Fairfax Financial Holdings Limited (FAXRF) 40-F 10 Mar 23 2022 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022 shares
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, 2022
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	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	271
Fairfax subordinate voting shares
Document Information
Entity Common Stock, Shares Outstanding	22,576,535
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, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets
Holding company cash and investments (including assets pledged for derivative obligations - $104.6; December 31, 2021 - $111.0)	$ 1,345.8	$ 1,478.3
Insurance contract receivables	7,907.5	6,883.2
Portfolio investments
Subsidiary cash and short term investments (including restricted cash and cash equivalents - $854.4; December 31, 2021 - $1,246.4)	9,368.2	21,799.5
Bonds (cost $29,534.4; December 31, 2021 - $13,836.3)	28,578.5	14,091.2
Preferred stocks (cost $808.3; December 31, 2021 - $576.6)	2,338	2,405.9
Common stocks (cost $5,162.6; December 31, 2021 - $4,717.2)	5,124.3	5,468.9
Investments in associates (fair value $6,772.9; December 31, 2021 - $5,671.9)	6,091.3	4,755.1
Derivatives and other invested assets (cost $869.8; December 31, 2021 - $888.2)	828.5	991.2
Assets pledged for derivative obligations (cost $52.4; December 31, 2021 - $119.6)	51.3	119.6
Fairfax India cash, portfolio investments and associates (fair value $3,079.6; December 31, 2021 - $3,336.4)	1,942.8	2,066
Total portfolio investments	54,322.9	51,697.4
Deferred premium acquisition costs	2,170.3	1,924.1
Recoverable from reinsurers (including recoverables on paid losses - $1,454.2; December 31, 2021 - $884.3)	13,115.8	12,090.5
Deferred income tax assets	492.1	522.4
Goodwill and intangible assets	5,689	5,928.2
Other assets	7,081.7	6,121.3
Total assets	92,125.1	86,645.4
Liabilities
Accounts payable and accrued liabilities	5,215.2	4,985.4
Derivative obligations (including at the holding company - $19.4; December 31, 2021 - $32.1)	191	152.9
Deferred income tax liabilities	496.7	598.8
Insurance contract payables	5,061.9	4,493.5
Insurance contract liabilities	52,199.6	47,346.5
Borrowings	8,624.9	7,753
Total liabilities	71,789.3	65,330.1
Equity
Shareholders' equity attributable to shareholders of Fairfax	16,676.2	16,385.1
Non-controlling interests	3,659.6	4,930.2
Total equity	20,335.8	21,315.3
Total liabilities and total equity	92,125.1	86,645.4
Common shares
Equity
Equity in stock	15,340.7	15,049.6
Preferred shares
Equity
Equity in stock	1,335.5	1,335.5
Holding company and insurance and reinsurance companies
Liabilities
Borrowings	6,621	6,129.3
Non-insurance companies
Liabilities
Borrowings	$ 2,003.9	$ 1,623.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Restricted cash and cash equivalents	$ 861.2	$ 1,261
Recoverables on paid losses	1,454.2	884.3
Derivative obligations, holding company	19.4	32.1
Holding company cash and investments
Consolidated Balance Sheets
Cash and investments pledged for derivative obligations	104.6	111
Portfolio investments
Consolidated Balance Sheets
Restricted cash and cash equivalents	854.4	1,246.4
Bonds, at cost	29,534.4	13,836.3
Preferred stocks, at cost	808.3	576.6
Common stocks, at cost	5,162.6	4,717.2
Investments in associates, at fair value	6,772.9	5,671.9
Derivatives and other invested assets, at cost	869.8	888.2
Assets pledged for derivative obligations, at cost	52.4	119.6
Portfolio investments | Fairfax India
Consolidated Balance Sheets
Fairfax India cash, portfolio investments and associates, at fair value	$ 3,079.6	$ 3,336.4

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income
Gross premiums earned	$ 26,454.9	$ 21,786.8
Premiums ceded to reinsurers	(5,448.8)	(5,228.8)
Net premiums earned	21,006.1	16,558
Interest and dividends	961.8	640.8
Share of profit of associates	1,014.7	402
Net gains (losses) on investments	(1,733.9)	3,445.1
Gain on sale and consolidation of insurance subsidiaries	1,219.7	264
Other revenue	5,581.6	5,158
Income	28,050	26,467.9
Expenses
Losses on claims, gross	17,509.5	14,200.7
Losses on claims, ceded to reinsurers	(3,657.6)	(3,460.2)
Losses on claims, net	13,851.9	10,740.5
Operating expenses	3,057.5	2,946.1
Commissions, net	3,454.9	2,787.9
Interest expense	452.8	513.9
Other expenses	5,520.9	5,086.9
Expenses	26,338	22,075.3
Earnings before income taxes	1,712	4,392.6
Provision for income taxes	425.2	726
Net earnings (loss)	1,286.8	3,666.6
Attributable to:
Shareholders of Fairfax	1,147.2	3,401.1
Non-controlling interests	139.6	265.5
Net earnings (loss)	$ 1,286.8	$ 3,666.6
Net earnings per share (in dollars per share)	$ 46.62	$ 129.33
Net earnings per diluted share (in dollars per share)	43.49	122.25
Cash dividends paid per share (in dollars per share)	$ 10	$ 10
Shares outstanding (000) (weighted average) (in shares)	23,637,824	25,953,114

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Earnings
Gross premiums written	$ 27,912.6	$ 23,910.2
Net premiums written	$ 22,271.7	$ 18,278.1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement
Net earnings	$ 1,286.8	$ 3,666.6
Items that may be subsequently reclassified to net earnings
Net unrealized foreign currency translation losses on foreign subsidiaries	(673.7)	(199.5)
Share of other comprehensive loss of associates, excluding net gains on defined benefit plans	(132)	(75.1)
Other	2.2
Items that may be subsequently reclassified to net earnings (loss) before reclassification adjustments	(602.2)	(227.4)
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earnings	19.7	6.7
Net unrealized foreign currency translation gains on associates reclassified to net earnings	(4.3)	(45.2)
Items that may be subsequently reclassified to net earnings (loss)	(586.8)	(265.9)
Items that will not be subsequently reclassified to net earnings
Net gains on defined benefit plans	121.7	88.2
Share of net gains on defined benefit plans of associates	59.4	67
Other		13.8
Items that will not be subsequently reclassified to net earnings (loss)	181.1	169
Other comprehensive income (loss), net of income taxes	(405.7)	(96.9)
Comprehensive income	881.1	3,569.7
Attributable to:
Shareholders of Fairfax	939.8	3,377.6
Non-controlling interests	(58.7)	192.1
Comprehensive income	881.1	3,569.7
Canada
Statement
Net earnings	284.5	667.2
Items that may be subsequently reclassified to net earnings
Gains (losses) on hedge of net investment	149.5	(16.7)
Europe
Items that may be subsequently reclassified to net earnings
Gains (losses) on hedge of net investment	$ 51.8	$ 63.9

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Issued capital Common shares	Issued capital Preferred 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' equity Canada	Common shareholders' equity Europe	Common shareholders' equity	Equity attributable to shareholders of Fairfax Canada	Equity attributable to shareholders of Fairfax Europe	Equity attributable to shareholders of Fairfax	Non-controlling interests	Preferred shares	Canada	Europe	Total
Beginning 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
Net earnings 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)
Gains 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 loss of associates, excluding net gains 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 on associates reclassified to net earnings								(45.6)			(45.6)			(45.6)	0.4				(45.2)
Net gains on defined benefit plans								82.8			82.8			82.8	5.4				88.2
Share of net gains 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			(132.6)	104.1							(28.5)			(28.5)	6.8				(21.7)
Purchases for cancellation	(529.6)				(528.5)						(1,058.1)			(1,058.1)					(1,058.1)
Common share dividends					(272.1)						(272.1)			(272.1)	(155.4)				(427.5)
Preferred share dividends					(44.5)						(44.5)			(44.5)		$ (44.5)			(44.5)
Acquisitions of subsidiaries															7.5				7.5
Net changes in capitalization				208.4	323.7			20.8			552.9			552.9	1,226.9				1,779.8
Deconsolidation of subsidiaries															(15.4)				(15.4)
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
Changes in equity
Net earnings for the year					1,147.2						1,147.2			1,147.2	139.6		284.5		1,286.8
Net unrealized foreign currency translation losses on foreign operations								(479.7)			(479.7)			(479.7)	(194)				(673.7)
Gains on hedge of net investment						$ 149.5	$ 51.8		$ 149.5	$ 51.8		$ 149.5	$ 51.8				$ 149.5	$ 51.8
Share of other comprehensive loss of associates, excluding net gains on defined benefit plans								(120.7)			(120.7)			(120.7)	(11.3)				(132)
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earnings								19.7			19.7			19.7					19.7
Net unrealized foreign currency translation gains on associates reclassified to net earnings								(3.9)			(3.9)			(3.9)	(0.4)				(4.3)
Net gains on defined benefit plans								116.9			116.9			116.9	4.8				121.7
Share of net gains on defined benefit plans of associates								57.8			57.8			57.8	1.6				59.4
Other								1.2			1.2			1.2	1				2.2
Issuances for share-based payments			62.4	(70.2)							(7.8)			(7.8)	5.3				(2.5)
Purchases and amortization for share-based payments			(148.2)	146.1							(2.1)			(2.1)	(20.3)				(22.4)
Purchases for cancellation	(96.1)				(103.5)						(199.6)			(199.6)					(199.6)
Common share dividends					(249.9)						(249.9)			(249.9)	(263.2)				(513.1)
Preferred share dividends					(45.2)						(45.2)			(45.2)		$ (45.2)			(45.2)
Acquisitions of subsidiaries															111.5				111.5
Net changes in capitalization				37.6	(211.2)						(173.6)			(173.6)	(1,070.9)				(1,244.5)
Other			2.6	(2.6)				29.5			29.5			29.5	25.7				55.2
Ending balance at Dec. 31, 2022	$ 6,086.3	$ 1,335.5	$ (891.3)	$ 615.7	$ 10,509.6			$ (979.6)			$ 15,340.7			$ 16,676.2	$ 3,659.6				$ 20,335.8

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Issued capital. | Multiple voting shares
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, 2022	Dec. 31, 2021
Operating activities
Net earnings	$ 1,286.8	$ 3,666.6
Depreciation, amortization and impairment charges	683.6	930.4
Net bond premium (discount) amortization	(34.2)	65
Amortization of share-based payment awards	146.1	104.1
Share of profit of associates	(1,014.7)	(402)
Net deferred income taxes	(181.6)	339
Net (gains) losses on investments	1,733.9	(3,445.1)
Gain on sale and consolidation of insurance subsidiaries	(1,219.7)	(264)
Loss on repurchase of borrowings		45.7
Net (purchases) sales of investments classified at FVTPL	(9,640.2)	2,614.4
Changes in operating assets and liabilities	3,820.1	2,986.9
Cash provided by (used in) operating activities	(4,419.9)	6,641
Investing activities
Sales of investments in associates	192.9	809.2
Purchases of investments in associates	(363.5)	(175.4)
Net purchases of premises and equipment and intangible assets	(418.9)	(353.9)
Net sales of investment property	84.7	27
Purchases of subsidiaries, net of cash acquired	(229.9)	1,259.5
Cash provided by investing activities	384.8	1,838.6
Financing activities
Purchases for treasury	(148.2)	(132.6)
Purchases for cancellation	(199.6)	(1,058.1)
Common share dividends	(249.9)	(272.1)
Preferred share dividends	(45.2)	(44.5)
Subsidiary shares:
Issuances to non-controlling interests, net of issuance costs	167.5	1,603.2
Purchases of non-controlling interests	(1,384.7)	(233)
Sales to non-controlling interests		174.8
Dividends paid to non-controlling interests	(261)	(175.6)
Cash used in financing activities	(1,294.6)	(1,189.3)
Increase (decrease) in cash and cash equivalents	(5,329.7)	7,290.3
Cash and cash equivalents - beginning of year	11,685.4	4,467.1
Foreign currency translation	(236.1)	(72)
Cash and cash equivalents - end of year	6,119.6	11,685.4
Holding company and insurance and reinsurance companies
Investing activities
Proceeds from sale of subsidiaries, net of cash divested	1,109	85.4
Financing activities
Proceeds, net of issuance costs	743.4	1,250
Repayments	(0.3)	(932.9)
Net repayments on holding company credit facility		(700)
Net repayments on other revolving credit facilities	(35)	(84.3)
Principal payments on lease liabilities	(68.5)	(64.6)
Non-insurance companies
Investing activities
Proceeds from sale of subsidiaries, net of cash divested	10.5	186.8
Financing activities
Proceeds, net of issuance costs	47	499.1
Repayments	(25.3)	(593.9)
Net borrowings (repayments) on revolving credit facilities and short term loans	304.1	(262)
Principal payments on lease liabilities	$ (138.9)	$ (162.8)

Business Operations

Business Operations	12 Months Ended
	Dec. 31, 2022
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, 2022
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The company’s consolidated financial statements for the year ended December 31, 2022 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. 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, 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 10, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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 The consolidated financial statements were prepared as of December 31, 2022 and 2021 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 or in gain on sale and consolidation of insurance subsidiaries 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 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 may 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, inflation, 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 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, 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 the non-insurance companies. 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 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 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 purchas

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2022
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 provisions for losses and loss adjustment expenses are estimated based on Canadian accepted actuarial practices, which are designed to ensure the company establishes an appropriate reserve on the consolidated balance sheet to cover insured losses and related claims expenses for both reported claims and IBNR claims as of each balance sheet date. The assumptions underlying the estimation of provisions for losses and loss adjustment expenses, the most significant of which are expected loss ratios, loss development patterns, claim frequencies and severities, exposure changes and expected reinsurance recoveries, are regularly reviewed and updated by the company to reflect recent and emerging trends in experience and changes in the risk profile of the business. The estimation techniques employed by the company in determining provisions for losses and loss adjustment expenses and the inherent uncertainties associated with insurance contracts are described in the “Property and casualty insurance contracts” section of note 3 and the “Underwriting Risk” section of note 24, and the historic development of the company’s insurance liabilities are presented in note 8. 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 judgments and assumptions are required to determine the discounted cash flows, including discount rates, long term growth rates and credit spreads, as applicable, and the effects of economic uncertainty caused by increased inflationary pressures that have resulted in central banks across the world simultaneously raising interest rates to address inflation. 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 judgments and assumptions are required to determine the discounted cash flows, including discount rates, long term growth rates, working capital requirements and the effects of increased inflationary pressures and interest rates, 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. The company exercised judgment in determining it had obtained significant influence over Stelco during 2022, and over Gulf Insurance through arrangements related to its sale of RiverStone Barbados during 2021, pursuant to the transactions described in note 6.

Cash and Investments

Cash and Investments	12 Months Ended
	Dec. 31, 2022
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 and other invested assets. ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Holding company Cash and cash equivalents 552.1 465.9 Short term investments 126.6 216.9 Bonds 243.2 242.6 Preferred stocks 11.1 14.0 Common stocks (1) 75.4 137.5 Derivatives (note 7) 232.8 290.5 ​ 1,241.2 1,367.4 Assets pledged for derivative obligations: ​ Cash equivalents ​ 40.6 ​ 46.8 Short term investments 64.0 64.1 ​ 104.6 110.9 ​ ​ ​ ​ ​ Holding company cash and investments as presented on the consolidated balance sheet 1,345.8 1,478.3 Derivative obligations (note 7) (19.4) (32.1) ​ 1,326.4 1,446.2 Portfolio investments Cash and cash equivalents (2) 6,203.3 12,283.2 Short term investments 3,164.9 9,516.3 Bonds 28,578.5 14,091.2 Preferred stocks 2,338.0 2,405.9 Common stocks (1) 5,124.3 5,468.9 Investments in associates (note 6) 6,091.3 4,755.1 Derivatives (note 7) 235.0 291.3 Other invested assets (3) 593.5 699.9 ​ 52,328.8 49,511.8 Assets pledged for derivative obligations: ​ Cash equivalents ​ — ​ 74.0 Short term investments — 45.6 Bonds 51.3 — ​ 51.3 119.6 Fairfax India cash, portfolio investments and associates: ​ Cash and cash equivalents (2) 184.8 76.5 Short term investments ​ 49.7 ​ 6.2 Bonds 128.2 199.8 Common stocks 237.5 434.6 Investments in associates (note 6) 1,342.6 1,348.9 ​ 1,942.8 2,066.0 ​ ​ ​ ​ ​ Portfolio investments as presented on the consolidated balance sheet 54,322.9 51,697.4 Derivative obligations (note 7) (171.6) (120.8) ​ 54,151.3 51,576.6 ​ ​ ​ ​ ​ Total cash and investments, net of derivative obligations 55,477.7 53,022.8 (1) Includes aggregate investments in limited partnerships with a carrying value at December 31, 2022 of $1,982.5 (December 31, 2021 – $1,971.0 ). (2) Includes aggregate restricted cash and cash equivalents at December 31, 2022 of $861.2 (December 31, 2021 – $1,261.0 ). See note 27. (3) Comprised primarily of investment property. ​ Restricted cash and cash equivalents at December 31, 2022 of $861.2 (December 31, 2021 – $1,261.0) 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, ​ ​ 2022 ​ 2021 Regulatory deposits 5,724.2 5,147.1 Security for reinsurance and other 1,611.0 1,434.9 ​ 7,335.2 6,582.0 ​ 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, 2022 bonds containing call, put and both call and put features represented $5,933.7, $30.9 and $427.7 respectively (December 31, 2021 - $4,063.0, $77.2 and $467.8) 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, 2022 of $183.7 (December 31, 2021 - $1,691.3) 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 Canadian government bonds, Canadian provincial bonds and first mortgage loans of $779.0, $207.6 and $870.2 respectively and debentures received on the sale of Crum & Forster’s Pet Insurance Group and Pethealth as described in note 23. The increase in the company’s holdings of bonds due after 1 year through 3 years was primarily due to net investments of existing cash and proceeds from sales and maturities of U.S. treasury and Canadian provincial short term investments into U.S. treasury and Canadian government bonds with 1 to 3 year terms of $8,287.0 and $609.3, and short-dated high quality corporate bonds of $2,202.6. The increase in the company’s holdings of bonds due after 3 years through 5 years was primarily due to net purchases of U.S. treasury bonds with 3 to 5 year terms of $2,905.1. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ ​ cost (1) ​ value (1) ​ cost (1) ​ value (1) ​ Due in 1 year or less (2) 8,506.5 8,192.5 ​ 6,022.8 5,946.5 ​ Due after 1 year through 3 years (2) 16,077.6 15,686.2 ​ 3,933.5 4,206.0 ​ Due after 3 years through 5 years ​ 4,205.8 ​ 4,116.6 ​ 2,740.7 ​ 2,744.1 ​ Due after 5 years through 10 years 318.8 291.1 ​ 534.0 531.3 ​ Due after 10 years 859.9 714.8 ​ 990.1 1,105.7 ​ ​ 29,968.6 29,001.2 ​ 14,221.1 14,533.6 ​ Pre-tax effective interest rate 3.6 % 2.7 % (1) Includes bonds held by the holding company and Fairfax India. (2) Includes the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 - $1,659.4 ) secured by real estate predominantly in the U.S., Europe and Canada. ​ 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, 2022 ​ December 31, 2021 ​ ​ 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) ​ 6,980.8 ​ — ​ — ​ 6,980.8 ​ 12,946.4 ​ — ​ — ​ 12,946.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ 91.8 ​ — ​ — ​ 91.8 ​ 16.2 ​ — ​ — ​ 16.2 ​ Canadian provincials ​ 38.1 ​ — ​ — ​ 38.1 ​ 535.8 ​ — ​ — ​ 535.8 ​ U.S. treasury ​ 1,574.5 ​ — ​ — ​ 1,574.5 ​ 7,608.8 ​ — ​ — ​ 7,608.8 ​ Other government ​ 164.3 ​ 1,238.5 ​ — ​ 1,402.8 ​ 283.5 ​ 1,140.9 ​ — ​ 1,424.4 ​ Corporate and other ​ — ​ 298.0 ​ — ​ 298.0 ​ — ​ 263.9 ​ — ​ 263.9 ​ ​ ​ 1,868.7 ​ 1,536.5 ​ — ​ 3,405.2 ​ 8,444.3 ​ 1,404.8 ​ — ​ 9,849.1 ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ — ​ 1,923.5 ​ — ​ 1,923.5 ​ — ​ 614.6 ​ — ​ 614.6 ​ Canadian provincials ​ — ​ 284.1 ​ — ​ 284.1 ​ — ​ 45.0 ​ — ​ 45.0 ​ U.S. treasury ​ — ​ 14,378.8 ​ — ​ 14,378.8 ​ — ​ 3,957.9 ​ — ​ 3,957.9 ​ U.S. states and municipalities ​ — ​ 262.7 ​ — ​ 262.7 ​ — ​ 387.2 ​ — ​ 387.2 ​ Other government ​ — ​ 2,700.2 ​ — ​ 2,700.2 ​ — ​ 2,655.0 ​ — ​ 2,655.0 ​ Corporate and other (2) ​ — ​ 5,986.6 ​ 3,465.3 ​ 9,451.9 ​ — ​ 4,078.1 ​ 2,795.8 ​ 6,873.9 ​ ​ ​ — ​ 25,535.9 ​ 3,465.3 ​ 29,001.2 ​ — ​ 11,737.8 ​ 2,795.8 ​ 14,533.6 ​ Preferred stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 10.4 ​ 9.2 ​ 13.2 ​ 32.8 ​ — ​ 16.6 ​ 93.6 ​ 110.2 ​ U.S. ​ — ​ — ​ 233.6 ​ 233.6 ​ — ​ — ​ 40.6 ​ 40.6 ​ Other (3) ​ 13.2 ​ 269.2 ​ 1,800.3 ​ 2,082.7 ​ 13.5 ​ 288.0 ​ 1,967.6 ​ 2,269.1 ​ ​ ​ 23.6 ​ 278.4 ​ 2,047.1 ​ 2,349.1 ​ 13.5 ​ 304.6 ​ 2,101.8 ​ 2,419.9 ​ Common stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 624.3 ​ 192.3 ​ 427.8 ​ 1,244.4 ​ 1,104.2 ​ 188.4 ​ 303.7 ​ 1,596.3 ​ U.S. ​ 691.0 ​ 26.1 ​ 1,087.2 ​ 1,804.3 ​ 597.9 ​ 32.0 ​ 1,155.3 ​ 1,785.2 ​ Other ​ 1,097.8 ​ 254.1 ​ 1,036.6 ​ 2,388.5 ​ 1,438.0 ​ 276.7 ​ 944.8 ​ 2,659.5 ​ ​ ​ 2,413.1 ​ 472.5 ​ 2,551.6 ​ 5,437.2 ​ 3,140.1 ​ 497.1 ​ 2,403.8 ​ 6,041.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets ​ — ​ 341.8 ​ 719.5 ​ 1,061.3 ​ 0.1 ​ 175.4 ​ 1,106.2 ​ 1,281.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative obligations (note 7) ​ — ​ (151.8) ​ (39.2) ​ (191.0) ​ — ​ (88.5) ​ (64.4) ​ (152.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments and portfolio investments measured at fair value ​ 11,286.2 ​ 28,013.3 ​ 8,744.3 ​ 48,043.8 ​ 24,544.4 ​ 14,031.2 ​ 8,343.2 ​ 46,918.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23.5 % 58.3 % 18.2 % 100.0 % 52.3 % 29.9 % 17.8 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates (note 6) (4) ​ 4,693.8 ​ 95.3 ​ 4,463.2 ​ 9,252.3 ​ 4,188.8 ​ 106.8 ​ 3,995.6 ​ 8,291.2 ​ (1) Includes restricted cash and cash equivalents of $861.2 at December 31, 2022 (December 31, 2021 – $1,261.0 ). See note 27. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 – $1,659.4 ) 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 is 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 Resolute Forest Products which was held for sale at December 31, 2022 as described in note 6. 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 2022 and 2021 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Private Private ​ ​ ​ Derivatives ​ ​ ​ placement ​ company ​ Limited ​ Private ​ ​ ​ and other ​ ​ ​ ​ debt ​ preferred ​ partnerships ​ equity ​ Common ​ invested ​ ​ ​ ​ securities ​ shares ​ and other (1) ​ funds (1) ​ shares ​ assets ​ Total Balance - January 1 ​ 2,795.8 2,101.8 1,789.1 107.7 507.0 1,041.8 8,343.2 Net realized and unrealized gains (losses) included in the consolidated statement of earnings (2) ​ (378.8) ​ (247.4) ​ 143.0 ​ (1.4) ​ 61.9 ​ (95.8) ​ (518.5) Purchases (3) ​ 1,456.0 ​ 286.4 ​ 113.1 ​ — ​ 102.7 ​ 67.4 ​ 2,025.6 Sales and distributions (3) (382.4) (88.1) (207.0) (4.2) (14.3) (303.8) (999.8) Transfer out of category — — — — (2.7) — (2.7) Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss) (25.3) (5.6) (14.0) (4.6) (24.7) (29.3) (103.5) Balance - December 31 3,465.3 2,047.1 1,824.2 97.5 629.9 680.3 8,744.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Private Private ​ ​ ​ Derivatives ​ ​ ​ placement ​ company ​ Limited ​ Private ​ ​ ​ and other ​ ​ ​ ​ debt ​ preferred ​ partnerships ​ equity ​ Common ​ invested ​ ​ ​ ​ securities ​ shares ​ and other (1) ​ funds (1) ​ shares ​ assets ​ Total Balance - January 1 ​ 1,774.2 ​ 587.4 ​ 1,766.9 ​ 110.8 ​ 239.9 ​ 697.6 ​ 5,176.8 Net realized and unrealized gains included in the consolidated statement of earnings (2) ​ 69.1 ​ 1,489.3 ​ 450.6 ​ 2.4 ​ 53.7 ​ 297.4 ​ 2,362.5 Purchases (3)(4)(5) ​ 1,241.5 ​ 32.0 ​ 254.3 ​ — ​ 216.9 ​ 115.5 ​ 1,860.2 Acquisitions of subsidiaries (note 23) 47.5 — — — — 27.4 74.9 Transfer into category (6) 139.6 — — — 10.9 — 150.5 Sales and distributions (3) (476.6) (7.2) (580.9) (5.9) (2.5) (91.8) (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) 0.5 0.3 0.2 0.4 (1.2) (4.3) (4.1) Balance - December 31 2,795.8 2,101.8 1,789.1 107.7 507.0 1,041.8 8,343.2 (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 closed the majority of the $200 raise in the fourth quarter of 2021 and first half of 2022. At December 31, 2021, the company estimated the fair value of Digit Insurance using the transaction fair value, which was supported by an internal discounted cash flow analysis, resulting in the company recording a net unrealized gain of $1,490.3 in 2021 (inclusive of foreign exchange losses) on its investment in Digit compulsory convertible preferred shares. At December 31, 2022, the company estimated the fair value of Digit Insurance using an internal discounted cash flow analysis that continues to approximate the transaction fair value, resulting in the company recording a net unrealized loss of $167.2 in 2022, principally related to foreign exchange losses 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) Private placement debt securities include net purchases of first mortgage loans of $870.2 (2021 - $826.9 ). (4) Common shares include non-voting shares of the RiverStone Barbados holding company as described in note 23. (5) Derivatives and other invested assets include a monthly royalty on future revenues of Toys “R” Us Canada as described in note 23. (6) Private placement debt securities include Mosaic Capital 25-year debentures as described in note 23. 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, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ value if input ​ ​ Carrying ​ ​ ​ ​ ​ Input range used ​ value is Asset class ​ value ​ Valuation technique ​ Significant unobservable input ​ Low ​ High ​ increased (a) Bonds (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private placement debt securities (1) 834.2 Discounted cash flow Credit spread 2.8 % 12.7 % Decrease Mortgage loans (2) 2,500.7 Market approach Recent transaction price N/A N/A Increase ​ ​ Discounted cash flow Credit spread ​ 2.1 % 6.4 % Decrease Other ​ 130.4 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 3,465.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stocks (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private company preferred shares (3) 1,798.3 Discounted cash flow ​ Discount rate ​ 10.9 % 10.9 % Decrease ​ ​ ​ ​ Long term growth rate ​ 6.3 % 6.3 % Increase Private placement preferred shares 156.7 Discounted cash flow Credit spread 5.8 % 5.8 % Decrease Other ​ 92.1 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 2,047.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks (d) ​ ​ ​ ​ ​ ​ Limited partnerships and other (4) ​ 1,824.2 ​ Net asset value ​ Net asset value ​ N/A ​ N/A ​ Increase Common shares ​ 261.6 ​ Market approach ​ Recent transaction price ​ N/A ​ N/A ​ Increase Other 465.8 Various Various N/A N/A N/A ​ ​ 2,551.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets (e) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment property (5) ​ 437.3 ​ Income capitalization ​ Terminal capitalization rate ​ 6.0 % 8.0 % Decrease ​ ​ ​ ​ ​ ​ Discount rate ​ 6.9 % 9.3 % Decrease ​ ​ ​ ​ ​ ​ Market rent growth rate ​ 2.6 % 3.0 % Increase ​ ​ 66.0 ​ Sales comparison ​ Price per acre (Cdn$ thousands) ​ 30.0 ​ 150.0 ​ Increase Other ​ 177.0 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 680.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 8,744.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2022 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 10 investments, the largest being $285.0 (software and services) (December 31, 2021 - 12 investments, the largest being $535.1 (software and services)). By increasing (decreasing) the credit spreads applied at December 31, 2022 by 100 basis points, the fair value of this asset class would collectively decrease by $23.2 (increase by $24.5 ). (2) At December 31, 2022 these mortgage loans consisted of 50 investments, the largest being $250.0 (December 31, 2021 – 36 investments, the largest being $149.4 ). By increasing (decreasing) the credit spreads applied at December 31, 2022 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 which were valued using an industry accepted discounted cash flow model that incorporated an unobservable discount rate and long term growth rate. By increasing (decreasing) the discount rate applied at December 31, 2022 by 1.0% , the fair value of the preferred shares would decrease by $308.2 (increase by $591.8 ); by increasing (decreasing) the long term growth rate applied at December 31, 2022 by 0.5% , the fair value of the preferred shares would increase by $175.8 (decrease by $141.7 ). (4) Limited partnerships and other 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, 2022 limited partnerships and other consisted of 45 investments, the three largest being $374.8 (oil and gas extraction), $189.5 (industrials) and $176.1 (industrials) (December 31, 2021 - 47 investments, the three largest being $258.2 (industrials), $252.1 (oil and gas extraction) and $192.0 (primarily household appliance manufacturing)). By increasing (decreasing) net asset values at December 31, 2022 by 10% , the fair value of limited partnerships and other would collectively increase (decrease) by $182.4 . (5) These investment property were primarily valued by third party appraisers using an industry accepted income capitalization approach that incorporated unobservable capitalization rates, discount rates and market rent growth rates. Certain 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 of associates ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Interest income: Cash and short term investments 101.5 26.8 Bonds 753.1 488.5 Derivatives and other invested assets 18.9 53.1 ​ 873.5 568.4 Dividends: ​ ​ Preferred stocks 39.7 14.1 Common stocks 100.7 94.1 ​ 140.4 108.2 Investment expenses (52.1) (35.8) Interest and dividends 961.8 640.8 ​ ​ ​ ​ ​ Share of profit of associates (note 6) 1,014.7 402.0 ​ Net gains (losses) on investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ 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) ​ gains (losses) ​ investments ​ Common stocks 364.5 (1) (607.2) (1) (242.7) ​ 483.4 ​ 850.0 ​ 1,333.4 ​ Preferred stocks - convertible ​ 1.4 ​ (5.8) ​ (4.4) ​ 0.7 ​ 2.1 ​ 2.8 ​ Bonds - convertible 10.2 (247.2) ​ (237.0) 0.2 101.1 101.3 Other equity derivatives (2)(3) 331.7 (4) (140.9) (4) 190.8 461.5 170.1 631.6 Disposition of non-insurance associates 45.1 ​ — ​ 45.1 52.7 (5) — 52.7 Deconsolidation of non-insurance subsidiaries 4.4 ​ — ​ 4.4 ​ 190.3 (6) — ​ 190.3 ​ Long equity exposures and financial effects 757.3 ​ (1,001.1) ​ (243.8) ​ 1,188.8 ​ 1,123.3 2,312.1 ​ Bonds (183.6) ​ (1,064.9) ​ (1,248.5) ​ 338.0 (7) (624.6) (7) (286.6) ​ U.S. treasury bond forward contracts 163.0 ​ (0.6) ​ 162.4 26.0 ​ (0.3) 25.7 Total bonds ​ (20.6) ​ (1,065.5) ​ (1,086.1) ​ 364.0 ​ (624.9) ​ (260.9) ​ Preferred stocks 12.9 ​ (101.1) ​ (88.2) 1.5 ​ 1,507.4 (8) 1,508.9 Other derivative contracts (62.0) ​ 86.6 ​ 24.6 (157.2) ​ 181.3 24.1 Foreign currency (9) 105.8 ​ (410.1) ​ (304.3) (64.5) (28.6) (93.1) Other ​ (36.3) ​ 0.2 ​ (36.1) ​ 130.4 ​ (176.4) ​ (46.0) ​ Net gains (losses) on investments 757.1 ​ (2,491.0) ​ (1,733.9) 1,463.0 1,982.1 3,445.1 (1) On August 31, 2022 Stelco. repurchased 5.1 million of its outstanding common shares under its substantial issuer bid which resulted in the loss of a certain right held by another investor and the company’s ownership interest in Stelco increasing to 20.5% . Accordingly, the company commenced applying the equity method of accounting to its interest in Stelco at that date, resulting in unrealized gains of $151.9 being reclassified to realized with a net impact of nil in the consolidated statement of earnings, as described in note 6. (2) Other equity derivatives include long equity total return swaps, equity warrants and options and the Asset Value Loan Notes (“AVLNs”) entered with RiverStone Barbados as described in note 23. Net change in unrealized gains (losses) in 2022 included $100.6 in unrealized gains (2021 - $91.8 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares, with the fair value of $196.3 at December 31, 2022 (December 31, 2021 - $95.7 ) recorded in holding company cash and investments, as described in note 7. (3) Amounts recorded in net realized gains (losses) include net gains (losses) on total return swaps where the counterparties are generally 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. Net realized gains (losses) in 2022 included $154.8 in realized gains (2021 - $130.9 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares, which represented cash-settlement amounts recorded in holding company cash and investments. (4) On April 6, 2022 the company acquired 25.0 million Atlas common shares by exercising its Atlas equity warrants with a strike price of $8.05 per share for aggregate cash consideration of $201.3 and recognized a net loss on investment of $37.2 (realized gains of $58.6 , of which $95.8 was recorded as unrealized gains in prior years) on derecognition of the equity warrants as described in note 6. (5) 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. (6) Principally comprised of the sale of Toys “R” Us Canada and Fairfax India’s sale of Privi during 2021. (7) 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. (8) Includes net unrealized gains of $1,490.3 (inclusive of foreign exchange losses) on Digit compulsory convertible preferred shares during 2021 described earlier in this note. (9) Foreign currency net losses on investing activities during 2022 primarily related to the strengthening of the U.S. dollar relative to the company’s investments denominated in the Indian rupee, Canadian dollar, Egyptian pound, Sri Lankan rupee and British pound, partially offset by foreign currency net gains on U.S. dollar denominated investments held by subsidiaries with a Canadian dollar or British pound functional currency as the U.S. dollar strengthened relative to those currencies. 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.

Investments in Associates

Investments in Associates	12 Months Ended
	Dec. 31, 2022
Investments in Associates
Investments in Associates	6. Investments in Associates The company’s investments in associates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Year ended ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ Carrying value ​ 2022 ​ ​ ​ ​ ​ ​ Associates ​ ​ ​ ​ ​ Share of ​ ​ Ownership ​ Fair ​ and joint ​ Fairfax India ​ ​ ​ profit ​ ​ percentage (a) ​ value (b) ​ ventures ​ associates (c) ​ Total ​ (loss) Insurance and reinsurance: ​ ​ ​ ​ ​ ​ Gulf Insurance Group K.S.C.P. (“Gulf Insurance”) ​ 43.7 % 415.8 ​ 403.4 ​ — ​ 403.4 ​ 53.0 Go Digit Infoworks Services Private Limited (“Digit”) (1) ​ 49.0 % 479.3 ​ 104.4 ​ — ​ 104.4 ​ (11.0) Other — 173.9 139.5 — 139.5 ​ (11.6) ​ ​ ​ ​ 1,069.0 ​ 647.3 ​ — ​ 647.3 ​ 30.4 Non-insurance: India Bangalore International Airport Limited (“Bangalore Airport”) 54.0 % 1,233.7 — 521.1 521.1 (5.7) Quess Corp Limited (“Quess”) 30.9 % 228.3 459.6 (d) — 459.6 6.8 IIFL Finance Limited (“IIFL Finance”) 22.3 % 493.3 ​ — 242.8 242.8 36.5 Sanmar Chemicals Group (“Sanmar”) 42.9 % 337.8 ​ — 159.8 159.8 36.4 CSB Bank Limited (“CSB Bank”) 49.7 % 223.3 ​ — 194.5 194.5 40.8 IIFL Securities Limited (“IIFL Securities”) 37.1 % 87.9 35.3 97.9 133.2 14.6 Seven Islands Shipping Limited (“Seven Islands”) 48.5 % 96.9 — 97.9 97.9 9.8 Other — ​ 38.0 10.8 28.6 39.4 3.3 ​ ​ 2,739.2 505.7 1,342.6 1,848.3 ​ 142.5 Real estate KWF Real Estate Ventures Limited Partnerships (“KWF LPs”) — ​ 101.1 101.1 (d) — 101.1 16.5 Other (6) — ​ 61.3 63.3 — 63.3 2.8 ​ ​ 162.4 164.4 — 164.4 ​ 19.3 Other Eurobank Ergasias Services & Holdings S.A (“Eurobank”) 32.2 % 1,344.5 1,507.6 — 1,507.6 263.0 Atlas Corp. (“Atlas”, formerly Seaspan Corporation) (7) 43.2 % 1,864.7 1,506.3 — 1,506.3 258.2 Resolute Forest Products Inc. (“Resolute”) (8) 32.2 % 508.5 508.5 — 508.5 159.0 Stelco Holdings Inc. (“Stelco”) (9) 23.6 % 423.3 304.8 — 304.8 — EXCO Resources Inc. (“EXCO”) 44.4 % 544.8 288.4 — 288.4 81.9 Helios Fairfax Partners Corporation (“HFP”) 34.4 % 104.1 183.2 ​ — 183.2 (23.9) Peak Achievement Athletics (“Peak Achievement”) ​ 42.6 % 195.3 ​ 124.4 (d) — ​ 124.4 ​ 7.7 Partnerships, trusts and other ​ — ​ 296.5 ​ 350.7 ​ — ​ 350.7 ​ 76.6 ​ ​ 5,281.7 4,773.9 ​ — 4,773.9 ​ 822.5 ​ ​ ​ ​ 8,183.3 ​ 5,444.0 ​ 1,342.6 ​ 6,786.6 ​ 984.3 Investments in associates ​ 9,252.3 6,091.3 1,342.6 7,433.9 1,014.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As presented on the consolidated balance sheet: Investments in associates ​ 6,772.9 6,091.3 Fairfax India investments in associates ​ 2,479.4 1,342.6 ​ ​ 9,252.3 ​ ​ ​ ​ ​ 7,433.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2021 ​ December 31, ​ ​ ​ ​ ​ ​ Carrying value ​ 2021 ​ ​ ​ ​ ​ ​ Associates ​ ​ ​ ​ ​ Share of ​ ​ Ownership ​ Fair ​ and joint ​ Fairfax India ​ ​ ​ profit ​ percentage (a) value (b) ventures associates (c) Total (loss) Insurance and reinsurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gulf Insurance Group K.S.C.P. (“Gulf Insurance”) (2) ​ 43.7 % 409.5 380.0 — 380.0 55.5 Go Digit Infoworks Services Private Limited (“Digit”) 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”) (10) 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) (11) 36.7 % 1,285.8 922.1 — 922.1 69.5 Resolute Forest Products Inc. (“Resolute”) 32.3 % 377.1 275.8 — 275.8 75.9 EXCO Resources Inc. (“EXCO”) 43.3 % 267.2 195.4 — 195.4 (41.2) Helios Fairfax Partners Corporation (“HFP”) (12) ​ 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 Partnerships, trusts and other — ​ 342.1 340.3 — 340.3 28.9 ​ ​ 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 ​ ​ (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) Digit Insurance and the company applied to the Insurance Regulatory and Development Authority of India (“IRDAI”) for approval to convert the company’s holdings in compulsory convertible preferred shares issued by Digit (“Digit CCPS”) into equity shares of Digit. The IRDAI subsequently communicated that the application could not be considered in its current form as conversion of the Digit CCPS would result in Digit (currently classified as an “Indian promoter” of Digit Insurance) becoming a subsidiary of the company, which was, at such time, prohibited under the then prevailing Indian insurance regulations. Since then, the IRDAI has enacted new regulations that have introduced a definition of a “Foreign Promoter”, which would permit an Indian insurance company (like Digit Insurance) to be a subsidiary of a “Foreign Promoter”. However, Digit does not currently qualify as a “Foreign Promoter” under these new regulations. Digit, Digit Insurance and the company intend to continue to explore all avenues under applicable law to achieve the company’s majority ownership of Digit through conversion of the company’s Digit CCPS. (2) 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. (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, pursuant to the transactions described in note 23. Non-insurance associates and joint ventures (6) On July 5, 2022 the company increased its interest in Grivalia Hospitality S.A. (“Grivalia Hospitality”) to 78.4% from 33.5% and commenced consolidating Grivalia Hospitality as described in note 23. (7) On April 6, 2022 the company acquired 25.0 million Atlas common shares by exercising its equity warrants in Atlas with a strike price of $8.05 per share for aggregate cash consideration of $201.3 . On derecognition of the equity warrants, the company recorded a net loss on investment of $37.2 (realized gains of $58.6 , of which $95.8 was recorded as unrealized gains in prior years) and recorded the fair value of these shares of $335.3 as an addition to its equity accounted investment in Atlas. On October 4, 2022, the company increased its interest in Atlas to 43.2% through the purchase of Atlas common shares held through the company’s investment in AVLNs entered with RiverStone Barbados (as described in note 23) for cash consideration of $84.8 . On October 31, 2022 a consortium composed of the company, the Washington Family, David Sokol, Chairman of the Board of Directors of Atlas, and Ocean Network Express Pte. Ltd., a global container, transportation and shipping company (collectively, the “Consortium”), signed a definitive agreement to acquire all of the outstanding common shares of Atlas, other than those shares owned by the Consortium, at a cash purchase price of $15.50, plus payment of all ordinary course quarterly dividends up until closing of the transaction. Pursuant to the transaction, the company would transfer its approximate 45% interest in Atlas, inclusive of the company’s interest through its holdings in Atlas equity warrants that were exercised on January 12, 2023 for cash consideration of $78.7, into Poseidon Acquisitions Corp. (“Poseidon”, an entity formed by the Consortium), and is not obligated to purchase any additional interest not already owned by the Consortium. The other members of the Consortium have committed to fully fund the cash component of the transaction, and the company would continue its ownership in Atlas as part of the Consortium. Closing of the transaction is expected to be in the first half of 2023, and is subject to receipt of regulatory approvals and certain other customary closing conditions. The company expects to continue to apply the equity method of accounting to its interest in Atlas through its interest in Poseidon on closing of the transaction. (8) On July 5, 2022 Domtar Corporation entered into a definitive agreement with Resolute to acquire all outstanding common shares of Resolute for a combination of cash consideration of $20.50 and a Contingent Value Right (“CVR”) per Resolute common share. The CVR provides holders with the right to a share of any future softwood lumber duty deposit refunds. Pursuant to the transaction, on July 5, 2022 the company measured its investment in Resolute as held for sale and ceased applying the equity method of accounting, with the carrying value and fair value of the associate at December 31, 2022 equal to the fair value of the cash consideration of $508.5 or $20.50 per Resolute common share. The transaction closed on March 1, 2023. (9) On August 31, 2022 Stelco Holdings Inc. repurchased 5.1 million of its outstanding common shares under its substantial issuer bid which resulted in the loss of a certain right held by another investor and the company’s ownership interest in Stelco increasing to 20.5% . Accordingly, the company commenced applying the equity method of accounting to its interest in Stelco which had a fair value of $352.2 (Cdn $461.3 ) on that date. Stelco is a publicly listed independent steelmaker that produces flat-rolled, coated, and cold-rolled steel products for the construction, automotive, and energy industries in North America. (10) 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. (11) 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. (12) 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 initial fair value of $78.0 and recorded the balance of $22.0 as an addition to its equity accounted investment in HFP. 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 aggregate 54.0% equity interest in Bangalore Airport. Annual changes in carrying value Changes in the carrying value of investments in associates for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ Fairfax India ​ ​ ​ Associates ​ Joint ventures ​ associates ​ Total Balance - January 1 3,858.7 896.4 1,348.9 6,104.0 Share of pre-tax comprehensive income (loss): Share of profit 856.6 26.1 132.0 1,014.7 Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans (111.5) (53.0) 14.4 (150.1) Share of gains (losses) on defined benefit plans 74.4 0.6 (5.4) 69.6 ​ 819.5 (26.3) 141.0 934.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends and distributions received (142.2) (33.7) (7.0) (182.9) Purchases and acquisitions 429.1 88.6 10.1 527.8 Divestitures and other net changes in capitalization 9.9 (11.9) 34.4 32.4 Reclassifications (1) 352.2 (114.3) (40.4) 197.5 Foreign exchange effect and other (16.8) (17.9) (144.4) (179.1) Balance - December 31 5,310.4 780.9 1,342.6 7,433.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (1) Primarily reflects the consolidation of Grivalia Hospitality and the commencement of the equity method of accounting for Stelco in 2022, and the consolidation of Eurolife and Singapore Re and the commencement of the equity method of accounting for a limited partnership investment in 2021. See note 23.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2022
Derivatives
Derivatives	7. Derivatives The following table summarizes the company’s derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Notional ​ ​ ​ Fair value ​ Notional ​ ​ ​ Fair value ​ ​ amount Cost Assets Liabilities ​ amount Cost Assets Liabilities Equity derivative contracts (1) 1,946.5 68.0 258.1 19.4 1,728.9 113.9 355.3 3.8 RiverStone Barbados AVLNs (note 23) ​ 517.5 ​ — ​ 30.7 ​ — ​ 1,250.1 ​ — ​ 103.8 ​ — Foreign currency derivative contracts (2) — — 49.0 106.8 — — 58.4 77.4 Other derivative contracts — 289.8 130.0 64.8 — 263.3 64.3 71.7 Total ​ ​ 467.8 191.0 ​ ​ 581.8 152.9 (1) Includes the company’s investment in Atlas warrants with a fair value at December 31, 2022 of $13.5 (December 31, 2021 - $200.1 ), which were subsequently exercised on January 12, 2023 as described in note 6. (2) Includes AGT’s foreign currency forward and swap liabilities with a fair value at December 31, 2022 of $56.2 (December 31, 2021 - $47.6 ). 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 derivative contracts Long equity total return swaps During 2022 the company entered into $217.4 notional amount of long equity total return swaps for investment purposes. At December 31, 2022 the company held long equity total return swaps on individual equities for investment purposes with an original notional amount of $1,012.6 (December 31, 2021 - $866.2), 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 at December 31, 2022 and 2021. During 2022 the long equity total return swaps on Fairfax subordinate voting shares produced net gains of $255.4 (2021 - $222.7). Long equity total return swaps provide a return which is directly correlated to changes in the fair values of the underlying individual equities. During 2022 the company received net cash of $238.2 (2021 - $439.6) in connection with the closures and reset provisions of its long equity total return swaps (excluding the impact of collateral requirements). During 2022 the company closed out $63.0 notional amount (2021 - $1,876.7) of its long equity total return swaps and recorded net realized losses on investments of $8.1 (2021 -net realized gains of $243.0). RiverStone Barbados Asset Value Loan Notes Pursuant to the sale of RiverStone Barbados in 2021 as described in note 23, the company, through financial instruments referred to as AVLNs, had guaranteed the then value of approximately $1.3 billion of certain securities held by the purchaser 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. Should the company direct that the securities be sold, any difference between their fair value and guaranteed value will be settled in cash. On July 5, 2022 AVLNs with a guaranteed value of $543.4 were amended such that the underlying securities must be purchased by or sold at the direction of Hamblin Watsa prior to the end of 2023. The remainder of the AVLNs were unchanged and during 2022 all securities that were required to be purchased by or sold at the direction of Hamblin Watsa prior to the end of 2022 pursuant to the terms of the amended agreement were re-acquired, and in addition, certain of the amended AVLNs were purchased in the second half of 2022. At December 31, 2022 the fair value of the AVLNs was a derivative asset of $30.7 (December 31, 2021 – $103.8), with a remaining guaranteed value of $486.8. Foreign currency derivative 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. Other derivative contracts 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, 2022 of $183.7 (December 31, 2021 - $1,691.3). The decrease in U.S. treasury bond forward contracts held primarily reflected the closing of certain contracts as interest rates increased during the second half of 2022 and from the corresponding decrease in the company’s exposure to certain U.S. corporate bonds from sales completed in late 2021. These contracts have an average term to maturity of less than six months, and may be renewed at market rates. During 2022 the company recorded net gains on investments of $162.4 (2021 - $25.7) on its U.S. treasury bond forward contracts. Counterparty collateral Collateral deposits on derivative contracts for the benefit of the company 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, 2022 consisted of cash of $9.5 and government securities of $274.9 (December 31, 2021 - $14.3 and $125.7). 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, 2022. The company’s exposure to counterparty risk and the management thereof are discussed in note 24. Collateral deposits on derivative contracts for the benefit of the derivative counterparties At December 31, 2022 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 $155.9 (December 31, 2021 - $230.5), comprised of collateral of $124.8 (December 31, 2021 - $221.2) required to be deposited to enter into such derivative contracts (principally related to total return swaps), and collateral of $31.1 (December 31, 2021 - $9.3) securing amounts owed to counterparties in respect of fair value changes since the most recent reset date. Hedge of net investment in Canadian subsidiaries At December 31, 2022 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 $1,926.8 (December 31, 2021 – principal amount of Cdn$2,800.0 with a fair value of $2,364.6) as a hedge of a portion of its net investment in subsidiaries with a Canadian dollar functional currency. During 2022 the company recognized pre-tax gains of $149.5 (2021 - pre-tax losses of $16.7) related to exchange rate movements on the Canadian dollar denominated unsecured senior notes in gains (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, 2022 the company had designated the carrying value of €750.0 principal amount of its euro denominated unsecured senior notes with a fair value of $698.3 (December 31, 2021 – principal amount of €750.0 with a fair value of $926.3) as a hedge of its net investment in European operations with a euro functional currency. During 2022 the company recognized pre-tax gains of $51.8 (2021 – $63.9) 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, 2022
Insurance Contract Liabilities
Insurance Contract Liabilities	8. Insurance Contract Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross ​ Ceded ​ Net ​ Gross ​ Ceded ​ Net Provision for unearned premiums 11,691.8 2,413.1 9,278.7 10,437.7 2,260.0 8,177.7 Provision for losses and loss adjustment expenses 38,319.2 9,245.9 29,073.3 34,422.8 8,943.9 25,478.9 Property and casualty insurance contract liabilities 50,011.0 11,659.0 38,352.0 44,860.5 11,203.9 33,656.6 Provision for life policy benefits (1)(2) 2,188.6 2.6 2,186.0 2,486.0 2.3 2,483.7 Insurance contract liabilities 52,199.6 11,661.6 40,538.0 47,346.5 11,206.2 36,140.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 23,807.9 5,052.4 18,755.5 20,618.3 4,740.3 15,878.0 Non-current 28,391.7 6,609.2 21,782.5 26,728.2 6,465.9 20,262.3 ​ 52,199.6 11,661.6 40,538.0 47,346.5 11,206.2 36,140.3 (1) Eurolife was consolidated on July 14, 2021 as described in note 23. (2) Provision for life policy benefits includes gross and ceded provisions for unearned premiums of $18.2 and $0.4 (2021 - $16.5 and nil ). At December 31, 2022 the company’s net provision for losses and loss adjustment expenses of $29,073.3 (December 31, 2021 - $25,478.9) was comprised of case reserves of $10,933.9 and IBNR of $18,139.4 (December 31, 2021 - $10,258.5 and $15,220.4). Provision for unearned premiums, gross Changes in the property and casualty provision for unearned premiums for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Provision for unearned premiums – January 1 10,437.7 8,397.5 Gross premiums written 27,561.7 23,796.0 Less: gross premiums earned (26,106.7) (21,673.6) Acquisitions of subsidiaries (note 23) — 64.1 Divestiture of subsidiary ​ — ​ (62.9) Foreign exchange effect and other (200.9) (83.4) Provision for unearned premiums - December 31 11,691.8 10,437.7 ​ 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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Provision for losses and loss adjustment expenses – January 1 34,422.8 30,809.3 Decrease in estimated losses and expenses for claims occurring in the prior years (44.0) (283.1) Losses and expenses for claims occurring in the current year 17,300.2 14,396.8 Paid on claims occurring during: ​ the current year (3,978.6) (3,148.6) the prior years (8,734.7) (7,212.8) Acquisitions of subsidiaries (note 23) 3.8 297.3 Divestiture of subsidiary — (18.7) Foreign exchange effect and other (1) (650.3) (417.4) Provision for losses and loss adjustment expenses – December 31 38,319.2 34,422.8 (1) Foreign exchange effect and other principally reflected the decrease of reserves denominated in the Canadian dollar, British pound, euro and Argentinian peso which weakened against the U.S. dollar (2021 - principally reflected the decrease of reserves denominated in the euro, Chilean peso, Argentinian peso, Colombian peso and South African rand which weakened against the U.S. dollar). Provision for life policy benefits Changes in the provision for life policy benefits for the years ended December 31, following the acquisition of Eurolife on July 14, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Provision for life policy benefits – January 1 2,486.0 — Acquisition of subsidiary (note 23) — 2,638.5 New business and renewals 275.9 78.1 Surrenders, lapses, maturities and deaths (359.4) (121.0) Foreign exchange effect and other (1) (213.9) (109.6) Provision for life policy benefits – December 31 2,188.6 2,486.0 (1) Foreign exchange effect and other principally reflected the depreciation of euro denominated reserves against the U.S. dollar. 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, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calendar year ​ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Property and casualty provision for losses and loss adjustment expenses 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 38,319.2 Less: CTR Life (1) 17.9 15.2 14.2 12.8 8.7 8.0 7.0 5.5 4.4 4.4 ​ 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 38,314.8 Cumulative payments as of: One year later 4,081.1 3,801.6 4,441.4 4,608.0 7,564.0 7,732.0 7,288.8 7,180.7 8,734.7 Two years later 6,787.6 6,364.5 7,283.6 7,631.4 12,081.3 12,313.5 11,598.0 12,501.3 Three years later 8,775.5 8,172.7 9,466.5 9,655.9 15,222.3 15,363.3 15,475.2 Four years later 10,212.4 9,561.8 10,914.2 11,122.6 17,378.8 18,132.3 Five years later 11,354.4 10,496.4 12,013.9 12,233.4 13,340.9 Six years later 12,123.4 11,202.2 12,859.5 13,196.6 Seven years later 12,754.2 11,793.5 13,568.0 Eight years later 13,283.6 12,390.7 Nine years later 13,840.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves re-estimated as of: One year later 18,375.6 16,696.4 19,169.3 19,343.1 27,580.6 28,974.3 28,225.5 30,360.1 33,931.1 Two years later 17,475.0 16,269.2 18,973.6 18,804.8 27,565.9 28,839.4 28,165.4 30,267.4 Three years later 17,307.9 16,114.0 18,502.5 18,752.8 27,451.3 28,990.4 28,242.2 Four years later 17,287.2 15,938.9 18,469.1 18,743.9 27,698.6 29,284.5 Five years later 17,203.5 16,049.6 18,490.5 19,046.6 27,977.0 Six years later 17,340.1 16,123.1 18,759.5 19,203.7 Seven years later 17,420.0 16,403.8 18,866.6 Eight years later 17,680.5 16,595.5 Nine years later 17,843.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable (adverse) development 1,351.8 1,138.4 935.6 265.3 605.1 (210.8) 251.0 536.4 487.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable development comprised of: Effect of foreign currency translation 522.8 326.8 (129.1) (84.5) 759.2 395.7 452.9 425.6 443.3 Favourable (adverse) loss reserve development 829.0 811.6 1,064.7 349.8 (154.1) 606.5 (201.9) 110.8 44.0 ​ 1,351.8 1,138.4 935.6 265.3 605.1 (210.8) 251.0 536.4 487.3 ​ ​ (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 2022 of $44.0 in the table above was principally comprised of favourable loss emergence on accident years 2021, 2020 and 2019, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Gross Net Gross Net Provision for asbestos claims and loss adjustment expenses - January 1 1,036.7 838.9 1,030.6 840.0 Losses and loss adjustment expenses incurred 215.8 113.7 199.1 151.6 Losses and loss adjustment expenses paid (175.2) (132.5) (193.0) (152.7) Provision for asbestos claims and loss adjustment expenses - December 31 1,077.3 820.1 1,036.7 838.9 ​

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2022
Reinsurance
Reinsurance	9. Reinsurance Reinsurers’ share of insurance contract liabilities was comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Gross Provision for Recoverable Gross Provision for Recoverable ​ ​ recoverable from ​ uncollectible ​ from ​ recoverable from ​ uncollectible ​ from ​ ​ reinsurers ​ reinsurance (1) ​ reinsurers ​ reinsurers ​ reinsurance (1) ​ reinsurers Provision for losses and loss adjustment expenses 9,274.8 ​ (26.7) ​ 9,248.1 ​ 8,989.3 ​ (43.1) 8,946.2 Reinsurers’ share of paid losses 1,599.4 ​ (145.2) ​ 1,454.2 ​ 1,019.9 ​ (135.6) 884.3 Provision for unearned premiums 2,413.5 ​ — ​ 2,413.5 ​ 2,260.0 ​ — 2,260.0 ​ 13,287.7 ​ (171.9) ​ 13,115.8 12,269.2 (178.7) 12,090.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 6,414.4 5,572.4 Non-current 6,701.4 6,518.1 ​ ​ ​ ​ ​ 13,115.8 ​ ​ ​ ​ 12,090.5 (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Provision for Recoverable ​ ​ Paid ​ Unpaid ​ Unearned ​ uncollectible ​ from ​ ​ losses ​ losses ​ premiums ​ reinsurance ​ reinsurers Balance – January 1 1,019.9 8,989.3 2,260.0 (178.7) 12,090.5 Reinsurers’ share of losses paid to insureds 3,142.8 ​ (3,142.8) — — — Reinsurance recoveries received (2,551.0) ​ — — — (2,551.0) Reinsurers’ share of unpaid losses and premiums earned — ​ 3,642.0 (5,448.8) — (1,806.8) Premiums ceded to reinsurers — ​ — 5,640.9 — 5,640.9 Foreign exchange effect and other (12.3) (213.7) (38.6) 6.8 (257.8) Balance – December 31 1,599.4 9,274.8 2,413.5 (171.9) 13,115.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 (2.6) (177.4) (48.5) (23.1) (251.6) 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 . ​ Commission income earned on premiums ceded to reinsurers in 2022 of $1,184.4 (2021 - $1,007.8) is included in commissions, net in the consolidated statement of earnings.

Insurance Contract Receivables

Insurance Contract Receivables and Payables	12 Months Ended
	Dec. 31, 2022
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, ​ ​ 2022 ​ 2021 Insurance premiums receivable 4,972.7 4,247.1 Reinsurance premiums receivable 2,114.6 1,863.9 Funds withheld receivable 550.6 574.0 Other 269.6 198.2 ​ 7,907.5 6,883.2 ​ ​ ​ ​ ​ Current 7,330.0 6,170.0 Non-current 577.5 713.2 ​ 7,907.5 6,883.2 ​ Changes in insurance premiums receivable and reinsurance premiums receivable for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance ​ Reinsurance ​ ​ premiums receivable ​ premiums receivable ​ 2022 2021 2022 2021 Balance – January 1 4,247.1 3,665.6 1,863.9 1,385.3 Gross premiums written 20,516.3 18,118.6 7,396.3 5,791.6 Premiums collected (17,571.5) (15,703.6) (5,366.6) (3,963.7) Amounts due to brokers and agents (2,089.4) (1,770.1) (1,806.1) (1,332.3) Foreign exchange effect and other (129.8) (63.4) 27.1 (17.0) Balance – December 31 4,972.7 4,247.1 ​ 2,114.6 1,863.9 ​ Insurance contract payables were comprised as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Payable to reinsurers 2,289.1 2,333.7 Payables associated with unit-linked life insurance products (note 3 and note 23) 662.5 621.7 Ceded deferred premium acquisition costs 564.6 510.3 Funds withheld payable to reinsurers 193.5 274.0 Amounts payable to agents and brokers 112.5 142.4 Accrued premium taxes 105.7 124.1 Accrued commissions 157.8 100.8 Other insurance contract payables 976.2 386.5 ​ 5,061.9 4,493.5 ​ ​ ​ ​ ​ Current 4,101.0 3,503.4 Non-current 960.9 990.1 ​ 5,061.9 4,493.5 ​

Deferred Premium Acquisition Co

Deferred Premium Acquisition Costs	12 Months Ended
	Dec. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance – January 1 1,924.1 1,543.7 Premium acquisition costs deferred 5,212.5 4,502.4 Amortization (4,932.2) (4,098.1) Foreign exchange effect and other (34.1) (23.9) Balance – December 31 2,170.3 1,924.1 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2022
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, 2022 3,084.8 503.2 760.9 1,087.3 492.0 5,928.2 Additions 152.0 — 25.9 (0.3) 267.6 445.2 Disposals (2) (81.9) — (31.6) (8.5) (3.2) (125.2) Amortization — — (91.7) — (134.9) (226.6) Impairments (3) (137.0) — — — (0.9) (137.9) Foreign exchange effect and other (90.4) — (9.6) (60.2) (34.5) (194.7) Balance - December 31, 2022 2,927.5 503.2 653.9 1,018.3 586.1 5,689.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross carrying amount 3,161.8 503.2 1,279.0 1,060.1 1,594.2 7,598.3 Accumulated amortization — — (631.6) — (988.3) (1,619.9) Accumulated impairment and other (234.3) — 6.5 (41.8) (19.8) (289.4) ​ 2,927.5 503.2 653.9 1,018.3 586.1 5,689.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (1) Indefinite-lived intangible assets not subject to amortization had an aggregate carrying value at December 31, 2022 of $1,613.6 (December 31, 2021 - $1,686.2 ). (2) During 2022 the company sold its interests in the Crum & Forster Pet Insurance Group and Pethealth. During 2021 the company sold the operations of Toys “R” Us Canada and Fairfax India sold its 48.8% equity interest in Privi. See note 23. (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. During 2022 the company recognized non-cash goodwill impairment charges of $133.4 on Farmers Edge. ​ Goodwill and intangible assets were allocated to the company’s cash-generating units (“CGUs”) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Intangible ​ ​ Intangible ​ ​ ​ Goodwill ​ assets ​ Total ​ Goodwill ​ assets ​ Total Insurance and reinsurance companies Allied World 940.0 519.8 1,459.8 940.0 565.8 1,505.8 Brit 214.6 565.5 780.1 215.6 580.5 796.1 Zenith National 317.6 77.7 395.3 317.6 84.4 402.0 Northbridge 81.6 133.5 215.1 94.9 121.3 216.2 Crum & Forster 132.6 57.8 190.4 189.1 91.0 280.1 Odyssey Group 119.7 50.8 170.5 119.7 54.9 174.6 All other (1) 85.1 108.3 193.4 95.9 116.3 212.2 ​ 1,891.2 1,513.4 3,404.6 1,972.8 1,614.2 3,587.0 Non-insurance companies Recipe 298.9 902.2 1,201.1 321.2 980.5 1,301.7 Boat Rocker 86.4 184.8 271.2 89.1 90.2 179.3 AGT 147.6 49.6 197.2 154.4 34.9 189.3 Thomas Cook India 127.7 48.4 176.1 142.1 54.5 196.6 Farmers Edge 63.3 11.4 74.7 208.3 16.0 224.3 All other (2) 312.4 51.7 364.1 196.9 53.1 250.0 ​ 1,036.3 1,248.1 2,284.4 1,112.0 1,229.2 2,341.2 ​ 2,927.5 2,761.5 5,689.0 3,084.8 2,843.4 5,928.2 (1) Comprised primarily of balances related to AMAG Insurance, Eurolife and Pacific Insurance. (2) Comprised primarily of balances related to Dexterra Group, Fairfax India’s subsidiaries (principally from the 2022 acquisitions of Maxop and Jaynix), Grivalia Hospitality (consolidated on July 5, 2022) and Sterling Resorts, and in 2021 included Pethealth (deconsolidated on October 31, 2022). Impairment tests for goodwill and indefinite-lived intangible assets were completed during 2022 and it was concluded that no significant impairments had occurred, other than non-cash goodwill impairment charges on Farmers Edge of $133.4 which were recognized in 2022. 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 9.3% to 13.7% for insurance and reinsurance subsidiaries, and 10.5% to 16.9% 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, 2022
Other Assets
Other Assets	13. Other assets were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ companies (1) companies Total companies (1) companies Total Premises and equipment, right-of-use assets (note 22) and non-insurance companies’ investment property (2) ​ 684.0 ​ 2,199.7 ​ 2,883.7 ​ 725.6 ​ 1,558.4 ​ 2,284.0 Assets associated with unit-linked insurance products (note 3 and note 23) 676.5 — 676.5 637.1 — 637.1 Inventories — 668.2 668.2 — 547.3 547.3 Other revenue receivables — 638.9 638.9 — 508.4 508.4 Accrued interest and dividends 313.7 3.5 317.2 211.4 3.7 215.1 Income tax, sales tax and subsidies receivable ​ 71.3 ​ 204.6 ​ 275.9 ​ 61.6 ​ 170.3 ​ 231.9 Prepaid expenses 111.0 134.8 245.8 110.9 94.9 205.8 Finance lease receivables (note 22) ​ 8.8 ​ 218.0 ​ 226.8 ​ 9.4 ​ 256.7 ​ 266.1 Prepaid losses on claims 168.9 — 168.9 129.4 — 129.4 Pension surplus (note 21) 144.5 — 144.5 113.8 — 113.8 Receivable for securities sold but not yet settled ​ 11.2 ​ — ​ 11.2 ​ 135.4 ​ — ​ 135.4 Other (3) 738.5 85.6 824.1 791.1 55.9 847.0 ​ 2,928.4 4,153.3 7,081.7 2,925.7 3,195.6 6,121.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 993.9 1,632.6 ​ 2,626.5 989.9 1,343.7 ​ 2,333.6 Non-current 1,934.5 2,520.7 4,455.2 1,935.8 1,851.9 3,787.7 ​ 2,928.4 4,153.3 7,081.7 2,925.7 3,195.6 6,121.3 (1) Includes Life insurance and Run-off, and Corporate and Other. (2) The increase during 2022 principally reflected the consolidation of Grivalia Hospitality and its hospitality real estate as described in note 23. (3) 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, 2022
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	14. Accounts payable and accrued liabilities were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ companies (1) companies Total companies (1) companies Total Lease liabilities (note 22) ​ 364.1 ​ 729.9 ​ 1,094.0 ​ 384.2 ​ 756.5 ​ 1,140.7 Payables related to cost of sales — 814.3 814.3 — 580.9 580.9 Salaries and employee benefit liabilities 500.5 98.5 599.0 482.6 85.6 568.2 Amounts withheld and accrued taxes 455.8 30.7 486.5 453.9 23.8 477.7 Deferred gift card, hospitality and other revenue 37.8 392.0 429.8 35.4 318.5 353.9 Income taxes payable 347.0 14.0 361.0 163.8 11.2 175.0 Pension and post retirement liabilities (note 21) 132.9 12.8 145.7 237.4 16.5 253.9 Administrative and other (2) 946.6 338.3 1,284.9 1,150.9 284.2 1,435.1 ​ 2,784.7 2,430.5 5,215.2 2,908.2 2,077.2 4,985.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 1,528.4 1,553.3 3,081.7 1,538.7 1,177.2 2,715.9 Non-current 1,256.3 877.2 2,133.5 1,369.5 900.0 2,269.5 ​ 2,784.7 2,430.5 5,215.2 2,908.2 2,077.2 4,985.4 (1) Includes Life insurance and Run-off 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, 2022
Borrowings
Borrowings	15. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Principal Carrying Fair Principal Carrying Fair ​ ​ ​ ​ value (a) ​ value (b) ​ ​ ​ value (a) ​ value (b) Borrowings - holding company Fairfax unsecured notes (d) 4.875% due August 13, 2024 282.5 281.6 277.0 282.5 281.1 301.7 4.95% due March 3, 2025 (Cdn$350.0) 258.3 257.2 255.2 277.1 275.4 299.6 8.30% due April 15, 2026 (e) 91.8 91.7 98.2 91.8 91.7 113.3 4.70% due December 16, 2026 (Cdn$450.0) 332.1 331.0 323.7 356.3 354.8 387.9 4.25% due December 6, 2027 (Cdn$650.0) 479.7 478.6 455.8 514.6 513.1 551.4 2.75% due March 29, 2028 (€750.0) 800.5 792.2 698.3 852.9 842.4 926.3 4.85% due April 17, 2028 600.0 596.9 568.1 600.0 596.3 668.5 4.23% due June 14, 2029 (Cdn$500.0) 369.0 367.7 342.7 395.8 394.2 424.4 4.625% due April 29, 2030 650.0 646.4 591.1 650.0 645.9 730.0 3.375% due March 3, 2031 600.0 586.8 492.8 600.0 585.1 620.7 3.95% due March 3, 2031(Cdn$850.0) 627.4 623.2 549.4 672.9 668.0 701.3 5.625% due August 16, 2032 (1) ​ 750.0 ​ 743.6 ​ 707.1 ​ — ​ — ​ — 7.75% due July 15, 2037 (e) 91.3 90.7 95.2 91.3 90.6 125.4 Revolving credit facility (2) ​ — ​ — ​ — ​ — ​ — ​ — ​ 5,932.6 5,887.6 5,454.6 5,385.2 5,338.6 5,850.5 Borrowings - insurance and reinsurance companies ​ ​ ​ Allied World 4.35% senior notes due October 29, 2025 500.0 502.9 477.7 500.0 503.9 536.9 Allied World revolving credit facility and other borrowings 16.8 19.8 16.9 17.4 20.6 21.1 Zenith National 8.55% debentures due August 1, 2028 (d) 38.5 38.3 38.5 38.5 38.3 38.3 Brit 3.6757% subordinated notes due December 9, 2030 (£135.0) 162.4 162.4 120.6 182.9 182.9 174.5 Brit floating rate revolving credit facility 10.0 10.0 10.0 45.0 45.0 45.0 ​ 727.7 733.4 663.7 783.8 790.7 815.8 Borrowings - non-insurance companies (c) ​ ​ ​ Fairfax India 5.00% unsecured senior notes due 2028 441.6 438.9 400.7 441.6 438.4 440.3 Fairfax India subsidiary borrowings 122.6 122.2 122.2 91.9 91.3 91.3 AGT credit facilities, senior notes and loans (3) 511.9 508.4 498.8 491.8 488.9 488.9 Recipe term loans and credit facilities (4) 464.0 461.5 436.7 359.0 356.9 356.9 Boat Rocker demand loans and revolving credit facilities 155.4 155.2 155.4 93.8 93.1 93.1 Loans and revolving credit facilities primarily at floating rates (5) 317.7 317.7 317.7 155.2 155.1 155.1 ​ 2,013.2 2,003.9 1,931.5 1,633.3 1,623.7 1,625.6 Total debt 8,673.5 8,624.9 8,049.8 7,802.3 7,753.0 8,291.9 ( 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 2022 the company and its subsidiaries completed the following debt transactions: Holding company (1) On August 16, 2022 the company completed an offering of $750.0 principal amount of 5.625% unsecured senior notes due August 16, 2032 for net proceeds of $743.4 after discount, commissions and expenses. Commissions and expenses of $5.5 were included in the carrying value of the notes. (2) On June 29, 2022 the company amended and restated its $2.0 billion unsecured revolving credit facility with a syndicate of lenders on substantially the same terms which extended the expiry from June 29, 2026 to June 29, 2027. At December 31, 2022 and 2021, the revolving credit facility was undrawn and the company was in compliance with its financial covenants. Non-insurance companies (3) On December 28, 2022 AGT extended the maturity of its credit facilities to March 17, 2024. (4) Recipe increased its borrowings during 2022 principally as a result of the privatization transaction described in note 23. (5) On July 5, 2022 the company consolidated Grivalia Hospitality as described in note 23, including its borrowings of $111.3 at December 31, 2022. ​ ​ Changes in the carrying values of borrowings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ company companies companies Total company companies companies Total Balance – January 1 ​ 5,338.6 790.7 1,623.7 7,753.0 5,580.6 1,033.4 2,200.0 8,814.0 Cash inflows from issuances 743.4 — 47.0 790.4 1,250.0 — 499.1 1,749.1 Cash outflows from repayments — (0.3) (25.3) (25.6) (801.2) (131.7) (593.9) (1,526.8) Net cash inflows (outflows) from credit facilities and short term loans — (35.0) 304.1 269.1 (700.0) (84.3) (262.0) (1,046.3) Non-cash changes: ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of subsidiaries (note 23) — — 137.1 137.1 — — — — Deconsolidation of subsidiary (note 23) — — — — — (22.5) (187.4) (209.9) Loss on redemption — — — — 45.7 — (0.1) 45.6 Foreign exchange effect and other (194.4) (22.0) (82.7) (299.1) (36.5) (4.2) (32.0) (72.7) Balance – December 31 5,887.6 733.4 2,003.9 8,624.9 5,338.6 790.7 1,623.7 7,753.0 ​ Principal repayments on borrowings are due as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 Thereafter Total Holding company — 282.5 258.3 423.9 479.7 4,488.2 5,932.6 Insurance and reinsurance companies 0.3 0.3 510.3 0.3 0.3 216.2 727.7 Non-insurance companies 371.8 748.2 33.7 30.9 30.4 798.2 2,013.2 Total 372.1 1,031.0 802.3 455.1 510.4 5,502.6 8,673.5 ​ Interest Expense Interest expense in 2022 of $452.8 (2021 – $513.9) was comprised of interest on borrowings by the holding company and the insurance and reinsurance companies of $316.1 (2021 - $356.8, inclusive of a loss on redemption of holding company unsecured senior notes of $45.7), interest on borrowings by the non-insurance companies (which are non-recourse to the holding company) of $89.8 (2021 – $99.2) and accretion of lease liabilities of $46.9 (2021 - $57.9).

Total Equity

Total Equity	12 Months Ended
	Dec. 31, 2022
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, 2022 was comprised of 1,548,000 multiple voting shares and 24,598,380 subordinate voting shares without par value prior to deducting 2,021,845 subordinate voting shares reserved in treasury for share-based payment awards (December 31, 2021 – 1,548,000, 24,986,170 and 1,869,340 respectively). The multiple voting shares are not traded. Common stock The number of shares outstanding was as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Subordinate voting shares – January 1 23,116,830 25,427,736 Purchases for cancellation (387,790) (2,137,923) Treasury shares acquired (295,474) (293,197) Treasury shares reissued 142,969 120,214 Subordinate voting shares – December 31 22,576,535 ​ 23,116,830 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 23,325,305 23,865,600 ​ During 2022 the company purchased for cancellation 387,790 subordinate voting shares (2021 - 137,923) under the terms of its normal course issuer bids at a cost of $199.6 (2021 – $58.1), of which $103.5 (2021 – $23.9) was charged to retained earnings. During 2022 the company purchased for treasury 295,474 subordinate voting shares at a cost of $148.2 (2021 - 293,197 subordinate voting shares at a cost of $132.6) on the open market for use in its share-based payment awards. 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. 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 4, 2023 ​ January 19, 2023 ​ January 26, 2023 ​ $ 10.00 ​ $ 245.2 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 ​ Preferred stock The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2022 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 — 7.28 % 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 — 6.29 % 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 — 6.69 % 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 — 6.98 % Series K ​ March 31, 2027 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 2022 and 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 2022 the company paid preferred share dividends of $45.2 (2021 - $44.5). Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax ​ After-tax ​ Pre-tax ​ Income tax ​ After-tax ​ ​ Pre-tax amount ​ (expense) recovery ​ amount ​ amount ​ recovery ​ amount Items that may be subsequently reclassified to net earnings Foreign currency translation losses (904.7) 34.4 (870.3) (636.2) 24.6 (611.6) Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans (221.6) 17.6 (204.0) (79.8) 0.4 (79.4) ​ (1,126.3) 52.0 (1,074.3) (716.0) 25.0 (691.0) Items that will not be subsequently reclassified to net earnings ​ ​ ​ ​ ​ ​ Net gains (losses) on defined benefit plans 43.8 (4.3) 39.5 (104.9) 27.5 (77.4) Share of net gains (losses) on defined benefit plans of associates 10.7 (4.7) 6.0 (57.3) 5.5 (51.8) Other 43.5 5.7 49.2 8.4 10.1 18.5 ​ 98.0 (3.3) 94.7 (153.8) 43.1 (110.7) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax (1,028.3) 48.7 (979.6) (869.8) 68.1 (801.7) ​ Income tax (expense) recovery included in other comprehensive income (loss) Other comprehensive income (loss) in the consolidated statement of comprehensive income is presented net of the following income tax (expense) recovery amounts: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Income tax on items that may be subsequently reclassified to net earnings ​ ​ ​ ​ Net unrealized foreign currency translation losses on foreign subsidiaries 10.0 5.2 Share of other comprehensive loss of associates, excluding net gains on defined benefit plans 18.1 12.7 ​ 28.1 17.9 Income tax on items that will not be subsequently reclassified to net earnings Net gains on defined benefit plans (32.2) (27.4) Share of net gains on defined benefit plans of associates (10.2) (12.8) ​ (42.4) (40.2) Total income tax expense included in other comprehensive income (loss) (14.3) (22.3) ​ 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, 2022 ​ December 31, 2021 ​ controlling interests ​ Domicile Voting Carrying Voting Carrying ​ ​ ​ ​ ​ ​ ​ percentage (7) value percentage (7) value ​ 2022 2021 Insurance and reinsurance companies (1) Allied World (2) Bermuda 17.1 % 761.1 29.1 % 1,419.6 (5.6) 117.8 Brit (3) United Kingdom 13.8 % 658.8 13.8 % 559.3 (23.2) 14.0 Odyssey Group (4) United States 9.99 % 499.2 9.99 % 550.0 19.6 — All other (5) — — ​ 50.1 — 402.5 12.0 89.4 ​ ​ ​ ​ ​ 1,969.2 ​ ​ 2,931.4 ​ 2.8 221.2 Non-insurance companies Restaurants and retail (6)(7) — — ​ 208.1 — ​ 494.3 32.7 11.8 Fairfax India (7)(8) Canada 5.6 % 1,080.2 6.1 % 1,133.1 114.2 72.7 Thomas Cook India India 26.7 % 61.3 33.2 % 56.3 1.1 (16.8) Other — — ​ 340.8 — 315.1 (11.2) (23.4) ​ ​ ​ ​ ​ 1,690.4 ​ ​ 1,998.8 136.8 44.3 ​ ​ ​ ​ ​ 3,659.6 ​ ​ 4,930.2 ​ 139.6 265.5 (1) Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and Corporate and other. (2) On September 27, 2022 the company increased its ownership interest in Allied World to 82.9% from 70.9% for total consideration of $733.5 , inclusive of the fair value of a call option exercised and an accrued dividend paid, and recorded a loss in retained earnings of $228.1 in net changes in capitalization in the consolidated statement of changes in equity. The decrease in carrying value of Allied World’s non-controlling interests primarily reflected the company’s increased ownership interest in Allied World, dividends paid and the non-controlling interests’ share of Allied World’s net loss. On April 28, 2022 Allied World paid a dividend of $126.4 (April 28, 2021 - $126.4 ) to its minority shareholders. The company has the option to purchase the remaining 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 2022 primarily related to a third party investment of $152.0 in Brit’s subsidiary Ki Insurance, partially offset by dividends paid to minority shareholders and non-controlling interests’ share of Brit’s net loss. The company has the option to purchase the interests of the minority shareholders in Brit at certain dates commencing in October 2023. (4) The decrease in carrying value of Odyssey Group’s non-controlling interests during 2022 primarily related to dividends paid to minority shareholders, partially offset by non-controlling interests’ share of Odyssey Group’s net earnings. The company has the option to purchase the interests of the minority shareholders in Odyssey Group at certain dates commencing in January 2025. (5) The decrease in carrying value of All Other non-controlling interests primarily reflected the company’s purchase of certain securities held through the company’s investment in AVLNs entered with RiverStone Barbados as described in note 7. The remaining carrying value at December 31, 2022 principally related to Fairfax Asia. (6) The decrease in carrying value of Restaurants and retail’s non-controlling interests in 2022 principally related to the privatization of Recipe as described in note 23. (7) At December 31, 2022 Fairfax India’s non-controlling interest economic ownership percentage was 65.3% (December 31, 2021 - 69.9 )% which differed from its non-controlling interest voting percentage of 5.6% (December 31, 2021 - 6.1 )%. On February 15, 2022 the company had acquired an additional 5,416,000 subordinate voting shares of Fairfax India from non-controlling interests, which was recorded in net changes in capitalization in the consolidated statement of changes in equity. At December 31, 2021 Recipe’s non-controlling interest economic ownership percentage was 61.5% which differed from its non-controlling interest voting percentage of 39.0% . (8) The decrease in carrying value of Fairfax India’s non-controlling interests during 2022 primarily reflected the non-controlling interests’ share of Fairfax India’s net unrealized foreign currency translation losses (weakening of the Indian rupee relative to the U.S. dollar), share repurchases by Fairfax India, and the acquisition by the company of additional subordinate voting shares of Fairfax India from non-controlling interests as described above in footnote (7), partially offset by non-controlling interests’ share of Fairfax India’s net earnings. 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, 2022 and 2021 are included in 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Common Non- Common Non- ​ ​ shareholders’ ​ controlling ​ shareholders’ ​ controlling ​ ​ equity ​ interests ​ equity ​ interests Privatization of Recipe ​ (66.1) ​ (276.2) ​ — ​ — Acquisition of non-controlling interests in Allied World ​ (228.1) ​ (466.9) ​ — ​ — Purchase of certain securities held through AVLNs entered with RiverStone Barbados (note 7) ​ 14.1 ​ (356.2) ​ 0.3 ​ (113.6) Third party’s investment in Brit’s subsidiary Ki Insurance — 152.0 — 124.0 Fairfax India share repurchases ​ (9.9) ​ (90.7) ​ (12.5) ​ (114.3) Sale of non-controlling interests in Odyssey Group — — ​ 429.1 550.0 Sale of non-controlling interests in Brit ​ — ​ — ​ 115.4 ​ 296.7 Initial public offerings and related capital transactions at Farmers Edge and Boat Rocker — — (3.1) 242.6 Fairfax India’s sale of an equity interest in Anchorage (note 6) — — 21.8 107.4 Other 116.4 (32.9) 1.9 134.1 As presented in net changes in capitalization in the consolidated statement of changes in equity (173.6) (1,070.9) 552.9 1,226.9 ​

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2022
Earnings per Share
Earnings per Share	17. Net earnings per share is calculated using the weighted average common shares outstanding as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Net earnings attributable to shareholders of Fairfax ​ 1,147.2 ​ 3,401.1 Preferred share dividends ​ (45.2) ​ (44.5) Net earnings attributable to common shareholders – basic and diluted ​ 1,102.0 ​ 3,356.6 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding – basic ​ 23,637,824 ​ 25,953,114 Share-based payment awards ​ 1,702,599 ​ 1,503,931 Weighted average common shares outstanding – diluted ​ 25,340,423 ​ 27,457,045 ​ ​ ​ ​ ​ ​ ​ Net earnings per common share – basic ​ $ 46.62 ​ $ 129.33 Net earnings per common share – diluted ​ $ 43.49 ​ $ 122.25 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	18. The company’s provision for income taxes for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Current income tax: Current year expense 616.8 401.6 Adjustments to prior years’ income taxes (10.0) (14.6) ​ 606.8 387.0 Deferred income tax: ​ ​ Origination and reversal of temporary differences (197.1) 313.5 Adjustments to prior years’ deferred income taxes 11.7 18.9 Other 3.8 6.6 ​ (181.6) 339.0 ​ ​ ​ ​ ​ Provision for income taxes 425.2 726.0 ​ 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 (recovery of) income taxes for the years ended December 31 are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ 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 ​ 399.2 ​ 1,330.7 ​ (112.2) ​ 94.3 1,712.0 858.8 ​ 974.5 ​ 157.3 ​ 2,402.0 4,392.6 Provision for (recovery of) income taxes 114.7 238.3 (12.9) 85.1 425.2 191.6 238.6 18.7 277.1 726.0 Net earnings (loss) 284.5 1,092.4 (99.3) 9.2 1,286.8 667.2 735.9 138.6 2,124.9 3,666.6 (1) Includes Fairfax India. (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) Comprised of Brit. (4) Primarily includes companies in India, Asia and Europe (excluding the U.K.), and Allied World, which has operations in multiple jurisdictions. Decreased pre-tax profitability across all jurisdictions, except the U.S., in 2022 compared to 2021 primarily related to net unrealized investment losses in 2022, principally on the fixed income portfolio, partially offset by improved underwriting performance, interest and dividends and share of profit of associates. In 2022, pre-tax profitability in the U.S. included a gain on sale and consolidation of insurance subsidiaries of $1,213.2 recorded on the company’s sale of its interests in the Crum & Forster Pet Insurance Group and Pethealth as described in note 23. In 2021, pre-tax profitability in Other included a net unrealized gain of $1,490.3 recorded in Asia on the company’s investment in Digit compulsory convertible preferred shares as described in note 5. 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: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Canadian statutory income tax rate 26.5 % 26.5 % ​ ​ ​ ​ ​ ​ Provision for income taxes at the Canadian statutory income tax rate 453.7 1,164.0 ​ Non-taxable investment income (25.6) (149.4) ​ Tax rate differential on income and losses outside Canada (50.9) (399.1) ​ Change in unrecorded tax benefit of losses and temporary differences 0.8 67.2 ​ Change in tax rate for deferred income taxes 6.6 0.3 ​ Provision relating to prior years 1.7 4.3 ​ Foreign exchange effect (17.1) (23.0) ​ Other including permanent differences 56.0 61.7 ​ Provision for income taxes 425.2 726.0 ​ ​ Non-taxable investment income of $25.6 in 2022 and $149.4 in 2021 were principally comprised of dividend income, non-taxable interest income and long term capital gains, and the 50% of net capital gains and losses which are not taxable or deductible in Canada. Non-taxable investment income in 2021 also included gains on the consolidation of Eurolife and the deconsolidation of Privi. The tax rate differential on income and losses outside Canada of $50.9 in 2022 principally related to income taxed at lower rates in the U.S., Mauritius and Barbados, partially offset by losses tax effected at lower rates in Bermuda and Asia. 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. Income taxes refundable and payable were as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Income taxes refundable 67.1 58.3 Income taxes payable (361.0) (175.0) Net income taxes payable (293.9) (116.7) ​ Changes in net income taxes (payable) refundable during the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance - January 1 (116.7) 24.2 Amounts recorded in the consolidated statements of earnings (606.8) (387.0) Payments made during the year 416.4 288.7 Acquisitions of subsidiaries (note 23) — (54.5) Foreign exchange effect and other 13.2 11.9 Balance - December 31 (293.9) (116.7) ​ Changes in the net deferred income tax asset (liability) during the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ 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 ​ 230.0 204.2 187.7 (147.8) (413.1) (414.5) 213.6 63.5 (76.4) Amounts recorded in the consolidated statement of earnings (7.1) 53.4 27.0 (22.7) 30.9 219.4 (137.1) 17.8 181.6 Amounts recorded in total equity 8.0 — — — — ​ 20.1 — (42.4) (14.3) Acquisitions of subsidiaries (note 23) 3.3 — — — (1.9) (11.4) — (52.6) (62.6) Deconsolidation of non-insurance subsidiaries (note 23) (0.6) — — — 7.0 — — — 6.4 Foreign exchange effect and other (6.8) (2.9) 0.2 (0.8) 1.0 15.5 (1.1) (44.4) (39.3) Balance - December 31 226.8 254.7 214.9 (171.3) (376.1) (170.9) 75.4 (58.1) (4.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 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, 2022 related to intangible assets, deferred premium acquisition costs and investments (primarily related to net unrealized investment gains in Asia), partially offset by deferred income tax assets related to operating and capital losses, provision for losses and loss adjustment expenses, provision for unearned premiums and tax credits. In these consolidated financial statements, investment gains and losses are primarily recognized on a mark-to-market basis but are typically only recognized for income tax purposes 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 Brit, Allied World and Recipe) 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, and AGT. 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 liabilities 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, 2022 deferred income tax assets of $827.7 (December 31, 2021 - $875.9), which relate principally to operating and capital losses, have not been recorded. The losses for which deferred income tax assets have not been recorded are comprised of losses in Canada of $1,728.0 (December 31, 2021 - $2,089.3), losses in Europe of $552.1 (December 31, 2021 - $488.8), losses in the U.S. of $207.6 (December 31, 2021 - $109.4), and losses at Allied World of $295.6 across various jurisdictions (December 31, 2021 - $251.4). The losses in Canada expire between 2029 and 2042. The losses and foreign tax credits in the U.S. primarily expire between 2024 and 2042. 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, and in Switzerland which expire within seven years. 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, which at December 31, 2022 amounted to approximately $9.9 billion (December 31, 2021 - approximately $7.6 billion) and are not likely to be repatriated in the foreseeable future.

Statutory Requirements

Statutory Requirements	12 Months Ended
	Dec. 31, 2022
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 2022 by the insurance and reinsurance subsidiaries, which are eliminated on consolidation, was $380.9 (2021 - $429.5). Crum & Forster also paid a special dividend of $940.0 to the company in 2022 as a result of the sale of its Pet Insurance Group and Pethealth as described in note 23. Based on the surplus and net earnings (loss) of the primary insurance and reinsurance subsidiaries as at and for the year ended December 31, 2022, the maximum dividend capacity available in 2023 at each of those subsidiaries, payable to all shareholders (including non-controlling interests) is as follows: ​ ​ ​ ​ ​ December 31, ​ ​ 2022 Allied World 1,167.5 Odyssey Group 767.2 Northbridge (1) 422.2 Crum & Forster 204.6 Zenith National 91.4 ​ 2,652.9 (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, 2022
Contingencies and Commitments
Contingencies and Commitments	20. The company and its subsidiaries, 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 $233.6 and securities with a fair value of $1,670.7 at December 31, 2022 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, 2022 was $1,422.8. Additionally, pursuant to the sale of RiverStone Barbados as described in note 23, the company has guaranteed the remaining value of $486.8 at December 31, 2022 of certain securities that remain 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 2023.

Pensions and Post Retirement Be

Pensions and Post Retirement Benefits	12 Months Ended
	Dec. 31, 2022
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 ​ 2022 2021 2022 2021 Benefit obligation (715.5) (1,070.9) (66.8) (83.9) ​ Fair value of plan assets 784.7 1,014.7 — — ​ Funded status of plans - surplus (deficit) ​ 69.2 ​ (56.2) ​ (66.8) ​ (83.9) ​ Impact of asset ceiling ​ (3.6) ​ — ​ — ​ — ​ Net accrued asset (liability) (1) 65.6 (56.2) (66.8) (83.9) ​ ​ ​ ​ ​ ​ ​ Weighted average assumptions used to determine benefit obligations: ​ Discount rate ​ 4.9 % 2.6 % 5.2 % 3.1 % Rate of compensation increase ​ 2.5 % 2.2 % 3.8 % 3.7 % Health care cost trend ​ — ​ — ​ 3.4 % 3.6 % (1) The defined benefit pension plan net accrued asset at December 31, 2022 of $65.6 (December 31, 2021 - net accrued liability of $56.2 ) was comprised of pension surpluses of $144.5 , partially offset by pension deficits of $78.9 (December 31, 2021 - pension deficits of $170.0 , partially offset by pension surpluses of $113.8 ). 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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Defined benefit pension plan expense 20.3 25.8 Defined contribution pension plan expense 62.2 57.8 Defined benefit post retirement plan expense 5.0 2.0 ​ 87.5 85.6 ​ Pre-tax actuarial net gains (losses) recognized in the consolidated statement of comprehensive income for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Defined benefit pension plans Actuarial net gains (losses) on plan assets and change in asset ceiling (157.3) 78.6 Actuarial net gains on benefit obligations 295.0 33.8 ​ 137.7 112.4 Defined benefit post retirement plans - actuarial net gains on benefit obligations 16.2 3.2 ​ 153.9 115.6 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	22. Changes in the company’s right-of-use assets for the year ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Balance - January 1 328.8 431.0 759.8 396.1 611.9 1,008.0 Additions 63.7 98.2 161.9 44.0 92.0 136.0 Disposals (7.5) (8.4) (15.9) (41.2) (19.8) (61.0) Depreciation (2) (67.2) (89.9) (157.1) (68.3) (113.0) (181.3) Acquisitions of subsidiaries (note 23) — 56.7 56.7 0.9 14.1 15.0 Deconsolidation of subsidiaries (note 23) (1.1) (2.9) (4.0) (1.4) (146.7) (148.1) Foreign exchange effect and other (9.5) (23.4) (32.9) (1.3) (7.5) (8.8) Balance - December 31 (note 13) 307.2 461.3 768.5 328.8 431.0 759.8 (1) Includes Life insurance and Run-off 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, 2022 ​ December 31, 2021 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 72.7 ​ 155.8 ​ 228.5 77.4 ​ 173.6 ​ 251.0 ​ One to two years 66.5 ​ 142.4 ​ 208.9 67.6 ​ 148.1 ​ 215.7 ​ Two to three years 60.3 ​ 127.7 ​ 188.0 58.6 ​ 129.8 ​ 188.4 ​ Three to four years 55.9 ​ 108.0 ​ 163.9 52.0 ​ 115.4 ​ 167.4 ​ Four to five years 45.5 ​ 86.5 ​ 132.0 45.1 ​ 96.3 ​ 141.4 ​ More than five years 117.7 ​ 330.2 ​ 447.9 142.8 ​ 249.6 ​ 392.4 ​ Lease liabilities, undiscounted 418.6 950.6 1,369.2 443.5 912.8 1,356.3 ​ Lease liabilities, discounted 364.1 729.9 1,094.0 384.2 756.5 1,140.7 ​ Weighted average incremental borrowing rate 3.8 % 4.7 % 4.4 % 3.8 % 4.5 % 4.3 % (1) Includes Life insurance and Run-off and Corporate and Other. During 2022 the company recognized in the consolidated statement of earnings interest expense on lease liabilities of $46.9 (2021 - $57.9) (note 15), and short-term, low value and other lease costs of $51.0 (2021 - $19.1) that included the benefit of COVID-19 lease concessions and government rent subsidies of $1.7 (2021 - $28.9) 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, 2022 ​ December 31, 2021 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 2.8 ​ 55.4 ​ 58.2 2.5 ​ 62.0 ​ 64.5 One to two years 1.8 ​ 48.5 ​ 50.3 2.3 ​ 53.0 ​ 55.3 Two to three years 1.4 ​ 42.7 ​ 44.1 1.3 ​ 44.7 ​ 46.0 Three to four years 1.1 ​ 36.7 ​ 37.8 1.0 ​ 39.3 ​ 40.3 Four to five years 0.7 ​ 27.8 ​ 28.5 1.0 ​ 33.3 ​ 34.3 More than five years 2.0 ​ 43.9 ​ 45.9 2.8 ​ 64.5 ​ 67.3 Finance lease receivables, undiscounted 9.8 255.0 264.8 10.9 296.8 307.7 Unearned finance income 1.0 37.0 38.0 1.5 40.1 41.6 Finance lease receivables (note 13) 8.8 218.0 226.8 9.4 256.7 266.1 (1) Includes Life insurance and Run-off and Corporate and Other .

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2022
Acquisitions and Divestitures
Acquisitions and Divestitures	23. Subsequent to December 31, 2022 Sale of Ambridge Group by Brit On January 7, 2023 Brit entered into an agreement to sell Ambridge Group, its Managing General Underwriter operations, to Amynta Group. The company will receive approximately $400 on closing, comprised principally of cash of $275.0 and a promissory note of approximately $125. An additional $100.0 may be receivable based on 2023 performance targets of Ambridge. Closing of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to occur in the next few months. On closing of the transaction, the company expects to deconsolidate assets and liabilities with carrying values at December 31, 2022 of approximately $284 and $160, and to record a pre-tax gain of approximately $275 (prior to ascribing any fair value to the additional receivable). Year ended December 31, 2022 Sale of Pet Insurance Operations and Investment in JAB Consumer Fund On October 31, 2022 the company sold its interests in the Crum & Forster Pet Insurance Group and Pethealth, including all of their worldwide operations, to Independence Pet Group and certain of its affiliates, which are majority owned by JAB Holding Company (“JAB”), for $1.4 billion, paid as $1.15 billion in cash and $250.0 in debentures. The company also committed to invest $200.0 in JCP V, a JAB consumer fund. As a result of the sale, the company recorded a pre-tax gain of $1,213.2, inclusive of foreign currency translation losses that were reclassified from accumulated other comprehensive income (loss) to the consolidated statement of earnings, and selling expenses, in gain on sale and consolidation of insurance subsidiaries in the consolidated statement of earnings (an after-tax gain of $933.9), and deconsolidated assets and liabilities with carrying values of $149.1 and $32.0. Additional investment in Recipe Unlimited Corporation On October 28, 2022 the company acquired all of the multiple voting shares (“MVS”) and subordinate voting shares in the capital of Recipe, other than those shares owned by the company and 9,398,729 MVS owned by Cara Holdings Limited, at a cash purchase price of Cdn$20.73 per share or $342.3 (Cdn$465.9) in aggregate, comprised of cash consideration of $242.5 (Cdn$330.0) and an increase in borrowings by Recipe of $99.8 (Cdn$135.9). The company recorded a loss in retained earnings of $66.1 and a decrease in non-controlling interests of $276.2, both of which are presented in net changes in capitalization in the consolidated statement of changes in equity. The transaction increased the company’s equity ownership in Recipe from 38.5% at December 31, 2021 to 75.7%, or 84.0% inclusive of Recipe shares held through the company’s investment in AVLNs entered with RiverStone Barbados. Recipe was subsequently delisted from the Toronto Stock Exchange. On December 28, 2022 the company received $73.6 (Cdn$100.0) cash consideration from Recipe upon redemption of certain equity held by the company in connection with the closing of the transaction. Consolidation of Grivalia Hospitality S.A. On July 5, 2022 the company increased its interest in Grivalia Hospitality S.A. (“Grivalia Hospitality”) to 78.4% from 33.5% by acquiring additional shares for cash consideration of $194.6 (€190.0) and commenced consolidating the assets, liabilities and results of operations of Grivalia Hospitality in the Non-insurance companies reporting segment. Grivalia Hospitality acquires, develops and manages hospitality real estate in Greece, Cyprus and Panama. 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 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 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. Subsequently, as described in note 7, on July 5, 2022 an amendment to the AVLNs was completed, extending $543.4 of the underlying securities to be purchased or sold prior to the end of 2023. The remainder of the securities were purchased or sold during 2022; in addition, part of the amended AVLNs were purchased in the second half of 2022. 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 segment and those of Eurolife’s property and casualty insurance business were consolidated in the International Insurers and Reinsurers 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.

Financial Risk Management

Financial Risk Management	12 Months Ended
	Dec. 31, 2022
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, 2022 compared to those identified at December 31, 2021, 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 their company; each Chief Executive Officer is the individual ultimately responsible for risk management for his or her company and its subsidiaries. The company’s President and 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 President and 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. 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. There were no 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, 2022 compared to December 31, 2021. 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 2022 by line of business was comprised of property of $1,938.5 (2021 - $1,717.4), casualty of $3,256.6 (2021 - $3,487.7) and specialty of $439.2 (2021 - $423.4). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ United States ​ Asia (1) ​ International (2) ​ Total (3) For the years ended December 31 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Property 1,343.7 1,229.1 4,966.1 3,912.4 984.5 ​ 849.2 2,418.2 2,141.9 9,712.5 8,132.6 Casualty 1,243.4 1,159.0 12,004.9 10,364.0 606.6 ​ 549.8 1,823.0 1,659.5 15,677.9 13,732.3 Specialty 258.3 223.3 871.6 755.6 343.2 ​ 277.4 698.2 674.8 2,171.3 1,931.1 Total 2,845.4 2,611.4 17,842.6 15,032.0 1,934.3 1,676.4 4,939.4 4,476.2 27,561.7 23,796.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance 2,686.2 2,475.1 13,080.8 11,448.6 789.8 ​ 739.7 3,608.6 3,341.0 20,165.4 18,004.4 Reinsurance 159.2 136.3 4,761.8 3,583.4 1,144.5 ​ 936.7 1,330.8 1,135.2 7,396.3 5,791.6 ​ 2,845.4 2,611.4 17,842.6 15,032.0 1,934.3 1,676.4 4,939.4 4,476.2 27,561.7 23,796.0 (1) The Asia geographic segment is primarily comprised of countries located throughout Asia, including China, Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia and South Korea, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. (3) Excludes Eurolife’s life insurance operations’ gross premiums written of $350.9 in 2022 and 114.2 in 2021. Eurolife was consolidated 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, including inflationary pressures, 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. As a result of continued inflationary pressures felt throughout the economy in 2022 and the resulting changes to global monetary policy, the company has placed a renewed focus on inflationary assumptions used in both the pricing of new business and within the company’s reserving process, specifically when setting initial loss estimates and projecting the ultimate costs to settle claims. The company has experienced inflationary pressures on its costs to settle claims throughout 2022, and both economic and social inflation remain a key consideration in the company’s reserving methodology and form part of its determination in the selection of the company’s ultimate cost to settle claims. 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, 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, 2022 compared to December 31, 2021. 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, ​ 2022 2021 Cash and short term investments 10,386.0 22,795.5 Investments in debt instruments: ​ ​ U.S. sovereign government (1) 14,378.8 3,957.9 Other sovereign government rated AA/Aa or higher (1)(2) 2,413.5 1,074.7 All other sovereign government (3) 2,210.2 2,194.9 Canadian provincials 284.1 45.0 U.S. states and municipalities 262.7 387.2 Corporate and other (4)(5) 9,451.9 6,873.9 Receivable from counterparties to derivative contracts 256.1 158.9 Insurance contract receivables 7,907.5 6,883.2 Recoverable from reinsurers 13,115.8 12,090.5 Other assets (6) ​ 2,024.6 ​ 1,881.3 Total gross credit risk exposure ​ 62,691.2 ​ 58,343.0 (1) Represented together 30.3% of the company’s total investment portfolio at December 31, 2022 (December 31, 2021 - 9.5% ) and considered by the company to have nominal credit risk. (2) Comprised primarily of bonds issued by the governments of Canada, the United Kingdom and Singapore with fair values at December 31, 2022 of $1,923.5 , $180.6 and $91.3 respectively (December 31, 2021 - $614.6 , $7.7 and $95.1 ). (3) Comprised primarily of bonds issued by the governments of Brazil, Greece, Spain and Poland with fair values at December 31, 2022 of $744.2 , $690.1 , $216.2 and $126.9 respectively (December 31, 2021 - $415.4 , $844.7 , $297.5 , and $78.5 ). (4) Represents 17.0% of the company’s total investment portfolio at December 31, 2022 compared to 13.0% at December 31, 2021, with the increase principally related to net purchases of short to mid-dated high quality corporate bonds of $ 2,331.9 and net purchases of unrated first mortgage loans of $870.2 . (5) Includes the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 - $1,659.4 ) secured by real estate predominantly in the U.S., Europe and Canada as described in note 5. (6) Excludes assets associated with unit-linked insurance products of $676.5 at December 31, 2022 (December 31, 2021 – $637.1 ) for which credit risk is not borne by the company, and income taxes refundable of $67.1 at December 31, 2022 (December 31, 2021 - $58.3 ) 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, 2022, 69.4% of these balances were held in Canadian and U.S. financial institutions, 24.8% in European financial institutions and 5.8% in other foreign financial institutions (December 31, 2021 - 82.7%, 14.9% and 2.4% 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, 2022 ​ December 31, 2021 ​ Amortized Fair Amortized Fair Issuer Credit Rating ​ cost ​ value ​ % ​ cost ​ value ​ % AAA/Aaa 17,119.4 16,721.6 57.7 5,248.2 5,237.3 36.1 AA/Aa 858.3 847.6 ​ 2.9 435.0 437.7 ​ 3.0 A/A 2,409.6 2,330.6 ​ 8.0 1,838.4 1,865.5 ​ 12.8 BBB/Baa 3,410.3 3,348.7 ​ 11.5 1,749.9 1,914.6 ​ 13.2 BB/Ba 2,114.9 1,917.2 ​ 6.6 1,840.9 1,808.3 ​ 12.4 B/B 48.2 49.6 ​ 0.2 115.0 114.8 ​ 0.8 Lower than B/B 79.7 80.0 ​ 0.3 58.4 62.9 ​ 0.4 Unrated (1)(2) 3,928.2 3,705.9 ​ 12.8 2,935.3 3,092.5 ​ 21.3 Total 29,968.6 29,001.2 ​ 100.0 14,221.1 14,533.6 ​ 100.0 (1) Comprised primarily of the fair value of the company’s investments in Blackberry Limited of $285.0 (December 31, 2021 - $535.1 ), JAB Pet Holdings Ltd. of $239.1 (December 31, 2021 - nil ) and Mosaic Capital of $81.7 (December 31, 2021 – $129.3 ). (2) Includes the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 - $1,659.4 ) secured by real estate predominantly in the U.S., Europe and Canada, with weighted average loan-to-value ratio of approximately 60% , reducing the company’s credit risk exposure related to these investments. At December 31, 2022, 80.1% (December 31, 2021 – 65.1%) of the fixed income portfolio’s carrying value was rated investment grade or better, with 60.6% (December 31, 2021 – 39.1%) 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 and Canadian government bonds with 1 At December 31, 2022 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 $3,599.2 (December 31, 2021 - $3,444.5), which represented approximately 6.5% (December 31, 2021 – 6.5%) of the total investment portfolio. Exposure to the largest single issuer of corporate bonds at December 31, 2022 was the company’s investment in BP Capital Markets America Inc. of $427.7 (December 31, 2021 – Blackberry Limited of $535.1), which represented approximately 0.8% (December 31, 2021 – 1.0%) 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, ​ ​ 2022 ​ 2021 Total derivative assets (1) 256.1 158.9 Obligations that may be offset under net settlement arrangements (33.0) (9.6) Fair value of collateral deposited for the benefit of the company (2) (216.0) (116.5) Excess collateral pledged by the company in favour of counterparties 4.6 4.8 Net derivative counterparty exposure after net settlement and collateral arrangements 11.7 37.6 (1) Excludes equity warrants, equity call options, AVLNs entered with RiverStone Barbados and other derivatives which are not subject to counterparty risk. (2) Excludes excess collateral pledged by counterparties of $68.4 at December 31, 2022 (December 31, 2021 - $22.5 ). Collateral deposited for the benefit of the company at December 31, 2022 consisted of cash of $9.5 and government securities of $274.9 (December 31, 2021 - $14.3 and $125.7). The company had not exercised its right to sell or repledge collateral at December 31, 2022. Recoverable from reinsurers Credit risk on the company’s recoverable from reinsurers balance existed at December 31, 2022 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 analysts 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 analysts 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 8.2% of shareholders’ equity attributable to shareholders of Fairfax at December 31, 2022 (December 31, 2021 - 7.5%) and is rated A+ by A.M. Best. The company’s gross exposure to credit risk from its reinsurers increased at December 31, 2022 compared to December 31, 2021, primarily reflecting an increase in reinsurers’ share of unearned premiums and paid and unpaid losses due to increased business volumes. Changes that occurred in the provision for uncollectible reinsurance during the year are disclosed in note 9. 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, 2022 ​ December 31, 2021 ​ ​ ​ ​ 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++ 600.3 24.2 576.1 568.2 27.2 541.0 A+ 6,631.3 444.1 6,187.2 5,905.9 494.4 5,411.5 A 3,750.9 205.9 ​ 3,545.0 3,899.8 227.3 3,672.5 A- 478.4 53.6 424.8 371.9 43.9 328.0 B++ 55.3 4.3 51.0 50.8 4.6 46.2 B+ 0.8 — 0.8 0.5 0.3 0.2 B or lower 10.6 — 10.6 20.2 0.1 20.1 Not rated 998.8 506.5 492.3 1,004.0 576.7 427.3 Pools and associations 761.3 6.6 754.7 447.9 7.1 440.8 ​ 13,287.7 1,245.2 12,042.5 12,269.2 1,381.6 10,887.6 Provision for uncollectible reinsurance (171.9) (171.9) (178.7) (178.7) Recoverable from reinsurers 13,115.8 11,870.6 12,090.5 10,708.9 ​ Liquidity Risk Liquidity risk is the potential for loss if the company is unable to meet financial commitments in a timely manner at reasonable cost as they fall due. The company’s cash flows in the near term may be impacted by the need to provide capital to support growth in the insurance and reinsurance companies in a favourable pricing environment and to support fluctuations in their investment portfolios due to the economic uncertainty caused by increased inflationary pressures that have resulted in central banks across the world simultaneously raising interest rates to address inflation. The company’s policy is to ensure that sufficient liquid assets are available to meet financial commitments, including liabilities to policyholders and debt holders, dividends on preferred shares and investment commitments. Cash flow analysis is performed regularly at both the holding company and operating companies to ensure that future cash needs are met or exceeded by cash flows generated by operating companies. Holding Company The holding company’s known significant commitments

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2022
Segmented Information
Segmented Information	25. Segmented Information The company is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. On April 1, 2022 the company revised its property and casualty insurance and reinsurance reporting segments to those described below and believes the revised reporting segments provide better insight into the company’s evaluation of operating performance, insurance risk exposure and strategic opportunities for these operating companies. The operating companies comprising each new reporting segment are similar in insurance risks underwritten, distribution methods used, and customer type and geographic areas served. Comparative periods have been revised to align with the new property and casualty insurance and reinsurance reporting segments. There were no changes to the company’s other reporting segments. Life insurance and Run-off, which did not change, is comprised of Eurolife and Run-off and represents an aggregation of operating segments which are not included in any other reporting segment. Transactions between reporting segments have not been eliminated from individual segment results as management considers those transactions in assessing the performance of each segment. Property and Casualty Insurance and Reinsurance North American Insurers – Global Insurers and Reinsurers – International Insurers and Reinsurers – 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. Non-insurance companies This reporting segment is comprised as follows: Restaurants and retail Fairfax India Thomas Cook India Other On July 5, 2022 the company commenced consolidating Grivalia Hospitality in the Non-insurance companies reporting segment, and on October 31, 2022 the Crum & Forster Pet Insurance Group and Pethealth were deconsolidated from the North American Insurers and Non-insurance companies reporting segments respectively, pursuant to the transactions described in note 23 There were no other significant changes to the identifiable assets and liabilities by operating segment at December 31, 2022 compared to December 31, 2021. 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: 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ Global ​ International ​ ​ ​ insurance ​ Non- ​ ​ ​ Eliminations ​ ​ ​ ​ American ​ Insurers and ​ Insurers and ​ ​ ​ and ​ insurance ​ Corporate ​ and ​ ​ ​ Insurers Reinsurers Reinsurers Total Run-off companies and Other adjustments Consolidated Gross premiums written External 7,600.9 16,995.6 2,965.2 27,561.7 350.9 — — — 27,912.6 Intercompany 49.6 101.0 213.4 364.0 — — — (364.0) — ​ 7,650.5 17,096.6 3,178.6 27,925.7 350.9 — — (364.0) 27,912.6 Net premiums written 6,457.6 13,506.3 1,963.1 21,927.0 344.7 — — — 22,271.7 Net premiums earned ​ ​ ​ ​ ​ ​ ​ ​ ​ External 6,140.8 12,851.5 1,671.4 20,663.7 342.4 — — — 21,006.1 Intercompany (33.0) (124.6) 157.6 — — — — — — ​ 6,107.8 12,726.9 1,829.0 20,663.7 342.4 — — — 21,006.1 Underwriting expenses (1) (5,674.8) (12,067.9) (1,815.7) (19,558.4) (509.7) — — 0.5 (20,067.6) Underwriting profit (loss) 433.0 659.0 13.3 1,105.3 (167.3) — — 0.5 938.5 Interest income 249.0 447.8 99.0 795.8 56.4 10.2 11.8 (0.7) 873.5 Dividends 32.0 54.9 16.0 102.9 12.3 24.6 0.6 — 140.4 Investment expenses (47.0) (89.4) (16.2) (152.6) (13.1) (8.2) (2.8) 124.6 (52.1) Interest and dividends 234.0 413.3 98.8 746.1 55.6 26.6 9.6 123.9 961.8 Share of profit of associates 239.8 429.3 52.4 721.5 56.4 134.0 102.8 — 1,014.7 Other ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue — — — — — 5,581.6 — — 5,581.6 Expenses — — — — — (5,520.9) — — (5,520.9) ​ — — — — — 60.7 — — 60.7 Operating income (loss) 906.8 1,501.6 164.5 2,572.9 (55.3) 221.3 112.4 124.4 2,975.7 Net gains (losses) on investments (397.7) (1,151.1) (211.1) (1,759.9) (306.5) 71.4 261.1 — (1,733.9) Gain on sale and consolidation of insurance subsidiaries (note 23) 1,213.2 — 6.5 1,219.7 — — — — 1,219.7 Interest expense (5.7) (51.1) (3.0) (59.8) (13.2) (122.8) (257.2) 0.2 (452.8) Corporate overhead and other (39.8) (98.9) (12.1) (150.8) (1.4) — (19.9) (124.6) (296.7) Pre-tax income (loss) 1,676.8 200.5 (55.2) 1,822.1 (376.4) 169.9 96.4 — 1,712.0 Provision for income taxes (425.2) Net earnings 1,286.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ Shareholders of Fairfax 1,147.2 Non-controlling interests 139.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,286.8 (1) Property and casualty insurance and reinsurance underwriting expenses for the year ended December 31, 2022 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 ​ North Global International ​ ​ American Insurers and Insurers and ​ ​ ​ Insurers ​ Reinsurers ​ Reinsurers ​ Total Loss & LAE - accident year 3,733.4 8,715.7 1,207.3 13,656.4 Commissions 998.3 2,109.5 324.4 3,432.2 Other underwriting expenses 1,020.3 1,263.8 381.9 2,666.0 Underwriting expenses - accident year 5,752.0 12,089.0 1,913.6 19,754.6 Net favourable claims reserve development (77.2) (21.1) (97.9) (196.2) Underwriting expenses - calendar year 5,674.8 12,067.9 1,815.7 19,558.4 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Global International ​ ​ ​ Life insurance Non- ​ Eliminations ​ ​ American Insurers and Insurers and ​ and insurance ​ Corporate ​ and ​ ​ ​ ​ Insurers ​ Reinsurers ​ Reinsurers ​ Total ​ Run-off ​ companies ​ and Other ​ adjustments ​ Consolidated Gross premiums written External 6,544.6 14,567.6 2,683.8 23,796.0 114.2 — — — 23,910.2 Intercompany 34.2 93.8 169.5 297.5 358.1 — — (655.6) — ​ ​ 6,578.8 14,661.4 2,853.3 24,093.5 472.3 — — (655.6) 23,910.2 Net premiums written 5,319.7 10,755.5 1,734.2 17,809.4 468.7 — — — 18,278.1 Net premiums earned ​ ​ ​ ​ ​ ​ ​ ​ ​ External 5,435.3 9,530.6 1,482.4 16,448.3 109.7 — — — 16,558.0 Intercompany (410.5) (78.8) 131.2 (358.1) 358.1 — — — — ​ ​ 5,024.8 9,451.8 1,613.6 16,090.2 467.8 — — — 16,558.0 Underwriting expenses (2) (4,637.9) (9,077.6) (1,573.5) (15,289.0) (776.8) — — 0.3 (16,065.5) Underwriting profit (loss) 386.9 374.2 40.1 801.2 (309.0) — — 0.3 492.5 Interest income 154.4 299.6 66.8 520.8 22.2 3.9 28.2 (6.7) 568.4 Dividends 23.9 37.2 11.6 72.7 7.8 28.5 (0.8) — 108.2 Investment expenses (43.2) (100.1) (8.5) (151.8) (10.7) (127.1) (2.8) 256.6 (35.8) Interest and dividends 135.1 236.7 69.9 441.7 19.3 (94.7) 24.6 249.9 640.8 Share of profit of associates 103.6 184.8 35.7 324.1 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) 625.6 795.7 145.7 1,567.0 (272.9) (7.0) 63.4 255.9 1,606.4 Net gains on investments (1) 518.5 604.1 1,521.9 2,644.5 69.7 266.0 464.9 — 3,445.1 Gain on sale and consolidation of insurance subsidiaries (note 23) ​ — 68.7 64.8 133.5 — — 130.5 — 264.0 Interest expense (8.6) (50.5) (2.4) (61.5) (7.9) (140.3) (305.4) 1.2 (513.9) Corporate overhead and other (53.7) (88.0) (22.3) (164.0) (38.4) — 50.0 (256.6) (409.0) Pre-tax income (loss) 1,081.8 1,330.0 1,707.7 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 ​ North Global International ​ ​ ​ American Insurers and Insurers and ​ ​ ​ Insurers ​ Reinsurers ​ Reinsurers ​ Total Loss & LAE - accident year 2,900.3 6,551.6 986.6 10,438.5 Commissions 913.6 1,571.0 289.6 2,774.2 Other underwriting expenses 927.7 1,156.4 347.8 2,431.9 Underwriting expenses - accident year 4,741.6 9,279.0 1,624.0 15,644.6 Net favourable claims reserve development (103.7) (201.4) (50.5) (355.6) Underwriting expenses - calendar year 4,637.9 9,077.6 1,573.5 15,289.0 ​ 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 ​ 2022 2021 2022 2021 2022 2021 2022 2021 Property and Casualty Insurance and Reinsurance ​ North American Insurers 1,217.7 801.5 ​ — — 18,664.9 17,418.7 12,890.0 11,551.5 Global Insurers and Reinsurers 2,893.3 2,168.7 ​ — 16.4 51,634.9 46,849.3 39,086.8 34,266.7 International Insurers and Reinsurers 592.0 415.2 ​ — — 9,547.2 9,616.9 5,631.9 5,700.7 ​ 4,703.0 3,385.4 ​ — 16.4 79,847.0 73,884.9 57,608.7 51,518.9 Life insurance and Run-off 348.1 272.6 ​ 0.4 — 6,087.7 6,669.1 5,289.5 5,781.1 Non-insurance companies 1,378.5 1,379.7 ​ 151.6 44.3 8,611.4 7,856.4 4,820.6 4,075.1 Corporate and Other and eliminations and adjustments 1,004.3 1,066.3 ​ — — (2,421.0) (1,765.0) 4,070.5 3,955.0 Consolidated 7,433.9 6,104.0 ​ 152.0 60.7 92,125.1 86,645.4 71,789.3 65,330.1 ​ Product Line Net premiums earned by product line for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ Casualty ​ Specialty (1) ​ Total ​ 2022 2021 2022 2021 2022 2021 2022 2021 Property and Casualty Insurance and Reinsurance - net premiums earned ​ North American Insurers 1,379.3 1,209.6 4,284.3 3,400.2 444.2 415.0 6,107.8 5,024.8 ​ Global Insurers and Reinsurers 4,895.5 3,876.9 6,866.2 4,856.8 965.2 718.1 12,726.9 9,451.8 ​ International Insurers and Reinsurers 919.9 834.9 615.1 544.3 294.0 234.4 1,829.0 1,613.6 ​ ​ 7,194.7 5,921.4 11,765.6 8,801.3 1,703.4 1,367.5 20,663.7 16,090.2 ​ Life insurance and Run-off (1) — 8.2 0.5 348.8 341.9 110.8 342.4 467.8 ​ Consolidated net premiums earned 7,194.7 5,929.6 11,766.1 9,150.1 2,045.3 1,478.3 21,006.1 16,558.0 ​ Interest and dividends ​ ​ ​ 961.8 640.8 ​ Share of profit of associates ​ ​ ​ 1,014.7 402.0 ​ Net gains (losses) on investments ​ ​ ​ (1,733.9) 3,445.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) ​ ​ ​ 1,219.7 264.0 ​ Other revenue ​ ​ ​ 5,581.6 5,158.0 ​ Consolidated income ​ ​ ​ 28,050.0 26,467.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 34.3 % 35.8 % 56.0 % 55.3 % 9.7 % 8.9 % 100.0 % 100.0 % (1) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, as 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 ​ 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Property and Casualty Insurance and Reinsurance - net premiums earned ​ North American Insurers 1,914.1 1,784.9 4,157.5 3,222.1 1.4 1.2 34.8 16.6 6,107.8 5,024.8 ​ Global Insurers and Reinsurers 378.8 293.1 9,337.3 6,671.4 878.1 806.9 2,132.7 1,680.4 12,726.9 9,451.8 ​ International Insurers and Reinsurers 0.6 0.2 122.4 81.8 551.9 438.9 1,154.1 1,092.7 1,829.0 1,613.6 ​ ​ 2,293.5 ​ 2,078.2 13,617.2 9,975.3 1,431.4 1,247.0 3,321.6 2,789.7 20,663.7 ​ 16,090.2 ​ Life insurance and Run-off (3) — ​ — 0.5 358.1 — — 341.9 109.7 342.4 ​ 467.8 ​ Consolidated net premiums earned 2,293.5 ​ 2,078.2 13,617.7 10,333.4 1,431.4 1,247.0 3,663.5 2,899.4 21,006.1 ​ 16,558.0 ​ Interest and dividends ​ ​ 961.8 ​ 640.8 ​ Share of profit of associates ​ ​ 1,014.7 ​ 402.0 ​ Net gains (losses) on investments ​ ​ (1,733.9) ​ 3,445.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) ​ ​ 1,219.7 ​ 264.0 ​ Other revenue ​ ​ 5,581.6 ​ 5,158.0 ​ Consolidated income ​ ​ 28,050.0 ​ 26,467.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 10.9 % 12.6 % 64.9 % 62.4 % 6.8 % 7.5 % 17.4 % 17.5 % 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 South Korea, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. (3) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, as described in note 23. Non-insurance companies Revenue and expenses of the Non-insurance companies reporting segment were comprised as follows for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and retail ​ Fairfax India (1) ​ Thomas Cook India (2) ​ Other (3) ​ Total ​ 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue 1,710.3 1,803.8 216.7 228.2 611.0 249.4 3,043.6 2,876.1 5,581.6 5,157.5 Expenses (1,582.2) (1,724.8) (208.1) (206.9) (600.8) (293.4) (3,129.8) (2,867.0) (5,520.9) (5,092.1) Pre-tax income (loss) before interest expense and other (4) 128.1 79.0 8.6 21.3 10.2 (44.0) (86.2) 9.1 60.7 65.4 Interest and dividends 9.9 7.5 21.4 (102.2) — (0.1) (4.7) 0.1 26.6 (94.7) Share of profit (loss) of associates (0.1) — 132.0 20.2 0.3 (0.1) 1.8 2.2 134.0 22.3 Operating income (loss) 137.9 86.5 162.0 (60.7) 10.5 (44.2) (89.1) 11.4 221.3 (7.0) (1) These results differ from those published by Fairfax India primarily 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) Included in Expenses is a non-cash goodwill impairment charge on Farmers Edge of $133.4 recognized in 2022. (4) 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, 2022 and 2021 present the assets, liabilities and non-controlling interests of each reporting segment 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. In the table below, the company’s three property and casualty insurance and reinsurance reporting segments have been presented in aggregate, and affiliated insurance and reinsurance balances are not shown separately and are eliminated in “Corporate and eliminations”. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Property ​ ​ ​ ​ Property ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ casualty ​ Life ​ ​ ​ ​ ​ ​ ​ casualty ​ Life ​ ​ ​ ​ ​ ​ ​ ​ insurance and ​ insurance ​ Non- ​ Corporate ​ ​ ​ insurance and ​ insurance ​ Non- Corporate ​ ​ ​ ​ reinsurance ​ and ​ insurance ​ and ​ ​ ​ reinsurance ​ and ​ insurance ​ and ​ ​ ​ ​ companies ​ Run-off ​ companies ​ eliminations (4) ​ Consolidated ​ companies ​ Run-off ​ companies ​ eliminations (4) ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments 316.6 — — 1,029.2 1,345.8 604.5 — — 873.8 1,478.3 Insurance contract receivables 8,310.9 28.2 — (431.6) 7,907.5 7,215.5 7.8 — (340.1) 6,883.2 Portfolio investments (1) 49,038.8 4,275.4 2,119.3 (1,110.6) 54,322.9 45,061.8 4,963.9 2,252.8 (581.1) 51,697.4 Deferred premium acquisition costs 2,201.3 7.5 — (38.5) 2,170.3 1,950.6 3.8 — (30.3) 1,924.1 Recoverable from reinsurers 14,097.9 517.5 — (1,499.6) 13,115.8 13,060.3 457.6 — (1,427.4) 12,090.5 Deferred income tax assets 337.3 25.6 54.5 74.7 492.1 268.2 29.0 66.9 158.3 522.4 Goodwill and intangible assets 3,396.8 7.5 2,284.4 0.3 5,689.0 3,579.5 7.5 2,341.2 — 5,928.2 Due from affiliates 206.3 364.1 — (570.4) — 231.3 360.2 — (591.5) — Other assets 1,774.0 832.6 4,153.2 321.9 7,081.7 1,746.0 810.0 3,195.5 369.8 6,121.3 Investments in affiliates (2) 167.1 29.3 — (196.4) — 167.2 29.3 — (196.5) — Total assets 79,847.0 6,087.7 8,611.4 (2,421.0) 92,125.1 73,884.9 6,669.1 7,856.4 (1,765.0) 86,645.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities 2,304.9 263.1 2,430.7 216.5 5,215.2 2,149.9 233.4 2,077.4 524.7 4,985.4 Derivative obligations 113.5 — 58.2 19.3 191.0 72.5 — 47.9 32.5 152.9 Due to affiliates 16.5 0.4 82.4 (99.3) — 28.8 0.2 135.1 (164.1) — Deferred income tax liabilities 225.0 18.5 252.4 0.8 496.7 322.2 72.9 198.5 5.2 598.8 Insurance contract payables 4,839.7 688.4 — (466.2) 5,061.9 4,208.6 652.0 — (367.1) 4,493.5 Provision for losses and loss adjustment expenses (3) 37,531.7 4,300.9 — (1,343.0) 40,489.6 33,381.4 4,806.1 — (1,295.2) 36,892.3 Provision for unearned premiums (3) 11,844.0 18.2 — (152.2) 11,710.0 10,564.8 16.5 — (127.1) 10,454.2 Borrowings 733.4 — 1,996.9 5,894.6 8,624.9 790.7 — 1,616.2 5,346.1 7,753.0 Total liabilities 57,608.7 5,289.5 4,820.6 4,070.5 71,789.3 51,518.9 5,781.1 4,075.1 3,955.0 65,330.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders’ equity attributable to shareholders of Fairfax 20,269.1 798.2 2,100.4 (6,491.5) 16,676.2 19,778.9 888.0 1,782.5 (6,064.3) 16,385.1 Non-controlling interests 1,969.2 — 1,690.4 — 3,659.6 2,587.1 — 1,998.8 344.3 4,930.2 Total equity 22,238.3 798.2 3,790.8 (6,491.5) 20,335.8 22,366.0 888.0 3,781.3 (5,720.0) 21,315.3 Total liabilities and total equity 79,847.0 6,087.7 8,611.4 (2,421.0) 92,125.1 73,884.9 6,669.1 7,856.4 (1,765.0) 86,645.4 (1) Includes intercompany investments in Fairfax non-insurance subsidiaries carried at cost that are eliminated on consolidation. (2) Intercompany investments in Fairfax insurance and reinsurance subsidiaries carried at cost that are eliminated on consolidation. (3) Included in insurance contract liabilities on the consolidated balance sheet. (4) 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 affiliated primary insurers. ​ ​

Expenses

Expenses	12 Months Ended
	Dec. 31, 2022
Expenses
Expenses	26. Expenses Losses on claims, net, operating expenses and other expenses for the years ended December 31 were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ 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 13,169.1 — 13,169.1 10,272.9 — 10,272.9 Provisions and claims, Eurolife ​ 251.1 ​ — ​ 251.1 ​ 81.0 ​ — ​ 81.0 Cost of sales — 3,349.4 3,349.4 — 2,987.5 2,987.5 Wages and salaries 1,580.8 877.5 2,458.3 1,547.1 761.3 2,308.4 Depreciation, amortization and impairment charges 233.2 450.4 683.6 291.0 639.4 930.4 Employee benefits 381.3 125.9 507.2 345.3 116.9 462.2 Premium taxes 306.8 — 306.8 285.9 — 285.9 Information technology costs 254.7 44.5 299.2 216.3 40.7 257.0 Audit, legal and tax professional fees 189.1 53.7 242.8 159.7 43.4 203.1 Repairs, maintenance and utilities 14.4 163.9 178.3 13.2 144.2 157.4 Shipping and delivery 1.3 152.8 154.1 1.2 120.0 121.2 Share-based payments to directors and employees 131.5 20.4 151.9 118.2 18.3 136.5 Marketing costs 38.9 76.6 115.5 33.4 70.1 103.5 Administrative expense and other 357.2 205.8 563.0 321.4 145.1 466.5 Losses on claims, net, operating expenses and other expenses (2)(3) 16,909.4 5,520.9 22,430.3 13,686.6 5,086.9 18,773.5 Commissions, net (note 9) (4) 3,454.9 — 3,454.9 2,787.9 — 2,787.9 Interest expense (note 15) (4) 330.0 122.8 452.8 373.6 140.3 513.9 ​ 20,694.3 5,643.7 26,338.0 16,848.1 5,227.2 22,075.3 (1) Includes Life insurance and Run-off and Corporate and Other. (2) 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. (3) Expenses of the non-insurance companies, excluding commissions, net and interest expense, are included in other expenses in the consolidated statement of earnings. (4) Presented as separate lines in the consolidated statement of earnings.

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	12 Months Ended
	Dec. 31, 2022
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, 2022 ​ ​ 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 72.7 479.4 552.1 — — — 72.7 479.4 552.1 Holding company assets pledged for derivative obligations — 40.6 40.6 — — — — 40.6 40.6 Subsidiary cash and short term investments 3,243.3 2,105.6 5,348.9 500.8 353.6 854.4 3,744.1 2,459.2 6,203.3 Fairfax India 34.5 143.5 178.0 0.8 6.0 6.8 35.3 149.5 184.8 ​ 3,350.5 2,769.1 6,119.6 501.6 359.6 861.2 3,852.1 3,128.7 6,980.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ 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 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 ​ Details of certain cash flows included in the consolidated statement of cash flows for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Net (purchases) sales of investments classified at FVTPL Short term investments 6,352.5 (767.1) Bonds (16,016.2) 2,545.7 Preferred stocks (293.2) (37.3) Common stocks (63.6) 477.2 Net derivatives and other invested assets 380.3 395.9 ​ (9,640.2) 2,614.4 ​ ​ ​ ​ ​ Changes in operating assets and liabilities ​ Net decrease (increase) in restricted cash and cash equivalents 393.7 (472.6) Provision for losses and loss adjustment expenses 4,530.1 3,692.0 Provision for unearned premiums 1,455.3 2,152.2 Provision for life policy benefits ​ (142.4) ​ (167.9) Insurance contract receivables (1,134.9) (1,152.9) Insurance contract payables 625.8 1,079.8 Recoverable from reinsurers (1,257.9) (1,580.0) Other receivables (349.8) (96.7) Accounts payable and accrued liabilities 338.2 291.1 Other (638.0) (758.1) ​ 3,820.1 2,986.9 ​ ​ ​ ​ ​ Net interest and dividends received ​ Interest and dividends received 1,030.8 865.7 Interest paid on borrowings (360.5) (366.7) Interest paid on lease liabilities (48.1) (54.8) ​ 622.2 444.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income taxes paid (416.4) (288.7) ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Salaries and other short-term employee benefits 10.2 10.8 Share-based payments 5.7 4.7 ​ 15.9 15.5 ​ Compensation for the company’s Board of Directors for the years ended December 31 was as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Retainers and fees 1.7 1.5 Share-based payments 0.3 0.4 ​ 2.0 1.9 ​ Transactions with subsidiaries Thomas Cook India conversion of preferred shares During 2022 the company converted its preferred shares in Thomas Cook India to common shares, which increased the company’s ownership interest by 6.6%. See note 16. Fairfax India Performance Fee Receivable On December 31, 2022 the holding company had a performance fee receivable of $41.5 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.

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2022
Subsidiaries
Subsidiaries	29. The company’s principal operating subsidiaries are presented in the tables below. During 2022 the company consolidated Grivalia Hospitality 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, 2022 ​ Domicile ​ shown below) Property and casualty insurance and reinsurance ​ North American Insurers ​ ​ ​ ​ ​ Northbridge Financial Corporation (Northbridge) Canada ​ Crum & Forster Holdings Corp. (Crum & Forster) United States ​ Zenith National Insurance Corp. (Zenith National) United States ​ Global Insurers and Reinsurers ​ ​ ​ ​ ​ Odyssey Group Holdings, Inc. (Odyssey Group) United States 90.0 % Brit Limited (Brit) United Kingdom 86.2 % Allied World Assurance Company Holdings, Ltd (Allied World) Bermuda 82.9 % International Insurers and Reinsurers ​ ​ ​ ​ ​ 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, 2022 ​ Domicile ​ ownership ​ ​ Primary business ​ ​ ​ ​ ​ ​ ​ ​ Non-insurance companies ​ ​ ​ ​ ​ ​ ​ ​ Restaurants and retail Recipe Unlimited Corporation (Recipe) Canada ​ 75.7 % Franchisor, owner and operator of restaurants Sporting Life Group Limited, which owns: Canada 88.5 % Invests in retail businesses 100.0% of Sporting Life Inc. (Sporting Life) Canada 88.5 % Retailer of sporting goods and sports apparel 100.0% of Golf Town Limited (Golf Town) Canada 88.5 % Retailer of golf equipment, apparel and accessories ​ ​ ​ ​ ​ ​ ​ ​ Fairfax India ​ ​ Fairfax India Holdings Corporation (Fairfax India) Canada ​ 34.7 % (1) Invests in public and private Indian businesses ​ ​ ​ ​ ​ ​ ​ ​ Thomas Cook India ​ ​ Thomas Cook (India) Limited (Thomas Cook India), which owns: India 73.3 % Provider of integrated travel and travel-related financial services 100.0% of Sterling Holiday Resorts Limited (Sterling Resorts) India 73.3 % ​ Owner and operator of holiday resorts ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ AGT Food and Ingredients Inc. (AGT) Canada 59.6 % Originator, processor and distributor of value-added pulses and staple foods Dexterra Group Inc. (Dexterra Group) Canada 48.7 % (2) Provider of Infrastructure support services Boat Rocker Media Inc. (Boat Rocker) Canada ​ 44.9 % (3) Entertainment content creator, producer and distributor Farmers Edge Inc. (Farmers Edge) ​ Canada ​ 61.3 % ​ Provider of advanced digital tools for agriculture Grivalia Hospitality S.A. (Grivalia Hospitality) Greece 78.4 % Hospitality real estate investor, developer and manager (1) The company owns multiple voting shares and subordinate voting shares of Fairfax India that give it voting rights of 94.4 %. (2) The company has de facto voting control of Dexterra Group as its largest equity and voting shareholder. (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, 2022
Summary of Significant Accounting Policies
Consolidation	Consolidation Subsidiaries The consolidated financial statements were prepared as of December 31, 2022 and 2021 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 or in gain on sale and consolidation of insurance subsidiaries 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 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 may 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, inflation, 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 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, 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 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 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 2022	New accounting pronouncements adopted in 2022 Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) The amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets Reference to the Conceptual Framework (Amendments to IFRS 3) The 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 Amendments to certain IFRS Standards as a result of the IASB’s annual improvements project included an amendment to IFRS 9 Financial Instruments
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, 2022. 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 with amendments issued on June 25, 2020 that included targeted improvements and the deferral of the effective date to January 1, 2023. IFRS 17 requires entities to measure insurance contracts using current estimates of fulfillment cash flows, which includes all future cash flows associated with insurance contracts, using one of three measurement models. The company has assessed that the majority of its insurance contracts will be eligible for the simplified measurement model, the Premium Allocation Approach, with the remainder of the company’s insurance contracts primarily using the General Measurement Model. The measurement of insurance contracts under the Premium Allocation Approach is similar to that under IFRS 4 and is available for contracts with a coverage period of one year or less, or where the measurement of the liability for remaining coverage is not expected to differ materially had the General Measurement Model been applied. Under IFRS 17, the carrying amount of a group of insurance contracts at each reporting date is measured as the sum of the liability for remaining coverage, comprised principally of unearned premium and deferred premium acquisition costs under IFRS 4, and the liability for incurred claims, comprised principally of future cash flows and a risk adjustment for non-financial risks of losses on claims and expenses that have been incurred but not yet paid. The measurement of insurance contracts under IFRS 17 introduces new requirements, the most notable being that the measurement reflect both the time value of money and an explicit risk adjustment for non-financial risk, whereas the company’s current measurement under IFRS 4 reflects neither. IFRS 17 must be applied retrospectively with restatement of comparatives unless impracticable. IFRS 17 will bring considerable changes to the recognition, measurement, presentation and disclosure of insurance contracts within the company’s consolidated financial statements. It will not, however, affect the company’s underwriting strategy, its actuarial practice to establish management’s best estimate of the reserves, or the company’s cash flows. Insurance contracts will be presented differently, including differentiating in the consolidated statement of earnings between the insurance service result, which includes insurance revenue and insurance service expenses, and insurance finance income or expenses, which includes the effects of discounting and changes in discount rates. In 2022, the company finalized the implementation and testing of information technology systems across its insurance and reinsurance subsidiaries and completed its analysis and documentation of key accounting policy decisions. Additionally, the company has prepared and continues to refine its draft IFRS 17 opening balance sheet as at January 1, 2022 and continues the preparation of its comparative quarterly information. The company determined that it will apply IFRS 17 to the majority of its insurance contracts on a full retrospective basis, and on a modified retrospective basis where a full retrospective basis is impracticable, which is primarily for insurance contracts acquired in past business combinations. When applying the modified retrospective approach, simplifications and modifications will be used only to the extent required, as permitted by the standard. Upon adoption of IFRS 17, the company anticipates recording a transition adjustment to increase opening common shareholders’ equity as at January 1, 2022 which is not expected to exceed 2.5% of common shareholders’ equity as at December 31, 2021, primarily reflecting a decrease to insurance contract liabilities from the introduction of discounting claims reserves and the deferral of additional insurance acquisition costs which were previously expensed as incurred (as a result of IFRS 17’s broader definition of insurance acquisition costs compared with the company’s current policy under IFRS 4), partially offset by a new risk adjustment for uncertainty related to the timing and amount of cash flows arising from non-financial risks. The company does not anticipate material changes to the measurement of net revenue (currently presented as net premiums earned in the consolidated statement of earnings and will be presented differently under IFRS 17) or the selection of actuarial projection methodologies and the development of significant assumptions to determine management’s best estimate of reserves on adoption of IFRS 17. 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 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 Classification of Liabilities as Current or Non-current (Amendments to IAS 1) On January 23, 2020 the IASB issued amendments to IAS 1 to clarify the criteria for classifying a liability as non-current. The amendments were to be applied retrospectively to annual periods beginning on or after January 1, 2023, however on October 31, 2022 the IASB deferred the effective date by one year to January 1, 2024. The company is currently evaluating the expected impact of the amendments on its consolidated financial statements. Non-current Liabilities with Covenants (Amendments to IAS 1) On October 31, 2022 the IASB issued amendments to IAS 1 Presentation of Financial Statements Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) On September 22, 2022 the IASB issued amendments to IFRS 16 Leases Revenue from Contracts with Customers
Comparatives	Comparatives On April 1, 2022 the company revised its property and casualty insurance and reinsurance reporting segments as described in note 25. Certain prior period comparatives have been reclassified to conform with the current period’s reporting segments presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022
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 and other invested assets. ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Holding company Cash and cash equivalents 552.1 465.9 Short term investments 126.6 216.9 Bonds 243.2 242.6 Preferred stocks 11.1 14.0 Common stocks (1) 75.4 137.5 Derivatives (note 7) 232.8 290.5 ​ 1,241.2 1,367.4 Assets pledged for derivative obligations: ​ Cash equivalents ​ 40.6 ​ 46.8 Short term investments 64.0 64.1 ​ 104.6 110.9 ​ ​ ​ ​ ​ Holding company cash and investments as presented on the consolidated balance sheet 1,345.8 1,478.3 Derivative obligations (note 7) (19.4) (32.1) ​ 1,326.4 1,446.2 Portfolio investments Cash and cash equivalents (2) 6,203.3 12,283.2 Short term investments 3,164.9 9,516.3 Bonds 28,578.5 14,091.2 Preferred stocks 2,338.0 2,405.9 Common stocks (1) 5,124.3 5,468.9 Investments in associates (note 6) 6,091.3 4,755.1 Derivatives (note 7) 235.0 291.3 Other invested assets (3) 593.5 699.9 ​ 52,328.8 49,511.8 Assets pledged for derivative obligations: ​ Cash equivalents ​ — ​ 74.0 Short term investments — 45.6 Bonds 51.3 — ​ 51.3 119.6 Fairfax India cash, portfolio investments and associates: ​ Cash and cash equivalents (2) 184.8 76.5 Short term investments ​ 49.7 ​ 6.2 Bonds 128.2 199.8 Common stocks 237.5 434.6 Investments in associates (note 6) 1,342.6 1,348.9 ​ 1,942.8 2,066.0 ​ ​ ​ ​ ​ Portfolio investments as presented on the consolidated balance sheet 54,322.9 51,697.4 Derivative obligations (note 7) (171.6) (120.8) ​ 54,151.3 51,576.6 ​ ​ ​ ​ ​ Total cash and investments, net of derivative obligations 55,477.7 53,022.8 (1) Includes aggregate investments in limited partnerships with a carrying value at December 31, 2022 of $1,982.5 (December 31, 2021 – $1,971.0 ). (2) Includes aggregate restricted cash and cash equivalents at December 31, 2022 of $861.2 (December 31, 2021 – $1,261.0 ). See note 27. (3) Comprised primarily of investment property. ​
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, ​ ​ 2022 ​ 2021 Regulatory deposits 5,724.2 5,147.1 Security for reinsurance and other 1,611.0 1,434.9 ​ 7,335.2 6,582.0 ​
Schedule of fixed income maturity profile	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ ​ cost (1) ​ value (1) ​ cost (1) ​ value (1) ​ Due in 1 year or less (2) 8,506.5 8,192.5 ​ 6,022.8 5,946.5 ​ Due after 1 year through 3 years (2) 16,077.6 15,686.2 ​ 3,933.5 4,206.0 ​ Due after 3 years through 5 years ​ 4,205.8 ​ 4,116.6 ​ 2,740.7 ​ 2,744.1 ​ Due after 5 years through 10 years 318.8 291.1 ​ 534.0 531.3 ​ Due after 10 years 859.9 714.8 ​ 990.1 1,105.7 ​ ​ 29,968.6 29,001.2 ​ 14,221.1 14,533.6 ​ Pre-tax effective interest rate 3.6 % 2.7 % (1) Includes bonds held by the holding company and Fairfax India. (2) Includes the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 - $1,659.4 ) secured by real estate predominantly in the U.S., Europe and Canada. ​
Schedule of fair value hierarchy of assets and 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, 2022 ​ December 31, 2021 ​ ​ 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) ​ 6,980.8 ​ — ​ — ​ 6,980.8 ​ 12,946.4 ​ — ​ — ​ 12,946.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ 91.8 ​ — ​ — ​ 91.8 ​ 16.2 ​ — ​ — ​ 16.2 ​ Canadian provincials ​ 38.1 ​ — ​ — ​ 38.1 ​ 535.8 ​ — ​ — ​ 535.8 ​ U.S. treasury ​ 1,574.5 ​ — ​ — ​ 1,574.5 ​ 7,608.8 ​ — ​ — ​ 7,608.8 ​ Other government ​ 164.3 ​ 1,238.5 ​ — ​ 1,402.8 ​ 283.5 ​ 1,140.9 ​ — ​ 1,424.4 ​ Corporate and other ​ — ​ 298.0 ​ — ​ 298.0 ​ — ​ 263.9 ​ — ​ 263.9 ​ ​ ​ 1,868.7 ​ 1,536.5 ​ — ​ 3,405.2 ​ 8,444.3 ​ 1,404.8 ​ — ​ 9,849.1 ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian government ​ — ​ 1,923.5 ​ — ​ 1,923.5 ​ — ​ 614.6 ​ — ​ 614.6 ​ Canadian provincials ​ — ​ 284.1 ​ — ​ 284.1 ​ — ​ 45.0 ​ — ​ 45.0 ​ U.S. treasury ​ — ​ 14,378.8 ​ — ​ 14,378.8 ​ — ​ 3,957.9 ​ — ​ 3,957.9 ​ U.S. states and municipalities ​ — ​ 262.7 ​ — ​ 262.7 ​ — ​ 387.2 ​ — ​ 387.2 ​ Other government ​ — ​ 2,700.2 ​ — ​ 2,700.2 ​ — ​ 2,655.0 ​ — ​ 2,655.0 ​ Corporate and other (2) ​ — ​ 5,986.6 ​ 3,465.3 ​ 9,451.9 ​ — ​ 4,078.1 ​ 2,795.8 ​ 6,873.9 ​ ​ ​ — ​ 25,535.9 ​ 3,465.3 ​ 29,001.2 ​ — ​ 11,737.8 ​ 2,795.8 ​ 14,533.6 ​ Preferred stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 10.4 ​ 9.2 ​ 13.2 ​ 32.8 ​ — ​ 16.6 ​ 93.6 ​ 110.2 ​ U.S. ​ — ​ — ​ 233.6 ​ 233.6 ​ — ​ — ​ 40.6 ​ 40.6 ​ Other (3) ​ 13.2 ​ 269.2 ​ 1,800.3 ​ 2,082.7 ​ 13.5 ​ 288.0 ​ 1,967.6 ​ 2,269.1 ​ ​ ​ 23.6 ​ 278.4 ​ 2,047.1 ​ 2,349.1 ​ 13.5 ​ 304.6 ​ 2,101.8 ​ 2,419.9 ​ Common stocks: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ 624.3 ​ 192.3 ​ 427.8 ​ 1,244.4 ​ 1,104.2 ​ 188.4 ​ 303.7 ​ 1,596.3 ​ U.S. ​ 691.0 ​ 26.1 ​ 1,087.2 ​ 1,804.3 ​ 597.9 ​ 32.0 ​ 1,155.3 ​ 1,785.2 ​ Other ​ 1,097.8 ​ 254.1 ​ 1,036.6 ​ 2,388.5 ​ 1,438.0 ​ 276.7 ​ 944.8 ​ 2,659.5 ​ ​ ​ 2,413.1 ​ 472.5 ​ 2,551.6 ​ 5,437.2 ​ 3,140.1 ​ 497.1 ​ 2,403.8 ​ 6,041.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets ​ — ​ 341.8 ​ 719.5 ​ 1,061.3 ​ 0.1 ​ 175.4 ​ 1,106.2 ​ 1,281.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative obligations (note 7) ​ — ​ (151.8) ​ (39.2) ​ (191.0) ​ — ​ (88.5) ​ (64.4) ​ (152.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments and portfolio investments measured at fair value ​ 11,286.2 ​ 28,013.3 ​ 8,744.3 ​ 48,043.8 ​ 24,544.4 ​ 14,031.2 ​ 8,343.2 ​ 46,918.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23.5 % 58.3 % 18.2 % 100.0 % 52.3 % 29.9 % 17.8 % 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates (note 6) (4) ​ 4,693.8 ​ 95.3 ​ 4,463.2 ​ 9,252.3 ​ 4,188.8 ​ 106.8 ​ 3,995.6 ​ 8,291.2 ​ (1) Includes restricted cash and cash equivalents of $861.2 at December 31, 2022 (December 31, 2021 – $1,261.0 ). See note 27. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 – $1,659.4 ) 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 is 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 Resolute Forest Products which was held for sale at December 31, 2022 as described in note 6.
Summary of changes in Level 3 financial assets measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Private Private ​ ​ ​ Derivatives ​ ​ ​ placement ​ company ​ Limited ​ Private ​ ​ ​ and other ​ ​ ​ ​ debt ​ preferred ​ partnerships ​ equity ​ Common ​ invested ​ ​ ​ ​ securities ​ shares ​ and other (1) ​ funds (1) ​ shares ​ assets ​ Total Balance - January 1 ​ 2,795.8 2,101.8 1,789.1 107.7 507.0 1,041.8 8,343.2 Net realized and unrealized gains (losses) included in the consolidated statement of earnings (2) ​ (378.8) ​ (247.4) ​ 143.0 ​ (1.4) ​ 61.9 ​ (95.8) ​ (518.5) Purchases (3) ​ 1,456.0 ​ 286.4 ​ 113.1 ​ — ​ 102.7 ​ 67.4 ​ 2,025.6 Sales and distributions (3) (382.4) (88.1) (207.0) (4.2) (14.3) (303.8) (999.8) Transfer out of category — — — — (2.7) — (2.7) Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss) (25.3) (5.6) (14.0) (4.6) (24.7) (29.3) (103.5) Balance - December 31 3,465.3 2,047.1 1,824.2 97.5 629.9 680.3 8,744.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Private Private ​ ​ ​ Derivatives ​ ​ ​ placement ​ company ​ Limited ​ Private ​ ​ ​ and other ​ ​ ​ ​ debt ​ preferred ​ partnerships ​ equity ​ Common ​ invested ​ ​ ​ ​ securities ​ shares ​ and other (1) ​ funds (1) ​ shares ​ assets ​ Total Balance - January 1 ​ 1,774.2 ​ 587.4 ​ 1,766.9 ​ 110.8 ​ 239.9 ​ 697.6 ​ 5,176.8 Net realized and unrealized gains included in the consolidated statement of earnings (2) ​ 69.1 ​ 1,489.3 ​ 450.6 ​ 2.4 ​ 53.7 ​ 297.4 ​ 2,362.5 Purchases (3)(4)(5) ​ 1,241.5 ​ 32.0 ​ 254.3 ​ — ​ 216.9 ​ 115.5 ​ 1,860.2 Acquisitions of subsidiaries (note 23) 47.5 — — — — 27.4 74.9 Transfer into category (6) 139.6 — — — 10.9 — 150.5 Sales and distributions (3) (476.6) (7.2) (580.9) (5.9) (2.5) (91.8) (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) 0.5 0.3 0.2 0.4 (1.2) (4.3) (4.1) Balance - December 31 2,795.8 2,101.8 1,789.1 107.7 507.0 1,041.8 8,343.2 (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 closed the majority of the $200 raise in the fourth quarter of 2021 and first half of 2022. At December 31, 2021, the company estimated the fair value of Digit Insurance using the transaction fair value, which was supported by an internal discounted cash flow analysis, resulting in the company recording a net unrealized gain of $1,490.3 in 2021 (inclusive of foreign exchange losses) on its investment in Digit compulsory convertible preferred shares. At December 31, 2022, the company estimated the fair value of Digit Insurance using an internal discounted cash flow analysis that continues to approximate the transaction fair value, resulting in the company recording a net unrealized loss of $167.2 in 2022, principally related to foreign exchange losses 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) Private placement debt securities include net purchases of first mortgage loans of $870.2 (2021 - $826.9 ). (4) Common shares include non-voting shares of the RiverStone Barbados holding company as described in note 23. (5) Derivatives and other invested assets include a monthly royalty on future revenues of Toys “R” Us Canada as described in note 23. (6) Private placement debt securities include Mosaic Capital 25-year debentures 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, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ value if input ​ ​ Carrying ​ ​ ​ ​ ​ Input range used ​ value is Asset class ​ value ​ Valuation technique ​ Significant unobservable input ​ Low ​ High ​ increased (a) Bonds (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private placement debt securities (1) 834.2 Discounted cash flow Credit spread 2.8 % 12.7 % Decrease Mortgage loans (2) 2,500.7 Market approach Recent transaction price N/A N/A Increase ​ ​ Discounted cash flow Credit spread ​ 2.1 % 6.4 % Decrease Other ​ 130.4 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 3,465.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stocks (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private company preferred shares (3) 1,798.3 Discounted cash flow ​ Discount rate ​ 10.9 % 10.9 % Decrease ​ ​ ​ ​ Long term growth rate ​ 6.3 % 6.3 % Increase Private placement preferred shares 156.7 Discounted cash flow Credit spread 5.8 % 5.8 % Decrease Other ​ 92.1 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 2,047.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks (d) ​ ​ ​ ​ ​ ​ Limited partnerships and other (4) ​ 1,824.2 ​ Net asset value ​ Net asset value ​ N/A ​ N/A ​ Increase Common shares ​ 261.6 ​ Market approach ​ Recent transaction price ​ N/A ​ N/A ​ Increase Other 465.8 Various Various N/A N/A N/A ​ ​ 2,551.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives and other invested assets (e) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment property (5) ​ 437.3 ​ Income capitalization ​ Terminal capitalization rate ​ 6.0 % 8.0 % Decrease ​ ​ ​ ​ ​ ​ Discount rate ​ 6.9 % 9.3 % Decrease ​ ​ ​ ​ ​ ​ Market rent growth rate ​ 2.6 % 3.0 % Increase ​ ​ 66.0 ​ Sales comparison ​ Price per acre (Cdn$ thousands) ​ 30.0 ​ 150.0 ​ Increase Other ​ 177.0 ​ Various ​ Various ​ N/A ​ N/A ​ N/A ​ ​ 680.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 8,744.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2022 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 10 investments, the largest being $285.0 (software and services) (December 31, 2021 - 12 investments, the largest being $535.1 (software and services)). By increasing (decreasing) the credit spreads applied at December 31, 2022 by 100 basis points, the fair value of this asset class would collectively decrease by $23.2 (increase by $24.5 ). (2) At December 31, 2022 these mortgage loans consisted of 50 investments, the largest being $250.0 (December 31, 2021 – 36 investments, the largest being $149.4 ). By increasing (decreasing) the credit spreads applied at December 31, 2022 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 which were valued using an industry accepted discounted cash flow model that incorporated an unobservable discount rate and long term growth rate. By increasing (decreasing) the discount rate applied at December 31, 2022 by 1.0% , the fair value of the preferred shares would decrease by $308.2 (increase by $591.8 ); by increasing (decreasing) the long term growth rate applied at December 31, 2022 by 0.5% , the fair value of the preferred shares would increase by $175.8 (decrease by $141.7 ). (4) Limited partnerships and other 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, 2022 limited partnerships and other consisted of 45 investments, the three largest being $374.8 (oil and gas extraction), $189.5 (industrials) and $176.1 (industrials) (December 31, 2021 - 47 investments, the three largest being $258.2 (industrials), $252.1 (oil and gas extraction) and $192.0 (primarily household appliance manufacturing)). By increasing (decreasing) net asset values at December 31, 2022 by 10% , the fair value of limited partnerships and other would collectively increase (decrease) by $182.4 . (5) These investment property were primarily valued by third party appraisers using an industry accepted income capitalization approach that incorporated unobservable capitalization rates, discount rates and market rent growth rates. Certain 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 of associates ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Interest income: Cash and short term investments 101.5 26.8 Bonds 753.1 488.5 Derivatives and other invested assets 18.9 53.1 ​ 873.5 568.4 Dividends: ​ ​ Preferred stocks 39.7 14.1 Common stocks 100.7 94.1 ​ 140.4 108.2 Investment expenses (52.1) (35.8) Interest and dividends 961.8 640.8 ​ ​ ​ ​ ​ Share of profit of associates (note 6) 1,014.7 402.0 ​
Schedule of gains (losses) on investment	Net gains (losses) on investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ 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) ​ gains (losses) ​ investments ​ Common stocks 364.5 (1) (607.2) (1) (242.7) ​ 483.4 ​ 850.0 ​ 1,333.4 ​ Preferred stocks - convertible ​ 1.4 ​ (5.8) ​ (4.4) ​ 0.7 ​ 2.1 ​ 2.8 ​ Bonds - convertible 10.2 (247.2) ​ (237.0) 0.2 101.1 101.3 Other equity derivatives (2)(3) 331.7 (4) (140.9) (4) 190.8 461.5 170.1 631.6 Disposition of non-insurance associates 45.1 ​ — ​ 45.1 52.7 (5) — 52.7 Deconsolidation of non-insurance subsidiaries 4.4 ​ — ​ 4.4 ​ 190.3 (6) — ​ 190.3 ​ Long equity exposures and financial effects 757.3 ​ (1,001.1) ​ (243.8) ​ 1,188.8 ​ 1,123.3 2,312.1 ​ Bonds (183.6) ​ (1,064.9) ​ (1,248.5) ​ 338.0 (7) (624.6) (7) (286.6) ​ U.S. treasury bond forward contracts 163.0 ​ (0.6) ​ 162.4 26.0 ​ (0.3) 25.7 Total bonds ​ (20.6) ​ (1,065.5) ​ (1,086.1) ​ 364.0 ​ (624.9) ​ (260.9) ​ Preferred stocks 12.9 ​ (101.1) ​ (88.2) 1.5 ​ 1,507.4 (8) 1,508.9 Other derivative contracts (62.0) ​ 86.6 ​ 24.6 (157.2) ​ 181.3 24.1 Foreign currency (9) 105.8 ​ (410.1) ​ (304.3) (64.5) (28.6) (93.1) Other ​ (36.3) ​ 0.2 ​ (36.1) ​ 130.4 ​ (176.4) ​ (46.0) ​ Net gains (losses) on investments 757.1 ​ (2,491.0) ​ (1,733.9) 1,463.0 1,982.1 3,445.1 (1) On August 31, 2022 Stelco. repurchased 5.1 million of its outstanding common shares under its substantial issuer bid which resulted in the loss of a certain right held by another investor and the company’s ownership interest in Stelco increasing to 20.5% . Accordingly, the company commenced applying the equity method of accounting to its interest in Stelco at that date, resulting in unrealized gains of $151.9 being reclassified to realized with a net impact of nil in the consolidated statement of earnings, as described in note 6. (2) Other equity derivatives include long equity total return swaps, equity warrants and options and the Asset Value Loan Notes (“AVLNs”) entered with RiverStone Barbados as described in note 23. Net change in unrealized gains (losses) in 2022 included $100.6 in unrealized gains (2021 - $91.8 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares, with the fair value of $196.3 at December 31, 2022 (December 31, 2021 - $95.7 ) recorded in holding company cash and investments, as described in note 7. (3) Amounts recorded in net realized gains (losses) include net gains (losses) on total return swaps where the counterparties are generally 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. Net realized gains (losses) in 2022 included $154.8 in realized gains (2021 - $130.9 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares, which represented cash-settlement amounts recorded in holding company cash and investments. (4) On April 6, 2022 the company acquired 25.0 million Atlas common shares by exercising its Atlas equity warrants with a strike price of $8.05 per share for aggregate cash consideration of $201.3 and recognized a net loss on investment of $37.2 (realized gains of $58.6 , of which $95.8 was recorded as unrealized gains in prior years) on derecognition of the equity warrants as described in note 6. (5) 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. (6) Principally comprised of the sale of Toys “R” Us Canada and Fairfax India’s sale of Privi during 2021. (7) 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. (8) Includes net unrealized gains of $1,490.3 (inclusive of foreign exchange losses) on Digit compulsory convertible preferred shares during 2021 described earlier in this note. (9) Foreign currency net losses on investing activities during 2022 primarily related to the strengthening of the U.S. dollar relative to the company’s investments denominated in the Indian rupee, Canadian dollar, Egyptian pound, Sri Lankan rupee and British pound, partially offset by foreign currency net gains on U.S. dollar denominated investments held by subsidiaries with a Canadian dollar or British pound functional currency as the U.S. dollar strengthened relative to those currencies. 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.

Investments in Associates (Tabl

Investments in Associates (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in Associates
Schedule of investments in associates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Year ended ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ Carrying value ​ 2022 ​ ​ ​ ​ ​ ​ Associates ​ ​ ​ ​ ​ Share of ​ ​ Ownership ​ Fair ​ and joint ​ Fairfax India ​ ​ ​ profit ​ ​ percentage (a) ​ value (b) ​ ventures ​ associates (c) ​ Total ​ (loss) Insurance and reinsurance: ​ ​ ​ ​ ​ ​ Gulf Insurance Group K.S.C.P. (“Gulf Insurance”) ​ 43.7 % 415.8 ​ 403.4 ​ — ​ 403.4 ​ 53.0 Go Digit Infoworks Services Private Limited (“Digit”) (1) ​ 49.0 % 479.3 ​ 104.4 ​ — ​ 104.4 ​ (11.0) Other — 173.9 139.5 — 139.5 ​ (11.6) ​ ​ ​ ​ 1,069.0 ​ 647.3 ​ — ​ 647.3 ​ 30.4 Non-insurance: India Bangalore International Airport Limited (“Bangalore Airport”) 54.0 % 1,233.7 — 521.1 521.1 (5.7) Quess Corp Limited (“Quess”) 30.9 % 228.3 459.6 (d) — 459.6 6.8 IIFL Finance Limited (“IIFL Finance”) 22.3 % 493.3 ​ — 242.8 242.8 36.5 Sanmar Chemicals Group (“Sanmar”) 42.9 % 337.8 ​ — 159.8 159.8 36.4 CSB Bank Limited (“CSB Bank”) 49.7 % 223.3 ​ — 194.5 194.5 40.8 IIFL Securities Limited (“IIFL Securities”) 37.1 % 87.9 35.3 97.9 133.2 14.6 Seven Islands Shipping Limited (“Seven Islands”) 48.5 % 96.9 — 97.9 97.9 9.8 Other — ​ 38.0 10.8 28.6 39.4 3.3 ​ ​ 2,739.2 505.7 1,342.6 1,848.3 ​ 142.5 Real estate KWF Real Estate Ventures Limited Partnerships (“KWF LPs”) — ​ 101.1 101.1 (d) — 101.1 16.5 Other (6) — ​ 61.3 63.3 — 63.3 2.8 ​ ​ 162.4 164.4 — 164.4 ​ 19.3 Other Eurobank Ergasias Services & Holdings S.A (“Eurobank”) 32.2 % 1,344.5 1,507.6 — 1,507.6 263.0 Atlas Corp. (“Atlas”, formerly Seaspan Corporation) (7) 43.2 % 1,864.7 1,506.3 — 1,506.3 258.2 Resolute Forest Products Inc. (“Resolute”) (8) 32.2 % 508.5 508.5 — 508.5 159.0 Stelco Holdings Inc. (“Stelco”) (9) 23.6 % 423.3 304.8 — 304.8 — EXCO Resources Inc. (“EXCO”) 44.4 % 544.8 288.4 — 288.4 81.9 Helios Fairfax Partners Corporation (“HFP”) 34.4 % 104.1 183.2 ​ — 183.2 (23.9) Peak Achievement Athletics (“Peak Achievement”) ​ 42.6 % 195.3 ​ 124.4 (d) — ​ 124.4 ​ 7.7 Partnerships, trusts and other ​ — ​ 296.5 ​ 350.7 ​ — ​ 350.7 ​ 76.6 ​ ​ 5,281.7 4,773.9 ​ — 4,773.9 ​ 822.5 ​ ​ ​ ​ 8,183.3 ​ 5,444.0 ​ 1,342.6 ​ 6,786.6 ​ 984.3 Investments in associates ​ 9,252.3 6,091.3 1,342.6 7,433.9 1,014.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As presented on the consolidated balance sheet: Investments in associates ​ 6,772.9 6,091.3 Fairfax India investments in associates ​ 2,479.4 1,342.6 ​ ​ 9,252.3 ​ ​ ​ ​ ​ 7,433.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2021 ​ December 31, ​ ​ ​ ​ ​ ​ Carrying value ​ 2021 ​ ​ ​ ​ ​ ​ Associates ​ ​ ​ ​ ​ Share of ​ ​ Ownership ​ Fair ​ and joint ​ Fairfax India ​ ​ ​ profit ​ percentage (a) value (b) ventures associates (c) Total (loss) Insurance and reinsurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gulf Insurance Group K.S.C.P. (“Gulf Insurance”) (2) ​ 43.7 % 409.5 380.0 — 380.0 55.5 Go Digit Infoworks Services Private Limited (“Digit”) 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”) (10) 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) (11) 36.7 % 1,285.8 922.1 — 922.1 69.5 Resolute Forest Products Inc. (“Resolute”) 32.3 % 377.1 275.8 — 275.8 75.9 EXCO Resources Inc. (“EXCO”) 43.3 % 267.2 195.4 — 195.4 (41.2) Helios Fairfax Partners Corporation (“HFP”) (12) ​ 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 Partnerships, trusts and other — ​ 342.1 340.3 — 340.3 28.9 ​ ​ 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 ​ ​ (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) Digit Insurance and the company applied to the Insurance Regulatory and Development Authority of India (“IRDAI”) for approval to convert the company’s holdings in compulsory convertible preferred shares issued by Digit (“Digit CCPS”) into equity shares of Digit. The IRDAI subsequently communicated that the application could not be considered in its current form as conversion of the Digit CCPS would result in Digit (currently classified as an “Indian promoter” of Digit Insurance) becoming a subsidiary of the company, which was, at such time, prohibited under the then prevailing Indian insurance regulations. Since then, the IRDAI has enacted new regulations that have introduced a definition of a “Foreign Promoter”, which would permit an Indian insurance company (like Digit Insurance) to be a subsidiary of a “Foreign Promoter”. However, Digit does not currently qualify as a “Foreign Promoter” under these new regulations. Digit, Digit Insurance and the company intend to continue to explore all avenues under applicable law to achieve the company’s majority ownership of Digit through conversion of the company’s Digit CCPS. (2) 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. (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, pursuant to the transactions described in note 23. Non-insurance associates and joint ventures (6) On July 5, 2022 the company increased its interest in Grivalia Hospitality S.A. (“Grivalia Hospitality”) to 78.4% from 33.5% and commenced consolidating Grivalia Hospitality as described in note 23. (7) On April 6, 2022 the company acquired 25.0 million Atlas common shares by exercising its equity warrants in Atlas with a strike price of $8.05 per share for aggregate cash consideration of $201.3 . On derecognition of the equity warrants, the company recorded a net loss on investment of $37.2 (realized gains of $58.6 , of which $95.8 was recorded as unrealized gains in prior years) and recorded the fair value of these shares of $335.3 as an addition to its equity accounted investment in Atlas. On October 4, 2022, the company increased its interest in Atlas to 43.2% through the purchase of Atlas common shares held through the company’s investment in AVLNs entered with RiverStone Barbados (as described in note 23) for cash consideration of $84.8 . On October 31, 2022 a consortium composed of the company, the Washington Family, David Sokol, Chairman of the Board of Directors of Atlas, and Ocean Network Express Pte. Ltd., a global container, transportation and shipping company (collectively, the “Consortium”), signed a definitive agreement to acquire all of the outstanding common shares of Atlas, other than those shares owned by the Consortium, at a cash purchase price of $15.50, plus payment of all ordinary course quarterly dividends up until closing of the transaction. Pursuant to the transaction, the company would transfer its approximate 45% interest in Atlas, inclusive of the company’s interest through its holdings in Atlas equity warrants that were exercised on January 12, 2023 for cash consideration of $78.7, into Poseidon Acquisitions Corp. (“Poseidon”, an entity formed by the Consortium), and is not obligated to purchase any additional interest not already owned by the Consortium. The other members of the Consortium have committed to fully fund the cash component of the transaction, and the company would continue its ownership in Atlas as part of the Consortium. Closing of the transaction is expected to be in the first half of 2023, and is subject to receipt of regulatory approvals and certain other customary closing conditions. The company expects to continue to apply the equity method of accounting to its interest in Atlas through its interest in Poseidon on closing of the transaction. (8) On July 5, 2022 Domtar Corporation entered into a definitive agreement with Resolute to acquire all outstanding common shares of Resolute for a combination of cash consideration of $20.50 and a Contingent Value Right (“CVR”) per Resolute common share. The CVR provides holders with the right to a share of any future softwood lumber duty deposit refunds. Pursuant to the transaction, on July 5, 2022 the company measured its investment in Resolute as held for sale and ceased applying the equity method of accounting, with the carrying value and fair value of the associate at December 31, 2022 equal to the fair value of the cash consideration of $508.5 or $20.50 per Resolute common share. The transaction closed on March 1, 2023. (9) On August 31, 2022 Stelco Holdings Inc. repurchased 5.1 million of its outstanding common shares under its substantial issuer bid which resulted in the loss of a certain right held by another investor and the company’s ownership interest in Stelco increasing to 20.5% . Accordingly, the company commenced applying the equity method of accounting to its interest in Stelco which had a fair value of $352.2 (Cdn $461.3 ) on that date. Stelco is a publicly listed independent steelmaker that produces flat-rolled, coated, and cold-rolled steel products for the construction, automotive, and energy industries in North America. (10) 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. (11) 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. (12) 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 initial fair value of $78.0 and recorded the balance of $22.0 as an addition to its equity accounted investment in HFP. 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 aggregate 54.0% equity interest in Bangalore Airport.
Schedule of changes in the carrying value of investments in associates	Changes in the carrying value of investments in associates for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ Fairfax India ​ ​ ​ Associates ​ Joint ventures ​ associates ​ Total Balance - January 1 3,858.7 896.4 1,348.9 6,104.0 Share of pre-tax comprehensive income (loss): Share of profit 856.6 26.1 132.0 1,014.7 Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans (111.5) (53.0) 14.4 (150.1) Share of gains (losses) on defined benefit plans 74.4 0.6 (5.4) 69.6 ​ 819.5 (26.3) 141.0 934.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends and distributions received (142.2) (33.7) (7.0) (182.9) Purchases and acquisitions 429.1 88.6 10.1 527.8 Divestitures and other net changes in capitalization 9.9 (11.9) 34.4 32.4 Reclassifications (1) 352.2 (114.3) (40.4) 197.5 Foreign exchange effect and other (16.8) (17.9) (144.4) (179.1) Balance - December 31 5,310.4 780.9 1,342.6 7,433.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (1) Primarily reflects the consolidation of Grivalia Hospitality and the commencement of the equity method of accounting for Stelco in 2022, and the consolidation of Eurolife and Singapore Re and the commencement of the equity method of accounting for a limited partnership investment in 2021. See note 23.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
Derivatives
Schedule of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Notional ​ ​ ​ Fair value ​ Notional ​ ​ ​ Fair value ​ ​ amount Cost Assets Liabilities ​ amount Cost Assets Liabilities Equity derivative contracts (1) 1,946.5 68.0 258.1 19.4 1,728.9 113.9 355.3 3.8 RiverStone Barbados AVLNs (note 23) ​ 517.5 ​ — ​ 30.7 ​ — ​ 1,250.1 ​ — ​ 103.8 ​ — Foreign currency derivative contracts (2) — — 49.0 106.8 — — 58.4 77.4 Other derivative contracts — 289.8 130.0 64.8 — 263.3 64.3 71.7 Total ​ ​ 467.8 191.0 ​ ​ 581.8 152.9 (1) Includes the company’s investment in Atlas warrants with a fair value at December 31, 2022 of $13.5 (December 31, 2021 - $200.1 ), which were subsequently exercised on January 12, 2023 as described in note 6. (2) Includes AGT’s foreign currency forward and swap liabilities with a fair value at December 31, 2022 of $56.2 (December 31, 2021 - $47.6 ).

Insurance Contract Liabilities

Insurance Contract Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Insurance Contract Liabilities
Schedule of insurance contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross ​ Ceded ​ Net ​ Gross ​ Ceded ​ Net Provision for unearned premiums 11,691.8 2,413.1 9,278.7 10,437.7 2,260.0 8,177.7 Provision for losses and loss adjustment expenses 38,319.2 9,245.9 29,073.3 34,422.8 8,943.9 25,478.9 Property and casualty insurance contract liabilities 50,011.0 11,659.0 38,352.0 44,860.5 11,203.9 33,656.6 Provision for life policy benefits (1)(2) 2,188.6 2.6 2,186.0 2,486.0 2.3 2,483.7 Insurance contract liabilities 52,199.6 11,661.6 40,538.0 47,346.5 11,206.2 36,140.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 23,807.9 5,052.4 18,755.5 20,618.3 4,740.3 15,878.0 Non-current 28,391.7 6,609.2 21,782.5 26,728.2 6,465.9 20,262.3 ​ 52,199.6 11,661.6 40,538.0 47,346.5 11,206.2 36,140.3 (1) Eurolife was consolidated on July 14, 2021 as described in note 23. (2) Provision for life policy benefits includes gross and ceded provisions for unearned premiums of $18.2 and $0.4 (2021 - $16.5 and nil ).
Summary of changes in the property and casualty provision for unearned premiums	Changes in the property and casualty provision for unearned premiums for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Provision for unearned premiums – January 1 10,437.7 8,397.5 Gross premiums written 27,561.7 23,796.0 Less: gross premiums earned (26,106.7) (21,673.6) Acquisitions of subsidiaries (note 23) — 64.1 Divestiture of subsidiary ​ — ​ (62.9) Foreign exchange effect and other (200.9) (83.4) Provision for unearned premiums - December 31 11,691.8 10,437.7 ​
Summary of changes in the property and casualty provision for losses and loss adjustment expenses	Changes in the property and casualty provision for losses and loss adjustment expenses for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Provision for losses and loss adjustment expenses – January 1 34,422.8 30,809.3 Decrease in estimated losses and expenses for claims occurring in the prior years (44.0) (283.1) Losses and expenses for claims occurring in the current year 17,300.2 14,396.8 Paid on claims occurring during: ​ the current year (3,978.6) (3,148.6) the prior years (8,734.7) (7,212.8) Acquisitions of subsidiaries (note 23) 3.8 297.3 Divestiture of subsidiary — (18.7) Foreign exchange effect and other (1) (650.3) (417.4) Provision for losses and loss adjustment expenses – December 31 38,319.2 34,422.8 (1) Foreign exchange effect and other principally reflected the decrease of reserves denominated in the Canadian dollar, British pound, euro and Argentinian peso which weakened against the U.S. dollar (2021 - principally reflected the decrease of reserves denominated in the euro, Chilean peso, Argentinian peso, Colombian peso and South African rand which weakened against the U.S. dollar).
Summary of changes in the provision for life policy benefits	Changes in the provision for life policy benefits for the years ended December 31, following the acquisition of Eurolife on July 14, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Provision for life policy benefits – January 1 2,486.0 — Acquisition of subsidiary (note 23) — 2,638.5 New business and renewals 275.9 78.1 Surrenders, lapses, maturities and deaths (359.4) (121.0) Foreign exchange effect and other (1) (213.9) (109.6) Provision for life policy benefits – December 31 2,188.6 2,486.0 (1) Foreign exchange effect and other principally reflected the depreciation of euro denominated reserves against the U.S. dollar.
Schedule of development of gross insurance losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calendar year ​ 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Property and casualty provision for losses and loss adjustment expenses 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 38,319.2 Less: CTR Life (1) 17.9 15.2 14.2 12.8 8.7 8.0 7.0 5.5 4.4 4.4 ​ 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 38,314.8 Cumulative payments as of: One year later 4,081.1 3,801.6 4,441.4 4,608.0 7,564.0 7,732.0 7,288.8 7,180.7 8,734.7 Two years later 6,787.6 6,364.5 7,283.6 7,631.4 12,081.3 12,313.5 11,598.0 12,501.3 Three years later 8,775.5 8,172.7 9,466.5 9,655.9 15,222.3 15,363.3 15,475.2 Four years later 10,212.4 9,561.8 10,914.2 11,122.6 17,378.8 18,132.3 Five years later 11,354.4 10,496.4 12,013.9 12,233.4 13,340.9 Six years later 12,123.4 11,202.2 12,859.5 13,196.6 Seven years later 12,754.2 11,793.5 13,568.0 Eight years later 13,283.6 12,390.7 Nine years later 13,840.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves re-estimated as of: One year later 18,375.6 16,696.4 19,169.3 19,343.1 27,580.6 28,974.3 28,225.5 30,360.1 33,931.1 Two years later 17,475.0 16,269.2 18,973.6 18,804.8 27,565.9 28,839.4 28,165.4 30,267.4 Three years later 17,307.9 16,114.0 18,502.5 18,752.8 27,451.3 28,990.4 28,242.2 Four years later 17,287.2 15,938.9 18,469.1 18,743.9 27,698.6 29,284.5 Five years later 17,203.5 16,049.6 18,490.5 19,046.6 27,977.0 Six years later 17,340.1 16,123.1 18,759.5 19,203.7 Seven years later 17,420.0 16,403.8 18,866.6 Eight years later 17,680.5 16,595.5 Nine years later 17,843.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable (adverse) development 1,351.8 1,138.4 935.6 265.3 605.1 (210.8) 251.0 536.4 487.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Favourable development comprised of: Effect of foreign currency translation 522.8 326.8 (129.1) (84.5) 759.2 395.7 452.9 425.6 443.3 Favourable (adverse) loss reserve development 829.0 811.6 1,064.7 349.8 (154.1) 606.5 (201.9) 110.8 44.0 ​ 1,351.8 1,138.4 935.6 265.3 605.1 (210.8) 251.0 536.4 487.3 ​ ​ (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.
Summary of changes in the company's provision for losses and loss adjustment expenses related to U.S. asbestos exposure	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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Gross Net Gross Net Provision for asbestos claims and loss adjustment expenses - January 1 1,036.7 838.9 1,030.6 840.0 Losses and loss adjustment expenses incurred 215.8 113.7 199.1 151.6 Losses and loss adjustment expenses paid (175.2) (132.5) (193.0) (152.7) Provision for asbestos claims and loss adjustment expenses - December 31 1,077.3 820.1 1,036.7 838.9

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2022
Reinsurance
Schedule of reinsurers' share of amounts arising from insurance contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Gross Provision for Recoverable Gross Provision for Recoverable ​ ​ recoverable from ​ uncollectible ​ from ​ recoverable from ​ uncollectible ​ from ​ ​ reinsurers ​ reinsurance (1) ​ reinsurers ​ reinsurers ​ reinsurance (1) ​ reinsurers Provision for losses and loss adjustment expenses 9,274.8 ​ (26.7) ​ 9,248.1 ​ 8,989.3 ​ (43.1) 8,946.2 Reinsurers’ share of paid losses 1,599.4 ​ (145.2) ​ 1,454.2 ​ 1,019.9 ​ (135.6) 884.3 Provision for unearned premiums 2,413.5 ​ — ​ 2,413.5 ​ 2,260.0 ​ — 2,260.0 ​ 13,287.7 ​ (171.9) ​ 13,115.8 12,269.2 (178.7) 12,090.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 6,414.4 5,572.4 Non-current 6,701.4 6,518.1 ​ ​ ​ ​ ​ 13,115.8 ​ ​ ​ ​ 12,090.5 (1) Management of credit risk on reinsurance recoverables is discussed in note 24.
Schedule of changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance	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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Provision for Recoverable ​ ​ Paid ​ Unpaid ​ Unearned ​ uncollectible ​ from ​ ​ losses ​ losses ​ premiums ​ reinsurance ​ reinsurers Balance – January 1 1,019.9 8,989.3 2,260.0 (178.7) 12,090.5 Reinsurers’ share of losses paid to insureds 3,142.8 ​ (3,142.8) — — — Reinsurance recoveries received (2,551.0) ​ — — — (2,551.0) Reinsurers’ share of unpaid losses and premiums earned — ​ 3,642.0 (5,448.8) — (1,806.8) Premiums ceded to reinsurers — ​ — 5,640.9 — 5,640.9 Foreign exchange effect and other (12.3) (213.7) (38.6) 6.8 (257.8) Balance – December 31 1,599.4 9,274.8 2,413.5 (171.9) 13,115.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 (2.6) (177.4) (48.5) (23.1) (251.6) 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 . ​

Insurance Contract Receivable_2

Insurance Contract Receivables and Payables (Tables)	12 Months Ended
	Dec. 31, 2022
Insurance Contract Receivables and Payables
Schedule of insurance contract receivables	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Insurance premiums receivable 4,972.7 4,247.1 Reinsurance premiums receivable 2,114.6 1,863.9 Funds withheld receivable 550.6 574.0 Other 269.6 198.2 ​ 7,907.5 6,883.2 ​ ​ ​ ​ ​ Current 7,330.0 6,170.0 Non-current 577.5 713.2 ​ 7,907.5 6,883.2 ​
Schedule of changes in insurance premiums receivable and reinsurance premiums receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance ​ Reinsurance ​ ​ premiums receivable ​ premiums receivable ​ 2022 2021 2022 2021 Balance – January 1 4,247.1 3,665.6 1,863.9 1,385.3 Gross premiums written 20,516.3 18,118.6 7,396.3 5,791.6 Premiums collected (17,571.5) (15,703.6) (5,366.6) (3,963.7) Amounts due to brokers and agents (2,089.4) (1,770.1) (1,806.1) (1,332.3) Foreign exchange effect and other (129.8) (63.4) 27.1 (17.0) Balance – December 31 4,972.7 4,247.1 ​ 2,114.6 1,863.9 ​
Schedule of insurance contract payables	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Payable to reinsurers 2,289.1 2,333.7 Payables associated with unit-linked life insurance products (note 3 and note 23) 662.5 621.7 Ceded deferred premium acquisition costs 564.6 510.3 Funds withheld payable to reinsurers 193.5 274.0 Amounts payable to agents and brokers 112.5 142.4 Accrued premium taxes 105.7 124.1 Accrued commissions 157.8 100.8 Other insurance contract payables 976.2 386.5 ​ 5,061.9 4,493.5 ​ ​ ​ ​ ​ Current 4,101.0 3,503.4 Non-current 960.9 990.1 ​ 5,061.9 4,493.5

Deferred Premium Acquisition _2

Deferred Premium Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2022
Deferred Premium Acquisition Costs
Schedule of changes in deferred premium acquisition costs	Changes in deferred premium acquisition costs for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance – January 1 1,924.1 1,543.7 Premium acquisition costs deferred 5,212.5 4,502.4 Amortization (4,932.2) (4,098.1) Foreign exchange effect and other (34.1) (23.9) Balance – December 31 2,170.3 1,924.1

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 3,084.8 503.2 760.9 1,087.3 492.0 5,928.2 Additions 152.0 — 25.9 (0.3) 267.6 445.2 Disposals (2) (81.9) — (31.6) (8.5) (3.2) (125.2) Amortization — — (91.7) — (134.9) (226.6) Impairments (3) (137.0) — — — (0.9) (137.9) Foreign exchange effect and other (90.4) — (9.6) (60.2) (34.5) (194.7) Balance - December 31, 2022 2,927.5 503.2 653.9 1,018.3 586.1 5,689.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross carrying amount 3,161.8 503.2 1,279.0 1,060.1 1,594.2 7,598.3 Accumulated amortization — — (631.6) — (988.3) (1,619.9) Accumulated impairment and other (234.3) — 6.5 (41.8) (19.8) (289.4) ​ 2,927.5 503.2 653.9 1,018.3 586.1 5,689.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (1) Indefinite-lived intangible assets not subject to amortization had an aggregate carrying value at December 31, 2022 of $1,613.6 (December 31, 2021 - $1,686.2 ). (2) During 2022 the company sold its interests in the Crum & Forster Pet Insurance Group and Pethealth. During 2021 the company sold the operations of Toys “R” Us Canada and Fairfax India sold its 48.8% equity interest in Privi. See note 23. (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. During 2022 the company recognized non-cash goodwill impairment charges of $133.4 on Farmers Edge. ​
Schedule goodwill and intangible asset allocation to CGUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Intangible ​ ​ Intangible ​ ​ ​ Goodwill ​ assets ​ Total ​ Goodwill ​ assets ​ Total Insurance and reinsurance companies Allied World 940.0 519.8 1,459.8 940.0 565.8 1,505.8 Brit 214.6 565.5 780.1 215.6 580.5 796.1 Zenith National 317.6 77.7 395.3 317.6 84.4 402.0 Northbridge 81.6 133.5 215.1 94.9 121.3 216.2 Crum & Forster 132.6 57.8 190.4 189.1 91.0 280.1 Odyssey Group 119.7 50.8 170.5 119.7 54.9 174.6 All other (1) 85.1 108.3 193.4 95.9 116.3 212.2 ​ 1,891.2 1,513.4 3,404.6 1,972.8 1,614.2 3,587.0 Non-insurance companies Recipe 298.9 902.2 1,201.1 321.2 980.5 1,301.7 Boat Rocker 86.4 184.8 271.2 89.1 90.2 179.3 AGT 147.6 49.6 197.2 154.4 34.9 189.3 Thomas Cook India 127.7 48.4 176.1 142.1 54.5 196.6 Farmers Edge 63.3 11.4 74.7 208.3 16.0 224.3 All other (2) 312.4 51.7 364.1 196.9 53.1 250.0 ​ 1,036.3 1,248.1 2,284.4 1,112.0 1,229.2 2,341.2 ​ 2,927.5 2,761.5 5,689.0 3,084.8 2,843.4 5,928.2 (1) Comprised primarily of balances related to AMAG Insurance, Eurolife and Pacific Insurance. (2) Comprised primarily of balances related to Dexterra Group, Fairfax India’s subsidiaries (principally from the 2022 acquisitions of Maxop and Jaynix), Grivalia Hospitality (consolidated on July 5, 2022) and Sterling Resorts, and in 2021 included Pethealth (deconsolidated on October 31, 2022).

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ companies (1) companies Total companies (1) companies Total Premises and equipment, right-of-use assets (note 22) and non-insurance companies’ investment property (2) ​ 684.0 ​ 2,199.7 ​ 2,883.7 ​ 725.6 ​ 1,558.4 ​ 2,284.0 Assets associated with unit-linked insurance products (note 3 and note 23) 676.5 — 676.5 637.1 — 637.1 Inventories — 668.2 668.2 — 547.3 547.3 Other revenue receivables — 638.9 638.9 — 508.4 508.4 Accrued interest and dividends 313.7 3.5 317.2 211.4 3.7 215.1 Income tax, sales tax and subsidies receivable ​ 71.3 ​ 204.6 ​ 275.9 ​ 61.6 ​ 170.3 ​ 231.9 Prepaid expenses 111.0 134.8 245.8 110.9 94.9 205.8 Finance lease receivables (note 22) ​ 8.8 ​ 218.0 ​ 226.8 ​ 9.4 ​ 256.7 ​ 266.1 Prepaid losses on claims 168.9 — 168.9 129.4 — 129.4 Pension surplus (note 21) 144.5 — 144.5 113.8 — 113.8 Receivable for securities sold but not yet settled ​ 11.2 ​ — ​ 11.2 ​ 135.4 ​ — ​ 135.4 Other (3) 738.5 85.6 824.1 791.1 55.9 847.0 ​ 2,928.4 4,153.3 7,081.7 2,925.7 3,195.6 6,121.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 993.9 1,632.6 ​ 2,626.5 989.9 1,343.7 ​ 2,333.6 Non-current 1,934.5 2,520.7 4,455.2 1,935.8 1,851.9 3,787.7 ​ 2,928.4 4,153.3 7,081.7 2,925.7 3,195.6 6,121.3 (1) Includes Life insurance and Run-off, and Corporate and Other. (2) The increase during 2022 principally reflected the consolidation of Grivalia Hospitality and its hospitality real estate as described in note 23. (3) 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, 2022
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Insurance ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ companies (1) companies Total companies (1) companies Total Lease liabilities (note 22) ​ 364.1 ​ 729.9 ​ 1,094.0 ​ 384.2 ​ 756.5 ​ 1,140.7 Payables related to cost of sales — 814.3 814.3 — 580.9 580.9 Salaries and employee benefit liabilities 500.5 98.5 599.0 482.6 85.6 568.2 Amounts withheld and accrued taxes 455.8 30.7 486.5 453.9 23.8 477.7 Deferred gift card, hospitality and other revenue 37.8 392.0 429.8 35.4 318.5 353.9 Income taxes payable 347.0 14.0 361.0 163.8 11.2 175.0 Pension and post retirement liabilities (note 21) 132.9 12.8 145.7 237.4 16.5 253.9 Administrative and other (2) 946.6 338.3 1,284.9 1,150.9 284.2 1,435.1 ​ 2,784.7 2,430.5 5,215.2 2,908.2 2,077.2 4,985.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 1,528.4 1,553.3 3,081.7 1,538.7 1,177.2 2,715.9 Non-current 1,256.3 877.2 2,133.5 1,369.5 900.0 2,269.5 ​ 2,784.7 2,430.5 5,215.2 2,908.2 2,077.2 4,985.4 (1) Includes Life insurance and Run-off 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, 2022
Borrowings
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Principal Carrying Fair Principal Carrying Fair ​ ​ ​ ​ value (a) ​ value (b) ​ ​ ​ value (a) ​ value (b) Borrowings - holding company Fairfax unsecured notes (d) 4.875% due August 13, 2024 282.5 281.6 277.0 282.5 281.1 301.7 4.95% due March 3, 2025 (Cdn$350.0) 258.3 257.2 255.2 277.1 275.4 299.6 8.30% due April 15, 2026 (e) 91.8 91.7 98.2 91.8 91.7 113.3 4.70% due December 16, 2026 (Cdn$450.0) 332.1 331.0 323.7 356.3 354.8 387.9 4.25% due December 6, 2027 (Cdn$650.0) 479.7 478.6 455.8 514.6 513.1 551.4 2.75% due March 29, 2028 (€750.0) 800.5 792.2 698.3 852.9 842.4 926.3 4.85% due April 17, 2028 600.0 596.9 568.1 600.0 596.3 668.5 4.23% due June 14, 2029 (Cdn$500.0) 369.0 367.7 342.7 395.8 394.2 424.4 4.625% due April 29, 2030 650.0 646.4 591.1 650.0 645.9 730.0 3.375% due March 3, 2031 600.0 586.8 492.8 600.0 585.1 620.7 3.95% due March 3, 2031(Cdn$850.0) 627.4 623.2 549.4 672.9 668.0 701.3 5.625% due August 16, 2032 (1) ​ 750.0 ​ 743.6 ​ 707.1 ​ — ​ — ​ — 7.75% due July 15, 2037 (e) 91.3 90.7 95.2 91.3 90.6 125.4 Revolving credit facility (2) ​ — ​ — ​ — ​ — ​ — ​ — ​ 5,932.6 5,887.6 5,454.6 5,385.2 5,338.6 5,850.5 Borrowings - insurance and reinsurance companies ​ ​ ​ Allied World 4.35% senior notes due October 29, 2025 500.0 502.9 477.7 500.0 503.9 536.9 Allied World revolving credit facility and other borrowings 16.8 19.8 16.9 17.4 20.6 21.1 Zenith National 8.55% debentures due August 1, 2028 (d) 38.5 38.3 38.5 38.5 38.3 38.3 Brit 3.6757% subordinated notes due December 9, 2030 (£135.0) 162.4 162.4 120.6 182.9 182.9 174.5 Brit floating rate revolving credit facility 10.0 10.0 10.0 45.0 45.0 45.0 ​ 727.7 733.4 663.7 783.8 790.7 815.8 Borrowings - non-insurance companies (c) ​ ​ ​ Fairfax India 5.00% unsecured senior notes due 2028 441.6 438.9 400.7 441.6 438.4 440.3 Fairfax India subsidiary borrowings 122.6 122.2 122.2 91.9 91.3 91.3 AGT credit facilities, senior notes and loans (3) 511.9 508.4 498.8 491.8 488.9 488.9 Recipe term loans and credit facilities (4) 464.0 461.5 436.7 359.0 356.9 356.9 Boat Rocker demand loans and revolving credit facilities 155.4 155.2 155.4 93.8 93.1 93.1 Loans and revolving credit facilities primarily at floating rates (5) 317.7 317.7 317.7 155.2 155.1 155.1 ​ 2,013.2 2,003.9 1,931.5 1,633.3 1,623.7 1,625.6 Total debt 8,673.5 8,624.9 8,049.8 7,802.3 7,753.0 8,291.9 ( 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 2022 the company and its subsidiaries completed the following debt transactions: Holding company (1) On August 16, 2022 the company completed an offering of $750.0 principal amount of 5.625% unsecured senior notes due August 16, 2032 for net proceeds of $743.4 after discount, commissions and expenses. Commissions and expenses of $5.5 were included in the carrying value of the notes. (2) On June 29, 2022 the company amended and restated its $2.0 billion unsecured revolving credit facility with a syndicate of lenders on substantially the same terms which extended the expiry from June 29, 2026 to June 29, 2027. At December 31, 2022 and 2021, the revolving credit facility was undrawn and the company was in compliance with its financial covenants. Non-insurance companies (3) On December 28, 2022 AGT extended the maturity of its credit facilities to March 17, 2024. (4) Recipe increased its borrowings during 2022 principally as a result of the privatization transaction described in note 23. (5) On July 5, 2022 the company consolidated Grivalia Hospitality as described in note 23, including its borrowings of $111.3 at December 31, 2022. ​
Summary of changes in the carrying values of borrowings	Changes in the carrying values of borrowings for the years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ ​ and ​ Non- ​ ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ Holding ​ reinsurance ​ insurance ​ ​ ​ company companies companies Total company companies companies Total Balance – January 1 ​ 5,338.6 790.7 1,623.7 7,753.0 5,580.6 1,033.4 2,200.0 8,814.0 Cash inflows from issuances 743.4 — 47.0 790.4 1,250.0 — 499.1 1,749.1 Cash outflows from repayments — (0.3) (25.3) (25.6) (801.2) (131.7) (593.9) (1,526.8) Net cash inflows (outflows) from credit facilities and short term loans — (35.0) 304.1 269.1 (700.0) (84.3) (262.0) (1,046.3) Non-cash changes: ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of subsidiaries (note 23) — — 137.1 137.1 — — — — Deconsolidation of subsidiary (note 23) — — — — — (22.5) (187.4) (209.9) Loss on redemption — — — — 45.7 — (0.1) 45.6 Foreign exchange effect and other (194.4) (22.0) (82.7) (299.1) (36.5) (4.2) (32.0) (72.7) Balance – December 31 5,887.6 733.4 2,003.9 8,624.9 5,338.6 790.7 1,623.7 7,753.0 ​
Schedule of principal repayments of borrowings	Principal repayments on borrowings are due as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 Thereafter Total Holding company — 282.5 258.3 423.9 479.7 4,488.2 5,932.6 Insurance and reinsurance companies 0.3 0.3 510.3 0.3 0.3 216.2 727.7 Non-insurance companies 371.8 748.2 33.7 30.9 30.4 798.2 2,013.2 Total 372.1 1,031.0 802.3 455.1 510.4 5,502.6 8,673.5 ​

Total Equity (Tables)

Total Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Total Equity
Schedule of classes of share capital	​ ​ ​ ​ ​ ​ ​ 2022 2021 Subordinate voting shares – January 1 23,116,830 25,427,736 Purchases for cancellation (387,790) (2,137,923) Treasury shares acquired (295,474) (293,197) Treasury shares reissued 142,969 120,214 Subordinate voting shares – December 31 22,576,535 ​ 23,116,830 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 23,325,305 23,865,600 ​
Schedule of dividends paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of declaration Date of record Date of payment Dividend per share Total cash payment January 4, 2023 ​ January 19, 2023 ​ January 26, 2023 ​ $ 10.00 ​ $ 245.2 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 ​
Schedule of preferred shares	The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2022 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 — 7.28 % 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 — 6.29 % 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 — 6.69 % 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 — 6.98 % Series K ​ March 31, 2027 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 2022 and 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, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax ​ After-tax ​ Pre-tax ​ Income tax ​ After-tax ​ ​ Pre-tax amount ​ (expense) recovery ​ amount ​ amount ​ recovery ​ amount Items that may be subsequently reclassified to net earnings Foreign currency translation losses (904.7) 34.4 (870.3) (636.2) 24.6 (611.6) Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans (221.6) 17.6 (204.0) (79.8) 0.4 (79.4) ​ (1,126.3) 52.0 (1,074.3) (716.0) 25.0 (691.0) Items that will not be subsequently reclassified to net earnings ​ ​ ​ ​ ​ ​ Net gains (losses) on defined benefit plans 43.8 (4.3) 39.5 (104.9) 27.5 (77.4) Share of net gains (losses) on defined benefit plans of associates 10.7 (4.7) 6.0 (57.3) 5.5 (51.8) Other 43.5 5.7 49.2 8.4 10.1 18.5 ​ 98.0 (3.3) 94.7 (153.8) 43.1 (110.7) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax (1,028.3) 48.7 (979.6) (869.8) 68.1 (801.7) ​
Schedule of income tax (expense) recovery included in other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ 2022 2021 Income tax on items that may be subsequently reclassified to net earnings ​ ​ ​ ​ Net unrealized foreign currency translation losses on foreign subsidiaries 10.0 5.2 Share of other comprehensive loss of associates, excluding net gains on defined benefit plans 18.1 12.7 ​ 28.1 17.9 Income tax on items that will not be subsequently reclassified to net earnings Net gains on defined benefit plans (32.2) (27.4) Share of net gains on defined benefit plans of associates (10.2) (12.8) ​ (42.4) (40.2) Total income tax expense included in other comprehensive income (loss) (14.3) (22.3) ​
Schedule of non-controlling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ attributable to non- ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ controlling interests ​ Domicile Voting Carrying Voting Carrying ​ ​ ​ ​ ​ ​ ​ percentage (7) value percentage (7) value ​ 2022 2021 Insurance and reinsurance companies (1) Allied World (2) Bermuda 17.1 % 761.1 29.1 % 1,419.6 (5.6) 117.8 Brit (3) United Kingdom 13.8 % 658.8 13.8 % 559.3 (23.2) 14.0 Odyssey Group (4) United States 9.99 % 499.2 9.99 % 550.0 19.6 — All other (5) — — ​ 50.1 — 402.5 12.0 89.4 ​ ​ ​ ​ ​ 1,969.2 ​ ​ 2,931.4 ​ 2.8 221.2 Non-insurance companies Restaurants and retail (6)(7) — — ​ 208.1 — ​ 494.3 32.7 11.8 Fairfax India (7)(8) Canada 5.6 % 1,080.2 6.1 % 1,133.1 114.2 72.7 Thomas Cook India India 26.7 % 61.3 33.2 % 56.3 1.1 (16.8) Other — — ​ 340.8 — 315.1 (11.2) (23.4) ​ ​ ​ ​ ​ 1,690.4 ​ ​ 1,998.8 136.8 44.3 ​ ​ ​ ​ ​ 3,659.6 ​ ​ 4,930.2 ​ 139.6 265.5 (1) Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and Corporate and other. (2) On September 27, 2022 the company increased its ownership interest in Allied World to 82.9% from 70.9% for total consideration of $733.5 , inclusive of the fair value of a call option exercised and an accrued dividend paid, and recorded a loss in retained earnings of $228.1 in net changes in capitalization in the consolidated statement of changes in equity. The decrease in carrying value of Allied World’s non-controlling interests primarily reflected the company’s increased ownership interest in Allied World, dividends paid and the non-controlling interests’ share of Allied World’s net loss. On April 28, 2022 Allied World paid a dividend of $126.4 (April 28, 2021 - $126.4 ) to its minority shareholders. The company has the option to purchase the remaining 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 2022 primarily related to a third party investment of $152.0 in Brit’s subsidiary Ki Insurance, partially offset by dividends paid to minority shareholders and non-controlling interests’ share of Brit’s net loss. The company has the option to purchase the interests of the minority shareholders in Brit at certain dates commencing in October 2023. (4) The decrease in carrying value of Odyssey Group’s non-controlling interests during 2022 primarily related to dividends paid to minority shareholders, partially offset by non-controlling interests’ share of Odyssey Group’s net earnings. The company has the option to purchase the interests of the minority shareholders in Odyssey Group at certain dates commencing in January 2025. (5) The decrease in carrying value of All Other non-controlling interests primarily reflected the company’s purchase of certain securities held through the company’s investment in AVLNs entered with RiverStone Barbados as described in note 7. The remaining carrying value at December 31, 2022 principally related to Fairfax Asia. (6) The decrease in carrying value of Restaurants and retail’s non-controlling interests in 2022 principally related to the privatization of Recipe as described in note 23. (7) At December 31, 2022 Fairfax India’s non-controlling interest economic ownership percentage was 65.3% (December 31, 2021 - 69.9 )% which differed from its non-controlling interest voting percentage of 5.6% (December 31, 2021 - 6.1 )%. On February 15, 2022 the company had acquired an additional 5,416,000 subordinate voting shares of Fairfax India from non-controlling interests, which was recorded in net changes in capitalization in the consolidated statement of changes in equity. At December 31, 2021 Recipe’s non-controlling interest economic ownership percentage was 61.5% which differed from its non-controlling interest voting percentage of 39.0% . (8) The decrease in carrying value of Fairfax India’s non-controlling interests during 2022 primarily reflected the non-controlling interests’ share of Fairfax India’s net unrealized foreign currency translation losses (weakening of the Indian rupee relative to the U.S. dollar), share repurchases by Fairfax India, and the acquisition by the company of additional subordinate voting shares of Fairfax India from non-controlling interests as described above in footnote (7), partially offset by non-controlling interests’ share of Fairfax India’s net earnings.
Schedule of capitalization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Common Non- Common Non- ​ ​ shareholders’ ​ controlling ​ shareholders’ ​ controlling ​ ​ equity ​ interests ​ equity ​ interests Privatization of Recipe ​ (66.1) ​ (276.2) ​ — ​ — Acquisition of non-controlling interests in Allied World ​ (228.1) ​ (466.9) ​ — ​ — Purchase of certain securities held through AVLNs entered with RiverStone Barbados (note 7) ​ 14.1 ​ (356.2) ​ 0.3 ​ (113.6) Third party’s investment in Brit’s subsidiary Ki Insurance — 152.0 — 124.0 Fairfax India share repurchases ​ (9.9) ​ (90.7) ​ (12.5) ​ (114.3) Sale of non-controlling interests in Odyssey Group — — ​ 429.1 550.0 Sale of non-controlling interests in Brit ​ — ​ — ​ 115.4 ​ 296.7 Initial public offerings and related capital transactions at Farmers Edge and Boat Rocker — — (3.1) 242.6 Fairfax India’s sale of an equity interest in Anchorage (note 6) — — 21.8 107.4 Other 116.4 (32.9) 1.9 134.1 As presented in net changes in capitalization in the consolidated statement of changes in equity (173.6) (1,070.9) 552.9 1,226.9

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per Share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Net earnings attributable to shareholders of Fairfax ​ 1,147.2 ​ 3,401.1 Preferred share dividends ​ (45.2) ​ (44.5) Net earnings attributable to common shareholders – basic and diluted ​ 1,102.0 ​ 3,356.6 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding – basic ​ 23,637,824 ​ 25,953,114 Share-based payment awards ​ 1,702,599 ​ 1,503,931 Weighted average common shares outstanding – diluted ​ 25,340,423 ​ 27,457,045 ​ ​ ​ ​ ​ ​ ​ Net earnings per common share – basic ​ $ 46.62 ​ $ 129.33 Net earnings per common share – diluted ​ $ 43.49 ​ $ 122.25

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of The company's provision for (recovery of) income taxes	​ ​ ​ ​ ​ ​ ​ 2022 2021 Current income tax: Current year expense 616.8 401.6 Adjustments to prior years’ income taxes (10.0) (14.6) ​ 606.8 387.0 Deferred income tax: ​ ​ Origination and reversal of temporary differences (197.1) 313.5 Adjustments to prior years’ deferred income taxes 11.7 18.9 Other 3.8 6.6 ​ (181.6) 339.0 ​ ​ ​ ​ ​ Provision for income taxes 425.2 726.0 ​
Schedule of earnings before income taxes by jurisdiction	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ 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 ​ 399.2 ​ 1,330.7 ​ (112.2) ​ 94.3 1,712.0 858.8 ​ 974.5 ​ 157.3 ​ 2,402.0 4,392.6 Provision for (recovery of) income taxes 114.7 238.3 (12.9) 85.1 425.2 191.6 238.6 18.7 277.1 726.0 Net earnings (loss) 284.5 1,092.4 (99.3) 9.2 1,286.8 667.2 735.9 138.6 2,124.9 3,666.6 (1) Includes Fairfax India. (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) Comprised of Brit. (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	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Canadian statutory income tax rate 26.5 % 26.5 % ​ ​ ​ ​ ​ ​ Provision for income taxes at the Canadian statutory income tax rate 453.7 1,164.0 ​ Non-taxable investment income (25.6) (149.4) ​ Tax rate differential on income and losses outside Canada (50.9) (399.1) ​ Change in unrecorded tax benefit of losses and temporary differences 0.8 67.2 ​ Change in tax rate for deferred income taxes 6.6 0.3 ​ Provision relating to prior years 1.7 4.3 ​ Foreign exchange effect (17.1) (23.0) ​ Other including permanent differences 56.0 61.7 ​ Provision for income taxes 425.2 726.0 ​ ​
Schedule of income taxes refundable and payable	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Income taxes refundable 67.1 58.3 Income taxes payable (361.0) (175.0) Net income taxes payable (293.9) (116.7) ​
Schedule of changes net income taxes (payable) refundable	​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance - January 1 (116.7) 24.2 Amounts recorded in the consolidated statements of earnings (606.8) (387.0) Payments made during the year 416.4 288.7 Acquisitions of subsidiaries (note 23) — (54.5) Foreign exchange effect and other 13.2 11.9 Balance - December 31 (293.9) (116.7) ​
Schedule of changes in net deferred income tax asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ 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 ​ 230.0 204.2 187.7 (147.8) (413.1) (414.5) 213.6 63.5 (76.4) Amounts recorded in the consolidated statement of earnings (7.1) 53.4 27.0 (22.7) 30.9 219.4 (137.1) 17.8 181.6 Amounts recorded in total equity 8.0 — — — — ​ 20.1 — (42.4) (14.3) Acquisitions of subsidiaries (note 23) 3.3 — — — (1.9) (11.4) — (52.6) (62.6) Deconsolidation of non-insurance subsidiaries (note 23) (0.6) — — — 7.0 — — — 6.4 Foreign exchange effect and other (6.8) (2.9) 0.2 (0.8) 1.0 15.5 (1.1) (44.4) (39.3) Balance - December 31 226.8 254.7 214.9 (171.3) (376.1) (170.9) 75.4 (58.1) (4.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​

Statutory Requirements (Tables)

Statutory Requirements (Tables)	12 Months Ended
	Dec. 31, 2022
Statutory Requirements
Schedule of maximum dividend capacity available	​ ​ ​ ​ ​ December 31, ​ ​ 2022 Allied World 1,167.5 Odyssey Group 767.2 Northbridge (1) 422.2 Crum & Forster 204.6 Zenith National 91.4 ​ 2,652.9 (1) Subject to prior regulatory approval.

Pensions and Post Retirement _2

Pensions and Post Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2022
Pensions and Post Retirement Benefits
Schedule of funded status of the company's defined benefit pension and post retirement 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 ​ 2022 2021 2022 2021 Benefit obligation (715.5) (1,070.9) (66.8) (83.9) ​ Fair value of plan assets 784.7 1,014.7 — — ​ Funded status of plans - surplus (deficit) ​ 69.2 ​ (56.2) ​ (66.8) ​ (83.9) ​ Impact of asset ceiling ​ (3.6) ​ — ​ — ​ — ​ Net accrued asset (liability) (1) 65.6 (56.2) (66.8) (83.9) ​ ​ ​ ​ ​ ​ ​ Weighted average assumptions used to determine benefit obligations: ​ Discount rate ​ 4.9 % 2.6 % 5.2 % 3.1 % Rate of compensation increase ​ 2.5 % 2.2 % 3.8 % 3.7 % Health care cost trend ​ — ​ — ​ 3.4 % 3.6 % (1) The defined benefit pension plan net accrued asset at December 31, 2022 of $65.6 (December 31, 2021 - net accrued liability of $56.2 ) was comprised of pension surpluses of $144.5 , partially offset by pension deficits of $78.9 (December 31, 2021 - pension deficits of $170.0 , partially offset by pension surpluses of $113.8 ). 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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Defined benefit pension plan expense 20.3 25.8 Defined contribution pension plan expense 62.2 57.8 Defined benefit post retirement plan expense 5.0 2.0 ​ 87.5 85.6 ​
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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Defined benefit pension plans Actuarial net gains (losses) on plan assets and change in asset ceiling (157.3) 78.6 Actuarial net gains on benefit obligations 295.0 33.8 ​ 137.7 112.4 Defined benefit post retirement plans - actuarial net gains on benefit obligations 16.2 3.2 ​ 153.9 115.6

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of changes in right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total Balance - January 1 328.8 431.0 759.8 396.1 611.9 1,008.0 Additions 63.7 98.2 161.9 44.0 92.0 136.0 Disposals (7.5) (8.4) (15.9) (41.2) (19.8) (61.0) Depreciation (2) (67.2) (89.9) (157.1) (68.3) (113.0) (181.3) Acquisitions of subsidiaries (note 23) — 56.7 56.7 0.9 14.1 15.0 Deconsolidation of subsidiaries (note 23) (1.1) (2.9) (4.0) (1.4) (146.7) (148.1) Foreign exchange effect and other (9.5) (23.4) (32.9) (1.3) (7.5) (8.8) Balance - December 31 (note 13) 307.2 461.3 768.5 328.8 431.0 759.8 (1) Includes Life insurance and Run-off and Corporate and Other. (2) Recorded in operating expenses and other expenses in the consolidated statement of earnings.
Schedule of maturity profile of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 72.7 ​ 155.8 ​ 228.5 77.4 ​ 173.6 ​ 251.0 ​ One to two years 66.5 ​ 142.4 ​ 208.9 67.6 ​ 148.1 ​ 215.7 ​ Two to three years 60.3 ​ 127.7 ​ 188.0 58.6 ​ 129.8 ​ 188.4 ​ Three to four years 55.9 ​ 108.0 ​ 163.9 52.0 ​ 115.4 ​ 167.4 ​ Four to five years 45.5 ​ 86.5 ​ 132.0 45.1 ​ 96.3 ​ 141.4 ​ More than five years 117.7 ​ 330.2 ​ 447.9 142.8 ​ 249.6 ​ 392.4 ​ Lease liabilities, undiscounted 418.6 950.6 1,369.2 443.5 912.8 1,356.3 ​ Lease liabilities, discounted 364.1 729.9 1,094.0 384.2 756.5 1,140.7 ​ Weighted average incremental borrowing rate 3.8 % 4.7 % 4.4 % 3.8 % 4.5 % 4.3 % (1) Includes Life insurance and Run-off and Corporate and Other.
Schedule of maturity profile of finance lease receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Insurance ​ ​ Insurance ​ ​ ​ ​ and ​ Non- ​ ​ ​ and ​ Non- ​ ​ ​ ​ reinsurance ​ insurance ​ ​ ​ reinsurance ​ insurance ​ ​ ​ ​ companies (1) ​ companies ​ Total ​ companies (1) ​ companies ​ Total One year or less 2.8 ​ 55.4 ​ 58.2 2.5 ​ 62.0 ​ 64.5 One to two years 1.8 ​ 48.5 ​ 50.3 2.3 ​ 53.0 ​ 55.3 Two to three years 1.4 ​ 42.7 ​ 44.1 1.3 ​ 44.7 ​ 46.0 Three to four years 1.1 ​ 36.7 ​ 37.8 1.0 ​ 39.3 ​ 40.3 Four to five years 0.7 ​ 27.8 ​ 28.5 1.0 ​ 33.3 ​ 34.3 More than five years 2.0 ​ 43.9 ​ 45.9 2.8 ​ 64.5 ​ 67.3 Finance lease receivables, undiscounted 9.8 255.0 264.8 10.9 296.8 307.7 Unearned finance income 1.0 37.0 38.0 1.5 40.1 41.6 Finance lease receivables (note 13) 8.8 218.0 226.8 9.4 256.7 266.1 (1) Includes Life insurance and Run-off and Corporate and Other .

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2022
Acquisitions and Divestitures
Schedule of amounts recognized at acquisition date for assets acquired and liabilities assumed in a business combination	​ ​ ​ ​ ​ ​ ​ 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, 2022
Financial Risk Management
Schedule of concentration of insurance risk by region and line of business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ United States ​ Asia (1) ​ International (2) ​ Total (3) For the years ended December 31 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Property 1,343.7 1,229.1 4,966.1 3,912.4 984.5 ​ 849.2 2,418.2 2,141.9 9,712.5 8,132.6 Casualty 1,243.4 1,159.0 12,004.9 10,364.0 606.6 ​ 549.8 1,823.0 1,659.5 15,677.9 13,732.3 Specialty 258.3 223.3 871.6 755.6 343.2 ​ 277.4 698.2 674.8 2,171.3 1,931.1 Total 2,845.4 2,611.4 17,842.6 15,032.0 1,934.3 1,676.4 4,939.4 4,476.2 27,561.7 23,796.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance 2,686.2 2,475.1 13,080.8 11,448.6 789.8 ​ 739.7 3,608.6 3,341.0 20,165.4 18,004.4 Reinsurance 159.2 136.3 4,761.8 3,583.4 1,144.5 ​ 936.7 1,330.8 1,135.2 7,396.3 5,791.6 ​ 2,845.4 2,611.4 17,842.6 15,032.0 1,934.3 1,676.4 4,939.4 4,476.2 27,561.7 23,796.0 (1) The Asia geographic segment is primarily comprised of countries located throughout Asia, including China, Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia and South Korea, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. (3) Excludes Eurolife’s life insurance operations’ gross premiums written of $350.9 in 2022 and 114.2 in 2021. Eurolife was consolidated on July 14, 2021.
Schedule of gross credit risk exposure	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 Cash and short term investments 10,386.0 22,795.5 Investments in debt instruments: ​ ​ U.S. sovereign government (1) 14,378.8 3,957.9 Other sovereign government rated AA/Aa or higher (1)(2) 2,413.5 1,074.7 All other sovereign government (3) 2,210.2 2,194.9 Canadian provincials 284.1 45.0 U.S. states and municipalities 262.7 387.2 Corporate and other (4)(5) 9,451.9 6,873.9 Receivable from counterparties to derivative contracts 256.1 158.9 Insurance contract receivables 7,907.5 6,883.2 Recoverable from reinsurers 13,115.8 12,090.5 Other assets (6) ​ 2,024.6 ​ 1,881.3 Total gross credit risk exposure ​ 62,691.2 ​ 58,343.0 (1) Represented together 30.3% of the company’s total investment portfolio at December 31, 2022 (December 31, 2021 - 9.5% ) and considered by the company to have nominal credit risk. (2) Comprised primarily of bonds issued by the governments of Canada, the United Kingdom and Singapore with fair values at December 31, 2022 of $1,923.5 , $180.6 and $91.3 respectively (December 31, 2021 - $614.6 , $7.7 and $95.1 ). (3) Comprised primarily of bonds issued by the governments of Brazil, Greece, Spain and Poland with fair values at December 31, 2022 of $744.2 , $690.1 , $216.2 and $126.9 respectively (December 31, 2021 - $415.4 , $844.7 , $297.5 , and $78.5 ). (4) Represents 17.0% of the company’s total investment portfolio at December 31, 2022 compared to 13.0% at December 31, 2021, with the increase principally related to net purchases of short to mid-dated high quality corporate bonds of $ 2,331.9 and net purchases of unrated first mortgage loans of $870.2 . (5) Includes the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 - $1,659.4 ) secured by real estate predominantly in the U.S., Europe and Canada as described in note 5. (6) Excludes assets associated with unit-linked insurance products of $676.5 at December 31, 2022 (December 31, 2021 – $637.1 ) for which credit risk is not borne by the company, and income taxes refundable of $67.1 at December 31, 2022 (December 31, 2021 - $58.3 ) that are considered to have nominal credit risk.
Schedule of investments in debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Amortized Fair Amortized Fair Issuer Credit Rating ​ cost ​ value ​ % ​ cost ​ value ​ % AAA/Aaa 17,119.4 16,721.6 57.7 5,248.2 5,237.3 36.1 AA/Aa 858.3 847.6 ​ 2.9 435.0 437.7 ​ 3.0 A/A 2,409.6 2,330.6 ​ 8.0 1,838.4 1,865.5 ​ 12.8 BBB/Baa 3,410.3 3,348.7 ​ 11.5 1,749.9 1,914.6 ​ 13.2 BB/Ba 2,114.9 1,917.2 ​ 6.6 1,840.9 1,808.3 ​ 12.4 B/B 48.2 49.6 ​ 0.2 115.0 114.8 ​ 0.8 Lower than B/B 79.7 80.0 ​ 0.3 58.4 62.9 ​ 0.4 Unrated (1)(2) 3,928.2 3,705.9 ​ 12.8 2,935.3 3,092.5 ​ 21.3 Total 29,968.6 29,001.2 ​ 100.0 14,221.1 14,533.6 ​ 100.0 (1) Comprised primarily of the fair value of the company’s investments in Blackberry Limited of $285.0 (December 31, 2021 - $535.1 ), JAB Pet Holdings Ltd. of $239.1 (December 31, 2021 - nil ) and Mosaic Capital of $81.7 (December 31, 2021 – $129.3 ). (2) Includes the company’s investments in first mortgage loans at December 31, 2022 of $2,500.7 (December 31, 2021 - $1,659.4 ) secured by real estate predominantly in the U.S., Europe and Canada, with weighted average loan-to-value ratio of approximately 60% , reducing the company’s credit risk exposure related to these investments.
Schedule of credit risk related to derivative contract counterparties	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Total derivative assets (1) 256.1 158.9 Obligations that may be offset under net settlement arrangements (33.0) (9.6) Fair value of collateral deposited for the benefit of the company (2) (216.0) (116.5) Excess collateral pledged by the company in favour of counterparties 4.6 4.8 Net derivative counterparty exposure after net settlement and collateral arrangements 11.7 37.6 (1) Excludes equity warrants, equity call options, AVLNs entered with RiverStone Barbados and other derivatives which are not subject to counterparty risk. (2) Excludes excess collateral pledged by counterparties of $68.4 at December 31, 2022 (December 31, 2021 - $22.5 ).
Schedule of gross recoverable from reinsurers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ 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++ 600.3 24.2 576.1 568.2 27.2 541.0 A+ 6,631.3 444.1 6,187.2 5,905.9 494.4 5,411.5 A 3,750.9 205.9 ​ 3,545.0 3,899.8 227.3 3,672.5 A- 478.4 53.6 424.8 371.9 43.9 328.0 B++ 55.3 4.3 51.0 50.8 4.6 46.2 B+ 0.8 — 0.8 0.5 0.3 0.2 B or lower 10.6 — 10.6 20.2 0.1 20.1 Not rated 998.8 506.5 492.3 1,004.0 576.7 427.3 Pools and associations 761.3 6.6 754.7 447.9 7.1 440.8 ​ 13,287.7 1,245.2 12,042.5 12,269.2 1,381.6 10,887.6 Provision for uncollectible reinsurance (171.9) (171.9) (178.7) (178.7) Recoverable from reinsurers 13,115.8 11,870.6 12,090.5 10,708.9 ​
Schedule of maturity profile of the financial and insurance liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ 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) 1,521.1 1,158.4 1,090.7 395.9 564.7 4,730.8 Insurance contract payables (2) 939.9 2,600.7 242.2 39.5 661.2 4,483.5 Provision for losses and loss adjustment expenses 3,428.6 8,506.6 10,944.1 5,965.6 9,474.3 38,319.2 Provision for life policy benefits ​ 45.5 ​ 161.0 ​ 455.6 ​ 631.8 ​ 1,235.8 ​ 2,529.7 Borrowings - holding company and insurance and reinsurance companies: ​ ​ ​ ​ ​ ​ Principal 0.1 0.2 1,051.4 904.2 4,704.4 6,660.3 Interest 84.3 209.2 567.0 462.2 598.9 1,921.6 Borrowings - non-insurance companies: Principal 254.5 117.3 781.9 61.3 798.2 2,013.2 Interest 26.9 69.0 148.6 83.6 83.1 411.2 ​ 6,300.9 12,822.4 15,281.5 8,544.1 18,120.6 61,069.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (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 presented in note 22. (2) Excludes ceded deferred premium acquisition costs.
Schedule of maturity profile of the derivative obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ 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 19.1 0.3 — 19.4 1.8 0.1 — 1.9 Foreign currency forward and swap contracts 51.1 5.0 50.7 106.8 26.4 5.0 46.0 77.4 Other derivative contracts 25.6 38.5 0.7 64.8 46.5 26.7 0.4 73.6 ​ 95.8 43.8 51.4 191.0 74.7 31.8 46.4 152.9 ​
Schedule of potential impact of changes in interest rates on fixed income portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ 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 27,944.0 (852.9) (3.7) 13,984.0 (418.4) (3.8) 100 basis point increase 28,461.5 (435.4) (1.9) 14,239.6 (224.3) (2.0) No change 29,001.2 — — 14,533.6 — — 100 basis point decrease 29,616.2 496.4 2.1 14,900.9 280.6 2.5 200 basis point decrease 30,289.0 1,039.7 4.4 15,327.9 607.5 5.5 (1) Includes the impact of forward contracts to sell long dated U.S. treasury bonds with a notional amount at December 31, 2022 of $183.7 (December 31, 2021 - $1,691.3 ).
Schedule of net equity exposures and financial effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ December 31, 2022 ​ December 31, 2021 ​ 2022 ​ 2021 ​ ​ Exposure/ ​ ​ ​ Exposure/ ​ ​ ​ Pre-tax ​ Pre-tax ​ ​ Notional ​ Carrying ​ Notional ​ Carrying ​ earnings ​ earnings ​ ​ amount ​ value ​ amount ​ value ​ (loss) ​ (loss) Long equity exposures: Common stocks 5,234.4 5,234.4 5,845.5 5,845.5 (242.7) 1,333.4 Preferred stocks – convertible (1) 44.2 44.2 54.5 54.5 (4.4) 2.8 Bonds – convertible 414.5 414.5 583.4 583.4 (237.0) 101.3 Investments in associates (1)(2)(3) 8,183.3 6,786.6 7,192.1 5,496.6 45.1 52.7 Sale and deconsolidation of non-insurance subsidiaries (4) ​ — ​ — ​ — ​ — ​ 4.4 ​ 190.3 Equity derivatives (5) ​ 2,076.0 ​ 269.4 ​ 2,590.2 ​ 455.3 ​ 190.8 ​ 631.6 Long equity exposures and financial effects ​ 15,952.4 ​ 12,749.1 ​ 16,265.7 ​ 12,435.3 ​ (243.8) ​ 2,312.1 (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) Pre-tax earnings (loss) excludes share of profit (loss) of associates, and includes gain (loss) on sale of non-insurance associates and joint ventures. (3) 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. (4) Principally comprised of the sale of Toys “R” Us Canada, the privatization of Mosaic Capital and Fairfax India’s sale of Privi during 2021. (5) Includes net gains on investments of $255.4 (2021 - $222.7 ) recognized on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares. ​
Schedule of potential impact on net earnings due to changes in global equity markets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Change in global equity markets 20% increase 10% increase No change 10% decrease 20% decrease Fair value of equity and equity-related holdings 9,297.5 ​ 8,531.9 ​ 7,769.1 ​ 7,010.3 ​ 6,258.5 Hypothetical $ change in net earnings ​ 1,301.9 ​ 649.8 ​ — ​ (646.8) ​ (1,287.8) Hypothetical % change in fair value ​ 19.7 ​ 9.8 ​ — ​ (9.8) ​ (19.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​
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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Net gains (losses) on investments: Investing activities (366.5) (122.3) Underwriting activities 8.6 41.2 Foreign currency contracts 53.6 (12.0) Foreign currency net losses (304.3) (93.1) ​
Schedule of foreign currency effects on the consolidated statement of earnings	Foreign currency effects on the consolidated statement of earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ British ​ ​ ​ ​ ​ ​ Canadian dollar ​ Euro ​ pound sterling ​ Indian rupee ​ 2022 2021 2022 2021 2022 2021 2022 2021 Assets ​ 1,751.0 ​ 1,863.4 ​ 1,033.2 ​ 905.5 ​ 1,739.4 ​ 1,748.6 ​ 1,872.9 ​ 2,795.0 Liabilities ​ (791.0) ​ (671.6) ​ (1,275.4) ​ (1,134.2) ​ (2,252.8) ​ (2,156.6) ​ (252.9) ​ (273.7) Net asset exposure before hedge of net investment 960.0 1,191.8 (242.2) (228.7) (513.4) (408.0) 1,620.0 2,521.3 Notional long (short) amount of foreign currency forward contracts (1,258.2) (1,251.2) (208.7) (84.9) 87.0 (8.4) 3.4 4.2 Net asset (liability) exposure after foreign currency forward contracts ​ (298.2) ​ (59.4) ​ (450.9) ​ (313.6) ​ (426.4) ​ (416.4) ​ 1,623.4 ​ 2,525.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hypothetical change in pre-tax earnings (loss) 29.8 5.9 45.1 31.4 42.6 41.6 (162.3) (252.6) Hypothetical change in net earnings (loss) 23.7 1.7 36.6 26.9 37.6 35.5 (161.2) (235.8) ​
Schedule of foreign currency effects on the consolidated statement of other comprehensive income	Foreign currency effects on the consolidated statement of other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ British ​ ​ ​ ​ ​ ​ Canadian dollar ​ Euro ​ pound sterling ​ Indian rupee ​ 2022 2021 2022 2021 2022 2021 2022 2021 Assets ​ 11,055.5 ​ 11,028.6 ​ 8,269.4 ​ 7,549.2 ​ 1,783.3 ​ 1,793.8 ​ 3,697.6 ​ 3,663.6 Liabilities ​ (7,129.0) ​ (6,719.6) ​ (6,844.3) ​ (6,066.3) ​ (1,339.1) ​ (1,292.7) ​ (1,251.3) ​ (1,184.8) Net asset exposure before hedge of net investment 3,926.5 4,309.0 1,425.1 1,482.9 444.2 501.1 2,446.3 2,478.8 Hedge of net investment (2,057.7) (2,205.5) (792.2) (842.4) — — — — Net asset exposure after hedge of net investment ​ 1,868.8 ​ 2,103.5 ​ 632.9 ​ 640.5 ​ 444.2 ​ 501.1 ​ 2,446.3 ​ 2,478.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hypothetical change in pre-tax other comprehensive income (loss) (186.9) (210.4) (63.3) (64.1) (44.4) (50.1) (244.6) (247.9) Hypothetical change in other comprehensive income (loss) (181.3) (209.3) (35.7) (40.0) (43.5) (49.1) (228.0) (230.5) ​
Schedule of capital management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding consolidated non- ​ ​ Consolidated ​ insurance companies ​ December 31, December 31, December 31, December 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Holding company cash and investments (net of derivative obligations) 1,326.4 1,446.2 1,326.4 1,446.2 ​ Borrowings – holding company ​ 5,887.6 ​ 5,338.6 ​ 5,887.6 ​ 5,338.6 ​ Borrowings – insurance and reinsurance companies ​ 733.4 ​ 790.7 ​ 733.4 ​ 790.7 ​ Borrowings – non-insurance companies ​ 2,003.9 ​ 1,623.7 ​ — ​ — ​ Total debt ​ 8,624.9 ​ 7,753.0 ​ 6,621.0 ​ 6,129.3 ​ Net debt (1) ​ 7,298.5 ​ 6,306.8 ​ 5,294.6 ​ 4,683.1 ​ Common shareholders’ equity ​ 15,340.7 ​ 15,049.6 ​ 15,340.7 ​ 15,049.6 ​ Preferred stock ​ 1,335.5 ​ 1,335.5 ​ 1,335.5 ​ 1,335.5 ​ Non-controlling interests ​ 3,659.6 ​ 4,930.2 ​ 1,969.2 ​ 2,931.4 ​ Total equity ​ 20,335.8 ​ 21,315.3 ​ 18,645.4 ​ 19,316.5 ​ Net debt/total equity ​ 35.9 % 29.6 % 28.4 % 24.2 % Net debt/net total capital (2) ​ 26.4 % 22.8 % 22.1 % 19.5 % Total debt/total capital (3) ​ 29.8 % 26.7 % 26.2 % 24.1 % Interest coverage (4) ​ 5.2x ​ 10.6x ​ 5.9x (6) 13.0x (6) Interest and preferred share dividend distribution coverage (5) ​ 4.5x ​ 9.4x ​ 4.9x (6) 11.1x (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, 2022
Segmented Information
Schedule of earnings by reporting segment	2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ Global ​ International ​ ​ ​ insurance ​ Non- ​ ​ ​ Eliminations ​ ​ ​ ​ American ​ Insurers and ​ Insurers and ​ ​ ​ and ​ insurance ​ Corporate ​ and ​ ​ ​ Insurers Reinsurers Reinsurers Total Run-off companies and Other adjustments Consolidated Gross premiums written External 7,600.9 16,995.6 2,965.2 27,561.7 350.9 — — — 27,912.6 Intercompany 49.6 101.0 213.4 364.0 — — — (364.0) — ​ 7,650.5 17,096.6 3,178.6 27,925.7 350.9 — — (364.0) 27,912.6 Net premiums written 6,457.6 13,506.3 1,963.1 21,927.0 344.7 — — — 22,271.7 Net premiums earned ​ ​ ​ ​ ​ ​ ​ ​ ​ External 6,140.8 12,851.5 1,671.4 20,663.7 342.4 — — — 21,006.1 Intercompany (33.0) (124.6) 157.6 — — — — — — ​ 6,107.8 12,726.9 1,829.0 20,663.7 342.4 — — — 21,006.1 Underwriting expenses (1) (5,674.8) (12,067.9) (1,815.7) (19,558.4) (509.7) — — 0.5 (20,067.6) Underwriting profit (loss) 433.0 659.0 13.3 1,105.3 (167.3) — — 0.5 938.5 Interest income 249.0 447.8 99.0 795.8 56.4 10.2 11.8 (0.7) 873.5 Dividends 32.0 54.9 16.0 102.9 12.3 24.6 0.6 — 140.4 Investment expenses (47.0) (89.4) (16.2) (152.6) (13.1) (8.2) (2.8) 124.6 (52.1) Interest and dividends 234.0 413.3 98.8 746.1 55.6 26.6 9.6 123.9 961.8 Share of profit of associates 239.8 429.3 52.4 721.5 56.4 134.0 102.8 — 1,014.7 Other ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue — — — — — 5,581.6 — — 5,581.6 Expenses — — — — — (5,520.9) — — (5,520.9) ​ — — — — — 60.7 — — 60.7 Operating income (loss) 906.8 1,501.6 164.5 2,572.9 (55.3) 221.3 112.4 124.4 2,975.7 Net gains (losses) on investments (397.7) (1,151.1) (211.1) (1,759.9) (306.5) 71.4 261.1 — (1,733.9) Gain on sale and consolidation of insurance subsidiaries (note 23) 1,213.2 — 6.5 1,219.7 — — — — 1,219.7 Interest expense (5.7) (51.1) (3.0) (59.8) (13.2) (122.8) (257.2) 0.2 (452.8) Corporate overhead and other (39.8) (98.9) (12.1) (150.8) (1.4) — (19.9) (124.6) (296.7) Pre-tax income (loss) 1,676.8 200.5 (55.2) 1,822.1 (376.4) 169.9 96.4 — 1,712.0 Provision for income taxes (425.2) Net earnings 1,286.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ Shareholders of Fairfax 1,147.2 Non-controlling interests 139.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,286.8 (1) Property and casualty insurance and reinsurance underwriting expenses for the year ended December 31, 2022 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 ​ North Global International ​ ​ American Insurers and Insurers and ​ ​ ​ Insurers ​ Reinsurers ​ Reinsurers ​ Total Loss & LAE - accident year 3,733.4 8,715.7 1,207.3 13,656.4 Commissions 998.3 2,109.5 324.4 3,432.2 Other underwriting expenses 1,020.3 1,263.8 381.9 2,666.0 Underwriting expenses - accident year 5,752.0 12,089.0 1,913.6 19,754.6 Net favourable claims reserve development (77.2) (21.1) (97.9) (196.2) Underwriting expenses - calendar year 5,674.8 12,067.9 1,815.7 19,558.4 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and Casualty Insurance and Reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Global International ​ ​ ​ Life insurance Non- ​ Eliminations ​ ​ American Insurers and Insurers and ​ and insurance ​ Corporate ​ and ​ ​ ​ ​ Insurers ​ Reinsurers ​ Reinsurers ​ Total ​ Run-off ​ companies ​ and Other ​ adjustments ​ Consolidated Gross premiums written External 6,544.6 14,567.6 2,683.8 23,796.0 114.2 — — — 23,910.2 Intercompany 34.2 93.8 169.5 297.5 358.1 — — (655.6) — ​ ​ 6,578.8 14,661.4 2,853.3 24,093.5 472.3 — — (655.6) 23,910.2 Net premiums written 5,319.7 10,755.5 1,734.2 17,809.4 468.7 — — — 18,278.1 Net premiums earned ​ ​ ​ ​ ​ ​ ​ ​ ​ External 5,435.3 9,530.6 1,482.4 16,448.3 109.7 — — — 16,558.0 Intercompany (410.5) (78.8) 131.2 (358.1) 358.1 — — — — ​ ​ 5,024.8 9,451.8 1,613.6 16,090.2 467.8 — — — 16,558.0 Underwriting expenses (2) (4,637.9) (9,077.6) (1,573.5) (15,289.0) (776.8) — — 0.3 (16,065.5) Underwriting profit (loss) 386.9 374.2 40.1 801.2 (309.0) — — 0.3 492.5 Interest income 154.4 299.6 66.8 520.8 22.2 3.9 28.2 (6.7) 568.4 Dividends 23.9 37.2 11.6 72.7 7.8 28.5 (0.8) — 108.2 Investment expenses (43.2) (100.1) (8.5) (151.8) (10.7) (127.1) (2.8) 256.6 (35.8) Interest and dividends 135.1 236.7 69.9 441.7 19.3 (94.7) 24.6 249.9 640.8 Share of profit of associates 103.6 184.8 35.7 324.1 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) 625.6 795.7 145.7 1,567.0 (272.9) (7.0) 63.4 255.9 1,606.4 Net gains on investments (1) 518.5 604.1 1,521.9 2,644.5 69.7 266.0 464.9 — 3,445.1 Gain on sale and consolidation of insurance subsidiaries (note 23) ​ — 68.7 64.8 133.5 — — 130.5 — 264.0 Interest expense (8.6) (50.5) (2.4) (61.5) (7.9) (140.3) (305.4) 1.2 (513.9) Corporate overhead and other (53.7) (88.0) (22.3) (164.0) (38.4) — 50.0 (256.6) (409.0) Pre-tax income (loss) 1,081.8 1,330.0 1,707.7 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 ​ North Global International ​ ​ ​ American Insurers and Insurers and ​ ​ ​ Insurers ​ Reinsurers ​ Reinsurers ​ Total Loss & LAE - accident year 2,900.3 6,551.6 986.6 10,438.5 Commissions 913.6 1,571.0 289.6 2,774.2 Other underwriting expenses 927.7 1,156.4 347.8 2,431.9 Underwriting expenses - accident year 4,741.6 9,279.0 1,624.0 15,644.6 Net favourable claims reserve development (103.7) (201.4) (50.5) (355.6) Underwriting expenses - calendar year 4,637.9 9,077.6 1,573.5 15,289.0 ​
Schedule of investments in associates, segment assets and segment liabilities, and additions to goodwill by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ associates ​ Additions to goodwill ​ Segment assets ​ Segment liabilities ​ 2022 2021 2022 2021 2022 2021 2022 2021 Property and Casualty Insurance and Reinsurance ​ North American Insurers 1,217.7 801.5 ​ — — 18,664.9 17,418.7 12,890.0 11,551.5 Global Insurers and Reinsurers 2,893.3 2,168.7 ​ — 16.4 51,634.9 46,849.3 39,086.8 34,266.7 International Insurers and Reinsurers 592.0 415.2 ​ — — 9,547.2 9,616.9 5,631.9 5,700.7 ​ 4,703.0 3,385.4 ​ — 16.4 79,847.0 73,884.9 57,608.7 51,518.9 Life insurance and Run-off 348.1 272.6 ​ 0.4 — 6,087.7 6,669.1 5,289.5 5,781.1 Non-insurance companies 1,378.5 1,379.7 ​ 151.6 44.3 8,611.4 7,856.4 4,820.6 4,075.1 Corporate and Other and eliminations and adjustments 1,004.3 1,066.3 ​ — — (2,421.0) (1,765.0) 4,070.5 3,955.0 Consolidated 7,433.9 6,104.0 ​ 152.0 60.7 92,125.1 86,645.4 71,789.3 65,330.1 ​
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 ​ 2022 2021 2022 2021 2022 2021 2022 2021 Property and Casualty Insurance and Reinsurance - net premiums earned ​ North American Insurers 1,379.3 1,209.6 4,284.3 3,400.2 444.2 415.0 6,107.8 5,024.8 ​ Global Insurers and Reinsurers 4,895.5 3,876.9 6,866.2 4,856.8 965.2 718.1 12,726.9 9,451.8 ​ International Insurers and Reinsurers 919.9 834.9 615.1 544.3 294.0 234.4 1,829.0 1,613.6 ​ ​ 7,194.7 5,921.4 11,765.6 8,801.3 1,703.4 1,367.5 20,663.7 16,090.2 ​ Life insurance and Run-off (1) — 8.2 0.5 348.8 341.9 110.8 342.4 467.8 ​ Consolidated net premiums earned 7,194.7 5,929.6 11,766.1 9,150.1 2,045.3 1,478.3 21,006.1 16,558.0 ​ Interest and dividends ​ ​ ​ 961.8 640.8 ​ Share of profit of associates ​ ​ ​ 1,014.7 402.0 ​ Net gains (losses) on investments ​ ​ ​ (1,733.9) 3,445.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) ​ ​ ​ 1,219.7 264.0 ​ Other revenue ​ ​ ​ 5,581.6 5,158.0 ​ Consolidated income ​ ​ ​ 28,050.0 26,467.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 34.3 % 35.8 % 56.0 % 55.3 % 9.7 % 8.9 % 100.0 % 100.0 % (1) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, as described in note 23.
Schedule of net premiums earned by 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 ​ 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Property and Casualty Insurance and Reinsurance - net premiums earned ​ North American Insurers 1,914.1 1,784.9 4,157.5 3,222.1 1.4 1.2 34.8 16.6 6,107.8 5,024.8 ​ Global Insurers and Reinsurers 378.8 293.1 9,337.3 6,671.4 878.1 806.9 2,132.7 1,680.4 12,726.9 9,451.8 ​ International Insurers and Reinsurers 0.6 0.2 122.4 81.8 551.9 438.9 1,154.1 1,092.7 1,829.0 1,613.6 ​ ​ 2,293.5 ​ 2,078.2 13,617.2 9,975.3 1,431.4 1,247.0 3,321.6 2,789.7 20,663.7 ​ 16,090.2 ​ Life insurance and Run-off (3) — ​ — 0.5 358.1 — — 341.9 109.7 342.4 ​ 467.8 ​ Consolidated net premiums earned 2,293.5 ​ 2,078.2 13,617.7 10,333.4 1,431.4 1,247.0 3,663.5 2,899.4 21,006.1 ​ 16,558.0 ​ Interest and dividends ​ ​ 961.8 ​ 640.8 ​ Share of profit of associates ​ ​ 1,014.7 ​ 402.0 ​ Net gains (losses) on investments ​ ​ (1,733.9) ​ 3,445.1 ​ Gain on sale and consolidation of insurance subsidiaries (note 23) ​ ​ 1,219.7 ​ 264.0 ​ Other revenue ​ ​ 5,581.6 ​ 5,158.0 ​ Consolidated income ​ ​ 28,050.0 ​ 26,467.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution of net premiums earned ​ 10.9 % 12.6 % 64.9 % 62.4 % 6.8 % 7.5 % 17.4 % 17.5 % 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 South Korea, and the Middle East. (2) The International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. (3) Includes Eurolife’s life insurance operations since Eurolife’s consolidation on July 14, 2021, as described in note 23.
Schedule of revenue and expenses of the non-insurance companies	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and retail ​ Fairfax India (1) ​ Thomas Cook India (2) ​ Other (3) ​ Total ​ 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue 1,710.3 1,803.8 216.7 228.2 611.0 249.4 3,043.6 2,876.1 5,581.6 5,157.5 Expenses (1,582.2) (1,724.8) (208.1) (206.9) (600.8) (293.4) (3,129.8) (2,867.0) (5,520.9) (5,092.1) Pre-tax income (loss) before interest expense and other (4) 128.1 79.0 8.6 21.3 10.2 (44.0) (86.2) 9.1 60.7 65.4 Interest and dividends 9.9 7.5 21.4 (102.2) — (0.1) (4.7) 0.1 26.6 (94.7) Share of profit (loss) of associates (0.1) — 132.0 20.2 0.3 (0.1) 1.8 2.2 134.0 22.3 Operating income (loss) 137.9 86.5 162.0 (60.7) 10.5 (44.2) (89.1) 11.4 221.3 (7.0) (1) These results differ from those published by Fairfax India primarily 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) Included in Expenses is a non-cash goodwill impairment charge on Farmers Edge of $133.4 recognized in 2022. (4) Excludes interest and dividends, share of profit (loss) of associates and net gains (losses) on investments. ​
Schedule of segmented balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Property ​ ​ ​ ​ Property ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ casualty ​ Life ​ ​ ​ ​ ​ ​ ​ casualty ​ Life ​ ​ ​ ​ ​ ​ ​ ​ insurance and ​ insurance ​ Non- ​ Corporate ​ ​ ​ insurance and ​ insurance ​ Non- Corporate ​ ​ ​ ​ reinsurance ​ and ​ insurance ​ and ​ ​ ​ reinsurance ​ and ​ insurance ​ and ​ ​ ​ ​ companies ​ Run-off ​ companies ​ eliminations (4) ​ Consolidated ​ companies ​ Run-off ​ companies ​ eliminations (4) ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding company cash and investments 316.6 — — 1,029.2 1,345.8 604.5 — — 873.8 1,478.3 Insurance contract receivables 8,310.9 28.2 — (431.6) 7,907.5 7,215.5 7.8 — (340.1) 6,883.2 Portfolio investments (1) 49,038.8 4,275.4 2,119.3 (1,110.6) 54,322.9 45,061.8 4,963.9 2,252.8 (581.1) 51,697.4 Deferred premium acquisition costs 2,201.3 7.5 — (38.5) 2,170.3 1,950.6 3.8 — (30.3) 1,924.1 Recoverable from reinsurers 14,097.9 517.5 — (1,499.6) 13,115.8 13,060.3 457.6 — (1,427.4) 12,090.5 Deferred income tax assets 337.3 25.6 54.5 74.7 492.1 268.2 29.0 66.9 158.3 522.4 Goodwill and intangible assets 3,396.8 7.5 2,284.4 0.3 5,689.0 3,579.5 7.5 2,341.2 — 5,928.2 Due from affiliates 206.3 364.1 — (570.4) — 231.3 360.2 — (591.5) — Other assets 1,774.0 832.6 4,153.2 321.9 7,081.7 1,746.0 810.0 3,195.5 369.8 6,121.3 Investments in affiliates (2) 167.1 29.3 — (196.4) — 167.2 29.3 — (196.5) — Total assets 79,847.0 6,087.7 8,611.4 (2,421.0) 92,125.1 73,884.9 6,669.1 7,856.4 (1,765.0) 86,645.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities 2,304.9 263.1 2,430.7 216.5 5,215.2 2,149.9 233.4 2,077.4 524.7 4,985.4 Derivative obligations 113.5 — 58.2 19.3 191.0 72.5 — 47.9 32.5 152.9 Due to affiliates 16.5 0.4 82.4 (99.3) — 28.8 0.2 135.1 (164.1) — Deferred income tax liabilities 225.0 18.5 252.4 0.8 496.7 322.2 72.9 198.5 5.2 598.8 Insurance contract payables 4,839.7 688.4 — (466.2) 5,061.9 4,208.6 652.0 — (367.1) 4,493.5 Provision for losses and loss adjustment expenses (3) 37,531.7 4,300.9 — (1,343.0) 40,489.6 33,381.4 4,806.1 — (1,295.2) 36,892.3 Provision for unearned premiums (3) 11,844.0 18.2 — (152.2) 11,710.0 10,564.8 16.5 — (127.1) 10,454.2 Borrowings 733.4 — 1,996.9 5,894.6 8,624.9 790.7 — 1,616.2 5,346.1 7,753.0 Total liabilities 57,608.7 5,289.5 4,820.6 4,070.5 71,789.3 51,518.9 5,781.1 4,075.1 3,955.0 65,330.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders’ equity attributable to shareholders of Fairfax 20,269.1 798.2 2,100.4 (6,491.5) 16,676.2 19,778.9 888.0 1,782.5 (6,064.3) 16,385.1 Non-controlling interests 1,969.2 — 1,690.4 — 3,659.6 2,587.1 — 1,998.8 344.3 4,930.2 Total equity 22,238.3 798.2 3,790.8 (6,491.5) 20,335.8 22,366.0 888.0 3,781.3 (5,720.0) 21,315.3 Total liabilities and total equity 79,847.0 6,087.7 8,611.4 (2,421.0) 92,125.1 73,884.9 6,669.1 7,856.4 (1,765.0) 86,645.4 (1) Includes intercompany investments in Fairfax non-insurance subsidiaries carried at cost that are eliminated on consolidation. (2) Intercompany investments in Fairfax insurance and reinsurance subsidiaries carried at cost that are eliminated on consolidation. (3) Included in insurance contract liabilities on the consolidated balance sheet. (4) 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 affiliated primary insurers. ​

Expenses (Tables)

Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ 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 13,169.1 — 13,169.1 10,272.9 — 10,272.9 Provisions and claims, Eurolife ​ 251.1 ​ — ​ 251.1 ​ 81.0 ​ — ​ 81.0 Cost of sales — 3,349.4 3,349.4 — 2,987.5 2,987.5 Wages and salaries 1,580.8 877.5 2,458.3 1,547.1 761.3 2,308.4 Depreciation, amortization and impairment charges 233.2 450.4 683.6 291.0 639.4 930.4 Employee benefits 381.3 125.9 507.2 345.3 116.9 462.2 Premium taxes 306.8 — 306.8 285.9 — 285.9 Information technology costs 254.7 44.5 299.2 216.3 40.7 257.0 Audit, legal and tax professional fees 189.1 53.7 242.8 159.7 43.4 203.1 Repairs, maintenance and utilities 14.4 163.9 178.3 13.2 144.2 157.4 Shipping and delivery 1.3 152.8 154.1 1.2 120.0 121.2 Share-based payments to directors and employees 131.5 20.4 151.9 118.2 18.3 136.5 Marketing costs 38.9 76.6 115.5 33.4 70.1 103.5 Administrative expense and other 357.2 205.8 563.0 321.4 145.1 466.5 Losses on claims, net, operating expenses and other expenses (2)(3) 16,909.4 5,520.9 22,430.3 13,686.6 5,086.9 18,773.5 Commissions, net (note 9) (4) 3,454.9 — 3,454.9 2,787.9 — 2,787.9 Interest expense (note 15) (4) 330.0 122.8 452.8 373.6 140.3 513.9 ​ 20,694.3 5,643.7 26,338.0 16,848.1 5,227.2 22,075.3 (1) Includes Life insurance and Run-off and Corporate and Other. (2) 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. (3) Expenses of the non-insurance companies, excluding commissions, net and interest expense, are included in other expenses in the consolidated statement of earnings. (4) 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, 2022
Supplementary Cash Flow Information
Schedule of supplemental balance sheet disclosures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ 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 72.7 479.4 552.1 — — — 72.7 479.4 552.1 Holding company assets pledged for derivative obligations — 40.6 40.6 — — — — 40.6 40.6 Subsidiary cash and short term investments 3,243.3 2,105.6 5,348.9 500.8 353.6 854.4 3,744.1 2,459.2 6,203.3 Fairfax India 34.5 143.5 178.0 0.8 6.0 6.8 35.3 149.5 184.8 ​ 3,350.5 2,769.1 6,119.6 501.6 359.6 861.2 3,852.1 3,128.7 6,980.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ 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 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 ​
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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Net (purchases) sales of investments classified at FVTPL Short term investments 6,352.5 (767.1) Bonds (16,016.2) 2,545.7 Preferred stocks (293.2) (37.3) Common stocks (63.6) 477.2 Net derivatives and other invested assets 380.3 395.9 ​ (9,640.2) 2,614.4 ​ ​ ​ ​ ​ Changes in operating assets and liabilities ​ Net decrease (increase) in restricted cash and cash equivalents 393.7 (472.6) Provision for losses and loss adjustment expenses 4,530.1 3,692.0 Provision for unearned premiums 1,455.3 2,152.2 Provision for life policy benefits ​ (142.4) ​ (167.9) Insurance contract receivables (1,134.9) (1,152.9) Insurance contract payables 625.8 1,079.8 Recoverable from reinsurers (1,257.9) (1,580.0) Other receivables (349.8) (96.7) Accounts payable and accrued liabilities 338.2 291.1 Other (638.0) (758.1) ​ 3,820.1 2,986.9 ​ ​ ​ ​ ​ Net interest and dividends received ​ Interest and dividends received 1,030.8 865.7 Interest paid on borrowings (360.5) (366.7) Interest paid on lease liabilities (48.1) (54.8) ​ 622.2 444.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income taxes paid (416.4) (288.7)

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Schedule of related party transactions	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: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Salaries and other short-term employee benefits 10.2 10.8 Share-based payments 5.7 4.7 ​ 15.9 15.5 ​ Compensation for the company’s Board of Directors for the years ended December 31 was as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 Retainers and fees 1.7 1.5 Share-based payments 0.3 0.4 ​ 2.0 1.9 ​

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2022
Subsidiaries
Schedule of interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ Fairfax’s ownership ​ ​ ​ ​ (100% other than as December 31, 2022 ​ Domicile ​ shown below) Property and casualty insurance and reinsurance ​ North American Insurers ​ ​ ​ ​ ​ Northbridge Financial Corporation (Northbridge) Canada ​ Crum & Forster Holdings Corp. (Crum & Forster) United States ​ Zenith National Insurance Corp. (Zenith National) United States ​ Global Insurers and Reinsurers ​ ​ ​ ​ ​ Odyssey Group Holdings, Inc. (Odyssey Group) United States 90.0 % Brit Limited (Brit) United Kingdom 86.2 % Allied World Assurance Company Holdings, Ltd (Allied World) Bermuda 82.9 % International Insurers and Reinsurers ​ ​ ​ ​ ​ 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, 2022 ​ Domicile ​ ownership ​ ​ Primary business ​ ​ ​ ​ ​ ​ ​ ​ Non-insurance companies ​ ​ ​ ​ ​ ​ ​ ​ Restaurants and retail Recipe Unlimited Corporation (Recipe) Canada ​ 75.7 % Franchisor, owner and operator of restaurants Sporting Life Group Limited, which owns: Canada 88.5 % Invests in retail businesses 100.0% of Sporting Life Inc. (Sporting Life) Canada 88.5 % Retailer of sporting goods and sports apparel 100.0% of Golf Town Limited (Golf Town) Canada 88.5 % Retailer of golf equipment, apparel and accessories ​ ​ ​ ​ ​ ​ ​ ​ Fairfax India ​ ​ Fairfax India Holdings Corporation (Fairfax India) Canada ​ 34.7 % (1) Invests in public and private Indian businesses ​ ​ ​ ​ ​ ​ ​ ​ Thomas Cook India ​ ​ Thomas Cook (India) Limited (Thomas Cook India), which owns: India 73.3 % Provider of integrated travel and travel-related financial services 100.0% of Sterling Holiday Resorts Limited (Sterling Resorts) India 73.3 % ​ Owner and operator of holiday resorts ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ AGT Food and Ingredients Inc. (AGT) Canada 59.6 % Originator, processor and distributor of value-added pulses and staple foods Dexterra Group Inc. (Dexterra Group) Canada 48.7 % (2) Provider of Infrastructure support services Boat Rocker Media Inc. (Boat Rocker) Canada ​ 44.9 % (3) Entertainment content creator, producer and distributor Farmers Edge Inc. (Farmers Edge) ​ Canada ​ 61.3 % ​ Provider of advanced digital tools for agriculture Grivalia Hospitality S.A. (Grivalia Hospitality) Greece 78.4 % Hospitality real estate investor, developer and manager (1) The company owns multiple voting shares and subordinate voting shares of Fairfax India that give it voting rights of 94.4 %. (2) The company has de facto voting control of Dexterra Group as its largest equity and voting shareholder. (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, 2022
Customer and broker relationships | Minimum
Summary of Significant Accounting Policies
Intangible asset useful lives	8 years
Customer and broker relationships | Maximum
Summary of Significant Accounting Policies
Intangible asset useful lives	20 years
Computer software | Minimum
Summary of Significant Accounting Policies
Intangible asset useful lives	3 years
Computer software | Maximum
Summary of Significant Accounting Policies
Intangible asset useful lives	15 years
Restricted Share Units | Maximum
Summary of Significant Accounting Policies
Vesting period	15 years

Cash and Investments - Total in

Cash and Investments - Total investments, net of derivative obligations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Cash and Investments
Holding company, cash and investments	$ 1,241.2	$ 1,367.4
Holding company, assets pledged for derivative obligations	104.6	110.9
Holding company cash and investments as presented on the consolidated balance sheet	1,345.8	1,478.3
Holding company, derivative obligations	(19.4)	(32.1)
Holding company cash and investments, net	1,326.4	1,446.2
Portfolio investments, cash and investments	52,328.8	49,511.8
Portfolio investments, assets pledged for derivative obligations	51.3	119.6
Fairfax India cash, portfolio investments and associates	1,942.8	2,066
Portfolio investments as presented on the consolidated balance sheet	54,322.9	51,697.4
Portfolio investments, derivative obligations	(171.6)	(120.8)
Portfolio investments cash and investments, net	54,151.3	51,576.6
Total investments, net of derivative obligations	55,477.7	53,022.8
Restricted cash and cash equivalents	861.2	1,261
Investments in limited partnerships	1,982.5	1,971
Cash and cash equivalents
Cash and Investments
Holding company, cash and investments	552.1	465.9
Portfolio investments, cash and investments	6,203.3	12,283.2
Cash equivalents
Cash and Investments
Holding company, assets pledged for derivative obligations	40.6	46.8
Portfolio investments, assets pledged for derivative obligations		74
Fairfax India cash, portfolio investments and associates	184.8	76.5
Short term investments
Cash and Investments
Holding company, cash and investments	126.6	216.9
Holding company, assets pledged for derivative obligations	64	64.1
Portfolio investments, cash and investments	3,164.9	9,516.3
Portfolio investments, assets pledged for derivative obligations		45.6
Fairfax India cash, portfolio investments and associates	49.7	6.2
Bonds
Cash and Investments
Holding company, cash and investments	243.2	242.6
Fairfax India cash, portfolio investments and associates	128.2	199.8
Preferred stocks
Cash and Investments
Holding company, cash and investments	11.1	14
Portfolio investments, cash and investments	2,338	2,405.9
Common stocks
Cash and Investments
Holding company, cash and investments	75.4	137.5
Portfolio investments, cash and investments	5,124.3	5,468.9
Fairfax India cash, portfolio investments and associates	237.5	434.6
Investments in associates
Cash and Investments
Portfolio investments, cash and investments	6,091.3	4,755.1
Fairfax India cash, portfolio investments and associates	1,342.6	1,348.9
Derivatives
Cash and Investments
Holding company, cash and investments	232.8	290.5
Portfolio investments, cash and investments	235	291.3
Other invested assets
Cash and Investments
Portfolio investments, cash and investments	593.5	699.9
Bonds
Cash and Investments
Portfolio investments, cash and investments	28,578.5	$ 14,091.2
Portfolio investments, assets pledged for derivative obligations	$ 51.3

Cash and Investments - Assets p

Cash and Investments - Assets pledged to third parties (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets pledged to third parties
Cash and Investments
Financial assets pledged as collateral	$ 7,335.2	$ 6,582
Regulatory deposits
Cash and Investments
Financial assets pledged as collateral	5,724.2	5,147.1
Security for reinsurance and other
Cash and Investments
Financial assets pledged as collateral	$ 1,611	$ 1,434.9

Cash and Investments - Fixed In

Cash and Investments - Fixed Income Maturity Profile (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash and Investments
Bonds with call features	$ 5,933.7	$ 4,063
Bonds with put features	30.9	77.2
Bonds with call and put features	427.7	467.8
Secured investments in first mortgage loans	2,500.7	1,659.4
Bonds
Cash and Investments
Amortized cost	29,968.6	14,221.1
Fair value	$ 29,001.2	$ 14,533.6
Pre-tax effective interest rate	3.60%	2.70%
Bonds | Due in 1 year or less
Cash and Investments
Amortized cost	$ 8,506.5	$ 6,022.8
Fair value	8,192.5	5,946.5
Bonds | Due after 1 year through 3 years
Cash and Investments
Amortized cost	16,077.6	3,933.5
Fair value	15,686.2	4,206
Bonds | Due after 3 years through 5 years
Cash and Investments
Amortized cost	4,205.8	2,740.7
Fair value	4,116.6	2,744.1
Bonds | Due after 5 years through 10 years
Cash and Investments
Amortized cost	318.8	534
Fair value	291.1	531.3
Bonds | Due after 10 years
Cash and Investments
Amortized cost	859.9	990.1
Fair value	714.8	1,105.7
U.S. treasury bond forward contracts
Cash and Investments
Notional amount	183.7	$ 1,691.3
U.S. treasury bond forward contracts | Due after 1 year through 3 years
Cash and Investments
Purchase of bonds and loans	8,287
U.S. treasury bond forward contracts | Due after 3 years through 5 years
Cash and Investments
Purchase of bonds and loans	2,905.1
Canadian government bonds | Due in 1 year or less
Cash and Investments
Purchase of bonds and loans	779
Canadian government bonds | Due after 1 year through 3 years
Cash and Investments
Purchase of bonds and loans	609.3
Canadian provincial bonds | Due in 1 year or less
Cash and Investments
Purchase of bonds and loans	207.6
Short-dated high quality corporate bonds | Due after 1 year through 3 years
Cash and Investments
Purchase of bonds and loans	2,202.6
First mortgage loans | Due in 1 year or less
Cash and Investments
Purchase of bonds and loans	$ 870.2

Cash and Investments - Fair val

Cash and Investments - Fair value hierarchy (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash and Investments
Assets	$ 92,125.1	$ 86,645.4
Derivative obligations	$ (71,789.3)	$ (65,330.1)
Percentage of assets	100%	100%
Restricted cash and cash equivalents	$ 861.2	$ 1,261
Secured investments in first mortgage loans	$ 2,500.7	$ 1,659.4
Quoted prices (Level 1)
Cash and Investments
Percentage of assets	23.50%	52.30%
Significant other observable inputs (Level 2)
Cash and Investments
Percentage of assets	58.30%	29.90%
Significant unobservable inputs (Level 3)
Cash and Investments
Assets	$ 8,744.3
Percentage of assets	18.20%	17.80%
Secured investments in first mortgage loans	$ 2,500.7	$ 1,659.4
Significant unobservable inputs (Level 3) | Bonds
Cash and Investments
Assets	3,465.3
Significant unobservable inputs (Level 3) | Derivatives and other invested assets
Cash and Investments
Assets	680.3
Recurring fair value measurement
Cash and Investments
Assets	48,043.8	46,918.8
Investment in associates	9,252.3	8,291.2
Recurring fair value measurement | Derivative obligations
Cash and Investments
Derivative obligations	(191)	(152.9)
Recurring fair value measurement | Cash and cash equivalents
Cash and Investments
Assets	6,980.8	12,946.4
Recurring fair value measurement | Short term investments
Cash and Investments
Assets	3,405.2	9,849.1
Recurring fair value measurement | Short term investments, Canadian government
Cash and Investments
Assets	91.8	16.2
Recurring fair value measurement | Short term investments, Canadian provincials
Cash and Investments
Assets	38.1	535.8
Recurring fair value measurement | Short term investments, U.S. treasury
Cash and Investments
Assets	1,574.5	7,608.8
Recurring fair value measurement | Short term investments, Other government
Cash and Investments
Assets	1,402.8	1,424.4
Recurring fair value measurement | Short term investments, Corporate and other
Cash and Investments
Assets	298	263.9
Recurring fair value measurement | Bonds
Cash and Investments
Assets	29,001.2	14,533.6
Recurring fair value measurement | Bonds, Canadian government
Cash and Investments
Assets	1,923.5	614.6
Recurring fair value measurement | Bonds, Canadian provincials
Cash and Investments
Assets	284.1	45
Recurring fair value measurement | Bonds, U.S. treasury
Cash and Investments
Assets	14,378.8	3,957.9
Recurring fair value measurement | Bonds, U.S. states and municipalities
Cash and Investments
Assets	262.7	387.2
Recurring fair value measurement | Bonds, Other government
Cash and Investments
Assets	2,700.2	2,655
Recurring fair value measurement | Bonds, Corporate and other
Cash and Investments
Assets	9,451.9	6,873.9
Recurring fair value measurement | Preferred stocks
Cash and Investments
Assets	2,349.1	2,419.9
Recurring fair value measurement | Preferred stocks, Canadian
Cash and Investments
Assets	32.8	110.2
Recurring fair value measurement | Preferred stocks, U.S.
Cash and Investments
Assets	233.6	40.6
Recurring fair value measurement | Preferred stocks, Other
Cash and Investments
Assets	2,082.7	2,269.1
Recurring fair value measurement | Common stocks
Cash and Investments
Assets	5,437.2	6,041
Recurring fair value measurement | Common stocks, Canadian
Cash and Investments
Assets	1,244.4	1,596.3
Recurring fair value measurement | Common stocks, U.S.
Cash and Investments
Assets	1,804.3	1,785.2
Recurring fair value measurement | Common stocks, Other
Cash and Investments
Assets	2,388.5	2,659.5
Recurring fair value measurement | Derivatives and other invested assets
Cash and Investments
Assets	1,061.3	1,281.7
Recurring fair value measurement | Quoted prices (Level 1)
Cash and Investments
Assets	11,286.2	24,544.4
Investment in associates	4,693.8	4,188.8
Recurring fair value measurement | Quoted prices (Level 1) | Cash and cash equivalents
Cash and Investments
Assets	6,980.8	12,946.4
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments
Cash and Investments
Assets	1,868.7	8,444.3
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, Canadian government
Cash and Investments
Assets	91.8	16.2
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, Canadian provincials
Cash and Investments
Assets	38.1	535.8
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, U.S. treasury
Cash and Investments
Assets	1,574.5	7,608.8
Recurring fair value measurement | Quoted prices (Level 1) | Short term investments, Other government
Cash and Investments
Assets	164.3	283.5
Recurring fair value measurement | Quoted prices (Level 1) | Preferred stocks
Cash and Investments
Assets	23.6	13.5
Recurring fair value measurement | Quoted prices (Level 1) | Preferred stocks, Canadian
Cash and Investments
Assets	10.4
Recurring fair value measurement | Quoted prices (Level 1) | Preferred stocks, Other
Cash and Investments
Assets	13.2	13.5
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks
Cash and Investments
Assets	2,413.1	3,140.1
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks, Canadian
Cash and Investments
Assets	624.3	1,104.2
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks, U.S.
Cash and Investments
Assets	691	597.9
Recurring fair value measurement | Quoted prices (Level 1) | Common stocks, Other
Cash and Investments
Assets	1,097.8	1,438
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	28,013.3	14,031.2
Investment in associates	95.3	106.8
Recurring fair value measurement | Significant other observable inputs (Level 2) | Derivative obligations
Cash and Investments
Derivative obligations	(151.8)	(88.5)
Recurring fair value measurement | Significant other observable inputs (Level 2) | Short term investments
Cash and Investments
Assets	1,536.5	1,404.8
Recurring fair value measurement | Significant other observable inputs (Level 2) | Short term investments, Other government
Cash and Investments
Assets	1,238.5	1,140.9
Recurring fair value measurement | Significant other observable inputs (Level 2) | Short term investments, Corporate and other
Cash and Investments
Assets	298	263.9
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds
Cash and Investments
Assets	25,535.9	11,737.8
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Canadian government
Cash and Investments
Assets	1,923.5	614.6
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Canadian provincials
Cash and Investments
Assets	284.1	45
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, U.S. treasury
Cash and Investments
Assets	14,378.8	3,957.9
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, U.S. states and municipalities
Cash and Investments
Assets	262.7	387.2
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Other government
Cash and Investments
Assets	2,700.2	2,655
Recurring fair value measurement | Significant other observable inputs (Level 2) | Bonds, Corporate and other
Cash and Investments
Assets	5,986.6	4,078.1
Recurring fair value measurement | Significant other observable inputs (Level 2) | Preferred stocks
Cash and Investments
Assets	278.4	304.6
Recurring fair value measurement | Significant other observable inputs (Level 2) | Preferred stocks, Canadian
Cash and Investments
Assets	9.2	16.6
Recurring fair value measurement | Significant other observable inputs (Level 2) | Preferred stocks, Other
Cash and Investments
Assets	269.2	288
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks
Cash and Investments
Assets	472.5	497.1
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks, Canadian
Cash and Investments
Assets	192.3	188.4
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks, U.S.
Cash and Investments
Assets	26.1	32
Recurring fair value measurement | Significant other observable inputs (Level 2) | Common stocks, Other
Cash and Investments
Assets	254.1	276.7
Recurring fair value measurement | Significant other observable inputs (Level 2) | Derivatives and other invested assets
Cash and Investments
Assets	341.8	175.4
Recurring fair value measurement | Significant unobservable inputs (Level 3)
Cash and Investments
Assets	8,744.3	8,343.2
Investment in associates	4,463.2	3,995.6
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Derivative obligations
Cash and Investments
Derivative obligations	(39.2)	(64.4)
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Bonds
Cash and Investments
Assets	3,465.3	2,795.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Bonds, Corporate and other
Cash and Investments
Assets	3,465.3	2,795.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks
Cash and Investments
Assets	2,047.1	2,101.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks, Canadian
Cash and Investments
Assets	13.2	93.6
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks, U.S.
Cash and Investments
Assets	233.6	40.6
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Preferred stocks, Other
Cash and Investments
Assets	1,800.3	1,967.6
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks
Cash and Investments
Assets	2,551.6	2,403.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks, Canadian
Cash and Investments
Assets	427.8	303.7
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks, U.S.
Cash and Investments
Assets	1,087.2	1,155.3
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Common stocks, Other
Cash and Investments
Assets	1,036.6	944.8
Recurring fair value measurement | Significant unobservable inputs (Level 3) | Derivatives and other invested assets
Cash and Investments
Assets	$ 719.5	$ 1,106.2
Go Digit Infoworks Services Private Limited
Cash and Investments
Ownership percentage	49%

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, 2021 USD ($)	Jun. 30, 2021 INR (₨)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 INR (₨)
Changes in fair value measurement, assets
Acquisitions of subsidiaries			$ 111.5	$ 7.5
Net unrealized foreign currency translation losses on foreign operations			(673.7)	(199.5)
Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			8,343.2	5,176.8
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			(518.5)	2,362.5
Purchases			2,025.6	1,860.2
Acquisitions of subsidiaries				74.9
Transfer into category				150.5
Sales and distributions			(999.8)	(1,164.9)
Transfer out of category			(2.7)	(112.7)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(103.5)	(4.1)
Balance - December 31			$ 8,744.3	8,343.2
Go Digit Infoworks Services Private Limited
Changes in fair value measurement, assets
Ownership percentage			49%
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				200
Net unrealized gain on investment in convertible preferred shares, inclusive of foreign exchange losses				1,490.3
Unrealized losses recognized in profit or loss attributable to changes in investment fair value			$ 167.2
Private placement debt securities
Changes in fair value measurement, assets
Net purchases of first mortgage loans			870.2	826.9
Private placement debt securities | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			2,795.8	1,774.2
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			(378.8)	69.1
Purchases			1,456	1,241.5
Acquisitions of subsidiaries				47.5
Transfer into category				139.6
Sales and distributions			(382.4)	(476.6)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(25.3)	0.5
Balance - December 31			3,465.3	2,795.8
Private company preferred shares | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			2,101.8	587.4
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			(247.4)	1,489.3
Purchases			286.4	32
Sales and distributions			(88.1)	(7.2)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(5.6)	0.3
Balance - December 31			2,047.1	2,101.8
Limited partnerships and other | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			1,789.1	1,766.9
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			143	450.6
Purchases			113.1	254.3
Sales and distributions			(207)	(580.9)
Transfer out of category				(102)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(14)	0.2
Balance - December 31			1,824.2	1,789.1
Private equity funds | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			107.7	110.8
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			(1.4)	2.4
Sales and distributions			(4.2)	(5.9)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(4.6)	0.4
Balance - December 31			97.5	107.7
Common stocks | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			507	239.9
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			61.9	53.7
Purchases			102.7	216.9
Transfer into category				10.9
Sales and distributions			(14.3)	(2.5)
Transfer out of category			(2.7)	(10.7)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(24.7)	(1.2)
Balance - December 31			629.9	507
Derivatives and other invested assets | Significant unobservable inputs (Level 3)
Changes in fair value measurement, assets
Balance - January 1			1,041.8	697.6
Net realized and unrealized gains (losses) included in the consolidated statement of earnings			(95.8)	297.4
Purchases			67.4	115.5
Acquisitions of subsidiaries				27.4
Sales and distributions			(303.8)	(91.8)
Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss)			(29.3)	(4.3)
Balance - December 31			$ 680.3	$ 1,041.8

Cash and Investments - Fair V_2

Cash and Investments - Fair Value Assets Measurement Techniques (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Cash and Investments
Assets	$ 92,125.1		$ 86,645.4
Private placement debt securities | Discounted cash flow | Minimum
Cash and Investments
Credit spread	2.80%	2.80%
Private placement debt securities | Discounted cash flow | Maximum
Cash and Investments
Credit spread	12.70%	12.70%
Mortgage loans | Discounted cash flow | Minimum
Cash and Investments
Credit spread	2.10%	2.10%
Mortgage loans | Discounted cash flow | Maximum
Cash and Investments
Credit spread	6.40%	6.40%
Mortgage loans | Market approach
Cash and Investments
Assets	$ 250		$ 149.4
Private company preferred shares | Discounted cash flow | Minimum
Cash and Investments
Discount rate	10.90%	10.90%
Long term growth rate	6.30%	6.30%
Private company preferred shares | Discounted cash flow | Maximum
Cash and Investments
Discount rate	10.90%	10.90%
Long term growth rate	6.30%	6.30%
Private placement preferred shares | Discounted cash flow | Minimum
Cash and Investments
Credit spread	5.80%	5.80%
Private placement preferred shares | Discounted cash flow | Maximum
Cash and Investments
Credit spread	5.80%	5.80%
Investment property | Income capitalization | Minimum
Cash and Investments
Terminal capitalization rate	6%	6%
Discount rate	6.90%	6.90%
Market rent growth rate	2.60%	2.60%
Investment property | Income capitalization | Maximum
Cash and Investments
Terminal capitalization rate	8%	8%
Discount rate	9.30%	9.30%
Market rent growth rate	3%	3%
Investment property | Sales comparison | Minimum
Cash and Investments
Price per acre (Cdn$ thousands)		$ 30,000
Investment property | Sales comparison | Maximum
Cash and Investments
Price per acre (Cdn$ thousands)		$ 150,000
Significant unobservable inputs (Level 3)
Cash and Investments
Assets	$ 8,744.3
Significant unobservable inputs (Level 3) | Bonds
Cash and Investments
Assets	3,465.3
Significant unobservable inputs (Level 3) | Private placement debt securities | Discounted cash flow
Cash and Investments
Assets	834.2
Significant unobservable inputs (Level 3) | Mortgage loans | Market approach
Cash and Investments
Assets	2,500.7
Significant unobservable inputs (Level 3) | Other bonds | Various
Cash and Investments
Assets	130.4
Significant unobservable inputs (Level 3) | Preferred Stocks
Cash and Investments
Assets	2,047.1
Significant unobservable inputs (Level 3) | Private company preferred shares | Discounted cash flow
Cash and Investments
Assets	1,798.3
Significant unobservable inputs (Level 3) | Private placement preferred shares | Discounted cash flow
Cash and Investments
Assets	156.7
Significant unobservable inputs (Level 3) | Other preferred stocks | Various
Cash and Investments
Assets	92.1
Significant unobservable inputs (Level 3) | Common Stocks
Cash and Investments
Assets	2,551.6
Significant unobservable inputs (Level 3) | Limited partnerships and other | Net asset value
Cash and Investments
Assets	1,824.2
Significant unobservable inputs (Level 3) | Common shares | Market approach
Cash and Investments
Assets	261.6
Significant unobservable inputs (Level 3) | Other common stocks | Various
Cash and Investments
Assets	465.8
Significant unobservable inputs (Level 3) | Derivatives and other invested assets
Cash and Investments
Assets	680.3
Significant unobservable inputs (Level 3) | Investment property | Income capitalization
Cash and Investments
Assets	437.3
Significant unobservable inputs (Level 3) | Investment property | Sales comparison
Cash and Investments
Assets	66
Significant unobservable inputs (Level 3) | Other derivatives and other invested assets | Various
Cash and Investments
Assets	$ 177

Cash and Investments - Fair V_3

Cash and Investments - Fair Value Disclosures, Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Cash and Investments
Assets	$ 92,125.1	$ 86,645.4
Private placement debt securities | Sensitivity Analysis, increase in credit spreads
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	1%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ (23.2)
Private placement debt securities | Sensitivity Analysis, decrease in credit spreads
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(1.00%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ 24.5
Mortgage Loans | Sensitivity Analysis, increase in credit spreads
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	1%
Mortgage Loans | Sensitivity Analysis, decrease in credit spreads
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(1.00%)
Private company preferred shares | Sensitivity Analysis, increase in discount rate
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	1%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ (308.2)
Private company preferred shares | Sensitivity Analysis, decrease in discount rate
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(1.00%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ 591.8
Private company preferred shares | Sensitivity Analysis, increase in long term growth rate
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	0.50%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ 175.8
Private company preferred shares | Sensitivity Analysis, decrease in long term growth rate
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(0.50%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ (141.7)
Limited partnerships and other | Sensitivity Analysis, increase in net asset values
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	10%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ 182.4
Limited partnerships and other | Sensitivity Analysis, decrease in net asset values
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(10.00%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ (182.4)
Net asset value | Limited partnerships and other
Cash and Investments
Number of investments | item	45	47
Net asset value | Limited partnerships and other - largest investment | Industrials
Cash and Investments
Assets		$ 258.2
Net asset value | Limited partnerships and other - largest investment | Industrials One
Cash and Investments
Assets	$ 189.5
Net asset value | Limited partnerships and other - largest investment | Industrials Two
Cash and Investments
Assets	176.1
Net asset value | Limited partnerships and other - largest investment | Oil and gas extraction
Cash and Investments
Assets	$ 374.8	252.1
Net asset value | Limited partnerships and other - largest investment | Household appliance manufacturing
Cash and Investments
Assets		$ 192
Discounted cash flow | Private placement debt securities
Cash and Investments
Number of investments | item	10	12
Discounted cash flow | Private placement debt securities - largest investment
Cash and Investments
Assets	$ 285	$ 535.1
Market approach | Mortgage Loans
Cash and Investments
Number of investments | item	50	36
Assets	$ 250	$ 149.4

Cash and Investments - Interest

Cash and Investments - Interest and dividends and share of profit of associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Cash and short term investments	$ 101.5	$ 26.8
Bonds	753.1	488.5
Derivatives and other invested assets	18.9	53.1
Interest income	873.5	568.4
Dividends:
Dividend income	140.4	108.2
Investment expenses	(52.1)	(35.8)
Interest and dividends	961.8	640.8
Share of profit of associates	1,014.7	402
Preferred stocks
Dividends:
Dividend income	39.7	14.1
Common stocks
Dividends:
Dividend income	100.7	94.1
Associates
Dividends:
Share of profit of associates	$ 1,014.7	$ 402

Cash and Investments - Net gain

Cash and Investments - Net gains (losses) on investments (Details) $ / shares in Units, shares in Millions, $ in Millions, ₨ in Billions			12 Months Ended
	Aug. 31, 2022 USD ($) shares	Apr. 06, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 INR (₨)
Cash and Investments
Net gains (losses) on investments			$ (1,733.9)	$ 3,445.1
Proceeds from sales of interests in associates			192.9	809.2
Share of profit of associates			$ 1,014.7	402
Impact on reclassification from unrealized gain to realized gain	$ 0
Stelco
Cash and Investments
Ownership percentage	20.50%
Number of shares repurchased from investor | shares	5.1
Reclassification of unrealized gain to realized gain on equity method investments	$ 151.9
Atlas Corp
Cash and Investments
Number of shares acquired on exercise of warrants | shares		25
Strike price | $ / shares		$ 8.05
Cash consideration for acquisition of equity warrants		$ 201.3
Net loss on investments		37.2
Realized gain on derecognition		58.6
Unrealized gain on derecognition of investments related to prior period		$ 95.8
IIFL Finance Limited
Cash and Investments
Proceeds from sales of interests in associates				113.7	₨ 8.6
Go Digit Infoworks Services Private Limited
Cash and Investments
Ownership percentage			49%
Associates
Cash and Investments
Share of profit of associates			$ 1,014.7	402
Associates | IIFL Finance Limited
Cash and Investments
After tax gain amount				42
Proceeds from sales of interests in associates				113.7	₨ 8.6
Common stocks
Cash and Investments
After tax gain amount			364.5	483.4
Net change in unrealized gains (losses)			(607.2)	850
Net gains (losses) on investments			(242.7)	1,333.4
Preferred stocks - convertible
Cash and Investments
After tax gain amount			1.4	0.7
Net change in unrealized gains (losses)			(5.8)	2.1
Net gains (losses) on investments			(4.4)	2.8
Preferred stocks - convertible | Go Digit Infoworks Services Private Limited
Cash and Investments
Net gains (losses) on investments				1,490.3
Bonds - convertible
Cash and Investments
After tax gain amount			10.2	0.2
Net change in unrealized gains (losses)			(247.2)	101.1
Net gains (losses) on investments			(237)	101.3
Other equity derivatives
Cash and Investments
After tax gain amount			331.7	461.5
Net change in unrealized gains (losses)			(140.9)	170.1
Net gains (losses) on investments			190.8	631.6
Other equity derivatives | Fairfax subordinate voting shares
Cash and Investments
Net change in unrealized gains (losses)			100.6	91.8
Fair value			196.3	95.7
Disposition of non-insurance associates
Cash and Investments
After tax gain amount			45.1	52.7
Net gains (losses) on investments			45.1	52.7
Deconsolidation of non-insurance subsidiaries
Cash and Investments
After tax gain amount			4.4	190.3
Net gains (losses) on investments			4.4	190.3
Long equity exposure and financial effects
Cash and Investments
After tax gain amount			757.3	1,188.8
Net change in unrealized gains (losses)			(1,001.1)	1,123.3
Net gains (losses) on investments			(243.8)	2,312.1
Gains on derivatives			154.8	130.9
Bonds
Cash and Investments
After tax gain amount			(183.6)	338
Net change in unrealized gains (losses)			(1,064.9)	(624.6)
Net gains (losses) on investments			(1,248.5)	(286.6)
Fair value			29,001.2	14,533.6
U.S. treasury bond forward contracts
Cash and Investments
After tax gain amount			163	26
Net change in unrealized gains (losses)			(0.6)	(0.3)
Net gains (losses) on investments			162.4	25.7
Total bonds
Cash and Investments
After tax gain amount			(20.6)	364
Net change in unrealized gains (losses)			(1,065.5)	(624.9)
Net gains (losses) on investments			(1,086.1)	(260.9)
Preferred stocks
Cash and Investments
After tax gain amount			12.9	1.5
Net change in unrealized gains (losses)			(101.1)	1,507.4
Net gains (losses) on investments			(88.2)	1,508.9
Other derivative contracts
Cash and Investments
After tax gain amount			(62)	(157.2)
Net change in unrealized gains (losses)			86.6	181.3
Net gains (losses) on investments			24.6	24.1
Foreign currency
Cash and Investments
After tax gain amount			105.8	(64.5)
Net change in unrealized gains (losses)			(410.1)	(28.6)
Net gains (losses) on investments			(304.3)	(93.1)
Other
Cash and Investments
After tax gain amount			(36.3)	130.4
Net change in unrealized gains (losses)			0.2	(176.4)
Net gains (losses) on investments			(36.1)	(46)
Net gains (losses) on investments
Cash and Investments
After tax gain amount			757.1	1,463
Net change in unrealized gains (losses)			(2,491)	1,982.1
Net gains (losses) on investments			$ (1,733.9)	$ 3,445.1

Investments in Associates - Sum

Investments in Associates - Summary (Details) $ in Millions, $ in Millions			12 Months Ended
	Oct. 04, 2022	Aug. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2022 CAD ($)	Apr. 06, 2022 USD ($)
Investments in Associates
Share of profit of associates			$ 1,014.7	$ 402
Investments in associates, including investment in associate held for sale
Investments in Associates
Investments in associates, at fair value			9,252.3	8,291.2
Investments in associates
Investments in Associates
Investments in associates, at fair value			9,252.3	8,291.2
Portfolio investments
Investments in Associates
Investments in associates, at fair value			6,772.9	5,671.9
Portfolio investments | Investments in associates
Investments in Associates
Investments in associates, at fair value			6,772.9	5,671.9
Portfolio investments | Fairfax India investments in associates
Investments in Associates
Investments in associates, at fair value			2,479.4	2,619.3
Total | Investments in associates, including investment in associate held for sale
Investments in Associates
Carrying value			7,433.9	6,104
Total | Investments in associates
Investments in Associates
Carrying value			7,433.9	6,104
Share of profit of associates			1,014.7	402
Total | Portfolio investments | Investments in associates
Investments in Associates
Carrying value			6,091.3	4,755.1
Total | Portfolio investments | Fairfax India investments in associates
Investments in Associates
Carrying value			1,342.6	1,348.9
Associates and joint ventures | Investments in associates
Investments in Associates
Carrying value			6,091.3	4,755.1
Fairfax India associates | Investments in associates
Investments in Associates
Carrying value			$ 1,342.6	1,348.9
Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage			49%
Resolute Forest Products Inc.
Investments in Associates
Investments in associates, at fair value			$ 508.5
Stelco Holdings Inc.
Investments in Associates
Ownership percentage		20.50%
Investments in associates, at fair value		$ 352.2			$ 461.3
Insurance and reinsurance
Investments in Associates
Investments in associates, at fair value			1,069	1,099.1
Insurance and reinsurance | Total
Investments in Associates
Carrying value			647.3	607.4
Share of profit of associates			30.4	72.6
Insurance and reinsurance | Associates and joint ventures
Investments in Associates
Carrying value			$ 647.3	$ 607.4
Insurance and reinsurance | Gulf Insurance Group K.S.C.P.
Investments in Associates
Ownership percentage			43.70%	43.70%
Investments in associates, at fair value			$ 415.8	$ 409.5
Insurance and reinsurance | Gulf Insurance Group K.S.C.P. | Total
Investments in Associates
Carrying value			403.4	380
Share of profit of associates			53	55.5
Insurance and reinsurance | Gulf Insurance Group K.S.C.P. | Associates and joint ventures
Investments in Associates
Carrying value			$ 403.4	$ 380
Insurance and reinsurance | Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage			49%	49%
Investments in associates, at fair value			$ 479.3	$ 498.3
Insurance and reinsurance | Go Digit Infoworks Services Private Limited | Total
Investments in Associates
Carrying value			104.4	79.1
Share of profit of associates			(11)	5.3
Insurance and reinsurance | Go Digit Infoworks Services Private Limited | Associates and joint ventures
Investments in Associates
Carrying value			104.4	79.1
Insurance and reinsurance | Other Insurance and Reinsurance
Investments in Associates
Investments in associates, at fair value			173.9	191.3
Insurance and reinsurance | Other Insurance and Reinsurance | Total
Investments in Associates
Carrying value			139.5	148.3
Share of profit of associates			(11.6)	11.8
Insurance and reinsurance | Other Insurance and Reinsurance | Associates and joint ventures
Investments in Associates
Carrying value			139.5	148.3
Non-insurance
Investments in Associates
Investments in associates, at fair value			8,183.3	7,192.1
Share of profit of associates			134	22.3
Non-insurance | Total
Investments in Associates
Carrying value			6,786.6	5,496.6
Share of profit of associates			984.3	329.4
Non-insurance | Associates and joint ventures
Investments in Associates
Carrying value			5,444	4,147.7
Non-insurance | Fairfax India associates
Investments in Associates
Carrying value			1,342.6	$ 1,348.9
Non-insurance | IIFL Finance Limited
Investments in Associates
Ownership percentage				22.30%
Non-insurance | Atlas Corp
Investments in Associates
Ownership percentage	43.20%
Investments in associates, at fair value						$ 335.3
Non-insurance | India
Investments in Associates
Investments in associates, at fair value			2,739.2	$ 3,196.3
Non-insurance | India | Total
Investments in Associates
Carrying value			1,848.3	1,901.1
Share of profit of associates			142.5	32.6
Non-insurance | India | Associates and joint ventures
Investments in Associates
Carrying value			505.7	552.2
Non-insurance | India | Fairfax India associates
Investments in Associates
Carrying value			$ 1,342.6	$ 1,348.9
Non-insurance | India | Bangalore International Airport Limited
Investments in Associates
Ownership percentage			54%	54%
Investments in associates, at fair value			$ 1,233.7	$ 1,372.2
Non-insurance | India | Bangalore International Airport Limited | Total
Investments in Associates
Carrying value			521.1	585.8
Share of profit of associates			(5.7)	(45.8)
Non-insurance | India | Bangalore International Airport Limited | Fairfax India associates
Investments in Associates
Carrying value			$ 521.1	$ 585.8
Non-insurance | India | Quess Corp Limited
Investments in Associates
Ownership percentage			30.90%	31%
Investments in associates, at fair value			$ 228.3	$ 528.5
Non-insurance | India | Quess Corp Limited | Total
Investments in Associates
Carrying value			459.6	506.3
Share of profit of associates			6.8	(1.4)
Non-insurance | India | Quess Corp Limited | Associates and joint ventures
Investments in Associates
Carrying value			$ 459.6	$ 506.3
Non-insurance | India | IIFL Finance Limited
Investments in Associates
Ownership percentage			22.30%	22.30%
Investments in associates, at fair value			$ 493.3	$ 318.1
Non-insurance | India | IIFL Finance Limited | Total
Investments in Associates
Carrying value			242.8	198.8
Share of profit of associates			36.5	40.6
Non-insurance | India | IIFL Finance Limited | Fairfax India associates
Investments in Associates
Carrying value			$ 242.8	$ 198.8
Non-insurance | India | Sanmar Chemicals Group
Investments in Associates
Ownership percentage			42.90%	42.90%
Investments in associates, at fair value			$ 337.8	$ 421.2
Non-insurance | India | Sanmar Chemicals Group | Total
Investments in Associates
Carrying value			159.8	124.2
Share of profit of associates			36.4	(2.4)
Non-insurance | India | Sanmar Chemicals Group | Fairfax India associates
Investments in Associates
Carrying value			$ 159.8	$ 124.2
Non-insurance | India | CSB Bank Limited
Investments in Associates
Ownership percentage			49.70%	49.70%
Investments in associates, at fair value			$ 223.3	$ 227.6
Non-insurance | India | CSB Bank Limited | Total
Investments in Associates
Carrying value			194.5	180.8
Share of profit of associates			40.8	27.6
Non-insurance | India | CSB Bank Limited | Fairfax India associates
Investments in Associates
Carrying value			$ 194.5	$ 180.8
Non-insurance | India | IIFL Securities Limited
Investments in Associates
Ownership percentage			37.10%	37.20%
Investments in associates, at fair value			$ 87.9	$ 138
Non-insurance | India | IIFL Securities Limited | Total
Investments in Associates
Carrying value			133.2	136
Share of profit of associates			14.6	14
Non-insurance | India | IIFL Securities Limited | Associates and joint ventures
Investments in Associates
Carrying value			35.3	35
Non-insurance | India | IIFL Securities Limited | Fairfax India associates
Investments in Associates
Carrying value			$ 97.9	$ 101
Non-insurance | India | Seven Islands Shipping Limited
Investments in Associates
Ownership percentage			48.50%	48.50%
Investments in associates, at fair value			$ 96.9	$ 105.9
Non-insurance | India | Seven Islands Shipping Limited | Total
Investments in Associates
Carrying value			97.9	98.5
Share of profit of associates			9.8	(0.5)
Non-insurance | India | Seven Islands Shipping Limited | Fairfax India associates
Investments in Associates
Carrying value			97.9	98.5
Non-insurance | India | Other, India
Investments in Associates
Investments in associates, at fair value			38	84.8
Non-insurance | India | Other, India | Total
Investments in Associates
Carrying value			39.4	70.7
Share of profit of associates			3.3	0.5
Non-insurance | India | Other, India | Associates and joint ventures
Investments in Associates
Carrying value			10.8	10.9
Non-insurance | India | Other, India | Fairfax India associates
Investments in Associates
Carrying value			28.6	59.8
Non-insurance | Real estate
Investments in Associates
Investments in associates, at fair value			162.4	215.9
Non-insurance | Real estate | Total
Investments in Associates
Carrying value			164.4	216.8
Share of profit of associates			19.3	(10.7)
Non-insurance | Real estate | Associates and joint ventures
Investments in Associates
Carrying value			164.4	216.8
Non-insurance | Real estate | KWF Real Estate Ventures Limited Partnerships
Investments in Associates
Investments in associates, at fair value			101.1	76.3
Non-insurance | Real estate | KWF Real Estate Ventures Limited Partnerships | Total
Investments in Associates
Carrying value			101.1	76.3
Share of profit of associates			16.5	(9)
Non-insurance | Real estate | KWF Real Estate Ventures Limited Partnerships | Associates and joint ventures
Investments in Associates
Carrying value			101.1	76.3
Non-insurance | Real estate | Other, Real estate
Investments in Associates
Investments in associates, at fair value			61.3	139.6
Non-insurance | Real estate | Other, Real estate | Total
Investments in Associates
Carrying value			63.3	140.5
Share of profit of associates			2.8	(1.7)
Non-insurance | Real estate | Other, Real estate | Associates and joint ventures
Investments in Associates
Carrying value			63.3	140.5
Non-insurance | Other
Investments in Associates
Investments in associates, at fair value			5,281.7	3,779.9
Non-insurance | Other | Total
Investments in Associates
Carrying value			4,773.9	3,378.7
Share of profit of associates			822.5	307.5
Non-insurance | Other | Associates and joint ventures
Investments in Associates
Carrying value			$ 4,773.9	$ 3,378.7
Non-insurance | Other | Eurobank Ergasias Services & Holdings S.A
Investments in Associates
Ownership percentage			32.20%	32.20%
Investments in associates, at fair value			$ 1,344.5	$ 1,210.3
Non-insurance | Other | Eurobank Ergasias Services & Holdings S.A | Total
Investments in Associates
Carrying value			1,507.6	1,298.5
Share of profit of associates			263	162.3
Non-insurance | Other | Eurobank Ergasias Services & Holdings S.A | Associates and joint ventures
Investments in Associates
Carrying value			$ 1,507.6	$ 1,298.5
Non-insurance | Other | Atlas Corp
Investments in Associates
Ownership percentage			43.20%	36.70%
Investments in associates, at fair value			$ 1,864.7	$ 1,285.8
Non-insurance | Other | Atlas Corp | Total
Investments in Associates
Carrying value			1,506.3	922.1
Share of profit of associates			258.2	69.5
Non-insurance | Other | Atlas Corp | Associates and joint ventures
Investments in Associates
Carrying value			$ 1,506.3	$ 922.1
Non-insurance | Other | Resolute Forest Products Inc.
Investments in Associates
Ownership percentage			32.20%	32.30%
Investments in associates, at fair value			$ 508.5	$ 377.1
Non-insurance | Other | Resolute Forest Products Inc. | Total
Investments in Associates
Carrying value			508.5	275.8
Share of profit of associates			159	75.9
Non-insurance | Other | Resolute Forest Products Inc. | Associates and joint ventures
Investments in Associates
Carrying value			$ 508.5	$ 275.8
Non-insurance | Other | Stelco Holdings Inc.
Investments in Associates
Ownership percentage			23.60%
Investments in associates, at fair value			$ 423.3
Non-insurance | Other | Stelco Holdings Inc. | Total
Investments in Associates
Carrying value			304.8
Non-insurance | Other | Stelco Holdings Inc. | Associates and joint ventures
Investments in Associates
Carrying value			$ 304.8
Non-insurance | Other | EXCO Resources, Inc
Investments in Associates
Ownership percentage			44.40%	43.30%
Investments in associates, at fair value			$ 544.8	$ 267.2
Non-insurance | Other | EXCO Resources, Inc | Total
Investments in Associates
Carrying value			288.4	195.4
Share of profit of associates			81.9	(41.2)
Non-insurance | Other | EXCO Resources, Inc | Associates and joint ventures
Investments in Associates
Carrying value			$ 288.4	$ 195.4
Non-insurance | Other | Helios Fairfax Partners Corporation
Investments in Associates
Ownership percentage			34.40%	34.40%
Investments in associates, at fair value			$ 104.1	$ 116.2
Non-insurance | Other | Helios Fairfax Partners Corporation | Total
Investments in Associates
Carrying value			183.2	206.1
Share of profit of associates			(23.9)	(1.2)
Non-insurance | Other | Helios Fairfax Partners Corporation | Associates and joint ventures
Investments in Associates
Carrying value			$ 183.2	$ 206.1
Non-insurance | Other | Peak Achievement Athletics
Investments in Associates
Ownership percentage			42.60%	42.60%
Investments in associates, at fair value			$ 195.3	$ 181.2
Non-insurance | Other | Peak Achievement Athletics | Total
Investments in Associates
Carrying value			124.4	140.5
Share of profit of associates			7.7	13.3
Non-insurance | Other | Peak Achievement Athletics | Associates and joint ventures
Investments in Associates
Carrying value			124.4	140.5
Non-insurance | Other | Partnerships, trusts and other
Investments in Associates
Investments in associates, at fair value			296.5	342.1
Non-insurance | Other | Partnerships, trusts and other | Total
Investments in Associates
Carrying value			350.7	340.3
Share of profit of associates			76.6	28.9
Non-insurance | Other | Partnerships, trusts and other | Associates and joint ventures
Investments in Associates
Carrying value			$ 350.7	$ 340.3

Investments in Associates - Ins

Investments in Associates - Insurance and reinsurance associates and joint ventures (Details) - Insurance and reinsurance companies	Jul. 14, 2021	Jun. 17, 2021	Jun. 16, 2021
Eurolife
Investments in Associates
Ownership percentage	80%
Singapore Re
Investments in Associates
Ownership percentage		94%	28.20%

Investments in Associates - Non

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

12 Months Ended

Oct. 31, 2022 USD ($) $ / shares

Oct. 04, 2022 USD ($)

Aug. 31, 2022 USD ($) shares

Jul. 05, 2022 $ / shares

Jul. 04, 2022

Apr. 06, 2022 USD ($) $ / shares shares

Sep. 16, 2021 USD ($)

Sep. 16, 2021 INR (₨)

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

Dec. 31, 2022 USD ($) $ / shares

Dec. 31, 2021 USD ($)

Dec. 31, 2021 INR (₨)

Aug. 31, 2022 CAD ($) shares

Aug. 23, 2021 USD ($)

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

Jun. 30, 2020 USD ($)

Investments in Associates

Cash purchase price

$ 363.5

$ 175.4

Cash proceeds from sales of interests in associates

192.9

809.2

Investments in associates

7,433.9

6,104

Atlas Corp

Investments in Associates

Number of shares acquired on exercise of warrants | shares

25

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

$ 8.05

Cash consideration for acquisition of equity warrants

$ 201.3

Realized gain on derecognition

58.6

Unrealized gain on derecognition of investments related to prior period

$ 95.8

Percent of ownership interests sold

45%

Cash consideration for acquisition of shares, per share | $ / shares

$ 15.50

Resolute Forest Products Inc.

Investments in Associates

Investments in associates, at fair value

$ 508.5

Cash consideration for acquisition of shares, per share | $ / shares

$ 20.50

$ 20.50

Stelco Holdings Inc.

Investments in Associates

Investments in associates, at fair value

$ 352.2

$ 461.3

Number of shares repurchased from investor | shares

5.1

5.1

Ownership percentage

20.50%

IIFL Finance Limited

Investments in Associates

Cash proceeds from sales of interests in associates

113.7

₨ 8.6

Poseidon Acquisitions Corp

Investments in Associates

Cash proceeds from sales of interests in associates

$ 78.7

Fairfax India | Bangalore International Airport Limited

Investments in Associates

Ownership percentage

54%

54%

Percentage of ownership interest transferred

43.60%

43.60%

Fairfax India | Anchorage Infrastructure Investments Holdings Limited

Investments in Associates

Cash proceeds from sales of interests in associates

$ 129.2

₨ 9.5

Percentage of interest sold

11.50%

11.50%

Non-insurance companies

Investments in Associates

Investments in associates, at fair value

$ 8,183.3

7,192.1

Non-insurance companies | Grivalia Hospitality

Investments in Associates

Ownership percentage

78.40%

33.50%

Non-insurance companies | Atlas Corp

Investments in Associates

Number of shares acquired on exercise of warrants | shares

25

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

$ 8.05

Cash consideration for acquisition of equity warrants

$ 201.3

Net loss on investments

37.2

Realized gain on derecognition

58.6

Unrealized gain on derecognition of investments related to prior period

95.8

Investments in associates, at fair value

$ 335.3

Cash consideration for acquisition of shares

$ 84.8

Ownership percentage

43.20%

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

Investments in Associates

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

$ 13.71

Investments in associates

$ 575

Amount of principal exchanged

$ 288

Amount of redemption of debentures

$ 287

Non-insurance companies | IIFL Finance Limited

Investments in Associates

Cash proceeds from sales of interests in associates

$ 113.7

₨ 8.6

Ownership percentage

22.30%

22.30%

Net gain on sale of investments

$ 42

Non-insurance companies | Helios Fairfax Partners Corporation

Investments in Associates

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

$ 4.90

Investments in associates

$ 100

Interest rate of debentures

3%

Number of warrants to purchase shares | shares

3

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

Investments in Associates - Ann

Investments in Associates - Annual changes in carrying value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying value of investments in associates, including investment in associate held for sale
Purchases and acquisitions	$ 363.5	$ 175.4
Investments in associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	6,104	6,439.6
Share of profit	1,014.7	402
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	(150.1)	(87.9)
Share of gains (losses) on defined benefit plans	69.6	79.8
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	934.2	393.9
Dividends and distributions received	(182.9)	(182)
Purchases and acquisitions	527.8	616.6
Divestitures and other net changes in capitalization	32.4	(818.3)
Reclassifications	197.5	(315.6)
Foreign exchange effect and other	(179.1)	(30.2)
Balance - December 31	7,433.9	6,104
Associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	3,858.7	3,170.4
Share of profit	856.6	375.8
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	(111.5)	(67.7)
Share of gains (losses) on defined benefit plans	74.4	89.1
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	819.5	397.2
Dividends and distributions received	(142.2)	(153.8)
Purchases and acquisitions	429.1	466.5
Divestitures and other net changes in capitalization	9.9	(54.8)
Reclassifications	352.2	36.4
Foreign exchange effect and other	(16.8)	(3.2)
Balance - December 31	5,310.4	3,858.7
Joint ventures
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	896.4	1,940.9
Share of profit	26.1	6
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	(53)	(20.5)
Share of gains (losses) on defined benefit plans	0.6	0.1
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	(26.3)	(14.4)
Dividends and distributions received	(33.7)	(23.6)
Purchases and acquisitions	88.6	114.4
Divestitures and other net changes in capitalization	(11.9)	(764.4)
Reclassifications	(114.3)	(352)
Foreign exchange effect and other	(17.9)	(4.5)
Balance - December 31	780.9	896.4
Fairfax India associates
Changes in the carrying value of investments in associates, including investment in associate held for sale
Balance - January 1	1,348.9	1,328.3
Share of profit	132	20.2
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	14.4	0.3
Share of gains (losses) on defined benefit plans	(5.4)	(9.4)
Share of pre-tax comprehensive income (loss) of associates and joint arrangements	141	11.1
Dividends and distributions received	(7)	(4.6)
Purchases and acquisitions	10.1	35.7
Divestitures and other net changes in capitalization	34.4	0.9
Reclassifications	(40.4)
Foreign exchange effect and other	(144.4)	(22.5)
Balance - December 31	$ 1,342.6	$ 1,348.9

Derivatives - Summary (Details)

Derivatives - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives
Derivative financial assets	$ 467.8	$ 581.8
Derivative financial liabilities	191	152.9
Equity derivative contracts
Derivatives
Notional amount	1,946.5	1,728.9
Cost	68	113.9
Derivative financial assets	258.1	355.3
Derivative financial liabilities	19.4	3.8
Equity derivative contracts | Atlas Corp
Derivatives
Derivative financial assets	13.5	200.1
RiverStone Barbados AVLNs
Derivatives
Notional amount	517.5	1,250.1
Derivative financial assets	30.7	103.8
Foreign currency derivative contracts
Derivatives
Derivative financial assets	49	58.4
Derivative financial liabilities	106.8	77.4
Foreign currency derivative contracts | AGT Food and Ingredients Inc. (AGT)
Derivatives
Derivative financial liabilities	56.2	47.6
Other derivative contracts
Derivatives
Cost	289.8	263.3
Derivative financial assets	130	64.3
Derivative financial liabilities	$ 64.8	$ 71.7

Derivatives - Equity derivative

Derivatives - Equity derivative contracts (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions		12 Months Ended
	Jul. 05, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2021 CAD ($) $ / shares shares
Derivatives
Net gains (losses) on investments		$ (1,733.9)	$ 3,445.1
Guaranteed value of securities to CVC and certain affiliates		486.8
Derivative financial assets		467.8	581.8
Long equity total return swaps
Derivatives
Cash received from settlement of derivative contracts		238.2	439.6
Notional amount of derivatives settled		63	1,876.7
Net gains (losses) on investments		(8.1)	243
Equity total return swaps - long positions, investment purposes
Derivatives
Notional amount of equity contracts entered into during the period		217.4
Equity total return swaps - long positions, individual equities
Derivatives
Notional amount		1,012.6	866.2
Equity total return swaps - long positions, individual equities | Fairfax subordinate voting shares
Derivatives
Notional amount		$ 732.5	$ 732.5	$ 935	$ 935
Number of shares under equity swap contracts (in shares) | shares		1,964,155	1,964,155	1,964,155	1,964,155
Notional amount per share (in dollars per share) | (per share)		$ 372.96	$ 372.96	$ 476.03	$ 476.03
Net gains (losses) on investments		$ 255.4	$ 222.7
RiverStone Barbados AVLNs
Derivatives
Guaranteed value of securities to CVC and certain affiliates	$ 543.4	486.8	1,300
Derivative financial assets		$ 30.7	$ 103.8

Derivatives - Other derivative

Derivatives - Other derivative contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivatives
Net gains (losses) on investments	$ (1,733.9)	$ 3,445.1
U.S. treasury bond forward contracts
Derivatives
Notional amount	183.7	1,691.3
Net gains (losses) on investments	$ 162.4	$ 25.7

Derivatives - Counterparty coll

Derivatives - Counterparty collateral (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Cash | Collateral deposits on derivative contracts for the benefit of the company
Derivatives
Financial assets pledged as collateral	$ 9.5	$ 14.3
Holding company cash and investments | Collateral deposits on derivative contracts for the benefit of the derivative counterparties
Derivatives
Financial assets pledged as collateral	155.9	230.5
Amount of collateral originally required for deposit	124.8	221.2
Amount of collateral deposits attributable to changes in fair value since the most recent reset date	31.1	9.3
Government securities | Collateral deposits on derivative contracts for the benefit of the company
Derivatives
Financial assets pledged as collateral	$ 274.9	$ 125.7

Derivatives - Hedges (Details)

Derivatives - Hedges (Details) € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 EUR (€)
Derivatives
Net gains (losses) on investments	$ (1,733.9)	$ 3,445.1
Hedges of net investment in Canadian subsidiaries | Unsecured senior notes
Derivatives
Principal amount of hedged item			$ 2,800		$ 2,800
Fair value of hedged item	1,926.8	2,364.6
Net gains (losses) on investments	149.5	(16.7)
Hedges of net investment in European operations | Unsecured senior notes
Derivatives
Principal amount of hedged item | €				€ 750		€ 750
Fair value of hedged item	698.3	926.3
Net gains (losses) on investments	$ 51.8	$ 63.9

Insurance Contract Liabilitie_2

Insurance Contract Liabilities - Summary by nature (Details) - USD ($) $ in Millions	Dec. 31, 2022	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
Insurance Contract Liabilities
Total Insurance contract liabilities	$ 52,199.6	$ 47,346.5
Insurance contracts, gross
Insurance Contract Liabilities
Provision for unearned premiums	11,691.8	10,437.7	$ 8,397.5
Provision for losses and loss adjustment expenses	38,319.2	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
Property and casualty insurance contract liabilities	50,011	44,860.5
Provision for life policy benefits	2,188.6	2,486	$ 0
Total Insurance contract liabilities	52,199.6	47,346.5
Provisions for unearned premiums for life policy benefits	18.2	16.5
Ceded reinsurance contracts
Insurance Contract Liabilities
Provision for unearned premiums	2,413.1	2,260
Provision for losses and loss adjustment expenses	9,245.9	8,943.9
Property and casualty insurance contract liabilities	11,659	11,203.9
Provision for life policy benefits	2.6	2.3
Total Insurance contract liabilities	11,661.6	11,206.2
Provisions for unearned premiums for life policy benefits	0.4	0
Insurance contracts, net
Insurance Contract Liabilities
Provision for unearned premiums	9,278.7	8,177.7
Provision for losses and loss adjustment expenses	29,073.3	25,478.9
Property and casualty insurance contract liabilities	38,352	33,656.6
Provision for life policy benefits	2,186	2,483.7
Total Insurance contract liabilities	40,538	36,140.3
Net loss reserves, case reserves	10,933.9	10,258.5
Net loss reserves, IBNR	$ 18,139.4	$ 15,220.4

Insurance Contract Liabilitie_3

Insurance Contract Liabilities - Summary by classification (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Insurance Contract Liabilities
Total Insurance contract liabilities	$ 52,199.6	$ 47,346.5
Insurance contracts, gross
Insurance Contract Liabilities
Current	23,807.9	20,618.3
Non-current	28,391.7	26,728.2
Total Insurance contract liabilities	52,199.6	47,346.5
Ceded reinsurance contracts
Insurance Contract Liabilities
Current	5,052.4	4,740.3
Non-current	6,609.2	6,465.9
Total Insurance contract liabilities	11,661.6	11,206.2
Insurance contracts, net
Insurance Contract Liabilities
Current	18,755.5	15,878
Non-current	21,782.5	20,262.3
Total Insurance contract liabilities	$ 40,538	$ 36,140.3

Insurance Contract Liabilitie_4

Insurance Contract Liabilities - Provision for unearned premiums, gross (Details) - Insurance contracts, gross - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Insurance Contract Liabilities
Provision for unearned premiums - January 1	$ 10,437.7	$ 8,397.5
Gross premiums written	27,561.7	23,796
Less: gross premiums earned	(26,106.7)	(21,673.6)
Acquisitions of subsidiaries		64.1
Divestiture of subsidiary		(62.9)
Foreign exchange effect and other	(200.9)	(83.4)
Provision for unearned premiums - December 31	$ 11,691.8	$ 10,437.7

Insurance Contract Liabilitie_5

Insurance Contract Liabilities - Provision for losses and loss adjustment expenses, gross (Details) - Insurance contracts, gross - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the property and casualty provision for losses and loss adjustment expenses
Provision for losses and loss adjustment expenses - January 1	$ 34,422.8	$ 30,809.3
Decrease in estimated losses and expenses for claims occurring in the prior years	(44)	(283.1)
Losses and expenses for claims occurring in the current year	17,300.2	14,396.8
Paid on claims occurring during:
the current year	(3,978.6)	(3,148.6)
the prior years	(8,734.7)	(7,212.8)
Acquisitions of subsidiaries	3.8	297.3
Divestiture of subsidiary	0	(18.7)
Foreign exchange effect and other	(650.3)	(417.4)
Provision for losses and loss adjustment expenses - December 31	$ 38,319.2	$ 34,422.8

Insurance Contract Liabilitie_6

Insurance Contract Liabilities - Provision for life policy benefits (Details) - Insurance contracts, gross - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Provision for life policy benefits
Provision for life policy benefits - January 1	$ 2,486	$ 0
Acquisition of subsidiary		2,638.5
New business and renewals	275.9	78.1
Surrenders, lapses, maturities and deaths	(359.4)	(121)
Foreign exchange effect and other	(213.9)	(109.6)
Provision for life policy benefits - December 31	$ 2,188.6	$ 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, 2022	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
Insurance Contract Liabilities
Provision for losses and loss adjustment expenses	$ 38,319.2	$ 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
Less: CTR Life	4.4	4.4	5.5	7	8	8.7	12.8	14.2	15.2	17.9
Provision for losses and loss adjustment expenses, net of CTR Life	38,314.8	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
Effect of foreign currency translation		443.3	425.6	452.9	395.7	759.2	(84.5)	(129.1)	326.8	522.8
Favourable (adverse) loss reserve development	$ (44)	44	110.8	(201.9)	606.5	(154.1)	349.8	1,064.7	811.6	829
Favourable (adverse) development		487.3	536.4	251	(210.8)	605.1	265.3	935.6	1,138.4	1,351.8
One year later
Insurance Contract Liabilities
Cumulative payments		8,734.7	7,180.7	7,288.8	7,732	7,564	4,608	4,441.4	3,801.6	4,081.1
Reserves re-estimated		$ 33,931.1	30,360.1	28,225.5	28,974.3	27,580.6	19,343.1	19,169.3	16,696.4	18,375.6
Two years later
Insurance Contract Liabilities
Cumulative payments			12,501.3	11,598	12,313.5	12,081.3	7,631.4	7,283.6	6,364.5	6,787.6
Reserves re-estimated			$ 30,267.4	28,165.4	28,839.4	27,565.9	18,804.8	18,973.6	16,269.2	17,475
Three years later
Insurance Contract Liabilities
Cumulative payments				15,475.2	15,363.3	15,222.3	9,655.9	9,466.5	8,172.7	8,775.5
Reserves re-estimated				$ 28,242.2	28,990.4	27,451.3	18,752.8	18,502.5	16,114	17,307.9
Four years later
Insurance Contract Liabilities
Cumulative payments					18,132.3	17,378.8	11,122.6	10,914.2	9,561.8	10,212.4
Reserves re-estimated					$ 29,284.5	27,698.6	18,743.9	18,469.1	15,938.9	17,287.2
Five years later
Insurance Contract Liabilities
Cumulative payments						13,340.9	12,233.4	12,013.9	10,496.4	11,354.4
Reserves re-estimated						$ 27,977	19,046.6	18,490.5	16,049.6	17,203.5
Six years later
Insurance Contract Liabilities
Cumulative payments							13,196.6	12,859.5	11,202.2	12,123.4
Reserves re-estimated							$ 19,203.7	18,759.5	16,123.1	17,340.1
Seven years later
Insurance Contract Liabilities
Cumulative payments								13,568	11,793.5	12,754.2
Reserves re-estimated								$ 18,866.6	16,403.8	17,420
Eight years later
Insurance Contract Liabilities
Cumulative payments									12,390.7	13,283.6
Reserves re-estimated									$ 16,595.5	17,680.5
Nine years later
Insurance Contract Liabilities
Cumulative payments										13,840.6
Reserves re-estimated										$ 17,843.1

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, 2022	Dec. 31, 2021
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	$ 1,036.7	$ 1,030.6
Losses and loss adjustment expenses incurred	215.8	199.1
Losses and loss adjustment expenses paid	(175.2)	(193)
Provision for asbestos claims and loss adjustment expenses - December 31	1,077.3	1,036.7
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	838.9	840
Losses and loss adjustment expenses incurred	113.7	151.6
Losses and loss adjustment expenses paid	(132.5)	(152.7)
Provision for asbestos claims and loss adjustment expenses - December 31	$ 820.1	$ 838.9

Reinsurance - Reinsurers' share

Reinsurance - Reinsurers' share of insurance contract Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance
Provision for losses and loss adjustment expenses	$ 9,248.1	$ 8,946.2
Reinsurers' share of paid losses	1,454.2	884.3
Provision for unearned premiums	2,413.5	2,260
Total	13,115.8	12,090.5	$ 10,533.2
Current	6,414.4	5,572.4
Non-current	6,701.4	6,518.1
Gross recoverable from reinsurers
Reinsurance
Provision for losses and loss adjustment expenses	9,274.8	8,989.3
Reinsurers' share of paid losses	1,599.4	1,019.9
Provision for unearned premiums	2,413.5	2,260
Total	13,287.7	12,269.2
Provision for uncollectible reinsurance
Reinsurance
Provision for losses and loss adjustment expenses	(26.7)	(43.1)
Reinsurers' share of paid losses	(145.2)	(135.6)
Total	$ (171.9)	$ (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		12 Months Ended
	Oct. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		$ 12,090.5	$ 10,533.2
Reinsurance recoveries received		(2,551)	(2,152.8)
Reinsurers' share of unpaid losses and premiums earned		(1,806.8)	(1,749.8)
Premiums ceded to reinsurers		5,640.9	5,632.1
Acquisitions of subsidiaries			99.7
Divestiture of subsidiary			(20.3)
Foreign exchange effect and other		(257.8)	(251.6)
Ending balance - December 31		13,115.8	12,090.5
Commission income on premiums ceded		1,184.4	1,007.8
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		1,019.9	818
Reinsurers' share of losses paid to insureds		3,142.8	2,360.3
Reinsurance recoveries received		(2,551)	(2,152.8)
Acquisitions of subsidiaries			0.3
Divestiture of subsidiary			(3.3)
Foreign exchange effect and other		(12.3)	(2.6)
Ending balance - December 31		1,599.4	1,019.9
Unpaid losses
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		8,989.3	7,971.7
Reinsurers' share of losses paid to insureds		3,142.8	2,360.3
Reinsurers' share of unpaid losses and premiums earned		3,642	3,479
Acquisitions of subsidiaries			82.7
Divestiture of subsidiary			(6.4)
Foreign exchange effect and other		(213.7)	(177.4)
Ending balance - December 31		9,274.8	8,989.3
Unearned premiums
Changes in reinsurers' share of paid losses, unpaid losses and unearned premiums, and the provision for uncollectible reinsurance
Beginning balance - January 1		2,260	1,899.1
Reinsurers' share of unpaid losses and premiums earned		(5,448.8)	(5,228.8)
Premiums ceded to reinsurers		5,640.9	5,632.1
Acquisitions of subsidiaries			16.7
Divestiture of subsidiary			(10.6)
Foreign exchange effect and other		(38.6)	(48.5)
Ending balance - December 31		2,413.5	2,260
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		(178.7)	(155.6)
Foreign exchange effect and other		6.8	(23.1)
Ending balance - December 31		$ (171.9)	$ (178.7)

Insurance Contract Receivable_3

Insurance Contract Receivables and Payables - Summary of contract receivables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance Contract Receivables and Payables
Insurance premiums receivable	$ 4,972.7	$ 4,247.1	$ 3,665.6
Reinsurance premiums receivable	2,114.6	1,863.9	$ 1,385.3
Funds withheld receivable	550.6	574
Other	269.6	198.2
Insurance contract receivables	7,907.5	6,883.2
Current	7,330	6,170
Non-current	$ 577.5	$ 713.2

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, 2022	Dec. 31, 2021
Insurance premiums receivable
Insurance premiums receivable, beginning balance	$ 4,247.1	$ 3,665.6
Gross premiums written	20,516.3	18,118.6
Premiums collected	(17,571.5)	(15,703.6)
Amounts due to brokers and agents	(2,089.4)	(1,770.1)
Foreign exchange effect and other	(129.8)	(63.4)
Insurance premiums receivable, ending balance	4,972.7	4,247.1
Reinsurance premiums receivable
Reinsurance premiums receivable, beginning balance	1,863.9	1,385.3
Gross premiums written	7,396.3	5,791.6
Premiums collected	(5,366.6)	(3,963.7)
Amounts due to brokers and agents	(1,806.1)	(1,332.3)
Foreign exchange effect and other	27.1	(17)
Reinsurance premiums receivable, ending balance	$ 2,114.6	$ 1,863.9

Insurance Contract Receivable_5

Insurance Contract Receivables and Payables - Summary of insurance contract payables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Insurance Contract Receivables and Payables
Payable to reinsurers	$ 2,289.1	$ 2,333.7
Payables associated with unit-linked life insurance products	662.5	621.7
Ceded deferred premium acquisition costs	564.6	510.3
Funds withheld payable to reinsurers	193.5	274
Amounts payable to agents and brokers	112.5	142.4
Accrued premium taxes	105.7	124.1
Accrued commissions	157.8	100.8
Other insurance contract payables	976.2	386.5
Insurance contract payables	5,061.9	4,493.5
Current	4,101	3,503.4
Non-current	$ 960.9	$ 990.1

Deferred Premium Acquisition _3

Deferred Premium Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in deferred premium acquisition costs
Deferred premium acquisition costs, beginning balance	$ 1,924.1	$ 1,543.7
Premium acquisition costs deferred	5,212.5	4,502.4
Amortization	(4,932.2)	(4,098.1)
Foreign exchange effect and other	(34.1)	(23.9)
Deferred premium acquisition costs, ending balance	$ 2,170.3	$ 1,924.1

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	$ 5,928.2	$ 6,229.1
Additions	445.2	370.7
Disposals	(125.2)	(125.5)
Amortization	(226.6)	(439.4)
Impairments	(137.9)	(85.3)
Foreign exchange effect and other	(194.7)	(21.4)
Goodwill and intangible assets, ending balance	5,689	5,928.2
Intangible assets with indefinite useful life	1,613.6	1,686.2
Farmers Edge
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	224.3
Goodwill and intangible assets, ending balance	74.7	$ 224.3
Non-cash goodwill impairment charge	133.4
Fairfax India | Privi Speciality Chemicals Limited
Changes in goodwill and intangible assets
Percentage of interest sold		48.80%
Goodwill
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	3,084.8	$ 3,126.3
Additions	152	60.7
Disposals	(81.9)	(28.9)
Impairments	(137)	(52.1)
Foreign exchange effect and other	(90.4)	(21.2)
Goodwill and intangible assets, ending balance	2,927.5	3,084.8
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	760.9	867.5
Additions	25.9	17.8
Disposals	(31.6)	(25.1)
Amortization	(91.7)	(96.6)
Foreign exchange effect and other	(9.6)	(2.7)
Goodwill and intangible assets, ending balance	653.9	760.9
Brand names
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	1,087.3	1,153.3
Additions	(0.3)	27.9
Disposals	(8.5)	(64)
Impairments		(33.1)
Foreign exchange effect and other	(60.2)	3.2
Goodwill and intangible assets, ending balance	1,018.3	1,087.3
Computer software and other
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	492	578.8
Additions	267.6	264.3
Disposals	(3.2)	(7.5)
Amortization	(134.9)	(342.8)
Impairments	(0.9)	(0.1)
Foreign exchange effect and other	(34.5)	(0.7)
Goodwill and intangible assets, ending balance	$ 586.1	$ 492

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets
Gross carrying amount	$ 7,598.3	$ 7,622
Accumulated amortization	(1,619.9)	(1,492.8)
Accumulated impairment and other	(289.4)	(201)
Total	5,689	5,928.2	$ 6,229.1
Goodwill
Goodwill and Intangible Assets
Gross carrying amount	3,161.8	3,214.1
Accumulated impairment and other	(234.3)	(129.3)
Total	2,927.5	3,084.8	3,126.3
Lloyd's participation rights
Goodwill and Intangible Assets
Gross carrying amount	503.2	503.2
Total	503.2	503.2	503.2
Customer and broker relationships
Goodwill and Intangible Assets
Gross carrying amount	1,279	1,338.5
Accumulated amortization	(631.6)	(577.4)
Accumulated impairment and other	6.5	(0.2)
Total	653.9	760.9	867.5
Brand names
Goodwill and Intangible Assets
Gross carrying amount	1,060.1	1,139.2
Accumulated impairment and other	(41.8)	(51.9)
Total	1,018.3	1,087.3	1,153.3
Computer software and other
Goodwill and Intangible Assets
Gross carrying amount	1,594.2	1,427
Accumulated amortization	(988.3)	(915.4)
Accumulated impairment and other	(19.8)	(19.6)
Total	$ 586.1	$ 492	$ 578.8

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Allocation of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information for cash-generating units
Goodwill	$ 2,927.5	$ 3,084.8
Intangible assets	2,761.5	2,843.4
Total	5,689	5,928.2	$ 6,229.1
Insurance and reinsurance companies
Disclosure of information for cash-generating units
Goodwill	1,891.2	1,972.8
Intangible assets	1,513.4	1,614.2
Total	3,404.6	3,587
Allied World
Disclosure of information for cash-generating units
Goodwill	940	940
Intangible assets	519.8	565.8
Total	1,459.8	1,505.8
Brit
Disclosure of information for cash-generating units
Goodwill	214.6	215.6
Intangible assets	565.5	580.5
Total	780.1	796.1
Zenith National
Disclosure of information for cash-generating units
Goodwill	317.6	317.6
Intangible assets	77.7	84.4
Total	395.3	402
Northbridge
Disclosure of information for cash-generating units
Goodwill	81.6	94.9
Intangible assets	133.5	121.3
Total	215.1	216.2
Crum & Forster
Disclosure of information for cash-generating units
Goodwill	132.6	189.1
Intangible assets	57.8	91
Total	190.4	280.1
Odyssey Group
Disclosure of information for cash-generating units
Goodwill	119.7	119.7
Intangible assets	50.8	54.9
Total	170.5	174.6
All other
Disclosure of information for cash-generating units
Goodwill	85.1	95.9
Intangible assets	108.3	116.3
Total	193.4	212.2
Non-insurance companies
Disclosure of information for cash-generating units
Goodwill	1,036.3	1,112
Intangible assets	1,248.1	1,229.2
Total	2,284.4	2,341.2
Recipe
Disclosure of information for cash-generating units
Goodwill	298.9	321.2
Intangible assets	902.2	980.5
Total	1,201.1	1,301.7
Boat Rocker
Disclosure of information for cash-generating units
Goodwill	86.4	89.1
Intangible assets	184.8	90.2
Total	271.2	179.3
AGT
Disclosure of information for cash-generating units
Goodwill	147.6	154.4
Intangible assets	49.6	34.9
Total	197.2	189.3
Thomas Cook India
Disclosure of information for cash-generating units
Goodwill	127.7	142.1
Intangible assets	48.4	54.5
Total	176.1	196.6
Farmers Edge
Disclosure of information for cash-generating units
Goodwill	63.3	208.3
Intangible assets	11.4	16
Total	74.7	224.3
All other
Disclosure of information for cash-generating units
Goodwill	312.4	196.9
Intangible assets	51.7	53.1
Total	$ 364.1	$ 250

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Minimum
Disclosure of information for cash-generating units
Growth rate used to extrapolate cash flow projections	3%
Maximum
Disclosure of information for cash-generating units
Growth rate used to extrapolate cash flow projections	3.70%
Farmers Edge Inc
Disclosure of information for cash-generating units
Non-cash goodwill impairment charge	$ 133.4
Insurance and reinsurance companies
Disclosure of information for cash-generating units
Investment return rate	5%
Insurance and reinsurance companies | Minimum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	9.30%
Insurance and reinsurance companies | Maximum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	13.70%
Non-insurance companies | Minimum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	10.50%
Non-insurance companies | Maximum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	16.90%

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Premises and equipment, right-of-use assets and non-insurance companies' investment property	$ 2,883.7	$ 2,284
Assets associated with unit-linked insurance products	676.5	637.1
Inventories	668.2	547.3
Other revenue receivables	638.9	508.4
Accrued interest and dividends	317.2	215.1
Income tax, sales tax and subsidies receivable	275.9	231.9
Prepaid expenses	245.8	205.8
Finance lease receivables	226.8	266.1
Prepaid losses on claims	168.9	129.4
Pension surplus	144.5	113.8
Receivable for securities sold but not yet settled	11.2	135.4
Other	824.1	847
Current	2,626.5	2,333.6
Non-current	4,455.2	3,787.7
Other assets	7,081.7	6,121.3
Insurance and reinsurance companies
Segmented Information
Premises and equipment, right-of-use assets and non-insurance companies' investment property	684	725.6
Assets associated with unit-linked insurance products	676.5	637.1
Accrued interest and dividends	313.7	211.4
Income tax, sales tax and subsidies receivable	71.3	61.6
Prepaid expenses	111	110.9
Finance lease receivables	8.8	9.4
Prepaid losses on claims	168.9	129.4
Pension surplus	144.5	113.8
Receivable for securities sold but not yet settled	11.2	135.4
Other	738.5	791.1
Current	993.9	989.9
Non-current	1,934.5	1,935.8
Other assets	2,928.4	2,925.7
Non-insurance companies
Segmented Information
Premises and equipment, right-of-use assets and non-insurance companies' investment property	2,199.7	1,558.4
Inventories	668.2	547.3
Other revenue receivables	638.9	508.4
Accrued interest and dividends	3.5	3.7
Income tax, sales tax and subsidies receivable	204.6	170.3
Prepaid expenses	134.8	94.9
Finance lease receivables	218	256.7
Other	85.6	55.9
Current	1,632.6	1,343.7
Non-current	2,520.7	1,851.9
Other assets	$ 4,153.3	$ 3,195.6

Account Payable and Accrued Lia

Account Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities
Lease liabilities	$ 1,094	$ 1,140.7
Payables related to cost of sales	814.3	580.9
Salaries and employee benefit liabilities	599	568.2
Amounts withheld and accrued taxes	486.5	477.7
Deferred gift card, hospitality and other revenue	429.8	353.9
Income taxes payable	361	175
Pension and post retirement liabilities	145.7	253.9
Administrative and other	1,284.9	1,435.1
Accounts payable and accrued liabilities	5,215.2	4,985.4
Current	3,081.7	2,715.9
Non-current	2,133.5	2,269.5
Insurance and reinsurance companies
Accounts Payable and Accrued Liabilities
Lease liabilities	364.1	384.2
Salaries and employee benefit liabilities	500.5	482.6
Amounts withheld and accrued taxes	455.8	453.9
Deferred gift card, hospitality and other revenue	37.8	35.4
Income taxes payable	347	163.8
Pension and post retirement liabilities	132.9	237.4
Administrative and other	946.6	1,150.9
Accounts payable and accrued liabilities	2,784.7	2,908.2
Current	1,528.4	1,538.7
Non-current	1,256.3	1,369.5
Non-insurance companies
Accounts Payable and Accrued Liabilities
Lease liabilities	729.9	756.5
Payables related to cost of sales	814.3	580.9
Salaries and employee benefit liabilities	98.5	85.6
Amounts withheld and accrued taxes	30.7	23.8
Deferred gift card, hospitality and other revenue	392	318.5
Income taxes payable	14	11.2
Pension and post retirement liabilities	12.8	16.5
Administrative and other	338.3	284.2
Accounts payable and accrued liabilities	2,430.5	2,077.2
Current	1,553.3	1,177.2
Non-current	$ 877.2	$ 900

Borrowings - Summary (Details)

Borrowings - Summary (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Aug. 16, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Borrowings
Carrying value	$ 8,624.9					$ 7,753				$ 8,814
Fair value	8,049.8					8,291.9
Borrowings
Borrowings
Principal	8,673.5					7,802.3
Holding company
Borrowings
Principal	5,932.6					5,385.2
Carrying value	5,887.6					5,338.6				5,580.6
Fair value	5,454.6					5,850.5
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	$ 281.6					$ 281.1
Fair value	277					301.7
Holding company | 4.95% due March 3, 2025 (Cdn$350.0)
Borrowings
Principal	$ 258.3	$ 350				$ 277.1	$ 350
Interest rate	4.95%	4.95%	4.95%	4.95%		4.95%	4.95%	4.95%	4.95%
Carrying value	$ 257.2					$ 275.4
Fair value	255.2					299.6
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	98.2					113.3
Holding company | 4.70% due December 16, 2026 (Cdn$450.0)
Borrowings
Principal	$ 332.1	$ 450				$ 356.3	$ 450
Interest rate	4.70%	4.70%	4.70%	4.70%		4.70%	4.70%	4.70%	4.70%
Carrying value	$ 331					$ 354.8
Fair value	323.7					387.9
Holding company | 4.25% due December 6, 2027 (Cdn$650.0)
Borrowings
Principal	$ 479.7	$ 650				$ 514.6	$ 650
Interest rate	4.25%	4.25%	4.25%	4.25%		4.25%	4.25%	4.25%	4.25%
Carrying value	$ 478.6					$ 513.1
Fair value	455.8					551.4
Holding company | 2.75% due March 29, 2028 (750.0 EUR)
Borrowings
Principal	$ 800.5		€ 750			$ 852.9		€ 750
Interest rate	2.75%	2.75%	2.75%	2.75%		2.75%	2.75%	2.75%	2.75%
Carrying value	$ 792.2					$ 842.4
Fair value	698.3					926.3
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	$ 596.9					$ 596.3
Fair value	568.1					668.5
Holding company | 4.23% due June 14, 2029 (Cdn$500.0)
Borrowings
Principal	$ 369	$ 500				$ 395.8	$ 500
Interest rate	4.23%	4.23%	4.23%	4.23%		4.23%	4.23%	4.23%	4.23%
Carrying value	$ 367.7					$ 394.2
Fair value	342.7					424.4
Holding company | 4.625% due April 29, 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	$ 646.4					$ 645.9
Fair value	591.1					730
Holding company | 3.375% due March 3, 2031
Borrowings
Principal	$ 600					$ 600
Interest rate	3.375%	3.375%	3.375%	3.375%		3.375%	3.375%	3.375%	3.375%
Carrying value	$ 586.8					$ 585.1
Fair value	492.8					620.7
Holding company | 3.95% due March 3, 2031 (Cdn$850.0)
Borrowings
Principal	$ 627.4	$ 850				$ 672.9	$ 850
Interest rate	3.95%	3.95%	3.95%	3.95%		3.95%	3.95%	3.95%	3.95%
Carrying value	$ 623.2					$ 668
Fair value	549.4					701.3
Holding company | 5.625% due August 16, 2032
Borrowings
Principal	$ 750				$ 750
Interest rate	5.625%	5.625%	5.625%	5.625%	5.625%
Carrying value	$ 743.6
Fair value	707.1
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	$ 90.7					$ 90.6
Fair value	95.2					125.4
Insurance and reinsurance companies
Borrowings
Carrying value	733.4					790.7				1,033.4
Fair value	663.7					815.8
Insurance and reinsurance companies | Borrowings
Borrowings
Principal	727.7					783.8
Insurance and reinsurance companies | Allied World 4.35% senior notes 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	$ 502.9					$ 503.9
Fair value	477.7					536.9
Insurance and reinsurance companies | Allied World revolving credit facility and other borrowings
Borrowings
Principal	16.8					17.4
Carrying value	19.8					20.6
Fair value	16.9					21.1
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	38.5					38.3
Insurance and reinsurance companies | Brit 3.6757% subordinated notes due December 9, 2030 (£135.0)
Borrowings
Principal	$ 162.4			£ 135		$ 182.9			£ 135
Interest rate	3.6757%	3.6757%	3.6757%	3.6757%		3.6757%	3.6757%	3.6757%	3.6757%
Carrying value	$ 162.4					$ 182.9
Fair value	120.6					174.5
Insurance and reinsurance companies | Brit floating rate revolving credit facility
Borrowings
Principal	10					45
Carrying value	10					45
Fair value	10					45
Non-insurance companies
Borrowings
Carrying value	2,003.9					1,623.7				$ 2,200
Fair value	1,931.5					1,625.6
Non-insurance companies | Borrowings
Borrowings
Principal	2,013.2					1,633.3
Non-insurance companies | Fairfax India 5.00% unsecured senior notes due 2028
Borrowings
Principal	$ 441.6					$ 441.6
Interest rate	5%	5%	5%	5%		5%	5%	5%	5%
Carrying value	$ 438.9					$ 438.4
Fair value	400.7					440.3
Non-insurance companies | Fairfax India subsidiary borrowings
Borrowings
Principal	122.6					91.9
Carrying value	122.2					91.3
Fair value	122.2					91.3
Non-insurance companies | AGT credit facilities, senior notes and loans
Borrowings
Principal	511.9					491.8
Carrying value	508.4					488.9
Fair value	498.8					488.9
Non-insurance companies | Recipe term loans and credit facilities
Borrowings
Principal	464					359
Carrying value	461.5					356.9
Fair value	436.7					356.9
Non-insurance companies | Boat Rocker demand loans and revolving credit facilities
Borrowings
Principal	155.4					93.8
Carrying value	155.2					93.1
Fair value	155.4					93.1
Non-insurance companies | Loans and revolving credit facilities primarily at floating rates
Borrowings
Principal	317.7					155.2
Carrying value	317.7					155.1
Fair value	$ 317.7					$ 155.1

Borrowings - New Transactions (

Borrowings - New Transactions (Details) - Holding company - USD ($) $ in Millions		12 Months Ended
	Aug. 16, 2022	Dec. 31, 2022	Jun. 29, 2022	Dec. 31, 2021
Borrowings
Notional amount		$ 5,932.6		$ 5,385.2
Grivalia Hospitality
Borrowings
Borrowings included in consolidation		111.3
5.625% due August 16, 2032
Borrowings
Notional amount	$ 750	$ 750
Interest rate	5.625%	5.625%
Net proceeds from borrowings	$ 743.4	$ 743.4
Borrowing costs incurred		$ 5.5
Unsecured revolving credit facility
Borrowings
Notional amount			$ 2,000

Borrowings - Changes in the car

Borrowings - Changes in the carrying values of borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying values of borrowings
Balance - January 1	$ 7,753	$ 8,814
Cash inflows from issuances	790.4	1,749.1
Cash outflows from repayments	(25.6)	(1,526.8)
Net cash inflows (outflows) from credit facilities and short term loans	269.1	(1,046.3)
Non-cash changes:
Acquisition of subsidiaries	137.1
Deconsolidation of subsidiary		(209.9)
Loss on redemption		45.6
Foreign exchange effect and other	(299.1)	(72.7)
Balance - December 31	8,624.9	7,753
Holding company
Changes in the carrying values of borrowings
Balance - January 1	5,338.6	5,580.6
Cash inflows from issuances	743.4	1,250
Cash outflows from repayments		(801.2)
Net cash inflows (outflows) from credit facilities and short term loans		(700)
Non-cash changes:
Loss on redemption		45.7
Foreign exchange effect and other	(194.4)	(36.5)
Balance - December 31	5,887.6	5,338.6
Insurance and reinsurance companies
Changes in the carrying values of borrowings
Balance - January 1	790.7	1,033.4
Cash outflows from repayments	(0.3)	(131.7)
Net cash inflows (outflows) from credit facilities and short term loans	(35)	(84.3)
Non-cash changes:
Deconsolidation of subsidiary		(22.5)
Foreign exchange effect and other	(22)	(4.2)
Balance - December 31	733.4	790.7
Non-insurance companies
Changes in the carrying values of borrowings
Balance - January 1	1,623.7	2,200
Cash inflows from issuances	47	499.1
Cash outflows from repayments	(25.3)	(593.9)
Net cash inflows (outflows) from credit facilities and short term loans	304.1	(262)
Non-cash changes:
Acquisition of subsidiaries	137.1
Deconsolidation of subsidiary		(187.4)
Loss on redemption		(0.1)
Foreign exchange effect and other	(82.7)	(32)
Balance - December 31	$ 2,003.9	$ 1,623.7

Borrowings - Principal Payments

Borrowings - Principal Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Borrowings
Principal repayments on borrowings	$ 8,673.5
2023
Borrowings
Principal repayments on borrowings	372.1
2024
Borrowings
Principal repayments on borrowings	1,031
2025
Borrowings
Principal repayments on borrowings	802.3
2026
Borrowings
Principal repayments on borrowings	455.1
2027
Borrowings
Principal repayments on borrowings	510.4
Thereafter
Borrowings
Principal repayments on borrowings	5,502.6
Holding company
Borrowings
Principal repayments on borrowings	5,932.6
Holding company | 2024
Borrowings
Principal repayments on borrowings	282.5
Holding company | 2025
Borrowings
Principal repayments on borrowings	258.3
Holding company | 2026
Borrowings
Principal repayments on borrowings	423.9
Holding company | 2027
Borrowings
Principal repayments on borrowings	479.7
Holding company | Thereafter
Borrowings
Principal repayments on borrowings	4,488.2
Insurance and reinsurance companies
Borrowings
Principal repayments on borrowings	727.7
Insurance and reinsurance companies | 2023
Borrowings
Principal repayments on borrowings	0.3
Insurance and reinsurance companies | 2024
Borrowings
Principal repayments on borrowings	0.3
Insurance and reinsurance companies | 2025
Borrowings
Principal repayments on borrowings	510.3
Insurance and reinsurance companies | 2026
Borrowings
Principal repayments on borrowings	0.3
Insurance and reinsurance companies | 2027
Borrowings
Principal repayments on borrowings	0.3
Insurance and reinsurance companies | Thereafter
Borrowings
Principal repayments on borrowings	216.2
Non-insurance companies
Borrowings
Principal repayments on borrowings	2,013.2
Non-insurance companies | 2023
Borrowings
Principal repayments on borrowings	371.8
Non-insurance companies | 2024
Borrowings
Principal repayments on borrowings	748.2
Non-insurance companies | 2025
Borrowings
Principal repayments on borrowings	33.7
Non-insurance companies | 2026
Borrowings
Principal repayments on borrowings	30.9
Non-insurance companies | 2027
Borrowings
Principal repayments on borrowings	30.4
Non-insurance companies | Thereafter
Borrowings
Principal repayments on borrowings	$ 798.2

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Interest expense	$ 452.8	$ 513.9
Interest expense on lease liabilities	46.9	57.9
Holding company and insurance and reinsurance companies
Borrowings
Interest expense on borrowings	316.1	356.8
Non-insurance companies
Borrowings
Interest expense	122.8	140.3
Interest expense on borrowings	89.8	99.2
Loss on redemption as interest expense		45.7
Interest expense on lease liabilities	$ 46.9	$ 57.9

Total Equity - Authorized and I

Total Equity - Authorized and Issued capital (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Multiple voting shares
Total Equity
Voting percentage of multiple voting shares	41.80%
Number of shares issued	1,548,000	1,548,000
Fairfax subordinate voting shares
Total Equity
Number of shares issued	24,598,380	24,986,170
Number of shares reserved for share-based payments	2,021,845	1,869,340

Total Equity - Common Stock, Nu

Total Equity - Common Stock, Number of shares outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common shares
Number of shares outstanding:
Beginning balance, shares outstanding (in shares)	23,865,600
Ending balance, shares outstanding (in shares)	23,325,305	23,865,600
Multiple and subordinate voting shares
Number of shares outstanding:
Interest in multiple and subordinate voting shares held through ownership interest in shareholder	(799,230)	(799,230)
Fairfax subordinate voting shares
Number of shares outstanding:
Beginning balance, shares outstanding (in shares)	23,116,830	25,427,736
Purchases for cancellation (in shares)	(387,790)	(2,137,923)
Treasury shares acquired (in shares)	(295,474)	(293,197)
Treasury shares reissued (in shares)	142,969	120,214
Ending balance, shares outstanding (in shares)	22,576,535	23,116,830
Multiple voting shares
Number of shares outstanding:
Beginning balance, shares outstanding (in shares)	1,548,000	1,548,000
Ending balance, shares outstanding (in shares)	1,548,000	1,548,000

Total Equity - Common stock - n

Total Equity - Common stock - narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 29, 2021	Dec. 31, 2022	Dec. 31, 2021
Total Equity
Reduction of issued capital purchases for cancellation		$ 199.6	$ 1,058.1
Fairfax subordinate voting shares
Total Equity
Purchases for cancellation (in shares)		387,790	2,137,923
Treasury shares acquired (in shares)		295,474	293,197
Value of treasury shares purchased		$ 148.2	$ 132.6
Fairfax subordinate voting shares | Normal course issuer bids
Total Equity
Purchases for cancellation (in shares)		387,790	137,923
Cost of shares purchased for cancellation		$ 199.6	$ 58.1
Fairfax subordinate voting shares | Substantial issuer bid
Total Equity
Purchases for cancellation (in shares)	2,000,000
Purchases for cancellation (in dollars per share)	$ 500
Cash paid for stock repurchase	$ 1,000
Reduction of issued capital purchases for cancellation	504.6
Additional paid-up capital	$ 495.4
Retained earnings
Total Equity
Reduction of issued capital purchases for cancellation		103.5	528.5
Retained earnings | Normal course issuer bids
Total Equity
Reduction of issued capital purchases for cancellation		$ 103.5	$ 23.9

Total Equity - Dividends Paid (

Total Equity - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Jan. 26, 2023	Jan. 27, 2022	Jan. 21, 2021	Dec. 31, 2022	Dec. 31, 2021
Total Equity
Dividend per share (in dollars per share)				$ 10	$ 10
Total cash payment				$ 513.1	$ 427.5
Multiple and subordinate voting shares
Total Equity
Dividend per share (in dollars per share)	$ 10	$ 10	$ 10
Total cash payment	$ 245.2	$ 249.9	$ 272.1

Total Equity - Preferred Shares

Total Equity - Preferred Shares (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CAD ($) $ / shares shares
Total Equity
Dividends paid | $	$ 45.2	$ 44.5
Preferred shares
Total Equity
Stated capital	$ 1,335.5	1,335.5	$ 1,456
Liquidation preference per share (in dollars per share)	$ 25
Floating dividend payment basis	three-month Government of Canada treasury bill yield
Dividends paid | $	$ 45.2	$ 44.5
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	7.28%
Adjustment to floating rate basis for payment of dividends	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	6.29%
Adjustment to floating rate basis for payment of dividends	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	6.69%
Adjustment to floating rate basis for payment of dividends	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	6.98%
Adjustment to floating rate basis for payment of dividends	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 L
Total Equity
Adjustment to floating rate basis for payment of dividends	3.51%		3.51%
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%
Series N
Total Equity
Adjustment to floating rate basis for payment of dividends	3.98%		3.98%

Total Equity - Accumulated Othe

Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Pre-tax amount
Foreign currency translation losses	$ (904.7)	$ (636.2)
Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans	(221.6)	(79.8)
Items that may be subsequently reclassified to net earnings	(1,126.3)	(716)
Net gains (losses) on defined benefit plans	43.8	(104.9)
Share of net gains (losses) on defined benefit plans of associates	10.7	(57.3)
Other	43.5	8.4
Items that will not be subsequently reclassified to net earnings	98	(153.8)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	(1,028.3)	(869.8)
Income tax (expense) recovery
Foreign currency translation losses	34.4	24.6
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	17.6	0.4
Items that may be subsequently reclassified to net earnings	52	25
Net losses on defined benefit plans	(4.3)	27.5
Share of net losses on defined benefit plans of associates	(4.7)	5.5
Other	5.7	10.1
Items that will not be subsequently reclassified to net earnings	(3.3)	43.1
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	48.7	68.1
After-tax amount
Foreign currency translation losses	(870.3)	(611.6)
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	(204)	(79.4)
Items that may be subsequently reclassified to net earnings	(1,074.3)	(691)
Net losses on defined benefit plans	39.5	(77.4)
Share of net losses on defined benefit plans of associates	6	(51.8)
Other	49.2	18.5
Items that will not be subsequently reclassified to net earnings	94.7	(110.7)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	$ (979.6)	$ (801.7)

Total Equity - Income tax (expe

Total Equity - Income tax (expense) recovery included in other comprehensive income (loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income tax on items that may be subsequently reclassified to net earnings
Net unrealized foreign currency translation losses on foreign subsidiaries	$ 10	$ 5.2
Share of other comprehensive loss of associates, excluding net gains on defined benefit plans	18.1	12.7
Income tax on items that may be reclassified to net earnings	28.1	17.9
Income tax on items that will not be subsequently reclassified to net earnings
Net gains on defined benefit plans	(32.2)	(27.4)
Share of net gains on defined benefit plans of associates	(10.2)	(12.8)
Income tax on items that will not be subsequently reclassified to net earnings	(42.4)	(40.2)
Total income tax expense included in other comprehensive income (loss)	$ (14.3)	$ (22.3)

Total Equity - Non-Controlling

Total Equity - Non-Controlling Interests (Details) - USD ($) $ in Millions					12 Months Ended
	Sep. 27, 2022	Sep. 26, 2022	Apr. 28, 2022	Apr. 28, 2021	Dec. 31, 2022	Dec. 31, 2021
Total equity
Carrying value					$ 3,659.6	$ 4,930.2
Net earnings (loss) attributable to non-controlling interests					$ 139.6	$ 265.5
Allied World
Total equity
Proportion of ownership interest in subsidiary	82.90%	70.90%
Consideration paid	$ 733.5
Loss recognized in retained earnings due to changes in capitalization of non-controlling interests	$ 228.1
Fairfax India
Total equity
Voting percentage					5.60%	6.10%
Economic ownership percentage					65.30%	69.90%
Addition subordinate shares					5,416,000
Recipe
Total equity
Voting percentage						39%
Economic ownership percentage						61.50%
Allied World
Total equity
Dividends paid			$ 126.4	$ 126.4
Brit | Ki Insurance
Total equity
Capital contribution					$ 152
Insurance and reinsurance companies
Total equity
Carrying value					1,969.2	$ 2,931.4
Net earnings (loss) attributable to non-controlling interests					$ 2.8	$ 221.2
Insurance and reinsurance companies | Allied World
Total equity
Voting percentage					17.10%	29.10%
Carrying value					$ 761.1	$ 1,419.6
Net earnings (loss) attributable to non-controlling interests					$ (5.6)	$ 117.8
Insurance and reinsurance companies | Brit
Total equity
Voting percentage					13.80%	13.80%
Carrying value					$ 658.8	$ 559.3
Net earnings (loss) attributable to non-controlling interests					$ (23.2)	$ 14
Insurance and reinsurance companies | Odyssey Group
Total equity
Voting percentage					9.99%	9.99%
Carrying value					$ 499.2	$ 550
Net earnings (loss) attributable to non-controlling interests					19.6
Insurance and reinsurance companies | All other
Total equity
Carrying value					50.1	402.5
Net earnings (loss) attributable to non-controlling interests					12	89.4
Non-insurance companies
Total equity
Carrying value					1,690.4	1,998.8
Net earnings (loss) attributable to non-controlling interests					136.8	44.3
Non-insurance companies | Restaurants and retail
Total equity
Carrying value					208.1	494.3
Net earnings (loss) attributable to non-controlling interests					$ 32.7	$ 11.8
Non-insurance companies | Fairfax India
Total equity
Voting percentage					5.60%	6.10%
Carrying value					$ 1,080.2	$ 1,133.1
Net earnings (loss) attributable to non-controlling interests					$ 114.2	$ 72.7
Non-insurance companies | Thomas Cook India
Total equity
Voting percentage					26.70%	33.20%
Carrying value					$ 61.3	$ 56.3
Net earnings (loss) attributable to non-controlling interests					1.1	(16.8)
Non-insurance companies | All other
Total equity
Carrying value					340.8	315.1
Net earnings (loss) attributable to non-controlling interests					$ (11.2)	$ (23.4)

Total Equity - Net Changes In C

Total Equity - Net Changes In Capitalization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
As presented in other net changes in capitalization in the consolidated statement of changes in equity	$ (1,244.5)	$ 1,779.8
Common shareholders' equity
Other	116.4	1.9
As presented in other net changes in capitalization in the consolidated statement of changes in equity	(173.6)	552.9
Non-controlling interests
Other	(32.9)	134.1
As presented in other net changes in capitalization in the consolidated statement of changes in equity	(1,070.9)	1,226.9
RiverStone Barbados | Common shareholders' equity
Purchase of certain securities held through AVLNs	14.1	0.3
RiverStone Barbados | Non-controlling interests
Purchase of certain securities held through AVLNs	(356.2)	(113.6)
Anchorage | Common shareholders' equity
Fairfax India's sale of an equity interest in Anchorage		21.8
Anchorage | Non-controlling interests
Fairfax India's sale of an equity interest in Anchorage		107.4
Recipe | Common shareholders' equity
Privatization	(66.1)
Recipe | Non-controlling interests
Privatization	(276.2)
Allied World | Common shareholders' equity
Acquisition of non-controlling interests	(228.1)
Allied World | Non-controlling interests
Acquisition of non-controlling interests	(466.9)
Ki Insurance | Non-controlling interests
Third party's net investment	152	124
Fairfax India | Common shareholders' equity
Share repurchases	(9.9)	(12.5)
Fairfax India | Non-controlling interests
Share repurchases	$ (90.7)	(114.3)
Odyssey Group | Common shareholders' equity
Sale of non-controlling interests		429.1
Odyssey Group | Non-controlling interests
Sale of non-controlling interests		550
Brit | Common shareholders' equity
Sale of non-controlling interests		115.4
Brit | Non-controlling interests
Sale of non-controlling interests		296.7
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

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings per Share
Net earnings attributable to shareholders of Fairfax	$ 1,147.2	$ 3,401.1
Preferred share dividends	(45.2)	(44.5)
Net earnings attributable to common shareholders - basic and diluted	$ 1,102	$ 3,356.6
Weighted average common shares outstanding - basic (in shares)	23,637,824	25,953,114
Share-based payment awards (in shares)	1,702,599	1,503,931
Weighted average common shares outstanding - diluted (in shares)	25,340,423	27,457,045
Net earnings per common share - basic (in dollars per share)	$ 46.62	$ 129.33
Net earnings per common share - diluted (in dollars per share)	$ 43.49	$ 122.25

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current income tax:
Current year expense	$ 616.8	$ 401.6
Adjustments to prior years' income taxes	(10)	(14.6)
Current income tax	606.8	387
Deferred income tax:
Origination and reversal of temporary differences	(197.1)	313.5
Adjustments to prior years' deferred income taxes	11.7	18.9
Other	3.8	6.6
Deferred income tax	(181.6)	339
Provision for income taxes	$ 425.2	$ 726

Income Taxes - Earnings (loss)

Income Taxes - Earnings (loss) before income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Earnings (loss) before income taxes	$ 1,712	$ 4,392.6
Provision for (recovery of) income taxes	425.2	726
Net earnings (loss)	1,286.8	3,666.6
Gain on sale and consolidation of insurance subsidiaries	1,219.7	264
Canada
Segmented Information
Earnings (loss) before income taxes	399.2	858.8
Provision for (recovery of) income taxes	114.7	191.6
Net earnings (loss)	284.5	667.2
U.S.
Segmented Information
Earnings (loss) before income taxes	1,330.7	974.5
Provision for (recovery of) income taxes	238.3	238.6
Net earnings (loss)	1,092.4	735.9
U.S. | Property and Casualty Insurance and Reinsurance
Segmented Information
Gain on sale and consolidation of insurance subsidiaries	1,213.2
U.K.
Segmented Information
Earnings (loss) before income taxes	(112.2)	157.3
Provision for (recovery of) income taxes	(12.9)	18.7
Net earnings (loss)	(99.3)	138.6
Other
Segmented Information
Earnings (loss) before income taxes	94.3	2,402
Provision for (recovery of) income taxes	85.1	277.1
Net earnings (loss)	$ 9.2	2,124.9
Asia | Go Digit Insurance Limited
Segmented Information
Unrealized gain on investment in associate		$ 1,490.3

Income Taxes - Income tax recon

Income Taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Canadian statutory income tax rate	26.50%	26.50%
Provision for income taxes at the Canadian statutory income tax rate	$ 453.7	$ 1,164
Non-taxable investment income	(25.6)	(149.4)
Tax rate differential on income and losses outside Canada	(50.9)	(399.1)
Change in unrecorded tax benefit of losses and temporary differences	0.8	67.2
Change in tax rate for deferred income taxes	6.6	0.3
Recovery relating to prior years	1.7	4.3
Foreign exchange effect	(17.1)	(23)
Other including permanent differences	56	61.7
Provision for income taxes	$ 425.2	$ 726

Income Taxes - Income taxes ref

Income Taxes - Income taxes refundable and payable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Income taxes refundable	$ 67.1	$ 58.3
Income taxes payable	(361)	(175)
Net income taxes payable	$ (293.9)	$ (116.7)	$ 24.2

Income Taxes - Changes in net i

Income Taxes - Changes in net income taxes (payable) refundable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in net income taxes (payable) refundable
Balance - January 1	$ (116.7)	$ 24.2
Amounts recorded in the consolidated statements of earnings	(606.8)	(387)
Payments made during the year	416.4	288.7
Acquisitions of subsidiaries		(54.5)
Foreign exchange effect and other	13.2	11.9
Balance - December 31	$ (293.9)	$ (116.7)

Income Taxes - Changes in net d

Income Taxes - Changes in net deferred income tax asset (liability) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	$ (76.4)	$ 357.5
Amounts recorded in the consolidated statement of earnings	181.6	(339)
Amounts recorded in total equity	(14.3)	(19.2)
Acquisitions of subsidiaries	(62.6)	(74.1)
Deconsolidation of non-insurance subsidiaries	6.4	2.6
Foreign exchange effect and other	(39.3)	(4.2)
Deferred tax asset, ending balance	(4.6)	(76.4)
Operating and capital losses
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	230	236.3
Amounts recorded in the consolidated statement of earnings	(7.1)	(3.5)
Amounts recorded in total equity	8	17.5
Acquisitions of subsidiaries	3.3	(4.2)
Deconsolidation of non-insurance subsidiaries	(0.6)	(7.5)
Foreign exchange effect and other	(6.8)	(8.6)
Deferred tax asset, ending balance	226.8	230
Provision for losses and loss adjustment expenses
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	204.2	168.8
Amounts recorded in the consolidated statement of earnings	53.4	35.6
Foreign exchange effect and other	(2.9)	(0.2)
Deferred tax asset, ending balance	254.7	204.2
Provision for unearned premiums
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	187.7	141.7
Amounts recorded in the consolidated statement of earnings	27	46
Foreign exchange effect and other	0.2
Deferred tax asset, ending balance	214.9	187.7
Deferred premium acquisition costs
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	(147.8)	(116.1)
Amounts recorded in the consolidated statement of earnings	(22.7)	(39.4)
Acquisitions of subsidiaries		7.9
Foreign exchange effect and other	(0.8)	(0.2)
Deferred tax asset, ending balance	(171.3)	(147.8)
Intangible assets
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	(413.1)	(389.5)
Amounts recorded in the consolidated statement of earnings	30.9	(19.5)
Acquisitions of subsidiaries	(1.9)	(10.3)
Deconsolidation of non-insurance subsidiaries	7	7.8
Foreign exchange effect and other	1	(1.6)
Deferred tax asset, ending balance	(376.1)	(413.1)
Investments
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	(414.5)	23.9
Amounts recorded in the consolidated statement of earnings	219.4	(339.2)
Amounts recorded in total equity	20.1	0.8
Acquisitions of subsidiaries	(11.4)	(98.9)
Foreign exchange effect and other	15.5	(1.1)
Deferred tax asset, ending balance	(170.9)	(414.5)
Tax credits
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	213.6	174.8
Amounts recorded in the consolidated statement of earnings	(137.1)	32.3
Foreign exchange effect and other	(1.1)	6.5
Deferred tax asset, ending balance	75.4	213.6
Other
Reconciliation of changes in net deferred income tax asset (liability)
Deferred tax asset, beginning balance	63.5	117.6
Amounts recorded in the consolidated statement of earnings	17.8	(51.3)
Amounts recorded in total equity	(42.4)	(37.5)
Acquisitions of subsidiaries	(52.6)	31.4
Deconsolidation of non-insurance subsidiaries		2.3
Foreign exchange effect and other	(44.4)	1
Deferred tax asset, ending balance	$ (58.1)	$ 63.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Unremitted earnings of subsidiaries	$ 9,900	$ 7,600
Canada
Income Taxes
Deferred income tax assets not recorded	1,728	2,089.3
Europe
Income Taxes
Deferred income tax assets not recorded	552.1	488.8
United States
Income Taxes
Deferred income tax assets not recorded	207.6	109.4
Allied World
Income Taxes
Deferred income tax assets not recorded	$ 295.6	251.4
Operating loss carryforward, expiration period	7 years
Deferred Tax Assets, Operating and Capital Losses
Income Taxes
Deferred income tax assets not recorded	$ 827.7	$ 875.9

Statutory Requirements (Details

Statutory Requirements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory Requirements
Common share dividends	$ 513.1	$ 427.5
Dividend capacity available	2,652.9
Insurance and reinsurance companies
Statutory Requirements
Common share dividends	380.9	$ 429.5
Allied World
Statutory Requirements
Dividend capacity available	1,167.5
Odyssey Group
Statutory Requirements
Dividend capacity available	767.2
Northbridge
Statutory Requirements
Dividend capacity available	422.2
Crum & Forster
Statutory Requirements
Dividend capacity available	204.6
Crum & Forster | Insurance and reinsurance companies
Statutory Requirements
Special dividend paid	940
Zenith National
Statutory Requirements
Dividend capacity available	$ 91.4

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Contingencies and Commitments
Capital commitments	$ 1,422.8
Guaranteed value of securities to CVC and certain affiliates	486.8
Lloyd's participants | Cash and cash equivalents
Contingencies and Commitments
Financial assets pledged as collateral	233.6
Lloyd's participants | Financial assets at fair value | Securities
Contingencies and Commitments
Financial assets pledged as collateral	$ 1,670.7

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, 2022	Dec. 31, 2021
Weighted average assumptions used to determine benefit obligations:
Pension deficits	$ 145.7	$ 253.9
Pension surpluses	144.5	113.8
Defined benefit pension plans
Pensions and Post Retirement Benefits
Benefit obligation	(715.5)	(1,070.9)
Fair value of plan assets	784.7	1,014.7
Funded status of plans - surplus (deficit)	69.2	(56.2)
Net accrued asset (liability)	$ 65.6	$ (56.2)
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.90%	2.60%
Rate of compensation increase	2.50%	2.20%
Pension deficits	$ 78.9	$ 170
Pension surpluses	144.5	113.8
Defined benefit pension plans | Impact of asset ceiling
Pensions and Post Retirement Benefits
Net accrued asset (liability)	(3.6)
Post retirement benefit plans
Pensions and Post Retirement Benefits
Benefit obligation	(66.8)	(83.9)
Funded status of plans - surplus (deficit)	(66.8)	(83.9)
Net accrued asset (liability)	$ (66.8)	$ (83.9)
Weighted average assumptions used to determine benefit obligations:
Discount rate	5.20%	3.10%
Rate of compensation increase	3.80%	3.70%
Health care cost trend	3.40%	3.60%

Pensions and Post Retirement _4

Pensions and Post Retirement Benefits - Pension and post retirement benefit expenses recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pensions and Post Retirement Benefits
Employee benefits	$ 507.2	$ 462.2
Pension and post retirement benefit expenses
Pensions and Post Retirement Benefits
Defined benefit pension plan expense	20.3	25.8
Defined contribution pension plan expense	62.2	57.8
Defined benefit post retirement plan expense	5	2
Employee benefits	$ 87.5	$ 85.6

Pensions and Post Retirement _5

Pensions and Post Retirement Benefits - Pre-tax actuarial net gains (losses) recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pensions and Post Retirement Benefits
Defined benefit post retirement plans - actuarial net gains on benefit obligations	$ 153.9	$ 115.6
Defined benefit pension plans
Pensions and Post Retirement Benefits
Actuarial net gains (losses) on plan assets and change in asset ceiling	(157.3)	78.6
Actuarial net gains on benefit obligations	295	33.8
Defined benefit post retirement plans - actuarial net gains on benefit obligations	137.7	112.4
Post retirement benefit plans
Pensions and Post Retirement Benefits
Actuarial net gains on benefit obligations	$ 16.2	$ 3.2

Leases - Changes in right-of-us

Leases - Changes in right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in right-of-use assets
Balance - January 1	$ 759.8	$ 1,008
Additions	161.9	136
Disposals	(15.9)	(61)
Depreciation	(157.1)	(181.3)
Acquisitions of subsidiaries	56.7	15
Deconsolidation of subsidiaries	(4)	(148.1)
Foreign exchange effect and other	(32.9)	(8.8)
Balance - December 31	768.5	759.8
Insurance and reinsurance companies
Changes in right-of-use assets
Balance - January 1	328.8	396.1
Additions	63.7	44
Disposals	(7.5)	(41.2)
Depreciation	(67.2)	(68.3)
Acquisitions of subsidiaries		0.9
Deconsolidation of subsidiaries	(1.1)	(1.4)
Foreign exchange effect and other	(9.5)	(1.3)
Balance - December 31	307.2	328.8
Non-insurance companies
Changes in right-of-use assets
Balance - January 1	431	611.9
Additions	98.2	92
Disposals	(8.4)	(19.8)
Depreciation	(89.9)	(113)
Acquisitions of subsidiaries	56.7	14.1
Deconsolidation of subsidiaries	(2.9)	(146.7)
Foreign exchange effect and other	(23.4)	(7.5)
Balance - December 31	$ 461.3	$ 431

Leases - Maturity of lease liab

Leases - Maturity of lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases
Lease liabilities, undiscounted	$ 1,369.2	$ 1,356.3
Lease liabilities, discounted	$ 1,094	$ 1,140.7
Weighted average incremental borrowing rate	4.40%	4.30%
One year or less
Leases
Lease liabilities, undiscounted	$ 228.5	$ 251
One to two years
Leases
Lease liabilities, undiscounted	208.9	215.7
Two to three years
Leases
Lease liabilities, undiscounted	188	188.4
Three to four years
Leases
Lease liabilities, undiscounted	163.9	167.4
Four to five years
Leases
Lease liabilities, undiscounted	132	141.4
More than five years
Leases
Lease liabilities, undiscounted	447.9	392.4
Insurance and reinsurance companies
Leases
Lease liabilities, undiscounted	418.6	443.5
Lease liabilities, discounted	$ 364.1	$ 384.2
Weighted average incremental borrowing rate	3.80%	3.80%
Insurance and reinsurance companies | One year or less
Leases
Lease liabilities, undiscounted	$ 72.7	$ 77.4
Insurance and reinsurance companies | One to two years
Leases
Lease liabilities, undiscounted	66.5	67.6
Insurance and reinsurance companies | Two to three years
Leases
Lease liabilities, undiscounted	60.3	58.6
Insurance and reinsurance companies | Three to four years
Leases
Lease liabilities, undiscounted	55.9	52
Insurance and reinsurance companies | Four to five years
Leases
Lease liabilities, undiscounted	45.5	45.1
Insurance and reinsurance companies | More than five years
Leases
Lease liabilities, undiscounted	117.7	142.8
Non-insurance companies
Leases
Lease liabilities, undiscounted	950.6	912.8
Lease liabilities, discounted	$ 729.9	$ 756.5
Weighted average incremental borrowing rate	4.70%	4.50%
Non-insurance companies | One year or less
Leases
Lease liabilities, undiscounted	$ 155.8	$ 173.6
Non-insurance companies | One to two years
Leases
Lease liabilities, undiscounted	142.4	148.1
Non-insurance companies | Two to three years
Leases
Lease liabilities, undiscounted	127.7	129.8
Non-insurance companies | Three to four years
Leases
Lease liabilities, undiscounted	108	115.4
Non-insurance companies | Four to five years
Leases
Lease liabilities, undiscounted	86.5	96.3
Non-insurance companies | More than five years
Leases
Lease liabilities, undiscounted	$ 330.2	$ 249.6

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Interest expense on lease liabilities	$ 46.9	$ 57.9
Short-term, low value and other lease costs	51	19.1
Non-insurance companies
Leases
Interest expense on lease liabilities	46.9	57.9
Lease concessions, COVID related	$ 1.7	$ 28.9

Leases - Maturity of finance le

Leases - Maturity of finance lease receivables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases
Finance lease receivables, undiscounted	$ 264.8	$ 307.7
Unearned finance income	38	41.6
Finance lease receivables	226.8	266.1
Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	9.8	10.9
Unearned finance income	1	1.5
Finance lease receivables	8.8	9.4
Non-insurance companies
Leases
Finance lease receivables, undiscounted	255	296.8
Unearned finance income	37	40.1
Finance lease receivables	218	256.7
One year or less
Leases
Finance lease receivables, undiscounted	58.2	64.5
One year or less | Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	2.8	2.5
One year or less | Non-insurance companies
Leases
Finance lease receivables, undiscounted	55.4	62
One to two years
Leases
Finance lease receivables, undiscounted	50.3	55.3
One to two years | Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	1.8	2.3
One to two years | Non-insurance companies
Leases
Finance lease receivables, undiscounted	48.5	53
Two to three years
Leases
Finance lease receivables, undiscounted	44.1	46
Two to three years | Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	1.4	1.3
Two to three years | Non-insurance companies
Leases
Finance lease receivables, undiscounted	42.7	44.7
Three to four years
Leases
Finance lease receivables, undiscounted	37.8	40.3
Three to four years | Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	1.1	1
Three to four years | Non-insurance companies
Leases
Finance lease receivables, undiscounted	36.7	39.3
Four to five years
Leases
Finance lease receivables, undiscounted	28.5	34.3
Four to five years | Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	0.7	1
Four to five years | Non-insurance companies
Leases
Finance lease receivables, undiscounted	27.8	33.3
More than five years
Leases
Finance lease receivables, undiscounted	45.9	67.3
More than five years | Insurance and reinsurance companies
Leases
Finance lease receivables, undiscounted	2	2.8
More than five years | Non-insurance companies
Leases
Finance lease receivables, undiscounted	$ 43.9	$ 64.5

Acquisitions and Divestitures -

Acquisitions and Divestitures - Sale of Ambridge Group by Brit (Details) - Sale of subsidiary - Brit - Ambridge Group - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 07, 2023
Acquisitions and Divestitures
Consideration to be received		$ 400
Cash consideration		275
Promissory note receivable		125
Contingent consideration receivable based on 2023 performance targets		$ 100
Deconsolidate assets, carrying values	$ 284
Deconsolidate liabilities, carrying values	160
Pre-tax gain on sale	$ 275

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Sale of Pet Insurance Operations and Investment in JAB Consumer Fund (Details) - JAB Consumer Fund $ in Millions	Oct. 31, 2022 USD ($)
Acquisitions and Divestitures
Commitment for future investment	$ 200
Crum & Forster Pet Insurance Group and Pethealth
Acquisitions and Divestitures
Aggregate sale price	1,400
Cash proceeds received from sale of business interests	1,150
Debentures received as consideration in sale of business interests	250
Pre-tax gain on sale	1,213.2
After tax gain on sale	933.9
Deconsolidate assets, carrying values	149.1
Deconsolidate liabilities, carrying values	$ 32

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Additional investment in Recipe Unlimited Corporation (Details) - Recipe $ / shares in Units, $ in Millions, $ in Millions				12 Months Ended
	Dec. 28, 2022 USD ($)	Dec. 28, 2022 CAD ($)	Oct. 28, 2022 USD ($) shares	Dec. 31, 2021	Oct. 28, 2022 CAD ($) $ / shares shares
Acquisitions and Divestitures
Number of MVS shares retained by Cara Holdings Limited | shares			9,398,729		9,398,729
Cash purchase price per share | $ / shares					$ 20.73
Purchase consideration			$ 342.3		$ 465.9
Cash transferred			242.5		330
Liabilities assumed in business acquisition			99.8		$ 135.9
Loss on net changes in net capitalization related to business acquisition			66.1
Decrease in non-controlling interests due to changes in net capitalization			$ 276.2
Equity ownership percentage			75.70%	38.50%
Equity ownership percentage including investment in AVLNs			84%
Cash consideration received upon redemption of certain equity held by the company in connection with the closing of the transaction	$ 73.6	$ 100

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Consolidation of Grivalia Hospitality S.A. (Details) - Grivalia Hospitality € in Millions, $ in Millions	Jul. 05, 2022 USD ($)	Jul. 05, 2022 EUR (€)	Jul. 04, 2022
Acquisitions and Divestitures
Percentage of common shares acquired	78.40%	78.40%	33.50%
Cash transferred	$ 194.6	€ 190

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Sale of non-controlling interest in Odyssey Group (Details) - Odyssey Group $ in Millions	Dec. 15, 2021 USD ($)
Acquisitions and Divestitures
Proportion of non-controlling interests issued	9.99%
Dividends received by Fairfax from subsidiary related to sale of interests in subsidiary	$ 900
Gain on call option received recognized in equity	$ 429.1

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Sale of non-controlling interest in Brit (Details) - Brit $ in Millions	Aug. 27, 2021 USD ($)
Acquisitions and Divestitures
Proportion of non-controlling interests issued	13.90%
Dividends received by Fairfax from subsidiary related to sale of interests in subsidiary	$ 375
Gain on call option received recognized in equity	$ 115.4

Acquisitions and Divestitures_7

Acquisitions and Divestitures - Sale of RiverStone Barbados (Details) - USD ($) $ in Millions			12 Months Ended
	Jul. 05, 2022	Aug. 23, 2021	Dec. 31, 2022	Dec. 31, 2021	Feb. 08, 2021
Acquisitions and Divestitures
Cash proceeds from sales of interests in associates			$ 192.9	$ 809.2
Derivative assets			467.8	581.8
Guaranteed value of securities to CVC and certain affiliates			486.8
Asset Value Loan Notes
Acquisitions and Divestitures
Derivative assets			30.7	103.8
Guaranteed value of securities to CVC and certain affiliates	$ 543.4		$ 486.8	1,300
RiverStone Barbados | Asset Value Loan Notes
Acquisitions and Divestitures
Guaranteed value of securities				1,100	$ 1,300
Derivative assets				103.8
Net gain on sale of investments				103.8
Sale of securities assured value				120.8
Guaranteed value of securities to CVC and certain affiliates	$ 543.4
RiverStone Barbados
Acquisitions and Divestitures
Proportion of ownership interest in joint venture disposed of		60%
Aggregate sale price		$ 695.7
Cash proceeds from sales of interests in associates		462
Fair value of non-voting shares received as consideration in sale of business interests		200
Notional amount		$ 200
Net loss on investments from sale of business interests				2.1
Contingent consideration receivable recognized				$ 235.7
OMERS | RiverStone Barbados
Acquisitions and Divestitures
Proportion of ownership interest in joint venture disposed of		40%

Acquisitions and Divestitures_8

Acquisitions and Divestitures - Sale of Toys "R" Us Canada (Details) - Aug. 19, 2021 - Toys "R" Us Canada $ in Millions, $ in Millions	USD ($)	CAD ($)
Acquisitions and Divestitures
Cash proceeds received from sale of business interests	$ 90.3	$ 115.7
Gain on sale of business interests	$ 85.7

Acquisitions and Divestitures_9

Acquisitions and Divestitures - Privatization of Mosaic Capital (Details) - Aug. 05, 2021 - Mosaic Capital $ in Millions, $ in Millions	USD ($)	CAD ($)
Acquisitions and Divestitures
Exchange amount of cash	$ 10.7	$ 13.3
Debentures, consideration received under privatization	$ 130.8	163.3
Term of debentures	25 years
Investments in privatized company	$ 4	$ 5
Equity ownership percentage	20%

Acquisitions and Divestiture_10

Acquisitions and Divestitures - Acquisition of Eurolife FFH Insurance Group Holdings S.A. (Details) € in Millions, $ in Millions	Jul. 14, 2021 USD ($)	Jul. 13, 2021	Jul. 14, 2021 EUR (€)
Eurolife
Acquisitions and Divestitures
Proportion of ownership interest in joint venture	80%	50%
Amount of exercise of call option	$ 127.3
Cash transferred	142.7		€ 120.7
Fair value of investment in subsidiary	450
Net gain on sale and consolidation of insurance subsidiaries	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 acquired	4,378.5
Liabilities:
Accounts payable and accrued liabilities	273.2
Insurance contract payables	529
Insurance contract liabilities	2,751.4
Deferred income tax liabilities	100.9
Total liabilities assumed	3,654.5
Purchase consideration	720
Excess of fair value of net assets acquired over purchase consideration	4
Total	$ 4,378.5
Percentage of ownership interests acquired, including non-controlling interests	100%		100%
Subsidiary cash and cash equivalents	$ 1,433.3
Redemption liability	124.9
Eurolife | Distribution agreement
Assets:
Intangible assets	29
Eurolife | Unit-linked life insurance contracts
Assets:
Other assets	$ 532.1
Eurobank
Acquisitions and Divestitures
Proportion of ownership interests held by non-controlling interests	20%
Eurobank | Eurolife
Acquisitions and Divestitures
Proportion of ownership interests held by non-controlling interests	20%

Acquisitions and Divestiture_11

Acquisitions and Divestitures - Additional investment in Singapore Reinsurance Corporation Limited (Details) - Singapore Re $ in Millions, $ in Millions	Aug. 03, 2021	Jun. 17, 2021 USD ($)	Jun. 16, 2021	Jun. 17, 2021 SGD ($)
Acquisitions and Divestitures
Equity ownership percentage	100%	94%	28.20%
Purchase consideration		$ 102.9		$ 138

Acquisitions and Divestiture_12

Acquisitions and Divestitures - Fairfax India's sale of Privi Speciality Chemicals Limited (Details) - Apr. 29, 2021 - Privi Speciality Chemicals Limited $ in Millions, ₨ in Billions	USD ($)	INR (₨)
Acquisitions and Divestitures
Percentage of interest sold	48.80%
Purchase consideration	$ 164.8	₨ 12.2
Net gain on sale and consolidation of insurance subsidiaries	$ 94.9

Financial Risk Management - Und

Financial Risk Management - Underwriting Risk - Gross Premiums Written (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Risk Management
Recoverable from reinsurers	$ 13,115.8	$ 12,090.5	$ 10,533.2
Gross premiums written	$ 27,912.6	23,910.2
Asbestos and environmental claims, maximum settlement period (in years)	40 years
Normalized net earnings, percent return on common shareholders' equity adjusted to pre-tax basis	15%
Eurolife's life insurance operations
Financial Risk Management
Gross premiums written	$ 350.9	114.2
Total revenues, excluding Life
Financial Risk Management
Gross premiums written	27,561.7	23,796
Total revenues, excluding Life | Canada
Financial Risk Management
Gross premiums written	2,845.4	2,611.4
Total revenues, excluding Life | United States
Financial Risk Management
Gross premiums written	17,842.6	15,032
Total revenues, excluding Life | Asia
Financial Risk Management
Gross premiums written	1,934.3	1,676.4
Total revenues, excluding Life | International
Financial Risk Management
Gross premiums written	4,939.4	4,476.2
Property
Financial Risk Management
Gross premiums written	9,712.5	8,132.6
Property | Canada
Financial Risk Management
Gross premiums written	1,343.7	1,229.1
Property | United States
Financial Risk Management
Gross premiums written	4,966.1	3,912.4
Property | Asia
Financial Risk Management
Gross premiums written	984.5	849.2
Property | International
Financial Risk Management
Gross premiums written	2,418.2	2,141.9
Casualty
Financial Risk Management
Gross premiums written	15,677.9	13,732.3
Casualty | Canada
Financial Risk Management
Gross premiums written	1,243.4	1,159
Casualty | United States
Financial Risk Management
Gross premiums written	12,004.9	10,364
Casualty | Asia
Financial Risk Management
Gross premiums written	606.6	549.8
Casualty | International
Financial Risk Management
Gross premiums written	1,823	1,659.5
Specialty
Financial Risk Management
Gross premiums written	2,171.3	1,931.1
Specialty | Canada
Financial Risk Management
Gross premiums written	258.3	223.3
Specialty | United States
Financial Risk Management
Gross premiums written	871.6	755.6
Specialty | Asia
Financial Risk Management
Gross premiums written	343.2	277.4
Specialty | International
Financial Risk Management
Gross premiums written	698.2	674.8
Insurance
Financial Risk Management
Gross premiums written	20,165.4	18,004.4
Insurance | Canada
Financial Risk Management
Gross premiums written	2,686.2	2,475.1
Insurance | United States
Financial Risk Management
Gross premiums written	13,080.8	11,448.6
Insurance | Asia
Financial Risk Management
Gross premiums written	789.8	739.7
Insurance | International
Financial Risk Management
Gross premiums written	3,608.6	3,341
Reinsurance
Financial Risk Management
Gross premiums written	7,396.3	5,791.6
Reinsurance | Canada
Financial Risk Management
Gross premiums written	159.2	136.3
Reinsurance | United States
Financial Risk Management
Gross premiums written	4,761.8	3,583.4
Reinsurance | Asia
Financial Risk Management
Gross premiums written	1,144.5	936.7
Reinsurance | International
Financial Risk Management
Gross premiums written	1,330.8	1,135.2
Ceded reinsurance contracts | Property
Financial Risk Management
Recoverable from reinsurers	1,938.5	1,717.4
Ceded reinsurance contracts | Casualty
Financial Risk Management
Recoverable from reinsurers	3,256.6	3,487.7
Ceded reinsurance contracts | Specialty
Financial Risk Management
Recoverable from reinsurers	$ 439.2	$ 423.4

Financial Risk Management - Cre

Financial Risk Management - Credit Risk - Gross credit risk exposure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Assets associated with unit-linked insurance products	$ 676.5	$ 637.1
Income taxes refundable	67.1	58.3
Credit risk
Financial Risk Management
Maximum exposure to credit risk	62,691.2	58,343
Assets associated with unit-linked insurance products	676.5	637.1
Income taxes refundable	67.1	58.3
Credit risk | Cash and short term investments
Financial Risk Management
Maximum exposure to credit risk	10,386	22,795.5
Credit risk | U.S. sovereign government
Financial Risk Management
Maximum exposure to credit risk	$ 14,378.8	$ 3,957.9
Risk exposure percentage	30.30%	9.50%
Credit risk | Other sovereign government rated AA/Aa or higher
Financial Risk Management
Maximum exposure to credit risk	$ 2,413.5	$ 1,074.7
Credit risk | Other sovereign government rated AA/Aa or higher | Canada
Financial Risk Management
Bonds issued by government	1,923.5	614.6
Credit risk | Other sovereign government rated AA/Aa or higher | United Kingdom
Financial Risk Management
Bonds issued by government	180.6	7.7
Credit risk | Other sovereign government rated AA/Aa or higher | Singapore
Financial Risk Management
Bonds issued by government	91.3	95.1
Credit risk | All other sovereign government
Financial Risk Management
Maximum exposure to credit risk	2,210.2	2,194.9
Credit risk | All other sovereign government | Brazil
Financial Risk Management
Bonds issued by government	744.2	415.4
Credit risk | All other sovereign government | Greece
Financial Risk Management
Bonds issued by government	690.1	844.7
Credit risk | All other sovereign government | Spain
Financial Risk Management
Bonds issued by government	216.2	297.5
Credit risk | All other sovereign government | Poland
Financial Risk Management
Bonds issued by government	126.9	78.5
Credit risk | Canadian provincials
Financial Risk Management
Maximum exposure to credit risk	284.1	45
Credit risk | U.S. states and municipalities
Financial Risk Management
Maximum exposure to credit risk	262.7	387.2
Credit risk | Corporate and other
Financial Risk Management
Maximum exposure to credit risk	$ 9,451.9	$ 6,873.9
Risk exposure percentage	17%	13%
Credit risk | Short to mid-dated corporate bonds
Financial Risk Management
Net purchases of bonds	$ 2,331.9
Credit risk | Unrated corporate bonds and first mortgage loans
Financial Risk Management
Net purchases of bonds	870.2
Credit risk | Investments in first mortgage loans
Financial Risk Management
Maximum exposure to credit risk	2,500.7	$ 1,659.4
Credit risk | Receivable from counterparties to derivative contracts
Financial Risk Management
Maximum exposure to credit risk	256.1	158.9
Credit risk | Insurance contract receivables
Financial Risk Management
Maximum exposure to credit risk	7,907.5	6,883.2
Credit risk | Recoverable from reinsurers
Financial Risk Management
Maximum exposure to credit risk	13,115.8	12,090.5
Credit risk | Other assets
Financial Risk Management
Maximum exposure to credit risk	$ 2,024.6	$ 1,881.3

Financial Risk Management - C_2

Financial Risk Management - Credit Risk - Narrative (Details) - Credit risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Capital and surplus requirement	$ 500
Investment grade or better
Financial Risk Management
Risk exposure percentage	80.10%	65.10%
AA or better
Financial Risk Management
Risk exposure percentage	60.60%	39.10%
AAA/Aaa
Financial Risk Management
Risk exposure percentage	57.70%	36.10%
A/A
Financial Risk Management
Risk exposure percentage	8%	12.80%
BBB/Baa
Financial Risk Management
Risk exposure percentage	11.50%	13.20%
BB/Ba
Financial Risk Management
Risk exposure percentage	6.60%	12.40%
Unrated
Financial Risk Management
Risk exposure percentage	12.80%	21.30%
A+ | Munich Reinsurance Company
Financial Risk Management
Risk exposure percentage	8.20%	7.50%
Cash and short term investments
Financial Risk Management
Financial assets pledged as collateral	$ 9.5	$ 14.3
Cash and short term investments | Canada and United States
Financial Risk Management
Risk exposure percentage	69.40%	82.70%
Cash and short term investments | Europe
Financial Risk Management
Risk exposure percentage	24.80%	14.90%
Cash and short term investments | Other foreign countries
Financial Risk Management
Risk exposure percentage	5.80%	2.40%
U.S. treasury bonds and Canadian government bonds | AAA/Aaa | Minimum
Financial Risk Management
Term of the bonds	1 year
U.S. treasury bonds and Canadian government bonds | AAA/Aaa | Maximum
Financial Risk Management
Term of the bonds	5 years
U.S Treasury bonds | AAA/Aaa
Financial Risk Management
Net purchases of bonds	$ 10,721.3
Canadian government bonds | AAA/Aaa
Financial Risk Management
Net purchases of bonds	$ 1,422.1
Other than U.S., U.K., German, and Canadian sovereign government
Financial Risk Management
Risk exposure percentage	6.50%	6.50%
Holdings of bonds in the major issuers to which the company had the greatest exposure	$ 3,599.2	$ 3,444.5
Largest single issuer of corporate bonds | BP Capital Markets America Inc
Financial Risk Management
Risk exposure percentage	0.80%
Holdings of bonds in the major issuers to which the company had the greatest exposure	$ 427.7
Largest single issuer of corporate bonds | Blackberry Limited
Financial Risk Management
Risk exposure percentage		1%
Holdings of bonds in the major issuers to which the company had the greatest exposure		$ 535.1
Government securities
Financial Risk Management
Financial assets pledged as collateral	274.9	$ 125.7
Corporate bonds | A/A
Financial Risk Management
Net purchases of bonds	515.1
Corporate bonds | BBB/Baa
Financial Risk Management
Net purchases of bonds	1,852.4
Unrated corporate bonds and first mortgage loans
Financial Risk Management
Net purchases of bonds	$ 870.2

Financial Risk Management - C_3

Financial Risk Management - Credit Risk - Issuer Credit Rating (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments in debt instruments | Mosaic Capital
Financial Risk Management
Financial assets	$ 81.7
Unrated | Investments in debt instruments | Blackberry Limited
Financial Risk Management
Financial assets	285	$ 535.1
Unrated | Investments in debt instruments | JAB Pet Holdings Ltd.
Financial Risk Management
Financial assets	239.1	0
Unrated | Investments in debt instruments | Mosaic Capital
Financial Risk Management
Financial assets	81.7	129.3
Credit risk | Investments in first mortgage loans
Financial Risk Management
Financial assets	$ 2,500.7	$ 1,659.4
Percentage of loan-to-value ratios	60%
Credit risk | AAA/Aaa
Financial Risk Management
Percent	57.70%	36.10%
Credit risk | AA/Aa
Financial Risk Management
Percent	2.90%	3%
Credit risk | A/A
Financial Risk Management
Percent	8%	12.80%
Credit risk | BBB/Baa
Financial Risk Management
Percent	11.50%	13.20%
Credit risk | BB/Ba
Financial Risk Management
Percent	6.60%	12.40%
Credit risk | B/B
Financial Risk Management
Percent	0.20%	0.80%
Credit risk | Lower than B/B
Financial Risk Management
Percent	0.30%	0.40%
Credit risk | Unrated
Financial Risk Management
Percent	12.80%	21.30%
Credit risk | Total investment in debt instruments
Financial Risk Management
Percent	100%	100%
Credit risk | Amortized cost | AAA/Aaa
Financial Risk Management
Financial assets	$ 17,119.4	$ 5,248.2
Credit risk | Amortized cost | AA/Aa
Financial Risk Management
Financial assets	858.3	435
Credit risk | Amortized cost | A/A
Financial Risk Management
Financial assets	2,409.6	1,838.4
Credit risk | Amortized cost | BBB/Baa
Financial Risk Management
Financial assets	3,410.3	1,749.9
Credit risk | Amortized cost | BB/Ba
Financial Risk Management
Financial assets	2,114.9	1,840.9
Credit risk | Amortized cost | B/B
Financial Risk Management
Financial assets	48.2	115
Credit risk | Amortized cost | Lower than B/B
Financial Risk Management
Financial assets	79.7	58.4
Credit risk | Amortized cost | Unrated
Financial Risk Management
Financial assets	3,928.2	2,935.3
Credit risk | Amortized cost | Total investment in debt instruments
Financial Risk Management
Financial assets	29,968.6	14,221.1
Credit risk | At fair value | AAA/Aaa
Financial Risk Management
Financial assets	16,721.6	5,237.3
Credit risk | At fair value | AA/Aa
Financial Risk Management
Financial assets	847.6	437.7
Credit risk | At fair value | A/A
Financial Risk Management
Financial assets	2,330.6	1,865.5
Credit risk | At fair value | BBB/Baa
Financial Risk Management
Financial assets	3,348.7	1,914.6
Credit risk | At fair value | BB/Ba
Financial Risk Management
Financial assets	1,917.2	1,808.3
Credit risk | At fair value | B/B
Financial Risk Management
Financial assets	49.6	114.8
Credit risk | At fair value | Lower than B/B
Financial Risk Management
Financial assets	80	62.9
Credit risk | At fair value | Unrated
Financial Risk Management
Financial assets	3,705.9	3,092.5
Credit risk | At fair value | Total investment in debt instruments
Financial Risk Management
Financial assets	$ 29,001.2	$ 14,533.6

Financial Risk Management - C_4

Financial Risk Management - Credit Risk - Net derivative counterparty risk (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Total derivative assets	$ 256.1	$ 158.9
Obligations that may be offset under net settlement arrangements	(33)	(9.6)
Fair value of collateral deposited for the benefit of the company	(216)	(116.5)
Excess collateral pledged by the company in favour of counterparties	4.6	4.8
Net derivative counterparty exposure after net settlement and collateral arrangements	11.7	37.6
Excess collateral pledged by counterparties	$ 68.4	$ 22.5

Financial Risk Management - C_5

Financial Risk Management - Credit Risk - Recoverable from reinsurers (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Risk Management
Recoverable from reinsurers	$ 13,115.8	$ 12,090.5	$ 10,533.2
Provision for uncollectible reinsurance
Financial Risk Management
Recoverable from reinsurers	(171.9)	(178.7)	$ (155.6)
Credit risk | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	13,115.8	12,090.5
Outstanding balances for which security is held	1,245.2	1,381.6
Net unsecured recoverable from reinsurers	12,042.5	10,887.6
Recoverable from reinsurers	11,870.6	10,708.9
Credit risk | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	13,287.7	12,269.2
Credit risk | Provision for uncollectible reinsurance | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	(171.9)	(178.7)
Net unsecured recoverable from reinsurers	(171.9)	(178.7)
Credit risk | A++ | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	24.2	27.2
Net unsecured recoverable from reinsurers	576.1	541
Credit risk | A++ | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	600.3	568.2
Credit risk | A+ | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	444.1	494.4
Net unsecured recoverable from reinsurers	6,187.2	5,411.5
Credit risk | A+ | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	6,631.3	5,905.9
Credit risk | A | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	205.9	227.3
Net unsecured recoverable from reinsurers	3,545	3,672.5
Credit risk | A | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	3,750.9	3,899.8
Credit risk | A- | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	53.6	43.9
Net unsecured recoverable from reinsurers	424.8	328
Credit risk | A- | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	478.4	371.9
Credit risk | B++ | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	4.3	4.6
Net unsecured recoverable from reinsurers	51	46.2
Credit risk | B++ | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	55.3	50.8
Credit risk | B+ | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held		0.3
Net unsecured recoverable from reinsurers	0.8	0.2
Credit risk | B+ | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	0.8	0.5
Credit risk | B or lower | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held		0.1
Net unsecured recoverable from reinsurers	10.6	20.1
Credit risk | B or lower | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	10.6	20.2
Credit risk | Not rated | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	506.5	576.7
Net unsecured recoverable from reinsurers	492.3	427.3
Credit risk | Not rated | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	998.8	1,004
Credit risk | Pools and associations | Ceded reinsurance contracts
Financial Risk Management
Outstanding balances for which security is held	6.6	7.1
Net unsecured recoverable from reinsurers	754.7	440.8
Credit risk | Pools and associations | Gross recoverable from reinsurers | Ceded reinsurance contracts
Financial Risk Management
Recoverable from reinsurers	$ 761.3	$ 447.9

Financial Risk Management - Liq

Financial Risk Management - Liquidity Risk - Holding Company (Details) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended
	Jan. 26, 2023	Oct. 31, 2022	Sep. 27, 2022	Sep. 26, 2022	Aug. 16, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 23, 2021
Financial Risk Management
Common share dividends						$ 513.1	$ 427.5
Dividend per share (in dollars per share)						$ 10	$ 10
Holding company cash and investments, net						$ 1,326.4	$ 1,446.2
RiverStone Barbados
Financial Risk Management
Notional amount								$ 200
Allied World
Financial Risk Management
Equity ownership percentage			82.90%	70.90%
Purchase consideration			$ 733.5
Loss recognized in retained earnings due to changes in capitalization of non-controlling interests			$ 228.1
JAB Consumer Fund | Crum & Forster Pet Insurance Group and Pethealth
Financial Risk Management
Debentures received as consideration in sale of business interests		$ 250
Holding company
Financial Risk Management
Notional amount						5,932.6	5,385.2
Holding company | Payment of dividends
Financial Risk Management
Common share dividends	$ 245.2
Dividend per share (in dollars per share)	$ 10
Holding company | Revolving credit facility
Financial Risk Management
Maximum borrowing capacity						2,000
Holding company | 5.625% due August 16, 2032
Financial Risk Management
Notional amount					$ 750	$ 750
Interest rate					5.625%	5.625%
Net proceeds from issuance of notes after discount, commissions and expenses					$ 743.4	$ 743.4
Holding company | Long equity total return swap contracts
Financial Risk Management
Cash received from settlement of derivative contracts						269.1	262.7
Holding company | Long equity total return swaps on Fairfax subordinate voting shares
Financial Risk Management
Cash received from settlement of derivative contracts						154.8	$ 130.9
Holding company | RiverStone Barbados | Financial Guarantee, Securities
Financial Risk Management
Financial guarantee contract						486.8
Holding company | RiverStone Barbados | Financial Guarantee, Derivative Assets
Financial Risk Management
Financial guarantee contract						$ 30.7
Holding company | JAB Consumer Fund | Crum & Forster Pet Insurance Group and Pethealth
Financial Risk Management
Net cash proceeds from sale of interests in subsidiary		$ 940

Financial Risk Management - L_2

Financial Risk Management - Liquidity Risk - Insurance and reinsurance subsidiaries and Non-insurance companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Portfolio investments cash and investments, net	$ 54,151.3	$ 51,576.6
Insurance and reinsurance companies | Fairfax India
Financial Risk Management
Investments lacking liquidity or inactively traded	1,117.5	1,129.6
Insurance and reinsurance companies | Long equity total return swap contracts
Financial Risk Management
Cash payments on settlement of derivative contracts	30.9
Cash received from settlement of derivative contracts		$ 176.9
Non-insurance companies | AGT credit facilities
Financial Risk Management
Repayments of borrowings in next fiscal year	$ 371.8
Liquidity risk | Insurance and reinsurance companies | Investments that may lack liquidity or are inactively traded
Financial Risk Management
Risk exposure percentage	14.10%	12.70%

Financial Risk Management - L_3

Financial Risk Management - Liquidity Risk - Financial Liabilities Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Insurance contract payables	$ 5,061.9	$ 4,493.5
Borrowings - principal	8,673.5
Non-insurance companies
Financial Risk Management
Borrowings - principal	2,013.2
More than five years
Financial Risk Management
Borrowings - principal	5,502.6
More than five years | Non-insurance companies
Financial Risk Management
Borrowings - principal	798.2
Liquidity risk
Financial Risk Management
Accounts payable and accrued liabilities	4,730.8	4,458.3
Insurance contract payables	4,483.5	3,970.8
Provision for losses and loss adjustment expenses	38,319.2	34,422.8
Provision for life policy benefits	2,529.7	2,675.8
Total financial liabilities	61,069.5	55,508.1
Liquidity risk | Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	6,660.3	6,169
Borrowings - interest	1,921.6	1,810.3
Liquidity risk | Non-insurance companies
Financial Risk Management
Borrowings - principal	2,013.2	1,633.3
Borrowings - interest	411.2	367.8
Liquidity risk | 3 months or less
Financial Risk Management
Accounts payable and accrued liabilities	1,521.1	1,586.6
Insurance contract payables	939.9	1,026.7
Provision for losses and loss adjustment expenses	3,428.6	2,925.1
Provision for life policy benefits	45.5	72
Total financial liabilities	6,300.9	6,227
Liquidity risk | 3 months or less | Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	0.1	0.1
Borrowings - interest	84.3	66
Liquidity risk | 3 months or less | Non-insurance companies
Financial Risk Management
Borrowings - principal	254.5	512.2
Borrowings - interest	26.9	38.3
Liquidity risk | 3 months to 1 year
Financial Risk Management
Accounts payable and accrued liabilities	1,158.4	821.6
Insurance contract payables	2,600.7	1,970
Provision for losses and loss adjustment expenses	8,506.6	7,033.9
Provision for life policy benefits	161	162.7
Total financial liabilities	12,822.4	10,290.3
Liquidity risk | 3 months to 1 year | Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	0.2	0.2
Borrowings - interest	209.2	193.8
Liquidity risk | 3 months to 1 year | Non-insurance companies
Financial Risk Management
Borrowings - principal	117.3	72.2
Borrowings - interest	69	35.9
Liquidity risk | 1 - 3 years
Financial Risk Management
Accounts payable and accrued liabilities	1,090.7	1,131.3
Insurance contract payables	242.2	346.4
Provision for losses and loss adjustment expenses	10,944.1	10,662.4
Provision for life policy benefits	455.6	585
Total financial liabilities	15,281.5	13,898.8
Liquidity risk | 1 - 3 years | Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	1,051.4	283.1
Borrowings - interest	567	520
Liquidity risk | 1 - 3 years | Non-insurance companies
Financial Risk Management
Borrowings - principal	781.9	270.8
Borrowings - interest	148.6	99.8
Liquidity risk | 3 - 5 years
Financial Risk Management
Accounts payable and accrued liabilities	395.9	399.1
Insurance contract payables	39.5	16.1
Provision for losses and loss adjustment expenses	5,965.6	5,391.2
Provision for life policy benefits	631.8	575.7
Total financial liabilities	8,544.1	8,218.7
Liquidity risk | 3 - 5 years | Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	904.2	1,270.8
Borrowings - interest	462.2	445.6
Liquidity risk | 3 - 5 years | Non-insurance companies
Financial Risk Management
Borrowings - principal	61.3	41.3
Borrowings - interest	83.6	78.9
Liquidity risk | More than five years
Financial Risk Management
Accounts payable and accrued liabilities	564.7	519.7
Insurance contract payables	661.2	611.6
Provision for losses and loss adjustment expenses	9,474.3	8,410.2
Provision for life policy benefits	1,235.8	1,280.4
Total financial liabilities	18,120.6	16,873.3
Liquidity risk | More than five years | Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	4,704.4	4,614.8
Borrowings - interest	598.9	584.9
Liquidity risk | More than five years | Non-insurance companies
Financial Risk Management
Borrowings - principal	798.2	736.8
Borrowings - interest	$ 83.1	$ 114.9

Financial Risk Management - L_4

Financial Risk Management - Liquidity Risk - Derivative Financial Liabilities (Details) - Liquidity risk - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Derivative financial liabilities	$ 191	$ 152.9
3 months or less
Financial Risk Management
Derivative financial liabilities	95.8	74.7
3 months to 1 year
Financial Risk Management
Derivative financial liabilities	43.8	31.8
More than 1 year
Financial Risk Management
Derivative financial liabilities	51.4	46.4
Equity total return swaps - long positions
Financial Risk Management
Derivative financial liabilities	19.4	1.9
Equity total return swaps - long positions | 3 months or less
Financial Risk Management
Derivative financial liabilities	19.1	1.8
Equity total return swaps - long positions | 3 months to 1 year
Financial Risk Management
Derivative financial liabilities	0.3	0.1
Foreign currency forward and swap contracts
Financial Risk Management
Derivative financial liabilities	106.8	77.4
Foreign currency forward and swap contracts | 3 months or less
Financial Risk Management
Derivative financial liabilities	51.1	26.4
Foreign currency forward and swap contracts | 3 months to 1 year
Financial Risk Management
Derivative financial liabilities	5	5
Foreign currency forward and swap contracts | More than 1 year
Financial Risk Management
Derivative financial liabilities	50.7	46
Other derivative contracts
Financial Risk Management
Derivative financial liabilities	64.8	73.6
Other derivative contracts | 3 months or less
Financial Risk Management
Derivative financial liabilities	25.6	46.5
Other derivative contracts | 3 months to 1 year
Financial Risk Management
Derivative financial liabilities	38.5	26.7
Other derivative contracts | More than 1 year
Financial Risk Management
Derivative financial liabilities	$ 0.7	$ 0.4

Financial Risk Management - Mar

Financial Risk Management - Market Risk - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Assets	$ 92,125.1	$ 86,645.4
Recurring fair value measurement
Financial Risk Management
Assets	48,043.8	46,918.8
Long-dated U.S. Treasury bonds
Financial Risk Management
Notional amount	$ 183.7	1,691.3
Interest rate risk
Financial Risk Management
Change in interest rate on investments	2%
Incremental change in interest rate on investments	1%
Interest rate risk | Debt securities | Recurring fair value measurement
Financial Risk Management
Assets	$ 29,000	14,500
Interest rate risk | U.S Treasury bonds
Financial Risk Management
Net proceeds	10,721.3
Interest rate risk | Canadian government bonds
Financial Risk Management
Net proceeds	1,422.1
Interest rate risk | Short-dated corporate bonds
Financial Risk Management
Net proceeds	2,202.6
Interest rate risk | Long-dated U.S. Treasury bonds
Financial Risk Management
Notional amount	$ 183.7	$ 1,691.3

Financial Risk Management - M_2

Financial Risk Management - Market Risk - Interest rate sensitivity analysis (Details) - Debt securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Fair value of fixed income portfolio, no change	$ 29,001.2	$ 14,533.6
Interest rate risk
Financial Risk Management
Fair value of fixed income portfolio, 200 basis point increase	27,944	13,984
Fair value of fixed income portfolio, 100 basis point increase	28,461.5	14,239.6
Fair value of fixed income portfolio, no change	29,001.2	14,533.6
Fair value of fixed income portfolio, 100 basis point decrease	29,616.2	14,900.9
Fair value of fixed income portfolio, 200 basis point decrease	30,289	15,327.9
Hypothetical $ change effect on net earnings, 200 basis point increase	(852.9)	(418.4)
Hypothetical $ change effect on net earnings, 100 basis point increase	(435.4)	(224.3)
Hypothetical $ change effect on net earnings, 100 basis point decrease	496.4	280.6
Hypothetical $ change effect on net earnings, 200 basis point decrease	$ 1,039.7	$ 607.5
Hypothetical % change in fair value, 200 basis point increase	(3.70%)	(3.80%)
Hypothetical % change in fair value, 100 basis point increase	(1.90%)	(2.00%)
Hypothetical % change in fair value, 100 basis point decrease	2.10%	2.50%
Hypothetical % change in fair value, 200 basis point decrease	4.40%	5.50%

Financial Risk Management - M_3

Financial Risk Management - Market Risk - Equity and equity-related holdings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Net gains (losses) on investments	$ (1,733.9)	$ 3,445.1
Cash proceeds from sales of interests in associates	192.9	809.2
IIFL Finance Limited
Financial Risk Management
Net gain on sale of investments		42
Common stocks
Financial Risk Management
Net gains (losses) on investments	(242.7)	1,333.4
Net gain on sale of investments	364.5	483.4
Preferred stocks
Financial Risk Management
Net gains (losses) on investments	(4.4)	2.8
Net gain on sale of investments	1.4	0.7
Equity price risk
Financial Risk Management
Investments in associates, at fair value	8,183.3	7,192.1
Exposure/Notional amount	15,952.4	16,265.7
Carrying value	12,749.1	12,435.3
Net gains (losses) on investments	(243.8)	2,312.1
Equity price risk | Common stocks
Financial Risk Management
Exposure/Notional amount	5,234.4	5,845.5
Carrying value	5,234.4	5,845.5
Net gains (losses) on investments	(242.7)	1,333.4
Equity price risk | Preferred stocks
Financial Risk Management
Exposure/Notional amount	44.2	54.5
Carrying value	44.2	54.5
Net gains (losses) on investments	(4.4)	2.8
Equity price risk | Bonds - convertible
Financial Risk Management
Exposure/Notional amount	414.5	583.4
Carrying value	414.5	583.4
Net gains (losses) on investments	(237)	101.3
Equity price risk | Investments in associates
Financial Risk Management
Exposure/Notional amount	8,183.3	7,192.1
Carrying value	6,786.6	5,496.6
Net gains (losses) on investments	45.1	52.7
Equity price risk | Sale and deconsolidation of non-insurance subsidiaries
Financial Risk Management
Net gains (losses) on investments	4.4	190.3
Equity price risk | Equity derivatives
Financial Risk Management
Exposure/Notional amount	2,076	2,590.2
Carrying value	269.4	455.3
Net gains (losses) on investments	190.8	631.6
Equity price risk | Long equity total return swaps on Fairfax subordinate voting shares
Financial Risk Management
Net gains (losses) on investments	$ 255.4	$ 222.7

Financial Risk Management - M_4

Financial Risk Management - Market Risk - Impact on Net Earnings (Details) - Equity price risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Risk Management
Fair value of equity and equity-related holdings, 20% increase	$ 9,297.5	$ 10,861.1
Fair value of equity and equity-related holdings, 10% increase	8,531.9	9,966.1
Fair value of equity and equity-related holdings, no change	7,769.1	9,073.6
Fair value of equity and equity-related holdings, 10% decrease	7,010.3	8,184.4
Fair value of equity and equity-related holdings, 20% decrease	6,258.5	7,297.3
Hypothetical $ change effect on net earnings, 20% increase	1,301.9	1,549.7
Hypothetical $ change effect on net earnings, 10% increase	649.8	773.5
Hypothetical $ change effect on net earnings, 10% decrease	(646.8)	(770.6)
Hypothetical $ change effect on net earnings, 20% decrease	$ (1,287.8)	$ (1,538.8)
Hypothetical % change in fair value, 20% increase	19.70%	19.70%
Hypothetical % change in fair value, 10% increase	9.80%	9.80%
Hypothetical % change in fair value, no change	0%
Hypothetical % change in fair value, 10% decrease	(9.80%)	(9.80%)
Hypothetical % change in fair value, 20% decrease	(19.40%)	(19.60%)
Financial asset investments	$ 12,749.1	$ 12,435.3
Minimum
Financial Risk Management
Change in interest rate on investments	10%	10%
Maximum
Financial Risk Management
Change in interest rate on investments	20%	20%
Investment Portfolio With Ten Largest Issuers
Financial Risk Management
Financial asset investments	$ 6,958.2	$ 6,048.7
Risk exposure percentage	12.50%	11.40%
Investment Portfolio With Single Largest Issuer | Eurobank
Financial Risk Management
Financial asset investments	$ 1,507.6	$ 1,298.4
Risk exposure percentage	2.70%	2.40%

Financial Risk Management - M_5

Financial Risk Management - Market Risk - Foreign currency risk (Details) - Foreign currency risk € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 EUR (€)
Net gains (losses) on investments:
Investing activities	$ (366.5)	$ (122.3)
Underwriting activities	8.6	41.2
Foreign currency contracts	53.6	(12)
Foreign currency net losses	(304.3)	(93.1)
Hedges of net investment in Canadian subsidiaries | Unsecured senior notes
Financial Risk Management
Debt hedges			$ 2,800		$ 2,800
Debt hedges at fair value	1,926.8	2,364.6
Gains (losses) on hedge of net investment in Canadian subsidiaries	149.5	(16.7)
Hedges of net investment in European operations | Unsecured senior notes
Financial Risk Management
Debt hedges | €				€ 750		€ 750
Debt hedges at fair value	698.3	926.3
Gains (losses) on hedge of net investment in Canadian subsidiaries	$ 51.8	$ 63.9

Financial Risk Management - M_6

Financial Risk Management - Market Risk - Foreign currency effects on the consolidated statement of earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Canadian dollar
Financial Risk Management
Assets	$ 1,751	$ 1,863.4
Liabilities	(791)	(671.6)
Net asset exposure before hedge of net investment	960	1,191.8
Notional long (short) amount of foreign currency forward contracts	(1,258.2)	(1,251.2)
Net asset (liability) exposure after foreign currency forward contracts	(298.2)	(59.4)
Hypothetical change in pre-tax earnings (loss)	29.8	5.9
Hypothetical change in net earnings (loss)	23.7	1.7
Euro
Financial Risk Management
Assets	1,033.2	905.5
Liabilities	(1,275.4)	(1,134.2)
Net asset exposure before hedge of net investment	(242.2)	(228.7)
Notional long (short) amount of foreign currency forward contracts	(208.7)	(84.9)
Net asset (liability) exposure after foreign currency forward contracts	(450.9)	(313.6)
Hypothetical change in pre-tax earnings (loss)	45.1	31.4
Hypothetical change in net earnings (loss)	36.6	26.9
British pound sterling
Financial Risk Management
Assets	1,739.4	1,748.6
Liabilities	(2,252.8)	(2,156.6)
Net asset exposure before hedge of net investment	(513.4)	(408)
Notional long (short) amount of foreign currency forward contracts	87	(8.4)
Net asset (liability) exposure after foreign currency forward contracts	(426.4)	(416.4)
Hypothetical change in pre-tax earnings (loss)	42.6	41.6
Hypothetical change in net earnings (loss)	37.6	35.5
Indian rupee
Financial Risk Management
Assets	1,872.9	2,795
Liabilities	(252.9)	(273.7)
Net asset exposure before hedge of net investment	1,620	2,521.3
Notional long (short) amount of foreign currency forward contracts	3.4	4.2
Net asset (liability) exposure after foreign currency forward contracts	1,623.4	2,525.5
Hypothetical change in pre-tax earnings (loss)	(162.3)	(252.6)
Hypothetical change in net earnings (loss)	$ (161.2)	$ (235.8)
Foreign currency risk
Financial Risk Management
Sensitivity analysis, percentage of appreciation the U.S. dollar against foreign currency	10%

Financial Risk Management - M_7

Financial Risk Management - Market Risk - Foreign currency effects on the consolidated statement of other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Canadian dollar
Financial Risk Management
Assets	$ 11,055.5	$ 11,028.6
Liabilities	(7,129)	(6,719.6)
Net asset exposure before hedge of net investment	3,926.5	4,309
Hedge of net investment	(2,057.7)	(2,205.5)
Net asset exposure after hedge of net investment	1,868.8	2,103.5
Hypothetical change in pre-tax other comprehensive income (loss)	(186.9)	(210.4)
Hypothetical change in other comprehensive income (loss)	(181.3)	(209.3)
Euro
Financial Risk Management
Assets	8,269.4	7,549.2
Liabilities	(6,844.3)	(6,066.3)
Net asset exposure before hedge of net investment	1,425.1	1,482.9
Hedge of net investment	(792.2)	(842.4)
Net asset exposure after hedge of net investment	632.9	640.5
Hypothetical change in pre-tax other comprehensive income (loss)	(63.3)	(64.1)
Hypothetical change in other comprehensive income (loss)	(35.7)	(40)
British pound sterling
Financial Risk Management
Assets	1,783.3	1,793.8
Liabilities	(1,339.1)	(1,292.7)
Net asset exposure before hedge of net investment	444.2	501.1
Net asset exposure after hedge of net investment	444.2	501.1
Hypothetical change in pre-tax other comprehensive income (loss)	(44.4)	(50.1)
Hypothetical change in other comprehensive income (loss)	(43.5)	(49.1)
Indian rupee
Financial Risk Management
Assets	3,697.6	3,663.6
Liabilities	(1,251.3)	(1,184.8)
Net asset exposure before hedge of net investment	2,446.3	2,478.8
Net asset exposure after hedge of net investment	2,446.3	2,478.8
Hypothetical change in pre-tax other comprehensive income (loss)	(244.6)	(247.9)
Hypothetical change in other comprehensive income (loss)	$ (228)	$ (230.5)

Financial Risk Management - Cap

Financial Risk Management - Capital Management - Financial measurements and ratios (Details) $ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financial Risk Management
Capitalization	$ 28,960.7		$ 29,068.3
Holding company cash and investments (net of derivative obligations)	1,326.4		1,446.2
Borrowings	8,624.9		7,753	$ 8,814
Net debt	7,298.5		6,306.8
Non-controlling interests	3,659.6		4,930.2
Total equity	$ 20,335.8		$ 21,315.3	17,527.3
Net debt/total equity	35.90%	35.90%	29.60%
Net debt/net total capital	26.40%	26.40%	22.80%
Total debt/total capital	29.80%	29.80%	26.70%
Interest coverage	5.2	5.2	10.6
Interest and preferred share dividend distribution coverage	4.5	4.5	9.4
Common shares
Financial Risk Management
Equity in stock	$ 15,340.7		$ 15,049.6
Preferred shares
Financial Risk Management
Equity in stock	1,335.5	$ 1,456	1,335.5
Holding company
Financial Risk Management
Borrowings	5,887.6		5,338.6	5,580.6
Insurance and reinsurance companies
Financial Risk Management
Borrowings	733.4		790.7	1,033.4
Non-insurance companies
Financial Risk Management
Borrowings	2,003.9		1,623.7	$ 2,200
Excluding consolidated non-insurance companies
Financial Risk Management
Holding company cash and investments (net of derivative obligations)	1,326.4		1,446.2
Borrowings	6,621		6,129.3
Net debt	5,294.6		4,683.1
Non-controlling interests	1,969.2		2,931.4
Total equity	$ 18,645.4		$ 19,316.5
Net debt/total equity	28.40%	28.40%	24.20%
Net debt/net total capital	22.10%	22.10%	19.50%
Total debt/total capital	26.20%	26.20%	24.10%
Interest coverage	5.9	5.9	13
Interest and preferred share dividend distribution coverage	4.9	4.9	11.1
Excluding consolidated non-insurance companies | Common shares
Financial Risk Management
Equity in stock	$ 15,340.7		$ 15,049.6
Excluding consolidated non-insurance companies | Preferred shares
Financial Risk Management
Equity in stock	1,335.5		1,335.5
Excluding consolidated non-insurance companies | Holding company
Financial Risk Management
Borrowings	5,887.6		5,338.6
Excluding consolidated non-insurance companies | Insurance and reinsurance companies
Financial Risk Management
Borrowings	$ 733.4		$ 790.7

Financial Risk Management - C_6

Financial Risk Management - Capital Management - Additional disclosures (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financial Risk Management
Net earnings attributable to shareholders of Fairfax	$ 1,147.2	$ 3,401.1
Net unrealized foreign currency translation losses net of hedges	399.1
Changes in capitalization	1,244.5	(1,779.8)
Purchases of subordinate voting shares for cancellation	199.6	$ 1,058.1
Amount of shares to be utilized for share-based payment awards	148.2
Payments of common and preferred share dividends	$ 295.1
Percentage of consolidated net debt/net total capital ratio	26.40%	22.80%
Percentage of consolidated total debt/total capital ratio	29.80%	26.70%
National Association of Insurance Commissioners
Financial Risk Management
Capital and surplus, regulatory minimum requirement multiplier	2	2
Bermuda Monetary Authority
Financial Risk Management
Target capital level percentage	120%	120%
Office of the Superintendent of Financial Institutions
Financial Risk Management
Minimum supervisory target	150%	150%
Common shareholders' equity
Financial Risk Management
Changes in capitalization	$ 173.6	$ (552.9)
Purchases of subordinate voting shares for cancellation	199.6	1,058.1
Unsecured senior notes
Financial Risk Management
Principal amount	$ 750
Interest rate	5.625%
Allied World and Recipe | Common shareholders' equity
Financial Risk Management
Changes in capitalization	$ 173.6
Brit Limited (Brit)
Financial Risk Management
Subordinated debt and contingent funding in the form of letters of credit	2,052.7	2,199.5
Surplus over the management capital requirements	$ 709.5	$ 617.9
Northbridge | Office of the Superintendent of Financial Institutions
Financial Risk Management
Weighted average MCT ratio	241%	222%
Odyssey Group, Crum & Forster, Zenith National, Allied World and U.S. Run-off excluding TIG Insurance | National Association of Insurance Commissioners | Minimum
Financial Risk Management
Capital and surplus, actual multiplier	3	3
TIG Insurance | National Association of Insurance Commissioners | Minimum
Financial Risk Management
Capital and surplus, actual multiplier	2	2.3
Ordinary shares
Financial Risk Management
Equity in stock	$ 15,340.7	$ 15,049.6

Segmented Information - Operati

Segmented Information - Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Gross premiums written	$ 27,912.6	$ 23,910.2
Net premiums written	22,271.7	18,278.1
Net premiums earned	21,006.1	16,558
Underwriting expenses	(20,067.6)	(16,065.5)
Underwriting profit (loss)	938.5	492.5
Interest income	873.5	568.4
Dividends	140.4	108.2
Investment expenses	(52.1)	(35.8)
Interest and dividends	961.8	640.8
Share of profit of associates	1,014.7	402
Other Revenue	5,581.6	5,158
Other Expenses	(5,520.9)	(5,086.9)
Other Revenue (Expenses)	60.7	71.1
Operating income (loss)	2,975.7	1,606.4
Net gains (losses) on investments	(1,733.9)	3,445.1
Gain on sale and consolidation of insurance subsidiaries	1,219.7	264
Interest expense	(452.8)	(513.9)
Corporate overhead and other	(296.7)	(409)
Earnings before income taxes	1,712	4,392.6
Provision for income taxes	(425.2)	(726)
Shareholders of Fairfax	1,147.2	3,401.1
Non-controlling interests	139.6	265.5
Net earnings (loss)	1,286.8	3,666.6
Privi
Segmented Information
After tax gain amount		94.9
Toys "R" Us Canada
Segmented Information
After tax gain amount		85.7
External
Segmented Information
Gross premiums written	27,912.6	23,910.2
Net premiums earned	21,006.1	16,558
Property and Casualty Insurance and Reinsurance
Segmented Information
Net premiums earned	20,663.7	16,090.2
Property and Casualty Insurance and Reinsurance | North American Insurers
Segmented Information
Net premiums earned	6,107.8	5,024.8
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers
Segmented Information
Net premiums earned	12,726.9	9,451.8
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers
Segmented Information
Net premiums earned	1,829	1,613.6
Life insurance and Run-off
Segmented Information
Net premiums earned	342.4	467.8
Non-insurance companies
Segmented Information
Interest and dividends	26.6	(94.7)
Share of profit of associates	134	22.3
Non-controlling interests	136.8	44.3
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Gross premiums written	27,925.7	24,093.5
Net premiums written	21,927	17,809.4
Net premiums earned	20,663.7	16,090.2
Underwriting expenses	(19,558.4)	(15,289)
Underwriting profit (loss)	1,105.3	801.2
Interest income	795.8	520.8
Dividends	102.9	72.7
Investment expenses	(152.6)	(151.8)
Interest and dividends	746.1	441.7
Share of profit of associates	721.5	324.1
Operating income (loss)	2,572.9	1,567
Net gains (losses) on investments	(1,759.9)	2,644.5
Gain on sale and consolidation of insurance subsidiaries	1,219.7	133.5
Interest expense	(59.8)	(61.5)
Corporate overhead and other	(150.8)	(164)
Earnings before income taxes	1,822.1	4,119.5
Operating segments | Property and Casualty Insurance and Reinsurance | External
Segmented Information
Gross premiums written	27,561.7	23,796
Net premiums earned	20,663.7	16,448.3
Operating segments | Property and Casualty Insurance and Reinsurance | Intercompany
Segmented Information
Gross premiums written	364	297.5
Net premiums earned		(358.1)
Operating segments | Property and Casualty Insurance and Reinsurance | North American Insurers
Segmented Information
Gross premiums written	7,650.5	6,578.8
Net premiums written	6,457.6	5,319.7
Net premiums earned	6,107.8	5,024.8
Underwriting expenses	(5,674.8)	(4,637.9)
Underwriting profit (loss)	433	386.9
Interest income	249	154.4
Dividends	32	23.9
Investment expenses	(47)	(43.2)
Interest and dividends	234	135.1
Share of profit of associates	239.8	103.6
Operating income (loss)	906.8	625.6
Net gains (losses) on investments	(397.7)	518.5
Gain on sale and consolidation of insurance subsidiaries	1,213.2
Interest expense	(5.7)	(8.6)
Corporate overhead and other	(39.8)	(53.7)
Earnings before income taxes	1,676.8	1,081.8
Operating segments | Property and Casualty Insurance and Reinsurance | North American Insurers | External
Segmented Information
Gross premiums written	7,600.9	6,544.6
Net premiums earned	6,140.8	5,435.3
Operating segments | Property and Casualty Insurance and Reinsurance | North American Insurers | Intercompany
Segmented Information
Gross premiums written	49.6	34.2
Net premiums earned	(33)	(410.5)
Operating segments | Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers
Segmented Information
Gross premiums written	17,096.6	14,661.4
Net premiums written	13,506.3	10,755.5
Net premiums earned	12,726.9	9,451.8
Underwriting expenses	(12,067.9)	(9,077.6)
Underwriting profit (loss)	659	374.2
Interest income	447.8	299.6
Dividends	54.9	37.2
Investment expenses	(89.4)	(100.1)
Interest and dividends	413.3	236.7
Share of profit of associates	429.3	184.8
Operating income (loss)	1,501.6	795.7
Net gains (losses) on investments	(1,151.1)	604.1
Gain on sale and consolidation of insurance subsidiaries		68.7
Interest expense	(51.1)	(50.5)
Corporate overhead and other	(98.9)	(88)
Earnings before income taxes	200.5	1,330
Operating segments | Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | External
Segmented Information
Gross premiums written	16,995.6	14,567.6
Net premiums earned	12,851.5	9,530.6
Operating segments | Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Intercompany
Segmented Information
Gross premiums written	101	93.8
Net premiums earned	(124.6)	(78.8)
Operating segments | Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers
Segmented Information
Gross premiums written	3,178.6	2,853.3
Net premiums written	1,963.1	1,734.2
Net premiums earned	1,829	1,613.6
Underwriting expenses	(1,815.7)	(1,573.5)
Underwriting profit (loss)	13.3	40.1
Interest income	99	66.8
Dividends	16	11.6
Investment expenses	(16.2)	(8.5)
Interest and dividends	98.8	69.9
Share of profit of associates	52.4	35.7
Operating income (loss)	164.5	145.7
Net gains (losses) on investments	(211.1)	1,521.9
Gain on sale and consolidation of insurance subsidiaries	6.5	64.8
Interest expense	(3)	(2.4)
Corporate overhead and other	(12.1)	(22.3)
Earnings before income taxes	(55.2)	1,707.7
Operating segments | Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | External
Segmented Information
Gross premiums written	2,965.2	2,683.8
Net premiums earned	1,671.4	1,482.4
Operating segments | Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Intercompany
Segmented Information
Gross premiums written	213.4	169.5
Net premiums earned	157.6	131.2
Operating segments | Life insurance and Run-off
Segmented Information
Gross premiums written	350.9	472.3
Net premiums written	344.7	468.7
Net premiums earned	342.4	467.8
Underwriting expenses	(509.7)	(776.8)
Underwriting profit (loss)	(167.3)	(309)
Interest income	56.4	22.2
Dividends	12.3	7.8
Investment expenses	(13.1)	(10.7)
Interest and dividends	55.6	19.3
Share of profit of associates	56.4	16.8
Operating income (loss)	(55.3)	(272.9)
Net gains (losses) on investments	(306.5)	69.7
Interest expense	(13.2)	(7.9)
Corporate overhead and other	(1.4)	(38.4)
Earnings before income taxes	(376.4)	(249.5)
Operating segments | Life insurance and Run-off | External
Segmented Information
Gross premiums written	350.9	114.2
Net premiums earned	342.4	109.7
Operating segments | Life insurance and Run-off | Intercompany
Segmented Information
Gross premiums written		358.1
Net premiums earned		358.1
Operating segments | Non-insurance companies
Segmented Information
Interest income	10.2	3.9
Dividends	24.6	28.5
Investment expenses	(8.2)	(127.1)
Interest and dividends	26.6	(94.7)
Share of profit of associates	134	22.3
Other Revenue	5,581.6	5,157.5
Other Expenses	(5,520.9)	(5,092.1)
Other Revenue (Expenses)	60.7	65.4
Operating income (loss)	221.3	(7)
Net gains (losses) on investments	71.4	266
Interest expense	(122.8)	(140.3)
Earnings before income taxes	169.9	118.7
Operating segments | Corporate and Other
Segmented Information
Interest income	11.8	28.2
Dividends	0.6	(0.8)
Investment expenses	(2.8)	(2.8)
Interest and dividends	9.6	24.6
Share of profit of associates	102.8	38.8
Operating income (loss)	112.4	63.4
Net gains (losses) on investments	261.1	464.9
Gain on sale and consolidation of insurance subsidiaries		130.5
Interest expense	(257.2)	(305.4)
Corporate overhead and other	(19.9)	50
Earnings before income taxes	96.4	403.4
Eliminations and adjustments
Segmented Information
Gross premiums written	(364)	(655.6)
Underwriting expenses	0.5	0.3
Underwriting profit (loss)	0.5	0.3
Interest income	(0.7)	(6.7)
Investment expenses	124.6	256.6
Interest and dividends	123.9	249.9
Other Revenue		0.5
Other Expenses		5.2
Other Revenue (Expenses)		5.7
Operating income (loss)	124.4	255.9
Interest expense	0.2	1.2
Corporate overhead and other	(124.6)	(256.6)
Earnings before income taxes		0.5
Eliminations and adjustments | Intercompany
Segmented Information
Gross premiums written	$ (364)	$ (655.6)

Segmented Information - Underwr

Segmented Information - Underwriting Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Underwriting expenses - calendar year	$ 20,067.6	$ 16,065.5
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Loss & LAE - accident year	13,656.4	10,438.5
Commissions	3,432.2	2,774.2
Other underwriting expenses	2,666	2,431.9
Underwriting expenses - accident year	19,754.6	15,644.6
Net favourable claims reserve development	(196.2)	(355.6)
Underwriting expenses - calendar year	19,558.4	15,289
Operating segments | Property and Casualty Insurance and Reinsurance | North American Insurers
Segmented Information
Loss & LAE - accident year	3,733.4	2,900.3
Commissions	998.3	913.6
Other underwriting expenses	1,020.3	927.7
Underwriting expenses - accident year	5,752	4,741.6
Net favourable claims reserve development	(77.2)	(103.7)
Underwriting expenses - calendar year	5,674.8	4,637.9
Operating segments | Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers
Segmented Information
Loss & LAE - accident year	8,715.7	6,551.6
Commissions	2,109.5	1,571
Other underwriting expenses	1,263.8	1,156.4
Underwriting expenses - accident year	12,089	9,279
Net favourable claims reserve development	(21.1)	(201.4)
Underwriting expenses - calendar year	12,067.9	9,077.6
Operating segments | Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers
Segmented Information
Loss & LAE - accident year	1,207.3	986.6
Commissions	324.4	289.6
Other underwriting expenses	381.9	347.8
Underwriting expenses - accident year	1,913.6	1,624
Net favourable claims reserve development	(97.9)	(50.5)
Underwriting expenses - calendar year	1,815.7	1,573.5
Eliminations and adjustments
Segmented Information
Underwriting expenses - calendar year	$ (0.5)	$ (0.3)

Segmented Information - Investm

Segmented Information - Investments In Associates, Additions to goodwill, Segment assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Investments in associates	$ 7,433.9	$ 6,104
Additions to goodwill	152	60.7
Segment assets	92,125.1	86,645.4
Segment liabilities	71,789.3	65,330.1
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Investments in associates	4,703	3,385.4
Additions to goodwill		16.4
Segment assets	79,847	73,884.9
Segment liabilities	57,608.7	51,518.9
Operating segments | Property and Casualty Insurance and Reinsurance | North American Insurers
Segmented Information
Investments in associates	1,217.7	801.5
Segment assets	18,664.9	17,418.7
Segment liabilities	12,890	11,551.5
Operating segments | Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers
Segmented Information
Investments in associates	2,893.3	2,168.7
Additions to goodwill		16.4
Segment assets	51,634.9	46,849.3
Segment liabilities	39,086.8	34,266.7
Operating segments | Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers
Segmented Information
Investments in associates	592	415.2
Segment assets	9,547.2	9,616.9
Segment liabilities	5,631.9	5,700.7
Operating segments | Life insurance and Run-off
Segmented Information
Investments in associates	348.1	272.6
Additions to goodwill	0.4
Segment assets	6,087.7	6,669.1
Segment liabilities	5,289.5	5,781.1
Operating segments | Non-insurance companies
Segmented Information
Investments in associates	1,378.5	1,379.7
Additions to goodwill	151.6	44.3
Segment assets	8,611.4	7,856.4
Segment liabilities	4,820.6	4,075.1
Corporate and Other and eliminations and adjustments
Segmented Information
Investments in associates	1,004.3	1,066.3
Segment assets	(2,421)	(1,765)
Segment liabilities	$ 4,070.5	$ 3,955

Segmented Information - Product

Segmented Information - Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Net premiums earned	$ 21,006.1	$ 16,558
Interest and dividends	961.8	640.8
Share of profit of associates	1,014.7	402
Net gains (losses) on investments	(1,733.9)	3,445.1
Gain on sale and consolidation of insurance subsidiaries	1,219.7	264
Other revenue	5,581.6	5,158
Income	$ 28,050	$ 26,467.9
Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	100%	100%
Property
Segmented Information
Net premiums earned	$ 7,194.7	$ 5,929.6
Property | Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	34.30%	35.80%
Casualty
Segmented Information
Net premiums earned	$ 11,766.1	$ 9,150.1
Casualty | Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	56%	55.30%
Specialty
Segmented Information
Net premiums earned	$ 2,045.3	$ 1,478.3
Specialty | Product Concentration | Net Premiums Earned
Segmented Information
Distribution of net premiums earned	9.70%	8.90%
Property and Casualty Insurance and Reinsurance
Segmented Information
Net premiums earned	$ 20,663.7	$ 16,090.2
Property and Casualty Insurance and Reinsurance | Property
Segmented Information
Net premiums earned	7,194.7	5,921.4
Property and Casualty Insurance and Reinsurance | Casualty
Segmented Information
Net premiums earned	11,765.6	8,801.3
Property and Casualty Insurance and Reinsurance | Specialty
Segmented Information
Net premiums earned	1,703.4	1,367.5
Property and Casualty Insurance and Reinsurance | North American Insurers
Segmented Information
Net premiums earned	6,107.8	5,024.8
Property and Casualty Insurance and Reinsurance | North American Insurers | Property
Segmented Information
Net premiums earned	1,379.3	1,209.6
Property and Casualty Insurance and Reinsurance | North American Insurers | Casualty
Segmented Information
Net premiums earned	4,284.3	3,400.2
Property and Casualty Insurance and Reinsurance | North American Insurers | Specialty
Segmented Information
Net premiums earned	444.2	415
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers
Segmented Information
Net premiums earned	12,726.9	9,451.8
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Property
Segmented Information
Net premiums earned	4,895.5	3,876.9
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Casualty
Segmented Information
Net premiums earned	6,866.2	4,856.8
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Specialty
Segmented Information
Net premiums earned	965.2	718.1
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers
Segmented Information
Net premiums earned	1,829	1,613.6
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Property
Segmented Information
Net premiums earned	919.9	834.9
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Casualty
Segmented Information
Net premiums earned	615.1	544.3
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Specialty
Segmented Information
Net premiums earned	294	234.4
Life insurance and Run-off
Segmented Information
Net premiums earned	342.4	467.8
Life insurance and Run-off | Property
Segmented Information
Net premiums earned		8.2
Life insurance and Run-off | Casualty
Segmented Information
Net premiums earned	0.5	348.8
Life insurance and Run-off | Specialty
Segmented Information
Net premiums earned	$ 341.9	$ 110.8

Segmented Information - Geograp

Segmented Information - Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Net premiums earned	$ 21,006.1	$ 16,558
Interest and dividends	961.8	640.8
Share of profit of associates	1,014.7	402
Net gains (losses) on investments	(1,733.9)	3,445.1
Gain on sale and consolidation of insurance subsidiaries	1,219.7	264
Other revenue	5,581.6	5,158
Income	$ 28,050	$ 26,467.9
Geographic
Segmented Information
Distribution of net premiums earned	100%	100%
Canada
Segmented Information
Net premiums earned	$ 2,293.5	$ 2,078.2
Canada | Geographic
Segmented Information
Distribution of net premiums earned	10.90%	12.60%
United States
Segmented Information
Net premiums earned	$ 13,617.7	$ 10,333.4
United States | Geographic
Segmented Information
Distribution of net premiums earned	64.90%	62.40%
Asia
Segmented Information
Net premiums earned	$ 1,431.4	$ 1,247
Asia | Geographic
Segmented Information
Distribution of net premiums earned	6.80%	7.50%
International
Segmented Information
Net premiums earned	$ 3,663.5	$ 2,899.4
International | Geographic
Segmented Information
Distribution of net premiums earned	17.40%	17.50%
Property and Casualty Insurance and Reinsurance
Segmented Information
Net premiums earned	$ 20,663.7	$ 16,090.2
Property and Casualty Insurance and Reinsurance | Canada
Segmented Information
Net premiums earned	2,293.5	2,078.2
Property and Casualty Insurance and Reinsurance | United States
Segmented Information
Net premiums earned	13,617.2	9,975.3
Gain on sale and consolidation of insurance subsidiaries	1,213.2
Property and Casualty Insurance and Reinsurance | Asia
Segmented Information
Net premiums earned	1,431.4	1,247
Property and Casualty Insurance and Reinsurance | International
Segmented Information
Net premiums earned	3,321.6	2,789.7
Property and Casualty Insurance and Reinsurance | North American Insurers
Segmented Information
Net premiums earned	6,107.8	5,024.8
Property and Casualty Insurance and Reinsurance | North American Insurers | Canada
Segmented Information
Net premiums earned	1,914.1	1,784.9
Property and Casualty Insurance and Reinsurance | North American Insurers | United States
Segmented Information
Net premiums earned	4,157.5	3,222.1
Property and Casualty Insurance and Reinsurance | North American Insurers | Asia
Segmented Information
Net premiums earned	1.4	1.2
Property and Casualty Insurance and Reinsurance | North American Insurers | International
Segmented Information
Net premiums earned	34.8	16.6
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers
Segmented Information
Net premiums earned	12,726.9	9,451.8
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Canada
Segmented Information
Net premiums earned	378.8	293.1
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | United States
Segmented Information
Net premiums earned	9,337.3	6,671.4
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Asia
Segmented Information
Net premiums earned	878.1	806.9
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | International
Segmented Information
Net premiums earned	2,132.7	1,680.4
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers
Segmented Information
Net premiums earned	1,829	1,613.6
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Canada
Segmented Information
Net premiums earned	0.6	0.2
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | United States
Segmented Information
Net premiums earned	122.4	81.8
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Asia
Segmented Information
Net premiums earned	551.9	438.9
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | International
Segmented Information
Net premiums earned	1,154.1	1,092.7
Life insurance and Run-off
Segmented Information
Net premiums earned	342.4	467.8
Life insurance and Run-off | United States
Segmented Information
Net premiums earned	0.5	358.1
Life insurance and Run-off | International
Segmented Information
Net premiums earned	$ 341.9	$ 109.7

Segmented Information - Non-ins

Segmented Information - Non-insurance companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segmented Information
Revenue	$ 5,581.6	$ 5,158
Interest and dividends	961.8	640.8
Share of profit (loss) of associates	1,014.7	402
Other | Farmers Edge
Segmented Information
Non-cash goodwill impairment charge	133.4
Non-insurance companies
Segmented Information
Revenue	5,581.6	5,157.5
Expenses	(5,520.9)	(5,092.1)
Pre-tax income (loss) before interest expense and other	60.7	65.4
Interest and dividends	26.6	(94.7)
Share of profit (loss) of associates	134	22.3
Operating income (loss)	221.3	(7)
Non-insurance companies | Restaurants and retail
Segmented Information
Revenue	1,710.3	1,803.8
Expenses	(1,582.2)	(1,724.8)
Pre-tax income (loss) before interest expense and other	128.1	79
Interest and dividends	9.9	7.5
Share of profit (loss) of associates	(0.1)
Operating income (loss)	137.9	86.5
Non-insurance companies | Fairfax India
Segmented Information
Revenue	216.7	228.2
Expenses	(208.1)	(206.9)
Pre-tax income (loss) before interest expense and other	8.6	21.3
Interest and dividends	21.4	(102.2)
Share of profit (loss) of associates	132	20.2
Operating income (loss)	162	(60.7)
Non-insurance companies | Thomas Cook India
Segmented Information
Revenue	611	249.4
Expenses	(600.8)	(293.4)
Pre-tax income (loss) before interest expense and other	10.2	(44)
Interest and dividends		(0.1)
Share of profit (loss) of associates	0.3	(0.1)
Operating income (loss)	10.5	(44.2)
Non-insurance companies | Other
Segmented Information
Revenue	3,043.6	2,876.1
Expenses	(3,129.8)	(2,867)
Pre-tax income (loss) before interest expense and other	(86.2)	9.1
Interest and dividends	(4.7)	0.1
Share of profit (loss) of associates	1.8	2.2
Operating income (loss)	$ (89.1)	$ 11.4

Segmented Information - Segment

Segmented Information - Segmented Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segmented Information
Holding company cash and investments	$ 1,345.8	$ 1,478.3
Insurance contract receivables	7,907.5	6,883.2
Portfolio investments	54,322.9	51,697.4
Deferred premium acquisition costs	2,170.3	1,924.1	$ 1,543.7
Recoverable from reinsurers	13,115.8	12,090.5	10,533.2
Deferred income tax assets	492.1	522.4
Goodwill and intangible assets	5,689	5,928.2	6,229.1
Other assets	7,081.7	6,121.3
Total assets	92,125.1	86,645.4
Accounts payable and accrued liabilities	5,215.2	4,985.4
Derivative obligations	191	152.9
Deferred income tax liabilities	496.7	598.8
Insurance contract payables	5,061.9	4,493.5
Provision for losses and loss adjustment expenses	40,489.6	36,892.3
Provision for unearned premiums	11,710	10,454.2
Borrowings	8,624.9	7,753	8,814
Total liabilities	71,789.3	65,330.1
Shareholders' equity attributable to shareholders of Fairfax	16,676.2	16,385.1
Non-controlling interests	3,659.6	4,930.2
Total equity	20,335.8	21,315.3	$ 17,527.3
Total liabilities and total equity	92,125.1	86,645.4
Non-insurance companies
Segmented Information
Non-controlling interests	1,690.4	1,998.8
Operating segments | Property and Casualty Insurance and Reinsurance
Segmented Information
Holding company cash and investments	316.6	604.5
Insurance contract receivables	8,310.9	7,215.5
Portfolio investments	49,038.8	45,061.8
Deferred premium acquisition costs	2,201.3	1,950.6
Recoverable from reinsurers	14,097.9	13,060.3
Deferred income tax assets	337.3	268.2
Goodwill and intangible assets	3,396.8	3,579.5
Due from affiliates	206.3	231.3
Other assets	1,774	1,746
Investments in affiliates	167.1	167.2
Total assets	79,847	73,884.9
Accounts payable and accrued liabilities	2,304.9	2,149.9
Derivative obligations	113.5	72.5
Due to affiliates	16.5	28.8
Deferred income tax liabilities	225	322.2
Insurance contract payables	4,839.7	4,208.6
Provision for losses and loss adjustment expenses	37,531.7	33,381.4
Provision for unearned premiums	11,844	10,564.8
Borrowings	733.4	790.7
Total liabilities	57,608.7	51,518.9
Shareholders' equity attributable to shareholders of Fairfax	20,269.1	19,778.9
Non-controlling interests	1,969.2	2,587.1
Total equity	22,238.3	22,366
Total liabilities and total equity	79,847	73,884.9
Operating segments | Life insurance and Run-off
Segmented Information
Insurance contract receivables	28.2	7.8
Portfolio investments	4,275.4	4,963.9
Deferred premium acquisition costs	7.5	3.8
Recoverable from reinsurers	517.5	457.6
Deferred income tax assets	25.6	29
Goodwill and intangible assets	7.5	7.5
Due from affiliates	364.1	360.2
Other assets	832.6	810
Investments in affiliates	29.3	29.3
Total assets	6,087.7	6,669.1
Accounts payable and accrued liabilities	263.1	233.4
Due to affiliates	0.4	0.2
Deferred income tax liabilities	18.5	72.9
Insurance contract payables	688.4	652
Provision for losses and loss adjustment expenses	4,300.9	4,806.1
Provision for unearned premiums	18.2	16.5
Total liabilities	5,289.5	5,781.1
Shareholders' equity attributable to shareholders of Fairfax	798.2	888
Total equity	798.2	888
Total liabilities and total equity	6,087.7	6,669.1
Operating segments | Non-insurance companies
Segmented Information
Portfolio investments	2,119.3	2,252.8
Deferred income tax assets	54.5	66.9
Goodwill and intangible assets	2,284.4	2,341.2
Other assets	4,153.2	3,195.5
Total assets	8,611.4	7,856.4
Accounts payable and accrued liabilities	2,430.7	2,077.4
Derivative obligations	58.2	47.9
Due to affiliates	82.4	135.1
Deferred income tax liabilities	252.4	198.5
Borrowings	1,996.9	1,616.2
Total liabilities	4,820.6	4,075.1
Shareholders' equity attributable to shareholders of Fairfax	2,100.4	1,782.5
Non-controlling interests	1,690.4	1,998.8
Total equity	3,790.8	3,781.3
Total liabilities and total equity	8,611.4	7,856.4
Corporate and Other and eliminations and adjustments
Segmented Information
Holding company cash and investments	1,029.2	873.8
Insurance contract receivables	(431.6)	(340.1)
Portfolio investments	(1,110.6)	(581.1)
Deferred premium acquisition costs	(38.5)	(30.3)
Recoverable from reinsurers	(1,499.6)	(1,427.4)
Deferred income tax assets	74.7	158.3
Goodwill and intangible assets	0.3
Due from affiliates	(570.4)	(591.5)
Other assets	321.9	369.8
Investments in affiliates	(196.4)	(196.5)
Total assets	(2,421)	(1,765)
Accounts payable and accrued liabilities	216.5	524.7
Derivative obligations	19.3	32.5
Due to affiliates	(99.3)	(164.1)
Deferred income tax liabilities	0.8	5.2
Insurance contract payables	(466.2)	(367.1)
Provision for losses and loss adjustment expenses	(1,343)	(1,295.2)
Provision for unearned premiums	(152.2)	(127.1)
Borrowings	5,894.6	5,346.1
Total liabilities	4,070.5	3,955
Shareholders' equity attributable to shareholders of Fairfax	(6,491.5)	(6,064.3)
Non-controlling interests		344.3
Total equity	(6,491.5)	(5,720)
Total liabilities and total equity	$ (2,421)	$ (1,765)

Expenses (Details)

Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Expenses
Losses and loss adjustment expenses, property and casualty	$ 13,169.1	$ 10,272.9
Provisions and claims, Eurolife	251.1	81
Cost of sales	3,349.4	2,987.5
Wages and salaries	2,458.3	2,308.4
Depreciation, amortization and impairment charges	683.6	930.4
Employee benefits	507.2	462.2
Premium taxes	306.8	285.9
Information technology costs	299.2	257
Audit, legal and tax professional fees	242.8	203.1
Repairs, maintenance and utilities	178.3	157.4
Shipping and delivery	154.1	121.2
Share-based payments to directors and employees	151.9	136.5
Marketing costs	115.5	103.5
Administrative expense and other	563	466.5
Losses on claims, net, operating expenses and other expenses	22,430.3	18,773.5
Commissions, net	3,454.9	2,787.9
Interest expense	452.8	513.9
Expenses	26,338	22,075.3
Insurance and reinsurance companies
Expenses
Losses and loss adjustment expenses, property and casualty	13,169.1	10,272.9
Provisions and claims, Eurolife	251.1	81
Wages and salaries	1,580.8	1,547.1
Depreciation, amortization and impairment charges	233.2	291
Employee benefits	381.3	345.3
Premium taxes	306.8	285.9
Information technology costs	254.7	216.3
Audit, legal and tax professional fees	189.1	159.7
Repairs, maintenance and utilities	14.4	13.2
Shipping and delivery	1.3	1.2
Share-based payments to directors and employees	131.5	118.2
Marketing costs	38.9	33.4
Administrative expense and other	357.2	321.4
Losses on claims, net, operating expenses and other expenses	16,909.4	13,686.6
Commissions, net	3,454.9	2,787.9
Interest expense	330	373.6
Expenses	20,694.3	16,848.1
Non-insurance companies
Expenses
Cost of sales	3,349.4	2,987.5
Wages and salaries	877.5	761.3
Depreciation, amortization and impairment charges	450.4	639.4
Employee benefits	125.9	116.9
Information technology costs	44.5	40.7
Audit, legal and tax professional fees	53.7	43.4
Repairs, maintenance and utilities	163.9	144.2
Shipping and delivery	152.8	120
Share-based payments to directors and employees	20.4	18.3
Marketing costs	76.6	70.1
Administrative expense and other	205.8	145.1
Losses on claims, net, operating expenses and other expenses	5,520.9	5,086.9
Interest expense	122.8	140.3
Expenses	$ 5,643.7	$ 5,227.2

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total	$ 6,119.6	$ 11,685.4	$ 4,467.1
Restricted cash and cash equivalents
Total	861.2	1,261
Cash
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	3,350.5	5,424.2
Restricted cash and cash equivalents
Cash	501.6	486.2
Cash and cash equivalents included on the consolidated balance sheet
Cash	3,852.1	5,910.4
Cash | Holding company cash and investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	72.7	129.9
Cash and cash equivalents included on the consolidated balance sheet
Cash	72.7	129.9
Cash | Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	3,243.3	5,259.2
Restricted cash and cash equivalents
Cash	500.8	484.6
Cash and cash equivalents included on the consolidated balance sheet
Cash	3,744.1	5,743.8
Cash | Fairfax India
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	34.5	35.1
Restricted cash and cash equivalents
Cash	0.8	1.6
Cash and cash equivalents included on the consolidated balance sheet
Cash	35.3	36.7
Cash equivalents
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents	2,769.1	6,261.2
Restricted cash and cash equivalents
Cash equivalents	359.6	774.8
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents	3,128.7	7,036
Cash equivalents | Holding company cash and investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents	479.4	336
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents	479.4	336
Cash equivalents | Holding company assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents	40.6	46.8
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents	40.6	46.8
Cash equivalents | Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents	2,105.6	5,777.6
Restricted cash and cash equivalents
Cash equivalents	353.6	761.8
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents	2,459.2	6,539.4
Cash equivalents | Subsidiary assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents		74
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents		74
Cash equivalents | Fairfax India
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents	143.5	26.8
Restricted cash and cash equivalents
Cash equivalents	6	13
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents	149.5	39.8
Cash and cash equivalents
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total	6,119.6	11,685.4
Restricted cash and cash equivalents
Total	861.2	1,261
Cash and cash equivalents included on the consolidated balance sheet
Total	6,980.8	12,946.4
Cash and cash equivalents | Holding company cash and investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total	552.1	465.9
Cash and cash equivalents included on the consolidated balance sheet
Total	552.1	465.9
Cash and cash equivalents | Holding company assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total	40.6	46.8
Cash and cash equivalents included on the consolidated balance sheet
Total	40.6	46.8
Cash and cash equivalents | Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total	5,348.9	11,036.8
Restricted cash and cash equivalents
Total	854.4	1,246.4
Cash and cash equivalents included on the consolidated balance sheet
Total	6,203.3	12,283.2
Cash and cash equivalents | Subsidiary assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total		74
Cash and cash equivalents included on the consolidated balance sheet
Total		74
Cash and cash equivalents | Fairfax India
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Total	178	61.9
Restricted cash and cash equivalents
Total	6.8	14.6
Cash and cash equivalents included on the consolidated balance sheet
Total	$ 184.8	$ 76.5

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net (purchases) sales of investments classified at FVTPL
Short term investments	$ 6,352.5	$ (767.1)
Bonds	(16,016.2)	2,545.7
Preferred stocks	(293.2)	(37.3)
Common stocks	(63.6)	477.2
Net derivatives and other invested assets	380.3	395.9
Net (purchases) sales of securities classified at FVTPL	(9,640.2)	2,614.4
Changes in operating assets and liabilities
Net decrease (increase) in restricted cash and cash equivalents	393.7	(472.6)
Provision for losses and loss adjustment expenses	4,530.1	3,692
Provision for unearned premiums	1,455.3	2,152.2
Provision for life policy benefits	(142.4)	(167.9)
Insurance contract receivables	(1,134.9)	(1,152.9)
Insurance contract payables	625.8	1,079.8
Recoverable from reinsurers	(1,257.9)	(1,580)
Other receivables	(349.8)	(96.7)
Accounts payable and accrued liabilities	338.2	291.1
Other	(638)	(758.1)
Changes in operating assets and liabilities	(3,820.1)	(2,986.9)
Net interest and dividends received
Interest and dividends received	1,030.8	865.7
Interest paid on borrowings	(360.5)	(366.7)
Interest paid on lease liabilities	(48.1)	(54.8)
Net interest and dividends received	622.2	444.2
Net income taxes paid	$ (416.4)	$ (288.7)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Thomas Cook India
Related Party Transactions
Increase in ownership percentage through conversion of shares	6.60%
Key management team
Related Party Transactions
Salaries and other short-term employee benefits	$ 10.2	$ 10.8
Share-based payments	5.7	4.7
Related party compensation	15.9	15.5
Board of Directors
Related Party Transactions
Retainers and fees	1.7	1.5
Share-based payments	0.3	0.4
Related party compensation	2	$ 1.9
Fairfax India Holdings Corporation (Fairfax India)
Related Party Transactions
Amounts receivable, related party transactions	$ 41.5

Subsidiaries (Details)

Subsidiaries (Details)			12 Months Ended
	Sep. 27, 2022	Sep. 26, 2022	Dec. 31, 2022
Allied World Assurance Company Holdings, Ltd (Allied World)
Subsidiaries
Equity ownership percentage	82.90%	70.90%
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Odyssey Group Holdings, Inc. (Odyssey Group)
Subsidiaries
Equity ownership percentage			90%
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Brit Limited (Brit)
Subsidiaries
Equity ownership percentage			86.20%
Property and Casualty Insurance and Reinsurance | Global Insurers and Reinsurers | Allied World Assurance Company Holdings, Ltd (Allied World)
Subsidiaries
Equity ownership percentage			82.90%
Property and Casualty Insurance and Reinsurance | International Insurers and Reinsurers | Eurolife FFH General Insurance Single Member S.A. (Eurolife General)
Subsidiaries
Equity ownership percentage			80%
Property and Casualty Insurance and Reinsurance | Fairfax Central and Eastern Europe | FFH Ukraine Holdings (Fairfax Ukraine)
Subsidiaries
Equity ownership percentage			70%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | The Pacific Insurance Berhad (Pacific Insurance)
Subsidiaries
Equity ownership percentage			85%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | PT Asuransi Multi Artha Guna Tbk (AMAG Insurance)
Subsidiaries
Equity ownership percentage			80.30%
Property and Casualty Insurance and Reinsurance | Fairfax Asia | Fairfirst Insurance Limited (Fairfirst Insurance)
Subsidiaries
Equity ownership percentage			78%
Life insurance and Run-off | Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife)
Subsidiaries
Equity ownership percentage			80%
Non-insurance companies | Restaurants and retail | Recipe Unlimited Corporation (Recipe)
Subsidiaries
Equity ownership percentage			75.70%
Non-insurance companies | Restaurants and retail | Sporting Life Group Limited
Subsidiaries
Equity ownership percentage			88.50%
Non-insurance companies | Fairfax India | Fairfax India Holdings Corporation (Fairfax India)
Subsidiaries
Equity ownership percentage			34.70%
Proportion of voting rights held			94.40%
Non-insurance companies | Thomas Cook India | Thomas Cook (India) Limited (Thomas Cook India)
Subsidiaries
Equity ownership percentage			73.30%
Non-insurance companies | Other | AGT Food and Ingredients Inc. (AGT)
Subsidiaries
Equity ownership percentage			59.60%
Non-insurance companies | Other | Dexterra Group Inc. (Dexterra Group)
Subsidiaries
Equity ownership percentage			48.70%
Non-insurance companies | Other | Boat Rocker Media Inc. (Boat Rocker)
Subsidiaries
Equity ownership percentage			44.90%
Proportion of voting rights held			56.10%
Non-insurance companies | Other | Farmers Edge Inc. (Farmers Edge)
Subsidiaries
Equity ownership percentage			61.30%
Non-insurance companies | Other | Grivalia Hospitality
Subsidiaries
Equity ownership percentage			78.40%
Sporting Life Group Limited | Sporting Life Inc. (Sporting Life)
Subsidiaries
Equity ownership percentage			88.50%
Proportion of voting rights held			100%
Sporting Life Group Limited | Golf Town Limited (Golf Town)
Subsidiaries
Equity ownership percentage			88.50%
Proportion of voting rights held			100%
Thomas Cook (India) Limited (Thomas Cook India) | Sterling Holiday Resorts Limited (Sterling Resorts)
Subsidiaries
Equity ownership percentage			73.30%
Proportion of voting rights held			100%