voting shares and subordinate voting shares of Fairfax India that give it voting rights of 93.9 %. Fairfax India owns an equity interest of 89.5 % in National Commodities Management Services Limited (NCML), a provider of agricultural commodities storage. (3) The company has voting rights of 56.1 % due to Boat Rocker’s issuance of non-voting shares to non-controlling interests.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021
Customer and broker relationships | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Intangible asset useful lives	8 years
Customer and broker relationships | Top of range
Disclosure of detailed information about intangible assets [line items]
Intangible asset useful lives	20 years
Computer software | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Intangible asset useful lives	3 years
Computer software | Top of range
Disclosure of detailed information about intangible assets [line items]
Intangible asset useful lives	15 years
Restricted Share Units
Disclosure of detailed information about intangible assets [line items]
Restricted share vesting period	15 years

Cash and Investments - Total in

Cash and Investments - Total investments, net of derivative obligations (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and Investments
Holding company cash and investments as presented on the consolidated balance sheet	$ 1,478.3	$ 1,252.2
Derivative obligations (note 7)	(32.1)	(22.8)
Holding company cash and investments, net	1,446.2	1,229.4
Portfolio investments as presented on the consolidated balance sheet	51,697.4	42,108.6
Derivative obligations (note 7)	(120.8)	(166.6)
Portfolio investments cash and investments, net	51,576.6	41,942
Total investments, net of derivative obligations	53,022.8	43,171.4
Restricted cash and cash equivalents	1,261	789.6
Investments in limited partnerships	1,971	1,935.9
Cash and cash equivalents
Cash and Investments
Restricted cash and cash equivalents	1,261	789.6
Holding company
Cash and Investments
Cash and investments	1,367.4	1,172.7
Holding company | Cash and cash equivalents
Cash and Investments
Cash and investments	465.9	280
Holding company | Short term investments
Cash and Investments
Cash and investments	216.9	159.2
Holding company | Bonds
Cash and Investments
Cash and investments	242.6	457.2
Holding company | Preferred stocks
Cash and Investments
Cash and investments	14	4.7
Holding company | Common stocks
Cash and Investments
Cash and investments	137.5	123.7
Holding company | Derivatives
Cash and Investments
Cash and investments	290.5	147.9
Holding company | Assets pledged for derivative obligations
Cash and Investments
Assets pledged for derivative obligations	110.9	79.5
Holding company | Assets pledged for derivative obligations | Cash equivalents
Cash and Investments
Assets pledged for derivative obligations	46.8
Holding company | Assets pledged for derivative obligations | Short term investments
Cash and Investments
Assets pledged for derivative obligations	64.1	79.5
Portfolio investments
Cash and Investments
Cash and investments	49,511.8	40,060.4
Assets pledged for derivative obligations	119.6	196.4
Portfolio investments as presented on the consolidated balance sheet	51,697.4	42,108.6
Restricted cash and cash equivalents	1,246.4	751.9
Portfolio investments | Fairfax India Holdings Corporation (Fairfax India)
Cash and Investments
Cash and investments	2,066	1,851.8
Portfolio investments | Cash and cash equivalents
Cash and Investments
Cash and investments	12,283.2	4,886.5
Portfolio investments | Cash equivalents | Fairfax India Holdings Corporation (Fairfax India)
Cash and Investments
Cash and investments	76.5	90.2
Portfolio investments | Short term investments
Cash and Investments
Cash and investments	9,516.3	8,311.3
Portfolio investments | Short term investments | Fairfax India Holdings Corporation (Fairfax India)
Cash and Investments
Cash and investments	6.2
Portfolio investments | Bonds
Cash and Investments
Cash and investments	14,091.2	15,734.6
Portfolio investments | Bonds | Fairfax India Holdings Corporation (Fairfax India)
Cash and Investments
Cash and investments	199.8	21
Portfolio investments | Preferred stocks
Cash and Investments
Cash and investments	2,405.9	605.2
Portfolio investments | Common stocks
Cash and Investments
Cash and investments	5,468.9	4,599.1
Portfolio investments | Common stocks | Fairfax India Holdings Corporation (Fairfax India)
Cash and Investments
Cash and investments	434.6	412.3
Portfolio investments | Investments in associates
Cash and Investments
Cash and investments	4,755.1	4,381.8
Portfolio investments | Investments in associates | Fairfax India Holdings Corporation (Fairfax India)
Cash and Investments
Cash and investments	1,348.9	1,328.3
Portfolio investments | Investment in associate held for sale
Cash and Investments
Cash and investments		729.5
Portfolio investments | Derivatives
Cash and Investments
Cash and investments	291.3	234.8
Portfolio investments | Other invested assets
Cash and Investments
Cash and investments	699.9	577.6
Portfolio investments | Assets pledged for derivative obligations
Cash and Investments
Assets pledged for derivative obligations	119.6	196.4
Portfolio investments | Assets pledged for derivative obligations | Cash equivalents
Cash and Investments
Assets pledged for derivative obligations	74
Portfolio investments | Assets pledged for derivative obligations | Short term investments
Cash and Investments
Assets pledged for derivative obligations	45.6	113.9
Portfolio investments | Assets pledged for derivative obligations | Bonds
Cash and Investments
Assets pledged for derivative obligations		$ 82.5
Eurolife life insurance portfolio investments
Cash and Investments
Cash and investments	3,098.2
Eurolife life insurance portfolio investments | Cash and cash equivalents
Cash and Investments
Cash and investments	741.5
Eurolife life insurance portfolio investments | Short term investments
Cash and Investments
Cash and investments	854.3
Eurolife life insurance portfolio investments | Bonds
Cash and Investments
Cash and investments	1,206.8
Eurolife life insurance portfolio investments | Common stocks
Cash and Investments
Cash and investments	148.1
Eurolife life insurance portfolio investments | Investments in associates
Cash and Investments
Cash and investments	$ 147.5

Cash and Investments - Assets p

Cash and Investments - Assets pledged to third parties (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets pledged to third parties
Cash and Investments
Financial assets pledged as liabilities	$ 6,582	$ 6,026.7
Regulatory deposits
Cash and Investments
Financial assets pledged as liabilities	5,147.1	4,781
Security for reinsurance and other
Cash and Investments
Financial assets pledged as liabilities	$ 1,434.9	$ 1,245.7

Cash and Investments - Fixed In

Cash and Investments - Fixed Income Maturity Profile (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash and Investments
Bonds with call features	$ 4,063	$ 7,155
Bonds with put features	77.2	1.3
Bonds with call and put features	467.8	1,075.8
U.S. treasury bond forward contracts
Cash and Investments
Notional amount	1,691.3	$ 330.8
First mortgage loans
Cash and Investments
Net purchases of first mortgage loans	826.9
Short to mid-dated high quality corporate bonds
Cash and Investments
Net proceeds	3,948.5
Bonds, Canadian government
Cash and Investments
Net purchases of Canadian government bonds	$ 617.3

Cash and Investments - Schedule

Cash and Investments - Schedule of Fixed Income Maturity (Details) - Bonds - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and Investments
Amortized cost	$ 14,221.1	$ 15,419.9
Fair value	$ 14,533.6	$ 16,295.3
Pre-tax effective interest rate	2.70%	3.20%
Due in 1 year or less
Cash and Investments
Amortized cost	$ 6,022.8	$ 4,968.1
Fair value	5,946.5	4,935.3
Due after 1 year through 5 years
Cash and Investments
Amortized cost	6,674.2	9,378.4
Fair value	6,950.1	10,096.9
Due after 5 years through 10 years
Cash and Investments
Amortized cost	534	654.2
Fair value	531.3	718.5
Due after 10 years
Cash and Investments
Amortized cost	990.1	419.2
Fair value	$ 1,105.7	$ 544.6

Cash and Investments - Fair val

Cash and Investments - Fair value hierarchy (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Cash and Investments
Assets		$ 86,645.4	$ 74,054
Derivative obligations (note 7)		$ (65,330.1)	$ (56,526.7)
Percentage of assets classified as level 1, 2, and 3		100.00%	100.00%
Restricted cash and cash equivalents		$ 1,261	$ 789.6
Cash and cash equivalents.
Cash and Investments
Restricted cash and cash equivalents		1,261	789.6
Short term investments
Cash and Investments
Assets		9,849.1	8,663.9
Bonds
Cash and Investments
Assets		14,533.6	16,295.3
Preferred stocks
Cash and Investments
Assets		2,419.9	609.9
Common stocks.
Cash and Investments
Assets		$ 6,041	$ 5,135.1
Quoted prices (Level 1)
Cash and Investments
Percentage of assets classified as level 1, 2, and 3		52.30%	43.70%
Quoted prices (Level 1) | Short term investments
Cash and Investments
Assets		$ 8,444.3	$ 8,251
Quoted prices (Level 1) | Preferred stocks
Cash and Investments
Assets		13.5	10.3
Quoted prices (Level 1) | Common stocks.
Cash and Investments
Assets		$ 3,140.1	$ 2,538.4
Significant other observable inputs (Level 2)
Cash and Investments
Percentage of assets classified as level 1, 2, and 3		29.90%	42.20%
Significant other observable inputs (Level 2) | Short term investments
Cash and Investments
Assets		$ 1,404.8	$ 412.9
Significant other observable inputs (Level 2) | Bonds
Cash and Investments
Assets		11,737.8	14,521.1
Significant other observable inputs (Level 2) | Preferred stocks
Cash and Investments
Assets		304.6	12.2
Significant other observable inputs (Level 2) | Common stocks.
Cash and Investments
Assets		497.1	479.1
Significant other observable inputs (Level 2) | Private placement debt securities
Cash and Investments
Assets		1,659.4	$ 775.4
Significant unobservable inputs (Level 3)
Cash and Investments
Assets		$ 8,343.2
Percentage of assets classified as level 1, 2, and 3		17.80%	14.10%
Significant unobservable inputs (Level 3) | Bonds
Cash and Investments
Assets		$ 2,795.8	$ 1,774.2
Significant unobservable inputs (Level 3) | Preferred stocks
Cash and Investments
Assets		2,101.8	587.4
Significant unobservable inputs (Level 3) | Common stocks.
Cash and Investments
Assets		2,403.8	2,117.6
Significant unobservable inputs (Level 3) | Derivatives and other invested assets
Cash and Investments
Assets		1,041.8
Recurring fair value measurement
Cash and Investments
Assets		46,918.8	36,731.8
Investment in associates		8,291.2	7,151.3
Recurring fair value measurement | Derivative obligations
Cash and Investments
Derivative obligations (note 7)		(152.9)	(189.4)
Recurring fair value measurement | Cash and cash equivalents.
Cash and Investments
Assets		12,946.4	5,256.7
Recurring fair value measurement | Short term investments, Canadian government
Cash and Investments
Assets		16.2	638.1
Recurring fair value measurement | Short term investments, Canadian provincials
Cash and Investments
Assets		535.8	1,002.9
Recurring fair value measurement | Short term investments, U.S. treasury
Cash and Investments
Assets		7,608.8	6,343.3
Recurring fair value measurement | Short term investments, Other government
Cash and Investments
Assets		1,424.4	501.6
Recurring fair value measurement | Short term investments, Corporate and other
Cash and Investments
Assets		263.9	178
Recurring fair value measurement | Bonds, Canadian government
Cash and Investments
Assets		614.6	16.5
Recurring fair value measurement | Bonds, Canadian provincials
Cash and Investments
Assets		45	49.9
Recurring fair value measurement | Bonds, U.S. treasury
Cash and Investments
Assets		3,957.9	3,058.4
Recurring fair value measurement | Bonds, U.S. states and municipalities
Cash and Investments
Assets		387.2	378.2
Recurring fair value measurement | Bonds, Other government
Cash and Investments
Assets		2,655	944
Recurring fair value measurement | Bonds, Corporate and other
Cash and Investments
Assets		6,873.9	11,848.3
Recurring fair value measurement | Preferred stocks, Canadian
Cash and Investments
Assets		110.2	105.2
Recurring fair value measurement | Preferred stocks, U.S.
Cash and Investments
Assets		40.6	17
Recurring fair value measurement | Preferred stocks, Other
Cash and Investments
Assets		2,269.1	487.7
Recurring fair value measurement | Common stocks, Canadian
Cash and Investments
Assets		1,596.3	1,092.7
Recurring fair value measurement | Common stocks, U.S.
Cash and Investments
Assets		1,785.2	1,515.9
Recurring fair value measurement | Common stocks, Other
Cash and Investments
Assets		2,659.5	2,526.5
Recurring fair value measurement | Derivatives and other invested assets
Cash and Investments
Assets		1,281.7	960.3
Recurring fair value measurement | Quoted prices (Level 1)
Cash and Investments
Assets		24,544.4	16,056.4
Investment in associates		4,188.8	2,916.3
Recurring fair value measurement | Quoted prices (Level 1) | Cash and cash equivalents.
Cash and Investments
Assets		12,946.4	5,256.7
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, Canadian government
Cash and Investments
Assets		16.2	638.1
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, Canadian provincials
Cash and Investments
Assets		535.8	1,002.9
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, U.S. treasury
Cash and Investments
Assets		7,608.8	6,343.3
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, Other government
Cash and Investments
Assets		283.5	266.7
Recurring fair value measurement | Quoted prices (Level 1) | Preferred stocks, Other
Cash and Investments
Assets		13.5	10.3
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks, Canadian
Cash and Investments
Assets		1,104.2	802.5
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks, U.S.
Cash and Investments
Assets		597.9	485.1
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks, Other
Cash and Investments
Assets		1,438	1,250.8
Recurring fair value measurement | Quoted prices (Level 1) | Derivatives and other invested assets
Cash and Investments
Assets		0.1
Recurring fair value measurement | Significant other observable inputs (Level 2)
Cash and Investments
Assets		14,031.2	15,498.6
Investment in associates		106.8	175.2
Recurring fair value measurement | Significant other observable inputs (Level 2) | Derivative obligations
Cash and Investments
Derivative obligations (note 7)		(88.5)	(164.1)
Recurring fair value measurement | Significant other observable inputs (Level 2) | Short term investments, Other government
Cash and Investments
Assets		1,140.9	234.9
Recurring fair value measurement | Significant other observable inputs (Level 2) | Short term investments, Corporate and other
Cash and Investments
Assets		263.9	178
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Canadian government
Cash and Investments
Assets		614.6	16.5
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Canadian provincials
Cash and Investments
Assets		45	49.9
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, U.S. treasury
Cash and Investments
Assets		3,957.9	3,058.4
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, U.S. states and municipalities
Cash and Investments
Assets		387.2	378.2
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Other government
Cash and Investments
Assets		2,655	944
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Corporate and other
Cash and Investments
Assets		4,078.1	10,074.1
Recurring fair value measurement | Significant other observable inputs (Level 2) | Preferred stocks, Canadian
Cash and Investments
Assets		16.6	12.2
Recurring fair value measurement | Significant other observable inputs (Level 2) | Preferred stocks, Other
Cash and Investments
Assets		288
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks, Canadian
Cash and Investments
Assets		188.4	108.7
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks, U.S.
Cash and Investments
Assets		32	32
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks, Other
Cash and Investments
Assets		276.7	338.4
Recurring fair value measurement | Significant other observable inputs (Level 2) | Derivatives and other invested assets
Cash and Investments
Assets		175.4	237.4
Recurring fair value measurement | Significant unobservable inputs (Level 3)
Cash and Investments
Assets		8,343.2	5,176.8
Investment in associates		3,995.6	4,059.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Derivative obligations
Cash and Investments
Derivative obligations (note 7)		(64.4)	(25.3)
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Bonds, Corporate and other
Cash and Investments
Assets		2,795.8	1,774.2
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks, Canadian
Cash and Investments
Assets		93.6	93
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks, U.S.
Cash and Investments
Assets		40.6	17
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks, Other
Cash and Investments
Assets		1,967.6	477.4
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks, Canadian
Cash and Investments
Assets		303.7	181.5
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks, U.S.
Cash and Investments
Assets		1,155.3	998.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks, Other
Cash and Investments
Assets		944.8	937.3
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Derivatives and other invested assets
Cash and Investments
Assets		$ 1,106.2	$ 722.9
Go Digit Infoworks Services Private Limited
Cash and Investments
Ownership percentage	49.00%
Go Digit Infoworks Services Private Limited | Non-insurance companies.
Cash and Investments
Ownership percentage		49.00%

Cash and Investments - Changes

Cash and Investments - Changes in Level 3 financial assets (Details) $ in Millions, ₨ in Billions	1 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021INR (₨)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021INR (₨)	Jun. 30, 2021INR (₨)
Changes in fair value measurement, assets
Acquisitions of subsidiaries (note 23)			$ 7.5	$ 92.9
Net unrealized foreign currency translation losses on foreign operations			(199.5)	(139.7)
Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			5,176.8	4,935.1
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			2,362.5	178.2
Purchases			1,860.2	1,290.1
Acquisitions of subsidiaries (note 23)			74.9
Transfer into category			150.5
Sales and distributions			(1,164.9)	(894.3)
Transfer out of category			(112.7)	(193.7)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			(4.1)	17.9
Deconsolidation of non-insurance subsidiary (note 23)				(156.5)
Balance - December 31			8,343.2	5,176.8
Go Digit Infoworks Services Private Limited
Changes in fair value measurement, assets
Ownership percentage	49.00%	49.00%
Go Digit Insurance Limited
Changes in fair value measurement, assets
Proceeds from issuance of equity shares	$ 200	₨ 14.9
Fair value of equity shares	$ 3,500					₨ 259.5
Go Digit Insurance Limited | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Fair value of equity shares			122		₨ 9
Net unrealized foreign currency translation losses on foreign operations			1,490.3
Limited partnerships and other | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			1,766.9	1,846.7
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			450.6	155.9
Purchases			254.3	198.1
Sales and distributions			(580.9)	(392.8)
Transfer out of category			(102)	(44.4)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			0.2	3.4
Balance - December 31			1,789.1	1,766.9
Private placement debt securities | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			1,774.2	1,420.1
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			69.1	99.3
Purchases			1,241.5	1,012.8
Acquisitions of subsidiaries (note 23)			47.5
Transfer into category			139.6
Sales and distributions			(476.6)	(474.6)
Transfer out of category				(149.3)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			0.5	12.5
Deconsolidation of non-insurance subsidiary (note 23)				(146.6)
Balance - December 31			2,795.8	1,774.2
Derivatives and other invested assets | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			697.6	764.3
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			297.4	(100.4)
Purchases			115.5	44.2
Acquisitions of subsidiaries (note 23)			27.4
Sales and distributions			(91.8)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			(4.3)	(0.6)
Deconsolidation of non-insurance subsidiary (note 23)				(9.9)
Balance - December 31			1,041.8	697.6
Private company preferred shares | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			587.4	569.2
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			1,489.3	(3)
Purchases			32	20.7
Sales and distributions			(7.2)	(0.1)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			0.3	0.6
Balance - December 31			2,101.8	587.4
Common stocks. | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			239.9	205.6
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			53.7	27.4
Purchases			216.9	14.3
Transfer into category			10.9
Sales and distributions			(2.5)	(8)
Transfer out of category			(10.7)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			(1.2)	0.6
Balance - December 31			507	239.9
Private equity funds | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			110.8	129.2
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			2.4	(1)
Sales and distributions			(5.9)	(18.8)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)			0.4	1.4
Balance - December 31			$ 107.7	$ 110.8

Cash and Investments - Fair V_2

Cash and Investments - Fair Value Assets Measurement Techniques (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Cash and Investments
Assets		$ 86,645.4	$ 74,054
Bonds
Cash and Investments
Assets		14,533.6	16,295.3
Recurring fair value measurement
Cash and Investments
Assets		46,918.8	36,731.8
Recurring fair value measurement | Private placement debt securities | Discounted cash flow | Bottom of range
Cash and Investments
Credit spread	1.00%
Recurring fair value measurement | Private placement debt securities | Discounted cash flow | Top of range
Cash and Investments
Credit spread	9.90%
Recurring fair value measurement | Mortgage loans | Discounted cash flow | Bottom of range
Cash and Investments
Credit spread	1.90%
Recurring fair value measurement | Mortgage loans | Discounted cash flow | Top of range
Cash and Investments
Credit spread	7.60%
Recurring fair value measurement | Private company preferred shares | Discounted cash flow | Bottom of range
Cash and Investments
Discount rate	11.30%
Long term growth rate	6.00%
Recurring fair value measurement | Private company preferred shares | Discounted cash flow | Top of range
Cash and Investments
Discount rate	11.30%
Long term growth rate	6.00%
Recurring fair value measurement | Private Placement Preferred Shares | Discounted cash flow | Bottom of range
Cash and Investments
Credit spread	3.70%
Recurring fair value measurement | Private Placement Preferred Shares | Discounted cash flow | Top of range
Cash and Investments
Credit spread	3.70%
Recurring fair value measurement | Common shares | Market comparable | Bottom of range
Cash and Investments
Book value multiple	1.4
Recurring fair value measurement | Common shares | Market comparable | Top of range
Cash and Investments
Book value multiple	1.4
Recurring fair value measurement | Private equity funds | Market comparable | Bottom of range
Cash and Investments
Price/Earnings multiple	10
Recurring fair value measurement | Private equity funds | Market comparable | Top of range
Cash and Investments
Price/Earnings multiple	10
Recurring fair value measurement | Derivatives and other invested assets
Cash and Investments
Assets		1,281.7	960.3
Recurring fair value measurement | Investment property | Income capitalization | Bottom of range
Cash and Investments
Terminal capitalization rate	5.80%
Discount rate	7.10%
Market rent growth rate	2.50%
Recurring fair value measurement | Investment property | Income capitalization | Top of range
Cash and Investments
Terminal capitalization rate	7.50%
Discount rate	8.80%
Market rent growth rate	3.00%
Recurring fair value measurement | Investment property | Sales comparison | Bottom of range
Cash and Investments
Price per acre	$ 30,000
Recurring fair value measurement | Investment property | Sales comparison | Top of range
Cash and Investments
Price per acre	$ 125,000
Recurring fair value measurement | Warrants | Option pricing model | Bottom of range
Cash and Investments
Equity volatility	19.30%
Recurring fair value measurement | Warrants | Option pricing model | Top of range
Cash and Investments
Equity volatility	75.10%
Significant unobservable inputs (Level 3)
Cash and Investments
Assets		8,343.2
Significant unobservable inputs (Level 3) | Bonds
Cash and Investments
Assets		2,795.8	1,774.2
Significant unobservable inputs (Level 3) | Private placement debt securities | Discounted cash flow
Cash and Investments
Assets		1,001.7
Significant unobservable inputs (Level 3) | Private placement debt securities | Market approach
Cash and Investments
Assets		1,659.4	775.4
Significant unobservable inputs (Level 3) | Mortgage loans | Market approach
Cash and Investments
Assets		1,659.4
Significant unobservable inputs (Level 3) | Other bonds | Various approach
Cash and Investments
Assets		134.7
Significant unobservable inputs (Level 3) | Preferred Stocks
Cash and Investments
Assets		2,101.8
Significant unobservable inputs (Level 3) | Common Stocks
Cash and Investments
Assets		2,403.8
Significant unobservable inputs (Level 3) | Limited partnerships and other | Net asset value
Cash and Investments
Assets		1,789.1
Significant unobservable inputs (Level 3) | Common shares | Market approach
Cash and Investments
Assets		200
Significant unobservable inputs (Level 3) | Common shares | Market comparable
Cash and Investments
Assets		83
Significant unobservable inputs (Level 3) | Private equity funds | Net asset value
Cash and Investments
Assets		49.4
Significant unobservable inputs (Level 3) | Private equity funds | Market comparable
Cash and Investments
Assets		58.3
Significant unobservable inputs (Level 3) | Other common stocks | Various approach
Cash and Investments
Assets		224
Significant unobservable inputs (Level 3) | Derivatives and other invested assets
Cash and Investments
Assets		1,041.8
Significant unobservable inputs (Level 3) | Investment property | Income capitalization
Cash and Investments
Assets		507.9
Significant unobservable inputs (Level 3) | Investment property | Sales comparison
Cash and Investments
Assets		69.5
Significant unobservable inputs (Level 3) | Warrants | Option pricing model
Cash and Investments
Assets		259.2
Significant unobservable inputs (Level 3) | Other derivatives and other invested assets | Various approach
Cash and Investments
Assets		205.2
Significant unobservable inputs (Level 3) | Recurring fair value measurement
Cash and Investments
Assets		8,343.2	5,176.8
Significant unobservable inputs (Level 3) | Recurring fair value measurement | Private company preferred shares | Market approach
Cash and Investments
Assets		1,965.5
Significant unobservable inputs (Level 3) | Recurring fair value measurement | Private Placement Preferred Shares | Discounted cash flow
Cash and Investments
Assets		71.2
Significant unobservable inputs (Level 3) | Recurring fair value measurement | Other preferred stocks | Various approach
Cash and Investments
Assets		65.1
Significant unobservable inputs (Level 3) | Recurring fair value measurement | Derivatives and other invested assets
Cash and Investments
Assets		$ 1,106.2	$ 722.9

Cash and Investments - Fair V_3

Cash and Investments - Fair Value Disclosures, Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Cash and Investments
Assets	$ 86,645.4	$ 74,054
Net asset value
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	10.00%
Equity volatility
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	10.00%
Discount rate
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	0.50%
Long term growth rate
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	0.25%
Limited partnerships and other - largest investment | Beverage manufacturing | Net asset value
Cash and Investments
Assets		299.5
Limited partnerships and other - largest investment | Industrials | Net asset value
Cash and Investments
Assets	$ 258.2	191.8
Limited partnerships and other - largest investment | Oil and gas extraction | Net asset value
Cash and Investments
Assets	252.1	$ 146.4
Limited partnerships and other - largest investment | Household appliance manufacturing | Net asset value
Cash and Investments
Assets	$ 192
Limited partnerships and other | Net asset value
Cash and Investments
Number of investments	47	51
Common stocks
Cash and Investments
Assets	$ 6,041	$ 5,135.1
Probability of weighted average valuation percentage	85.00%
Percentage of fair value on common shares Investments	15.00%
Discounted cash flow | Limited partnerships and other
Cash and Investments
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 178.9
Discounted cash flow | Private equity funds
Cash and Investments
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 4.9
Discounted cash flow | Private placement debt securities
Cash and Investments
Number of investments	12	10
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 11.3
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets	26.5
Discounted cash flow | Private placement debt securities - largest investment
Cash and Investments
Assets	535.1	$ 438.6
Discounted cash flow | Private company preferred shares | Discount rate
Cash and Investments
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	258
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets	212.1
Discounted cash flow | Private company preferred shares | Long term growth rate
Cash and Investments
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	80.4
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets	73.2
Discounted cash flow | Private placement preferred shares | Credit spread
Cash and Investments
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	8.6
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 8
Market approach | Private placement debt securities
Cash and Investments
Number of investments	36	22
Market approach | Private placement debt securities - largest investment
Cash and Investments
Assets	$ 149.4	$ 111.5
Option pricing model | Warrants
Cash and Investments
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets	25.5
Decrease in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, assets	$ 26

Cash and Investments - Interest

Cash and Investments - Interest and dividends and share of profit (losses) of associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Cash and short term investments	$ 26.8	$ 104.1
Bonds	488.5	557.4
Derivatives and other invested assets	53.1	55
Interest income	568.4	716.5
Dividends:
Dividend income	108.2	77.8
Investment expenses	(35.8)	(25.1)
Interest and dividends	640.8	769.2
Share of profit (loss) of associates	402	(112.8)
Non-insurance companies.
Dividends:
Impairments on associates and joint ventures	0	240.3
Preferred stocks
Dividends:
Dividend income	14.1	4.3
Common stocks.
Dividends:
Dividend income	94.1	73.5
Associates
Dividends:
Share of profit (loss) of associates	$ 402	$ (112.8)

Cash and Investments - Net gain

Cash and Investments - Net gains (losses) on investments (Details) $ in Millions, ₨ in Billions	Dec. 08, 2020USD ($)	Jun. 30, 2021	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021INR (₨)	Dec. 31, 2020USD ($)
Cash and Investments
Net gains (losses) on investments				$ 3,445.1		$ 313.1
Proceeds from sales of interests in associates				809.2		139.8
Share of profit (loss) of associates				402		(112.8)
Proceeds from issue of bonds, notes and debentures				2,545.7		287.2
Davos Brands
Cash and Investments
Net realized gains (losses)			$ 19.3
Proceeds from sales of interests in associates			$ 58.6
Go Digit Infoworks Services Private Limited
Cash and Investments
Ownership percentage		49.00%
Helios Fairfax Partners Corporation
Cash and Investments
Net realized gains (losses)	$ (61.5)
IIFL Finance Limited
Cash and Investments
Net realized gains (losses)				42
Proceeds from sales of interests in associates				113.7	₨ 8.6
Associates
Cash and Investments
Net realized gains (losses)				56.4		8.6
Net gains (losses) on investments				56.4		8.6
Share of profit (loss) of associates				402		(112.8)
Associates | IIFL Finance Limited
Cash and Investments
Net realized gains (losses)				42
Proceeds from sales of interests in associates				113.7	₨ 8.6
Subsidiaries
Cash and Investments
Net realized gains (losses)				190.3		(78.5)
Net gains (losses) on investments				190.3		(78.5)
Other
Cash and Investments
Net realized gains (losses)				122.1		(19.9)
Net change in unrealized gains (losses)				(178.7)		8.5
Net gains (losses) on investments				(56.6)		(11.4)
Bonds
Cash and Investments
Net realized gains (losses)				338.2		112.1
Net change in unrealized gains (losses)				(523.5)		593.5
Net gains (losses) on investments				(185.3)		705.6
Preferred stocks
Cash and Investments
Net realized gains (losses)				2.2
Net change in unrealized gains (losses)				1,509.5		10
Net gains (losses) on investments				1,511.7		10
Common stocks.
Cash and Investments
Net realized gains (losses)				488		243.7
Net change in unrealized gains (losses)				852.3		(212.4)
Net gains (losses) on investments				1,340.3		31.3
Debt and equity securities
Cash and Investments
Net realized gains (losses)				828.4		355.8
Net change in unrealized gains (losses)				1,838.3		391.1
Net gains (losses) on investments				2,666.7		746.9
Derivatives and foreign currency net gains (losses)
Cash and Investments
Net realized gains (losses)				1,463		(669.1)
Net change in unrealized gains (losses)				1,982.1		982.2
Net gains (losses) on investments				3,445.1		313.1
Derivatives
Cash and Investments
Net realized gains (losses)				330.3		(869.4)
Net change in unrealized gains (losses)				351.1		461.3
Net gains (losses) on investments				681.4		(408.1)
Equity total return swaps - short positions
Cash and Investments
Net realized gains (losses)						(613.2)
Net change in unrealized gains (losses)						84.6
Net gains (losses) on investments						(528.6)
Equity total return swaps - long positions
Cash and Investments
Net realized gains (losses)				439.6		207.4
Net change in unrealized gains (losses)				(32.1)		118.2
Net gains (losses) on investments				407.5		325.6
Equity warrants and options
Cash and Investments
Net realized gains (losses)				15.8		(1.6)
Net change in unrealized gains (losses)				98.4		(54.7)
Net gains (losses) on investments				114.2		(56.3)
CPI-linked derivatives
Cash and Investments
Net realized gains (losses)				(108.5)		(300)
Net change in unrealized gains (losses)				113.8		286.1
Net gains (losses) on investments				5.3		(13.9)
U.S. treasury bond forwards
Cash and Investments
Net realized gains (losses)				26		(103)
Net change in unrealized gains (losses)				(0.3)		1
Net gains (losses) on investments				25.7		(102)
Other derivative contracts
Cash and Investments
Net realized gains (losses)				(42.6)		(59)
Net change in unrealized gains (losses)				171.3		26.1
Net gains (losses) on investments				128.7		(32.9)
Gains on derivatives				109.9
Foreign currency net gains (losses)
Cash and Investments
Net realized gains (losses)				(64.5)		(65.7)
Net change in unrealized gains (losses)				(28.6)		121.3
Net gains (losses) on investments				(93.1)		55.6
Investing activities
Cash and Investments
Net realized gains (losses)				(43.5)		(51)
Net change in unrealized gains (losses)				(78.8)		156.4
Net gains (losses) on investments				(122.3)		105.4
Underwriting activities
Cash and Investments
Net realized gains (losses)				41.2		(16.8)
Net gains (losses) on investments				41.2		(16.8)
Foreign currency contracts
Cash and Investments
Net realized gains (losses)				(62.2)		2.1
Net change in unrealized gains (losses)				50.2		(35.1)
Net gains (losses) on investments				(12)		$ (33)
Go Digit Infoworks Services Private Limited | Preferred stocks
Cash and Investments
Net gains (losses) on investments				$ 1,490.3

Investments in Associates - Sum

Investments in Associates - Summary (Details) - USD ($) $ in Millions	Jul. 14, 2021	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Investments in Associates
Share of profit (loss) of associates				$ 402	$ (112.8)
Investments in associates, including investment in associate held for sale
Investments in Associates
Fair value of investments in associates				8,291.2	7,151.3
Investments in associates
Investments in Associates
Fair value of investments in associates				8,291.2	7,151.3
Portfolio investments
Investments in Associates
Fair value of investments in associates				5,671.9	4,154.3
Portfolio investments | Investments in associates
Investments in Associates
Fair value of investments in associates				5,671.9	4,154.3
Portfolio investments | Investment in associate held for sale
Investments in Associates
Fair value of investments in associates					729.5
Portfolio investments | Fairfax India investments in associates
Investments in Associates
Fair value of investments in associates				2,619.3	2,267.5
Total | Investments in associates, including investment in associate held for sale
Investments in Associates
Carrying value				6,104	6,439.6
Total | Investments in associates
Investments in Associates
Carrying value				6,104	6,439.6
Share of profit (loss) of associates				402	(112.8)
Total | Portfolio investments | Investments in associates
Investments in Associates
Carrying value				4,755.1	4,381.8
Total | Portfolio investments | Investment in associate held for sale
Investments in Associates
Carrying value					729.5
Total | Portfolio investments | Fairfax India investments in associates
Investments in Associates
Carrying value				1,348.9	1,328.3
Associates and joint ventures | Investments in associates
Investments in Associates
Carrying value				4,755.1	5,111.3
Fairfax India associates | Investments in associates
Investments in Associates
Carrying value				$ 1,348.9	1,328.3
Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage			49.00%
Insurance and reinsurance
Investments in Associates
Fair value of investments in associates					1,541.5
Insurance and reinsurance | Total
Investments in Associates
Carrying value					1,304.7
Share of profit (loss) of associates					119.3
Insurance and reinsurance | Associates and joint ventures
Investments in Associates
Carrying value					$ 1,304.7
Insurance and reinsurance | Gulf Insurance Group K.S.C.P.
Investments in Associates
Ownership percentage				43.70%
Fair value of investments in associates				$ 409.5
Insurance and reinsurance | Gulf Insurance Group K.S.C.P. | Total
Investments in Associates
Carrying value				380
Share of profit (loss) of associates				55.5
Insurance and reinsurance | Gulf Insurance Group K.S.C.P. | Associates and joint ventures
Investments in Associates
Carrying value				$ 380
Insurance and reinsurance | Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage				49.00%	49.00%
Fair value of investments in associates				$ 498.3	$ 120.5
Insurance and reinsurance | Go Digit Infoworks Services Private Limited | Total
Investments in Associates
Carrying value				79.1	41.8
Share of profit (loss) of associates				5.3	8.8
Insurance and reinsurance | Go Digit Infoworks Services Private Limited | Associates and joint ventures
Investments in Associates
Carrying value				79.1	$ 41.8
Insurance and reinsurance | Eurolife ERB Insurance Group Holdings S.A.
Investments in Associates
Ownership percentage	80.00%				50.00%
Fair value of investments in associates					$ 457.9
Insurance and reinsurance | Eurolife ERB Insurance Group Holdings S.A. | Total
Investments in Associates
Carrying value					336.2
Share of profit (loss) of associates					6.1
Insurance and reinsurance | Eurolife ERB Insurance Group Holdings S.A. | Associates and joint ventures
Investments in Associates
Carrying value					$ 336.2
Insurance and reinsurance | RiverStone Barbados
Investments in Associates
Ownership percentage		60.00%			60.00%
Fair value of investments in associates		$ 605			$ 729.5
Insurance and reinsurance | RiverStone Barbados | Total
Investments in Associates
Carrying value					729.5
Share of profit (loss) of associates					113
Insurance and reinsurance | RiverStone Barbados | Associates and joint ventures
Investments in Associates
Carrying value					729.5
Insurance and reinsurance | Other Insurance and Reinsurance
Investments in Associates
Fair value of investments in associates				191.3	233.6
Insurance and reinsurance | Other Insurance and Reinsurance | Total
Investments in Associates
Carrying value				148.3	197.2
Share of profit (loss) of associates				11.8	(8.6)
Insurance and reinsurance | Other Insurance and Reinsurance | Associates and joint ventures
Investments in Associates
Carrying value				148.3	197.2
Non-insurance
Investments in Associates
Fair value of investments in associates				7,192.1	5,609.8
Share of profit (loss) of associates				22.3	(100.2)
Non-insurance | Total
Investments in Associates
Carrying value				5,496.6	5,134.9
Share of profit (loss) of associates				329.4	(232.1)
Non-insurance | Associates and joint ventures
Investments in Associates
Carrying value				4,147.7	3,806.6
Non-insurance | Fairfax India associates
Investments in Associates
Carrying value				$ 1,348.9	1,328.3
Non-insurance | IIFL Finance Limited
Investments in Associates
Ownership percentage				22.30%
Non-insurance | India
Investments in Associates
Fair value of investments in associates				$ 3,196.3	2,706.5
Non-insurance | India | Total
Investments in Associates
Carrying value				1,901.1	1,985.8
Share of profit (loss) of associates				32.6	(142)
Non-insurance | India | Associates and joint ventures
Investments in Associates
Carrying value				552.2	657.5
Non-insurance | India | Fairfax India associates
Investments in Associates
Carrying value				$ 1,348.9	$ 1,328.3
Non-insurance | India | Bangalore International Airport Limited
Investments in Associates
Ownership percentage				54.00%	54.00%
Fair value of investments in associates				$ 1,372.2	$ 1,396.1
Non-insurance | India | Bangalore International Airport Limited | Total
Investments in Associates
Carrying value				585.8	642.4
Share of profit (loss) of associates				(45.8)	(30.5)
Non-insurance | India | Bangalore International Airport Limited | Fairfax India associates
Investments in Associates
Carrying value				$ 585.8	$ 642.4
Non-insurance | India | Quess
Investments in Associates
Ownership percentage				31.00%	33.20%
Fair value of investments in associates				$ 528.5	$ 366.8
Non-insurance | India | Quess | Total
Investments in Associates
Carrying value				506.3	558.9
Share of profit (loss) of associates				(1.4)	(124.6)
Non-insurance | India | Quess | Associates and joint ventures
Investments in Associates
Carrying value				$ 506.3	$ 558.9
Non-insurance | India | IIFL Finance Limited
Investments in Associates
Ownership percentage				22.30%	29.90%
Fair value of investments in associates				$ 318.1	$ 175.6
Non-insurance | India | IIFL Finance Limited | Total
Investments in Associates
Carrying value				198.8	233.6
Share of profit (loss) of associates				40.6	19.9
Non-insurance | India | IIFL Finance Limited | Associates and joint ventures
Investments in Associates
Carrying value					57.7
Non-insurance | India | IIFL Finance Limited | Fairfax India associates
Investments in Associates
Carrying value				$ 198.8	$ 175.9
Non-insurance | India | Sanmar Chemicals Group
Investments in Associates
Ownership percentage				42.90%	42.90%
Fair value of investments in associates				$ 421.2	$ 338.6
Non-insurance | India | Sanmar Chemicals Group | Total
Investments in Associates
Carrying value				124.2	128.6
Share of profit (loss) of associates				(2.4)	(48.6)
Non-insurance | India | Sanmar Chemicals Group | Fairfax India associates
Investments in Associates
Carrying value				$ 124.2	$ 128.6
Non-insurance | India | CSB Bank Limited
Investments in Associates
Ownership percentage				49.70%	49.70%
Fair value of investments in associates				$ 227.6	$ 214.4
Non-insurance | India | CSB Bank Limited | Total
Investments in Associates
Carrying value				180.8	164.4
Share of profit (loss) of associates				27.6	14.1
Non-insurance | India | CSB Bank Limited | Fairfax India associates
Investments in Associates
Carrying value				$ 180.8	$ 164.4
Non-insurance | India | IIFL Securities Limited
Investments in Associates
Ownership percentage				37.20%	35.30%
Fair value of investments in associates				$ 138	$ 74.3
Non-insurance | India | IIFL Securities Limited | Total
Investments in Associates
Carrying value				136	125.5
Share of profit (loss) of associates				14	9.8
Non-insurance | India | IIFL Securities Limited | Associates and joint ventures
Investments in Associates
Carrying value				35	32.1
Non-insurance | India | IIFL Securities Limited | Fairfax India associates
Investments in Associates
Carrying value				$ 101	$ 93.4
Non-insurance | India | Seven Islands Shipping Limited
Investments in Associates
Ownership percentage				48.50%	48.50%
Fair value of investments in associates				$ 105.9	$ 103.6
Non-insurance | India | Seven Islands Shipping Limited | Total
Investments in Associates
Carrying value				98.5	100.8
Share of profit (loss) of associates				(0.5)	17.8
Non-insurance | India | Seven Islands Shipping Limited | Fairfax India associates
Investments in Associates
Carrying value				98.5	100.8
Non-insurance | India | Other, India
Investments in Associates
Fair value of investments in associates				84.8	37.1
Non-insurance | India | Other, India | Total
Investments in Associates
Carrying value				70.7	31.6
Share of profit (loss) of associates				0.5	0.1
Non-insurance | India | Other, India | Associates and joint ventures
Investments in Associates
Carrying value				10.9	8.8
Non-insurance | India | Other, India | Fairfax India associates
Investments in Associates
Carrying value				59.8	22.8
Non-insurance | Agriculture
Investments in Associates
Fair value of investments in associates					49.9
Non-insurance | Agriculture | Total
Investments in Associates
Carrying value					65.3
Share of profit (loss) of associates					(49.8)
Non-insurance | Agriculture | Associates and joint ventures
Investments in Associates
Carrying value					$ 65.3
Non-insurance | Agriculture | Astarta Holding N.V.
Investments in Associates
Ownership percentage					28.40%
Fair value of investments in associates					$ 49.9
Non-insurance | Agriculture | Astarta Holding N.V. | Total
Investments in Associates
Carrying value					65.3
Share of profit (loss) of associates					(28)
Non-insurance | Agriculture | Astarta Holding N.V. | Associates and joint ventures
Investments in Associates
Carrying value					65.3
Non-insurance | Agriculture | Farmers Edge Inc. (Farmers Edge) | Total
Investments in Associates
Share of profit (loss) of associates					(21.8)
Non-insurance | Real estate
Investments in Associates
Fair value of investments in associates				215.9	132.6
Non-insurance | Real estate | Total
Investments in Associates
Carrying value				216.8	135.1
Share of profit (loss) of associates				(10.7)	(18.1)
Non-insurance | Real estate | Associates and joint ventures
Investments in Associates
Carrying value				216.8	135.1
Non-insurance | Real estate | KWF Real Estate Ventures Limited Partnerships
Investments in Associates
Fair value of investments in associates				76.3	84.3
Non-insurance | Real estate | KWF Real Estate Ventures Limited Partnerships | Total
Investments in Associates
Carrying value				76.3	84.3
Share of profit (loss) of associates				(9)	(17.9)
Non-insurance | Real estate | KWF Real Estate Ventures Limited Partnerships | Associates and joint ventures
Investments in Associates
Carrying value				76.3	84.3
Non-insurance | Real estate | Other, Real estate
Investments in Associates
Fair value of investments in associates				139.6	48.3
Non-insurance | Real estate | Other, Real estate | Total
Investments in Associates
Carrying value				140.5	50.8
Share of profit (loss) of associates				(1.7)	(0.2)
Non-insurance | Real estate | Other, Real estate | Associates and joint ventures
Investments in Associates
Carrying value				140.5	50.8
Non-insurance | Other
Investments in Associates
Fair value of investments in associates				3,779.9	2,720.8
Non-insurance | Other | Total
Investments in Associates
Carrying value				3,378.7	2,948.7
Share of profit (loss) of associates				307.5	(22.2)
Non-insurance | Other | Associates and joint ventures
Investments in Associates
Carrying value				$ 3,378.7	$ 2,948.7
Non-insurance | Other | Eurobank Ergasias S.A
Investments in Associates
Ownership percentage				32.20%	30.50%
Fair value of investments in associates				$ 1,210.3	$ 799.9
Non-insurance | Other | Eurobank Ergasias S.A | Total
Investments in Associates
Carrying value				1,298.5	1,166.3
Share of profit (loss) of associates				162.3	(11.9)
Non-insurance | Other | Eurobank Ergasias S.A | Associates and joint ventures
Investments in Associates
Carrying value				$ 1,298.5	$ 1,166.3
Non-insurance | Other | Atlas Corp
Investments in Associates
Ownership percentage				36.70%	36.70%
Fair value of investments in associates				$ 1,285.8	$ 978.9
Non-insurance | Other | Atlas Corp | Total
Investments in Associates
Carrying value				922.1	900.1
Share of profit (loss) of associates				69.5	116.4
Non-insurance | Other | Atlas Corp | Associates and joint ventures
Investments in Associates
Carrying value				$ 922.1	$ 900.1
Non-insurance | Other | EXCO Resources, Inc
Investments in Associates
Ownership percentage				43.30%	43.70%
Fair value of investments in associates				$ 267.2	$ 237.7
Non-insurance | Other | EXCO Resources, Inc | Total
Investments in Associates
Carrying value				195.4	238.5
Share of profit (loss) of associates				(41.2)	(4.6)
Non-insurance | Other | EXCO Resources, Inc | Associates and joint ventures
Investments in Associates
Carrying value				$ 195.4	$ 238.5
Non-insurance | Other | Resolute Forest Products Inc.
Investments in Associates
Ownership percentage				32.30%	30.60%
Fair value of investments in associates				$ 377.1	$ 161.9
Non-insurance | Other | Resolute Forest Products Inc. | Total
Investments in Associates
Carrying value				275.8	134.3
Share of profit (loss) of associates				75.9	(57)
Non-insurance | Other | Resolute Forest Products Inc. | Associates and joint ventures
Investments in Associates
Carrying value				$ 275.8	134.3
Non-insurance | Other | APR Energy PLC | Total
Investments in Associates
Share of profit (loss) of associates					$ (13.6)
Non-insurance | Other | Helios Fairfax Partners Corporation
Investments in Associates
Ownership percentage				34.40%	32.30%
Fair value of investments in associates				$ 116.2	$ 185.9
Non-insurance | Other | Helios Fairfax Partners Corporation | Total
Investments in Associates
Carrying value				206.1	185.9
Share of profit (loss) of associates				(1.2)
Non-insurance | Other | Helios Fairfax Partners Corporation | Associates and joint ventures
Investments in Associates
Carrying value				$ 206.1	$ 185.9
Non-insurance | Other | Peak Achievement Athletics
Investments in Associates
Ownership percentage				42.60%	42.60%
Fair value of investments in associates				$ 181.2	$ 171.5
Non-insurance | Other | Peak Achievement Athletics | Total
Investments in Associates
Carrying value				140.5	140.2
Share of profit (loss) of associates				13.3	34.2
Non-insurance | Other | Peak Achievement Athletics | Associates and joint ventures
Investments in Associates
Carrying value				$ 140.5	140.2
Non-insurance | Other | Astarta Holding N.V.
Investments in Associates
Ownership percentage				28.40%
Fair value of investments in associates				$ 73.3
Non-insurance | Other | Astarta Holding N.V. | Total
Investments in Associates
Carrying value				104
Share of profit (loss) of associates				38.4
Non-insurance | Other | Astarta Holding N.V. | Associates and joint ventures
Investments in Associates
Carrying value				104
Non-insurance | Other | Partnerships, trusts and other
Investments in Associates
Fair value of investments in associates				268.8	185
Non-insurance | Other | Partnerships, trusts and other | Total
Investments in Associates
Carrying value				236.3	183.4
Share of profit (loss) of associates				(9.5)	(85.7)
Non-insurance | Other | Partnerships, trusts and other | Associates and joint ventures
Investments in Associates
Carrying value				$ 236.3	$ 183.4

Investments in Associates - Ins

Investments in Associates - Insurance and reinsurance associates and joint ventures (Details) - USD ($) $ in Millions	Jul. 14, 2021	Jun. 17, 2021	Jun. 16, 2021	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage					49.00%
Insurance and reinsurance companies
Investments in Associates
Fair value of investments in associates							$ 1,541.5
Insurance and reinsurance companies | OMERS | Eurolife ERB Insurance Group Holdings S.A.
Investments in Associates
Proportion of ownership interest in joint venture							80.00%
Insurance and reinsurance companies | Eurobank Ergasias S.A | Eurolife ERB Insurance Group Holdings S.A.
Investments in Associates
Proportion of ownership interest in joint venture							20.00%
Insurance and reinsurance companies | OMERS
Investments in Associates
Proportion of ownership interest in joint venture							62.50%
Insurance and reinsurance companies | Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage						49.00%	49.00%
Fair value of investments in associates						$ 498.3	$ 120.5
Maximum percentage of equity interest allowed under Indian law						74.00%
Insurance and reinsurance companies | Eurolife ERB Insurance Group Holdings S.A.
Investments in Associates
Ownership percentage	80.00%						50.00%
Fair value of investments in associates							$ 457.9
Insurance and reinsurance companies | Singapore Reinsurance Corporation Limited (Singapore Re)
Investments in Associates
Ownership percentage		94.00%	28.20%
Insurance and reinsurance companies | RiverStone Barbados
Investments in Associates
Ownership percentage				60.00%			60.00%
Fair value of investments in associates				$ 605			$ 729.5

Investments in Associates - Non

Investments in Associates - Non-insurance associates and joint ventures (Details) $ / shares in Units, shares in Millions, $ in Millions, ₨ in Billions

Sep. 16, 2021USD ($)

Sep. 16, 2021INR (₨)

Dec. 08, 2020USD ($)

Jul. 01, 2020

Feb. 28, 2020USD ($)

Feb. 27, 2020USD ($)

Mar. 31, 2021USD ($)$ / sharesshares

Dec. 31, 2021USD ($)

Dec. 31, 2021INR (₨)

Dec. 31, 2020USD ($)

Aug. 23, 2021USD ($)

Jun. 11, 2021USD ($)$ / shares

Jun. 30, 2020USD ($)

Investments in Associates

Proceeds from sales of interests in associates

$ 809.2

$ 139.8

Investments in associates

6,104

6,439.6

Share of profit (loss) of associates

402

(112.8)

IIFL Finance Limited

Investments in Associates

Proceeds from sales of interests in associates

113.7

₨ 8.6

Net realized gains (losses)

42

Helios Fairfax Partners Corporation

Investments in Associates

Net realized gains (losses)

$ (61.5)

Fairfax India Holdings Corporation (Fairfax India) | Bangalore International Airport Limited

Investments in Associates

Percentage of ownership interest transferred

43.60%

43.60%

Ownership percentage

54.00%

54.00%

Fairfax India Holdings Corporation (Fairfax India) | Anchorage Infrastructure Investments Holdings Limited

Investments in Associates

Percentage of interest sold

11.50%

11.50%

Proceeds from sales of interests in associates

$ 129.2

₨ 9.5

Non-insurance companies

Investments in Associates

Fair value of investments in associates

7,192.1

5,609.8

Share of profit (loss) of associates

$ 22.3

$ (100.2)

Non-insurance companies | IIFL Finance Limited

Investments in Associates

Ownership percentage

22.30%

22.30%

Proceeds from sales of interests in associates

$ 113.7

₨ 8.6

Net realized gains (losses)

42

Non-insurance companies | Helios Fairfax Partners Corporation

Investments in Associates

Investments in associates

$ 100

Interest rate of debentures

3.00%

Number of warrants to purchase shares | shares

3

Warrant exercise price (in dollars per share) | $ / shares

$ 4.90

Non-insurance companies | Helios Fairfax Partners Corporation | Fairfax Africa legacy investments

Investments in Associates

Threshold maximum amount of investments at redemption or maturity

$ 102.6

Fair value of debentures

78

Amount of debentures recorded to equity

$ 22

Non-insurance companies | Farmers Edge Inc. (Farmers Edge)

Investments in Associates

Voting interest percentage

67.00%

Non-insurance companies | Atlas Corp | 5.50% Unsecured Debentures Due March 1, 2027

Investments in Associates

Investments in associates

$ 100

Interest rate of debentures

5.50%

Notional amount

$ 575

Non-insurance companies | Atlas Corp | Atlas Series J preferred shares and equity warrants

Investments in Associates

Investments in associates

$ 575

Amount of principal exchanged

$ 288

Warrant exercise price (in dollars per share) | $ / shares

$ 13.71

Amount of redemption of debentures

$ 287

Non-insurance companies | Atlas Corp | APR Energy PLC

Investments in Associates

Fair value of investments in associates

$ 178.1

Investments in associates

45.9

Consideration paid

$ 388.3

Share of profit (loss) of associates

$ 7.6

Investments in Associates - Ann

Investments in Associates - Annual changes in carrying value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in the carrying value of investments in associates, including investment in associate held for sale
Purchases and acquisitions	$ 175.4	$ 29.8
Divestitures and other net changes in capitalization	809.2	139.8
Investments in associates, including investment in associate held for sale
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	6,439.6	5,984.4
Share of profit (loss)	402	123.1
Impairments		(222.2)
Share of other comprehensive income (loss), excluding losses on defined benefit plans	(87.9)	91.6
Share of losses on defined benefit plans	79.8	(57.9)
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	393.9	(65.4)
Dividends and distributions received	(182)	(80)
Purchases and acquisitions	616.6	249.2
Divestitures and other net changes in capitalization	(818.3)	(288.6)
Reclassifications	(315.6)	779.4
Deconsolidation of non-insurance subsidiary (note 23)		(103.6)
Foreign exchange effect	(30.2)	(35.8)
Balance - December 31	6,104	6,439.6
Associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	3,170.4	2,876.6
Share of profit (loss)	375.8	83.4
Impairments		(88.3)
Share of other comprehensive income (loss), excluding losses on defined benefit plans	(67.7)	88
Share of losses on defined benefit plans	89.1	(32.2)
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	397.2	50.9
Dividends and distributions received	(153.8)	(70)
Purchases and acquisitions	466.5	223.4
Divestitures and other net changes in capitalization	(54.8)	(107.2)
Reclassifications	36.4	174.4
Foreign exchange effect	(3.2)	22.3
Balance - December 31	3,858.7	3,170.4
Joint ventures
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	1,940.9	1,483.6
Share of profit (loss)	6	91.8
Impairments		(98.9)
Share of other comprehensive income (loss), excluding losses on defined benefit plans	(20.5)	42.1
Share of losses on defined benefit plans	0.1	(20.8)
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	(14.4)	14.2
Dividends and distributions received	(23.6)	(3.7)
Purchases and acquisitions	114.4	20.8
Divestitures and other net changes in capitalization	(764.4)	(180.6)
Reclassifications	(352)	605
Foreign exchange effect	(4.5)	1.6
Balance - December 31	896.4	1,940.9
Fairfax India associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	1,328.3	1,391.3
Share of profit (loss)	20.2	(24.8)
Share of other comprehensive income (loss), excluding losses on defined benefit plans	0.3	3.2
Share of losses on defined benefit plans	(9.4)	(4.9)
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	11.1	(26.5)
Dividends and distributions received	(4.6)	(4.9)
Purchases and acquisitions	35.7
Divestitures and other net changes in capitalization	0.9	0.9
Reclassifications	0
Foreign exchange effect	(22.5)	(32.5)
Balance - December 31	$ 1,348.9	1,328.3
Fairfax Africa associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1		232.9
Share of profit (loss)		(27.3)
Impairments		(35)
Share of other comprehensive income (loss), excluding losses on defined benefit plans		(41.7)
Share of pre-tax comprehensive income (loss) of associates and joint arrangements		(104)
Dividends and distributions received		(1.4)
Purchases and acquisitions		5
Divestitures and other net changes in capitalization		(1.7)
Deconsolidation of non-insurance subsidiary (note 23)		(103.6)
Foreign exchange effect		(27.2)
Quess, Resolute, Atlas Mara and Astarta associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Impairments		$ (222.2)

Derivatives - Financial Instrum

Derivatives - Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Market value	$ 581.8	$ 382.7
Short sale and derivative obligations, holding company	152.9	189.4
Equity total return swaps - long positions
Disclosure of financial assets [line items]
Notional amount	1,082.8	1,788.3
Market value	96.1	144.3
Short sale and derivative obligations, holding company	1.9	18
Equity warrants and options
Disclosure of financial assets [line items]
Notional amount	646.1	626.9
Cost	113.9	102.4
Market value	259.2	133.2
Short sale and derivative obligations, holding company	1.9	0.4
RiverStone Barbados AVLNs
Disclosure of financial assets [line items]
Notional amount	1,250.1
Market value	103.8
CPI-linked derivatives
Disclosure of financial assets [line items]
Notional amount	61,952.5	74,906
Cost	237.3	347.5
Market value	0.7	2.8
U.S. treasury bond forward contracts
Disclosure of financial assets [line items]
Notional amount	1,691.3	330.8
Market value	3.7	3.1
Short sale and derivative obligations, holding company	0.8
Foreign currency forward and swap contracts
Disclosure of financial assets [line items]
Market value	58.4	66.4
Short sale and derivative obligations, holding company	77.4	136
Foreign currency options
Disclosure of financial assets [line items]
Cost		53.7
Market value		5.8
Other derivative contracts
Disclosure of financial assets [line items]
Cost	26	25.6
Market value	59.9	27.1
Short sale and derivative obligations, holding company	70.9	35
AGT Food and Ingredients Inc. (AGT) | Foreign currency forward and swap contracts
Disclosure of financial assets [line items]
Short sale and derivative obligations, holding company	47.6	46.2
Atlas Corp
Disclosure of financial assets [line items]
Cost	0	575.9
Atlas Corp | Equity warrants and options
Disclosure of financial assets [line items]
Market value	$ 200.1	$ 110.5

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ / shares in Units, $ / shares in Units, € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2021EUR (€)shares	Dec. 31, 2021CAD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Mar. 29, 2021CAD ($)	Mar. 29, 2021USD ($)	Mar. 03, 2021CAD ($)	Mar. 03, 2021USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Disclosure of financial assets [line items]
Net gains (losses) on investments	$ 3,445.1	$ 313.1
Assets pledged for short sale and derivative obligations, at fair value					$ 230.5							$ 275.9
Assets pledged for short sale and derivative obligations, collateral, entering derivative contracts					221.2							226.4
Assets pledged for short sale and derivative obligations, collateral, fair value changes					9.3							49.5
Borrowings, At Fair Value					8,291.9							9,437.4
Equity total return swaps - short positions, investment purposes
Disclosure of financial assets [line items]
Notional amount												0
Equity total return swaps - short positions
Disclosure of financial assets [line items]
Net cash paid (received) for derivative closures and reset provisions		613.2
Net gains (losses) on investments		(528.6)
Notional amount of derivatives settled												898.4
Gain (loss) on designation of financial instrument as measured at fair value through profit or loss because credit derivative is used to manage credit risk		(703.9)
Unrealized gain (loss)		(175.3)
Equity total return swaps - long positions, investment purposes
Disclosure of financial assets [line items]
Notional amount of equity contracts entered into during the period	753.6
Equity total return swaps - long positions, investment purposes | Fairfax Financial Holdings
Disclosure of financial assets [line items]
Notional amount				$ 508.5	$ 403.3
Notional amount per share (in dollars per share) | (per share)				$ 524.47	$ 416.03
Equity total return swaps - long positions, individual equities
Disclosure of financial assets [line items]
Notional amount					$ 866.2							1,746.2
Equity total return swaps - long positions, individual equities | Fairfax Financial Holdings
Disclosure of financial assets [line items]
Notional amount				$ 935	$ 732.5
Number of shares under equity swap contracts (in shares) | shares			1,964,155	1,964,155	1,964,155
Notional amount per share (in dollars per share) | (per share)				$ 476.03	$ 372.96
Equity total return swaps - long positions
Disclosure of financial assets [line items]
Notional amount					$ 1,082.8							1,788.3
Net cash paid (received) for derivative closures and reset provisions	439.6	(207.4)
Net gains (losses) on investments	$ 243	216.7
Notional amount of derivatives settled					1,876.7							878.8
Equity total return swaps - long positions | Fairfax Financial Holdings
Disclosure of financial assets [line items]
Number of new shares under equity swap contracts during the period | shares	969,460
CPI-linked derivatives
Disclosure of financial assets [line items]
Notional amount					61,952.5							74,906
U.S. treasury bond forward contracts
Disclosure of financial assets [line items]
Notional amount					1,691.3							330.8
Net gains (losses) on investments	$ (25.7)	(102)
3.95% Unsecured Senior Notes Due March 3, 2031
Disclosure of financial assets [line items]
Notional amount								$ 850	$ 671.6
Unsecured senior notes due 2031
Disclosure of financial assets [line items]
Notional amount						$ 850	$ 671.6
Unsecured senior notes due 2022 and 2023
Disclosure of financial assets [line items]
Notional amount						846	670.6
Hedges of net investment in Canadian subsidiaries | Unsecured senior notes
Disclosure of financial assets [line items]
Borrowings				$ 2,800							$ 2,796
Borrowings at fair value					2,364.6							2,397.6
Hedges of net investment in foreign operations | 3.95% Unsecured Senior Notes Due March 3, 2031
Disclosure of financial assets [line items]
Borrowings							671.6
Hedges of net investment in foreign operations | 5.84% due October 14, 2022 (Cdn$450.0)
Disclosure of financial assets [line items]
Borrowings							670.6
Hedges of net investment in foreign operations | 4.50% due March 22, 2023 (Cdn$400.0)
Disclosure of financial assets [line items]
Borrowings							670.6
Credit risk | Cash and short term investments
Disclosure of financial assets [line items]
Financial assets pledged as liabilities					14.3							116.4
Credit risk | Government securities
Disclosure of financial assets [line items]
Financial assets pledged as liabilities					125.7							12.9
Canada
Disclosure of financial assets [line items]
Gains (losses) on hedge of net investment	(16.7)	(38)
Canada | Hedges of net investment in foreign operations | Unsecured senior notes
Disclosure of financial assets [line items]
Borrowings				$ 2,800		850	$ 671.6				$ 2,796
Borrowings at fair value					2,364.6							2,397.6
Canada | Hedges of net investment in foreign operations | 3.95% Unsecured Senior Notes Due March 3, 2031
Disclosure of financial assets [line items]
Borrowings						850
Canada | Hedges of net investment in foreign operations | 5.84% due October 14, 2022 (Cdn$450.0)
Disclosure of financial assets [line items]
Borrowings						846
Canada | Hedges of net investment in foreign operations | 4.50% due March 22, 2023 (Cdn$400.0)
Disclosure of financial assets [line items]
Borrowings						$ 846
Europe
Disclosure of financial assets [line items]
Gains (losses) on hedge of net investment	$ 63.9	$ (75.8)
Europe | Hedges of net investment in foreign operations | Unsecured senior notes
Disclosure of financial assets [line items]
Borrowings | €			€ 750							€ 750
Borrowings at fair value					$ 926.3							$ 1,023.9

Derivatives - Underlying CPI In

Derivatives - Underlying CPI Index (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Market value	$ 581.8	$ 382.7
Net gains (losses) on investments	3,445.1	313.1
CPI-linked derivatives
Disclosure of financial assets [line items]
Notional amount	61,952.5	74,906
Cost	237.3	347.5
Market value	$ 0.7	$ 2.8

Insurance Contract Liabilitie_2

Insurance Contract Liabilities - Summary by nature (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Insurance Contract Liabilities
Total Insurance contract liabilities	$ 47,346.5	$ 39,206.8
Net loss reserves, case reserves	10,258.5	9,390.3
Net loss reserves, IBNR	15,220.4	13,471.7
Insurance contracts, Gross
Insurance Contract Liabilities
Provision for unearned premiums	10,437.7	8,397.5	$ 7,222.4
Provision for losses and loss adjustment expenses	34,422.8	30,809.3	$ 28,500.2	$ 29,081.7	$ 28,610.8	$ 19,481.8	$ 19,816.4	$ 17,749.1	$ 19,212.8	$ 19,648.8
Property and casualty insurance contract liabilities	44,860.5	39,206.8
Provision for life policy benefits	2,486	0
Total Insurance contract liabilities	47,346.5	39,206.8
Ceded reinsurance contracts
Insurance Contract Liabilities
Provision for unearned premiums	2,260	1,899.1
Provision for losses and loss adjustment expenses	8,943.9	7,947.3
Property and casualty insurance contract liabilities	11,203.9	9,846.4
Provision for life policy benefits	2.3
Total Insurance contract liabilities	11,206.2	9,846.4
Insurance contracts, Net
Insurance Contract Liabilities
Provision for unearned premiums	8,177.7	6,498.4
Provision for losses and loss adjustment expenses	25,478.9	22,862
Property and casualty insurance contract liabilities	33,656.6	29,360.4
Provision for life policy benefits	2,483.7
Total Insurance contract liabilities	$ 36,140.3	$ 29,360.4

Insurance Contract Liabilitie_3

Insurance Contract Liabilities - Summary by classification (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Insurance Contract Liabilities
Total Insurance contract liabilities	$ 47,346.5	$ 39,206.8
Insurance contracts, Gross
Insurance Contract Liabilities
Current	20,618.3	17,389.7
Non-current	26,728.2	21,817.1
Total Insurance contract liabilities	47,346.5	39,206.8
Ceded reinsurance contracts
Insurance Contract Liabilities
Current	4,740.3	4,218.2
Non-current	6,465.9	5,628.2
Total Insurance contract liabilities	11,206.2	9,846.4
Insurance contracts, Net
Insurance Contract Liabilities
Current	15,878	13,171.5
Non-current	20,262.3	16,188.9
Total Insurance contract liabilities	$ 36,140.3	$ 29,360.4

Insurance Contract Liabilitie_4

Insurance Contract Liabilities - Provision for unearned premiums, gross (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance Contract Liabilities
Gross premiums written attributable to European Run-off		$ 146.5
Gross premiums earned attributable to European Run-off		115.9
Insurance contracts, Gross
Insurance Contract Liabilities
Provision for unearned premiums - January 1	$ 8,397.5	7,222.4
Gross premiums written	23,796	18,979.4
Less: gross premiums earned	(21,673.6)	(17,782.9)
Acquisitions of subsidiaries	64.1
Divestiture of subsidiary	(62.9)
Foreign exchange effect and other	(83.4)	(21.4)
Provision for unearned premiums - December 31	$ 10,437.7	$ 8,397.5

Insurance Contract Liabilitie_5

Insurance Contract Liabilities - Provision for losses and loss adjustment expenses, gross (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Paid on claims occurring during:
Unpaid losses from loss reserves assumed from European Run-off		$ 347.7
Loss and loss adjustment expenses attributable to European Run-off		196.9
Insurance contracts, Gross
Changes in the property and casualty provision for losses and loss adjustment expenses
Provision for losses and loss adjustment expenses - January 1	$ 30,809.3	28,500.2
Decrease in estimated losses and expenses for claims occurring in the prior years	(283.1)	(267.7)
Losses and expenses for claims occurring in the current year	14,396.8	12,303.9
Paid on claims occurring during:
the current year	(3,148.6)	(2,987.5)
the prior years	(7,212.8)	(7,338)
Acquisitions of subsidiaries	297.3
Divestiture of subsidiary	(18.7)
Foreign exchange effect and other	(417.4)	598.4
Provision for losses and loss adjustment expenses - December 31	$ 34,422.8	$ 30,809.3

Insurance Contract Liabilitie_6

Insurance Contract Liabilities - Provision for life policy benefits (Details) - Insurance contracts, Gross $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Provision for life policy benefits
Provision for life policy benefits - January 1	$ 0
Acquisition of subsidiary	2,638.5
New business and renewals	78.1
Surrenders, lapses, maturities and deaths	(121)
Foreign exchange effect and other	(109.6)
Provision for life policy benefits - December 31	$ 2,486

Insurance Contract Liabilitie_7

Insurance Contract Liabilities - Development of insurance losses, gross (Details) - Insurance contracts, Gross - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Insurance Contract Liabilities
Provision for losses and loss adjustment expenses	$ 34,422.8	$ 30,809.3	$ 28,500.2	$ 29,081.7	$ 28,610.8	$ 19,481.8	$ 19,816.4	$ 17,749.1	$ 19,212.8	$ 19,648.8
Less: CTR Life	4.4	5.5	7	8	8.7	12.8	14.2	15.2	17.9	20.6
Provision for losses and loss adjustment expenses, net of CTR Life	34,418.4	30,803.8	28,493.2	29,073.7	28,602.1	19,469	19,802.2	17,733.9	19,194.9	19,628.2
Effect of foreign currency translation		190.6	267.6	186.3	550	(148)	(185.7)	277.4	475	569.8
Favourable (adverse) loss reserve development	$ (253.1)	253.1	60.2	(103)	353.5	570.4	1,228.4	1,052.7	1,039.4	772.5
Favourable development		443.7	327.8	83.3	903.5	422.4	1,042.7	1,330.1	1,514.4	1,342.3
One year later
Insurance Contract Liabilities
Cumulative payments		7,180.7	7,288.8	7,732	7,564	4,608	4,441.4	3,801.6	4,081.1	4,323.5
Reserves re-estimated		$ 30,360.1	28,225.5	28,974.3	27,580.6	19,343.1	19,169.3	16,696.4	18,375.6	19,021.2
Two years later
Insurance Contract Liabilities
Cumulative payments			11,598	12,313.5	12,081.3	7,631.4	7,283.6	6,364.5	6,787.6	7,153.1
Reserves re-estimated			$ 28,165.4	28,839.4	27,565.9	18,804.8	18,973.6	16,269.2	17,475	18,529.4
Three years later
Insurance Contract Liabilities
Cumulative payments				15,363.3	15,222.3	9,655.9	9,466.5	8,172.7	8,775.5	9,148
Reserves re-estimated				$ 28,990.4	27,451.3	18,752.8	18,502.5	16,114	17,307.9	17,820.5
Four years later
Insurance Contract Liabilities
Cumulative payments					17,378.8	11,122.6	10,914.2	9,561.8	10,212.4	10,702.8
Reserves re-estimated					$ 27,698.6	18,743.9	18,469.1	15,938.9	17,287.2	17,735.5
Five years later
Insurance Contract Liabilities
Cumulative payments						12,233.4	12,013.9	10,496.4	11,354.4	11,783.3
Reserves re-estimated						$ 19,046.6	18,490.5	16,049.6	17,203.5	17,830.5
Six years later
Insurance Contract Liabilities
Cumulative payments							12,859.5	11,202.2	12,123.4	12,729.6
Reserves re-estimated							$ 18,759.5	16,123.1	17,340.1	17,791.8
Seven years later
Insurance Contract Liabilities
Cumulative payments								11,793.5	12,754.2	13,335.1
Reserves re-estimated								$ 16,403.8	17,420	17,931.9
Eight years later
Insurance Contract Liabilities
Cumulative payments									13,283.6	13,877
Reserves re-estimated									$ 17,680.5	18,041.2
Nine years later
Insurance Contract Liabilities
Cumulative payments										14,341.1
Reserves re-estimated										$ 18,285.9

Insurance Contract Liabilitie_8

Insurance Contract Liabilities - Development of losses and loss adjustment expenses for asbestos (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance contracts, Gross
Changes in the company's provision for losses and loss adjustment expenses related to U.S. asbestos exposure
Provision for asbestos claims and loss adjustment expenses - January 1	$ 1,030.6	$ 1,074.6
Losses and loss adjustment expenses incurred	199.1	161
Losses and loss adjustment expenses paid	(193)	(205)
Provision for asbestos claims and loss adjustment expenses - December 31	1,036.7	1,030.6
Insurance contracts, Net
Changes in the company's provision for losses and loss adjustment expenses related to U.S. asbestos exposure
Provision for asbestos claims and loss adjustment expenses - January 1	840	860.5
Losses and loss adjustment expenses incurred	151.6	121.2
Losses and loss adjustment expenses paid	(152.7)	(141.7)
Provision for asbestos claims and loss adjustment expenses - December 31	$ 838.9	$ 840

Reinsurance - Reinsurers' share

Reinsurance - Reinsurers' share of insurance contract Llabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance Contract Liabilities
Assets under reinsurance ceded	$ 12,090.5	$ 10,533.2	$ 9,155.8
Ceded reinsurance contracts
Insurance Contract Liabilities
Provision for losses and loss adjustment expenses	8,946.2	7,947.3
Reinsurers' share of paid losses	884.3	686.8
Provision for unearned premiums	2,260	1,899.1
Assets under reinsurance ceded	12,090.5	10,533.2
Recoverable from reinsurers, current	5,572.4	4,839
Recoverable from reinsurers, non-current	6,518.1	5,694.2
Gross recoverable from reinsurers | Ceded reinsurance contracts
Insurance Contract Liabilities
Provision for losses and loss adjustment expenses	8,989.3	7,971.7
Reinsurers' share of paid losses	1,019.9	818
Provision for unearned premiums	2,260	1,899.1
Assets under reinsurance ceded	12,269.2	10,688.8
Provision for uncollectible reinsurance
Insurance Contract Liabilities
Assets under reinsurance ceded	178.7	155.6	$ 161.5
Provision for uncollectible reinsurance | Ceded reinsurance contracts
Insurance Contract Liabilities
Provision for losses and loss adjustment expenses	(43.1)	(24.4)
Reinsurers' share of paid losses	(135.6)	(131.2)
Assets under reinsurance ceded	$ (178.7)	$ (155.6)

Reinsurance - Reinsurers' sha_2

Reinsurance - Reinsurers' share of paid losses, unpaid losses, unearned premiums and the provision (Details) - USD ($) $ in Millions	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		$ 10,533.2	$ 9,155.8
Reinsurance recoveries received		(2,152.8)	(2,317.9)
Reinsurers' share of unpaid losses and premiums earned		(1,749.8)	(1,081.3)
Premiums ceded to reinsurers		5,632.1	4,261.4
Change in provision, recovery or write-off of impaired balances		(23.8)	3.3
Acquisitions of subsidiaries		99.7
Divestiture of subsidiary		(20.3)
Foreign exchange effect and other		(227.8)	511.9
Ending balance - December 31		12,090.5	10,533.2
Commission income on premiums ceded		1,007.8	821
European Run-off's reinsurers' share of unpaid losses			70.6
European Run-off's reinsurers' share of premiums earned			13.5
Brit Limited (Brit)
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Net insurance contract liabilities ceded	$ 379.1
Consideration for insurance liability ceded	344.1
Net favorable reserve	$ 35
Paid losses
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		818	776.9
Reinsurers' share of losses paid to insureds		2,360.3	2,375.4
Reinsurance recoveries received		(2,152.8)	(2,317.9)
Change in provision, recovery or write-off of impaired balances		(1.7)	(2.7)
Acquisitions of subsidiaries		0.3
Divestiture of subsidiary		(3.3)
Foreign exchange effect and other		(0.9)	(13.7)
Ending balance - December 31		1,019.9	818
Unpaid losses
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		7,971.7	6,956.7
Reinsurers' share of losses paid to insureds		2,360.3	2,375.4
Reinsurers' share of unpaid losses and premiums earned		3,479	2,842.3
Acquisitions of subsidiaries		82.7
Divestiture of subsidiary		(6.4)
Foreign exchange effect and other		(177.4)	548.1
Ending balance - December 31		8,989.3	7,971.7
Unpaid losses | European Run-off
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Unpaid losses from loss reserves ceded to European Run-off			467.1
Unearned premiums.
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		1,899.1	1,583.7
Reinsurers' share of unpaid losses and premiums earned		(5,228.8)	(3,923.6)
Premiums ceded to reinsurers		5,632.1	4,261.4
Acquisitions of subsidiaries		16.7
Divestiture of subsidiary		(10.6)
Foreign exchange effect and other		(48.5)	(22.4)
Ending balance - December 31		2,260	1,899.1
Provision for uncollectible reinsurance
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		155.6	161.5
Change in provision, recovery or write-off of impaired balances		(22.1)	6
Foreign exchange effect and other		(1)	(0.1)
Ending balance - December 31		178.7	155.6
Ceded reinsurance contracts
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		10,533.2
Ending balance - December 31		12,090.5	10,533.2
Ceded reinsurance contracts | Provision for uncollectible reinsurance
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		(155.6)
Ending balance - December 31		$ (178.7)	$ (155.6)

Insurance Contract Receivable_3

Insurance Contract Receivables and Payables - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance Contract Receivables and Payables
Insurance premiums receivable	$ 4,247.1	$ 3,665.6	$ 3,325
Reinsurance premiums receivable	1,863.9	1,385.3	$ 1,176
Funds withheld receivable	574	567.3
Other	234	235.6
Provision for uncollectible receivables	(35.8)	(37.7)
Insurance contract receivables	6,883.2	5,816.1
Current	6,170	5,144.7
Non-current	$ 713.2	$ 671.4

Insurance Contract Receivable_4

Insurance Contract Receivables and Payables - Changes in insurance premiums receivable and reinsurance premiums receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance premiums receivable
Insurance premiums receivable, beginning balance	$ 3,665.6	$ 3,325
Gross premiums written	18,118.6	14,309.4
Premiums collected	(15,703.6)	(12,537.2)
Amounts due to brokers and agents	(1,770.1)	(1,417.3)
Acquisitions of subsidiaries (note 23)	10.2
Divestiture of subsidiary	(25.2)
Foreign exchange effect and other	(48.4)	(14.3)
Insurance premiums receivable, ending balance	4,247.1	3,665.6
Reinsurance premiums receivable
Reinsurance premiums receivable, beginning balance	1,385.3	1,176
Gross premiums written	5,791.6	4,670
Premiums collected	(3,963.7)	(3,375.6)
Amounts due to brokers and agents	(1,332.3)	(1,104.8)
Acquisitions of subsidiaries (note 23)	25.8
Foreign exchange effect and other	(42.8)	19.7
Reinsurance premiums receivable, ending balance	$ 1,863.9	1,385.3
European Run-off
Insurance premiums receivable
Assets held for sale		$ 146.5

Insurance Contract Receivable_5

Insurance Contract Receivables and Payables - Insurance contract payables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance Contract Receivables and Payables
Payable to reinsurers	$ 2,333.7	$ 1,669.5
Payables associated with unit-linked life insurance products	621.7
Ceded deferred premium acquisition costs	510.3	441.1
Funds withheld payable to reinsurers	274	206.3
Amounts payable to agents and brokers	142.4	127.2
Accrued premium taxes	124.1	93.1
Accrued commissions	100.8	69
Other insurance contract payables	386.5	357.8
Insurance contract payables	4,493.5	2,964
Current	3,503.4	2,705.8
Non-current	$ 990.1	$ 258.2

Deferred Premium Acquisition _3

Deferred Premium Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred acquisition costs arising from insurance contracts [abstract]
Deferred premium acquisition costs, beginning balance	$ 1,543.7	$ 1,344.3
Premium acquisition costs deferred	4,502.4	3,629.4
Amortization	(4,098.1)	(3,424)
Divestiture of subsidiary	(19.7)
Foreign exchange effect and other	(4.2)	(6)
Deferred premium acquisition costs, ending balance	1,924.1	1,543.7
Commissions, net	$ 2,787.9	2,355
European Run-off
Reconciliation of changes in deferred acquisition costs arising from insurance contracts [abstract]
Commissions, net		$ 7.7

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	$ 6,229.1	$ 6,194.1
Additions	370.7	402.2
Disposals	(125.5)	(96.8)
Amortization	(439.4)	(216)
Impairments	(85.3)	(86.1)
Foreign exchange effect and other	(21.4)	31.7
Goodwill and intangible assets, ending balance	5,928.2	6,229.1
Intangible assets with indefinite useful life	$ 1,686.2	1,751.6
Fairfax India | Privi Speciality Chemicals Limited
Changes in goodwill and intangible assets
Percentage of interest sold	48.80%
PT Asuransi Multi Artha Guna Tbk (AMAG Insurance)
Changes in goodwill and intangible assets
Proceeds from termination of agreements		66.3
Gains on disposals of intangible assets		3.2
Goodwill.
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	$ 3,126.3	2,997.3
Additions	60.7	182.1
Disposals	(28.9)	(30.3)
Impairments	(52.1)	(33)
Foreign exchange effect and other	(21.2)	10.2
Goodwill and intangible assets, ending balance	3,084.8	3,126.3
Lloyd's participation rights
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	503.2	503.2
Goodwill and intangible assets, ending balance	503.2	503.2
Customer and broker relationships
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	867.5	969.8
Additions	17.8
Additions, including prior year adjustment		(1)
Disposals	(25.1)
Amortization	(96.6)	(100.4)
Impairments		(2.1)
Foreign exchange effect and other	(2.7)	1.2
Goodwill and intangible assets, ending balance	760.9	867.5
Brand names
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	1,153.3	1,181.1
Additions	27.9	0.1
Disposals	(64)
Impairments	(33.1)	(44.7)
Foreign exchange effect and other	3.2	16.8
Goodwill and intangible assets, ending balance	1,087.3	1,153.3
Computer software and other
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	578.8	542.7
Additions	264.3	221
Disposals	(7.5)	(66.5)
Amortization	(342.8)	(115.6)
Impairments	(0.1)	(6.3)
Foreign exchange effect and other	(0.7)	3.5
Goodwill and intangible assets, ending balance	$ 492	$ 578.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets
Goodwill and intangible assets	$ 5,928.2	$ 6,229.1	$ 6,194.1
Gross carrying amount
Goodwill and Intangible Assets
Goodwill and intangible assets	7,622	7,497.2
Accumulated amortization
Goodwill and Intangible Assets
Goodwill and intangible assets	(1,492.8)	(1,125.6)
Accumulated impairment
Goodwill and Intangible Assets
Goodwill and intangible assets	(201)	(142.5)
Goodwill.
Goodwill and Intangible Assets
Goodwill and intangible assets	3,084.8	3,126.3	2,997.3
Goodwill. | Gross carrying amount
Goodwill and Intangible Assets
Goodwill and intangible assets	3,214.1	3,199.6
Goodwill. | Accumulated impairment
Goodwill and Intangible Assets
Goodwill and intangible assets	(129.3)	(73.3)
Lloyd's participation rights
Goodwill and Intangible Assets
Goodwill and intangible assets	503.2	503.2	503.2
Lloyd's participation rights | Gross carrying amount
Goodwill and Intangible Assets
Goodwill and intangible assets	503.2	503.2
Customer and broker relationships
Goodwill and Intangible Assets
Goodwill and intangible assets	760.9	867.5	969.8
Customer and broker relationships | Gross carrying amount
Goodwill and Intangible Assets
Goodwill and intangible assets	1,338.5	1,383.6
Customer and broker relationships | Accumulated amortization
Goodwill and Intangible Assets
Goodwill and intangible assets	(577.4)	(513.7)
Customer and broker relationships | Accumulated impairment
Goodwill and Intangible Assets
Goodwill and intangible assets	(0.2)	(2.4)
Brand names
Goodwill and Intangible Assets
Goodwill and intangible assets	1,087.3	1,153.3	1,181.1
Brand names | Gross carrying amount
Goodwill and Intangible Assets
Goodwill and intangible assets	1,139.2	1,200.4
Brand names | Accumulated impairment
Goodwill and Intangible Assets
Goodwill and intangible assets	(51.9)	(47.1)
Computer software and other
Goodwill and Intangible Assets
Goodwill and intangible assets	492	578.8	$ 542.7
Computer software and other | Gross carrying amount
Goodwill and Intangible Assets
Goodwill and intangible assets	1,427	1,210.4
Computer software and other | Accumulated amortization
Goodwill and Intangible Assets
Goodwill and intangible assets	(915.4)	(611.9)
Computer software and other | Accumulated impairment
Goodwill and Intangible Assets
Goodwill and intangible assets	$ (19.6)	$ (19.7)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Allocation of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of information for cash-generating units [line items]
Goodwill	$ 3,084.8	$ 3,126.3
Intangible assets	2,843.4	3,102.8
Intangible assets and goodwill	5,928.2	6,229.1	$ 6,194.1
Insurance and reinsurance companies.
Disclosure of information for cash-generating units [line items]
Goodwill	1,972.8	2,010.1
Intangible assets	1,614.2	1,617.2
Intangible assets and goodwill	3,587	3,627.3
Allied World Assurance Company Holdings, Ltd (Allied World)
Disclosure of information for cash-generating units [line items]
Goodwill	940	940
Intangible assets	565.8	611.7
Intangible assets and goodwill	1,505.8	1,551.7
Brit Limited (Brit)
Disclosure of information for cash-generating units [line items]
Goodwill	215.6	200.2
Intangible assets	580.5	581.1
Intangible assets and goodwill	796.1	781.3
Zenith National Insurance Corp. (Zenith National)
Disclosure of information for cash-generating units [line items]
Goodwill	317.6	317.6
Intangible assets	84.4	93.2
Intangible assets and goodwill	402	410.8
Crum & Forster Holdings Corp. (Crum & Forster)
Disclosure of information for cash-generating units [line items]
Goodwill	189.1	188.8
Intangible assets	91	104.2
Intangible assets and goodwill	280.1	293
Northbridge Financial Corporation (Northbridge)
Disclosure of information for cash-generating units [line items]
Goodwill	94.9	95.4
Intangible assets	121.3	105.5
Intangible assets and goodwill	216.2	200.9
Odyssey Group Holdings, Inc. (Odyssey Group)
Disclosure of information for cash-generating units [line items]
Goodwill	119.7	119.7
Intangible assets	54.9	57.3
Intangible assets and goodwill	174.6	177
All other insurance and reinsurance companies
Disclosure of information for cash-generating units [line items]
Goodwill	95.9	148.4
Intangible assets	116.3	64.2
Intangible assets and goodwill	212.2	212.6
Non-insurance companies.
Disclosure of information for cash-generating units [line items]
Goodwill	1,112	1,116.2
Intangible assets	1,229.2	1,485.6
Intangible assets and goodwill	2,341.2	2,601.8
Recipe Unlimited Corporation (Recipe)
Disclosure of information for cash-generating units [line items]
Goodwill	321.2	280.9
Intangible assets	980.5	1,011
Intangible assets and goodwill	1,301.7	1,291.9
Boat Rocker Media Inc. (Boat Rocker)
Disclosure of information for cash-generating units [line items]
Goodwill	89.1	90.1
Intangible assets	90.2	230.8
Intangible assets and goodwill	179.3	320.9
Farmers Edge Inc. (Farmers Edge)
Disclosure of information for cash-generating units [line items]
Goodwill	208.3	202.6
Intangible assets	16	17
Intangible assets and goodwill	224.3	219.6
AGT Food and Ingredients Inc. (AGT)
Disclosure of information for cash-generating units [line items]
Goodwill	154.4	168.5
Intangible assets	34.9	47.1
Intangible assets and goodwill	189.3	215.6
Thomas Cook (India) Limited (Thomas Cook India)
Disclosure of information for cash-generating units [line items]
Goodwill	142.1	144.6
Intangible assets	54.5	56.3
Intangible assets and goodwill	196.6	200.9
All other non-insurance companies
Disclosure of information for cash-generating units [line items]
Goodwill	196.9	229.5
Intangible assets	53.1	123.4
Intangible assets and goodwill	$ 250	$ 352.9

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details)	Dec. 31, 2021
Bottom of range
Disclosure of information for cash-generating units [line items]
Growth rate used to extrapolate cash flow projections	3.00%
Top of range
Disclosure of information for cash-generating units [line items]
Growth rate used to extrapolate cash flow projections	3.70%
Insurance and reinsurance companies.
Disclosure of information for cash-generating units [line items]
Investment return rate	5.00%
Insurance and reinsurance companies. | Bottom of range
Disclosure of information for cash-generating units [line items]
Discount rate applied to cash flow projections	8.10%
Insurance and reinsurance companies. | Top of range
Disclosure of information for cash-generating units [line items]
Discount rate applied to cash flow projections	12.10%
Non-insurance companies. | Bottom of range
Disclosure of information for cash-generating units [line items]
Discount rate applied to cash flow projections	9.40%
Non-insurance companies. | Top of range
Disclosure of information for cash-generating units [line items]
Discount rate applied to cash flow projections	19.80%

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Premises and equipment and right-of-use assets	$ 2,284	$ 2,754.1
Assets associated with unit-linked insurance products	637.1	0
Inventories	547.3	645.6
Other revenue receivables	508.4	550.8
Finance lease receivables	266.1	305.4
Accrued interest and dividends	215.1	197.9
Prepaid expenses	205.8	245.9
Income tax, sales tax and subsidies receivable	231.9	256.4
Receivable for securities sold but not yet settled	135.4	28.5
Prepaid losses on claims	129.4	118.6
Pension surplus	113.8	48.8
Other	847	705.2
Current	2,333.6	2,430
Non-current	3,787.7	3,427.2
Other assets	6,121.3	5,857.2
Insurance and reinsurance companies
Segmented Information
Premises and equipment and right-of-use assets	725.6	758.1
Assets associated with unit-linked insurance products	637.1
Finance lease receivables	9.4	8.5
Accrued interest and dividends	211.4	195.5
Prepaid expenses	110.9	125.2
Income tax, sales tax and subsidies receivable	61.6	85.5
Receivable for securities sold but not yet settled	135.4	28.5
Prepaid losses on claims	129.4	118.6
Pension surplus	113.8	48.8
Other	791.1	620
Current	989.9	925.5
Non-current	1,935.8	1,063.2
Other assets	2,925.7	1,988.7
Non-insurance companies
Segmented Information
Premises and equipment and right-of-use assets	1,558.4	1,996
Inventories	547.3	645.6
Other revenue receivables	508.4	550.8
Finance lease receivables	256.7	296.9
Accrued interest and dividends	3.7	2.4
Prepaid expenses	94.9	120.7
Income tax, sales tax and subsidies receivable	170.3	170.9
Other	55.9	85.2
Current	1,343.7	1,504.5
Non-current	1,851.9	2,364
Other assets	$ 3,195.6	$ 3,868.5

Account Payable and Accrued Lia

Account Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities [Line Items]
Lease liabilities (note 22)	$ 1,140.7	$ 1,452.1
Payables related to cost of sales	580.9	625.7
Salaries and employee benefit liabilities	568.2	485
Deferred gift card, hospitality and other revenue	477.7	396.4
Amounts withheld and accrued taxes	353.9	454.4
Pension and post retirement liabilities (note 21)	253.9	351.9
Income taxes payable	175	64.5
Administrative and other	1,435.1	1,166.1
Accounts payable and accrued liabilities	4,985.4	4,996.1
Current	2,715.9	2,689.3
Non-current	2,269.5	2,306.8
Insurance and reinsurance companies.
Accounts Payable And Accrued Liabilities [Line Items]
Lease liabilities (note 22)	384.2	456.8
Salaries and employee benefit liabilities	482.6	394.4
Deferred gift card, hospitality and other revenue	453.9	367.3
Amounts withheld and accrued taxes	35.4	21.1
Pension and post retirement liabilities (note 21)	237.4	325.3
Income taxes payable	163.8	42.8
Administrative and other	1,150.9	822
Accounts payable and accrued liabilities	2,908.2	2,429.7
Current	1,538.7	1,274.7
Non-current	1,369.5	1,155
Non-insurance companies.
Accounts Payable And Accrued Liabilities [Line Items]
Lease liabilities (note 22)	756.5	995.3
Payables related to cost of sales	580.9	625.7
Salaries and employee benefit liabilities	85.6	90.6
Deferred gift card, hospitality and other revenue	23.8	29.1
Amounts withheld and accrued taxes	318.5	433.3
Pension and post retirement liabilities (note 21)	16.5	26.6
Income taxes payable	11.2	21.7
Administrative and other	284.2	344.1
Accounts payable and accrued liabilities	2,077.2	2,566.4
Current	1,177.2	1,414.6
Non-current	$ 900	$ 1,151.8

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions	Dec. 31, 2021EUR (€)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021GBP (£)	Oct. 29, 2021	Mar. 29, 2021	Mar. 03, 2021CAD ($)	Mar. 03, 2021USD ($)	Feb. 26, 2021USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)	Dec. 31, 2019USD ($)
Borrowings
Carrying value			$ 7,753									$ 8,814		$ 7,232.6
Fair value			8,291.9									9,437.4
Borrowings
Borrowings
Principal			7,802.3									8,849
5.84% due October 14, 2022 (Cdn$450.0)
Borrowings
Interest rate						5.84%
4.50% due March 22, 2023 (Cdn$400.0)
Borrowings
Interest rate						4.50%
4.142% due February 7, 2024
Borrowings
Interest rate					4.142%
3.375% due March 3, 2031
Borrowings
Principal								$ 600
Interest rate							3.375%	3.375%
3.95% Unsecured Senior Notes Due March 3, 2031
Borrowings
Principal							$ 850	$ 671.6
Interest rate							3.95%	3.95%
Holding company
Borrowings
Principal			5,385.2
Carrying value			5,338.6									5,580.6		4,117.3
Fair value			$ 5,850.5									6,167.4
Holding company | Borrowings
Borrowings
Principal												5,613
Holding company | 5.84% due October 14, 2022 (Cdn$450.0)
Borrowings
Principal		$ 446									$ 446	$ 350.1
Interest rate	5.84%	5.84%	5.84%	5.84%						5.84%	5.84%	5.84%	5.84%
Carrying value												$ 351.1
Fair value												377.6
Holding company | 4.50% due March 22, 2023 (Cdn$400.0)
Borrowings
Principal		$ 400									$ 400	$ 314
Interest rate	4.50%	4.50%	4.50%	4.50%						4.50%	4.50%	4.50%	4.50%
Carrying value												$ 312.9
Fair value												334.1
Holding company | 4.142% due February 7, 2024
Borrowings
Principal												$ 85
Interest rate	4.142%	4.142%	4.142%	4.142%						4.142%	4.142%	4.142%	4.142%
Carrying value												$ 85
Fair value												85.1
Holding company | 4.875% due August 13, 2024
Borrowings
Principal			$ 282.5									$ 282.5
Interest rate	4.875%	4.875%	4.875%	4.875%						4.875%	4.875%	4.875%	4.875%
Carrying value			$ 281.1									$ 280.6
Fair value			301.7									309.7
Holding company | 4.95% due March 3, 2025 (Cdn$350.0)
Borrowings
Principal		$ 350	$ 277.1								$ 350	$ 274.7
Interest rate	4.95%	4.95%	4.95%	4.95%						4.95%	4.95%	4.95%	4.95%
Carrying value			$ 275.4									$ 272.5
Fair value			299.6									306.3
Holding company | 8.30% due April 15, 2026
Borrowings
Principal			$ 91.8									$ 91.8
Interest rate	8.30%	8.30%	8.30%	8.30%						8.30%	8.30%	8.30%	8.30%
Carrying value			$ 91.7									$ 91.7
Fair value			113.3									118.6
Holding company | 4.70% due December 16, 2026 (Cdn$450.0)
Borrowings
Principal		$ 450	$ 356.3								$ 450	$ 353.2
Interest rate	4.70%	4.70%	4.70%	4.70%						4.70%	4.70%	4.70%	4.70%
Carrying value			$ 354.8									$ 351.5
Fair value			387.9									394.6
Holding company | 4.25% due December 6, 2027 (Cdn$650.0)
Borrowings
Principal		$ 650	$ 514.6								$ 650	$ 510.2
Interest rate	4.25%	4.25%	4.25%	4.25%						4.25%	4.25%	4.25%	4.25%
Carrying value			$ 513.1									$ 508.5
Fair value			551.4									558.3
Holding company | 2.75% due March 29, 2028 (750.0 EUR)
Borrowings
Principal	€ 750		$ 852.9							€ 750		$ 917.7
Interest rate	2.75%	2.75%	2.75%	2.75%						2.75%	2.75%	2.75%	2.75%
Carrying value			$ 842.4									$ 904.4
Fair value			926.3									1,023.9
Holding company | 4.85% due April 17, 2028
Borrowings
Principal			$ 600									$ 600
Interest rate	4.85%	4.85%	4.85%	4.85%						4.85%	4.85%	4.85%	4.85%
Carrying value			$ 596.3									$ 595.8
Fair value			668.5									677.6
Holding company | 4.23% due June 14, 2029 (Cdn$500.0)
Borrowings
Principal		$ 500	$ 395.8								$ 500	$ 392.5
Interest rate	4.23%	4.23%	4.23%	4.23%						4.23%	4.23%	4.23%	4.23%
Carrying value			$ 394.2									$ 390.6
Fair value			424.4									426.7
Holding company | 4.625% Unsecured Senior Notes Due April 30, 2030
Borrowings
Principal			$ 650									$ 650
Interest rate	4.625%	4.625%	4.625%	4.625%						4.625%	4.625%	4.625%	4.625%
Carrying value			$ 645.9									$ 645.4
Fair value			730									$ 731.8
Holding company | 3.375% due March 3, 2031
Borrowings
Principal			$ 600
Interest rate	3.375%	3.375%	3.375%	3.375%						3.375%	3.375%	3.375%	3.375%
Carrying value			$ 585.1
Fair value			620.7
Holding company | 3.95% Unsecured Senior Notes Due March 3, 2031
Borrowings
Principal		$ 850	$ 672.9								$ 850
Interest rate	3.95%	3.95%	3.95%	3.95%						3.95%	3.95%	3.95%	3.95%
Carrying value			$ 668
Fair value			701.3
Holding company | 7.75% due July 15, 2037
Borrowings
Principal			$ 91.3									$ 91.3
Interest rate	7.75%	7.75%	7.75%	7.75%						7.75%	7.75%	7.75%	7.75%
Carrying value			$ 90.6									$ 90.6
Fair value			125.4									123.1
Holding company | Revolving Credit Facility
Borrowings
Principal												700
Carrying value												700
Fair value												700
Insurance and reinsurance companies
Borrowings
Carrying value			790.7									1,033.4		1,039.6
Fair value			815.8									1,067.4
Insurance and reinsurance companies | Borrowings
Borrowings
Principal			783.8									1,025.2
Insurance and reinsurance companies | OdysseyRe floating rate unsecured senior notes due 2021
Borrowings
Principal												90
Carrying value												90
Fair value												91
Insurance and reinsurance companies | Allied World senior notes, 4.35% due October 29, 2025
Borrowings
Principal			$ 500									$ 500
Interest rate	4.35%	4.35%	4.35%	4.35%						4.35%	4.35%	4.35%	4.35%
Carrying value			$ 503.9									$ 505
Fair value			536.9									544.9
Insurance and reinsurance companies | Allied World revolving credit facility and other borrowings
Borrowings
Principal			17.4									40.8
Carrying value			20.6									44.2
Fair value			21.1									51.4
Insurance and reinsurance companies | Zenith National 8.55% debentures due August 1, 2028
Borrowings
Principal			$ 38.5									$ 38.5
Interest rate	8.55%	8.55%	8.55%	8.55%						8.55%	8.55%	8.55%	8.55%
Carrying value			$ 38.3									$ 38.3
Fair value			38.3									38.3
Insurance and reinsurance companies | Brit 3.6757% subordinated notes due December 9, 2030 (135.0)
Borrowings
Principal			$ 182.9	£ 135								$ 184.5	£ 135
Interest rate	3.6757%	3.6757%	3.6757%	3.6757%						3.6757%	3.6757%	3.6757%	3.6757%
Carrying value			$ 182.9									$ 184.5
Fair value			174.5									170.4
Insurance and reinsurance companies | Brit floating rate revolving credit facility
Borrowings
Principal			45									130
Carrying value			45									130
Fair value			45									130
Insurance and reinsurance companies | First Mercury floating rate trust preferred securities due 2036 and 2037
Borrowings
Principal												41.4
Carrying value												41.4
Fair value												41.4
Insurance and reinsurance companies | Fairfax India 5.00% Unsecured Senior Notes Due 2028
Borrowings
Principal									$ 58.4
Non-insurance companies
Borrowings
Carrying value			1,623.7									2,200		$ 2,075.7
Fair value			1,625.6									2,202.6
Non-insurance companies | Borrowings
Borrowings
Principal			1,633.3									2,210.8
Non-insurance companies | Fairfax India 5.00% Unsecured Senior Notes Due 2028
Borrowings
Principal			$ 441.6						$ 500			$ 550
Interest rate	5.00%	5.00%	5.00%	5.00%					5.00%	5.00%	5.00%	5.00%	5.00%
Carrying value			$ 438.4									$ 547.2
Fair value			440.3									550
Non-insurance companies | Fairfax India subsidiary borrowings
Borrowings
Principal			91.9									167.1
Carrying value			91.3									166.4
Fair value			91.3									166.4
Non-insurance companies | AGT credit facilities, senior notes and loans
Borrowings
Principal			491.8									516.4
Carrying value			488.9									514.2
Fair value			488.9									514
Non-insurance companies | Recipe term loans and credit facilities
Borrowings
Principal			359									430.7
Carrying value			356.9									428.4
Fair value			356.9									428.4
Non-insurance companies | Boat Rocker demand loans and revolving credit facilities
Borrowings
Principal			93.8									184.6
Carrying value			93.1									183
Fair value			93.1									183
Non-insurance companies | Loans and revolving credit facilities primarily at floating rates
Borrowings
Principal			155.2									362
Carrying value			155.1									360.8
Fair value			$ 155.1									$ 360.8

Borrowings - Additional Informa

Borrowings - Additional Information (Details) $ in Millions, $ in Millions	Dec. 17, 2021USD ($)	Dec. 15, 2021USD ($)	Oct. 29, 2021USD ($)	Jun. 15, 2021USD ($)	Mar. 29, 2021CAD ($)	Mar. 29, 2021USD ($)	Mar. 15, 2021USD ($)	Mar. 03, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Jun. 29, 2021USD ($)	Mar. 03, 2021CAD ($)	Mar. 03, 2021USD ($)	Feb. 26, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Borrowings
Borrowings											$ 7,232.6		$ 7,753						$ 8,814
Equity attributable to owners of parent													16,385.1						13,856.6
Interest expense									$ 513.9	$ 475.9
Interest expense on borrowings									356.8
Interest expense on lease liabilities									57.9	62.8
Unsecured revolving credit facility
Borrowings
Repayments of non-current borrowings									$ 700
Borrowings													0						700
Ratio of consolidated debt to consolidated capitalization									0.245
Required minimum of shareholders' equity balance													9,500
Unsecured revolving credit facility | Top of range
Borrowings
Ratio of consolidated debt to consolidated capitalization									0.35
3.95% Unsecured Senior Notes Due March 3, 2031
Borrowings
Notional amount															$ 850	$ 671.6
Interest rate															3.95%	3.95%
Net proceeds from borrowings								$ 666.2
Borrowing costs incurred								5.4
3.375% due March 3, 2031
Borrowings
Notional amount																$ 600
Interest rate															3.375%	3.375%
Net proceeds from borrowings								583.8
Borrowing costs incurred								$ 15.4
5.84% due October 14, 2022 (Cdn$450.0)
Borrowings
Interest rate					5.84%	5.84%
Repayments of non-current borrowings					$ 446	$ 353.5
4.50% due March 22, 2023 (Cdn$400.0)
Borrowings
Interest rate					4.50%	4.50%
Repayments of non-current borrowings					$ 400	$ 317.1
Loss on redemption as interest expense						$ 45.7
4.142% due February 7, 2024
Borrowings
Interest rate			4.142%
Repayments of non-current borrowings			$ 85
Holding company and insurance and reinsurance companies
Borrowings
Repayments of non-current borrowings									$ 932.9	0.3
Borrowings													6,129.3						6,614
Interest expense on borrowings									356.8	286.3	0
Loss on redemption as interest expense									45.7
Holding company
Borrowings
Notional amount													5,385.2
Borrowings											4,117.3		5,338.6						5,580.6
Holding company | Unsecured revolving credit facility
Borrowings
Notional amount														$ 2,000
Holding company | Revolving Credit Facility
Borrowings
Notional amount																			700
Borrowings																			$ 700
Holding company | 3.95% Unsecured Senior Notes Due March 3, 2031
Borrowings
Notional amount												$ 850	$ 672.9					$ 850
Interest rate												3.95%	3.95%					3.95%	3.95%
Borrowings													$ 668
Holding company | 3.375% due March 3, 2031
Borrowings
Notional amount													$ 600
Interest rate												3.375%	3.375%					3.375%	3.375%
Borrowings													$ 585.1
Holding company | 5.84% due October 14, 2022 (Cdn$450.0)
Borrowings
Notional amount												$ 446						$ 446	$ 350.1
Interest rate												5.84%	5.84%					5.84%	5.84%
Borrowings																			$ 351.1
Holding company | 4.50% due March 22, 2023 (Cdn$400.0)
Borrowings
Notional amount												$ 400						$ 400	$ 314
Interest rate												4.50%	4.50%					4.50%	4.50%
Borrowings																			$ 312.9
Holding company | 4.142% due February 7, 2024
Borrowings
Notional amount																			$ 85
Interest rate												4.142%	4.142%					4.142%	4.142%
Borrowings																			$ 85
Insurance and reinsurance companies.
Borrowings
Borrowings											1,039.6		$ 790.7						1,033.4
Interest expense									373.6	305.3
Insurance and reinsurance companies. | Fairfax India 5.00% Unsecured Senior Notes Due 2028
Borrowings
Notional amount																	$ 58.4
Insurance and reinsurance companies. | Crum & Forster First Mercury Trust Preferred Securities
Borrowings
Repayments of non-current borrowings		$ 41.4
Insurance and reinsurance companies. | OdysseyRe floating rate unsecured senior notes due 2021
Borrowings
Notional amount																			90
Repayments of non-current borrowings				$ 40			$ 50
Borrowings																			90
Insurance and reinsurance companies. | Subsequent Events | Fairfax India 5.00% Unsecured Senior Notes Due 2028
Borrowings
Notional amount																	$ 58.4
Interest rate																	5.00%
Non-insurance companies.
Borrowings
Repayments of non-current borrowings									593.9	82.5
Borrowings											$ 2,075.7		1,623.7						2,200
Borrowing costs incurred									99.2	126.8
Interest expense									$ 140.3	$ 170.6
Non-insurance companies. | Fairfax India 5.00% Unsecured Senior Notes Due 2028
Borrowings
Notional amount													$ 441.6				$ 500		$ 550
Interest rate												5.00%	5.00%				5.00%	5.00%	5.00%
Borrowings													$ 438.4						$ 547.2
Non-insurance companies. | Fairfax India Unsecured Rate Revolving Credit Facility with Syndicate of Lenders
Borrowings
Notional amount	$ 175
Maturity term	3 years

Borrowings - Carrying Amount Ro

Borrowings - Carrying Amount Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Carrying Value Of Borrowings [Roll Forward]
Balance - January 1	$ 8,814	$ 7,232.6
Cash inflows from issuances	1,749.1	752.8
Cash outflows from repayments	(1,526.8)	(82.8)
Net cash inflows (outflows) from credit facilities and short term loans	(1,046.3)	750.5
Acquisition of subsidiary		127.4
Deconsolidation of subsidiary	(209.9)	(118.7)
Loss on redemption	45.6
Foreign exchange effect and other	(72.7)	152.2
Balance - December 31	7,753	8,814
Holding company
Carrying Value Of Borrowings [Roll Forward]
Balance - January 1	5,580.6	4,117.3
Cash inflows from issuances	1,250	645
Cash outflows from repayments	(801.2)
Net cash inflows (outflows) from credit facilities and short term loans	(700)	700
Loss on redemption	45.7
Foreign exchange effect and other	(36.5)	118.3
Balance - December 31	5,338.6	5,580.6
Insurance and reinsurance companies.
Carrying Value Of Borrowings [Roll Forward]
Balance - January 1	1,033.4	1,039.6
Cash outflows from repayments	(131.7)	(0.3)
Net cash inflows (outflows) from credit facilities and short term loans	(84.3)	(10)
Deconsolidation of subsidiary	(22.5)
Foreign exchange effect and other	(4.2)	4.1
Balance - December 31	790.7	1,033.4
Non-insurance companies.
Carrying Value Of Borrowings [Roll Forward]
Balance - January 1	2,200	2,075.7
Cash inflows from issuances	499.1	107.8
Cash outflows from repayments	(593.9)	(82.5)
Net cash inflows (outflows) from credit facilities and short term loans	(262)	60.5
Acquisition of subsidiary		127.4
Deconsolidation of subsidiary	(187.4)	(118.7)
Loss on redemption	(0.1)
Foreign exchange effect and other	(32)	29.8
Balance - December 31	$ 1,623.7	$ 2,200

Borrowings - Schedule of Borr_2

Borrowings - Schedule of Borrowings Principal Payments (Details) $ in Millions	Dec. 31, 2021USD ($)
Borrowings
2022	$ 584.7
2023	63.1
2024	490.8
2025	843.5
2026	468.6
Thereafter	5,351.6
Total	7,802.3
Holding company
Borrowings
2024	282.5
2025	277.1
2026	448.1
Thereafter	4,377.5
Total	5,385.2
Insurance and reinsurance companies.
Borrowings
2022	0.3
2023	0.3
2024	0.3
2025	545.3
2026	0.3
Thereafter	237.3
Total	783.8
Non-insurance companies.
Borrowings
2022	584.4
2023	62.8
2024	208
2025	21.1
2026	20.2
Thereafter	736.8
Total	$ 1,633.3

Total Equity - Capital (Details

Total Equity - Capital (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Multiple voting shares
Total Equity
Voting percentage of multiple voting shares	41.80%
Number of shares issued (in shares)	1,548,000	1,548,000
Subordinate voting shares
Total Equity
Number of shares issued (in shares)	24,986,170	27,124,093
Number of shares reserved for share-based payments (in shares)	1,869,340	1,696,357

Total Equity - Common Stock, Nu

Total Equity - Common Stock, Number of shares outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Common shares
Number of shares outstanding rollforward:
Beginning balance, shares outstanding (in shares)	26,176,506
Ending balance, shares outstanding (in shares)	23,865,600	26,176,506
Multiple and subordinate voting shares
Number of shares outstanding rollforward:
Interest in multiple and subordinate voting shares held through ownership interest in shareholder - beginning and end of year	(799,230)	(799,230)
Subordinate voting shares
Number of shares outstanding rollforward:
Beginning balance, shares outstanding (in shares)	25,427,736	26,082,299
Purchases for cancellation (in shares)	(2,137,923)	(343,871)
Treasury shares acquired (in shares)	(293,197)	(457,603)
Treasury shares reissued (in shares)	120,214	146,911
Ending balance, shares outstanding (in shares)	23,116,830	25,427,736
Multiple voting shares
Number of shares outstanding rollforward:
Beginning balance, shares outstanding (in shares)	1,548,000
Ending balance, shares outstanding (in shares)	1,548,000	1,548,000

Total Equity - Common stock, ot

Total Equity - Common stock, other disclosures (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 29, 2021	Mar. 03, 2022	Dec. 31, 2021	Dec. 31, 2020
Total Equity
Reduction of issued capital purchases for cancellation			$ 1,058.1	$ 100.9
Subordinate voting shares
Total Equity
Purchases for cancellation (in shares)			2,137,923	343,871
Treasury shares acquired (in shares)			293,197	457,603
Value of treasury shares purchased			$ 132.6	$ 137.9
Subordinate voting shares | Major ordinary share transactions
Total Equity
Treasury shares acquired (in shares)		92,719
Value of treasury shares purchased		$ 45.9
Subordinate voting shares | Normal course issuer bids
Total Equity
Purchases for cancellation (in shares)			137,923	343,871
Cost of shares purchased for cancellation			$ 58.1	$ 100.9
Subordinate voting shares | Substantial issuer bid
Total Equity
Purchases for cancellation (in shares)	2,000,000		2,000,000
Purchases for cancellation (in dollars per share)	$ 500
Cash paid for stock repurchase	$ 1,000		$ 1,000
Additional paid-up capital	495.4
Retained earnings
Total Equity
Reduction of issued capital purchases for cancellation			528.5	15.7
Retained earnings | Normal course issuer bids
Total Equity
Reduction of issued capital purchases for cancellation			$ 23.9	$ 15.7
Retained earnings | Subordinate voting shares | Substantial issuer bid
Total Equity
Reduction of issued capital purchases for cancellation	$ 504.6

Total Equity - Dividends Paid (

Total Equity - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 27, 2022	Jan. 28, 2021	Jan. 28, 2020	Dec. 31, 2021	Dec. 31, 2020
Total Equity
Dividend per share (in dollars per share)				$ 10	$ 10
Total cash payment				$ 427.5	$ 441.3
Multiple and subordinate voting shares
Total Equity
Dividend per share (in dollars per share)	$ 10	$ 10	$ 10
Total cash payment	$ 249.9	$ 272.1	$ 275.7

Total Equity - Preferred Shares

Total Equity - Preferred Shares (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)$ / sharesshares
Total Equity
Liquidation preference per share (in dollars per share)	$ 25
Dividends paid, other shares | $	$ 44.5	$ 44
Dividends paid | $	$ 44.5	44
Government of Canada Treasury Bill
Total Equity
Interest rate basis	three-month Government of Canada treasury bill
Preferred shares
Total Equity
Stated capital	$ 1,335.5	1,335.5	$ 1,456
Dividends paid, other shares | $	44.5	44
Dividends paid | $	$ 44.5	$ 44
Series C
Total Equity
Number of shares outstanding (in shares) | shares	7,515,642		7,515,642
Stated capital	$ 170.8		$ 187.9
Liquidation preference per share (in dollars per share)			$ 25
Fixed dividend rate per annum	4.71%
Series D
Total Equity
Number of shares outstanding (in shares) | shares	2,484,358		2,484,358
Stated capital	$ 56.4		$ 62.1
Liquidation preference per share (in dollars per share)			$ 25
Floating dividend rate per annum	3.28%
Series D | Government of Canada Treasury Bill
Total Equity
Adjustment to interest rate basis (percentage)	3.15%		3.15%
Series E
Total Equity
Number of shares outstanding (in shares) | shares	5,440,132		5,440,132
Stated capital	$ 124.5		$ 136
Liquidation preference per share (in dollars per share)			$ 25
Fixed dividend rate per annum	3.18%
Series F
Total Equity
Number of shares outstanding (in shares) | shares	2,099,046		2,099,046
Stated capital	$ 48.1		$ 52.5
Liquidation preference per share (in dollars per share)			$ 25
Floating dividend rate per annum	2.29%
Series F | Government of Canada Treasury Bill
Total Equity
Adjustment to interest rate basis (percentage)	2.16%		2.16%
Series G
Total Equity
Number of shares outstanding (in shares) | shares	7,719,843		7,719,843
Stated capital	$ 182.1		$ 193
Liquidation preference per share (in dollars per share)			$ 25
Fixed dividend rate per annum	2.96%
Series H
Total Equity
Number of shares outstanding (in shares) | shares	2,280,157		2,280,157
Stated capital	$ 53.8		$ 57
Liquidation preference per share (in dollars per share)			$ 25
Floating dividend rate per annum	2.69%
Series H | Government of Canada Treasury Bill
Total Equity
Adjustment to interest rate basis (percentage)	2.56%		2.56%
Series I
Total Equity
Number of shares outstanding (in shares) | shares	10,420,101		10,420,101
Stated capital	$ 250.5		$ 260.5
Liquidation preference per share (in dollars per share)			$ 25
Fixed dividend rate per annum	3.33%
Series J
Total Equity
Number of shares outstanding (in shares) | shares	1,579,899		1,579,899
Stated capital	$ 38		$ 39.5
Liquidation preference per share (in dollars per share)			$ 25
Floating dividend rate per annum	2.98%
Series J | Government of Canada Treasury Bill
Total Equity
Adjustment to interest rate basis (percentage)	2.85%		2.85%
Series K
Total Equity
Number of shares outstanding (in shares) | shares	9,500,000		9,500,000
Stated capital	$ 231.7		$ 237.5
Liquidation preference per share (in dollars per share)			$ 25
Fixed dividend rate per annum	4.67%
Series M
Total Equity
Number of shares outstanding (in shares) | shares	9,200,000		9,200,000
Stated capital	$ 179.6		$ 230
Liquidation preference per share (in dollars per share)			$ 25
Fixed dividend rate per annum	5.00%
Series L | Government of Canada Treasury Bill
Total Equity
Adjustment to interest rate basis (percentage)	3.51%		3.51%
Series N | Government of Canada Treasury Bill
Total Equity
Adjustment to interest rate basis (percentage)	3.98%		3.98%

Total Equity - Accumulated Othe

Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Pre-tax amount
Foreign currency translation losses	$ (636.2)	$ (550.8)
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	(79.8)	43.7
Items that may be subsequently reclassified to net earnings	(716)	(507.1)
Net losses on defined benefit plans	(104.9)	(214.9)
Share of net losses on defined benefit plans of associates	(57.3)	(159.1)
Other	8.4	(0.8)
Items that will not be subsequently reclassified to net earnings	(153.8)	(374.8)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	(869.8)	(881.9)
Income tax (expense) recovery
Foreign currency translation losses	24.6	12.2
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	0.4	(12.3)
Items that may be subsequently reclassified to net earnings	25	(0.1)
Net losses on defined benefit plans	27.5	54.7
Share of net losses on defined benefit plans of associates	5.5	18.2
Other	10.1	10.1
Items that will not be subsequently reclassified to net earnings	43.1	83
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	68.1	82.9
After-tax amount
Foreign currency translation losses	(611.6)	(538.6)
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	(79.4)	31.4
Items that may be subsequently reclassified to net earnings	(691)	(507.2)
Net losses on defined benefit plans	(77.4)	(160.2)
Share of net losses on defined benefit plans of associates	(51.8)	(140.9)
Other	18.5	9.3
Items that will not be subsequently reclassified to net earnings	(110.7)	(291.8)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	$ (801.7)	$ (799)

Total Equity - Non-Controlling

Total Equity - Non-Controlling Interests (Details) - USD ($) $ in Millions	Feb. 15, 2022	Dec. 29, 2021	Dec. 15, 2021	Sep. 16, 2021	Aug. 27, 2021	Aug. 11, 2021	Apr. 29, 2021	Apr. 28, 2021	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Total equity
Carrying value										$ 4,930.2	$ 3,670.7
Net earnings (loss) attributable to non-controlling interests										265.5	(181)
Dividends paid										44.5	44
Proceeds from sale of equity interest in subsidiary										1,603.2	$ 218.2
Substantial issuer bid | Subordinate voting shares
Total equity
Cash paid for stock repurchase		$ 1,000								1,000
Allied World Assurance Company Holdings, Ltd (Allied World)
Total equity
Net earnings (loss) attributable to non-controlling interests										$ 117.8
Dividends paid								$ 126.4	$ 126.4
Brit Limited (Brit)
Total equity
Percentage of common shares acquired					13.90%
Odyssey Group Holdings, Inc. (Odyssey Group)
Total equity
Percent of ownership interests sold			9.99%
Fairfax India Holdings Corporation (Fairfax India)
Total equity
Minority voting percentage	5.70%									6.10%	6.60%
Addition subordinate share	5,416,000
Economic ownership percentage	65.60%									69.90%	72.00%
Fairfax India Holdings Corporation (Fairfax India) | Subordinate voting shares
Total equity
Cash paid for stock repurchase										$ 114.3
Fairfax India Holdings Corporation (Fairfax India) | Substantial issuer bid | Subordinate voting shares
Total equity
Cash paid for stock repurchase						$ 105
Recipe Unlimited Corporation (Recipe)
Total equity
Minority voting percentage										39.00%	38.90%
Economic ownership percentage										61.50%	59.80%
Brit Limited (Brit) | Ki Insurance
Total equity
Capital contribution					$ 124
Fairfax India Holdings Corporation (Fairfax India) | Privi Speciality Chemicals Limited
Total equity
Profit (loss) on deconsolidated noncontrolling interests							$ 58.6
Insurance and reinsurance companies
Total equity
Carrying value										$ 2,931.4	$ 1,831.8
Net earnings (loss) attributable to non-controlling interests										$ 221.2	$ 106.6
Insurance and reinsurance companies | Allied World Assurance Company Holdings, Ltd (Allied World)
Total equity
Minority voting percentage										29.10%	29.10%
Carrying value										$ 1,419.6	$ 1,329
Net earnings (loss) attributable to non-controlling interests										$ 117.8	106.6
Insurance and reinsurance companies | Brit Limited (Brit)
Total equity
Minority voting percentage										13.80%
Carrying value										$ 559.3	121.7
Net earnings (loss) attributable to non-controlling interests										$ 14	(10.9)
Insurance and reinsurance companies | Odyssey Group Holdings, Inc. (Odyssey Group)
Total equity
Minority voting percentage										9.99%
Carrying value										$ 550
Insurance and reinsurance companies | All other
Total equity
Carrying value										402.5	381.1
Net earnings (loss) attributable to non-controlling interests										89.4	10.9
Non-insurance companies
Total equity
Carrying value										1,998.8	1,838.9
Net earnings (loss) attributable to non-controlling interests										44.3	(287.6)
Non-insurance companies | Restaurants and retail
Total equity
Carrying value										494.3	469.7
Net earnings (loss) attributable to non-controlling interests										$ 11.8	$ (51.2)
Non-insurance companies | Fairfax India Holdings Corporation (Fairfax India)
Total equity
Minority voting percentage										6.10%	6.60%
Carrying value										$ 1,133.1	$ 1,130.9
Net earnings (loss) attributable to non-controlling interests										$ 72.7	$ (29.4)
Non-insurance companies | Thomas Cook (India) Limited (Thomas Cook India)
Total equity
Minority voting percentage										33.20%	33.10%
Carrying value										$ 56.3	$ 69.4
Net earnings (loss) attributable to non-controlling interests										(16.8)	(23.5)
Non-insurance companies | All other
Total equity
Carrying value										315.1	168.9
Net earnings (loss) attributable to non-controlling interests										$ (23.4)	$ (183.5)
Non-insurance companies | Fairfax India Holdings Corporation (Fairfax India) | Anchorage
Total equity
Proceeds from sale of equity interest in subsidiary				$ 107.4

Total Equity - Other Net Change

Total Equity - Other Net Changes In Capitalization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
As presented in other net changes in capitalization in the consolidated statement of changes in equity	$ 1,779.8	$ (3.6)
Common shareholders' equity
Other	91.8	22.2
As presented in other net changes in capitalization in the consolidated statement of changes in equity	552.9	(113.9)
Non-controlling interests
Other	(95.3)	22.3
As presented in other net changes in capitalization in the consolidated statement of changes in equity	1,226.9	110.3
Non-controlling interests | Fairfax consolidated internal investment funds
Third party's net investment	26.2	93.7
Odyssey Group Holdings, Inc. (Odyssey Group) | Common shareholders' equity
Sale (acquisition) of non-controlling interests	429.1
Odyssey Group Holdings, Inc. (Odyssey Group) | Non-controlling interests
Sale (acquisition) of non-controlling interests	550
Brit Limited (Brit) | Common shareholders' equity
Sale (acquisition) of non-controlling interests	115.4	(47.8)
Brit Limited (Brit) | Non-controlling interests
Sale (acquisition) of non-controlling interests	296.7	(189.6)
Farmers Edge and Boat Rocker | Common shareholders' equity
Initial public offerings and related capital transactions	(3.1)
Farmers Edge and Boat Rocker | Non-controlling interests
Initial public offerings and related capital transactions	242.6
Fairfax India Holdings Corporation (Fairfax India) | Common shareholders' equity
Fairfax India's sale of an equity interest in Anchorage	21.8
Share repurchases	(12.5)	0.3
Fairfax India Holdings Corporation (Fairfax India) | Non-controlling interests
Fairfax India's sale of an equity interest in Anchorage	107.4
Share repurchases	(114.3)	(29.1)
Allied World Assurance Company Holdings, Ltd (Allied World) | Common shareholders' equity
Dividends paid to non-controlling interests	89.6	88.6
Allied World Assurance Company Holdings, Ltd (Allied World) | Non-controlling interests
Dividends paid to non-controlling interests	(89.6)	(88.6)
Brit Limited (Brit) | Ki Insurance | Non-controlling interests
Third party's net investment	$ 124	$ 124.4

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per Share
Net earnings attributable to shareholders of Fairfax	$ 3,401.1	$ 218.4
Preferred share dividends	(44.5)	(44)
Net earnings attributable to common shareholders - basic and diluted	$ 3,356.6	$ 174.4
Weighted average common shares outstanding - basic (in shares)	25,953,114	26,446,939
Share-based payment awards (in shares)	1,503,931	1,273,250
Weighted average common shares outstanding - diluted (in shares)	27,457,045	27,720,189
Net earnings per common share - basic (in dollars per share)	$ 129.33	$ 6.59
Net earnings per common share - diluted (in dollars per share)	$ 122.25	$ 6.29

Income Taxes - Provision for (R

Income Taxes - Provision for (Recovery of) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current income tax:
Current year expense	$ 401.6	$ 172.6
Adjustments to prior years' income taxes	(14.6)	(23.8)
Current income tax	387	148.8
Deferred income tax:
Origination and reversal of temporary differences	313.5	51.1
Adjustments to prior years' deferred income taxes	18.9	15.4
Other	6.6	(8.6)
Deferred income tax	339	57.9
Provision for income taxes	$ 726	$ 206.7

Income Taxes - Earnings Before

Income Taxes - Earnings Before Income Taxes by Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Earnings (loss) before income taxes	$ 4,392.6	$ 244.1
Provision for income taxes	726	206.7
Net earnings	3,666.6	37.4
Canada
Disclosure of geographical areas [line items]
Earnings (loss) before income taxes	858.8	212.6
Provision for income taxes	191.6	121
Net earnings	667.2	91.6
United States
Disclosure of geographical areas [line items]
Earnings (loss) before income taxes	974.5	(110.8)
Provision for income taxes	238.6	31.4
Net earnings	735.9	(142.2)
United Kingdom
Disclosure of geographical areas [line items]
Earnings (loss) before income taxes	157.3	(221.4)
Provision for income taxes	18.7	5.7
Net earnings	138.6	(227.1)
Other countries
Disclosure of geographical areas [line items]
Earnings (loss) before income taxes	2,402	363.7
Provision for income taxes	277.1	48.6
Net earnings	$ 2,124.9	$ 315.1

Income Taxes - Income Tax Recon

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Canadian statutory income tax rate	26.50%	26.50%
Provision for income taxes at the Canadian statutory income tax rate	$ 1,164	$ 64.7
Non-taxable investment income	(149.4)	(108.3)
Tax rate differential on income and losses outside Canada	399.1	5.2
Change in unrecorded tax benefit of losses and temporary differences	67.2	172.8
Change in tax rate for deferred income taxes	0.3	(5.7)
Recovery relating to prior years	4.3	(8.4)
Foreign exchange effect	(23)	40.9
Other including permanent differences	61.7	45.5
Provision for income taxes	726	206.7
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate differential on income and losses outside Canada	(399.1)	5.2
Provision for income taxes	$ 191.6	$ 121

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Non-taxable investment income	$ 149.4	$ 108.3
Tax rate differential on income and losses incurred outside Canada	399.1	5.2
Change in unrecorded tax benefit of losses and temporary differences	67.2	172.8
Deferred tax assets	522.4	713.9
Other including permanent differences	61.7	45.5
Unremitted earnings of subsidiaries	7,600	5,100
Tax effect of impairment of goodwill	8
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate differential on income and losses incurred outside Canada	(399.1)	5.2
Deferred tax assets	65.6	63.3
Unused tax losses	2,089.3	2,102.8
United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	24.2	54.7
Unused tax losses	109.4	46.1
Unused foreign tax credits	44.7	43
United Kingdom
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	5.5	53.9
Europe
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses	488.8	537.6
Operating And Capital Losses, And U.S. Foreign Tax Credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	875.9	837.8
Allied World Assurance Company Holdings, Ltd (Allied World)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	22
Unused tax losses	$ 251.4	$ 338.8

Income Taxes - Income Taxes Ref

Income Taxes - Income Taxes Refundable and Payable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Income taxes refundable	$ 58.3	$ 88.7
Income taxes payable	(175)	(64.5)
Net income taxes refundable (payable)	$ (116.7)	$ 24.2	$ 90.6

Income Taxes - Changes in Net I

Income Taxes - Changes in Net Income Taxes (Payable) Refundable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Receivable (Payable) [Roll Forward]
Balance - January 1	$ 24.2	$ 90.6
Amounts recorded in the consolidated statements of earnings	(387)	(148.8)
Payments made during the year	288.7	63.3
Acquisitions of subsidiaries	(54.5)	(0.3)
Deconsolidation of subsidiary		7.6
Foreign exchange effect and other	11.9	11.8
Balance - December 31	$ (116.7)	$ 24.2

Income Taxes - Changes in Defer

Income Taxes - Changes in Deferred Net Income Tax Asset (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	$ 357.5	$ 375.9
Amounts recorded in the consolidated statement of earnings	(339)	(57.9)
Amounts recorded in total equity	(19.2)	26.1
Acquisitions of subsidiaries	(74.1)	6
Deconsolidation of non-insurance subsidiaries	2.6	1.8
Foreign exchange effect and other	(4.2)	5.6
Deferred tax asset, ending balance	(76.4)	357.5
Operating and capital losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	236.3	119.2
Amounts recorded in the consolidated statement of earnings	(3.5)	105
Amounts recorded in total equity	17.5	0.4
Acquisitions of subsidiaries	(4.2)	(0.1)
Deconsolidation of non-insurance subsidiaries	(7.5)	(0.5)
Foreign exchange effect and other	(8.6)	12.3
Deferred tax asset, ending balance	230	236.3
Provision for losses and loss adjustment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	168.8	145.3
Amounts recorded in the consolidated statement of earnings	35.6	22.5
Foreign exchange effect and other	(0.2)	1
Deferred tax asset, ending balance	204.2	168.8
Provision for unearned premiums
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	141.7	119.9
Amounts recorded in the consolidated statement of earnings	46	21.8
Deferred tax asset, ending balance	187.7	141.7
Deferred premium acquisition costs
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	(116.1)	(96.9)
Amounts recorded in the consolidated statement of earnings	(39.4)	(19.3)
Acquisitions of subsidiaries	7.9
Foreign exchange effect and other	(0.2)	0.1
Deferred tax asset, ending balance	(147.8)	(116.1)
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	(389.5)	(428.2)
Amounts recorded in the consolidated statement of earnings	(19.5)	37.9
Acquisitions of subsidiaries	(10.3)
Deconsolidation of non-insurance subsidiaries	7.8
Foreign exchange effect and other	(1.6)	0.8
Deferred tax asset, ending balance	(413.1)	(389.5)
Investments
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	23.9	128
Amounts recorded in the consolidated statement of earnings	(339.2)	(110.8)
Amounts recorded in total equity	0.8	0.6
Acquisitions of subsidiaries	(98.9)
Foreign exchange effect and other	(1.1)	6.1
Deferred tax asset, ending balance	(414.5)	23.9
Tax credits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	174.8	211
Amounts recorded in the consolidated statement of earnings	32.3	(36)
Acquisitions of subsidiaries		0.1
Foreign exchange effect and other	6.5	(0.3)
Deferred tax asset, ending balance	213.6	174.8
Other tax differences
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, beginning balance	117.6	177.6
Amounts recorded in the consolidated statement of earnings	(51.3)	(79)
Amounts recorded in total equity	(37.5)	25.1
Acquisitions of subsidiaries	31.4	6
Deconsolidation of non-insurance subsidiaries	2.3	2.3
Foreign exchange effect and other	1	(14.4)
Deferred tax asset, ending balance	$ 63.5	$ 117.6

Statutory Requirements (Details

Statutory Requirements (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 17, 2021USD ($)	Jun. 17, 2021SGD ($)
Statutory Requirements [Line Items]
Common share dividends	$ 427.5	$ 441.3
Dividend capacity available	1,997.3
Insurance and reinsurance companies.
Statutory Requirements [Line Items]
Common share dividends	429.5	$ 239.7
Investments in subsidiaries			$ 102.9	$ 138
Allied World Assurance Company Holdings, Ltd (Allied World)
Statutory Requirements [Line Items]
Dividend capacity available	1,014.2
Odyssey Group Holdings, Inc. (Odyssey Group)
Statutory Requirements [Line Items]
Dividend capacity available	400.4
Northbridge Financial Corporation (Northbridge)
Statutory Requirements [Line Items]
Dividend capacity available	326.6
Crum & Forster Holdings Corp. (Crum & Forster)
Statutory Requirements [Line Items]
Dividend capacity available	185.3
Zenith National Insurance Corp. (Zenith National)
Statutory Requirements [Line Items]
Dividend capacity available	$ 70.8

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Millions	Dec. 31, 2021USD ($)
Disclosure of contingent liabilities [line items]
Capital commitments	$ 762.5
Securities | Lloyd's participants
Disclosure of contingent liabilities [line items]
Financial assets pledged as liabilities	1,100
Financial assets at fair value | Cash and cash equivalents. | Lloyd's participants
Disclosure of contingent liabilities [line items]
Financial assets pledged as liabilities	278.8
Financial assets at fair value | Securities | Lloyd's participants
Disclosure of contingent liabilities [line items]
Financial assets pledged as liabilities	$ 1,624.1

Pensions and Post Retirement _3

Pensions and Post Retirement Benefits - Funded Status of Defined Benefit Pension and Post Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Weighted average assumptions used to determine benefit obligations:
Pension deficits	$ 253.9	$ 351.9
Pension surpluses	113.8	48.8
Defined benefit pension plans
Pensions and Post Retirement Benefits
Benefit obligation	(1,070.9)	(914.8)
Fair value of plan assets	1,014.7	700.9
Net accrued liability	$ (56.2)	$ (213.9)
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.60%	2.20%
Rate of compensation increase	2.20%	2.60%
Pension deficits	$ 170	$ 262.7
Pension surpluses	113.8	48.8
Post retirement benefit plans
Pensions and Post Retirement Benefits
Benefit obligation	(83.9)	(89.2)
Net accrued liability	$ (83.9)	$ (89.2)
Weighted average assumptions used to determine benefit obligations:
Discount rate	3.10%	2.60%
Rate of compensation increase	3.70%	3.40%
Health care cost trend	3.60%	3.50%

Pensions and Post Retirement _4

Pensions and Post Retirement Benefits - Pension and Post Retirement Expenses Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pensions and Post Retirement Benefits
Employee benefits	$ 462.2	$ 398.2
Pension and post retirement benefit expenses
Pensions and Post Retirement Benefits
Defined benefit pension plan expense	25.8	24.3
Defined contribution pension plan expense	57.8	53.7
Defined benefit post retirement plan expense (recovery)	2	(39.8)
Employee benefits	$ 85.6	38.2
Post retirement benefit plans | Odyssey Group Holdings, Inc. (Odyssey Group)
Pensions and Post Retirement Benefits
Employee benefits		$ 48.5

Pensions and Post Retirement _5

Pensions and Post Retirement Benefits - Pre-tax Actuarial Gains and (Losses) Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pensions and Post Retirement Benefits
Defined benefit post retirement plans - actuarial net gains (losses) on benefit obligations	$ 115.6	$ (88.3)
Defined benefit pension plans
Pensions and Post Retirement Benefits
Actuarial net gains on plan assets and change in asset ceiling	78.6	17.6
Actuarial net gains (losses) on benefit obligations	33.8	(101.5)
Defined benefit post retirement plans - actuarial net gains (losses) on benefit obligations	112.4	(83.9)
Post retirement benefit plans
Pensions and Post Retirement Benefits
Actuarial net gains (losses) on benefit obligations	$ 3.2	$ (4.4)

Pensions and Post Retirement _6

Pensions and Post Retirement Benefits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pensions and Post Retirement Benefits
Employer contributions		$ 45.6	$ 80.3
Expected employer contributions	$ 18.1

Leases - Changes in Right-of-Us

Leases - Changes in Right-of-Use Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes In Right-Of-Use Assets [Roll Forward]
Balance - January 1	$ 1,008	$ 1,020.6
Additions	136	182.1
Disposals	(61)	(23)
Depreciation	(181.3)	(186.9)
Acquisitions of subsidiaries (note 23)	15	20.1
Deconsolidation of subsidiaries (note 23)	(148.1)
Foreign exchange effect and other(3)	(8.8)	(4.9)
Balance - December 31 (note 13)	759.8	1,008
Insurance and reinsurance companies.
Changes In Right-Of-Use Assets [Roll Forward]
Balance - January 1	396.1	385.4
Additions	44	81.5
Disposals	(41.2)	(3.1)
Depreciation	(68.3)	(68.9)
Acquisitions of subsidiaries (note 23)	0.9
Deconsolidation of subsidiaries (note 23)	(1.4)
Foreign exchange effect and other(3)	(1.3)	1.2
Balance - December 31 (note 13)	328.8	396.1
Non-insurance companies.
Changes In Right-Of-Use Assets [Roll Forward]
Balance - January 1	611.9	635.2
Additions	92	100.6
Disposals	(19.8)	(19.9)
Depreciation	(113)	(118)
Acquisitions of subsidiaries (note 23)	14.1	20.1
Deconsolidation of subsidiaries (note 23)	(146.7)
Foreign exchange effect and other(3)	(7.5)	(6.1)
Balance - December 31 (note 13)	$ 431	$ 611.9

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	$ 1,356.3	$ 1,692.8
Lease liabilities, discounted (note 14)	$ 1,140.7	$ 1,452.1
Weighted average incremental borrowing rate	4.30%	4.40%
Due in 1 year or less
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	$ 251	$ 291.6
One to two years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	215.7	252.1
Two to three years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	188.4	216.3
Three to four years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	167.4	185.2
Four to five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	141.4	161.2
More than five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	392.4	586.4
Insurance and reinsurance companies.
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	443.5	536
Lease liabilities, discounted (note 14)	$ 384.2	$ 456.8
Weighted average incremental borrowing rate	3.80%	4.20%
Insurance and reinsurance companies. | Due in 1 year or less
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	$ 77.4	$ 78.7
Insurance and reinsurance companies. | One to two years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	67.6	72.5
Insurance and reinsurance companies. | Two to three years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	58.6	64.3
Insurance and reinsurance companies. | Three to four years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	52	56.5
Insurance and reinsurance companies. | Four to five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	45.1	50.6
Insurance and reinsurance companies. | More than five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	142.8	213.4
Non-insurance companies.
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	912.8	1,156.8
Lease liabilities, discounted (note 14)	$ 756.5	$ 995.3
Weighted average incremental borrowing rate	4.50%	4.50%
Non-insurance companies. | Due in 1 year or less
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	$ 173.6	$ 212.9
Non-insurance companies. | One to two years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	148.1	179.6
Non-insurance companies. | Two to three years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	129.8	152
Non-insurance companies. | Three to four years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	115.4	128.7
Non-insurance companies. | Four to five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	96.3	110.6
Non-insurance companies. | More than five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, undiscounted	$ 249.6	$ 373

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of finance lease payments receivable [line items]
Interest expense on lease liabilities	$ 57.9	$ 62.8
Short-term, low value and other lease costs	19.1	46.5
Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Lease concessions, COVID related	$ 28.9	$ 15.8

Leases - Maturity of Finance Le

Leases - Maturity of Finance Lease Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	$ 307.7	$ 352.4
Unearned finance income	41.6	47
Finance lease receivables (note 13)	266.1	305.4
Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	10.9	10
Unearned finance income	1.5	1.5
Finance lease receivables (note 13)	9.4	8.5
Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	296.8	342.4
Unearned finance income	40.1	45.5
Finance lease receivables (note 13)	256.7	296.9
Due in 1 year or less
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	64.5	67.2
Due in 1 year or less | Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	2.5	1.8
Due in 1 year or less | Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	62	65.4
One to two years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	55.3	61.1
One to two years | Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	2.3	1.8
One to two years | Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	53	59.3
Two to three years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	46	51.2
Two to three years | Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	1.3	1.6
Two to three years | Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	44.7	49.6
Three to four years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	40.3	42.7
Three to four years | Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	1	0.7
Three to four years | Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	39.3	42
Four to five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	34.3	36.3
Four to five years | Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	1	0.7
Four to five years | Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	33.3	35.6
More than five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	67.3	93.9
More than five years | Insurance and reinsurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	2.8	3.4
More than five years | Non-insurance companies.
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, undiscounted	$ 64.5	$ 90.5

Acquisitions and Divestitures -

Acquisitions and Divestitures - Sale of non-controlling interest in Odyssey Group (Details) - Odyssey Group Holdings, Inc. (Odyssey Group) $ in Millions	Dec. 15, 2021USD ($)
Acquisitions and Divestitures
Percent of ownership interests sold	9.99%
Subsidiary of Canada Pension Plan Investment Board ("CPPIB") and OMERS
Acquisitions and Divestitures
Percent of ownership interests sold	9.99%
Cash transferred	$ 900
Equity gain	$ 429.1

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Sale of non-controlling interest in Brit (Details) - OMERS - Brit Limited (Brit) $ in Millions	Aug. 27, 2021USD ($)
Acquisitions and Divestitures
Percent of ownership interests sold	13.90%
Cash transferred	$ 375
Equity gain	$ 115.4

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Sale of RiverStone Barbados (Details) - USD ($) $ in Millions	Aug. 23, 2021	Dec. 31, 2021	Feb. 08, 2021	Dec. 31, 2020
Acquisitions and Divestitures
Derivative financial assets		$ 581.8		$ 382.7
Hamblin Watsa
Acquisitions and Divestitures
Sale of securities assured value		120.8
Asset Value Loan Notes
Acquisitions and Divestitures
Guarantee value of securities		1,100
Derivative financial assets		103.8
Net gain on investments		103.8
CVC | Asset Value Loan Notes
Acquisitions and Divestitures
Guarantee value of securities			$ 1,300
CVC | RiverStone Barbados
Acquisitions and Divestitures
Proportion of ownership interest in joint venture disposed of	60.00%
CVC | RiverStone Barbados | OMERS
Acquisitions and Divestitures
Proportion of ownership interest in joint venture disposed of	40.00%
CVC | RiverStone Barbados
Acquisitions and Divestitures
Consideration paid	$ 695.7
Cash transferred	462
Purchase consideration	200
Notional amount	$ 200
Gains (losses) on exchange differences on translation, before tax		(2.1)
Contingent consideration recognised as of acquisition date		$ 235.7

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Sale of Toys "R" Us Canada (Details) - Aug. 19, 2021 - Non-insurance companies. $ in Millions, $ in Millions	USD ($)	CAD ($)
Acquisitions and Divestitures
Proceeds from sales of investment property	$ 90.3	$ 115.7
Net gain on investments	$ 85.7

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Privatization of Mosaic Capital (Details) - Aug. 05, 2021 - Mosaic Capital Corporation (Mosaic Capital) $ in Millions, $ in Millions	USD ($)	CAD ($)	CAD ($)
Acquisitions and Divestitures
Exchange amount of cash	$ 10.7		$ 13.3
Debentures, consideration received under privatization	130.8	$ 163.3
Investments in privatized company	$ 4		$ 5
Proportion of ownership interest in subsidiary	20.00%	20.00%

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Acquisition of Eurolife FFH Insurance Group Holdings S.A. (Details) € in Millions, $ in Millions	Jul. 14, 2021USD ($)	Jul. 14, 2021EUR (€)	Jul. 13, 2021
Eurolife
Acquisitions and Divestitures
Percentage of interests acquired	80.00%	80.00%	50.00%
Amount of exercise of call option	$ 127.3
Cash transferred	$ 142.7	€ 120.7
Proportion of ownership interest in joint venture	50.00%
Equity interests issued in combination	$ 450
Net gain on investments	130.5
Assets:
Insurance contract receivables	11.6
Portfolio investments	3,653.9
Recoverable from reinsurers	18.6
Deferred income tax assets	32.6
Intangible assets	45.5
Other assets	616.3
Total Assets	4,378.5
Liabilities:
Trade and other payables recognised as of acquisition date	273.2
Insurance contract payables	529
Insurance contract liabilities	2,751.4
Deferred income tax liabilities	100.9
Total Liabilities	3,654.5
Purchase consideration	720
Excess of fair value of net assets acquired over purchase consideration	4
Fair value of assets acquired and liabilities	4,378.5
Cash and cash equivalents	$ 1,433.3
Ownership percentage	20.00%
Eurolife with the non-controlling interests
Acquisitions and Divestitures
Percentage of interests acquired	100.00%	100.00%
Distribution agreement with Eurobank
Assets:
Intangible assets	$ 29
Unit-linked life insurance contracts
Assets:
Portfolio investments	532.1
Eurobank
Liabilities:
Redemption liability	$ 124.9
Proportion of ownership interests held by non-controlling interests	20.00%

Acquisitions and Divestitures_7

Acquisitions and Divestitures - Additional investment in Singapore Reinsurance Corporation Limited (Details) - Insurance and reinsurance companies. $ in Millions, $ in Millions	Aug. 03, 2021	Jun. 17, 2021USD ($)	Jun. 16, 2021	Jun. 17, 2021SGD ($)
Acquisitions and Divestitures
Ownership percentage in equity method investment	100.00%	94.00%	28.20%
Investments in subsidiaries		$ 102.9		$ 138

Acquisitions and Divestitures_8

Acquisitions and Divestitures - Fairfax India's sale of Privi Speciality Chemicals Limited (Details) - Privi Speciality Chemicals Limited $ in Millions, ₨ in Billions	Apr. 29, 2021USD ($)	Apr. 29, 2021INR (₨)
Acquisitions and Divestitures
Proportion of ownership interest in joint venture disposed of	48.80%	48.80%
Consideration paid	$ 164.8	₨ 12.2
Net gain on investments	$ 94.9

Acquisitions and Divestitures_9

Acquisitions and Divestitures - Fairfax Africa transaction with Helios Holdings Limited (Details) - USD ($) $ in Millions	Aug. 19, 2021	Dec. 08, 2020	Dec. 07, 2020
Non-insurance companies.
Acquisitions and Divestitures
Net gain on investments	$ 85.7
Helios Fairfax Partners Corporation
Acquisitions and Divestitures
Net gain on investments		$ (61.5)
Fairfax Africa | Non-insurance companies. | Helios Fairfax Partners Corporation
Acquisitions and Divestitures
Net gain on investments		$ (61.5)
Fairfax Africa | Helios Fairfax Partners Corporation | Non-insurance companies.
Acquisitions and Divestitures
Percentage of interests acquired			32.30%
Helios Holding Limited | Fairfax Africa
Acquisitions and Divestitures
Percentage of interests acquired		45.90%
Helios Holding Limited | Fairfax Africa | Atlas Mara Limited
Acquisitions and Divestitures
Percentage of interests acquired			42.30%
Consideration paid			$ 40

Acquisitions and Divestiture_10

Acquisitions and Divestitures - Acquisition of Horizon North Logistics (Details) - Horizon North - Dexterra	May 29, 2020
Acquisitions and Divestitures
Ownership percentage in equity method investment	100.00%
Percentage of common shares acquired	49.00%

Acquisitions and Divestiture_11

Acquisitions and Divestitures - Contribution of European Run-off to a joint venture (Details) - European Run-off $ in Millions	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Acquisitions and Divestitures
Net gain on investments	$ 243.4
Proportion of ownership interest in joint venture disposed of	40.00%
Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination	$ 35.6
Ownership percentage	60.00%
Gains (losses) on exchange differences on translation, before tax	$ (161.9)
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent	340.4
Insurance and reinsurance companies.
Acquisitions and Divestitures
Portion of gains (losses) recognised when control of subsidiary is lost, attributable to derecognising regulatory deferral account balances in former subsidiary	117.1
RiverStone Barbados
Acquisitions and Divestitures
Cash transferred	$ 599.5	$ 599.5
Percentage of interests acquired	60.00%	60.00%
Consideration paid		$ 605
OMERS
Acquisitions and Divestitures
Cash transferred	$ 599.5	$ 599.5
Percentage of interests acquired	40.00%	40.00%

Financial Risk Management - Und

Financial Risk Management - Underwriting Risk - Gross Premiums Written (Details) - USD ($) $ in Millions	Jul. 14, 2020	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross recoverable from reinsurers		$ 12,090.5	$ 12,090.5	$ 10,533.2	$ 9,155.8
Gross premiums written			$ 23,910.2	19,125.9
Asbestos claims, maximum settlement period (in years)			40 years
Normalized net earnings, percent return on common shareholders' equity adjusted to pre-tax basis			15.00%
Losses related to event cancellation and accident and health exposures			$ 55.1
Losses related to business interruption and compensation exposures			73.5
Eurolife's life insurance operations
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written	$ 0	114.2
Total revenues, excluding Life
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			23,796	19,125.9
Total revenues, excluding Life | Canada
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			2,611.4	2,084.2
Total revenues, excluding Life | United States
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			15,032	11,913.2
Total revenues, excluding Life | Asia
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			1,676.4	1,430.4
Total revenues, excluding Life | International
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			4,476.2	3,698.1
Property
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			8,132.6	6,852.5
Property | Canada
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			1,229.1	996.2
Property | United States
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			3,912.4	3,364.7
Property | Asia
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			849.2	735.4
Property | International
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			2,141.9	1,756.2
Casualty
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			13,732.3	10,437.9
Casualty | Canada
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			1,159	899.1
Casualty | United States
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			10,364	7,812.8
Casualty | Asia
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			549.8	446.6
Casualty | International
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			1,659.5	1,279.4
Specialty
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			1,931.1	1,835.5
Specialty | Canada
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			223.3	188.9
Specialty | United States
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			755.6	735.7
Specialty | Asia
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			277.4	248.4
Specialty | International
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			674.8	662.5
Insurance
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			18,004.4	14,309.4
Insurance | Canada
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			2,475.1	1,969.4
Insurance | United States
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			11,448.6	9,020.4
Insurance | Asia
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			739.7	682.2
Insurance | International
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			3,341	2,637.4
Reinsurance
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			5,791.6	4,816.5
Reinsurance | Canada
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			136.3	114.8
Reinsurance | United States
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			3,583.4	2,892.8
Reinsurance | Asia
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			936.7	748.2
Reinsurance | International
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross premiums written			1,135.2	1,060.7
Ceded reinsurance contracts
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross recoverable from reinsurers		12,090.5	12,090.5	10,533.2
Ceded reinsurance contracts | Property
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross recoverable from reinsurers		1,717.4	1,717.4	1,470.7
Ceded reinsurance contracts | Casualty
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross recoverable from reinsurers		3,487.7	3,487.7	2,361.2
Ceded reinsurance contracts | Specialty
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross recoverable from reinsurers		$ 423.4	$ 423.4	$ 429.5

Financial Risk Management - Cre

Financial Risk Management - Credit Risk - Aggregate Gross Credit Risk Exposure (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure [line items]
Assets	$ 86,645.4	$ 74,054
Significant unobservable inputs (Level 3)
Disclosure of credit risk exposure [line items]
Assets	8,343.2
Private placement debt securities | Significant unobservable inputs (Level 3) | Market approach
Disclosure of credit risk exposure [line items]
Assets	1,659.4	775.4
Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	58,343	48,517.3
Cash and short term investments | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	22,795.5	13,920.6
U.S. sovereign government | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 3,957.9	$ 3,058.4
U.S. sovereign government | Credit risk | Low Risk Level
Disclosure of credit risk exposure [line items]
Risk exposure percentage	9.50%	7.80%
Other sovereign government rated AA/Aa or higher | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 1,074.7	$ 311.2
All other sovereign government | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	2,194.9	649.3
Bonds, Canadian provincials | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	45	49.9
Bonds, U.S. states and municipalities | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	387.2	378.2
Bonds, Corporate and other | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 6,873.9	$ 11,848.3
Bonds, Corporate and other | Credit risk | Low Risk Level
Disclosure of credit risk exposure [line items]
Risk exposure percentage	13.00%	27.40%
Receivable from counterparties to derivative contracts | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 158.9	$ 222.4
Insurance contract receivables | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	6,883.2	5,816.1
Recoverable from reinsurers | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	12,090.5	10,533.2
Other assets [Member] | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	1,881.3	1,729.7
Bonds
Disclosure of credit risk exposure [line items]
Debt instruments held		4,867.1
Bonds | Canada
Disclosure of credit risk exposure [line items]
Bonds issued by government	614.6	16.5
Bonds | HONG KONG
Disclosure of credit risk exposure [line items]
Bonds issued by government	43.5	58.7
Bonds | SINGAPORE
Disclosure of credit risk exposure [line items]
Bonds issued by government	95.1	95.7
Bonds | Australia
Disclosure of credit risk exposure [line items]
Bonds issued by government	92.7	42
Bonds | GREECE
Disclosure of credit risk exposure [line items]
Bonds issued by government	844.7	1.2
Bonds | India
Disclosure of credit risk exposure [line items]
Bonds issued by government	192.5	22.5
Bonds | Spain
Disclosure of credit risk exposure [line items]
Bonds issued by government	297.5	233.9
Bonds | BRAZIL
Disclosure of credit risk exposure [line items]
Bonds issued by government	$ 415.4	$ 40

Financial Risk Management - C_2

Financial Risk Management - Credit Risk - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure [line items]
Income taxes refundable	$ 58.3	$ 88.7
Proceeds from issue of bonds, notes and debentures	2,545.7	287.2
Assets associated with unit-linked insurance products	637.1	0
Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	58,343	$ 48,517.3
Capital And Surplus Requirement	$ 500
Investment grade or better | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	65.10%	80.30%
AA or better | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	39.10%	27.00%
AAA/Aaa | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	36.10%	22.10%
A/A | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	12.80%	25.10%
BBB/Baa | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	13.20%	28.20%
BB/Ba | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	12.40%	3.20%
Unrated | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	21.30%	15.80%
Cash and short term investments | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 22,795.5	$ 13,920.6
Financial assets pledged as liabilities	14.3	$ 116.4
Bonds, U.S. treasury | AAA/Aaa
Disclosure of credit risk exposure [line items]
Net purchases of bonds	915.7
Bonds, Canadian government | AAA/Aaa
Disclosure of credit risk exposure [line items]
Net purchases of bonds	$ 617.3
Other than U.S., U.K., German, and Canadian sovereign government | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	6.50%	8.00%
Maximum exposure to credit risk	$ 3,444.5	$ 3,474.4
Largest single issuer of corporate bonds | Credit risk | Blackberry Limited
Disclosure of credit risk exposure [line items]
Risk exposure percentage	1.00%
Maximum exposure to credit risk	$ 535.1
Largest single issuer of corporate bonds | Credit risk | Atlas
Disclosure of credit risk exposure [line items]
Risk exposure percentage		1.30%
Maximum exposure to credit risk		$ 575.9
Government securities | Credit risk
Disclosure of credit risk exposure [line items]
Financial assets pledged as liabilities	125.7	12.9
Recoverable from reinsurers | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 12,090.5	$ 10,533.2
Recoverable from reinsurers | A Plus | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	7.50%	8.00%
Bonds, Corporate and other | Credit risk
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 6,873.9	$ 11,848.3
Bonds, Corporate and other | AAA/Aaa
Disclosure of credit risk exposure [line items]
Proceeds from sale of bonds	289.7
Bonds, Corporate and other | A/A
Disclosure of credit risk exposure [line items]
Proceeds from sale of bonds	2,192.6
Bonds, Corporate and other | BBB/Baa
Disclosure of credit risk exposure [line items]
Proceeds from sale of bonds	2,763.2
Bonds, Corporate and other | BB/Ba
Disclosure of credit risk exposure [line items]
Net purchases of bonds	826.9
Bonds, Corporate and other | Unrated
Disclosure of credit risk exposure [line items]
Net purchases of bonds	$ 826.9
Canada and United States | Cash and short term investments | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	82.70%	86.70%
Europe | Cash and short term investments | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	14.90%	10.20%
Other foreign countries | Cash and short term investments | Credit risk
Disclosure of credit risk exposure [line items]
Risk exposure percentage	2.40%	3.10%

Financial Risk Management - C_3

Financial Risk Management - Credit Risk - Schedule of Issuer Credit Rating (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant unobservable inputs (Level 3)
Disclosure of external credit grades [line items]
Financial assets	$ 8,343.2	$ 5,176.8	$ 4,935.1
Private placement debt securities | Significant unobservable inputs (Level 3)
Disclosure of external credit grades [line items]
Financial assets	2,795.8	1,774.2	$ 1,420.1
Private placement debt securities | Significant unobservable inputs (Level 3) | Market approach
Disclosure of external credit grades [line items]
Financial assets	$ 1,659.4	$ 775.4
Percentage of loan-to-value ratios	60.00%	60.00%
Chorus Aviation
Disclosure of external credit grades [line items]
Financial assets	$ 90.6	$ 153
Atlas
Disclosure of external credit grades [line items]
Financial assets	0	575.9
Bonds | Blackberry Limited
Disclosure of external credit grades [line items]
Financial assets	535.1	438.6
Bonds | Mosaic Capital Corporation (Mosaic Capital)
Disclosure of external credit grades [line items]
Financial assets	$ 129.3	$ 0
Credit risk | AAA/Aaa
Disclosure of external credit grades [line items]
Percent	36.10%	22.10%
Credit risk | AA/Aa
Disclosure of external credit grades [line items]
Percent	3.00%	4.90%
Credit risk | A/A
Disclosure of external credit grades [line items]
Percent	12.80%	25.10%
Credit risk | BBB/Baa
Disclosure of external credit grades [line items]
Percent	13.20%	28.20%
Credit risk | BB/Ba
Disclosure of external credit grades [line items]
Percent	12.40%	3.20%
Credit risk | B/B
Disclosure of external credit grades [line items]
Percent	0.80%	0.30%
Credit risk | Lower than B/B
Disclosure of external credit grades [line items]
Percent	0.40%	0.40%
Credit risk | Unrated
Disclosure of external credit grades [line items]
Percent	21.30%	15.80%
Credit risk | Total investment in debt instruments
Disclosure of external credit grades [line items]
Percent	100.00%	100.00%
At cost | Credit risk | AAA/Aaa
Disclosure of external credit grades [line items]
Financial assets	$ 5,248.2	$ 3,574.3
At cost | Credit risk | AA/Aa
Disclosure of external credit grades [line items]
Financial assets	435	779.1
At cost | Credit risk | A/A
Disclosure of external credit grades [line items]
Financial assets	1,838.4	3,856.5
At cost | Credit risk | BBB/Baa
Disclosure of external credit grades [line items]
Financial assets	1,749.9	4,157.4
At cost | Credit risk | BB/Ba
Disclosure of external credit grades [line items]
Financial assets	1,840.9	489.6
At cost | Credit risk | B/B
Disclosure of external credit grades [line items]
Financial assets	115	41.7
At cost | Credit risk | Lower than B/B
Disclosure of external credit grades [line items]
Financial assets	58.4	62.4
At cost | Credit risk | Unrated
Disclosure of external credit grades [line items]
Financial assets	2,935.3	2,458.9
At cost | Credit risk | Total investment in debt instruments
Disclosure of external credit grades [line items]
Financial assets	14,221.1	15,419.9
At fair value | Credit risk | AAA/Aaa
Disclosure of external credit grades [line items]
Financial assets	5,237.3	3,604.8
At fair value | Credit risk | AA/Aa
Disclosure of external credit grades [line items]
Financial assets	437.7	805.1
At fair value | Credit risk | A/A
Disclosure of external credit grades [line items]
Financial assets	1,865.5	4,086.6
At fair value | Credit risk | BBB/Baa
Disclosure of external credit grades [line items]
Financial assets	1,914.6	4,590.8
At fair value | Credit risk | BB/Ba
Disclosure of external credit grades [line items]
Financial assets	1,808.3	518.8
At fair value | Credit risk | B/B
Disclosure of external credit grades [line items]
Financial assets	114.8	42.9
At fair value | Credit risk | Lower than B/B
Disclosure of external credit grades [line items]
Financial assets	62.9	63.8
At fair value | Credit risk | Unrated
Disclosure of external credit grades [line items]
Financial assets	3,092.5	2,582.5
At fair value | Credit risk | Total investment in debt instruments
Disclosure of external credit grades [line items]
Financial assets	$ 14,533.6	$ 16,295.3

Financial Risk Management - C_4

Financial Risk Management - Credit Risk - Related Derivative Contract Counterparties (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial Risk Management
Total derivative assets	$ 158.9	$ 222.4
Obligations that may be offset under net settlement arrangements	(9.6)	(32)
Fair value of collateral deposited for the benefit of the company	(116.5)	(124.3)
Excess collateral pledged by the company in favour of counterparties	4.8	11.7
Initial margin not held in segregated third party custodian accounts		5.6
Net derivative counterparty exposure after net settlement and collateral arrangements	37.6	83.4
Excess collateral pledged by counterparties	$ 22.5	$ 5

Financial Risk Management - C_5

Financial Risk Management - Credit Risk - Gross Recoverable From Reinsurers Classified by Financial Strength (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	$ 12,090.5	$ 10,533.2	$ 9,155.8
Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	12,090.5	10,533.2
Provision for uncollectible reinsurance	8,946.2	7,947.3
Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	12,269.2	10,688.8
Provision for uncollectible reinsurance	8,989.3	7,971.7
Provision for uncollectible reinsurance
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	178.7	155.6	$ 161.5
Provision for uncollectible reinsurance | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	(178.7)	(155.6)
Provision for uncollectible reinsurance	(43.1)	(24.4)
Credit risk | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	12,090.5	10,533.2
Outstanding balances for which security is held	1,381.6	1,256
Net unsecured recoverable from reinsurers	10,887.6	9,432.8
Recoverable from reinsurers	10,708.9	9,277.2
Credit risk | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	12,269.2	10,688.8
Credit risk | Provision for uncollectible reinsurance | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	(178.7)	(155.6)
Net unsecured recoverable from reinsurers	(178.7)	(155.6)
Credit risk | A Plus Plus | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	27.2	27.5
Net unsecured recoverable from reinsurers	541	446.4
Credit risk | A Plus Plus | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	568.2	473.9
Credit risk | A Plus | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	494.4	361.5
Net unsecured recoverable from reinsurers	5,411.5	4,882.7
Credit risk | A Plus | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	5,905.9	5,244.2
Credit risk | A | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	227.3	97.6
Net unsecured recoverable from reinsurers	3,672.5	2,975.3
Credit risk | A | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	3,899.8	3,072.9
Credit risk | A Minus | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	43.9	29.9
Net unsecured recoverable from reinsurers	328	329.2
Credit risk | A Minus | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	371.9	359.1
Credit risk | B Plus Plus | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	4.6	5.2
Net unsecured recoverable from reinsurers	46.2	50.7
Credit risk | B Plus Plus | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	50.8	55.9
Credit risk | B Plus | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	0.3
Net unsecured recoverable from reinsurers	0.2	2.6
Credit risk | B Plus | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	0.5	2.6
Credit risk | B or lower | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	0.1	0.4
Net unsecured recoverable from reinsurers	20.1	15.6
Credit risk | B or lower | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	20.2	16
Credit risk | Not rated | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	576.7	726.9
Net unsecured recoverable from reinsurers	427.3	374.9
Credit risk | Not rated | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	1,004	1,101.8
Credit risk | Pools and associations | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Outstanding balances for which security is held	7.1	7
Net unsecured recoverable from reinsurers	440.8	355.4
Credit risk | Pools and associations | Gross recoverable from reinsurers | Ceded reinsurance contracts
Disclosure of credit risk exposure [line items]
Gross recoverable from reinsurers	$ 447.9	$ 362.4

Financial Risk Management - Liq

Financial Risk Management - Liquidity Risk - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions	Jan. 27, 2022USD ($)$ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Jan. 01, 2022CAD ($)	Feb. 26, 2021USD ($)	Dec. 31, 2019USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Common share dividends		$ 427.5	$ 441.3
Dividend per share (in dollars per share) | $ / shares		$ 10	$ 10
Holding company cash and investments, net		$ 1,446.2	$ 1,229.4
Portfolio investments cash and investments, net		51,576.6	41,942
Borrowings		7,753	8,814			$ 7,232.6
RiverStone Barbados
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings		1,100
Net cash paid (received) for derivative closures and reset provisions		103.8
Commitments for 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Common share dividends	$ 249.9
Dividend per share (in dollars per share) | $ / shares	$ 10
Holding company
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings		5,338.6	5,580.6			4,117.3
Notional amount		5,385.2
Insurance and reinsurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Common share dividends		429.5	239.7
Borrowings		790.7	1,033.4			1,039.6
Non-insurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings		1,623.7	2,200			$ 2,075.7
Repayments of borrowings in next fiscal year		584.4
Revolving credit facility | Holding company
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum borrowing capacity		2,000
Fairfax India 5.00% Unsecured Senior Notes Due 2028 | Insurance and reinsurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount					$ 58.4
Fairfax India 5.00% Unsecured Senior Notes Due 2028 | Non-insurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings		438.4	547.2
Notional amount		$ 441.6	$ 550		$ 500
Interest rate		5.00%	5.00%		5.00%
AGT Floating Rate Secured Senior Credit Facility Due March 2023 | Non-insurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings				$ 625
Fairfax India Holdings Corporation (Fairfax India) | Portfolio investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Investments lacking liquidity or inactively traded		$ 1,129.6	$ 1,095.5
Long and short equity and equity index total return swaps | Holding company
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net cash paid (received) for derivative closures and reset provisions		262.7	222.8
Long and short equity and equity index total return swaps | Insurance and reinsurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net cash from long equity total return swaps		$ 176.9	$ (628.6)
Investments that may lack liquidity or are inactively traded | Liquidity risk | Insurance and reinsurance companies
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure percentage		12.70%	11.30%

Financial Risk Management - L_2

Financial Risk Management - Liquidity Risk - Financial Liabilities Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Insurance contract payables	$ 4,493.5	$ 2,964
Liquidity risk
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	4,458.3	4,265.5
Insurance contract payables	3,970.8	2,501.2
Provision for losses and loss adjustment expenses	34,422.8	30,809.3
Provision for life policy benefits	2,675.8
Total financial liabilities	55,508.1	48,419.5
Liquidity risk | Holding company and insurance and reinsurance companies
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	6,169	6,638.2
Borrowings - interest	1,810.3	1,703.4
Liquidity risk | Non-insurance companies.
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	1,633.3	2,210.8
Borrowings - interest	367.8	291.1
Liquidity risk | 3 months or less
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	1,586.6	1,464.8
Insurance contract payables	1,026.7	775.6
Provision for losses and loss adjustment expenses	2,925.1	2,880.5
Provision for life policy benefits	72
Total financial liabilities	6,227	5,800.4
Liquidity risk | 3 months or less | Holding company and insurance and reinsurance companies
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	0.1	50.1
Borrowings - interest	66	54.6
Liquidity risk | 3 months or less | Non-insurance companies.
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	512.2	547.6
Borrowings - interest	38.3	27.2
Liquidity risk | 3 months to 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	821.6	816.6
Insurance contract payables	1,970	1,493
Provision for losses and loss adjustment expenses	7,033.9	6,111.7
Provision for life policy benefits	162.7
Total financial liabilities	10,290.3	10,323.1
Liquidity risk | 3 months to 1 year | Holding company and insurance and reinsurance companies
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	0.2	892.7
Borrowings - interest	193.8	204.2
Liquidity risk | 3 months to 1 year | Non-insurance companies.
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	72.2	761.6
Borrowings - interest	35.9	43.3
Liquidity risk | 1 - 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	1,131.3	854.5
Insurance contract payables	346.4	205.6
Provision for losses and loss adjustment expenses	10,662.4	9,577.5
Provision for life policy benefits	585
Total financial liabilities	13,898.8	12,127.3
Liquidity risk | 1 - 3 years | Holding company and insurance and reinsurance companies
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	283.1	664.7
Borrowings - interest	520	479
Liquidity risk | 1 - 3 years | Non-insurance companies.
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	270.8	269.5
Borrowings - interest	99.8	76.5
Liquidity risk | 3 - 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	399.1	454.3
Insurance contract payables	16.1	13.5
Provision for losses and loss adjustment expenses	5,391.2	4,753.5
Provision for life policy benefits	575.7
Total financial liabilities	8,218.7	7,160.4
Liquidity risk | 3 - 5 years | Holding company and insurance and reinsurance companies
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	1,270.8	1,142.9
Borrowings - interest	445.6	411.5
Liquidity risk | 3 - 5 years | Non-insurance companies.
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	41.3	344
Borrowings - interest	78.9	40.7
Liquidity risk | More than five years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	519.7	675.3
Insurance contract payables	611.6	13.5
Provision for losses and loss adjustment expenses	8,410.2	7,486.1
Provision for life policy benefits	1,280.4
Total financial liabilities	16,873.3	13,008.3
Liquidity risk | More than five years | Holding company and insurance and reinsurance companies
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	4,614.8	3,887.8
Borrowings - interest	584.9	554.1
Liquidity risk | More than five years | Non-insurance companies.
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings - principal	736.8	288.1
Borrowings - interest	$ 114.9	$ 103.4

Financial Risk Management - L_3

Financial Risk Management - Liquidity Risk - Derivative Financial Liabilities (Details) - Liquidity risk - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	$ 152.9	$ 189.4
3 months or less
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	74.7	108.4
3 months to 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	31.8	35.3
More than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	46.4	45.7
Equity total return swaps - long positions
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	1.9	18
Equity total return swaps - long positions | 3 months or less
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	1.8	8.3
Equity total return swaps - long positions | 3 months to 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	0.1	9.7
U.S. treasury bond forward contracts
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	0.8
U.S. treasury bond forward contracts | 3 months to 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	0.8
Foreign currency forward and swap contracts
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	77.4	136
Foreign currency forward and swap contracts | 3 months or less
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	26.4	74.3
Foreign currency forward and swap contracts | 3 months to 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	5	16.1
Foreign currency forward and swap contracts | More than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	46	45.6
Other derivative contracts
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	72.8	35.4
Other derivative contracts | 3 months or less
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	46.5	25.8
Other derivative contracts | 3 months to 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	25.9	9.5
Other derivative contracts | More than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Derivative financial liabilities	$ 0.4	$ 0.1

Financial Risk Management - Mar

Financial Risk Management - Market Risk - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Bonds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fair value	$ 14,533.6	$ 16,295.3
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in interest rate on investments	2.00%
Increment change in interest rate on investments	1.00%
Interest rate risk | Bonds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fair value	$ 14,533.6	16,295.3
Bonds, U.S. Corporate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net proceeds	4,867.1
U.S. treasury bond forward contracts
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount	$ 1,691.3	$ 330.8

Financial Risk Management - M_2

Financial Risk Management - Market Risk - Potential Impact of Changes in Interest Rates on Fixed Asset Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
U.S. treasury bond forward contracts
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional amount	$ 1,691.3	$ 330.8
Bonds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fair value of fixed income portfolio, no change	14,533.6	16,295.3
Interest rate risk | Bonds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fair value of fixed income portfolio, 200 basis point increase	13,984	15,540.5
Hypothetical $ change effect on net earnings, 200 basis point increase	$ (418.4)	$ (624.5)
Hypothetical % change in fair value, 200 basis point increase	(3.80%)	(4.60%)
Fair value of fixed income portfolio, 100 basis point increase	$ 14,239.6	$ 15,889.8
Hypothetical $ change effect on net earnings, 100 basis point increase	$ (224.3)	$ (335.2)
Hypothetical % change in fair value, 100 basis point increase	(2.00%)	(2.50%)
Fair value of fixed income portfolio, no change	$ 14,533.6	$ 16,295.3
Fair value of fixed income portfolio, 100 basis point decrease	14,900.9	16,790.2
Hypothetical $ change effect on net earnings, 100 basis point decrease	$ 280.6	$ 410
Hypothetical % change in fair value, 100 basis point decrease	2.50%	3.00%
Fair value of fixed income portfolio, 200 basis point decrease	$ 15,327.9	$ 17,348.4
Hypothetical $ change effect on net earnings, 200 basis point decrease	$ 607.5	$ 871.6
Hypothetical % change in fair value, 200 basis point decrease	5.50%	6.50%

Financial Risk Management - M_3

Financial Risk Management - Market Price Fluctuations - Narrative (Details) € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021EUR (€)	Mar. 29, 2021USD ($)	Mar. 29, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020EUR (€)
Equity price risk | Investment Portfolio With Ten Largest Issuers
Disclosure of detailed information about financial instruments [line items]
Common equity instrument	$ 6,048.7	$ 4,981.5
Risk exposure percentage	11.40%	11.50%	11.40%	11.40%			11.50%	11.50%
Currency risk
Disclosure of detailed information about financial instruments [line items]
Change in interest rate on investments	10.00%
Bottom of range | Equity price risk
Disclosure of detailed information about financial instruments [line items]
Change in interest rate on investments	10.00%	10.00%
Top of range | Equity price risk
Disclosure of detailed information about financial instruments [line items]
Change in interest rate on investments	20.00%	20.00%
3.95% Unsecured Senior Notes Due March 3, 2031 | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings					$ 671.6
5.84% due October 14, 2022 (Cdn$450.0) | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings					670.6
4.50% due March 22, 2023 (Cdn$400.0) | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings					670.6
Non-insurance associates
Disclosure of detailed information about financial instruments [line items]
Fair value of investments in associates	$ 7,192.1	$ 5,609.8
Eurobank Ergasias S.A | Equity price risk | Investment Portfolio With Single Largest Issuer
Disclosure of detailed information about financial instruments [line items]
Common equity instrument	$ 1,298.4	$ 1,166.3
Risk exposure percentage	2.40%	2.70%	2.40%	2.40%			2.70%	2.70%
Canada
Disclosure of detailed information about financial instruments [line items]
Gains (losses) on hedge of net investment in Canadian subsidiaries	$ (16.7)	$ (38)
Canada | Unsecured senior notes | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings			$ 2,800		$ 671.6	$ 850	$ 2,796
Borrowings at fair value	2,364.6	2,397.6
Canada | 3.95% Unsecured Senior Notes Due March 3, 2031 | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings						850
Canada | 5.84% due October 14, 2022 (Cdn$450.0) | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings						846
Canada | 4.50% due March 22, 2023 (Cdn$400.0) | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings						$ 846
Europe
Disclosure of detailed information about financial instruments [line items]
Gains (losses) on hedge of net investment in Canadian subsidiaries	63.9	(75.8)
Europe | Unsecured senior notes | Hedges of net investment in foreign operations
Disclosure of detailed information about financial instruments [line items]
Borrowings | €				€ 750				€ 750
Borrowings at fair value	$ 926.3	$ 1,023.9

Financial Risk Management - M_4

Financial Risk Management - Market Price Fluctuations - Equity and Equity Related Holdings (Details) $ in Millions, ₨ in Billions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021INR (₨)	Dec. 31, 2020USD ($)
Disclosure of financial assets [line items]
Market value	$ 581.8		$ 382.7
Net gains (losses) on investments	3,445.1		313.1
Divestitures and other net changes in capitalization	809.2		139.8
IIFL Finance Limited
Disclosure of financial assets [line items]
Divestitures and other net changes in capitalization	113.7	₨ 8.6
Net realized gains (losses)	42
Equity total return swaps - long positions
Disclosure of financial assets [line items]
Notional amount	1,082.8		1,788.3
Market value	96.1		144.3
Net gains (losses) on investments	243		216.7
RiverStone Barbados AVLNs
Disclosure of financial assets [line items]
Notional amount	1,250.1
Market value	103.8
Equity total return swaps - short positions
Disclosure of financial assets [line items]
Net gains (losses) on investments			(528.6)
Equity price risk
Disclosure of financial assets [line items]
Net equity exposures and financial effects, exposure/notional amount	16,265.7		12,959.8
Net equity exposures and financial effects, pre-tax earnings (loss)	2,312.1		(156.7)
Equity price risk | Investments in associates and subsidiary
Disclosure of financial assets [line items]
Notional amount	7,192.1		5,609.8
Total carrying value	5,496.6		5,134.9
Net gains (losses) on investments	52.7		8.6
Equity price risk | Deconsolidation of non-insurance companies
Disclosure of financial assets [line items]
Net gains (losses) on investments	190.3		(78.5)
Equity price risk | Common shares
Disclosure of financial assets [line items]
Notional amount	5,845.5		4,939.7
Common equity instrument, carrying value	5,845.5		4,939.7
Net gains (losses) on investments	1,333.4		24.7
Equity price risk | Preferred stocks - convertible
Disclosure of financial assets [line items]
Notional amount	54.5		27.9
Preferred equity instrument, carrying value	54.5		27.9
Net gains (losses) on investments	2.8		4.4
Equity price risk | Bonds - convertible
Disclosure of financial assets [line items]
Notional amount	583.4		461.3
Market value	583.4		461.3
Net gains (losses) on investments	101.3		143.4
Equity price risk | Equity hedges and long equity exposures
Disclosure of financial assets [line items]
Notional amount	16,265.7		12,959.8
Total equity and equity related holdings	12,435.3		10,822.9
Net gains (losses) on investments	2,312.1		371.9
Equity price risk | Equity total return swaps - long positions
Disclosure of financial assets [line items]
Notional amount	1,082.8		1,788.3
Market value	94.2		126.3
Net gains (losses) on investments	407.5		325.6
Equity price risk | Equity warrants and call options
Disclosure of financial assets [line items]
Notional amount	257.3		132.8
Market value	257.3		132.8
Net gains (losses) on investments	114.2		(56.3)
Equity price risk | RiverStone Barbados AVLNs
Disclosure of financial assets [line items]
Notional amount	1,250.1
Common equity instrument, carrying value	103.8
Net gains (losses) on investments	$ 109.9
Equity price risk | Equity hedges and short equity exposures
Disclosure of financial assets [line items]
Net gains (losses) on investments			(528.6)
Equity price risk | Equity total return swaps - short positions
Disclosure of financial assets [line items]
Net gains (losses) on investments			$ (528.6)

Financial Risk Management - M_5

Financial Risk Management - Market Price Fluctuations - Impact on Net Earnings (Details) - Equity price risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fair value of equity and equity-related holdings, 20% increase	$ 10,861.1	$ 8,799
Hypothetical $ change effect on net earnings, 20% increase	$ 1,549.7	$ 1,227.5
Hypothetical % change in fair value, 20% increase	19.70%	19.70%
Fair value of equity and equity-related holdings, 10% increase	$ 9,966.1	$ 8,074.2
Hypothetical $ change effect on net earnings, 10% increase	$ 773.5	$ 613.3
Hypothetical % change in fair value, 10% increase	9.80%	9.90%
Fair value of equity and equity-related holdings, no change	$ 9,073.6	$ 7,350
Hypothetical % change in fair value, no change	0.00%
Fair value of equity and equity-related holdings, 10% decrease	$ 8,184.4	6,627.5
Hypothetical $ change effect on net earnings, 10% decrease	$ (770.6)	$ (611.6)
Hypothetical % change in fair value, 10% decrease	(9.80%)	(9.80%)
Fair value of equity and equity-related holdings, 20% decrease	$ 7,297.3	$ 5,897.4
Hypothetical $ change effect on net earnings, 20% decrease	$ (1,538.8)	$ (1,228.8)
Hypothetical % change in fair value, 20% decrease	(19.60%)	(19.80%)

Financial Risk Management - M_6

Financial Risk Management - Market Price Fluctuations - Pre Tax Foreign Exchange (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial Risk Management
Investing activities	$ (122.3)	$ 105.4
Underwriting activities	41.2	(16.8)
Foreign currency contracts	(12)	(33)
Foreign currency net gains (losses)	$ (93.1)	$ 55.6

Financial Risk Management - M_7

Financial Risk Management - Market Price Fluctuations - Currency Appreciation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effect Of Currency Appreciation [Line Items]
Pre-tax earnings (loss)	$ (123.6)	$ (4.8)
Net earnings (loss)	(138.4)	(12.7)
Pre-tax other comprehensive income (loss)	(729)	(542.2)
Other comprehensive income (loss)	(677.3)	(495.7)
Canadian dollar
Effect Of Currency Appreciation [Line Items]
Pre-tax earnings (loss)	5.9	(25.6)
Net earnings (loss)	1.7	(25.1)
Pre-tax other comprehensive income (loss)	(210.4)	(112.1)
Other comprehensive income (loss)	(209.3)	(115.5)
Euro
Effect Of Currency Appreciation [Line Items]
Pre-tax earnings (loss)	31.4	(35.2)
Net earnings (loss)	26.9	(26.5)
Pre-tax other comprehensive income (loss)	(64.1)	(17.4)
Other comprehensive income (loss)	(40)	13.7
British pound sterling
Effect Of Currency Appreciation [Line Items]
Pre-tax earnings (loss)	41.6	58.3
Net earnings (loss)	35.5	48.8
Pre-tax other comprehensive income (loss)	(50.1)	(56.4)
Other comprehensive income (loss)	(49.1)	(55.6)
Indian rupee
Effect Of Currency Appreciation [Line Items]
Pre-tax earnings (loss)	(252.6)	(47.3)
Net earnings (loss)	(235.8)	(45.9)
Pre-tax other comprehensive income (loss)	(247.9)	(247.7)
Other comprehensive income (loss)	(230.5)	(229.2)
All other currencies
Effect Of Currency Appreciation [Line Items]
Pre-tax earnings (loss)	50.1	45
Net earnings (loss)	33.3	36
Pre-tax other comprehensive income (loss)	(156.5)	(108.6)
Other comprehensive income (loss)	$ (148.4)	$ (109.1)

Financial Risk Management - Cap

Financial Risk Management - Capital Management - Narrative (Details) - USD ($) $ in Millions	Dec. 29, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial liabilities [line items]
Capitalization		$ 29,068.3	$ 26,341.3
Target capital level percentage		120.00%
Minimum supervisory target		150.00%
Weighted average MCT ratio		222.00%	208.00%
Net earnings attributable to shareholders of Fairfax		$ 3,401.1	$ 218.4
Net changes in capitalization principally related to sale of non-controlling interests in Odyssey Group and Brit		1,779.8	(3.6)
Reduction of issued capital purchases for cancellation		1,058.1	$ 100.9
Amount of shares to be utilized for share-based payment awards		132.6
Payments of common and preferred share dividends		$ 316.6
Percentage of consolidated net debt/net total capital ratio		22.80%	30.20%
Percentage of consolidated total debt/total capital ratio		26.70%	33.50%
Brit Limited (Brit)
Disclosure of financial liabilities [line items]
Subordinated debt and contingent funding in the form of letters of credit		$ 2,199.5	$ 1,881.3
Surplus over the management capital requirements		617.9	341
Minimum targeted surplus		210	210
Common shareholders' equity
Disclosure of financial liabilities [line items]
Net changes in capitalization principally related to sale of non-controlling interests in Odyssey Group and Brit		552.9	(113.9)
Reduction of issued capital purchases for cancellation		1,058.1	100.9
Ordinary shares
Disclosure of financial liabilities [line items]
Equity in stock		$ 15,049.6	$ 12,521.1
Subordinate voting shares
Disclosure of financial liabilities [line items]
Purchases for cancellation (in shares)		2,137,923	343,871
Subordinate voting shares | Normal course issuer bids
Disclosure of financial liabilities [line items]
Purchases for cancellation (in shares)		137,923	343,871
Subordinate voting shares | Substantial issuer bid
Disclosure of financial liabilities [line items]
Cash paid for stock repurchase	$ 1,000	$ 1,000
Purchases for cancellation (in shares)	2,000,000	2,000,000

Financial Risk Management - C_6

Financial Risk Management - Capital Management - Schedule of Capital (Details) $ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of financial liabilities [line items]
Holding company cash and investments (net of derivative obligations)	$ 1,446.2		$ 1,229.4
Borrowings	7,753		8,814	$ 7,232.6
Net debt	6,306.8		7,584.6
Non-controlling interests	4,930.2		3,670.7
Total equity	$ 21,315.3		$ 17,527.3	17,907.2
Net debt/total equity	29.60%	29.60%	43.30%
Net debt/net total capital	22.80%	22.80%	30.20%
Total debt/total capital	26.70%	26.70%	33.50%
Interest coverage	10.6	10.6	1.6
Interest and preferred share dividend distribution coverage	9.4	9.4	1.4
Excluding consolidated non-insurance companies
Disclosure of financial liabilities [line items]
Holding company cash and investments (net of derivative obligations)	$ 1,446.2		$ 1,229.4
Borrowings	6,129.3		6,614
Net debt	4,683.1		5,384.6
Non-controlling interests	2,931.4		1,831.8
Total equity	$ 19,316.5		$ 15,688.4
Net debt/total equity	24.20%	24.20%	34.30%
Net debt/net total capital	19.50%	19.50%	25.60%
Total debt/total capital	24.10%	24.10%	29.70%
Interest coverage	13	13	3.3
Interest and preferred share dividend distribution coverage	11.1	11.1	2.7
Holding company
Disclosure of financial liabilities [line items]
Borrowings	$ 5,338.6		$ 5,580.6	4,117.3
Holding company | Excluding consolidated non-insurance companies
Disclosure of financial liabilities [line items]
Borrowings	5,338.6		5,580.6
Insurance and reinsurance companies.
Disclosure of financial liabilities [line items]
Borrowings	790.7		1,033.4	1,039.6
Insurance and reinsurance companies. | Excluding consolidated non-insurance companies
Disclosure of financial liabilities [line items]
Borrowings	790.7		1,033.4
Non-insurance companies.
Disclosure of financial liabilities [line items]
Borrowings	1,623.7		2,200	$ 2,075.7
Common shares
Disclosure of financial liabilities [line items]
Equity in stock	15,049.6		12,521.1
Common shares | Excluding consolidated non-insurance companies
Disclosure of financial liabilities [line items]
Equity in stock	15,049.6		12,521.1
Preferred shares
Disclosure of financial liabilities [line items]
Equity in stock	1,335.5	$ 1,456	1,335.5
Preferred shares | Excluding consolidated non-insurance companies
Disclosure of financial liabilities [line items]
Equity in stock	$ 1,335.5		$ 1,335.5

Segmented Information - Operati

Segmented Information - Operating Segments (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Gross premiums written		$ 23,910.2	$ 19,125.9
Net premiums written		18,278.1	14,864.5
Net premiums earned		16,558	13,988.7
Underwriting expenses		(16,065.5)	(13,887.8)
Underwriting profit (loss)		492.5	100.9
Interest income		568.4	716.5
Dividends		108.2	77.8
Investment expenses		(35.8)	(25.1)
Interest and dividends		640.8	769.2
Share of profit (loss) of associates		402	(112.8)
Other revenue		5,158	4,719.6
Expenses		(5,086.9)	(4,858.9)
Pre-tax income (loss) before interest expense and other		71.1	(139.3)
Operating income (loss)		1,606.4	618
Net gains (losses) on investments		3,445.1	313.1
Gain on sale and consolidation of insurance subsidiaries		264	117.1
Interest expense		(513.9)	(475.9)
Corporate overhead and other		(409)	(328.2)
Earnings before income taxes		4,392.6	244.1
Provision for income taxes		(726)	(206.7)
Shareholders of Fairfax		3,401.1	218.4
Non-controlling interests		265.5	(181)
Net earnings		3,666.6	37.4
Go Digit Infoworks Services Private Limited
Segmented Information
Ownership percentage	49.00%
Toys "R" Us (Canada) Ltd. (Toys "R" Us Canada)
Segmented Information
Net realized gains (losses)		85.7
External
Segmented Information
Gross premiums written		23,910.2	19,125.9
Net premiums earned		$ 16,558	13,988.7
Fairfax Asia | Go Digit Infoworks Services Private Limited
Segmented Information
Ownership percentage		49.00%
Fairfax Asia | Vietnam-based BIC Insurance
Segmented Information
Ownership percentage		35.00%
Fairfax Asia | Falcon Thailand
Segmented Information
Ownership percentage		41.20%
Fairfax India | Privi Speciality Chemicals Limited (Privi)
Segmented Information
Net realized gains (losses)		$ 94.9
Property and Casualty Insurance and Reinsurance
Segmented Information
Net premiums earned		16,090.2	13,860.6
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Segmented Information
Net premiums earned		1,800.9	1,424.1
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Segmented Information
Net premiums earned		4,245.9	3,586.6
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Segmented Information
Net premiums earned		2,512.8	2,426.2
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Segmented Information
Net premiums earned		711.1	643.8
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Segmented Information
Net premiums earned		1,754.3	1,710.7
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Segmented Information
Net premiums earned		3,451.6	2,722.6
Property and Casualty Insurance and Reinsurance | Fairfax Asia
Segmented Information
Net premiums earned		249.7	221.7
Property and Casualty Insurance and Reinsurance | Other subsegment
Segmented Information
Net premiums earned		1,363.9	1,124.9
Life insurance and Run-off
Segmented Information
Net premiums earned		467.8	128.1
Non-insurance companies
Segmented Information
Interest and dividends		(94.7)	47.1
Share of profit (loss) of associates		22.3	(100.2)
Other revenue		5,157.5	4,742.4
Expenses		(5,092.1)	(4,868)
Pre-tax income (loss) before interest expense and other		65.4	(125.6)
Net gains (losses) on investments		266	(65.6)
Earnings before income taxes		259	(244.3)
Non-controlling interests		44.3	(287.6)
Non-insurance companies | Fairfax India
Segmented Information
Interest and dividends		(102.2)	28.9
Share of profit (loss) of associates		20.2	(24.8)
Other revenue		228.2	312.8
Expenses		(206.9)	(305.9)
Pre-tax income (loss) before interest expense and other		21.3	6.9
Net gains (losses) on investments		236.4	(12.4)
Earnings before income taxes		175.7	(1.4)
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Gross premiums written		24,330.8	19,356.8
Net premiums written		17,809.4	14,717.7
Net premiums earned		16,090.2	13,860.6
Underwriting expenses		(15,289)	(13,551.6)
Underwriting profit (loss)		801.2	309
Interest income		520.8	619.7
Dividends		72.7	55
Investment expenses		(151.8)	(114.1)
Interest and dividends		441.7	560.6
Share of profit (loss) of associates		324.1	46.2
Operating income (loss)		1,567	915.8
Net gains (losses) on investments		2,644.5	136.4
Gain on sale and consolidation of insurance subsidiaries		133.5	(56.3)
Interest expense		(61.5)	(67.6)
Corporate overhead and other		(164)	(155.1)
Earnings before income taxes		4,119.5	773.2
Operating segments | Property and Casualty Insurance and Reinsurance | External
Segmented Information
Gross premiums written		23,796	18,979.1
Net premiums earned		16,448.3	13,859
Operating segments | Property and Casualty Insurance and Reinsurance | Intercompany
Segmented Information
Gross premiums written		534.8	377.7
Net premiums earned		(358.1)	1.6
Operating segments | Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Segmented Information
Gross premiums written		2,126.6	1,735.2
Net premiums written		1,917.4	1,540.4
Net premiums earned		1,800.9	1,424.1
Underwriting expenses		(1,598.7)	(1,315.3)
Underwriting profit (loss)		202.2	108.8
Interest income		61.8	59.6
Dividends		14.8	7.9
Investment expenses		(16.9)	(11.3)
Interest and dividends		59.7	56.2
Share of profit (loss) of associates		1.9	(3)
Operating income (loss)		263.8	162
Net gains (losses) on investments		269.2	105.7
Interest expense		(1.2)	(1.3)
Corporate overhead and other		(11.8)	(8.1)
Earnings before income taxes		520	258.3
Operating segments | Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | External
Segmented Information
Gross premiums written		2,121.6	1,727.5
Net premiums earned		1,815.9	1,435.1
Operating segments | Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | Intercompany
Segmented Information
Gross premiums written		5	7.7
Net premiums earned		(15)	(11)
Operating segments | Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Segmented Information
Gross premiums written		5,746.3	4,446.7
Net premiums written		4,849.4	3,789.6
Net premiums earned		4,245.9	3,586.6
Underwriting expenses		(4,153.7)	(3,396.7)
Underwriting profit (loss)		92.2	189.9
Interest income		149	173.6
Dividends		14.3	8.6
Investment expenses		(46.3)	(31)
Interest and dividends		117	151.2
Share of profit (loss) of associates		101.6	27.8
Operating income (loss)		310.8	368.9
Net gains (losses) on investments		419.2	(26.9)
Gain on sale and consolidation of insurance subsidiaries			(30.5)
Interest expense		(4.4)	(6.4)
Corporate overhead and other		(18.9)	(10.5)
Earnings before income taxes		706.7	294.6
Operating segments | Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | External
Segmented Information
Gross premiums written		5,551.4	4,306.3
Net premiums earned		4,178.3	3,555.8
Operating segments | Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | Intercompany
Segmented Information
Gross premiums written		194.9	140.4
Net premiums earned		67.6	30.8
Operating segments | Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Segmented Information
Gross premiums written		3,729.7	3,109.4
Net premiums written		2,689.3	2,543
Net premiums earned		2,512.8	2,426.2
Underwriting expenses		(2,410.9)	(2,366.1)
Underwriting profit (loss)		101.9	60.1
Interest income		80.9	91.9
Dividends		6.3	2.2
Investment expenses		(18.2)	(14.5)
Interest and dividends		69	79.6
Share of profit (loss) of associates		66.6	(14.8)
Operating income (loss)		237.5	124.9
Net gains (losses) on investments		201.9	(158.2)
Gain on sale and consolidation of insurance subsidiaries			(25.8)
Interest expense		(3.7)	(4.7)
Corporate overhead and other		(32.7)	(28.2)
Earnings before income taxes		403	(92)
Operating segments | Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | External
Segmented Information
Gross premiums written		3,704.8	3,082.4
Net premiums earned		2,910.5	2,462.7
Operating segments | Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | Intercompany
Segmented Information
Gross premiums written		24.9	27
Net premiums earned		(397.7)	(36.5)
Operating segments | Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Segmented Information
Gross premiums written		735.2	661.7
Net premiums written		713	646.1
Net premiums earned		711.1	643.8
Underwriting expenses		(628.3)	(591.9)
Underwriting profit (loss)		82.8	51.9
Interest income		11.7	24.3
Dividends		2.8	1.8
Investment expenses		(8.1)	(7.1)
Interest and dividends		6.4	19
Share of profit (loss) of associates		35.1	(4.2)
Operating income (loss)		124.3	66.7
Net gains (losses) on investments		47.4	(59.9)
Interest expense		(3.7)	(3.8)
Corporate overhead and other		(9.2)	(9.8)
Earnings before income taxes		158.8	(6.8)
Operating segments | Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | External
Segmented Information
Gross premiums written		718.2	661.7
Net premiums earned		708.9	646.6
Operating segments | Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | Intercompany
Segmented Information
Gross premiums written		17
Net premiums earned		2.2	(2.8)
Operating segments | Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Segmented Information
Gross premiums written		3,238.3	2,424.4
Net premiums written		1,998.3	1,775.6
Net premiums earned		1,754.3	1,710.7
Underwriting expenses		(1,698.7)	(1,951)
Underwriting profit (loss)		55.6	(240.3)
Interest income		52.2	67.1
Dividends		5.3	3.4
Investment expenses		(14.1)	(12.3)
Interest and dividends		43.4	58.2
Share of profit (loss) of associates		31.5	6.6
Operating income (loss)		130.5	(175.5)
Net gains (losses) on investments		6.9	24.4
Gain on sale and consolidation of insurance subsidiaries		33.2
Interest expense		(18.3)	(19)
Corporate overhead and other		(13.2)	(11.9)
Earnings before income taxes		139.1	(182)
Operating segments | Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | External
Segmented Information
Gross premiums written		3,221.9	2,407.6
Net premiums earned		1,754.4	1,710.4
Operating segments | Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | Intercompany
Segmented Information
Gross premiums written		16.4	16.8
Net premiums earned		(0.1)	0.3
Operating segments | Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Segmented Information
Gross premiums written		5,851.9	4,680.7
Net premiums written		3,907.8	3,017.6
Net premiums earned		3,451.6	2,722.6
Underwriting expenses		(3,225.2)	(2,596.6)
Underwriting profit (loss)		226.4	126
Interest income		98.4	136.5
Dividends		17.6	20.3
Investment expenses		(39.7)	(30.1)
Interest and dividends		76.3	126.7
Share of profit (loss) of associates		51.7	35.6
Operating income (loss)		354.4	288.3
Net gains (losses) on investments		178	246
Gain on sale and consolidation of insurance subsidiaries		35.5
Interest expense		(27.8)	(30.3)
Corporate overhead and other		(55.9)	(79.2)
Earnings before income taxes		484.2	424.8
Operating segments | Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | External
Segmented Information
Gross premiums written		5,794.3	4,633.8
Net premiums earned		3,597.9	2,788.4
Operating segments | Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | Intercompany
Segmented Information
Gross premiums written		57.6	46.9
Net premiums earned		(146.3)	(65.8)
Operating segments | Property and Casualty Insurance and Reinsurance | Fairfax Asia
Segmented Information
Gross premiums written		537	424.7
Net premiums written		260.6	221.6
Net premiums earned		249.7	221.7
Underwriting expenses		(229.6)	(214.6)
Underwriting profit (loss)		20.1	7.1
Interest income		15.4	14.1
Dividends		5.3	7.1
Investment expenses		(1.5)	(1.2)
Interest and dividends		19.2	20
Share of profit (loss) of associates		12.2	14.6
Operating income (loss)		51.5	41.7
Net gains (losses) on investments		1,485.7	12.3
Gain on sale and consolidation of insurance subsidiaries		60.8
Interest expense		(0.2)	(0.4)
Corporate overhead and other		(19.8)	(6)
Earnings before income taxes		1,578	47.6
Operating segments | Property and Casualty Insurance and Reinsurance | Fairfax Asia | External
Segmented Information
Gross premiums written		534.4	421.2
Net premiums earned		283.1	229.2
Operating segments | Property and Casualty Insurance and Reinsurance | Fairfax Asia | Intercompany
Segmented Information
Gross premiums written		2.6	3.5
Net premiums earned		(33.4)	(7.5)
Operating segments | Property and Casualty Insurance and Reinsurance | Other subsegment
Segmented Information
Gross premiums written		2,365.8	1,874
Net premiums written		1,473.6	1,183.8
Net premiums earned		1,363.9	1,124.9
Underwriting expenses		(1,343.9)	(1,119.4)
Underwriting profit (loss)		20	5.5
Interest income		51.4	52.6
Dividends		6.3	3.7
Investment expenses		(7)	(6.6)
Interest and dividends		50.7	49.7
Share of profit (loss) of associates		23.5	(16.4)
Operating income (loss)		94.2	38.8
Net gains (losses) on investments		36.2	(7)
Gain on sale and consolidation of insurance subsidiaries		4
Interest expense		(2.2)	(1.7)
Corporate overhead and other		(2.5)	(1.4)
Earnings before income taxes		129.7	28.7
Operating segments | Property and Casualty Insurance and Reinsurance | Other subsegment | External
Segmented Information
Gross premiums written		2,149.4	1,738.6
Net premiums earned		1,199.3	1,030.8
Operating segments | Property and Casualty Insurance and Reinsurance | Other subsegment | Intercompany
Segmented Information
Gross premiums written		216.4	135.4
Net premiums earned		164.6	94.1
Operating segments | Life insurance and Run-off
Segmented Information
Gross premiums written		472.3
Net premiums written		468.7
Net premiums earned		467.8
Underwriting expenses		(776.8)
Underwriting profit (loss)		(309)
Interest income		22.2
Dividends		7.8
Investment expenses		(10.7)
Interest and dividends		19.3
Share of profit (loss) of associates		16.8
Operating income (loss)		(272.9)
Net gains (losses) on investments		69.7
Interest expense		(7.9)
Corporate overhead and other		(38.4)
Earnings before income taxes		(249.5)
Operating segments | Life insurance and Run-off | External
Segmented Information
Gross premiums written		114.2
Net premiums earned		109.7
Operating segments | Life insurance and Run-off | Intercompany
Segmented Information
Gross premiums written		358.1
Net premiums earned		358.1
Operating segments | Run-off
Segmented Information
Gross premiums written			146.8
Net premiums written			146.8
Net premiums earned			128.1
Underwriting expenses			(336.2)
Underwriting profit (loss)			(208.1)
Interest income			28.5
Dividends			4.9
Investment expenses			(8.7)
Interest and dividends			24.7
Share of profit (loss) of associates			(11.2)
Operating income (loss)			(194.6)
Net gains (losses) on investments			(96.9)
Gain on sale and consolidation of insurance subsidiaries			(9)
Interest expense			(2.3)
Corporate overhead and other			(0.2)
Earnings before income taxes			(303)
Operating segments | Run-off | External
Segmented Information
Gross premiums written			146.8
Net premiums earned			129.7
Operating segments | Run-off | Intercompany
Segmented Information
Net premiums earned			(1.6)
Operating segments | Non-insurance companies
Segmented Information
Interest income		3.9	20.5
Dividends		28.5	17.2
Investment expenses		(127.1)	9.4
Interest and dividends		(94.7)	47.1
Share of profit (loss) of associates		22.3	(100.2)
Other revenue		5,157.5	4,742.4
Expenses		(5,092.1)	(4,868)
Pre-tax income (loss) before interest expense and other		65.4	(125.6)
Operating income (loss)		(7)	(178.7)
Net gains (losses) on investments		266	(65.6)
Interest expense		(140.3)	(170.6)
Earnings before income taxes		118.7	(414.9)
Operating segments | Corporate and Other
Segmented Information
Interest income		28.2	57.1
Dividends		0.8	0.7
Investment expenses		(2.8)	(2)
Interest and dividends		24.6	55.8
Share of profit (loss) of associates		38.8	(47.6)
Operating income (loss)		63.4	8.2
Net gains (losses) on investments		464.9	339.2
Gain on sale and consolidation of insurance subsidiaries		130.5	182.4
Interest expense		(305.4)	(235.6)
Corporate overhead and other		50	(82.6)
Earnings before income taxes		403.4	211.6
Eliminations and adjustments
Segmented Information
Gross premiums written		(892.9)	(377.7)
Underwriting expenses		0.3
Underwriting profit (loss)		0.3
Interest income		(6.7)	(9.3)
Investment expenses		256.6	90.3
Interest and dividends		249.9	81
Other revenue		0.5	(22.8)
Expenses		(5.2)	(9.1)
Pre-tax income (loss) before interest expense and other		5.7	(13.7)
Operating income (loss)		255.9	67.3
Interest expense		1.2	0.2
Corporate overhead and other		(256.6)	(90.3)
Earnings before income taxes		0.5	(22.8)
Eliminations and adjustments | Intercompany
Segmented Information
Gross premiums written		$ (892.9)	$ (377.7)

Segmented Information - Underwr

Segmented Information - Underwriting Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Underwriting expenses - calendar year	$ 16,065.5	$ 13,887.8
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Loss & LAE - accident year	10,438.5	9,523.5
Commissions	2,774.2	2,363.1
Premium acquisition costs and other underwriting expenses	2,431.9	2,119.9
Underwriting expenses - accident year	15,644.6	14,006.5
Net favourable claims reserve development	(355.6)	(454.9)
Underwriting expenses - calendar year	15,289	13,551.6
Operating segments | Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Segmented Information
Loss & LAE - accident year	1,038	878.9
Commissions	316	243.8
Premium acquisition costs and other underwriting expenses	273.9	231.8
Underwriting expenses - accident year	1,627.9	1,354.5
Net favourable claims reserve development	(29.2)	(39.2)
Underwriting expenses - calendar year	1,598.7	1,315.3
Operating segments | Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Segmented Information
Loss & LAE - accident year	3,111.7	2,652.2
Commissions	796.6	693.5
Premium acquisition costs and other underwriting expenses	365.5	270.5
Underwriting expenses - accident year	4,273.8	3,616.2
Net favourable claims reserve development	(120.1)	(219.5)
Underwriting expenses - calendar year	4,153.7	3,396.7
Operating segments | Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Segmented Information
Loss & LAE - accident year	1,434.9	1,521.7
Commissions	516.3	415.2
Premium acquisition costs and other underwriting expenses	463.4	434.4
Underwriting expenses - accident year	2,414.6	2,371.3
Net favourable claims reserve development	(3.7)	(5.2)
Underwriting expenses - calendar year	2,410.9	2,366.1
Operating segments | Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Segmented Information
Loss & LAE - accident year	427.4	401.8
Commissions	81.3	74.1
Premium acquisition costs and other underwriting expenses	190.4	190.1
Underwriting expenses - accident year	699.1	666
Net favourable claims reserve development	(70.8)	(74.1)
Underwriting expenses - calendar year	628.3	591.9
Operating segments | Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Segmented Information
Loss & LAE - accident year	981.6	1,301.8
Commissions	489.1	436.4
Premium acquisition costs and other underwriting expenses	328.1	275.6
Underwriting expenses - accident year	1,798.8	2,013.8
Net favourable claims reserve development	(100.1)	(62.8)
Underwriting expenses - calendar year	1,698.7	1,951
Operating segments | Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Segmented Information
Loss & LAE - accident year	2,458.3	1,931.2
Commissions	285.3	253.7
Premium acquisition costs and other underwriting expenses	462.8	416.8
Underwriting expenses - accident year	3,206.4	2,601.7
Net favourable claims reserve development	18.8	(5.1)
Underwriting expenses - calendar year	3,225.2	2,596.6
Operating segments | Property and Casualty Insurance and Reinsurance | Fairfax Asia
Segmented Information
Loss & LAE - accident year	162.9	148.3
Commissions	32.2	30.8
Premium acquisition costs and other underwriting expenses	56	54
Underwriting expenses - accident year	251.1	233.1
Net favourable claims reserve development	(21.5)	(18.5)
Underwriting expenses - calendar year	229.6	214.6
Operating segments | Property and Casualty Insurance and Reinsurance | Other subsegment
Segmented Information
Loss & LAE - accident year	823.7	687.6
Commissions	257.4	215.6
Premium acquisition costs and other underwriting expenses	291.8	246.7
Underwriting expenses - accident year	1,372.9	1,149.9
Net favourable claims reserve development	(29)	(30.5)
Underwriting expenses - calendar year	1,343.9	$ 1,119.4
Eliminations and adjustments
Segmented Information
Underwriting expenses - calendar year	$ (0.3)

Segmented Information - Investm

Segmented Information - Investments In Associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Investments in associates	$ 6,104	$ 6,439.6
Additions to goodwill	60.7	182.1
Segment assets	86,645.4	74,054
Segment liabilities	65,330.1	56,526.7
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Investments in associates	3,385.4	3,109.3
Additions to goodwill	16.4
Segment assets	74,399.7	63,375.4
Segment liabilities	52,033.7	44,736.3
Operating segments | Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Segmented Information
Investments in associates	192.1	182.1
Segment assets	6,152.3	5,231.6
Segment liabilities	3,978.7	3,418.3
Operating segments | Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Segmented Information
Investments in associates	1,211.8	1,164.9
Segment assets	17,309.9	15,041.7
Segment liabilities	11,946.1	10,141
Operating segments | Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Segmented Information
Investments in associates	422.5	368.2
Segment assets	8,719.4	7,596
Segment liabilities	6,073.4	5,448.2
Operating segments | Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Segmented Information
Investments in associates	186.9	124.5
Segment assets	2,562.9	2,472
Segment liabilities	1,515.3	1,539.1
Operating segments | Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Segmented Information
Investments in associates	363	363.1
Additions to goodwill	16.4
Segment assets	10,597.7	9,040.7
Segment liabilities	8,082.6	6,826.2
Operating segments | Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Segmented Information
Investments in associates	593.9	537
Segment assets	19,294.8	16,975.5
Segment liabilities	14,591.1	12,547.4
Operating segments | Property and Casualty Insurance and Reinsurance | Fairfax Asia
Segmented Information
Investments in associates	159.8	149.9
Segment assets	4,010	1,920.1
Segment liabilities	1,336.8	794.7
Operating segments | Property and Casualty Insurance and Reinsurance | Other subsegment
Segmented Information
Investments in associates	255.4	219.6
Segment assets	5,752.7	5,097.8
Segment liabilities	4,509.7	4,021.4
Operating segments | Life insurance and Run-off
Segmented Information
Investments in associates	272.6	129.3
Segment assets	6,669.1	2,601.9
Segment liabilities	5,781.1	2,095.9
Operating segments | Non-insurance companies
Segmented Information
Investments in associates	1,379.7	1,373.5
Additions to goodwill	44.3	182.1
Segment assets	7,856.4	8,349
Segment liabilities	4,075.1	5,124.2
Corporate and Other and eliminations and adjustments
Segmented Information
Investments in associates	1,066.3	1,827.5
Segment assets	(2,279.8)	(272.3)
Segment liabilities	$ 3,440.2	4,570.3
Corporate and Other and eliminations and adjustments | RiverStone Barbados
Segmented Information
Investment in associate held for sale		$ 729.5

Segmented Information - Product

Segmented Information - Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Net premiums earned	$ 16,558	$ 13,988.7
Interest and dividends	640.8	769.2
Share of profit (loss) of associates	402	(112.8)
Net gains on investments	3,445.1	313.1
Gain on sale and consolidation of insurance subsidiaries	264	117.1
Other revenue	5,158	4,719.6
Income	$ 26,467.9	$ 19,794.9
Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	100.00%	100.00%
Property
Segmented Information
Net premiums earned	$ 5,929.6	$ 5,034.3
Property | Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	35.80%	36.00%
Casualty
Segmented Information
Net premiums earned	$ 9,150.1	$ 7,635.4
Casualty | Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	55.30%	54.60%
Specialty
Segmented Information
Net premiums earned	$ 1,478.3	$ 1,319
Specialty | Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	8.90%	9.40%
Property and Casualty Insurance and Reinsurance
Segmented Information
Net premiums earned	$ 16,090.2	$ 13,860.6
Property and Casualty Insurance and Reinsurance | Property
Segmented Information
Net premiums earned	5,921.4	5,002.7
Property and Casualty Insurance and Reinsurance | Casualty
Segmented Information
Net premiums earned	8,801.3	7,603.9
Property and Casualty Insurance and Reinsurance | Specialty
Segmented Information
Net premiums earned	1,367.5	1,254
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Segmented Information
Net premiums earned	1,800.9	1,424.1
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | Property
Segmented Information
Net premiums earned	810.8	626.4
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | Casualty
Segmented Information
Net premiums earned	828.7	659.6
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | Specialty
Segmented Information
Net premiums earned	161.4	138.1
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Segmented Information
Net premiums earned	4,245.9	3,586.6
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | Property
Segmented Information
Net premiums earned	2,187.5	1,838.9
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | Casualty
Segmented Information
Net premiums earned	1,741.8	1,444
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | Specialty
Segmented Information
Net premiums earned	316.6	303.7
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Segmented Information
Net premiums earned	2,512.8	2,426.2
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | Property
Segmented Information
Net premiums earned	355.9	364.2
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | Casualty
Segmented Information
Net premiums earned	1,903.3	1,837.5
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | Specialty
Segmented Information
Net premiums earned	253.6	224.5
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Segmented Information
Net premiums earned	711.1	643.8
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | Property
Segmented Information
Net premiums earned	42.9	37.5
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | Casualty
Segmented Information
Net premiums earned	668.2	605.9
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | Specialty
Segmented Information
Net premiums earned		0.4
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Segmented Information
Net premiums earned	1,754.3	1,710.7
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | Property
Segmented Information
Net premiums earned	699.2	544.3
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | Casualty
Segmented Information
Net premiums earned	745.7	853
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | Specialty
Segmented Information
Net premiums earned	309.4	313.4
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Segmented Information
Net premiums earned	3,451.6	2,722.6
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | Property
Segmented Information
Net premiums earned	990.2	882.6
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | Casualty
Segmented Information
Net premiums earned	2,369.3	1,755.4
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | Specialty
Segmented Information
Net premiums earned	92.1	84.6
Property and Casualty Insurance and Reinsurance | Fairfax Asia
Segmented Information
Net premiums earned	249.7	221.7
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Property
Segmented Information
Net premiums earned	90.4	74.5
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Casualty
Segmented Information
Net premiums earned	120.9	116.4
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Specialty
Segmented Information
Net premiums earned	38.4	30.8
Property and Casualty Insurance and Reinsurance | Other subsegment
Segmented Information
Net premiums earned	1,363.9	1,124.9
Property and Casualty Insurance and Reinsurance | Other subsegment | Property
Segmented Information
Net premiums earned	744.5	634.3
Property and Casualty Insurance and Reinsurance | Other subsegment | Casualty
Segmented Information
Net premiums earned	423.4	332.1
Property and Casualty Insurance and Reinsurance | Other subsegment | Specialty
Segmented Information
Net premiums earned	196	158.5
Life insurance and Run-off
Segmented Information
Net premiums earned	467.8	128.1
Life insurance and Run-off | Property
Segmented Information
Net premiums earned	8.2	31.6
Life insurance and Run-off | Casualty
Segmented Information
Net premiums earned	348.8	31.5
Life insurance and Run-off | Specialty
Segmented Information
Net premiums earned	$ 110.8	$ 65

Segmented Information - Geograp

Segmented Information - Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Net premiums earned	$ 16,558	$ 13,988.7
Interest and dividends	640.8	769.2
Share of profit (loss) of associates	402	(112.8)
Net gains (losses) on investments	3,445.1	313.1
Gain on sale and consolidation of insurance subsidiaries	264	117.1
Other revenue	5,158	4,719.6
Income	$ 26,467.9	$ 19,794.9
Geographic
Disclosure of geographical areas [line items]
Distribution of net premiums earned	100.00%	100.00%
Canada
Disclosure of geographical areas [line items]
Net premiums earned	$ 2,078.2	$ 1,659
Canada | Geographic
Disclosure of geographical areas [line items]
Distribution of net premiums earned	12.60%	11.90%
United States
Disclosure of geographical areas [line items]
Net premiums earned	$ 10,333.4	$ 8,741
United States | Geographic
Disclosure of geographical areas [line items]
Distribution of net premiums earned	62.40%	62.40%
Asia
Disclosure of geographical areas [line items]
Net premiums earned	$ 1,247	$ 1,104.8
Asia | Geographic
Disclosure of geographical areas [line items]
Distribution of net premiums earned	7.50%	7.90%
International
Disclosure of geographical areas [line items]
Net premiums earned	$ 2,899.4	$ 2,483.9
International | Geographic
Disclosure of geographical areas [line items]
Distribution of net premiums earned	17.50%	17.80%
Property and Casualty Insurance and Reinsurance
Disclosure of geographical areas [line items]
Net premiums earned	$ 16,090.2	$ 13,860.6
Property and Casualty Insurance and Reinsurance | Canada
Disclosure of geographical areas [line items]
Net premiums earned	2,078.2	1,658.9
Property and Casualty Insurance and Reinsurance | United States
Disclosure of geographical areas [line items]
Net premiums earned	9,975.3	8,739.9
Property and Casualty Insurance and Reinsurance | Asia
Disclosure of geographical areas [line items]
Net premiums earned	1,247	1,104.8
Property and Casualty Insurance and Reinsurance | International
Disclosure of geographical areas [line items]
Net premiums earned	2,789.7	2,357
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Disclosure of geographical areas [line items]
Net premiums earned	1,800.9	1,424.1
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | Canada
Disclosure of geographical areas [line items]
Net premiums earned	1,782.7	1,407.3
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge) | United States
Disclosure of geographical areas [line items]
Net premiums earned	18.2	16.8
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Disclosure of geographical areas [line items]
Net premiums earned	4,245.9	3,586.6
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | Canada
Disclosure of geographical areas [line items]
Net premiums earned	124.1	101.2
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | United States
Disclosure of geographical areas [line items]
Net premiums earned	2,830.6	2,356.3
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | Asia
Disclosure of geographical areas [line items]
Net premiums earned	518.6	469.8
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group) | International
Disclosure of geographical areas [line items]
Net premiums earned	772.6	659.3
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Disclosure of geographical areas [line items]
Net premiums earned	2,512.8	2,426.2
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | Canada
Disclosure of geographical areas [line items]
Net premiums earned	2.2
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | United States
Disclosure of geographical areas [line items]
Net premiums earned	2,495.4	2,409.2
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | Asia
Disclosure of geographical areas [line items]
Net premiums earned	1.2	0.2
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster) | International
Disclosure of geographical areas [line items]
Net premiums earned	14	16.8
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Disclosure of geographical areas [line items]
Net premiums earned	711.1	643.8
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | United States
Disclosure of geographical areas [line items]
Net premiums earned	708.5	643.8
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National) | International
Disclosure of geographical areas [line items]
Net premiums earned	2.6
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Disclosure of geographical areas [line items]
Net premiums earned	1,754.3	1,710.7
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | Canada
Disclosure of geographical areas [line items]
Net premiums earned	90.5	97.7
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | United States
Disclosure of geographical areas [line items]
Net premiums earned	1,271.1	1,228.5
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | Asia
Disclosure of geographical areas [line items]
Net premiums earned	49.3	45.9
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit) | International
Disclosure of geographical areas [line items]
Net premiums earned	343.4	338.6
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Disclosure of geographical areas [line items]
Net premiums earned	3,451.6	2,722.6
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | Canada
Disclosure of geographical areas [line items]
Net premiums earned	78.5	52.6
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | United States
Disclosure of geographical areas [line items]
Net premiums earned	2,569.7	2,030.5
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | Asia
Disclosure of geographical areas [line items]
Net premiums earned	239	227.6
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World) | International
Disclosure of geographical areas [line items]
Net premiums earned	564.4	411.9
Property and Casualty Insurance and Reinsurance | Fairfax Asia
Disclosure of geographical areas [line items]
Net premiums earned	249.7	221.7
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Asia
Disclosure of geographical areas [line items]
Net premiums earned	249.7	221.7
Property and Casualty Insurance and Reinsurance | Other subsegment
Disclosure of geographical areas [line items]
Net premiums earned	1,363.9	1,124.9
Property and Casualty Insurance and Reinsurance | Other subsegment | Canada
Disclosure of geographical areas [line items]
Net premiums earned	0.2	0.1
Property and Casualty Insurance and Reinsurance | Other subsegment | United States
Disclosure of geographical areas [line items]
Net premiums earned	81.8	54.8
Property and Casualty Insurance and Reinsurance | Other subsegment | Asia
Disclosure of geographical areas [line items]
Net premiums earned	189.2	139.6
Property and Casualty Insurance and Reinsurance | Other subsegment | International
Disclosure of geographical areas [line items]
Net premiums earned	1,092.7	930.4
Life insurance and Run-off
Disclosure of geographical areas [line items]
Net premiums earned	467.8	128.1
Life insurance and Run-off | Canada
Disclosure of geographical areas [line items]
Net premiums earned		0.1
Life insurance and Run-off | United States
Disclosure of geographical areas [line items]
Net premiums earned	358.1	1.1
Life insurance and Run-off | International
Disclosure of geographical areas [line items]
Net premiums earned	$ 109.7	$ 126.9

Segmented Information - Non-ins

Segmented Information - Non-insurance companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Other revenue	$ 5,158	$ 4,719.6
Expenses	(5,086.9)	(4,858.9)
Pre-tax income (loss) before interest expense and other	71.1	(139.3)
Interest and dividends	640.8	769.2
Share of profit (loss) of associates	402	(112.8)
Net gains (losses) on investments	3,445.1	313.1
Profit (loss) before tax	4,392.6	244.1
Non-insurance companies
Segmented Information
Other revenue	5,157.5	4,742.4
Expenses	(5,092.1)	(4,868)
Pre-tax income (loss) before interest expense and other	65.4	(125.6)
Interest and dividends	(94.7)	47.1
Share of profit (loss) of associates	22.3	(100.2)
Operating income (loss)	(7)	(178.7)
Net gains (losses) on investments	266	(65.6)
Profit (loss) before tax	259	(244.3)
Non-insurance companies | Restaurants and retail
Segmented Information
Other revenue	1,803.8	1,734.2
Expenses	(1,724.8)	(1,811.1)
Pre-tax income (loss) before interest expense and other	79	(76.9)
Interest and dividends	7.5	6.1
Share of profit (loss) of associates		1.3
Operating income (loss)	86.5	(69.5)
Net gains (losses) on investments	29.5	(6.6)
Profit (loss) before tax	116	(76.1)
Non-insurance companies | Fairfax India
Segmented Information
Other revenue	228.2	312.8
Expenses	(206.9)	(305.9)
Pre-tax income (loss) before interest expense and other	21.3	6.9
Interest and dividends	(102.2)	28.9
Share of profit (loss) of associates	20.2	(24.8)
Operating income (loss)	(60.7)	11
Net gains (losses) on investments	236.4	(12.4)
Profit (loss) before tax	175.7	(1.4)
Non-insurance companies | Thomas Cook India
Segmented Information
Other revenue	249.4	225.2
Expenses	(293.4)	(288.3)
Pre-tax income (loss) before interest expense and other	(44)	(63.1)
Interest and dividends	(0.1)
Share of profit (loss) of associates	(0.1)	(3.4)
Operating income (loss)	(44.2)	(66.5)
Net gains (losses) on investments	(3.3)	4
Profit (loss) before tax	(47.5)	(62.5)
Non-insurance companies | Other subsegments
Segmented Information
Other revenue	2,876.1	2,470.2
Expenses	(2,867)	(2,462.7)
Pre-tax income (loss) before interest expense and other	9.1	7.5
Interest and dividends	0.1	12.1
Share of profit (loss) of associates	2.2	(73.3)
Operating income (loss)	11.4	(53.7)
Net gains (losses) on investments	3.4	(50.6)
Profit (loss) before tax	$ 14.8	$ (104.3)

Segmented Information - Segment

Segmented Information - Segmented Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segmented Information
Holding company cash and investments	$ 1,478.3	$ 1,252.2
Insurance contract receivables	6,883.2	5,816.1
Portfolio investments	51,697.4	42,108.6
Deferred premium acquisition costs	1,924.1	1,543.7	$ 1,344.3
Recoverable from reinsurers (including recoverables on paid losses - $884.3; December 31, 2020 - $686.8)	12,090.5	10,533.2	9,155.8
Deferred income tax assets	522.4	713.9
Goodwill and intangible assets	5,928.2	6,229.1	6,194.1
Other assets	6,121.3	5,857.2
Total assets	86,645.4	74,054
Accounts payable and accrued liabilities	4,985.4	4,996.1
Derivative obligations (including at the holding company - $32.1; December 31, 2020 - $22.8)	152.9	189.4
Deferred income tax liabilities	598.8	356.4
Insurance contract payables	4,493.5	2,964
Provision for losses and loss adjustment expenses	36,892.3	30,809.3
Provision for unearned premiums	10,454.2	8,397.5
Borrowings	7,753	8,814	7,232.6
Total liabilities	65,330.1	56,526.7
Shareholders' equity attributable to shareholders of Fairfax	16,385.1	13,856.6
Non-controlling interests	4,930.2	3,670.7
Total equity	21,315.3	17,527.3	$ 17,907.2
Total liabilities and total equity	86,645.4	74,054
Investments in associates (fair value $5,671.9; December 31, 2020 - $4,154.3)	6,104	6,439.6
Insurance and reinsurance companies
Segmented Information
Non-controlling interests	2,931.4	1,831.8
Insurance and reinsurance companies | RiverStone Barbados
Segmented Information
Investment in associate held for sale	0	729.5
Non-insurance companies
Segmented Information
Non-controlling interests	1,998.8	1,838.9
Operating segments | Insurance and reinsurance companies
Segmented Information
Holding company cash and investments	604.5	598.1
Insurance contract receivables	7,266	6,052.5
Portfolio investments	45,061.8	37,947.8
Deferred premium acquisition costs	1,977.3	1,574.4
Recoverable from reinsurers (including recoverables on paid losses - $884.3; December 31, 2020 - $686.8)	13,497.3	11,254.2
Deferred income tax assets	268.2	460
Goodwill and intangible assets	3,579.5	3,586.2
Due from affiliates	231.9	222.6
Other assets	1,746	1,526.4
Investments in affiliates	167.2	153.2
Total assets	74,399.7	63,375.4
Accounts payable and accrued liabilities	2,150.4	1,843.3
Derivative obligations (including at the holding company - $32.1; December 31, 2020 - $22.8)	72.5	114.9
Due to affiliates	29.4	8.3
Deferred income tax liabilities	322.2	152.7
Insurance contract payables	4,289.4	3,224.2
Provision for losses and loss adjustment expenses	33,684.6	29,809.4
Provision for unearned premiums	10,694.5	8,550.1
Borrowings	790.7	1,033.4
Total liabilities	52,033.7	44,736.3
Shareholders' equity attributable to shareholders of Fairfax	19,778.9	17,117.4
Non-controlling interests	2,587.1	1,521.7
Total equity	22,366	18,639.1
Total liabilities and total equity	74,399.7	63,375.4
Operating segments | Life insurance and Run-off
Segmented Information
Insurance contract receivables	7.8	8.4
Portfolio investments	4,963.9	1,592.4
Deferred premium acquisition costs	3.8
Recoverable from reinsurers (including recoverables on paid losses - $884.3; December 31, 2020 - $686.8)	457.6	453.7
Deferred income tax assets	29	0.1
Goodwill and intangible assets	7.5	41.1
Due from affiliates	360.2	357.7
Other assets	810	119.2
Investments in affiliates	29.3	29.3
Total assets	6,669.1	2,601.9
Accounts payable and accrued liabilities	233.4	59.9
Derivative obligations (including at the holding company - $32.1; December 31, 2020 - $22.8)		1.1
Due to affiliates	0.2
Deferred income tax liabilities	72.9
Insurance contract payables	652	11.6
Provision for losses and loss adjustment expenses	4,806.1	2,023.3
Provision for unearned premiums	16.5
Total liabilities	5,781.1	2,095.9
Shareholders' equity attributable to shareholders of Fairfax	888	506
Total equity	888	506
Total liabilities and total equity	6,669.1	2,601.9
Investments in associates (fair value $5,671.9; December 31, 2020 - $4,154.3)	272.6	129.3
Operating segments | Non-insurance companies
Segmented Information
Portfolio investments	2,252.8	1,810.3
Deferred income tax assets	66.9	64.5
Goodwill and intangible assets	2,341.2	2,601.8
Due from affiliates		3.8
Other assets	3,195.5	3,868.6
Total assets	7,856.4	8,349
Accounts payable and accrued liabilities	2,077.4	2,566.4
Derivative obligations (including at the holding company - $32.1; December 31, 2020 - $22.8)	47.9	50
Due to affiliates	135.1	117.6
Deferred income tax liabilities	198.5	197.7
Borrowings	1,616.2	2,192.5
Total liabilities	4,075.1	5,124.2
Shareholders' equity attributable to shareholders of Fairfax	1,782.5	1,385.9
Non-controlling interests	1,998.8	1,838.9
Total equity	3,781.3	3,224.8
Total liabilities and total equity	7,856.4	8,349
Investments in associates (fair value $5,671.9; December 31, 2020 - $4,154.3)	1,379.7	1,373.5
Material reconciling items [member]
Segmented Information
Holding company cash and investments	873.8	654.1
Insurance contract receivables	(390.6)	(244.8)
Portfolio investments	(581.1)	758.1
Deferred premium acquisition costs	(57)	(30.7)
Recoverable from reinsurers (including recoverables on paid losses - $884.3; December 31, 2020 - $686.8)	(1,864.4)	(1,174.7)
Deferred income tax assets	158.3	189.3
Due from affiliates	(592.1)	(584.1)
Other assets	369.8	343
Investments in affiliates	(196.5)	(182.5)
Total assets	(2,279.8)	(272.3)
Accounts payable and accrued liabilities	524.2	526.5
Derivative obligations (including at the holding company - $32.1; December 31, 2020 - $22.8)	32.5	23.4
Due to affiliates	(164.7)	(125.9)
Deferred income tax liabilities	5.2	6
Insurance contract payables	(447.9)	(271.8)
Provision for losses and loss adjustment expenses	(1,598.4)	(1,023.4)
Provision for unearned premiums	(256.8)	(152.6)
Borrowings	5,346.1	5,588.1
Total liabilities	3,440.2	4,570.3
Shareholders' equity attributable to shareholders of Fairfax	(6,064.3)	(5,152.7)
Non-controlling interests	344.3	310.1
Total equity	(5,720)	(4,842.6)
Total liabilities and total equity	(2,279.8)	(272.3)
Investments in associates (fair value $5,671.9; December 31, 2020 - $4,154.3)	$ 1,066.3	1,827.5
Material reconciling items [member] | RiverStone Barbados
Segmented Information
Investment in associate held for sale		$ 729.5

Expenses (Details)

Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expenses [Line Items]
Losses and loss adjustment expenses	$ 10,272.9	$ 8,954.5
Cost of sales	2,987.5	2,997.6
Wages and salaries	2,308.4	1,991.5
Depreciation, amortization and impairment charges	930.4	752.1
Employee benefits	462.2	398.2
Premium taxes	285.9	240.3
Information technology costs	257	227.4
Audit, legal and tax professional fees	203.1	205
Repairs, maintenance and utilities	157.4	122.7
Share-based payments to directors and employees	136.5	109.5
Shipping and delivery	121.2	108.7
Marketing costs	103.5	95.1
Administrative expense and other	547.5	517.3
Total expenses	18,773.5	16,719.9
Commissions, net	2,787.9	2,355
Interest expense	513.9	475.9
Expenses	22,075.3	19,550.8
Insurance and reinsurance companies.
Expenses [Line Items]
Losses and loss adjustment expenses	10,272.9	8,954.5
Wages and salaries	1,547.1	1,359.1
Depreciation, amortization and impairment charges	291	234.6
Employee benefits	345.3	293
Premium taxes	285.9	240.3
Information technology costs	216.3	194.4
Audit, legal and tax professional fees	159.7	141
Repairs, maintenance and utilities	13.2	12.7
Share-based payments to directors and employees	118.2	103.6
Shipping and delivery	1.2	1.2
Marketing costs	33.4	27.6
Administrative expense and other	402.4	299
Total expenses	13,686.6	11,861
Commissions, net	2,787.9	2,355
Interest expense	373.6	305.3
Expenses	16,848.1	14,521.3
Non-insurance companies.
Expenses [Line Items]
Cost of sales	2,987.5	2,997.6
Wages and salaries	761.3	632.4
Depreciation, amortization and impairment charges	639.4	517.5
Employee benefits	116.9	105.2
Information technology costs	40.7	33
Audit, legal and tax professional fees	43.4	64
Repairs, maintenance and utilities	144.2	110
Share-based payments to directors and employees	18.3	5.9
Shipping and delivery	120	107.5
Marketing costs	70.1	67.5
Administrative expense and other	145.1	218.3
Total expenses	5,086.9	4,858.9
Interest expense	140.3	170.6
Expenses	5,227.2	5,029.5
Decrease in other expenses due to wage assistance	62.1	123.8
Lease concessions, COVID related	$ 28.9	$ 15.8

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrestricted cash and cash equivalents included in the statement of cash flows
Total	$ 11,685.4	$ 4,467.1	$ 3,863.3
Restricted cash and cash equivalents
Total	1,261	789.6
Cash.
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash	5,424.2	2,853.9
Restricted cash and cash equivalents
Cash	486.2	387.1
Cash and cash equivalents included on the balance sheet
Cash	5,910.4	3,241
Cash. | Holding company cash and investments
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash	129.9	81.9
Restricted cash and cash equivalents
Cash		5.8
Cash and cash equivalents included on the balance sheet
Cash	129.9	87.7
Cash. | Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash	5,259.2	2,736
Restricted cash and cash equivalents
Cash	484.6	349.4
Cash and cash equivalents included on the balance sheet
Cash	5,743.8	3,085.4
Cash. | Fairfax India Holdings Corporation (Fairfax India)
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash	35.1	36
Restricted cash and cash equivalents
Cash	1.6	31.9
Cash and cash equivalents included on the balance sheet
Cash	36.7	67.9
Cash equivalents
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash equivalents	6,261.2	1,613.2
Restricted cash and cash equivalents
Cash equivalents	774.8	402.5
Cash and cash equivalents included on the balance sheet
Cash equivalents	7,036	2,015.7
Cash equivalents | Holding company cash and investments
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash equivalents	336	192.3
Cash and cash equivalents included on the balance sheet
Cash equivalents	336	192.3
Cash equivalents | Holding company assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash equivalents	46.8
Cash and cash equivalents included on the balance sheet
Cash equivalents	46.8
Cash equivalents | Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash equivalents	5,777.6	1,398.6
Restricted cash and cash equivalents
Cash equivalents	761.8	402.5
Cash and cash equivalents included on the balance sheet
Cash equivalents	6,539.4	1,801.1
Cash equivalents | Fairfax India Holdings Corporation (Fairfax India)
Unrestricted cash and cash equivalents included in the statement of cash flows
Cash equivalents	26.8	22.3
Restricted cash and cash equivalents
Cash equivalents	13
Cash and cash equivalents included on the balance sheet
Cash equivalents	39.8	22.3
Cash and cash equivalents.
Unrestricted cash and cash equivalents included in the statement of cash flows
Total	11,685.4	4,467.1
Restricted cash and cash equivalents
Total	1,261	789.6
Cash and cash equivalents included on the balance sheet
Total	12,946.4	5,256.7
Cash and cash equivalents. | Holding company cash and investments
Unrestricted cash and cash equivalents included in the statement of cash flows
Total	465.9	274.2
Restricted cash and cash equivalents
Total		5.8
Cash and cash equivalents included on the balance sheet
Total	465.9	280
Cash and cash equivalents. | Holding company assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the statement of cash flows
Total	46.8
Cash and cash equivalents included on the balance sheet
Total	46.8
Cash and cash equivalents. | Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the statement of cash flows
Total	11,036.8	4,134.6
Restricted cash and cash equivalents
Total	1,246.4	751.9
Cash and cash equivalents included on the balance sheet
Total	12,283.2	4,886.5
Cash and cash equivalents. | Fairfax India Holdings Corporation (Fairfax India)
Unrestricted cash and cash equivalents included in the statement of cash flows
Total	61.9	58.3
Restricted cash and cash equivalents
Total	14.6	31.9
Cash and cash equivalents included on the balance sheet
Total	$ 76.5	$ 90.2

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net (purchases) sales of securities classified at FVTPL
Short term investments	$ (767.1)	$ (2,138.1)
Bonds	2,545.7	287.2
Preferred stocks	(37.3)	(24.5)
Common stocks	477.2	18.4
Net derivatives and other invested assets	395.9	(479.2)
Net sales of securities classified as FVTPL	2,614.4	(2,336.2)
Changes in operating assets and liabilities
Net increase in restricted cash and cash equivalents	(472.6)	(187.8)
Provision for losses and loss adjustment expenses	3,692	1,884.3
Provision for unearned premiums	2,152.2	1,243.2
Provision for life policy benefits	(167.9)
Insurance contract receivables	(1,152.9)	(496.7)
Insurance contract payables	1,079.8	441.9
Recoverable from reinsurers	(1,580)	(898.8)
Other receivables	(96.7)	104.9
Accounts payable and accrued liabilities	291.1	(45.4)
Other	(758.1)	(172.4)
Changes in operating assets and liabilities	(2,986.9)	(1,873.2)
Net interest and dividends received
Interest and dividends received	865.7	789.8
Interest paid on borrowings	(366.7)	(370.4)
Interest paid on lease liabilities	(54.8)	(62.4)
Net interest and dividends received	444.2	357
Net income taxes paid	$ (288.7)	$ (63.3)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Apr. 29, 2021	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Mar. 05, 2021	Feb. 26, 2021
Thomas Cook India
Disclosure of transactions between related parties [line items]
Share-based payments			$ 60
Non-controlling interests | Eurolife ERB Insurance Group Holdings S.A.
Disclosure of transactions between related parties [line items]
Proportion of ownership interests held by non-controlling interests				20.00%
Key management team
Disclosure of transactions between related parties [line items]
Salaries and other short-term employee benefits				$ 10.8	$ 10.9
Share-based payments				4.7	3.5
Related party compensation				15.5	14.4
Board of Directors
Disclosure of transactions between related parties [line items]
Retainers and fees				1.5	1.1
Share-based payments				0.4	0.6
Related party compensation				1.9	1.7
Fairfax India Holdings Corporation (Fairfax India)
Disclosure of transactions between related parties [line items]
Amounts receivable, related party transactions				84.7		$ 5.2
Number of subordinate voting shares received for performance fee						546,263
Proportion Of Sale Of Equity Interest Rate Held By Related Parties	48.80%
Fairfax India 5.00% Unsecured Senior Notes Due 2028 | Non-insurance companies.
Disclosure of transactions between related parties [line items]
Notional amount				$ 441.6	$ 550		$ 500
Interest rate				5.00%	5.00%		5.00%
Fairfax India 5.00% Unsecured Senior Notes Due 2028 | Insurance and reinsurance companies.
Disclosure of transactions between related parties [line items]
Notional amount							$ 58.4
Fairfax India 5.00% Unsecured Senior Notes Due 2028 | Insurance and reinsurance companies. | Subsequent Events
Disclosure of transactions between related parties [line items]
Notional amount							$ 58.4
Interest rate							5.00%
Helios Fairfax Partners Corporation
Disclosure of transactions between related parties [line items]
Investment in unsecured debentures and warrants		$ 100

Subsidiaries (Details)

Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2021
Recipe Unlimited Corporation (Recipe)
Subsidiaries
Proportion of voting rights held in associate	61.00%
Fairfax India Holdings Corporation (Fairfax India)
Subsidiaries
Proportion of voting rights held in associate	93.90%
Boat Rocker Media Inc. (Boat Rocker)
Subsidiaries
Proportion of voting rights held in associate	56.10%
Property and Casualty Insurance and Reinsurance | Northbridge Financial Corporation (Northbridge)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Odyssey Group Holdings, Inc. (Odyssey Group)
Subsidiaries
Proportion of ownership interest in subsidiary	90.00%
Property and Casualty Insurance and Reinsurance | Crum & Forster Holdings Corp. (Crum & Forster)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Zenith National Insurance Corp. (Zenith National)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Brit Limited (Brit)
Subsidiaries
Proportion of ownership interest in subsidiary	86.20%
Property and Casualty Insurance and Reinsurance | Allied World Assurance Company Holdings, Ltd (Allied World)
Subsidiaries
Proportion of ownership interest in subsidiary	70.90%
Property and Casualty Insurance and Reinsurance | Bryte Insurance Company Ltd (Bryte Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Eurolife FFH General Insurance Single Member S.A. (Eurolife General)
Subsidiaries
Proportion of ownership interest in subsidiary	80.00%
Property and Casualty Insurance and Reinsurance | Fairfax Central and Eastern Europe | Polskie Towarzystwo Reasekuracji Spolka Akcyjna (Polish Re)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Central and Eastern Europe | Colonnade Insurance S.A. (Colonnade Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Central and Eastern Europe | FFH Ukraine Holdings (Fairfax Ukraine)
Subsidiaries
Proportion of ownership interest in subsidiary	70.00%
Property and Casualty Insurance and Reinsurance | Fairfax Central and Eastern Europe | ARX Insurance Company (ARX Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Central and Eastern Europe | Private Joint Stock Company Insurance Company Universalna (Universalna)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Latin America | Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brasil)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Latin America | La Meridional Compania Argentina de Seguros S.A. (La Meridional Argentina)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Latin America | SBS Seguros Colombia S.A. (Southbridge Colombia)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Latin America | SBI Seguros Uruguay S.A. (Southbridge Uruguay)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Latin America | Southbridge Compaa de Seguros Generales S.A. (Southbridge Chile)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Group Re | CRC Reinsurance Limited (CRC Re)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Group Re | Wentworth Insurance Company Ltd. (Wentworth)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Group Re | Connemara Reinsurance Company Ltd. (Connemara)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Falcon Insurance Company (Hong Kong) Limited (Falcon)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | The Pacific Insurance Berhad (Pacific Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	85.00%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | PT Asuransi Multi Artha Guna Tbk (AMAG Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	80.30%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Fairfirst Insurance Limited (Fairfirst Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	78.00%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Singapore Reinsurance Corporation Limited (Singapore Re)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Life insurance and Run-off | Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife)
Subsidiaries
Proportion of ownership interest in subsidiary	80.00%
Run-off | TIG Insurance Company (TIG Insurance)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Investment management | Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa)
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%
Non-insurance companies | Restaurants and retail | Recipe Unlimited Corporation (Recipe)
Subsidiaries
Proportion of ownership interest in subsidiary	38.50%
Non-insurance companies | Restaurants and retail | Sporting Life Group Limited
Subsidiaries
Proportion of ownership interest in subsidiary	71.40%
Non-insurance companies | Fairfax India | Fairfax India Holdings Corporation (Fairfax India)
Subsidiaries
Proportion of ownership interest in subsidiary	30.10%
Non-insurance companies | Thomas Cook India | Thomas Cook (India) Limited (Thomas Cook India)
Subsidiaries
Proportion of ownership interest in subsidiary	66.80%
Non-insurance companies | Other subsegments | AGT Food and Ingredients Inc. (AGT)
Subsidiaries
Proportion of ownership interest in subsidiary	58.00%
Non-insurance companies | Other subsegments | Dexterra Group Inc. (Dexterra Group)
Subsidiaries
Proportion of ownership interest in subsidiary	48.80%
Non-insurance companies | Other subsegments | Boat Rocker Media Inc. (Boat Rocker)
Subsidiaries
Proportion of ownership interest in subsidiary	45.00%
Non-insurance companies | Other subsegments | Farmers Edge Inc. (Farmers Edge)
Subsidiaries
Proportion of ownership interest in subsidiary	61.40%
Sporting Life Group Limited | Sporting Life Inc. (Sporting Life)
Subsidiaries
Proportion of voting rights held in associate	100.00%
Sporting Life Group Limited | Sporting Life Inc. (Sporting Life) | Non-insurance companies | Restaurants and retail
Subsidiaries
Proportion of ownership interest in subsidiary	71.40%
Sporting Life Group Limited | Golf Town Limited (Golf Town)
Subsidiaries
Proportion of voting rights held in associate	100.00%
Sporting Life Group Limited | Golf Town Limited (Golf Town) | Non-insurance companies | Restaurants and retail
Subsidiaries
Proportion of ownership interest in subsidiary	71.40%
Fairfax India Holdings Corporation (Fairfax India) | National Commodities Management Services Limited (NCML)
Subsidiaries
Proportion of voting rights held in associate	89.50%
Thomas Cook (India) Limited (Thomas Cook India) | Sterling Holiday Resorts Limited (Sterling Resorts)
Subsidiaries
Proportion of voting rights held in associate	100.00%
Thomas Cook (India) Limited (Thomas Cook India) | Sterling Holiday Resorts Limited (Sterling Resorts) | Non-insurance companies | Thomas Cook India
Subsidiaries
Proportion of ownership interest in subsidiary	66.80%