Document and Entity Information
Document and Entity Information - SFr / shares | 9 Months Ended | ||
Sep. 30, 2019 | Oct. 17, 2019 | Dec. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Chubb Ltd | ||
Entity Central Index Key | 0000896159 | ||
Document Type | 10-Q | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q3 | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2019 | ||
Entity File Number | 1-11778 | ||
Entity Incorporation, State or Country Code | V8 | ||
Entity Tax Identification Number | 98-0091805 | ||
Entity Address, Address Line One | Baerengasse 32 | ||
Entity Address, City or Town | Zurich | ||
Entity Address, Country | CH | ||
Entity Address, Postal Zip Code | 8001 | ||
Country Region | 41 | ||
City Area Code | (0)43 | ||
Local Phone Number | 456 76 00 | ||
Title of 12(b) Security | Common Shares, par value CHF 24.15 per share | ||
Trading Symbol | CB | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Common Shares, par value | SFr 24.15 | SFr 24.15 | |
Entity Shell Company | false | ||
Common Shares Outstanding | 453,202,305 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | ||
Assets | ||||
Fixed maturities available for sale, at fair value (amortized cost – $82,036 and $79,323) (includes hybrid financial instruments of $5 and $9) | $ 85,044 | $ 78,470 | ||
Fixed maturities held to maturity, at amortized cost (fair value – $13,096 and $13,259) | 12,622 | 13,435 | ||
Equity securities, at fair value and cost | 722 | 770 | ||
Short-term investments, at fair value (amortized cost – $2,838 and $3,016) | 2,835 | 3,016 | ||
Other investments, at fair value and cost | 5,955 | 5,277 | ||
Total investments | 107,178 | 100,968 | ||
Cash | 1,478 | [1] | 1,247 | [2] |
Restricted cash | 111 | 93 | ||
Securities lending collateral | 962 | 1,926 | ||
Accrued investment income | 857 | 883 | ||
Insurance and reinsurance balances receivable | 10,403 | 10,075 | ||
Reinsurance recoverable on losses and loss expenses | 15,527 | 15,993 | ||
Reinsurance recoverable on policy benefits | 199 | 202 | ||
Deferred policy acquisition costs | 5,148 | 4,922 | ||
Value of business acquired | 274 | 295 | ||
Goodwill | 15,230 | 15,271 | ||
Other intangible assets | 6,148 | 6,143 | ||
Prepaid reinsurance premiums | 2,691 | 2,544 | ||
Investments in partially-owned insurance companies | 1,064 | 678 | ||
Other assets | 7,878 | 6,531 | ||
Total assets | 175,148 | 167,771 | ||
Liabilities | ||||
Unpaid losses and loss expenses | 63,012 | 62,960 | ||
Unearned premiums | 16,571 | 15,532 | ||
Future policy benefits | 5,738 | 5,506 | ||
Insurance and reinsurance balances payable | 6,341 | 6,437 | ||
Securities lending payable | 962 | 1,926 | ||
Accounts payable, accrued expenses, and other liabilities | 12,167 | 10,472 | ||
Deferred tax liabilities | 766 | 304 | ||
Repurchase agreements | 1,416 | 1,418 | ||
Short-term debt | 10 | 509 | ||
Long-term debt | 13,285 | 12,087 | ||
Trust preferred securities | 308 | 308 | ||
Total liabilities | 120,576 | 117,459 | ||
Commitments and contingencies | ||||
Shareholders’ equity | ||||
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 453,533,642 and 459,203,378 shares outstanding) | 11,121 | 11,121 | ||
Common Shares in treasury (26,250,222 and 20,580,486 shares) | (3,504) | (2,618) | ||
Additional Paid in Capital, Common Stock | 11,465 | 12,557 | ||
Retained earnings | 34,969 | 31,700 | ||
Accumulated other comprehensive income (loss) (AOCI) | 521 | (2,448) | ||
Total shareholders’ equity | 54,572 | 50,312 | ||
Total liabilities and shareholders’ equity | $ 175,148 | $ 167,771 | ||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Millions | Sep. 30, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Statement of Financial Position [Abstract] | ||
Available for sale, at amortized cost | $ 82,036 | $ 79,323 |
Fixed maturities available for sale, hybrid financial instruments | 5 | 9 |
Held to maturity, at Fair Value | 13,096 | 13,259 |
short-term investments amortized cost | $ 2,838 | $ 3,016 |
Common Shares, shares issued | shares | 479,783,864 | 479,783,864 |
Common Shares, shares outstanding | shares | 453,533,642 | 459,203,378 |
Common Shares in treasury, shares | shares | 26,250,222 | 20,580,486 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Net premiums written | $ 8,622 | $ 8,110 | $ 24,278 | $ 23,229 |
Increase in unearned premiums | (295) | (202) | (923) | (630) |
Net premiums earned | 8,327 | 7,908 | 23,355 | 22,599 |
Net investment income | 873 | 823 | 2,568 | 2,457 |
Net realized gains (losses): | ||||
Other-than-temporary impairment (OTTI) losses gross | (54) | (14) | (81) | (19) |
Portion of OTTI losses recognized in other comprehensive income (OCI) | 30 | 3 | 31 | 3 |
Net OTTI losses recognized in income | (24) | (11) | (50) | (16) |
Net realized gains (losses) excluding OTTI losses | (131) | 30 | (425) | 51 |
Net Realized Gains Losses | (155) | 19 | (475) | 35 |
Total revenues | 9,045 | 8,750 | 25,448 | 25,091 |
Expenses | ||||
Losses and loss expenses | 5,052 | 4,868 | 13,865 | 13,457 |
Policy benefits | 158 | 127 | 515 | 428 |
Policy acquisition costs | 1,603 | 1,504 | 4,611 | 4,432 |
Administrative expenses | 752 | 719 | 2,220 | 2,158 |
Interest expense | 138 | 164 | 418 | 488 |
Other (income) expense | (57) | (145) | (326) | (307) |
Amortization of purchased intangibles | 76 | 83 | 229 | 253 |
Chubb integration expenses | 2 | 16 | 9 | 39 |
Total expenses | 7,724 | 7,336 | 21,541 | 20,948 |
Income before income tax | 1,321 | 1,414 | 3,907 | 4,143 |
Income tax expense (benefit) (includes nil, $(4), $(2) and $(19) on reclassified unrealized gains and losses) | 230 | 183 | 626 | 536 |
Net income | 1,091 | 1,231 | 3,281 | 3,607 |
Other comprehensive income (loss) | ||||
Unrealized appreciation (depreciation) | 694 | (251) | 3,791 | (2,063) |
Reclassification adjustment for net realized (gains) losses included in net income | 11 | 38 | 43 | 142 |
Unrealized appreciation (Depreciation) after reclassification adjustment | 705 | (213) | 3,834 | (1,921) |
Change in: | ||||
Cumulative foreign currency translation adjustment | (193) | (482) | (143) | (659) |
Postretirement benefit liability adjustment | (17) | (21) | (62) | (61) |
Other comprehensive income (loss), before income tax | 495 | (716) | 3,629 | (2,641) |
Income tax (expense) benefit related to OCI items | (113) | 77 | (660) | 356 |
Other comprehensive income (loss) | 382 | (639) | 2,969 | (2,285) |
Comprehensive income | $ 1,473 | $ 592 | $ 6,250 | $ 1,322 |
Earnings per share | ||||
Basic earnings per share | $ 2.40 | $ 2.66 | $ 7.18 | $ 7.76 |
Diluted earnings per share | $ 2.38 | $ 2.64 | $ 7.13 | $ 7.71 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Total net realized gains (losses) reclassified from AOCI | $ (11) | $ (38) | $ (43) | $ (142) |
Income tax expense on reclassified unrealized gains and loses | $ 0 | $ (4) | $ (2) | $ (19) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Common shares in treasury [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Cumulative Foreign Currency Translation Adjustment [Member] | Postretirement Benefit Liability Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Cumulative effect of adoption of accounting guidance | $ 410 | $ (417) | |||||||
Balance - beginning of period at Dec. 31, 2017 | $ 11,121 | $ (1,944) | $ 13,978 | 27,884 | 1,033 | $ (1,187) | $ 280 | ||
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2017 | 27,474 | 1,450 | |||||||
Common Shares repurchased | (703) | ||||||||
Net shares redeemed under employee share-based compensation plans | 275 | (261) | |||||||
Exercise of stock options | (42) | ||||||||
Share-based compensation expense | 186 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (1,008) | ||||||||
Net income (loss) | $ 3,607 | 3,607 | |||||||
Funding of dividends declared from Additional paid-in capital | 1,008 | ||||||||
Dividends declared on Common Shares | (1,008) | ||||||||
Change in period, before reclassification from AOCI, net of income tax benefit (expense) of $(125), $58, $(674) and $358 | (1,705) | ||||||||
Amounts reclassified from AOCI, net of income tax benefit (expense) of nil, $(4), $(2) and $(19) | 123 | ||||||||
Change in period, net of income tax benefit (expense) of $(125), $54, $(676) and $339 | (1,582) | ||||||||
Change in period, net of income tax benefit of $8, $20, $3 and $5 | (654) | ||||||||
Change in period, net of income tax benefit of $4, $3, $13 and $12 | (49) | ||||||||
Balance - end of period at Sep. 30, 2018 | 50,934 | 11,121 | (2,372) | 12,853 | 31,491 | (549) | (1,841) | 231 | $ (2,159) |
Cumulative effect of adoption of accounting guidance | 0 | 0 | |||||||
Balance - beginning of period at Jun. 30, 2018 | 11,121 | (2,040) | 13,150 | 30,260 | (390) | (1,379) | 249 | ||
Balance - beginning of period (Previous Accounting Guidance [Member]) at Jun. 30, 2018 | 30,260 | (390) | |||||||
Common Shares repurchased | (379) | ||||||||
Net shares redeemed under employee share-based compensation plans | 47 | 0 | |||||||
Exercise of stock options | (23) | ||||||||
Share-based compensation expense | 63 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (337) | ||||||||
Net income (loss) | 1,231 | 1,231 | |||||||
Funding of dividends declared from Additional paid-in capital | 337 | ||||||||
Dividends declared on Common Shares | (337) | ||||||||
Change in period, before reclassification from AOCI, net of income tax benefit (expense) of $(125), $58, $(674) and $358 | (193) | ||||||||
Amounts reclassified from AOCI, net of income tax benefit (expense) of nil, $(4), $(2) and $(19) | 34 | ||||||||
Change in period, net of income tax benefit (expense) of $(125), $54, $(676) and $339 | (159) | ||||||||
Change in period, net of income tax benefit of $8, $20, $3 and $5 | (462) | ||||||||
Change in period, net of income tax benefit of $4, $3, $13 and $12 | (18) | ||||||||
Balance - end of period at Sep. 30, 2018 | 50,934 | 11,121 | (2,372) | 12,853 | 31,491 | (549) | (1,841) | 231 | (2,159) |
Cumulative effect of adoption of accounting guidance | 0 | ||||||||
Cumulative effect of adoption of accounting guidance | Accounting Standards Update 2017-08 [Member] | (12) | ||||||||
Balance - beginning of period at Dec. 31, 2018 | 50,312 | 11,121 | (2,618) | 12,557 | 31,688 | (545) | (1,976) | 73 | |
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2018 | 31,700 | (545) | |||||||
Common Shares repurchased | (1,221) | ||||||||
Net shares redeemed under employee share-based compensation plans | 335 | (184) | |||||||
Exercise of stock options | (65) | ||||||||
Share-based compensation expense | 177 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (1,020) | ||||||||
Net income (loss) | 3,281 | 3,281 | |||||||
Funding of dividends declared from Additional paid-in capital | 1,020 | ||||||||
Dividends declared on Common Shares | (1,020) | ||||||||
Change in period, before reclassification from AOCI, net of income tax benefit (expense) of $(125), $58, $(674) and $358 | 3,117 | ||||||||
Amounts reclassified from AOCI, net of income tax benefit (expense) of nil, $(4), $(2) and $(19) | 41 | ||||||||
Change in period, net of income tax benefit (expense) of $(125), $54, $(676) and $339 | 3,158 | ||||||||
Change in period, net of income tax benefit of $8, $20, $3 and $5 | (140) | ||||||||
Change in period, net of income tax benefit of $4, $3, $13 and $12 | (49) | ||||||||
Balance - end of period at Sep. 30, 2019 | 54,572 | 11,121 | (3,504) | 11,465 | 34,969 | 2,613 | (2,116) | 24 | 521 |
Cumulative effect of adoption of accounting guidance | 0 | ||||||||
Cumulative effect of adoption of accounting guidance | Accounting Standards Update 2017-08 [Member] | 0 | ||||||||
Balance - beginning of period at Jun. 30, 2019 | 11,121 | (3,093) | 11,757 | 33,878 | 2,033 | (1,931) | 37 | ||
Balance - beginning of period (Previous Accounting Guidance [Member]) at Jun. 30, 2019 | 33,878 | 2,033 | |||||||
Common Shares repurchased | (478) | ||||||||
Net shares redeemed under employee share-based compensation plans | 67 | 6 | |||||||
Exercise of stock options | (17) | ||||||||
Share-based compensation expense | 60 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (341) | ||||||||
Net income (loss) | 1,091 | 1,091 | |||||||
Funding of dividends declared from Additional paid-in capital | 341 | ||||||||
Dividends declared on Common Shares | (341) | ||||||||
Change in period, before reclassification from AOCI, net of income tax benefit (expense) of $(125), $58, $(674) and $358 | 569 | ||||||||
Amounts reclassified from AOCI, net of income tax benefit (expense) of nil, $(4), $(2) and $(19) | 11 | ||||||||
Change in period, net of income tax benefit (expense) of $(125), $54, $(676) and $339 | 580 | ||||||||
Change in period, net of income tax benefit of $8, $20, $3 and $5 | (185) | ||||||||
Change in period, net of income tax benefit of $4, $3, $13 and $12 | (13) | ||||||||
Balance - end of period at Sep. 30, 2019 | $ 54,572 | $ 11,121 | $ (3,504) | $ 11,465 | $ 34,969 | $ 2,613 | $ (2,116) | $ 24 | $ 521 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | $ (125) | $ 58 | $ (674) | $ 358 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | (4) | (2) | (19) |
Net unrealized appreciation on investments, Change in period, income tax (expense) benefit | (125) | 54 | (676) | 339 |
Cumulative translation adjustment, Change in period, income tax(expense) benefit | 8 | 20 | 3 | 5 |
Pension liability adjustment, Change in period, income tax (expense) benefit | $ 4 | $ 3 | $ 13 | $ 12 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | |||
Cash flows from operating activities | ||||
Net income | $ 3,281 | $ 3,607 | ||
Adjustments to reconcile net income to net cash flows from operating activities | ||||
Net realized (gains) losses | 475 | (35) | ||
Amortization of premiums/discounts on fixed maturities | 294 | 454 | ||
Amortization of purchased intangibles | 229 | 253 | ||
Deferred income taxes | (178) | 46 | ||
Unpaid losses and loss expenses | 277 | 436 | ||
Unearned premiums | 1,061 | 779 | ||
Future policy benefits | 148 | 170 | ||
Insurance and reinsurance balances payable | (114) | 574 | ||
Accounts payable, accrued expenses, and other liabilities | (6) | (172) | ||
Income taxes payable | 83 | 182 | ||
Insurance and reinsurance balances receivable | (371) | (1,074) | ||
Reinsurance recoverable | 426 | (219) | ||
Deferred policy acquisition costs | (266) | (270) | ||
Other | (426) | (834) | ||
Net cash flows from operating activities | 4,913 | 3,897 | ||
Cash flows from investing activities | ||||
Purchases of fixed maturities available for sale | (19,778) | (16,788) | ||
Purchases of fixed maturities held to maturity | (143) | (380) | ||
Purchases of equity securities | (466) | (148) | ||
Sales of fixed maturities available for sale | 10,430 | 9,041 | ||
Sales of to be announced mortgage-backed securities | 6 | 0 | ||
Sales of equity securities | 577 | 247 | ||
Maturities and redemptions of fixed maturities available for sale | 6,390 | 5,482 | ||
Maturities and redemptions of fixed maturities held to maturity | 814 | 1,001 | ||
Net change in short-term investments | 202 | 64 | ||
Net derivative instruments settlements | (647) | (46) | ||
Private equity contribution | (1,093) | (1,112) | ||
Private equity distribution | 973 | 743 | ||
Other | (826) | (231) | ||
Net cash flows used for investing activities | (3,561) | (2,127) | ||
Cash flows from financing activities | ||||
Dividends paid on Common Shares | (1,014) | (1,001) | ||
Common Shares repurchased | (1,203) | (732) | ||
Proceeds from issuance of long-term debt | 1,286 | 2,171 | ||
Repayment of long-term debt | (501) | (2,001) | ||
Proceeds from issuance of repurchase agreements | 2,394 | 1,572 | ||
Repayment of repurchase agreements | (2,396) | (1,566) | ||
Proceeds from share-based compensation plans | 155 | 86 | ||
Policyholder contract deposits | 376 | 269 | ||
Policyholder contract withdrawals | (221) | (222) | ||
Net cash flows used for financing activities | (1,124) | (1,424) | ||
Effect of foreign currency rate changes on cash and restricted cash | 21 | (40) | ||
Net increase (decrease) in cash and restricted cash | 249 | 306 | ||
Cash and restricted cash - beginning of period | 1,340 | [1] | 851 | [2] |
Cash and restricted cash - end of period | 1,589 | [1] | 1,157 | [2] |
Supplemental cash flow information | ||||
Taxes paid | 733 | 313 | ||
Interest paid | $ 327 | $ 403 | ||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2018 and December 31, 2017 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General
General | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Chubb operates through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 10 for additional information. The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Form 10-K. b) Restricted cash Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows: September 30 December 31 (in millions of U.S. dollars) 2019 2018 Cash $ 1,478 $ 1,247 Restricted cash 111 93 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 1,589 $ 1,340 c) Goodwill During the nine months ended September 30, 2019 , Goodwill decreased $41 million , primarily reflecting the impact of foreign exchange. d) Accounting guidance adopted in 2019 Premium Amortization on Purchased Callable Debt Securities Effective January 1, 2019, we adopted new accounting guidance on "Premium Amortization on Purchased Callable Debt Securities" for bonds held at a premium on a modified retrospective basis. The guidance requires the premium to be amortized to the earliest call date. As a result, we recorded a cumulative effect adjustment to decrease beginning retained earnings by $12 million after-tax ( $15 million pre-tax). Securities held at a discount did not require an accounting change. Lease Accounting Effective for the quarter ended March 31, 2019, we adopted new lease accounting guidance and elected to utilize a modified retrospective approach which allowed us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings for 2019, with no adjustment to prior periods presented. The cumulative effect adjustment to the opening balance of retained earnings was zero . Our leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. The adoption of the updated guidance resulted in recognizing a right-of-use asset, which was recorded within Other assets, and a lease liability, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheet as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The adoption of the new guidance did not have a material effect on our results of operations, financial condition or liquidity. Refer to Note 6 h) for additional information on leases. Refer to the 2018 Form 10-K for information on accounting guidance not yet adopted. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) Fixed maturities September 30, 2019 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,438 $ 133 $ (1 ) $ 3,570 $ — Foreign 21,974 1,171 (68 ) 23,077 (27 ) Corporate securities 30,344 1,131 (108 ) 31,367 (5 ) Mortgage-backed securities 18,457 570 (13 ) 19,014 — States, municipalities, and political subdivisions 7,823 205 (12 ) 8,016 — $ 82,036 $ 3,210 $ (202 ) $ 85,044 $ (32 ) Held to maturity U.S. Treasury and agency $ 1,234 $ 36 $ — $ 1,270 $ — Foreign 1,401 85 (1 ) 1,485 — Corporate securities 2,391 127 (4 ) 2,514 — Mortgage-backed securities 2,391 83 — 2,474 — States, municipalities, and political subdivisions 5,205 149 (1 ) 5,353 — $ 12,622 $ 480 $ (6 ) $ 13,096 $ — December 31, 2018 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 4,158 $ 30 $ (43 ) $ 4,145 $ — Foreign 21,370 395 (349 ) 21,416 — Corporate securities 27,183 150 (750 ) 26,583 (6 ) Mortgage-backed securities 15,758 66 (284 ) 15,540 (1 ) States, municipalities, and political subdivisions 10,854 49 (117 ) 10,786 — $ 79,323 $ 690 $ (1,543 ) $ 78,470 $ (7 ) Held to maturity U.S. Treasury and agency $ 1,185 $ 8 $ (11 ) $ 1,182 $ — Foreign 1,549 11 (18 ) 1,542 — Corporate securities 2,601 11 (104 ) 2,508 — Mortgage-backed securities 2,524 5 (43 ) 2,486 — States, municipalities, and political subdivisions 5,576 16 (51 ) 5,541 — $ 13,435 $ 51 $ (227 ) $ 13,259 $ — As discussed in Note 2 b ), if a credit loss is incurred on an impaired fixed maturity, an OTTI is considered to have occurred and the portion of the impairment not related to credit losses (non-credit OTTI) is recognized in OCI. Included in the “OTTI Recognized in AOCI” columns above are the cumulative amounts of non-credit OTTI recognized in OCI adjusted for subsequent sales, maturities, and redemptions. OTTI recognized in AOCI does not include the impact of subsequent changes in fair value of the related securities. In periods subsequent to a recognition of OTTI in OCI, changes in the fair value of the related fixed maturities are reflected in Net unrealized appreciation on investments in the Consolidated statements of shareholders’ equity. For the three and nine months ended September 30, 2019 , $21 million and $5 million , respectively, of net unrealized depreciation related to such securities are included in OCI. For the three and nine months ended September 30, 2018, $2 million and $6 million , respectively, of net unrealized depreciation related to such securities is included in OCI. At September 30, 2019 and December 31, 2018 , AOCI included cumulative net unrealized depreciation of $26 million and net unrealized appreciation of $1 million , respectively, related to securities remaining in the investment portfolio for which a non-credit OTTI was recognized. Mortgage-backed securities (MBS) issued by U.S. government agencies are combined with all other to be announced mortgage-backed securities (TBAs) held (refer to Note 6 b) (iv)) and are included in the category, “Mortgage-backed securities”. Approximately 83 percent and 81 percent of the total mortgage-backed securities at September 30, 2019 and December 31, 2018 , respectively, are represented by investments in U.S. government agency bonds. The remainder of the mortgage exposure consists of collateralized mortgage obligations and non-government mortgage-backed securities, the majority of which provide a planned structure for principal and interest payments and carry a rating of AAA by the major credit rating agencies. The following table presents fixed maturities by contractual maturity: September 30 December 31 2019 2018 (in millions of U.S. dollars) Amortized Cost Fair Value Amortized Cost Fair Value Available for sale Due in 1 year or less $ 3,869 $ 3,889 $ 3,569 $ 3,568 Due after 1 year through 5 years 27,168 27,728 27,134 27,005 Due after 5 years through 10 years 23,368 24,309 24,095 23,543 Due after 10 years 9,174 10,104 8,767 8,814 63,579 66,030 63,565 62,930 Mortgage-backed securities 18,457 19,014 15,758 15,540 $ 82,036 $ 85,044 $ 79,323 $ 78,470 Held to maturity Due in 1 year or less $ 487 $ 490 $ 536 $ 537 Due after 1 year through 5 years 3,567 3,629 3,122 3,106 Due after 5 years through 10 years 3,822 3,959 4,468 4,407 Due after 10 years 2,355 2,544 2,785 2,723 10,231 10,622 10,911 10,773 Mortgage-backed securities 2,391 2,474 2,524 2,486 $ 12,622 $ 13,096 $ 13,435 $ 13,259 Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. b ) Net realized gains (losses) In accordance with guidance related to the recognition and presentation of OTTI, when an impairment related to a fixed maturity has occurred, OTTI is required to be recorded in Net income if management has the intent to sell the security or it is more likely than not that we will be required to sell the security before the recovery of its amortized cost. Further, in cases where we do not intend to sell the security and it is more likely than not that we will not be required to sell the security, we must evaluate the security to determine the portion of the impairment, if any, related to credit losses. If a credit loss is incurred, an OTTI is considered to have occurred and any portion of the OTTI related to credit losses must be reflected in Net income while the portion of OTTI related to all other factors is recognized in OCI. For fixed maturities held to maturity, OTTI recognized in OCI is accreted from AOCI to the amortized cost of the fixed maturity prospectively over the remaining term of the securities. Each quarter, securities in an unrealized loss position (impaired securities), including fixed maturities and securities lending collateral are reviewed to identify impaired securities to be specifically evaluated for a potential OTTI. Evaluation of potential credit losses related to fixed maturities We review each fixed maturity in an unrealized loss position to assess whether the security is a candidate for credit loss. Specifically, we consider credit rating, market price, and issuer-specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities, for which we determine that credit loss is likely, are subjected to further analysis to estimate the credit loss recognized in Net income, if any. In general, credit loss recognized in Net income equals the difference between the security’s amortized cost and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security. All significant assumptions used in determining credit losses are subject to change as market conditions evolve. Corporate and foreign securities Projected cash flows for corporate and foreign securities (principally senior unsecured bonds) are driven primarily by assumptions regarding probability of default and also the timing and amount of recoveries associated with defaults. Chubb developed projected cash flows for corporate and foreign securities using market observable data, issuer-specific information, and credit ratings. We use historical default data by Moody’s Investors Service (Moody’s) rating category to calculate a 1-in-100 year probability of default, which results in a default assumption in excess of the historical mean default rate. Consistent with management's approach, Chubb assumed a 32 percent recovery rate (the par value of a defaulted security that will be recovered) across all rating categories rather than using Moody's historical mean recovery rate of 42 percent . We believe that use of a default assumption in excess of the historical mean is conservative. For the three and nine months ended September 30, 2019 , credit losses recognized in Net income for corporate and foreign securities were $18 million and $32 million , respectively. For the three and nine months ended September 30, 2018, credit losses recognized in Net income for corporate and foreign securities were $8 million and $9 million , respectively. Mortgage-backed securities For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including default rates, prepayment rates, and loss severity rates (the par value of a defaulted security that will not be recovered) on foreclosed properties. For the three and nine months ended September 30, 2019 and 2018 , there were no credit losses recognized in Net income for mortgage-backed securities. The following table presents the components of Net realized gains (losses): Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2019 2018 2019 2018 Fixed maturities: OTTI on fixed maturities, gross $ (54 ) $ (14 ) $ (81 ) $ (19 ) OTTI on fixed maturities recognized in OCI (pre-tax) 30 3 31 3 OTTI on fixed maturities, net (24 ) (11 ) (50 ) (16 ) Gross realized gains excluding OTTI 70 64 153 229 Gross realized losses excluding OTTI (57 ) (91 ) (146 ) (355 ) Total fixed maturities (11 ) (38 ) (43 ) (142 ) Equity securities 3 35 66 22 Other investments (4 ) 5 (18 ) 23 Foreign exchange gains 84 39 86 102 Investment and embedded derivative instruments (97 ) 37 (408 ) 78 Fair value adjustments on insurance derivative (106 ) 54 (57 ) 133 S&P futures (6 ) (100 ) (89 ) (122 ) Other derivative instruments (14 ) (8 ) (8 ) 2 Other (4 ) (5 ) (4 ) (61 ) Net realized gains (losses) (pre-tax) $ (155 ) $ 19 $ (475 ) $ 35 Other net realized gains (losses) for the nine months ended September 30, 2018 included a $36 million loss from the extinguishment of debt related to the redemption of the $1.0 billion 6.375 percent unsecured junior subordinated capital securities and a $22 million loss related to lease impairments. The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2019 2018 2019 2018 Balance of credit losses related to securities still held – beginning of period $ 30 $ 16 $ 34 $ 22 Additions where no OTTI was previously recorded 17 6 28 7 Additions where an OTTI was previously recorded 1 2 4 2 Reductions for securities sold during the period (8 ) (3 ) (26 ) (10 ) Balance of credit losses related to securities still held – end of period $ 40 $ 21 $ 40 $ 21 c) Equity securities and Other investments The following table presents realized gains and losses from equity securities and other investments, including both sales of securities and unrealized gains and losses from changes in fair value: Three Months Ended September 30 2019 2018 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ 3 $ (4 ) $ (1 ) $ 35 $ 5 $ 40 Less: Net gains (losses) recognized from sales of securities 24 (2 ) 22 48 — 48 Unrealized gains (losses) recognized for securities still held at reporting date $ (21 ) $ (2 ) $ (23 ) $ (13 ) $ 5 $ (8 ) Nine Months Ended September 30 2019 2018 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ 66 $ (18 ) $ 48 $ 22 $ 23 $ 45 Less: Net gains (losses) recognized from sales of securities 57 (4 ) 53 63 — 63 Unrealized gains (losses) recognized for securities still held at reporting date $ 9 $ (14 ) $ (5 ) $ (41 ) $ 23 $ (18 ) d) Gross unrealized loss At September 30, 2019 , there were 4,231 fixed maturities out of a total of 31,075 fixed maturities in an unrealized loss position. The largest single unrealized loss in the fixed maturities was $7 million . Fixed maturities in an unrealized loss position at September 30, 2019 , comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase. The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 0 – 12 Months Over 12 Months Total September 30, 2019 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. Treasury and agency $ 144 $ — $ 531 $ (1 ) $ 675 $ (1 ) Foreign 1,077 (23 ) 1,014 (46 ) 2,091 (69 ) Corporate securities 2,600 (62 ) 1,095 (50 ) 3,695 (112 ) Mortgage-backed securities 640 (2 ) 1,228 (11 ) 1,868 (13 ) States, municipalities, and political subdivisions 650 (1 ) 371 (12 ) 1,021 (13 ) Total fixed maturities $ 5,111 $ (88 ) $ 4,239 $ (120 ) $ 9,350 $ (208 ) 0 – 12 Months Over 12 Months Total December 31, 2018 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. Treasury and agency $ 523 $ (4 ) $ 2,859 $ (50 ) $ 3,382 $ (54 ) Foreign 6,764 (208 ) 5,349 (159 ) 12,113 (367 ) Corporate securities 16,538 (599 ) 4,873 (255 ) 21,411 (854 ) Mortgage-backed securities 6,103 (98 ) 6,913 (229 ) 13,016 (327 ) States, municipalities, and political subdivisions 5,024 (44 ) 7,768 (124 ) 12,792 (168 ) Total fixed maturities $ 34,952 $ (953 ) $ 27,762 $ (817 ) $ 62,714 $ (1,770 ) e) Investments in partially-owned insurance companies On May 31, 2019, we completed the purchase of an additional ownership in Huatai Insurance Group Company Limited ("Huatai Group") of approximately 6.2 percent for $329 million . We increased our aggregate ownership interest in Huatai Group to approximately 26.2 percent . We continue to apply the equity method of accounting to our investment in Huatai Group by recording our share of net income or loss in Other (income) expense in the Consolidated statements of operations. With our increased ownership interest, Huatai Group becomes the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture. f) Restricted assets Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at September 30, 2019 and December 31, 2018 are investments, primarily fixed maturities, totaling $21.3 billion and $21.0 billion , respectively, and cash of $111 million and $93 million , respectively. The following table presents the components of restricted assets: September 30 December 31 (in millions of U.S. dollars) 2019 2018 Trust funds $ 14,325 $ 13,988 Deposits with U.S. regulatory authorities 2,476 2,405 Deposits with non-U.S. regulatory authorities 2,706 2,531 Assets pledged under repurchase agreements 1,474 1,468 Other pledged assets 447 692 Total $ 21,428 $ 21,084 |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements a ) Fair value hierarchy Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and • Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement. We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy. Fixed maturities We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market based inputs (i.e., stale pricing), which may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. Equity securities Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3. Short-term investments Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3. Other investments Fair values for the majority of Other investments including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective net asset values or equivalent (NAV) and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities classified within Level 1, and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities. Other investments for which pricing is unobservable are classified within Level 3. Securities lending collateral The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets. Investment derivative instruments Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Other derivative instruments We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in reserves for our guaranteed minimum death benefits (GMDB) and guaranteed living benefits (GLB) reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Separate account assets Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets. Separate account assets are recorded in Other assets in the Consolidated balance sheets. Guaranteed living benefits The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLB’s are recorded in Accounts payable, accrued expenses, and other liabilities and Future policy benefits in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable. A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. For the three and nine months ended September 30, 2019 and 2018 , no material technical refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 3 to the Consolidated Financial Statements of our 2018 Form 10-K. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy September 30, 2019 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 2,893 $ 677 $ — $ 3,570 Foreign — 22,684 393 23,077 Corporate securities — 29,917 1,450 31,367 Mortgage-backed securities — 18,937 77 19,014 States, municipalities, and political subdivisions — 8,016 — 8,016 2,893 80,231 1,920 85,044 Equity securities 662 4 56 722 Short-term investments 1,483 1,346 6 2,835 Other investments (1) 392 353 10 755 Securities lending collateral — 962 — 962 Investment derivative instruments 22 — — 22 Other derivative instruments 7 — — 7 Separate account assets 3,140 147 — 3,287 Total assets measured at fair value (1) $ 8,599 $ 83,043 $ 1,992 $ 93,634 Liabilities: Investment derivative instruments $ 63 $ — $ — $ 63 GLB (2) — — 509 509 Total liabilities measured at fair value $ 63 $ — $ 509 $ 572 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $ 4,871 million and other investments of $ 88 million at September 30, 2019 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. December 31, 2018 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 3,400 $ 745 $ — $ 4,145 Foreign — 21,071 345 21,416 Corporate securities — 25,284 1,299 26,583 Mortgage-backed securities — 15,479 61 15,540 States, municipalities, and political subdivisions — 10,786 — 10,786 3,400 73,365 1,705 78,470 Equity securities 713 — 57 770 Short-term investments 1,575 1,440 1 3,016 Other investments (1) 381 303 11 695 Securities lending collateral — 1,926 — 1,926 Investment derivative instruments 28 — — 28 Other derivative instruments 25 — — 25 Separate account assets 2,686 137 — 2,823 Total assets measured at fair value (1) $ 8,808 $ 77,171 $ 1,774 $ 87,753 Liabilities: Investment derivative instruments $ 38 $ 115 $ — $ 153 GLB (2) — — 452 452 Total liabilities measured at fair value $ 38 $ 115 $ 452 $ 605 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Fair value of alternative investments Alternative investments include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using NAV as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: September 30 December 31 Expected Liquidation Period of Underlying Assets 2019 2018 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 568 $ 360 $ 596 $ 193 Real Assets 2 to 11 Years 771 497 704 362 Distressed 2 to 7 Years 264 89 296 105 Private Credit 3 to 8 Years 109 271 147 310 Traditional 2 to 14 Years 2,767 2,224 2,362 2,735 Vintage 1 to 2 Years 134 37 56 — Investment funds Not Applicable 258 — 83 — $ 4,871 $ 3,478 $ 4,244 $ 3,705 Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds. Investment Category: Consists of investments in private equity funds: Financial targeting financial services companies, such as financial institutions and insurance services worldwide Real Assets targeting investments related to hard, physical assets, such as real estate, infrastructure and natural resources Distressed targeting distressed corporate debt/credit and equity opportunities in the U.S. Private Credit targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds Traditional employing traditional private equity investment strategies, such as buyout and growth equity globally Vintage funds where the initial fund term has expired Investment funds Chubb’s investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds range between 5 and 120 days. Chubb can redeem its investment funds without consent from the investment fund managers. Level 3 financial instruments The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes). (in millions of U.S. dollars, except for percentages) Fair Value Valuation Technique Significant Unobservable Inputs Ranges September 30, 2019 December 31, 2018 GLB (1) $ 509 $ 452 Actuarial model Lapse rate 3% – 32% Annuitization rate 0% – 42% (1) Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits. The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) September 30, 2019 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 371 $ 1,359 $ 76 $ 56 $ 4 $ 11 $ 403 Transfers into Level 3 — 1 — — — — — Transfers out of Level 3 — — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (8 ) (4 ) — (1 ) — — — Net Realized Gains/Losses — — — (1 ) — — 106 Purchases 68 176 1 5 2 — — Sales (35 ) (18 ) — (3 ) — — — Settlements (3 ) (64 ) — — — (1 ) — Balance – end of period $ 393 $ 1,450 $ 77 $ 56 $ 6 $ 10 $ 509 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ 106 (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $815 million at June 30, 2019 , which includes a fair value derivative adjustment of $509 million and $403 million , respectively. Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other Other derivative instruments GLB (2) September 30, 2018 Foreign Corporate securities (1) MBS (in millions of U.S. dollars) Balance – beginning of period $ 252 $ 1,181 $ 82 $ 59 $ 12 $ 264 $ 2 $ 125 Transfers into Level 3 5 18 — — — — — — Transfers out of Level 3 (2 ) (21 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (2 ) 7 — (1 ) — (4 ) — — Net Realized Gains/Losses (2 ) (6 ) — 7 — — — (54 ) Purchases 98 98 1 6 — 20 — — Sales (22 ) (18 ) — (18 ) — — — — Settlements (4 ) (85 ) (18 ) — (6 ) (17 ) — — Balance – end of period $ 323 $ 1,174 $ 65 $ 53 $ 6 $ 263 $ 2 $ 71 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (1 ) $ (6 ) $ — $ 1 $ — $ — $ — $ (54 ) (1) Purchases in Level 3 primarily consist of privately-placed fixed income securities. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $497 million at June 30, 2018 , which includes a fair value derivative adjustment of $71 million and $125 million , respectively. Assets Liabilities Nine Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) September 30, 2019 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 16 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (2 ) 1 — 1 — — — Net Realized Gains/Losses (1 ) — — (4 ) — — 57 Purchases 164 425 19 19 6 — — Sales (54 ) (91 ) (1 ) (17 ) — — — Settlements (47 ) (200 ) (2 ) — (1 ) (1 ) — Balance – end of period $ 393 $ 1,450 $ 77 $ 56 $ 6 $ 10 $ 509 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (1 ) $ — $ (3 ) $ — $ — $ 57 (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $509 million and $452 million , respectively. Assets Liabilities Nine Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other Other derivative instruments GLB (2) September 30, 2018 Foreign Corporate securities (1) MBS (in millions of U.S. dollars) Balance – beginning of period $ 93 $ 1,037 $ 78 $ 44 $ — $ 263 $ 2 $ 204 Transfers into Level 3 12 24 1 — 5 — — — Transfers out of Level 3 (2 ) (31 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange — (5 ) — — — (2 ) — — Net Realized Gains/Losses (2 ) (4 ) — 6 — 1 — (133 ) Purchases 280 454 5 26 9 50 — — Sales (52 ) (114 ) — (23 ) — — — — Settlements (6 ) (187 ) (19 ) — (8 ) (49 ) — — Balance – end of period $ 323 $ 1,174 $ 65 $ 53 $ 6 $ 263 $ 2 $ 71 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (1 ) $ (6 ) $ — $ — $ — $ 1 $ — $ (133 ) (1) Purchases in Level 3 primarily consist of privately-placed fixed income securities. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $550 million at December 31, 2017 , which includes a fair value derivative adjustment of $71 million and $204 million , respectively. b) Financial instruments disclosed, but not measured, at fair value Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below. The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2018 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities. The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: September 30, 2019 Fair Value Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,213 $ 57 $ — $ 1,270 $ 1,234 Foreign — 1,485 — 1,485 1,401 Corporate securities — 2,482 32 2,514 2,391 Mortgage-backed securities — 2,474 — 2,474 2,391 States, municipalities, and political subdivisions — 5,353 — 5,353 5,205 Total assets $ 1,213 $ 11,851 $ 32 $ 13,096 $ 12,622 Liabilities: Repurchase agreements $ — $ 1,416 $ — $ 1,416 $ 1,416 Short-term debt — 10 — 10 10 Long-term debt — 14,901 — 14,901 13,285 Trust preferred securities — 457 — 457 308 Total liabilities $ — $ 16,784 $ — $ 16,784 $ 15,019 December 31, 2018 Fair Value Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,128 $ 54 $ — $ 1,182 $ 1,185 Foreign — 1,542 — 1,542 1,549 Corporate securities — 2,477 31 2,508 2,601 Mortgage-backed securities — 2,486 — 2,486 2,524 States, municipalities, and political subdivisions — 5,541 — 5,541 5,576 Total assets $ 1,128 $ 12,100 $ 31 $ 13,259 $ 13,435 Liabilities: Repurchase agreements $ — $ 1,418 $ — $ 1,418 $ 1,418 Short-term debt — 516 — 516 509 Long-term debt — 12,181 — 12,181 12,087 Trust preferred securities — 409 — 409 308 Total liabilities $ — $ 14,524 $ — $ 14,524 $ 14,322 |
Unpaid losses and loss expenses
Unpaid losses and loss expenses | 9 Months Ended |
Sep. 30, 2019 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Unpaid losses and loss expenses The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Nine Months Ended September 30 (in millions of U.S. dollars) 2019 2018 Gross unpaid losses and loss expenses – beginning of period $ 62,960 $ 63,179 Reinsurance recoverable on unpaid losses - beginning of period (1) (14,689 ) (14,014 ) Net unpaid losses and loss expenses – beginning of period 48,271 49,165 Net losses and loss expenses incurred in respect of losses occurring in: Current year 14,484 14,186 Prior years (2) (619 ) (729 ) Total 13,865 13,457 Net losses and loss expenses paid in respect of losses occurring in: Current year 4,920 4,522 Prior years 8,374 8,596 Total 13,294 13,118 Foreign currency revaluation and other (162 ) (440 ) Net unpaid losses and loss expenses – end of period 48,680 49,064 Reinsurance recoverable on unpaid losses (1) 14,332 13,965 Gross unpaid losses and loss expenses – end of period $ 63,012 $ 63,029 (1) Net of provision for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $60 million and $86 million for the nine months ended September 30, 2019 and 2018 , respectively. Gross and net unpaid losses and loss expenses increased $52 million and $409 million , respectively, for the nine months ended September 30, 2019, reflecting an increase in the underlying reserves, partially offset by favorable prior period development and payments related to catastrophic events. Prior Period Development Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and professional liability; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment. Three Months Ended September 30 Nine Months Ended September 30 (in millions of U.S. dollars) Long-tail Short-tail Total Long-tail Short-tail Total 2019 North America Commercial P&C Insurance $ (197 ) $ 88 $ (109 ) $ (468 ) $ 43 $ (425 ) North America Personal P&C Insurance — (62 ) (62 ) — (88 ) (88 ) North America Agricultural Insurance — 18 18 — (43 ) (43 ) Overseas General Insurance (66 ) 41 (25 ) (66 ) 17 (49 ) Global Reinsurance (25 ) — (25 ) (59 ) 26 (33 ) Corporate 36 — 36 79 — 79 Total $ (252 ) $ 85 $ (167 ) $ (514 ) $ (45 ) $ (559 ) 2018 North America Commercial P&C Insurance $ (170 ) $ (46 ) $ (216 ) $ (266 ) $ (206 ) $ (472 ) North America Personal P&C Insurance — 58 58 — 59 59 North America Agricultural Insurance — (1 ) (1 ) — (77 ) (77 ) Overseas General Insurance (49 ) (23 ) (72 ) (51 ) (115 ) (166 ) Global Reinsurance (39 ) 15 (24 ) (69 ) 15 (54 ) Corporate 12 — 12 67 — 67 Total $ (246 ) $ 3 $ (243 ) $ (319 ) $ (324 ) $ (643 ) Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate. North America Commercial P&C Insurance 2019 For the three months ended September 30, 2019 , net favorable PPD was $109 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $197 million in long-tail business, primarily from: • Net favorable development of $94 million in workers' compensation business mainly impacting accident years 2015 and prior, driven by lower than expected paid and reported loss activity, and related improvements in loss development factors; • Net favorable development of $39 million in our foreign casualty business, impacting accident years 2015 and prior, driven by reported loss activity that was generally lower than expected; • Net favorable development of $36 million on large multi-line prospective deals in the 2015 and prior accident years, due to lower than expected reported loss activity. These structured deals typically cover large clients for multiple product lines and with varying loss limitations; this development is net of premium returns of $34 million tied to the loss performance of the particular deals; and • Net favorable development of $32 million in U.S. commercial excess and umbrella portfolios, mainly in accident years 2013 and prior, driven by lower paid and reported loss activity relative to prior expectations as well as an increase in weighting towards experience-based methods, partly offset by modestly adverse development in more recent accident years, mainly in 2018, due to higher than expected large loss activity. • Net adverse development of $88 million in short-tail business, primarily in our property and marine portfolios from: • Net adverse development excluding catastrophes of $116 million , with adverse development of $154 million across our retail, wholesale, and program distribution channels in accident year 2018, primarily due to a higher than expected severity of non-catastrophe claims, partly offset by favorable development of $38 million in 2017 and prior accident years on non-catastrophe claims; and • Net favorable catastrophe development of $27 million . There was $41 million of favorable development on the 2017 and 2018 natural catastrophes, mostly in 2017, partly offset by some adverse development on older catastrophe events. For the nine months ended September 30, 2019 , net favorable PPD was $425 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $468 million in long-tail business, primarily from: • Net favorable development of $294 million in our workers’ compensation lines. This included favorable development of $61 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2018 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. This development in accident year 2018 was partially offset by some higher than expected activity from other claims and from involuntary pools. The remaining overall favorable development was mainly in accident years 2015 and prior, generally driven by lower than expected loss experience and related updates to loss development factors; • Net favorable development of $63 million in U.S. commercial excess and umbrella portfolios due to the same factors experienced for the three months ended September 30, 2019, as described above with a similar result of favorable development in older accident years, partly offset by some adverse development in several of the more recent prior accident years which led to reserve strengthening in those years; • Net favorable development of $53 million in professional liability (errors & omissions and cyber), mainly in the 2015 and prior accident years where case activity was less than expected, partially offset by adverse development in the 2016 accident year, which was driven by several large adverse claim developments; • Net favorable development of $39 million in our foreign casualty business due to the same factors experienced for the three months ended September 30, 2019, as described above; • Net favorable development of $36 million on large multi-line prospective deals due to the same factors experienced for the three months ended September 30, 2019, as described above; and • Net adverse development of $31 million in automobile liability, driven by adverse paid and reported loss experience mainly in accident years 2014 through 2018. • Net adverse development of $43 million in short-tail business due to the same factors experienced for the three months ended September 30, 2019, as described above, which was partly offset by favorable development of $49 million in surety business, mainly in the 2017 accident year, driven by lower than expected reported loss activity. 2018 For the three months ended September 30, 2018, net favorable PPD was $216 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $170 million in long-tail business, primarily from: • Favorable development of $93 million in commercial excess and umbrella portfolios primarily in accident years 2012 and prior driven by lower than expected reported loss activity, and an increase in weighting towards experience-based methods; • Favorable development of $45 million in workers' compensation lines mainly impacting accident years 2014 and prior, driven by lower than expected paid and reported loss activity, and related updates to development patterns used in our loss projection methods for select portfolios; and • Net favorable development of $28 million in our foreign casualty lines, primarily impacting accident years 2014 and prior, driven by reported loss activity that was generally lower than expected. • Net favorable development of $46 million in short-tail business, primarily from: • Net favorable development of $41 million in commercial property and marine businesses due to favorable claim development, including $42 million favorable development on the 2017 natural catastrophes. For the nine months ended September 30, 2018, net favorable PPD was $472 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $266 million in long-tail business, primarily from: • Net favorable development of $183 million in our workers’ compensation lines with favorable development of $56 million in the 2017 accident year mainly related to our annual assessment of multi-claimant events including industrial accidents. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. The net remaining favorable development of $127 million was principally due to lower than expected loss experience, mainly impacting accident years 2014 and prior; • Net favorable development of $123 million in our commercial excess and umbrella portfolios, primarily in accident years 2012 and prior. This was driven by lower than expected reported loss activity, and an increase in weighting towards experience-based methods, partially offset by higher than expected claim activity in the 2014 and 2015 accident years which led to reserve strengthening in those years; • Favorable development of $28 million in our foreign casualty lines due to the same factors as experienced for the three months ended September 30, 2018 as described above; • Net favorable development of $3 million on several lines of business due to favorable claim development on the 2017 natural catastrophes; and • Net adverse development of $71 million , mainly in our automobile liability, commercial-multi peril (CMP) liability, products and general liability lines, driven by adverse paid and reported loss activity relative to prior expectations in accident years 2015 through 2017, partly offset by favorable emergence in older accident years. • Net favorable development of $206 million in short-tail business, primarily from: • Net favorable development of $156 million in our commercial property and marine businesses due to favorable claim development, including $157 million favorable development on the 2017 natural catastrophes; and • Net favorable development of $50 million in other short-tail business, including $19 million in surety and also including several smaller net favorable movements from lower than expected case activity in other classes, such as accident and commercial automobile physical damage, none of which were significant individually or in the aggregate. North America Personal P&C Insurance 2019 For the three months ended September 30, 2019 , net favorable PPD was $62 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $36 million in our homeowners lines, including valuables, mainly in accident year 2018. Non-catastrophe loss emergence was generally lower than expected in recent accident years. Losses arising from accident year 2017 natural catastrophes developed adversely; however, this was mostly offset by favorable development on the 2018 catastrophe events; and • Net favorable development of $26 million in our personal excess lines primarily impacting the 2016 accident year, due to lower than expected loss emergence and an increase in weighting towards experience-based methods, partly offset by adverse emergence in accident year 2015. For the nine months ended September 30, 2019 , net favorable PPD was $88 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable claim development of $132 million on the 2017 and 2018 natural catastrophes for all lines; • Net favorable development of $26 million in our personal excess lines due to the same factors experienced for the three months ended September 30, 2019, as described above; • Net favorable development of $16 million , which was the net result of several underlying favorable and adverse movements predominantly in the automobile and recreational marine lines; and • Net adverse development of $82 million in our homeowners lines, including valuables, arising from non-catastrophe loss emergence, mainly in the 2018 accident year. 2018 For the three months ended September 30, 2018, net adverse PPD was $58 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net adverse development of $80 million in our homeowners and valuables lines, primarily impacting the 2017 accident year. Overall, non-catastrophe losses were $137 million higher than expected, partially offset by favorable claim development of $57 million on the 2017 natural catastrophes. The higher than expected non-catastrophe homeowners losses were primarily severity driven and included water related claims, large fire losses, and non-catastrophe weather claims; and • Net favorable development of $24 million in our personal excess lines primarily impacting the 2015 accident year, due to lower than expected loss emergence and an increase in weighting towards experience-based methods. For the nine months ended September 30, 2018, net adverse PPD was $59 million , primarily due to the same factors as experienced for the three months ended September 30, 2018 as described above, including $68 million of favorable claim development on the 2017 natural catastrophes. North America Agricultural Insurance 2019 For the three months ended September 30, 2019, net adverse PPD was $18 million , mainly impacting accident year 2018, across multiple product lines in our Farm and Commercial Agriculture businesses. For the nine months ended September 30, 2019 , net favorable PPD was $43 million , which is the net of the adverse activity noted above and favorable claim development in our Multiple Peril Crop Insurance (MPCI) business, which was due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2019 results based on crop yield results at year-end 2018). 2018 For the three months ended September 30, 2018, net favorable PPD was $1 million , primarily due to favorable claim development on the 2017 natural catastrophes. For the nine months ended September 30, 2018, net favorable PPD was $77 million , including $1 million favorable claim development on the 2017 natural catastrophes. Actual claim development relates to our Multiple Peril Crop Insurance (MPCI) business and is favorable due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2018 results based on crop yield results at year-end 2017). Overseas General Insurance 2019 For the three months ended September 30, 2019, net favorable PPD was $25 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $66 million in long-tail business, primarily from: • Net favorable development of $101 million in casualty lines, including favorable development of $123 million in accident years 2015 and prior, due to lower than expected loss emergence mainly across primary lines in Continental Europe, U.K., and Asia Pacific, partially offset by adverse development of $22 million in accident years 2016 through 2018, primarily due to adverse attritional and large loss experience in Continental Europe; and • Net adverse development of $50 million in financial lines, with favorable development of $75 million in accident years 2015 and prior, due to lower than expected loss emergence across most regions in Directors and Officers (D&O) and Professional Indemnity, which was more than offset by adverse development of $125 million in accident years 2016 through 2018, primarily due to adverse large loss experience in D&O in the U.K. and Asia Pacific. • Net adverse development of $41 million in short-tail business, primarily due to net adverse development of $27 million in Surety, driven by adverse large loss experience across Continental Europe and Latin America in accident years 2017 and 2018. For the nine months ended September 30, 2019, net favorable PPD was $49 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $66 million in long-tail lines due to the same factors experienced for the three months ended September 30, 2019 described above; and • Net adverse development of $17 million in short-tail lines. 2018 For the three months ended September 30, 2018, net favorable PPD was $72 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $49 million in long-tail business, primarily from: • Net favorable development of $54 million in casualty lines, with favorable development of $92 million in accident years 2014 and prior, resulting from lower than expected loss emergence across primary and excess lines in the U.K., Continental Europe and Asia Pacific, partially offset by adverse development of $38 million in accident years 2015 through 2017, primarily due to large loss experience in U.K. excess lines and wholesale business, and adverse development in certain Latin America excess lines; • Favorable development of $33 million , primarily including $12 million in political risks, $10 million in aviation and $10 million in environmental; and • Net adverse development of $38 million in financial lines, with favorable development of $93 million in accident years 2014 and prior, resulting from lower than expected loss emergence including favorable development due to specific large claim reductions in Asia financial institutions including wholesale bankers Directors and Officers (D&O) and bankers professional indemnity, and adverse development of $131 million in accident years 2015 through 2017, primarily due to adverse large loss experience in specific D&O and financial institutions portfolios in Australia, Continental Europe and the U.K. • Net favorable development of $23 million in short-tail business, primarily from: • Favorable development of $21 million in marine, primarily across accident years 2012 through 2015 driven mainly by favorable loss emergence in Latin America including favorable salvage/subrogation recoveries; and • Adverse development of $4 million from claim development on the 2017 natural catastrophes. For the nine months ended September 30, 2018, net favorable PPD was $166 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $51 million in long-tail business, driven by the same factors as experienced for the three months ended September 30, 2018 as described above. • Net favorable development of $115 million in short-tail business, primarily from: • Net favorable development of $50 million in property and marine (excluding technical lines), primarily in accident years 2014 through 2016, driven mainly by favorable loss emergence across all regions, including favorable claim-specific loss settlements and salvage/subrogation recoveries; • Favorable development of $8 million from claim development on the 2017 natural catastrophes; and • Net favorable development of $57 million , primarily including $17 million in personal business, $17 million in surety, $16 million in A&H business, and $13 million in energy lines. Global Reinsurance 2019 For the three months ended September 30, 2019 , net favorable PPD was $25 million , in long-tail business, primarily from professional liability, medical malpractice, and workers' compensation lines primarily from treaty years 2013 and prior principally due to lower than expected loss emergence. For the nine months ended September 30, 2019 , net favorable PPD was $33 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $59 million in long-tail business, primarily in our casualty, professional liability, medical malpractice, and workers’ compensation lines primarily from treaty years 2013 and prior principally due to lower than expected loss emergence; and • Net adverse development of $26 million in short-tail business, which included $37 million of adverse development primarily on 2017 and 2018 natural catastrophe events. 2018 For the three months ended September 30, 2018, net favorable PPD was $24 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $39 million in long-tail business, in our professional liability, medical malpractice, and workers' compensation lines primarily from treaty years 2013 and prior principally resulting from lower than expected loss emergence; and • Net adverse development of $15 million in short-tail business, due to claim development on the 2017 natural catastrophes. For the nine months ended September 30, 2018, net favorable PPD was $54 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $69 million in long-tail business, primarily in our casualty, professional liability, medical malpractice, and workers' compensation lines primarily from treaty years 2013 and prior principally resulting from lower than expected loss emergence; and • Net adverse development of $15 million in short-tail business, which included $14 million of net adverse claim development on the 2017 natural catastrophes. Corporate 2019 For the three months ended September 30, 2019, net adverse development was $36 million , driven principally by adverse development in environmental liabilities of $27 million due to case specific settlements and higher than expected remediation expense and defense costs, generally impacting larger modeled accounts. The net adverse development also included charges relating to unallocated loss adjustment expenses due to run-off operating expenses of $9 million . For the nine months ended September 30, 2019, net adverse development was $79 million , driven principally by adverse development on non A&E run-off casualty exposures, including workers' compensation, and by the adverse development in environmental liabilities as described above. The net adverse development also included charges relating to unallocated loss adjustment expenses due to run-off operating expenses of $28 million . 2018 For the three months ended September 30, 2018, net adverse development was $12 million , driven principally by adverse development in environmental liabilities of $54 million due to case specific settlements and higher than expected remediation expense and defense costs, generally impacting larger modeled accounts. This adverse development was partially offset by a favorable adjustment in our estimate of reinsurance recoverables. For the nine months ended September 30, 2018, net adverse development was $67 million , driven principally by adverse development on non A&E run-off casualty exposures and by the adverse development in environmental liabilities as described above. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt On June 18, 2019, Chubb INA Holdings Inc. (Chubb INA) issued €575 million ( $650 million based on the foreign exchange rate at the date of issuance) of 0.875 percent Euro denominated senior notes due June 2027 and €575 million ( $650 million based on the foreign exchange rate at the date of issuance) of 1.4 percent Euro denominated senior notes due June 2031. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.20 percent for the senior notes due 2027 and 0.25 percent for the senior notes due 2031). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund. These senior unsecured notes are guaranteed on a senior basis by Chubb and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. Chubb INA's $500 million of 5.9 percent senior notes due June 2019 were paid upon maturity. |
Commitments, contingencies, and
Commitments, contingencies, and guarantees | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, contingencies, and guarantees | Commitments, contingencies, and guarantees a) Derivative instruments Foreign currency management As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. We do not hedge our net asset non-U.S. dollar capital positions; however, we do consider economic hedging for planned cross border transactions. Derivative instruments employed Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives. Investment derivative instruments are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP), convertible bonds are recorded in Fixed maturities available for sale (FM AFS), and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities. Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs (principally GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument. Benefit reserves in respect of GLBs are classified as Future policy benefits (FPB) while the fair value derivative adjustment is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB books of business. All derivative instruments are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. None of the derivative instruments are designated as hedges for accounting purposes. The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: September 30, 2019 December 31, 2018 Consolidated Balance Sheet Location Fair Value Notional Value/ Payment Provision Fair Value Notional Value/ Payment Provision (in millions of U.S. dollars) Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) Investment and embedded derivative instruments: Foreign currency forward contracts OA / (AP) $ 10 $ (59 ) $ 2,888 $ 15 $ (19 ) $ 2,185 Cross-currency swaps OA / (AP) — — — — — 45 Interest rate swaps OA / (AP) — — — — (115 ) 5,250 Options/Futures contracts on notes, bonds, and equities OA / (AP) 12 (4 ) 853 13 (19 ) 1,046 Convertible securities (1) FM AFS / ES 5 — 8 9 — 11 TBAs FM AFS — — — 6 — 6 $ 27 $ (63 ) $ 3,749 $ 43 $ (153 ) $ 8,543 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 6 $ — $ 582 $ 23 $ — $ 507 Other OA / (AP) 1 — 207 2 — 74 $ 7 $ — $ 789 $ 25 $ — $ 581 GLB (3) (AP) / (FPB) $ — $ (935 ) $ 1,729 $ — $ (861 ) $ 1,750 (1) Includes fair value of embedded derivatives. (2) Related to GMDB and GLB blocks of business. (3) Includes both future policy benefits reserves of $426 million and $409 million and fair value derivative adjustment of $509 million and $452 million at September 30, 2019 and December 31, 2018, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. At September 30, 2019 and December 31, 2018 , derivative liabilities of $30 million and $95 million , respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2019 2018 2019 2018 Investment and embedded derivative instruments: Foreign currency forward contracts $ (20 ) $ (2 ) $ (57 ) $ 5 Interest rate swaps (55 ) 26 (270 ) 26 All other futures contracts, options, and equities (22 ) 13 (83 ) 47 Convertible securities (1) — — 2 — Total investment and embedded derivative instruments $ (97 ) $ 37 $ (408 ) $ 78 GLB and other derivative instruments: GLB (2) $ (106 ) $ 54 $ (57 ) $ 133 Futures contracts on equities (3) (6 ) (100 ) (89 ) (122 ) Other (14 ) (8 ) (8 ) 2 Total GLB and other derivative instruments $ (126 ) $ (54 ) $ (154 ) $ 13 $ (223 ) $ (17 ) $ (562 ) $ 91 (1) Includes embedded derivatives. (2) Excludes foreign exchange gains (losses) related to GLB. (3) Related to GMDB and GLB books of business. b) Derivative instrument objectives (i) Foreign currency exposure management A foreign currency forward contract (forward) is an agreement between participants to exchange specific foreign currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above. (ii) Duration management and market exposure Futures Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes, and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed. Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in reserves for GMDB and GLB reinsurance business. Options An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above. The price of an option is influenced by the underlying security, expected volatility, time to expiration, and supply and demand. The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines. Interest rate swaps An interest rate swap is a contract between two counterparties in which interest payments are made based on a notional principal amount, which itself is never paid or received. Under the terms of an interest rate swap, one counterparty makes interest payments based on a fixed interest rate and the other counterparty’s payments are based on a floating rate. Interest rate swap contracts are used occasionally in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the fair value of the fixed maturity portfolio. By using interest rate swaps in the portfolio, the overall duration or interest rate sensitivity of the portfolio can be impacted. Cross-currency swaps Cross-currency swaps are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. We use cross-currency swaps to reduce the foreign currency and interest rate risk by converting cash flows back into local currency. We invest in foreign currency denominated investments to improve credit diversification and also to obtain better duration matching to our liabilities that is limited in the local currency market. Other Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices. (iii) Convertible security investments A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature. (iv) TBA By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the consolidated financial statements. Chubb purchases TBAs both for their total return and for the flexibility they provide related to our mortgage-backed security strategy. (v) GLB Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. Premiums received under the reinsurance treaties are classified as premium. Expected losses allocated to premiums received are classified as Future policy benefits and valued similar to GMDB reinsurance. Other changes in fair value arise principally from changes in expected losses allocated to expected future premiums. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable. To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the GLB liability and the exchange-traded equity futures are included in Net realized gains (losses). c) Securities lending and secured borrowings Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets. The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity September 30 December 31 2019 2018 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 562 $ 756 U.S. Treasury and agency 70 64 Foreign 249 795 Corporate securities 17 15 Mortgage-backed securities 18 45 Equity securities 46 251 $ 962 $ 1,926 Gross amount of recognized liability for securities lending payable $ 962 $ 1,926 At September 30, 2019 and December 31, 2018 , our repurchase agreement obligations of $1,416 million and $1,418 million , respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets. The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity September 30, 2019 December 31, 2018 30-90 Days Greater than 90 Days Total 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Collateral pledged under repurchase agreements: U.S. Treasury and agency $ — $ 107 $ 107 $ — $ 259 $ 259 Mortgage-backed securities 488 879 1,367 496 713 1,209 $ 488 $ 986 $ 1,474 $ 496 $ 972 $ 1,468 Gross amount of recognized liabilities for repurchase agreements $ 1,416 $ 1,418 Difference (1) $ 58 $ 50 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction. d) Fixed maturities At September 30, 2019 , we have commitments to purchase fixed income securities of $799 million over the next several years. e) Other investments At September 30, 2019 , included in Other investments in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $4.6 billion. In connection with these investments, we have commitments that may require funding of up to $3.5 billion over the next several years. f) Income Taxes At September 30, 2019 , $13 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010. g) Legal proceedings Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations. h) Leases At September 30, 2019 , the right-of-use asset was $577 million recorded within Other assets, and the lease liability was $617 million , which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheet. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. |
Share-based compensation
Share-based compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3 -year vesting period and a 10 -year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 28, 2019 , Chubb granted 2,073,712 stock options with a weighted-average grant date fair value of $18.79 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4 -year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3 -year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 28, 2019 , Chubb granted 1,078,247 service-based restricted stock awards, 357,463 service-based restricted stock units, and 212,059 performance-based stock awards to employees and officers with a grant date fair value of $133.90 |
Shareholders' equity
Shareholders' equity | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' equity | Shareholders’ equity All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value reduction) or from legal reserves, must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At September 30, 2019 , our Common Shares had a par value of CHF 24.15 per share. At our May 2018 and 2017 annual general meetings, our shareholders approved an annual dividend for the following year of up to $2.92 per share and $2.84 per share, respectively, which were paid in four quarterly installments of $0.73 per share and $0.71 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment. At our May 2019 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.00 per share, expected to be paid in four quarterly installments of $0.75 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board will determine the record and payment dates at which the annual dividend may be paid until the date of the 2020 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD): Three Months Ended Nine Months Ended September 30 September 30 2019 2018 2019 2018 CHF USD CHF USD CHF USD CHF USD Total dividend distributions per common share 0.73 $ 0.75 0.72 $ 0.73 2.20 $ 2.23 2.11 $ 2.17 Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At September 30, 2019 , 26,250,222 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans. Chubb Limited securities repurchase authorization In December 2017, the Board authorized a share repurchase program of $1.0 billion of Chubb's Common Shares from January 1, 2018 through December 31, 2018. In December 2018, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from December 1, 2018 through December 31, 2019. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations: Three Months Ended September 30 Nine Months Ended September 30 October 1, 2019 through October 30, 2019 (in millions of U.S. dollars, except share data) 2019 2018 2019 2018 Number of shares repurchased 3,079,618 2,781,307 8,417,838 5,225,162 700,900 Cost of shares repurchased $ 478 $ 379 $ 1,221 $ 703 $ 108 Repurchase authorization remaining at end of period $ 258 $ 297 $ 258 $ 297 $ 150 |
Postretirement benefits
Postretirement benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Postretirement benefits The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 Three Months Ended September 30 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ 12 $ 3 $ 14 $ 3 $ — $ 1 Non-service cost: Interest cost 30 6 26 6 1 1 Expected return on plan assets (47 ) (11 ) (53 ) (12 ) (1 ) (2 ) Amortization of net actuarial loss — 1 — 1 — — Amortization of prior service cost — — — — (20 ) (21 ) Curtailments — — — — — (1 ) Settlements 1 — — — — — Total non-service (benefit) cost (16 ) (4 ) (27 ) (5 ) (20 ) (23 ) Net periodic (benefit) cost $ (4 ) $ (1 ) $ (13 ) $ (2 ) $ (20 ) $ (22 ) Pension Benefit Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 Nine Months Ended September 30 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ 37 $ 8 $ 43 $ 9 $ — $ 1 Non-service cost: Interest cost 89 20 79 20 3 3 Expected return on plan assets (142 ) (33 ) (159 ) (38 ) (3 ) (4 ) Amortization of net actuarial loss — 2 — 1 — — Amortization of prior service cost — — — — (60 ) (64 ) Curtailments — — — — — (2 ) Settlements 1 — 1 — — — Total non-service (benefit) cost (52 ) (11 ) (79 ) (17 ) (60 ) (67 ) Net periodic (benefit) cost $ (15 ) $ (3 ) $ (36 ) $ (8 ) $ (60 ) $ (66 ) The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended September 30 2019 2018 2019 2018 (in millions of U.S. dollars) Service Cost: Losses and loss expenses $ 2 $ 2 $ — $ — Administrative expenses 13 15 — 1 Total service cost 15 17 — 1 Non-service Cost: Losses and loss expenses (1 ) (3 ) (2 ) (3 ) Administrative expenses (19 ) (29 ) (18 ) (20 ) Total non-service (benefit) cost (20 ) (32 ) (20 ) (23 ) Net periodic (benefit) cost $ (5 ) $ (15 ) $ (20 ) $ (22 ) Pension Benefit Plans Other Postretirement Benefit Plans Nine Months Ended September 30 2019 2018 2019 2018 (in millions of U.S. dollars) Service Cost: Losses and loss expenses $ 5 $ 5 $ — $ — Administrative expenses 40 47 — 1 Total service cost 45 52 — 1 Non-service Cost: Losses and loss expenses (5 ) (8 ) (6 ) (7 ) Administrative expenses (58 ) (88 ) (54 ) (60 ) Total non-service (benefit) cost (63 ) (96 ) (60 ) (67 ) Net periodic (benefit) cost $ (18 ) $ (44 ) $ (60 ) $ (66 ) |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment information | Segment information Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income (loss) as the main measures of segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate Segment income (loss), include Net investment income (loss), Other (income) expense, and Amortization of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income (loss). For example, for the three months ended September 30, 2019, underwriting income in our North America Agricultural Insurance segment was $1 million . This amount includes $14 million of realized losses related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below. For the Life Insurance segment, management includes Net investment income and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income. For example, for the three months ended September 30, 2019, Life Insurance underwriting income of $79 million includes Net investment income of $92 million and losses from fair value changes in separate account assets of $7 million . The losses from fair value changes in separate account assets are reported in Other (income) expense in the table below. The following tables present the Statement of Operations by segment: For the Three Months Ended September 30, 2019 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 3,452 $ 1,251 $ 938 $ 2,228 $ 141 $ 612 $ — $ 8,622 Net premiums earned 3,185 1,187 941 2,256 160 598 — 8,327 Losses and loss expenses 2,051 674 866 1,154 79 190 38 5,052 Policy benefits — — — — — 158 — 158 Policy acquisition costs 459 240 56 630 42 176 — 1,603 Administrative expenses 256 72 4 257 9 80 74 752 Underwriting income (loss) 419 201 15 215 30 (6 ) (112 ) 762 Net investment income (loss) 532 66 8 148 55 92 (28 ) 873 Other (income) expense (1 ) 1 — 3 (16 ) (10 ) (34 ) (57 ) Amortization expense of purchased intangibles — 3 7 11 — 1 54 76 Segment income (loss) $ 952 $ 263 $ 16 $ 349 $ 101 $ 95 $ (160 ) $ 1,616 Net realized gains (losses) including OTTI (155 ) (155 ) Interest expense 138 138 Chubb integration expenses 2 2 Income tax expense 230 230 Net income (loss) $ (685 ) $ 1,091 For the Three Months Ended September 30, 2018 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 3,199 $ 1,218 $ 884 $ 2,081 $ 164 $ 564 $ — $ 8,110 Net premiums earned 3,019 1,167 857 2,157 157 551 — 7,908 Losses and loss expenses 1,881 860 719 1,114 86 195 13 4,868 Policy benefits — — — — — 127 — 127 Policy acquisition costs 458 236 49 582 40 139 — 1,504 Administrative expenses 251 69 2 252 10 77 58 719 Underwriting income (loss) 429 2 87 209 21 13 (71 ) 690 Net investment income (loss) 503 59 7 155 63 85 (49 ) 823 Other (income) expense (1 ) — — (7 ) (13 ) 20 (144 ) (145 ) Amortization expense of purchased intangibles — 4 7 8 — — 64 83 Segment income (loss) $ 933 $ 57 $ 87 $ 363 $ 97 $ 78 $ (40 ) $ 1,575 Net realized gains (losses) including OTTI 19 19 Interest expense 164 164 Chubb integration expenses 16 16 Income tax expense 183 183 Net income (loss) $ (384 ) $ 1,231 For the Nine Months Ended North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Life Insurance Corporate Chubb Net premiums written $ 9,937 $ 3,616 $ 1,534 $ 6,881 $ 540 $ 1,770 $ — $ 24,278 Net premiums earned 9,660 3,509 1,374 6,595 487 1,730 — 23,355 Losses and loss expenses 6,238 2,178 1,155 3,385 245 581 83 13,865 Policy benefits — — — — — 515 — 515 Policy acquisition costs 1,377 708 90 1,855 127 454 — 4,611 Administrative expenses 755 211 9 771 26 237 211 2,220 Underwriting income (loss) 1,290 412 120 584 89 (57 ) (294 ) 2,144 Net investment income (loss) 1,563 194 22 443 166 278 (98 ) 2,568 Other (income) expense (4 ) 2 1 10 (40 ) (57 ) (238 ) (326 ) Amortization expense of purchased intangibles — 9 21 34 — 2 163 229 Segment income (loss) $ 2,857 $ 595 $ 120 $ 983 $ 295 $ 276 $ (317 ) $ 4,809 Net realized gains (losses) including OTTI (475 ) (475 ) Interest expense 418 418 Chubb integration expenses 9 9 Income tax expense 626 626 Net income (loss) $ (1,845 ) $ 3,281 For the Nine Months Ended North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Life Insurance Corporate Chubb Net premiums written $ 9,342 $ 3,601 $ 1,380 $ 6,664 $ 554 $ 1,688 $ — $ 23,229 Net premiums earned 9,325 3,463 1,251 6,425 492 1,643 — 22,599 Losses and loss expenses 5,873 2,474 955 3,263 236 584 72 13,457 Policy benefits — — — — — 428 — 428 Policy acquisition costs 1,378 701 74 1,754 120 405 — 4,432 Administrative expenses 735 202 — 757 29 235 200 2,158 Underwriting income (loss) 1,339 86 222 651 107 (9 ) (272 ) 2,124 Net investment income (loss) 1,516 177 20 461 192 253 (162 ) 2,457 Other (income) expense (20 ) 1 1 (12 ) (26 ) 24 (275 ) (307 ) Amortization expense of purchased intangibles — 10 21 29 — 1 192 253 Segment income (loss) $ 2,875 $ 252 $ 220 $ 1,095 $ 325 $ 219 $ (351 ) $ 4,635 Net realized gains (losses) including OTTI 35 35 Interest expense 488 488 Chubb integration expenses 39 39 Income tax expense 536 536 Net income (loss) $ (1,379 ) $ 3,607 Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars, except share and per share data) 2019 2018 2019 2018 Numerator: Net income $ 1,091 $ 1,231 $ 3,281 $ 3,607 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 454,975,143 462,981,973 456,987,560 464,644,013 Denominator for diluted earnings per share: Share-based compensation plans 3,175,226 3,034,525 2,937,026 3,360,511 Weighted-average shares outstanding and assumed conversions 458,150,369 466,016,498 459,924,586 468,004,524 Basic earnings per share $ 2.40 $ 2.66 $ 7.18 $ 7.76 Diluted earnings per share $ 2.38 $ 2.64 $ 7.13 $ 7.71 Potential anti-dilutive share conversions 575,039 3,763,844 3,874,310 3,467,000 |
Information provided in connect
Information provided in connection with outstanding debt of subsidiaries | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Information provided in connection with outstanding debt of subsidiaries | Information provided in connection with outstanding debt of subsidiaries The following tables present condensed consolidating financial information at September 30, 2019 and December 31, 2018 , and for the three and nine months ended September 30, 2019 and 2018 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis. Condensed Consolidating Balance Sheet at September 30, 2019 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 227 $ 106,951 $ — $ 107,178 Cash (1) 2 — 2,706 (1,230 ) 1,478 Restricted cash — — 111 — 111 Insurance and reinsurance balances receivable — — 12,519 (2,116 ) 10,403 Reinsurance recoverable on losses and loss expenses — — 25,284 (9,757 ) 15,527 Reinsurance recoverable on policy benefits — — 293 (94 ) 199 Value of business acquired — — 274 — 274 Goodwill and other intangible assets — — 21,378 — 21,378 Investments in subsidiaries 49,471 53,381 — (102,852 ) — Due from subsidiaries and affiliates, net 6,068 — — (6,068 ) — Other assets 7 486 20,011 (1,904 ) 18,600 Total assets $ 55,548 $ 54,094 $ 189,527 $ (124,021 ) $ 175,148 Liabilities Unpaid losses and loss expenses $ — $ — $ 72,389 $ (9,377 ) $ 63,012 Unearned premiums — — 17,767 (1,196 ) 16,571 Future policy benefits — — 5,832 (94 ) 5,738 Due to subsidiaries and affiliates, net — 5,953 115 (6,068 ) — Affiliated notional cash pooling programs (1) 628 602 — (1,230 ) — Repurchase agreements — — 1,416 — 1,416 Short-term debt — — 10 — 10 Long-term debt — 13,285 — — 13,285 Trust preferred securities — 308 — — 308 Other liabilities 348 1,814 21,278 (3,204 ) 20,236 Total liabilities 976 21,962 118,807 (21,169 ) 120,576 Total shareholders’ equity 54,572 32,132 70,720 (102,852 ) 54,572 Total liabilities and shareholders’ equity $ 55,548 $ 54,094 $ 189,527 $ (124,021 ) $ 175,148 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Balance Sheet at December 31, 2018 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 214 $ 100,754 $ — $ 100,968 Cash (1) 1 2 1,896 (652 ) 1,247 Restricted cash — — 93 — 93 Insurance and reinsurance balances receivable — — 11,861 (1,786 ) 10,075 Reinsurance recoverable on losses and loss expenses — — 26,422 (10,429 ) 15,993 Reinsurance recoverable on policy benefits — — 306 (104 ) 202 Value of business acquired — — 295 — 295 Goodwill and other intangible assets — — 21,414 — 21,414 Investments in subsidiaries 43,531 50,209 — (93,740 ) — Due from subsidiaries and affiliates, net 7,074 — 598 (7,672 ) — Other assets 3 1,007 18,102 (1,628 ) 17,484 Total assets $ 50,609 $ 51,432 $ 181,741 $ (116,011 ) $ 167,771 Liabilities Unpaid losses and loss expenses $ — $ — $ 72,857 $ (9,897 ) $ 62,960 Unearned premiums — — 16,611 (1,079 ) 15,532 Future policy benefits — — 5,610 (104 ) 5,506 Due to subsidiaries and affiliates, net — 7,672 — (7,672 ) — Affiliated notional cash pooling programs (1) 35 617 — (652 ) — Repurchase agreements — — 1,418 — 1,418 Short-term debt — 500 9 — 509 Long-term debt — 12,086 1 — 12,087 Trust preferred securities — 308 — — 308 Other liabilities 262 2,545 19,199 (2,867 ) 19,139 Total liabilities 297 23,728 115,705 (22,271 ) 117,459 Total shareholders’ equity 50,312 27,704 66,036 (93,740 ) 50,312 Total liabilities and shareholders’ equity $ 50,609 $ 51,432 $ 181,741 $ (116,011 ) $ 167,771 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended September 30, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 8,622 $ — $ 8,622 Net premiums earned — — 8,327 — 8,327 Net investment income 1 (3 ) 875 — 873 Equity in earnings of subsidiaries 1,053 824 — (1,877 ) — Net realized gains (losses) including OTTI (4 ) 68 (219 ) — (155 ) Losses and loss expenses — — 5,052 — 5,052 Policy benefits — — 158 — 158 Policy acquisition costs and administrative expenses 22 (5 ) 2,338 — 2,355 Interest (income) expense (59 ) 171 26 — 138 Other (income) expense (7 ) (3 ) (47 ) — (57 ) Amortization of purchased intangibles — — 76 — 76 Chubb integration expenses — — 2 — 2 Income tax expense (benefit) 3 (33 ) 260 — 230 Net income $ 1,091 $ 759 $ 1,118 $ (1,877 ) $ 1,091 Comprehensive income $ 1,473 $ 1,138 $ 1,517 $ (2,655 ) $ 1,473 Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended September 30, 2018 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 8,110 $ — $ 8,110 Net premiums earned — — 7,908 — 7,908 Net investment income 2 3 818 — 823 Equity in earnings of subsidiaries 1,177 709 — (1,886 ) — Net realized gains (losses) including OTTI (1 ) 18 2 — 19 Losses and loss expenses — — 4,868 — 4,868 Policy benefits — — 127 — 127 Policy acquisition costs and administrative expenses 23 (90 ) 2,290 — 2,223 Interest (income) expense (75 ) 203 36 — 164 Other (income) expense (9 ) 12 (148 ) — (145 ) Amortization of purchased intangibles — — 83 — 83 Chubb integration expenses 3 1 12 — 16 Income tax expense (benefit) 5 (24 ) 202 — 183 Net income $ 1,231 $ 628 $ 1,258 $ (1,886 ) $ 1,231 Comprehensive income $ 592 $ 47 $ 640 $ (687 ) $ 592 Condensed Consolidating Statements of Operations and Comprehensive Income For the Nine Months Ended September 30, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 24,278 $ — $ 24,278 Net premiums earned — — 23,355 — 23,355 Net investment income 3 (13 ) 2,578 — 2,568 Equity in earnings of subsidiaries 3,147 2,345 — (5,492 ) — Net realized gains (losses) including OTTI 1 34 (510 ) — (475 ) Losses and loss expenses — — 13,865 — 13,865 Policy benefits — — 515 — 515 Policy acquisition costs and administrative expenses 64 (25 ) 6,792 — 6,831 Interest (income) expense (187 ) 536 69 — 418 Other (income) expense (19 ) 1 (308 ) — (326 ) Amortization of purchased intangibles — — 229 — 229 Chubb integration expenses — 2 7 — 9 Income tax expense (benefit) 12 (120 ) 734 — 626 Net income $ 3,281 $ 1,972 $ 3,520 $ (5,492 ) $ 3,281 Comprehensive income $ 6,250 $ 4,476 $ 6,486 $ (10,962 ) $ 6,250 Condensed Consolidating Statements of Operations and Comprehensive Income For the Nine Months Ended September 30, 2018 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 23,229 $ — $ 23,229 Net premiums earned — — 22,599 — 22,599 Net investment income 5 12 2,440 — 2,457 Equity in earnings of subsidiaries 3,440 2,048 — (5,488 ) — Net realized gains (losses) including OTTI (1 ) 67 (31 ) — 35 Losses and loss expenses — — 13,457 — 13,457 Policy benefits — — 428 — 428 Policy acquisition costs and administrative expenses 64 (49 ) 6,575 — 6,590 Interest (income) expense (231 ) 616 103 — 488 Other (income) expense (18 ) 28 (317 ) — (307 ) Amortization of purchased intangibles — — 253 — 253 Chubb integration expenses 7 2 30 — 39 Income tax expense (benefit) 15 (119 ) 640 — 536 Net income $ 3,607 $ 1,649 $ 3,839 $ (5,488 ) $ 3,607 Comprehensive income (loss) $ 1,322 $ (199 ) $ 1,606 $ (1,407 ) $ 1,322 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from operating activities $ 421 $ 1,118 $ 5,234 $ (1,860 ) $ 4,913 Cash flows from investing activities Purchases of fixed maturities available for sale — (16 ) (19,762 ) — (19,778 ) Purchases of fixed maturities held to maturity — — (143 ) — (143 ) Purchases of equity securities — — (466 ) — (466 ) Sales of fixed maturities available for sale — 1 10,435 — 10,436 Sales of equity securities — — 577 — 577 Maturities and redemptions of fixed maturities available for sale — 18 6,372 — 6,390 Maturities and redemptions of fixed maturities held to maturity — — 814 — 814 Net change in short-term investments — (5 ) 207 — 202 Net derivative instruments settlements — (55 ) (592 ) — (647 ) Private equity contributions — — (1,093 ) — (1,093 ) Private equity distributions — — 973 — 973 Capital contribution (1,000 ) (110 ) — 1,110 — Other — (10 ) (816 ) — (826 ) Net cash flows used for investing activities (1,000 ) (177 ) (3,494 ) 1,110 (3,561 ) Cash flows from financing activities Dividends paid on Common Shares (1,014 ) — — — (1,014 ) Common Shares repurchased — — (1,203 ) — (1,203 ) Proceeds from issuance of long-term debt — 1,286 — — 1,286 Repayment of long-term debt — (500 ) (1 ) — (501 ) Proceeds from issuance of repurchase agreements — — 2,394 — 2,394 Repayment of repurchase agreements — — (2,396 ) — (2,396 ) Proceeds from share-based compensation plans — — 155 — 155 Dividend to parent company — — (1,860 ) 1,860 — Advances (to) from affiliates 996 (1,715 ) 719 — — Capital contribution — — 1,110 (1,110 ) — Net proceeds from (payments to) affiliated notional cash pooling programs (1) 593 (15 ) — (578 ) — Policyholder contract deposits — — 376 — 376 Policyholder contract withdrawals — — (221 ) — (221 ) Net cash flows from (used for) financing activities 575 (944 ) (927 ) 172 (1,124 ) Effect of foreign currency rate changes on cash and restricted cash 5 1 15 — 21 Net increase (decrease) in cash and restricted cash 1 (2 ) 828 (578 ) 249 Cash and restricted cash – beginning of period (1) 1 2 1,989 (652 ) 1,340 Cash and restricted cash – end of period (1) $ 2 $ — $ 2,817 $ (1,230 ) $ 1,589 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from operating activities $ 237 $ 4,701 $ 3,797 $ (4,838 ) $ 3,897 Cash flows from investing activities Purchases of fixed maturities available for sale — (30 ) (16,758 ) — (16,788 ) Purchases of fixed maturities held to maturity — — (380 ) — (380 ) Purchases of equity securities — — (148 ) — (148 ) Sales of fixed maturities available for sale — 6 9,035 — 9,041 Sales of equity securities — — 247 — 247 Maturities and redemptions of fixed maturities available for sale — 15 5,467 — 5,482 Maturities and redemptions of fixed maturities held to maturity — — 1,001 — 1,001 Net change in short-term investments — 6 58 — 64 Net derivative instruments settlements — (7 ) (39 ) — (46 ) Private equity contributions — — (1,112 ) — (1,112 ) Private equity distributions — — 743 — 743 Capital contribution (1,125 ) (3,500 ) — 4,625 — Other — (18 ) (213 ) — (231 ) Net cash flows used for investing activities (1,125 ) (3,528 ) (2,099 ) 4,625 (2,127 ) Cash flows from financing activities Dividends paid on Common Shares (1,001 ) — — — (1,001 ) Common Shares repurchased — — (732 ) — (732 ) Proceeds from issuance of long-term debt — 2,171 — — 2,171 Repayment of long-term debt — (2,000 ) (1 ) — (2,001 ) Proceeds from issuance of repurchase agreements — — 1,572 — 1,572 Repayment of repurchase agreements — — (1,566 ) — (1,566 ) Proceeds from share-based compensation plans — — 86 — 86 Dividend to parent company — — (4,838 ) 4,838 — Advances (to) from affiliates 1,722 (1,310 ) (412 ) — — Capital contribution — — 4,625 (4,625 ) — Net proceeds from affiliated notional cash pooling programs (1) 165 (34 ) — (131 ) — Policyholder contract deposits — — 269 — 269 Policyholder contract withdrawals — — (222 ) — (222 ) Net cash flows from (used for) financing activities 886 (1,173 ) (1,219 ) 82 (1,424 ) Effect of foreign currency rate changes on cash and restricted cash (1 ) — (39 ) — (40 ) Net increase (decrease) in cash and restricted cash (3 ) — 440 (131 ) 306 Cash and restricted cash – beginning of period (1) 3 1 962 (115 ) 851 Cash and restricted cash – end of period (1) $ — $ 1 $ 1,402 $ (246 ) $ 1,157 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2018 and December 31, 2017 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Chubb operates through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 10 for additional information. The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Form 10-K. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows: September 30 December 31 (in millions of U.S. dollars) 2019 2018 Cash $ 1,478 $ 1,247 Restricted cash 111 93 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 1,589 $ 1,340 |
Accounting guidance adopted in 2019 | Accounting guidance adopted in 2019 Premium Amortization on Purchased Callable Debt Securities Effective January 1, 2019, we adopted new accounting guidance on "Premium Amortization on Purchased Callable Debt Securities" for bonds held at a premium on a modified retrospective basis. The guidance requires the premium to be amortized to the earliest call date. As a result, we recorded a cumulative effect adjustment to decrease beginning retained earnings by $12 million after-tax ( $15 million pre-tax). Securities held at a discount did not require an accounting change. Lease Accounting Effective for the quarter ended March 31, 2019, we adopted new lease accounting guidance and elected to utilize a modified retrospective approach which allowed us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings for 2019, with no adjustment to prior periods presented. The cumulative effect adjustment to the opening balance of retained earnings was zero . Our leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. The adoption of the updated guidance resulted in recognizing a right-of-use asset, which was recorded within Other assets, and a lease liability, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheet as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The adoption of the new guidance did not have a material effect on our results of operations, financial condition or liquidity. Refer to Note 6 h) for additional information on leases. |
Accounting guidance not yet adopted | Refer to the 2018 Form 10-K for information on accounting guidance not yet adopted. |
Fair value measurements Fair Va
Fair value measurements Fair Value Measurement Policy (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and • Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. |
General General (Tables)
General General (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows: September 30 December 31 (in millions of U.S. dollars) 2019 2018 Cash $ 1,478 $ 1,247 Restricted cash 111 93 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 1,589 $ 1,340 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI | September 30, 2019 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,438 $ 133 $ (1 ) $ 3,570 $ — Foreign 21,974 1,171 (68 ) 23,077 (27 ) Corporate securities 30,344 1,131 (108 ) 31,367 (5 ) Mortgage-backed securities 18,457 570 (13 ) 19,014 — States, municipalities, and political subdivisions 7,823 205 (12 ) 8,016 — $ 82,036 $ 3,210 $ (202 ) $ 85,044 $ (32 ) Held to maturity U.S. Treasury and agency $ 1,234 $ 36 $ — $ 1,270 $ — Foreign 1,401 85 (1 ) 1,485 — Corporate securities 2,391 127 (4 ) 2,514 — Mortgage-backed securities 2,391 83 — 2,474 — States, municipalities, and political subdivisions 5,205 149 (1 ) 5,353 — $ 12,622 $ 480 $ (6 ) $ 13,096 $ — December 31, 2018 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 4,158 $ 30 $ (43 ) $ 4,145 $ — Foreign 21,370 395 (349 ) 21,416 — Corporate securities 27,183 150 (750 ) 26,583 (6 ) Mortgage-backed securities 15,758 66 (284 ) 15,540 (1 ) States, municipalities, and political subdivisions 10,854 49 (117 ) 10,786 — $ 79,323 $ 690 $ (1,543 ) $ 78,470 $ (7 ) Held to maturity U.S. Treasury and agency $ 1,185 $ 8 $ (11 ) $ 1,182 $ — Foreign 1,549 11 (18 ) 1,542 — Corporate securities 2,601 11 (104 ) 2,508 — Mortgage-backed securities 2,524 5 (43 ) 2,486 — States, municipalities, and political subdivisions 5,576 16 (51 ) 5,541 — $ 13,435 $ 51 $ (227 ) $ 13,259 $ — |
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI | September 30, 2019 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,438 $ 133 $ (1 ) $ 3,570 $ — Foreign 21,974 1,171 (68 ) 23,077 (27 ) Corporate securities 30,344 1,131 (108 ) 31,367 (5 ) Mortgage-backed securities 18,457 570 (13 ) 19,014 — States, municipalities, and political subdivisions 7,823 205 (12 ) 8,016 — $ 82,036 $ 3,210 $ (202 ) $ 85,044 $ (32 ) Held to maturity U.S. Treasury and agency $ 1,234 $ 36 $ — $ 1,270 $ — Foreign 1,401 85 (1 ) 1,485 — Corporate securities 2,391 127 (4 ) 2,514 — Mortgage-backed securities 2,391 83 — 2,474 — States, municipalities, and political subdivisions 5,205 149 (1 ) 5,353 — $ 12,622 $ 480 $ (6 ) $ 13,096 $ — December 31, 2018 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 4,158 $ 30 $ (43 ) $ 4,145 $ — Foreign 21,370 395 (349 ) 21,416 — Corporate securities 27,183 150 (750 ) 26,583 (6 ) Mortgage-backed securities 15,758 66 (284 ) 15,540 (1 ) States, municipalities, and political subdivisions 10,854 49 (117 ) 10,786 — $ 79,323 $ 690 $ (1,543 ) $ 78,470 $ (7 ) Held to maturity U.S. Treasury and agency $ 1,185 $ 8 $ (11 ) $ 1,182 $ — Foreign 1,549 11 (18 ) 1,542 — Corporate securities 2,601 11 (104 ) 2,508 — Mortgage-backed securities 2,524 5 (43 ) 2,486 — States, municipalities, and political subdivisions 5,576 16 (51 ) 5,541 — $ 13,435 $ 51 $ (227 ) $ 13,259 $ — |
Schedule Of Fixed Maturities By Contractual Maturity | The following table presents fixed maturities by contractual maturity: September 30 December 31 2019 2018 (in millions of U.S. dollars) Amortized Cost Fair Value Amortized Cost Fair Value Available for sale Due in 1 year or less $ 3,869 $ 3,889 $ 3,569 $ 3,568 Due after 1 year through 5 years 27,168 27,728 27,134 27,005 Due after 5 years through 10 years 23,368 24,309 24,095 23,543 Due after 10 years 9,174 10,104 8,767 8,814 63,579 66,030 63,565 62,930 Mortgage-backed securities 18,457 19,014 15,758 15,540 $ 82,036 $ 85,044 $ 79,323 $ 78,470 Held to maturity Due in 1 year or less $ 487 $ 490 $ 536 $ 537 Due after 1 year through 5 years 3,567 3,629 3,122 3,106 Due after 5 years through 10 years 3,822 3,959 4,468 4,407 Due after 10 years 2,355 2,544 2,785 2,723 10,231 10,622 10,911 10,773 Mortgage-backed securities 2,391 2,474 2,524 2,486 $ 12,622 $ 13,096 $ 13,435 $ 13,259 |
Schedule of Realized Gain (Loss) | The following table presents the components of Net realized gains (losses): Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2019 2018 2019 2018 Fixed maturities: OTTI on fixed maturities, gross $ (54 ) $ (14 ) $ (81 ) $ (19 ) OTTI on fixed maturities recognized in OCI (pre-tax) 30 3 31 3 OTTI on fixed maturities, net (24 ) (11 ) (50 ) (16 ) Gross realized gains excluding OTTI 70 64 153 229 Gross realized losses excluding OTTI (57 ) (91 ) (146 ) (355 ) Total fixed maturities (11 ) (38 ) (43 ) (142 ) Equity securities 3 35 66 22 Other investments (4 ) 5 (18 ) 23 Foreign exchange gains 84 39 86 102 Investment and embedded derivative instruments (97 ) 37 (408 ) 78 Fair value adjustments on insurance derivative (106 ) 54 (57 ) 133 S&P futures (6 ) (100 ) (89 ) (122 ) Other derivative instruments (14 ) (8 ) (8 ) 2 Other (4 ) (5 ) (4 ) (61 ) Net realized gains (losses) (pre-tax) $ (155 ) $ 19 $ (475 ) $ 35 |
Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI | The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2019 2018 2019 2018 Balance of credit losses related to securities still held – beginning of period $ 30 $ 16 $ 34 $ 22 Additions where no OTTI was previously recorded 17 6 28 7 Additions where an OTTI was previously recorded 1 2 4 2 Reductions for securities sold during the period (8 ) (3 ) (26 ) (10 ) Balance of credit losses related to securities still held – end of period $ 40 $ 21 $ 40 $ 21 |
Gain (Loss) on Securities [Table Text Block] | equity securities and other investments, including both sales of securities and unrealized gains and losses from changes in fair value: Three Months Ended September 30 2019 2018 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ 3 $ (4 ) $ (1 ) $ 35 $ 5 $ 40 Less: Net gains (losses) recognized from sales of securities 24 (2 ) 22 48 — 48 Unrealized gains (losses) recognized for securities still held at reporting date $ (21 ) $ (2 ) $ (23 ) $ (13 ) $ 5 $ (8 ) Nine Months Ended September 30 2019 2018 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ 66 $ (18 ) $ 48 $ 22 $ 23 $ 45 Less: Net gains (losses) recognized from sales of securities 57 (4 ) 53 63 — 63 Unrealized gains (losses) recognized for securities still held at reporting date $ 9 $ (14 ) $ (5 ) $ (41 ) $ 23 $ (18 ) |
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position | The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 0 – 12 Months Over 12 Months Total September 30, 2019 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. Treasury and agency $ 144 $ — $ 531 $ (1 ) $ 675 $ (1 ) Foreign 1,077 (23 ) 1,014 (46 ) 2,091 (69 ) Corporate securities 2,600 (62 ) 1,095 (50 ) 3,695 (112 ) Mortgage-backed securities 640 (2 ) 1,228 (11 ) 1,868 (13 ) States, municipalities, and political subdivisions 650 (1 ) 371 (12 ) 1,021 (13 ) Total fixed maturities $ 5,111 $ (88 ) $ 4,239 $ (120 ) $ 9,350 $ (208 ) 0 – 12 Months Over 12 Months Total December 31, 2018 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. Treasury and agency $ 523 $ (4 ) $ 2,859 $ (50 ) $ 3,382 $ (54 ) Foreign 6,764 (208 ) 5,349 (159 ) 12,113 (367 ) Corporate securities 16,538 (599 ) 4,873 (255 ) 21,411 (854 ) Mortgage-backed securities 6,103 (98 ) 6,913 (229 ) 13,016 (327 ) States, municipalities, and political subdivisions 5,024 (44 ) 7,768 (124 ) 12,792 (168 ) Total fixed maturities $ 34,952 $ (953 ) $ 27,762 $ (817 ) $ 62,714 $ (1,770 ) |
Schedule Of Components Of Restricted Assets | The following table presents the components of restricted assets: September 30 December 31 (in millions of U.S. dollars) 2019 2018 Trust funds $ 14,325 $ 13,988 Deposits with U.S. regulatory authorities 2,476 2,405 Deposits with non-U.S. regulatory authorities 2,706 2,531 Assets pledged under repurchase agreements 1,474 1,468 Other pledged assets 447 692 Total $ 21,428 $ 21,084 |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured At Fair Value On A Recurring Basis | Financial instruments measured at fair value on a recurring basis, by valuation hierarchy September 30, 2019 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 2,893 $ 677 $ — $ 3,570 Foreign — 22,684 393 23,077 Corporate securities — 29,917 1,450 31,367 Mortgage-backed securities — 18,937 77 19,014 States, municipalities, and political subdivisions — 8,016 — 8,016 2,893 80,231 1,920 85,044 Equity securities 662 4 56 722 Short-term investments 1,483 1,346 6 2,835 Other investments (1) 392 353 10 755 Securities lending collateral — 962 — 962 Investment derivative instruments 22 — — 22 Other derivative instruments 7 — — 7 Separate account assets 3,140 147 — 3,287 Total assets measured at fair value (1) $ 8,599 $ 83,043 $ 1,992 $ 93,634 Liabilities: Investment derivative instruments $ 63 $ — $ — $ 63 GLB (2) — — 509 509 Total liabilities measured at fair value $ 63 $ — $ 509 $ 572 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $ 4,871 million and other investments of $ 88 million at September 30, 2019 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. December 31, 2018 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 3,400 $ 745 $ — $ 4,145 Foreign — 21,071 345 21,416 Corporate securities — 25,284 1,299 26,583 Mortgage-backed securities — 15,479 61 15,540 States, municipalities, and political subdivisions — 10,786 — 10,786 3,400 73,365 1,705 78,470 Equity securities 713 — 57 770 Short-term investments 1,575 1,440 1 3,016 Other investments (1) 381 303 11 695 Securities lending collateral — 1,926 — 1,926 Investment derivative instruments 28 — — 28 Other derivative instruments 25 — — 25 Separate account assets 2,686 137 — 2,823 Total assets measured at fair value (1) $ 8,808 $ 77,171 $ 1,774 $ 87,753 Liabilities: Investment derivative instruments $ 38 $ 115 $ — $ 153 GLB (2) — — 452 452 Total liabilities measured at fair value $ 38 $ 115 $ 452 $ 605 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Fair Value And Maximum Future Funding Commitments Related To Investments | The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: September 30 December 31 Expected Liquidation Period of Underlying Assets 2019 2018 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 568 $ 360 $ 596 $ 193 Real Assets 2 to 11 Years 771 497 704 362 Distressed 2 to 7 Years 264 89 296 105 Private Credit 3 to 8 Years 109 271 147 310 Traditional 2 to 14 Years 2,767 2,224 2,362 2,735 Vintage 1 to 2 Years 134 37 56 — Investment funds Not Applicable 258 — 83 — $ 4,871 $ 3,478 $ 4,244 $ 3,705 |
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations | The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes). (in millions of U.S. dollars, except for percentages) Fair Value Valuation Technique Significant Unobservable Inputs Ranges September 30, 2019 December 31, 2018 GLB (1) $ 509 $ 452 Actuarial model Lapse rate 3% – 32% Annuitization rate 0% – 42% (1) Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) September 30, 2019 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 371 $ 1,359 $ 76 $ 56 $ 4 $ 11 $ 403 Transfers into Level 3 — 1 — — — — — Transfers out of Level 3 — — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (8 ) (4 ) — (1 ) — — — Net Realized Gains/Losses — — — (1 ) — — 106 Purchases 68 176 1 5 2 — — Sales (35 ) (18 ) — (3 ) — — — Settlements (3 ) (64 ) — — — (1 ) — Balance – end of period $ 393 $ 1,450 $ 77 $ 56 $ 6 $ 10 $ 509 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ 106 (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $815 million at June 30, 2019 , which includes a fair value derivative adjustment of $509 million and $403 million , respectively. Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other Other derivative instruments GLB (2) September 30, 2018 Foreign Corporate securities (1) MBS (in millions of U.S. dollars) Balance – beginning of period $ 252 $ 1,181 $ 82 $ 59 $ 12 $ 264 $ 2 $ 125 Transfers into Level 3 5 18 — — — — — — Transfers out of Level 3 (2 ) (21 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (2 ) 7 — (1 ) — (4 ) — — Net Realized Gains/Losses (2 ) (6 ) — 7 — — — (54 ) Purchases 98 98 1 6 — 20 — — Sales (22 ) (18 ) — (18 ) — — — — Settlements (4 ) (85 ) (18 ) — (6 ) (17 ) — — Balance – end of period $ 323 $ 1,174 $ 65 $ 53 $ 6 $ 263 $ 2 $ 71 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (1 ) $ (6 ) $ — $ 1 $ — $ — $ — $ (54 ) (1) Purchases in Level 3 primarily consist of privately-placed fixed income securities. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $497 million at June 30, 2018 , which includes a fair value derivative adjustment of $71 million and $125 million , respectively. Assets Liabilities Nine Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) September 30, 2019 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 16 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (2 ) 1 — 1 — — — Net Realized Gains/Losses (1 ) — — (4 ) — — 57 Purchases 164 425 19 19 6 — — Sales (54 ) (91 ) (1 ) (17 ) — — — Settlements (47 ) (200 ) (2 ) — (1 ) (1 ) — Balance – end of period $ 393 $ 1,450 $ 77 $ 56 $ 6 $ 10 $ 509 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (1 ) $ — $ (3 ) $ — $ — $ 57 (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $509 million and $452 million , respectively. Assets Liabilities Nine Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other Other derivative instruments GLB (2) September 30, 2018 Foreign Corporate securities (1) MBS (in millions of U.S. dollars) Balance – beginning of period $ 93 $ 1,037 $ 78 $ 44 $ — $ 263 $ 2 $ 204 Transfers into Level 3 12 24 1 — 5 — — — Transfers out of Level 3 (2 ) (31 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange — (5 ) — — — (2 ) — — Net Realized Gains/Losses (2 ) (4 ) — 6 — 1 — (133 ) Purchases 280 454 5 26 9 50 — — Sales (52 ) (114 ) — (23 ) — — — — Settlements (6 ) (187 ) (19 ) — (8 ) (49 ) — — Balance – end of period $ 323 $ 1,174 $ 65 $ 53 $ 6 $ 263 $ 2 $ 71 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (1 ) $ (6 ) $ — $ — $ — $ 1 $ — $ (133 ) (1) Purchases in Level 3 primarily consist of privately-placed fixed income securities. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $550 million at December 31, 2017 , which includes a fair value derivative adjustment of $71 million and $204 million , respectively. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) September 30, 2019 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 371 $ 1,359 $ 76 $ 56 $ 4 $ 11 $ 403 Transfers into Level 3 — 1 — — — — — Transfers out of Level 3 — — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (8 ) (4 ) — (1 ) — — — Net Realized Gains/Losses — — — (1 ) — — 106 Purchases 68 176 1 5 2 — — Sales (35 ) (18 ) — (3 ) — — — Settlements (3 ) (64 ) — — — (1 ) — Balance – end of period $ 393 $ 1,450 $ 77 $ 56 $ 6 $ 10 $ 509 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ 106 (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $815 million at June 30, 2019 , which includes a fair value derivative adjustment of $509 million and $403 million , respectively. Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other Other derivative instruments GLB (2) September 30, 2018 Foreign Corporate securities (1) MBS (in millions of U.S. dollars) Balance – beginning of period $ 252 $ 1,181 $ 82 $ 59 $ 12 $ 264 $ 2 $ 125 Transfers into Level 3 5 18 — — — — — — Transfers out of Level 3 (2 ) (21 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (2 ) 7 — (1 ) — (4 ) — — Net Realized Gains/Losses (2 ) (6 ) — 7 — — — (54 ) Purchases 98 98 1 6 — 20 — — Sales (22 ) (18 ) — (18 ) — — — — Settlements (4 ) (85 ) (18 ) — (6 ) (17 ) — — Balance – end of period $ 323 $ 1,174 $ 65 $ 53 $ 6 $ 263 $ 2 $ 71 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (1 ) $ (6 ) $ — $ 1 $ — $ — $ — $ (54 ) (1) Purchases in Level 3 primarily consist of privately-placed fixed income securities. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $497 million at June 30, 2018 , which includes a fair value derivative adjustment of $71 million and $125 million , respectively. Assets Liabilities Nine Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) September 30, 2019 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 16 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange (2 ) 1 — 1 — — — Net Realized Gains/Losses (1 ) — — (4 ) — — 57 Purchases 164 425 19 19 6 — — Sales (54 ) (91 ) (1 ) (17 ) — — — Settlements (47 ) (200 ) (2 ) — (1 ) (1 ) — Balance – end of period $ 393 $ 1,450 $ 77 $ 56 $ 6 $ 10 $ 509 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (1 ) $ — $ (3 ) $ — $ — $ 57 (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $509 million and $452 million , respectively. Assets Liabilities Nine Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other Other derivative instruments GLB (2) September 30, 2018 Foreign Corporate securities (1) MBS (in millions of U.S. dollars) Balance – beginning of period $ 93 $ 1,037 $ 78 $ 44 $ — $ 263 $ 2 $ 204 Transfers into Level 3 12 24 1 — 5 — — — Transfers out of Level 3 (2 ) (31 ) — — — — — — Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange — (5 ) — — — (2 ) — — Net Realized Gains/Losses (2 ) (4 ) — 6 — 1 — (133 ) Purchases 280 454 5 26 9 50 — — Sales (52 ) (114 ) — (23 ) — — — — Settlements (6 ) (187 ) (19 ) — (8 ) (49 ) — — Balance – end of period $ 323 $ 1,174 $ 65 $ 53 $ 6 $ 263 $ 2 $ 71 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (1 ) $ (6 ) $ — $ — $ — $ 1 $ — $ (133 ) (1) Purchases in Level 3 primarily consist of privately-placed fixed income securities. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $550 million at December 31, 2017 , which includes a fair value derivative adjustment of $71 million and $204 million , respectively. |
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value | The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: September 30, 2019 Fair Value Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,213 $ 57 $ — $ 1,270 $ 1,234 Foreign — 1,485 — 1,485 1,401 Corporate securities — 2,482 32 2,514 2,391 Mortgage-backed securities — 2,474 — 2,474 2,391 States, municipalities, and political subdivisions — 5,353 — 5,353 5,205 Total assets $ 1,213 $ 11,851 $ 32 $ 13,096 $ 12,622 Liabilities: Repurchase agreements $ — $ 1,416 $ — $ 1,416 $ 1,416 Short-term debt — 10 — 10 10 Long-term debt — 14,901 — 14,901 13,285 Trust preferred securities — 457 — 457 308 Total liabilities $ — $ 16,784 $ — $ 16,784 $ 15,019 December 31, 2018 Fair Value Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,128 $ 54 $ — $ 1,182 $ 1,185 Foreign — 1,542 — 1,542 1,549 Corporate securities — 2,477 31 2,508 2,601 Mortgage-backed securities — 2,486 — 2,486 2,524 States, municipalities, and political subdivisions — 5,541 — 5,541 5,576 Total assets $ 1,128 $ 12,100 $ 31 $ 13,259 $ 13,435 Liabilities: Repurchase agreements $ — $ 1,418 $ — $ 1,418 $ 1,418 Short-term debt — 516 — 516 509 Long-term debt — 12,181 — 12,181 12,087 Trust preferred securities — 409 — 409 308 Total liabilities $ — $ 14,524 $ — $ 14,524 $ 14,322 |
Unpaid losses and loss expens_2
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Nine Months Ended September 30 (in millions of U.S. dollars) 2019 2018 Gross unpaid losses and loss expenses – beginning of period $ 62,960 $ 63,179 Reinsurance recoverable on unpaid losses - beginning of period (1) (14,689 ) (14,014 ) Net unpaid losses and loss expenses – beginning of period 48,271 49,165 Net losses and loss expenses incurred in respect of losses occurring in: Current year 14,484 14,186 Prior years (2) (619 ) (729 ) Total 13,865 13,457 Net losses and loss expenses paid in respect of losses occurring in: Current year 4,920 4,522 Prior years 8,374 8,596 Total 13,294 13,118 Foreign currency revaluation and other (162 ) (440 ) Net unpaid losses and loss expenses – end of period 48,680 49,064 Reinsurance recoverable on unpaid losses (1) 14,332 13,965 Gross unpaid losses and loss expenses – end of period $ 63,012 $ 63,029 (1) Net of provision for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $60 million and $86 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Prior Period Development, by Segment [Table Text Block] | The following table summarizes (favorable) and adverse PPD by segment. Three Months Ended September 30 Nine Months Ended September 30 (in millions of U.S. dollars) Long-tail Short-tail Total Long-tail Short-tail Total 2019 North America Commercial P&C Insurance $ (197 ) $ 88 $ (109 ) $ (468 ) $ 43 $ (425 ) North America Personal P&C Insurance — (62 ) (62 ) — (88 ) (88 ) North America Agricultural Insurance — 18 18 — (43 ) (43 ) Overseas General Insurance (66 ) 41 (25 ) (66 ) 17 (49 ) Global Reinsurance (25 ) — (25 ) (59 ) 26 (33 ) Corporate 36 — 36 79 — 79 Total $ (252 ) $ 85 $ (167 ) $ (514 ) $ (45 ) $ (559 ) 2018 North America Commercial P&C Insurance $ (170 ) $ (46 ) $ (216 ) $ (266 ) $ (206 ) $ (472 ) North America Personal P&C Insurance — 58 58 — 59 59 North America Agricultural Insurance — (1 ) (1 ) — (77 ) (77 ) Overseas General Insurance (49 ) (23 ) (72 ) (51 ) (115 ) (166 ) Global Reinsurance (39 ) 15 (24 ) (69 ) 15 (54 ) Corporate 12 — 12 67 — 67 Total $ (246 ) $ 3 $ (243 ) $ (319 ) $ (324 ) $ (643 ) |
Commitments, contingencies, a_2
Commitments, contingencies, and guarantees (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments | The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: September 30, 2019 December 31, 2018 Consolidated Balance Sheet Location Fair Value Notional Value/ Payment Provision Fair Value Notional Value/ Payment Provision (in millions of U.S. dollars) Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) Investment and embedded derivative instruments: Foreign currency forward contracts OA / (AP) $ 10 $ (59 ) $ 2,888 $ 15 $ (19 ) $ 2,185 Cross-currency swaps OA / (AP) — — — — — 45 Interest rate swaps OA / (AP) — — — — (115 ) 5,250 Options/Futures contracts on notes, bonds, and equities OA / (AP) 12 (4 ) 853 13 (19 ) 1,046 Convertible securities (1) FM AFS / ES 5 — 8 9 — 11 TBAs FM AFS — — — 6 — 6 $ 27 $ (63 ) $ 3,749 $ 43 $ (153 ) $ 8,543 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 6 $ — $ 582 $ 23 $ — $ 507 Other OA / (AP) 1 — 207 2 — 74 $ 7 $ — $ 789 $ 25 $ — $ 581 GLB (3) (AP) / (FPB) $ — $ (935 ) $ 1,729 $ — $ (861 ) $ 1,750 (1) Includes fair value of embedded derivatives. (2) Related to GMDB and GLB blocks of business. (3) Includes both future policy benefits reserves of $426 million and $409 million and fair value derivative adjustment of $509 million and $452 million at September 30, 2019 and December 31, 2018, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. |
Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations | The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2019 2018 2019 2018 Investment and embedded derivative instruments: Foreign currency forward contracts $ (20 ) $ (2 ) $ (57 ) $ 5 Interest rate swaps (55 ) 26 (270 ) 26 All other futures contracts, options, and equities (22 ) 13 (83 ) 47 Convertible securities (1) — — 2 — Total investment and embedded derivative instruments $ (97 ) $ 37 $ (408 ) $ 78 GLB and other derivative instruments: GLB (2) $ (106 ) $ 54 $ (57 ) $ 133 Futures contracts on equities (3) (6 ) (100 ) (89 ) (122 ) Other (14 ) (8 ) (8 ) 2 Total GLB and other derivative instruments $ (126 ) $ (54 ) $ (154 ) $ 13 $ (223 ) $ (17 ) $ (562 ) $ 91 (1) Includes embedded derivatives. (2) Excludes foreign exchange gains (losses) related to GLB. (3) Related to GMDB and GLB books of business. |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity September 30 December 31 2019 2018 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 562 $ 756 U.S. Treasury and agency 70 64 Foreign 249 795 Corporate securities 17 15 Mortgage-backed securities 18 45 Equity securities 46 251 $ 962 $ 1,926 Gross amount of recognized liability for securities lending payable $ 962 $ 1,926 The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity September 30, 2019 December 31, 2018 30-90 Days Greater than 90 Days Total 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Collateral pledged under repurchase agreements: U.S. Treasury and agency $ — $ 107 $ 107 $ — $ 259 $ 259 Mortgage-backed securities 488 879 1,367 496 713 1,209 $ 488 $ 986 $ 1,474 $ 496 $ 972 $ 1,468 Gross amount of recognized liabilities for repurchase agreements $ 1,416 $ 1,418 Difference (1) $ 58 $ 50 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared [Table Text Block] | The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD): Three Months Ended Nine Months Ended September 30 September 30 2019 2018 2019 2018 CHF USD CHF USD CHF USD CHF USD Total dividend distributions per common share 0.73 $ 0.75 0.72 $ 0.73 2.20 $ 2.23 2.11 $ 2.17 |
Share Repurchase Program [Table Text Block] | The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations: Three Months Ended September 30 Nine Months Ended September 30 October 1, 2019 through October 30, 2019 (in millions of U.S. dollars, except share data) 2019 2018 2019 2018 Number of shares repurchased 3,079,618 2,781,307 8,417,838 5,225,162 700,900 Cost of shares repurchased $ 478 $ 379 $ 1,221 $ 703 $ 108 Repurchase authorization remaining at end of period $ 258 $ 297 $ 258 $ 297 $ 150 |
Postretirement benefits (Tables
Postretirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 Three Months Ended September 30 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ 12 $ 3 $ 14 $ 3 $ — $ 1 Non-service cost: Interest cost 30 6 26 6 1 1 Expected return on plan assets (47 ) (11 ) (53 ) (12 ) (1 ) (2 ) Amortization of net actuarial loss — 1 — 1 — — Amortization of prior service cost — — — — (20 ) (21 ) Curtailments — — — — — (1 ) Settlements 1 — — — — — Total non-service (benefit) cost (16 ) (4 ) (27 ) (5 ) (20 ) (23 ) Net periodic (benefit) cost $ (4 ) $ (1 ) $ (13 ) $ (2 ) $ (20 ) $ (22 ) Pension Benefit Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 Nine Months Ended September 30 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ 37 $ 8 $ 43 $ 9 $ — $ 1 Non-service cost: Interest cost 89 20 79 20 3 3 Expected return on plan assets (142 ) (33 ) (159 ) (38 ) (3 ) (4 ) Amortization of net actuarial loss — 2 — 1 — — Amortization of prior service cost — — — — (60 ) (64 ) Curtailments — — — — — (2 ) Settlements 1 — 1 — — — Total non-service (benefit) cost (52 ) (11 ) (79 ) (17 ) (60 ) (67 ) Net periodic (benefit) cost $ (15 ) $ (3 ) $ (36 ) $ (8 ) $ (60 ) $ (66 ) The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended September 30 2019 2018 2019 2018 (in millions of U.S. dollars) Service Cost: Losses and loss expenses $ 2 $ 2 $ — $ — Administrative expenses 13 15 — 1 Total service cost 15 17 — 1 Non-service Cost: Losses and loss expenses (1 ) (3 ) (2 ) (3 ) Administrative expenses (19 ) (29 ) (18 ) (20 ) Total non-service (benefit) cost (20 ) (32 ) (20 ) (23 ) Net periodic (benefit) cost $ (5 ) $ (15 ) $ (20 ) $ (22 ) Pension Benefit Plans Other Postretirement Benefit Plans Nine Months Ended September 30 2019 2018 2019 2018 (in millions of U.S. dollars) Service Cost: Losses and loss expenses $ 5 $ 5 $ — $ — Administrative expenses 40 47 — 1 Total service cost 45 52 — 1 Non-service Cost: Losses and loss expenses (5 ) (8 ) (6 ) (7 ) Administrative expenses (58 ) (88 ) (54 ) (60 ) Total non-service (benefit) cost (63 ) (96 ) (60 ) (67 ) Net periodic (benefit) cost $ (18 ) $ (44 ) $ (60 ) $ (66 ) |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Operations By Segment | The following tables present the Statement of Operations by segment: For the Three Months Ended September 30, 2019 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 3,452 $ 1,251 $ 938 $ 2,228 $ 141 $ 612 $ — $ 8,622 Net premiums earned 3,185 1,187 941 2,256 160 598 — 8,327 Losses and loss expenses 2,051 674 866 1,154 79 190 38 5,052 Policy benefits — — — — — 158 — 158 Policy acquisition costs 459 240 56 630 42 176 — 1,603 Administrative expenses 256 72 4 257 9 80 74 752 Underwriting income (loss) 419 201 15 215 30 (6 ) (112 ) 762 Net investment income (loss) 532 66 8 148 55 92 (28 ) 873 Other (income) expense (1 ) 1 — 3 (16 ) (10 ) (34 ) (57 ) Amortization expense of purchased intangibles — 3 7 11 — 1 54 76 Segment income (loss) $ 952 $ 263 $ 16 $ 349 $ 101 $ 95 $ (160 ) $ 1,616 Net realized gains (losses) including OTTI (155 ) (155 ) Interest expense 138 138 Chubb integration expenses 2 2 Income tax expense 230 230 Net income (loss) $ (685 ) $ 1,091 For the Three Months Ended September 30, 2018 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 3,199 $ 1,218 $ 884 $ 2,081 $ 164 $ 564 $ — $ 8,110 Net premiums earned 3,019 1,167 857 2,157 157 551 — 7,908 Losses and loss expenses 1,881 860 719 1,114 86 195 13 4,868 Policy benefits — — — — — 127 — 127 Policy acquisition costs 458 236 49 582 40 139 — 1,504 Administrative expenses 251 69 2 252 10 77 58 719 Underwriting income (loss) 429 2 87 209 21 13 (71 ) 690 Net investment income (loss) 503 59 7 155 63 85 (49 ) 823 Other (income) expense (1 ) — — (7 ) (13 ) 20 (144 ) (145 ) Amortization expense of purchased intangibles — 4 7 8 — — 64 83 Segment income (loss) $ 933 $ 57 $ 87 $ 363 $ 97 $ 78 $ (40 ) $ 1,575 Net realized gains (losses) including OTTI 19 19 Interest expense 164 164 Chubb integration expenses 16 16 Income tax expense 183 183 Net income (loss) $ (384 ) $ 1,231 For the Nine Months Ended North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Life Insurance Corporate Chubb Net premiums written $ 9,937 $ 3,616 $ 1,534 $ 6,881 $ 540 $ 1,770 $ — $ 24,278 Net premiums earned 9,660 3,509 1,374 6,595 487 1,730 — 23,355 Losses and loss expenses 6,238 2,178 1,155 3,385 245 581 83 13,865 Policy benefits — — — — — 515 — 515 Policy acquisition costs 1,377 708 90 1,855 127 454 — 4,611 Administrative expenses 755 211 9 771 26 237 211 2,220 Underwriting income (loss) 1,290 412 120 584 89 (57 ) (294 ) 2,144 Net investment income (loss) 1,563 194 22 443 166 278 (98 ) 2,568 Other (income) expense (4 ) 2 1 10 (40 ) (57 ) (238 ) (326 ) Amortization expense of purchased intangibles — 9 21 34 — 2 163 229 Segment income (loss) $ 2,857 $ 595 $ 120 $ 983 $ 295 $ 276 $ (317 ) $ 4,809 Net realized gains (losses) including OTTI (475 ) (475 ) Interest expense 418 418 Chubb integration expenses 9 9 Income tax expense 626 626 Net income (loss) $ (1,845 ) $ 3,281 For the Nine Months Ended North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Life Insurance Corporate Chubb Net premiums written $ 9,342 $ 3,601 $ 1,380 $ 6,664 $ 554 $ 1,688 $ — $ 23,229 Net premiums earned 9,325 3,463 1,251 6,425 492 1,643 — 22,599 Losses and loss expenses 5,873 2,474 955 3,263 236 584 72 13,457 Policy benefits — — — — — 428 — 428 Policy acquisition costs 1,378 701 74 1,754 120 405 — 4,432 Administrative expenses 735 202 — 757 29 235 200 2,158 Underwriting income (loss) 1,339 86 222 651 107 (9 ) (272 ) 2,124 Net investment income (loss) 1,516 177 20 461 192 253 (162 ) 2,457 Other (income) expense (20 ) 1 1 (12 ) (26 ) 24 (275 ) (307 ) Amortization expense of purchased intangibles — 10 21 29 — 1 192 253 Segment income (loss) $ 2,875 $ 252 $ 220 $ 1,095 $ 325 $ 219 $ (351 ) $ 4,635 Net realized gains (losses) including OTTI 35 35 Interest expense 488 488 Chubb integration expenses 39 39 Income tax expense 536 536 Net income (loss) $ (1,379 ) $ 3,607 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars, except share and per share data) 2019 2018 2019 2018 Numerator: Net income $ 1,091 $ 1,231 $ 3,281 $ 3,607 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 454,975,143 462,981,973 456,987,560 464,644,013 Denominator for diluted earnings per share: Share-based compensation plans 3,175,226 3,034,525 2,937,026 3,360,511 Weighted-average shares outstanding and assumed conversions 458,150,369 466,016,498 459,924,586 468,004,524 Basic earnings per share $ 2.40 $ 2.66 $ 7.18 $ 7.76 Diluted earnings per share $ 2.38 $ 2.64 $ 7.13 $ 7.71 Potential anti-dilutive share conversions 575,039 3,763,844 3,874,310 3,467,000 |
Information provided in conne_2
Information provided in connection with outstanding debt of subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Table Text Block Supplement [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet at September 30, 2019 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 227 $ 106,951 $ — $ 107,178 Cash (1) 2 — 2,706 (1,230 ) 1,478 Restricted cash — — 111 — 111 Insurance and reinsurance balances receivable — — 12,519 (2,116 ) 10,403 Reinsurance recoverable on losses and loss expenses — — 25,284 (9,757 ) 15,527 Reinsurance recoverable on policy benefits — — 293 (94 ) 199 Value of business acquired — — 274 — 274 Goodwill and other intangible assets — — 21,378 — 21,378 Investments in subsidiaries 49,471 53,381 — (102,852 ) — Due from subsidiaries and affiliates, net 6,068 — — (6,068 ) — Other assets 7 486 20,011 (1,904 ) 18,600 Total assets $ 55,548 $ 54,094 $ 189,527 $ (124,021 ) $ 175,148 Liabilities Unpaid losses and loss expenses $ — $ — $ 72,389 $ (9,377 ) $ 63,012 Unearned premiums — — 17,767 (1,196 ) 16,571 Future policy benefits — — 5,832 (94 ) 5,738 Due to subsidiaries and affiliates, net — 5,953 115 (6,068 ) — Affiliated notional cash pooling programs (1) 628 602 — (1,230 ) — Repurchase agreements — — 1,416 — 1,416 Short-term debt — — 10 — 10 Long-term debt — 13,285 — — 13,285 Trust preferred securities — 308 — — 308 Other liabilities 348 1,814 21,278 (3,204 ) 20,236 Total liabilities 976 21,962 118,807 (21,169 ) 120,576 Total shareholders’ equity 54,572 32,132 70,720 (102,852 ) 54,572 Total liabilities and shareholders’ equity $ 55,548 $ 54,094 $ 189,527 $ (124,021 ) $ 175,148 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Balance Sheet at December 31, 2018 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 214 $ 100,754 $ — $ 100,968 Cash (1) 1 2 1,896 (652 ) 1,247 Restricted cash — — 93 — 93 Insurance and reinsurance balances receivable — — 11,861 (1,786 ) 10,075 Reinsurance recoverable on losses and loss expenses — — 26,422 (10,429 ) 15,993 Reinsurance recoverable on policy benefits — — 306 (104 ) 202 Value of business acquired — — 295 — 295 Goodwill and other intangible assets — — 21,414 — 21,414 Investments in subsidiaries 43,531 50,209 — (93,740 ) — Due from subsidiaries and affiliates, net 7,074 — 598 (7,672 ) — Other assets 3 1,007 18,102 (1,628 ) 17,484 Total assets $ 50,609 $ 51,432 $ 181,741 $ (116,011 ) $ 167,771 Liabilities Unpaid losses and loss expenses $ — $ — $ 72,857 $ (9,897 ) $ 62,960 Unearned premiums — — 16,611 (1,079 ) 15,532 Future policy benefits — — 5,610 (104 ) 5,506 Due to subsidiaries and affiliates, net — 7,672 — (7,672 ) — Affiliated notional cash pooling programs (1) 35 617 — (652 ) — Repurchase agreements — — 1,418 — 1,418 Short-term debt — 500 9 — 509 Long-term debt — 12,086 1 — 12,087 Trust preferred securities — 308 — — 308 Other liabilities 262 2,545 19,199 (2,867 ) 19,139 Total liabilities 297 23,728 115,705 (22,271 ) 117,459 Total shareholders’ equity 50,312 27,704 66,036 (93,740 ) 50,312 Total liabilities and shareholders’ equity $ 50,609 $ 51,432 $ 181,741 $ (116,011 ) $ 167,771 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
Condensed Consolidating Statement Of Operations and Comprehensive Income | Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended September 30, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 8,622 $ — $ 8,622 Net premiums earned — — 8,327 — 8,327 Net investment income 1 (3 ) 875 — 873 Equity in earnings of subsidiaries 1,053 824 — (1,877 ) — Net realized gains (losses) including OTTI (4 ) 68 (219 ) — (155 ) Losses and loss expenses — — 5,052 — 5,052 Policy benefits — — 158 — 158 Policy acquisition costs and administrative expenses 22 (5 ) 2,338 — 2,355 Interest (income) expense (59 ) 171 26 — 138 Other (income) expense (7 ) (3 ) (47 ) — (57 ) Amortization of purchased intangibles — — 76 — 76 Chubb integration expenses — — 2 — 2 Income tax expense (benefit) 3 (33 ) 260 — 230 Net income $ 1,091 $ 759 $ 1,118 $ (1,877 ) $ 1,091 Comprehensive income $ 1,473 $ 1,138 $ 1,517 $ (2,655 ) $ 1,473 Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended September 30, 2018 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 8,110 $ — $ 8,110 Net premiums earned — — 7,908 — 7,908 Net investment income 2 3 818 — 823 Equity in earnings of subsidiaries 1,177 709 — (1,886 ) — Net realized gains (losses) including OTTI (1 ) 18 2 — 19 Losses and loss expenses — — 4,868 — 4,868 Policy benefits — — 127 — 127 Policy acquisition costs and administrative expenses 23 (90 ) 2,290 — 2,223 Interest (income) expense (75 ) 203 36 — 164 Other (income) expense (9 ) 12 (148 ) — (145 ) Amortization of purchased intangibles — — 83 — 83 Chubb integration expenses 3 1 12 — 16 Income tax expense (benefit) 5 (24 ) 202 — 183 Net income $ 1,231 $ 628 $ 1,258 $ (1,886 ) $ 1,231 Comprehensive income $ 592 $ 47 $ 640 $ (687 ) $ 592 Condensed Consolidating Statements of Operations and Comprehensive Income For the Nine Months Ended September 30, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 24,278 $ — $ 24,278 Net premiums earned — — 23,355 — 23,355 Net investment income 3 (13 ) 2,578 — 2,568 Equity in earnings of subsidiaries 3,147 2,345 — (5,492 ) — Net realized gains (losses) including OTTI 1 34 (510 ) — (475 ) Losses and loss expenses — — 13,865 — 13,865 Policy benefits — — 515 — 515 Policy acquisition costs and administrative expenses 64 (25 ) 6,792 — 6,831 Interest (income) expense (187 ) 536 69 — 418 Other (income) expense (19 ) 1 (308 ) — (326 ) Amortization of purchased intangibles — — 229 — 229 Chubb integration expenses — 2 7 — 9 Income tax expense (benefit) 12 (120 ) 734 — 626 Net income $ 3,281 $ 1,972 $ 3,520 $ (5,492 ) $ 3,281 Comprehensive income $ 6,250 $ 4,476 $ 6,486 $ (10,962 ) $ 6,250 Condensed Consolidating Statements of Operations and Comprehensive Income For the Nine Months Ended September 30, 2018 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 23,229 $ — $ 23,229 Net premiums earned — — 22,599 — 22,599 Net investment income 5 12 2,440 — 2,457 Equity in earnings of subsidiaries 3,440 2,048 — (5,488 ) — Net realized gains (losses) including OTTI (1 ) 67 (31 ) — 35 Losses and loss expenses — — 13,457 — 13,457 Policy benefits — — 428 — 428 Policy acquisition costs and administrative expenses 64 (49 ) 6,575 — 6,590 Interest (income) expense (231 ) 616 103 — 488 Other (income) expense (18 ) 28 (317 ) — (307 ) Amortization of purchased intangibles — — 253 — 253 Chubb integration expenses 7 2 30 — 39 Income tax expense (benefit) 15 (119 ) 640 — 536 Net income $ 3,607 $ 1,649 $ 3,839 $ (5,488 ) $ 3,607 Comprehensive income (loss) $ 1,322 $ (199 ) $ 1,606 $ (1,407 ) $ 1,322 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from operating activities $ 421 $ 1,118 $ 5,234 $ (1,860 ) $ 4,913 Cash flows from investing activities Purchases of fixed maturities available for sale — (16 ) (19,762 ) — (19,778 ) Purchases of fixed maturities held to maturity — — (143 ) — (143 ) Purchases of equity securities — — (466 ) — (466 ) Sales of fixed maturities available for sale — 1 10,435 — 10,436 Sales of equity securities — — 577 — 577 Maturities and redemptions of fixed maturities available for sale — 18 6,372 — 6,390 Maturities and redemptions of fixed maturities held to maturity — — 814 — 814 Net change in short-term investments — (5 ) 207 — 202 Net derivative instruments settlements — (55 ) (592 ) — (647 ) Private equity contributions — — (1,093 ) — (1,093 ) Private equity distributions — — 973 — 973 Capital contribution (1,000 ) (110 ) — 1,110 — Other — (10 ) (816 ) — (826 ) Net cash flows used for investing activities (1,000 ) (177 ) (3,494 ) 1,110 (3,561 ) Cash flows from financing activities Dividends paid on Common Shares (1,014 ) — — — (1,014 ) Common Shares repurchased — — (1,203 ) — (1,203 ) Proceeds from issuance of long-term debt — 1,286 — — 1,286 Repayment of long-term debt — (500 ) (1 ) — (501 ) Proceeds from issuance of repurchase agreements — — 2,394 — 2,394 Repayment of repurchase agreements — — (2,396 ) — (2,396 ) Proceeds from share-based compensation plans — — 155 — 155 Dividend to parent company — — (1,860 ) 1,860 — Advances (to) from affiliates 996 (1,715 ) 719 — — Capital contribution — — 1,110 (1,110 ) — Net proceeds from (payments to) affiliated notional cash pooling programs (1) 593 (15 ) — (578 ) — Policyholder contract deposits — — 376 — 376 Policyholder contract withdrawals — — (221 ) — (221 ) Net cash flows from (used for) financing activities 575 (944 ) (927 ) 172 (1,124 ) Effect of foreign currency rate changes on cash and restricted cash 5 1 15 — 21 Net increase (decrease) in cash and restricted cash 1 (2 ) 828 (578 ) 249 Cash and restricted cash – beginning of period (1) 1 2 1,989 (652 ) 1,340 Cash and restricted cash – end of period (1) $ 2 $ — $ 2,817 $ (1,230 ) $ 1,589 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from operating activities $ 237 $ 4,701 $ 3,797 $ (4,838 ) $ 3,897 Cash flows from investing activities Purchases of fixed maturities available for sale — (30 ) (16,758 ) — (16,788 ) Purchases of fixed maturities held to maturity — — (380 ) — (380 ) Purchases of equity securities — — (148 ) — (148 ) Sales of fixed maturities available for sale — 6 9,035 — 9,041 Sales of equity securities — — 247 — 247 Maturities and redemptions of fixed maturities available for sale — 15 5,467 — 5,482 Maturities and redemptions of fixed maturities held to maturity — — 1,001 — 1,001 Net change in short-term investments — 6 58 — 64 Net derivative instruments settlements — (7 ) (39 ) — (46 ) Private equity contributions — — (1,112 ) — (1,112 ) Private equity distributions — — 743 — 743 Capital contribution (1,125 ) (3,500 ) — 4,625 — Other — (18 ) (213 ) — (231 ) Net cash flows used for investing activities (1,125 ) (3,528 ) (2,099 ) 4,625 (2,127 ) Cash flows from financing activities Dividends paid on Common Shares (1,001 ) — — — (1,001 ) Common Shares repurchased — — (732 ) — (732 ) Proceeds from issuance of long-term debt — 2,171 — — 2,171 Repayment of long-term debt — (2,000 ) (1 ) — (2,001 ) Proceeds from issuance of repurchase agreements — — 1,572 — 1,572 Repayment of repurchase agreements — — (1,566 ) — (1,566 ) Proceeds from share-based compensation plans — — 86 — 86 Dividend to parent company — — (4,838 ) 4,838 — Advances (to) from affiliates 1,722 (1,310 ) (412 ) — — Capital contribution — — 4,625 (4,625 ) — Net proceeds from affiliated notional cash pooling programs (1) 165 (34 ) — (131 ) — Policyholder contract deposits — — 269 — 269 Policyholder contract withdrawals — — (222 ) — (222 ) Net cash flows from (used for) financing activities 886 (1,173 ) (1,219 ) 82 (1,424 ) Effect of foreign currency rate changes on cash and restricted cash (1 ) — (39 ) — (40 ) Net increase (decrease) in cash and restricted cash (3 ) — 440 (131 ) 306 Cash and restricted cash – beginning of period (1) 3 1 962 (115 ) 851 Cash and restricted cash – end of period (1) $ — $ 1 $ 1,402 $ (246 ) $ 1,157 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2018 and December 31, 2017 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General Schedule of Cash and Ca
General Schedule of Cash and Cash Equivalent (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | [4] | Dec. 31, 2017 | [4] | ||
Cash and Cash Equivalents [Line Items] | ||||||||
Cash | $ 1,478 | [1] | $ 1,247 | [2] | ||||
Restricted cash | 111 | 93 | ||||||
Total cash and restricted cash shown in the Consolidated statement of cash flows | $ 1,589 | [3] | $ 1,340 | [3] | $ 1,157 | $ 851 | ||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||||||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||||||
[3] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||||||
[4] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2018 and December 31, 2017 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General Goodwill (Details)
General Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Period Increase (Decrease) | $ (41) |
General Adoption of New Account
General Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 577 | |
Operating Lease, Liability | $ 617 | |
Accounting Standards Update 2017-08 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect on Retained Earnings, Net of Tax | $ 12 | |
Cumulative Effect on Retained Earnings, before Tax | 15 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect on Retained Earnings, before Tax | $ 0 |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | May 31, 2019 | Dec. 31, 2018USD ($) | |
Investment [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||||
Net unrealized appreciation (depreciation) included in OCI | $ (21) | $ (2) | $ (5) | $ (6) | ||
Unrealized appreciation(depreciation) portion of AOCI with OTTI included in AOCI | $ (26) | $ (26) | $ 1 | |||
Percentage of mortgage-backed securities represented by investments in US government agency bonds | 83.00% | 83.00% | 81.00% | |||
Company Assumed Recovery Rate | 32.00% | |||||
Moodys Historical Mean Recovery Rate | 42.00% | |||||
Total number of fixed maturities | Security | 31,075 | 31,075 | ||||
Number of fixed maturities in an unrealized loss position | Security | 4,231 | 4,231 | ||||
Largest single unrealized loss in the fixed maturities | $ 7 | $ 7 | ||||
Restricted assets in fixed maturities and short-term investments | 21,300 | 21,300 | $ 21,000 | |||
Restricted assets in cash | 111 | 111 | $ 93 | |||
Operating Lease, Impairment Loss | 22 | |||||
Corporate and foreign securities [Member] | ||||||
Investment [Line Items] | ||||||
Credit losses recognized in net income | 18 | 8 | 32 | 9 | ||
Mortgage-backed securities | ||||||
Investment [Line Items] | ||||||
Credit losses recognized in net income | $ 0 | 0 | $ 0 | 0 | ||
Junior Subordinated Debt [Member] | Chubb INA Senior Notes Due 2037 [Member] | ||||||
Investment [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | (36) | |||||
Huatai Insurance Group [Member] | ||||||
Investment [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 26.20% | 26.20% | 6.20% | |||
Payments to Acquire Other Investments | $ 329 | |||||
Junior Subordinated Debt [Member] | Chubb INA Capital Securities Due 2067 [Member] | ||||||
Investment [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% |
Investments Investments (Schedu
Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | $ 82,036 | $ 79,323 |
Available-for-sale,Gross Unrealized Gain | 3,210 | 690 |
Available-for-sale, Gross Unrealized Depreciation | (202) | (1,543) |
Available for sale, Fair Value | 85,044 | 78,470 |
Available for sale, OTTI recognized in AOCI | (32) | (7) |
U.S. Treasury and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 3,438 | 4,158 |
Available-for-sale,Gross Unrealized Gain | 133 | 30 |
Available-for-sale, Gross Unrealized Depreciation | (1) | (43) |
Available for sale, Fair Value | 3,570 | 4,145 |
Available for sale, OTTI recognized in AOCI | 0 | 0 |
Foreign | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 21,974 | 21,370 |
Available-for-sale,Gross Unrealized Gain | 1,171 | 395 |
Available-for-sale, Gross Unrealized Depreciation | (68) | (349) |
Available for sale, Fair Value | 23,077 | 21,416 |
Available for sale, OTTI recognized in AOCI | (27) | 0 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 30,344 | 27,183 |
Available-for-sale,Gross Unrealized Gain | 1,131 | 150 |
Available-for-sale, Gross Unrealized Depreciation | (108) | (750) |
Available for sale, Fair Value | 31,367 | 26,583 |
Available for sale, OTTI recognized in AOCI | (5) | (6) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 18,457 | 15,758 |
Available-for-sale,Gross Unrealized Gain | 570 | 66 |
Available-for-sale, Gross Unrealized Depreciation | (13) | (284) |
Available for sale, Fair Value | 19,014 | 15,540 |
Available for sale, OTTI recognized in AOCI | 0 | (1) |
States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 7,823 | 10,854 |
Available-for-sale,Gross Unrealized Gain | 205 | 49 |
Available-for-sale, Gross Unrealized Depreciation | (12) | (117) |
Available for sale, Fair Value | 8,016 | 10,786 |
Available for sale, OTTI recognized in AOCI | $ 0 | $ 0 |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Held to maturity, Amortized Cost | $ 12,622 | $ 13,435 |
Held to maturity, Gross Unrealized Appreciation | 480 | 51 |
Held to maturity, Gross Unrealized Depreciation | (6) | (227) |
Held to maturity, at Fair Value | 13,096 | 13,259 |
Held to maturity, OTTI recognized in AOCI | 0 | 0 |
U.S. Treasury and agency | ||
Investment [Line Items] | ||
Held to maturity, Amortized Cost | 1,234 | 1,185 |
Held to maturity, Gross Unrealized Appreciation | 36 | 8 |
Held to maturity, Gross Unrealized Depreciation | 0 | (11) |
Held to maturity, at Fair Value | 1,270 | 1,182 |
Held to maturity, OTTI recognized in AOCI | 0 | 0 |
Foreign | ||
Investment [Line Items] | ||
Held to maturity, Amortized Cost | 1,401 | 1,549 |
Held to maturity, Gross Unrealized Appreciation | 85 | 11 |
Held to maturity, Gross Unrealized Depreciation | (1) | (18) |
Held to maturity, at Fair Value | 1,485 | 1,542 |
Held to maturity, OTTI recognized in AOCI | 0 | 0 |
Corporate securities | ||
Investment [Line Items] | ||
Held to maturity, Amortized Cost | 2,391 | 2,601 |
Held to maturity, Gross Unrealized Appreciation | 127 | 11 |
Held to maturity, Gross Unrealized Depreciation | (4) | (104) |
Held to maturity, at Fair Value | 2,514 | 2,508 |
Held to maturity, OTTI recognized in AOCI | 0 | 0 |
Mortgage-backed securities | ||
Investment [Line Items] | ||
Held to maturity, Amortized Cost | 2,391 | 2,524 |
Held to maturity, Gross Unrealized Appreciation | 83 | 5 |
Held to maturity, Gross Unrealized Depreciation | 0 | (43) |
Held to maturity, at Fair Value | 2,474 | 2,486 |
Held to maturity, OTTI recognized in AOCI | 0 | 0 |
States, municipalities, and political subdivisions | ||
Investment [Line Items] | ||
Held to maturity, Amortized Cost | 5,205 | 5,576 |
Held to maturity, Gross Unrealized Appreciation | 149 | 16 |
Held to maturity, Gross Unrealized Depreciation | (1) | (51) |
Held to maturity, at Fair Value | 5,353 | 5,541 |
Held to maturity, OTTI recognized in AOCI | $ 0 | $ 0 |
Investments (Schedule Of Fixed
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale, Due in 1 year or less, Amortized Cost | $ 3,869 | $ 3,569 |
Available for sale, Due after 1 year through 5 years, Amortized Cost | 27,168 | 27,134 |
Available for sale, Due after 5 years though 10 years, Amortized Cost | 23,368 | 24,095 |
Available for sale, Due after 10 years, Amortized Cost | 9,174 | 8,767 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 63,579 | 63,565 |
Available for sale, Mortgage-backed securities, Amortized Cost | 18,457 | 15,758 |
Available for sale, at amortized cost | 82,036 | 79,323 |
Available for sale, Due in 1 year or less, Fair Value | 3,889 | 3,568 |
Available for sale, Due after 1 year through 5 years, Fair Value | 27,728 | 27,005 |
Available for sale, Due after 5 years through 10 years, Fair Value | 24,309 | 23,543 |
Available for sale, Due after 10 years, Fair Value | 10,104 | 8,814 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 66,030 | 62,930 |
Available for sale, Mortgage backed securities, Fair Value | 19,014 | 15,540 |
Available for sale, Fair Value | 85,044 | 78,470 |
Held to maturity, Due in 1 year or less, Amortized Cost | 487 | 536 |
Held to maturity, Due after 1 year through 5 years, Amortized Cost | 3,567 | 3,122 |
Held to maturity, Due after 5 years through 10 years, Amortized Cost | 3,822 | 4,468 |
Held to maturity, Due after 10 years, Amortized Cost | 2,355 | 2,785 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost | 10,231 | 10,911 |
Held to maturity, Mortgage backed securities, Amortized Cost | 2,391 | 2,524 |
Held to maturity, Amortized Cost | 12,622 | 13,435 |
Held to maturity, Due in 1 year or less, Fair Value | 490 | 537 |
Held to maturity, Due after 1 year through 5, Fair Value | 3,629 | 3,106 |
Held to maturity, Due after 5 years through 10 years, Fair Value | 3,959 | 4,407 |
Held to maturity, Due after 10 years, Fair Value | 2,544 | 2,723 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 10,622 | 10,773 |
Held to maturity, Mortgage backed securities, Fair Value | 2,474 | 2,486 |
Held to maturity, Fair Value | $ 13,096 | $ 13,259 |
Investments (Net Realized Gains
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gain (Loss) on Securities [Line Items] | ||||
OTTI on fixed maturities, gross | $ (54) | $ (14) | $ (81) | $ (19) |
Foreign exchange gains | 84 | 39 | 86 | 102 |
Gain (Loss) on Derivative | (223) | (17) | (562) | 91 |
Fair Value Adjustments On Insurance Derivative Gains Losses | (106) | 54 | (57) | 133 |
Net Realized Gains (Losses) | (155) | 19 | (475) | 35 |
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities | 30 | 3 | 31 | 3 |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings | (24) | (11) | (50) | (16) |
Investment and embedded derivative instruments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Derivative | (97) | 37 | (408) | 78 |
S&P put options and futures | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Derivative | (6) | (100) | (89) | (122) |
Other derivative instruments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Derivative | (14) | (8) | (8) | 2 |
Fixed Maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
OTTI on fixed maturities, gross | (54) | (14) | (81) | (19) |
Debt Securities, Available-for-sale, Realized Gain, Excluding Other-than-temporary Impairment | 70 | 64 | 153 | 229 |
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment | (57) | (91) | (146) | (355) |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (11) | (38) | (43) | (142) |
Debt Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities | 30 | 3 | 31 | 3 |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings | (24) | (11) | (50) | (16) |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Realized Gain (Loss) | 3 | 35 | 66 | 22 |
Other Investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other investments gain (loss) | (4) | 5 | (18) | 23 |
Other [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other | $ (4) | $ (5) | $ (4) | $ (61) |
Investments (Roll-Forward Of Pr
Investments (Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income [Roll Forward] | ||||
Balance of credit losses related to securities still held – beginning of period | $ 30 | $ 16 | $ 34 | $ 22 |
Additions where no OTTI was previously recorded | 17 | 6 | 28 | 7 |
Additions where an OTTI was previously recorded | 1 | 2 | 4 | 2 |
Reductions for securities sold during the period | (8) | (3) | (26) | (10) |
Balance of credit losses related to securities still held – end of period | $ 40 | $ 21 | $ 40 | $ 21 |
Investments Schedule of Gains a
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Realized Gain (Loss) | $ 3 | $ 35 | $ 66 | $ 22 |
Other Investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net gains (losses) recognized during the period | (4) | 5 | (18) | 23 |
Accounting Standards Update 2016-01 [Member] | Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Realized Gain (Loss) | 3 | 35 | 66 | 22 |
Less: Net gains (losses) recognized from sales of securities | 24 | 48 | 57 | 63 |
Unrealized gains (losses) recognized for securities still held at reporting date | (21) | (13) | 9 | (41) |
Accounting Standards Update 2016-01 [Member] | Other Investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net gains (losses) recognized during the period | (4) | 5 | (18) | 23 |
Less: Net gains (losses) recognized from sales of securities | (2) | 0 | (4) | 0 |
Unrealized gains (losses) recognized for securities still held at reporting date | (2) | 5 | (14) | 23 |
Accounting Standards Update 2016-01 [Member] | Equity securities and other investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net gains (losses) recognized during the period | (1) | 40 | 48 | 45 |
Less: Net gains (losses) recognized from sales of securities | 22 | 48 | 53 | 63 |
Unrealized gains (losses) recognized for securities still held at reporting date | $ (23) | $ (8) | $ (5) | $ (18) |
Investments (Aggregate Fair Val
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Fair Value 0-12 months | $ 5,111 | $ 34,952 |
Gross unrealized (loss) 0-12 months | (88) | (953) |
Fair Value over 12 months | 4,239 | 27,762 |
Gross unrealized (loss) over 12 months | (120) | (817) |
Fair Value | 9,350 | 62,714 |
Gross unrealized (loss) | (208) | (1,770) |
U.S. Treasury and agency | ||
Investment [Line Items] | ||
Fair Value 0-12 months | 144 | 523 |
Gross unrealized (loss) 0-12 months | 0 | (4) |
Fair Value over 12 months | 531 | 2,859 |
Gross unrealized (loss) over 12 months | (1) | (50) |
Fair Value | 675 | 3,382 |
Gross unrealized (loss) | (1) | (54) |
Foreign | ||
Investment [Line Items] | ||
Fair Value 0-12 months | 1,077 | 6,764 |
Gross unrealized (loss) 0-12 months | (23) | (208) |
Fair Value over 12 months | 1,014 | 5,349 |
Gross unrealized (loss) over 12 months | (46) | (159) |
Fair Value | 2,091 | 12,113 |
Gross unrealized (loss) | (69) | (367) |
Corporate securities | ||
Investment [Line Items] | ||
Fair Value 0-12 months | 2,600 | 16,538 |
Gross unrealized (loss) 0-12 months | (62) | (599) |
Fair Value over 12 months | 1,095 | 4,873 |
Gross unrealized (loss) over 12 months | (50) | (255) |
Fair Value | 3,695 | 21,411 |
Gross unrealized (loss) | (112) | (854) |
Mortgage-backed securities | ||
Investment [Line Items] | ||
Fair Value 0-12 months | 640 | 6,103 |
Gross unrealized (loss) 0-12 months | (2) | (98) |
Fair Value over 12 months | 1,228 | 6,913 |
Gross unrealized (loss) over 12 months | (11) | (229) |
Fair Value | 1,868 | 13,016 |
Gross unrealized (loss) | (13) | (327) |
States, municipalities, and political subdivisions | ||
Investment [Line Items] | ||
Fair Value 0-12 months | 650 | 5,024 |
Gross unrealized (loss) 0-12 months | (1) | (44) |
Fair Value over 12 months | 371 | 7,768 |
Gross unrealized (loss) over 12 months | (12) | (124) |
Fair Value | 1,021 | 12,792 |
Gross unrealized (loss) | $ (13) | $ (168) |
Investments (Schedule Of Compon
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Trust funds | $ 14,325 | $ 13,988 |
Deposits with U.S. regulatory authorities | 2,476 | 2,405 |
Deposits with non-U.S. regulatory authorities | 2,706 | 2,531 |
Assets pledged under repurchase agreements | 1,474 | 1,468 |
Other pledged assets | 447 | 692 |
Total restricted assets | $ 21,428 | $ 21,084 |
Fair value measurements Fair _2
Fair value measurements Fair Value Measurements (narrative) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Minimum [Member] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice Period For Redemption For Alternative Investments Investment Funds | 5 days |
Maximum [Member] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice Period For Redemption For Alternative Investments Investment Funds | 120 days |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | $ 85,044 | $ 78,470 | |||||||
Equity securities, at fair value and cost | 722 | 770 | |||||||
Other Investments | 5,955 | 5,277 | |||||||
Securities lending collateral | 962 | 1,926 | |||||||
U.S. Treasury and agency | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 3,570 | 4,145 | |||||||
Foreign | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 23,077 | 21,416 | |||||||
Corporate securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 31,367 | 26,583 | |||||||
Mortgage-backed securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 19,014 | 15,540 | |||||||
States, municipalities, and political subdivisions | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 8,016 | 10,786 | |||||||
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Other Investments | 4,871 | 4,244 | |||||||
Other Investments [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Other Investments | 88 | 95 | |||||||
Fair Value, Recurring [Member] | Level 1 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 2,893 | 3,400 | |||||||
Equity securities, at fair value and cost | 662 | 713 | |||||||
Short-term investments | 1,483 | 1,575 | |||||||
Other Investments | 392 | [1] | 381 | [2] | |||||
Securities lending collateral | 0 | 0 | |||||||
Investment derivative instruments, assets | 22 | 28 | |||||||
Other Derivative Instruments Fair Value | 7 | 25 | |||||||
Separate Account Asset | 3,140 | 2,686 | |||||||
Total assets measured at fair value | 8,599 | [1] | 8,808 | [2] | |||||
Investment derivative instruments, liabilities | 63 | 38 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 63 | 38 | |||||||
Fair Value, Recurring [Member] | Level 1 | U.S. Treasury and agency | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 2,893 | 3,400 | |||||||
Fair Value, Recurring [Member] | Level 1 | Foreign | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 0 | 0 | |||||||
Fair Value, Recurring [Member] | Level 1 | Corporate securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 0 | 0 | |||||||
Fair Value, Recurring [Member] | Level 1 | Mortgage-backed securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 0 | 0 | |||||||
Fair Value, Recurring [Member] | Level 1 | States, municipalities, and political subdivisions | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 0 | 0 | |||||||
Fair Value, Recurring [Member] | Level 2 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 80,231 | 73,365 | |||||||
Equity securities, at fair value and cost | 4 | 0 | |||||||
Short-term investments | 1,346 | 1,440 | |||||||
Other Investments | 353 | [1] | 303 | [2] | |||||
Securities lending collateral | 962 | 1,926 | |||||||
Investment derivative instruments, assets | 0 | 0 | |||||||
Other Derivative Instruments Fair Value | 0 | 0 | |||||||
Separate Account Asset | 147 | 137 | |||||||
Total assets measured at fair value | 83,043 | [1] | 77,171 | [2] | |||||
Investment derivative instruments, liabilities | 0 | 115 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | 115 | |||||||
Fair Value, Recurring [Member] | Level 2 | U.S. Treasury and agency | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 677 | 745 | |||||||
Fair Value, Recurring [Member] | Level 2 | Foreign | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 22,684 | 21,071 | |||||||
Fair Value, Recurring [Member] | Level 2 | Corporate securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 29,917 | 25,284 | |||||||
Fair Value, Recurring [Member] | Level 2 | Mortgage-backed securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 18,937 | 15,479 | |||||||
Fair Value, Recurring [Member] | Level 2 | States, municipalities, and political subdivisions | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 8,016 | 10,786 | |||||||
Fair Value, Recurring [Member] | Level 3 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 1,920 | 1,705 | |||||||
Equity securities, at fair value and cost | 56 | 57 | |||||||
Short-term investments | 6 | 1 | |||||||
Other Investments | 10 | [1] | 11 | [2] | |||||
Securities lending collateral | 0 | 0 | |||||||
Investment derivative instruments, assets | 0 | 0 | |||||||
Other Derivative Instruments Fair Value | 0 | 0 | |||||||
Separate Account Asset | 0 | 0 | |||||||
Total assets measured at fair value | 1,992 | [1] | 1,774 | [2] | |||||
Investment derivative instruments, liabilities | 0 | 0 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 509 | 452 | |||||||
Fair Value, Recurring [Member] | Level 3 | U.S. Treasury and agency | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 0 | 0 | |||||||
Fair Value, Recurring [Member] | Level 3 | Foreign | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 393 | 345 | |||||||
Fair Value, Recurring [Member] | Level 3 | Corporate securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 1,450 | 1,299 | |||||||
Fair Value, Recurring [Member] | Level 3 | Mortgage-backed securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 77 | 61 | |||||||
Fair Value, Recurring [Member] | Level 3 | States, municipalities, and political subdivisions | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 0 | 0 | |||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 85,044 | 78,470 | |||||||
Equity securities, at fair value and cost | 722 | 770 | |||||||
Short-term investments | 2,835 | 3,016 | |||||||
Other Investments | 755 | [1] | 695 | [2] | |||||
Securities lending collateral | 962 | 1,926 | |||||||
Investment derivative instruments, assets | 22 | 28 | |||||||
Other Derivative Instruments Fair Value | 7 | 25 | |||||||
Separate Account Asset | 3,287 | 2,823 | |||||||
Total assets measured at fair value | 93,634 | [1] | 87,753 | [2] | |||||
Investment derivative instruments, liabilities | 63 | 153 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 572 | 605 | |||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 3,570 | 4,145 | |||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 23,077 | 21,416 | |||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 31,367 | 26,583 | |||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 19,014 | 15,540 | |||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Available for sale, Fair Value | 8,016 | 10,786 | |||||||
Guaranteed Minimum Income Benefit [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 509 | $ 403 | 452 | $ 71 | $ 125 | $ 204 | |||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 1 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [3] | 0 | 0 | ||||||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 2 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [3] | 0 | 0 | ||||||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3 | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [3] | 509 | 452 | ||||||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [3] | $ 509 | $ 452 | ||||||
[1] | Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $ 4,871 million and other investments of $ 88 million at September 30, 2019 measured using NAV as a practical expedient. | ||||||||
[2] | Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient. | ||||||||
[3] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value And Maximum Future Funding Commitments Related To Investments) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 4,871 | $ 4,244 |
Maximum future funding commitments | 3,478 | 3,705 |
Financial | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | 568 | 596 |
Maximum future funding commitments | $ 360 | $ 193 |
Financial | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Financial | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 10 years | 10 years |
Real Assets | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 771 | $ 704 |
Maximum future funding commitments | $ 497 | $ 362 |
Real Assets | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Real Assets | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 11 years | 11 years |
Distressed | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 264 | $ 296 |
Maximum future funding commitments | $ 89 | $ 105 |
Distressed | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Distressed | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 7 years | 7 years |
Private Credit | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 109 | $ 147 |
Maximum future funding commitments | $ 271 | $ 310 |
Private Credit | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 3 years | 3 years |
Private Credit | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 8 years | 8 years |
Traditional | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 2,767 | $ 2,362 |
Maximum future funding commitments | $ 2,224 | $ 2,735 |
Traditional | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Traditional | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 14 years | 14 years |
Vintage | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 134 | $ 56 |
Maximum future funding commitments | $ 37 | $ 0 |
Vintage | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 1 year | 1 year |
Vintage | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Investment funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Alternative Investment | $ 258 | $ 83 |
Maximum future funding commitments | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value Measurements, Valuation Processes, Description | [1] | Actuarial model | |||||
Minimum [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 3.00% | |||||
Significant Unobservable Inputs Annuitization Rate | [1] | 0.00% | |||||
Maximum [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 32.00% | |||||
Significant Unobservable Inputs Annuitization Rate | [1] | 42.00% | |||||
Guaranteed Minimum Income Benefit [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 509 | $ 403 | $ 452 | $ 71 | $ 125 | $ 204 | |
Guaranteed Minimum Income Benefit [Member] | Level 3 | Fair Value, Recurring [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [2] | $ 509 | $ 452 | ||||
[1] | Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits. | ||||||
[2] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - Level 3 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Foreign | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance- Beginning of Period, Assets | $ 371 | $ 252 | $ 345 | $ 93 | ||
Transfers Into Level 3, Asset | 0 | 5 | 3 | 12 | ||
Transfers out of Level 3, Assets | 0 | (2) | (15) | (2) | ||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | (8) | (2) | (2) | 0 | ||
Net Realized Gains/ (Losses), Assets | 0 | (2) | (1) | (2) | ||
Purchases, Assets | 68 | 98 | 164 | 280 | ||
Sales, Assets | (35) | (22) | (54) | (52) | ||
Settlements, Assets | (3) | (4) | (47) | (6) | ||
Balance-End of Period, Assets | 393 | 323 | 393 | 323 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | (1) | 0 | (1) | ||
Corporate securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance- Beginning of Period, Assets | 1,359 | 1,181 | 1,299 | 1,037 | ||
Transfers Into Level 3, Asset | 1 | 18 | 16 | 24 | ||
Transfers out of Level 3, Assets | 0 | (21) | 0 | (31) | ||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | (4) | 7 | 1 | (5) | ||
Net Realized Gains/ (Losses), Assets | 0 | (6) | 0 | (4) | ||
Purchases, Assets | 176 | 98 | [1] | 425 | 454 | [1] |
Sales, Assets | (18) | (18) | (91) | (114) | ||
Settlements, Assets | (64) | (85) | (200) | (187) | ||
Balance-End of Period, Assets | 1,450 | 1,174 | 1,450 | 1,174 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | (6) | (1) | (6) | ||
Mortgage-backed securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance- Beginning of Period, Assets | 76 | 82 | 61 | 78 | ||
Transfers Into Level 3, Asset | 0 | 0 | 0 | 1 | ||
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 | ||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||
Net Realized Gains/ (Losses), Assets | 0 | 0 | 0 | 0 | ||
Purchases, Assets | 1 | 1 | 19 | 5 | ||
Sales, Assets | 0 | 0 | (1) | 0 | ||
Settlements, Assets | 0 | (18) | (2) | (19) | ||
Balance-End of Period, Assets | 77 | 65 | 77 | 65 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | ||
Equity Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance- Beginning of Period, Assets | 56 | 59 | 57 | 44 | ||
Transfers Into Level 3, Asset | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 | ||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (1) | 1 | 0 | ||
Net Realized Gains/ (Losses), Assets | (1) | 7 | (4) | 6 | ||
Purchases, Assets | 5 | 6 | 19 | 26 | ||
Sales, Assets | (3) | (18) | (17) | (23) | ||
Settlements, Assets | 0 | 0 | 0 | 0 | ||
Balance-End of Period, Assets | 56 | 53 | 56 | 53 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | 1 | (3) | 0 | ||
Short-term Investments [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance- Beginning of Period, Assets | 4 | 12 | 1 | 0 | ||
Transfers Into Level 3, Asset | 0 | 0 | 0 | 5 | ||
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 | ||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||
Net Realized Gains/ (Losses), Assets | 0 | 0 | 0 | 0 | ||
Purchases, Assets | 2 | 0 | 6 | 9 | ||
Sales, Assets | 0 | 0 | 0 | 0 | ||
Settlements, Assets | 0 | (6) | (1) | (8) | ||
Balance-End of Period, Assets | 6 | 6 | 6 | 6 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | ||
Other Long-term Investments [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance- Beginning of Period, Assets | 11 | 264 | 11 | 263 | ||
Transfers Into Level 3, Asset | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 | ||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (4) | 0 | (2) | ||
Net Realized Gains/ (Losses), Assets | 0 | 0 | 0 | 1 | ||
Purchases, Assets | 0 | 20 | 0 | 50 | ||
Sales, Assets | 0 | 0 | 0 | 0 | ||
Settlements, Assets | (1) | (17) | (1) | (49) | ||
Balance-End of Period, Assets | 10 | 263 | 10 | 263 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 1 | ||
[1] | Purchases in Level 3 primarily consist of privately-placed fixed income securities. |
Fair value measurements Fair _3
Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |||||
Derivative Financial Instruments, Liabilities [Member] | Level 3 | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Balance - Beginning of Period, Liabilities | $ 2 | $ 2 | ||||||||||
Transfers into level 3, liability | 0 | 0 | ||||||||||
Transfers out of Level 3, Liabilities | 0 | 0 | ||||||||||
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities | 0 | 0 | ||||||||||
Net Realized Gains/Losses, Liabilities | 0 | 0 | ||||||||||
Purchases, Liabilities | 0 | 0 | ||||||||||
Sales, Liabilities | 0 | 0 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||||||||
Balance - End of Period, Liabilities | 2 | 2 | ||||||||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||||||||
Guaranteed Minimum Income Benefit [Member] | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Guaranteed Benefit Liability, Net | $ 935 | 453 | $ 935 | 453 | $ 815 | $ 861 | $ 497 | $ 550 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Balance - Beginning of Period, Liabilities | 403 | 125 | 452 | 204 | ||||||||
Balance - End of Period, Liabilities | 509 | 71 | 509 | 71 | ||||||||
Guaranteed Minimum Income Benefit [Member] | Guarantees [Member] | Level 3 | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Balance - Beginning of Period, Liabilities | 403 | [1] | 125 | [2] | 452 | [3] | 204 | [4] | ||||
Transfers into level 3, liability | 0 | 0 | 0 | 0 | ||||||||
Transfers out of Level 3, Liabilities | 0 | 0 | 0 | 0 | ||||||||
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities | 0 | 0 | 0 | 0 | ||||||||
Net Realized Gains/Losses, Liabilities | 106 | (54) | 57 | (133) | ||||||||
Purchases, Liabilities | 0 | 0 | 0 | 0 | ||||||||
Sales, Liabilities | 0 | 0 | 0 | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | 0 | 0 | ||||||||
Balance - End of Period, Liabilities | 509 | [1],[3] | 71 | [2],[4] | 509 | [1],[3] | 71 | [2],[4] | ||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 106 | $ (54) | $ 57 | $ (133) | ||||||||
[1] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $815 million at June 30, 2019 , which includes a fair value derivative adjustment of $509 million and $403 million | |||||||||||
[2] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $497 million at June 30, 2018 , which includes a fair value derivative adjustment of $71 million and $125 million , respectively. | |||||||||||
[3] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $509 million and $452 million , respectively. | |||||||||||
[4] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $453 million at September 30, 2018 , and $550 million at December 31, 2017 , which includes a fair value derivative adjustment of $71 million and $204 million , respectively. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | $ 13,096 | $ 13,259 |
Debt Securities, Held-to-maturity | 12,622 | 13,435 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,416 | 1,418 |
Short-term debt | 10 | 509 |
Long-term debt | 13,285 | 12,087 |
Trust preferred securities | 308 | 308 |
Total liabilities | 120,576 | 117,459 |
U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,270 | 1,182 |
Debt Securities, Held-to-maturity | 1,234 | 1,185 |
Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,485 | 1,542 |
Debt Securities, Held-to-maturity | 1,401 | 1,549 |
Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 2,514 | 2,508 |
Debt Securities, Held-to-maturity | 2,391 | 2,601 |
Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 2,474 | 2,486 |
Debt Securities, Held-to-maturity | 2,391 | 2,524 |
States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 5,353 | 5,541 |
Debt Securities, Held-to-maturity | 5,205 | 5,576 |
Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,213 | 1,128 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Trust preferred securities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,213 | 1,128 |
Level 1 | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 1 | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 1 | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 1 | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 11,851 | 12,100 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,416 | 1,418 |
Short-term Debt, Fair Value | 10 | 516 |
Long-term Debt, Fair Value | 14,901 | 12,181 |
Trust preferred securities | 457 | 409 |
Total liabilities | 16,784 | 14,524 |
Level 2 | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 57 | 54 |
Level 2 | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,485 | 1,542 |
Level 2 | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 2,482 | 2,477 |
Level 2 | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 2,474 | 2,486 |
Level 2 | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 5,353 | 5,541 |
Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 32 | 31 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Trust preferred securities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 3 | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 3 | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 32 | 31 |
Level 3 | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Level 3 | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 13,096 | 13,259 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,416 | 1,418 |
Short-term Debt, Fair Value | 10 | 516 |
Long-term Debt, Fair Value | 14,901 | 12,181 |
Trust preferred securities | 457 | 409 |
Total liabilities | 16,784 | 14,524 |
Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,270 | 1,182 |
Estimate of Fair Value Measurement [Member] | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 1,485 | 1,542 |
Estimate of Fair Value Measurement [Member] | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 2,514 | 2,508 |
Estimate of Fair Value Measurement [Member] | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 2,474 | 2,486 |
Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | 5,353 | 5,541 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 12,622 | 13,435 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,416 | 1,418 |
Short-term debt | 10 | 509 |
Long-term debt | 13,285 | 12,087 |
Trust preferred securities | 308 | 308 |
Total liabilities | 15,019 | 14,322 |
Reported Value Measurement [Member] | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 1,234 | 1,185 |
Reported Value Measurement [Member] | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 1,401 | 1,549 |
Reported Value Measurement [Member] | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 2,391 | 2,601 |
Reported Value Measurement [Member] | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 2,391 | 2,524 |
Reported Value Measurement [Member] | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | $ 5,205 | $ 5,576 |
Unpaid losses and loss expens_3
Unpaid losses and loss expenses (RF) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Unpaid Losses and Loss Expenses [Roll Forward] | |||
Gross unpaid losses and loss expenses – beginning of period | $ 62,960 | $ 63,179 | |
Reinsurance recoverable on unpaid losses - beginning of period (1) | [1] | (14,689) | (14,014) |
Net unpaid losses and loss expenses – beginning of period | 48,271 | 49,165 | |
Current Year Claims and Claims Adjustment Expense | 14,484 | 14,186 | |
Prior Year Claims and Claims Adjustment Expense | [2] | (619) | (729) |
Total, Incurred | 13,865 | 13,457 | |
Net loss and loss expenses paid, Current Year | 4,920 | 4,522 | |
Net loss and loss expenses paid, Prior Years | 8,374 | 8,596 | |
Total, Paid | 13,294 | 13,118 | |
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other | (162) | (440) | |
Net unpaid losses and loss expenses – end of period | 48,680 | 49,064 | |
Reinsurance recoverable on unpaid losses (1) | [1] | 14,332 | 13,965 |
Gross unpaid losses and loss expenses – end of period | 63,012 | 63,029 | |
prior period development, net adjustments | 60 | $ 86 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross | 52 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 409 | ||
[1] | Net of provision for uncollectible reinsurance. | ||
[2] | Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $60 million and $86 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Unpaid losses and loss expens_4
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (167) | $ (243) | $ (559) | $ (643) |
North America Commercial P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (109) | (216) | (425) | (472) |
North America Personal P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (62) | 58 | (88) | 59 |
North American Agriculture Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 18 | (1) | (43) | (77) |
Overseas General Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (25) | (72) | (49) | (166) |
Global Reinsurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (25) | (24) | (33) | (54) |
Corporate Segment [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 36 | 12 | 79 | 67 |
Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 85 | 3 | (45) | (324) |
Short Tail [Member] | North America Commercial P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 88 | (46) | 43 | (206) |
Short Tail [Member] | North America Personal P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (62) | 58 | (88) | 59 |
Short Tail [Member] | North American Agriculture Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 18 | (1) | (43) | (77) |
Short Tail [Member] | Overseas General Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 41 | (23) | 17 | (115) |
Short Tail [Member] | Global Reinsurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 15 | 26 | 15 |
Short Tail [Member] | Corporate Segment [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | 0 |
Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (252) | (246) | (514) | (319) |
Long Tail [Member] | North America Commercial P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (197) | (170) | (468) | (266) |
Long Tail [Member] | North America Personal P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | 0 |
Long Tail [Member] | North American Agriculture Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | 0 |
Long Tail [Member] | Overseas General Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (66) | (49) | (66) | (51) |
Long Tail [Member] | Global Reinsurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (25) | (39) | (59) | (69) |
Long Tail [Member] | Corporate Segment [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 36 | $ 12 | $ 79 | $ 67 |
Unpaid losses and loss expens_5
Unpaid losses and loss expenses Unpaid losses and loss expenses (narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (167) | $ (243) | $ (559) | $ (643) |
Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (252) | (246) | (514) | (319) |
Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 85 | 3 | (45) | (324) |
North America Commercial P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (109) | (216) | (425) | (472) |
North America Commercial P&C Insurance [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (197) | (170) | (468) | (266) |
North America Commercial P&C Insurance [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 88 | (46) | 43 | (206) |
North America Commercial P&C Insurance [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (294) | (183) | ||
North America Commercial P&C Insurance [Member] | Foreign Casualty Line [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (39) | (28) | ||
North America Commercial P&C Insurance [Member] | Multi-Line [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (34) | (36) | ||
North America Commercial P&C Insurance [Member] | Auto Liability Excess Lines [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 31 | 71 | ||
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (63) | |||
North America Commercial P&C Insurance [Member] | Other [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (50) | |||
North America Commercial P&C Insurance [Member] | Commercial Property and Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (41) | (156) | ||
North America Commercial P&C Insurance [Member] | Surety Product Line [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (19) | |||
North America Commercial P&C Insurance [Member] | Catastrophe [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (27) | |||
North America Commercial P&C Insurance [Member] | Non-catastrophe [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 116 | |||
North America Commercial P&C Insurance [Member] | Accident Year 2013 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (32) | |||
North America Commercial P&C Insurance [Member] | Accident years 2012 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (93) | (123) | ||
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (56) | |||
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Surety Product Line [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (49) | |||
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Other [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (3) | |||
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (42) | (157) | ||
North America Commercial P&C Insurance [Member] | Accident years 2014 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (45) | (127) | ||
North America Commercial P&C Insurance [Member] | Accident years 2014 and prior [Member] | Foreign Casualty Line [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (28) | |||
North America Commercial P&C Insurance [Member] | Accident years 2017 - 2018 [Member] | Catastrophe [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (41) | |||
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (61) | |||
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 154 | |||
North America Commercial P&C Insurance [Member] | Accident years 2017 and prior [Member] | Non-catastrophe [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (38) | |||
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (53) | |||
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (94) | |||
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Foreign Casualty Line [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (39) | |||
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Multi-Line [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (36) | |||
North America Personal P&C Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (62) | 58 | (88) | 59 |
North America Personal P&C Insurance [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | 0 |
North America Personal P&C Insurance [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (62) | 58 | (88) | 59 |
North America Personal P&C Insurance [Member] | Auto Liability and Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (16) | |||
North America Personal P&C Insurance [Member] | Non-catastrophe [Member] | Homeowners and Valuables [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 137 | |||
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Homeowners and Valuables [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 80 | |||
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (68) | |||
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Homeowners and Valuables [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (57) | |||
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Personal lines [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (24) | |||
North America Personal P&C Insurance [Member] | Accident years 2017 - 2018 [Member] | Catastrophe [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (132) | |||
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Homeowners and Valuables [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (36) | 82 | ||
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Personal lines [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (26) | (26) | ||
North America Agricultural Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 18 | (1) | (43) | (77) |
North America Agricultural Insurance [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | 0 |
North America Agricultural Insurance [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 18 | (1) | (43) | (77) |
North America Agricultural Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (1) | |||
Overseas General Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (25) | (72) | (49) | (166) |
Overseas General Insurance [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (66) | (49) | (66) | (51) |
Overseas General Insurance [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 41 | (23) | 17 | (115) |
Overseas General Insurance [Member] | Political Risk [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (12) | |||
Overseas General Insurance [Member] | Aviation [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (10) | |||
Overseas General Insurance [Member] | Personal lines [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (17) | |||
Overseas General Insurance [Member] | Financial | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 50 | 38 | ||
Overseas General Insurance [Member] | Other [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (33) | |||
Overseas General Insurance [Member] | Other [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (57) | |||
Overseas General Insurance [Member] | Surety Product Line [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (17) | |||
Overseas General Insurance [Member] | Accident and Health Insurance Product Line [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (16) | |||
Overseas General Insurance [Member] | Energy Lines [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (13) | |||
Overseas General Insurance [Member] | Casualty Lines [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (101) | (54) | ||
Overseas General Insurance [Member] | Environmental Issue [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (10) | |||
Overseas General Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 4 | (8) | ||
Overseas General Insurance [Member] | Accident years 2014 and prior [Member] | Financial | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (93) | |||
Overseas General Insurance [Member] | Accident years 2014 and prior [Member] | Casualty Lines [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (92) | |||
Overseas General Insurance [Member] | Accident years 2015 - 2017 [Member] | Financial | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 131 | |||
Overseas General Insurance [Member] | Accident years 2015 - 2017 [Member] | Casualty Lines [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 38 | |||
Overseas General Insurance [Member] | Accident years 2012 - 2015 [Member] | Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (21) | |||
Overseas General Insurance [Member] | Accident years 2017 - 2018 [Member] | Surety Product Line [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 27 | |||
Overseas General Insurance [Member] | Accident years 2014 and 2016 [Member] | Property and Inland Marine [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (50) | |||
Overseas General Insurance [Member] | Accident year 2015 and prior [Member] | Financial | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (75) | |||
Overseas General Insurance [Member] | Accident year 2015 and prior [Member] | Casualty Lines [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (123) | |||
Overseas General Insurance [Member] | Accident years 2016 - 2018 [Member] | Financial | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 125 | |||
Overseas General Insurance [Member] | Accident years 2016 - 2018 [Member] | Casualty Lines [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 22 | |||
Global Reinsurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (25) | (24) | (33) | (54) |
Global Reinsurance [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (25) | (39) | (59) | (69) |
Global Reinsurance [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 15 | 26 | 15 |
Global Reinsurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 15 | 14 | ||
Global Reinsurance [Member] | Accident years 2017 - 2018 [Member] | Catastrophe [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 37 | |||
Corporate Segment [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 36 | 12 | 79 | 67 |
Corporate Segment [Member] | Discontinued Operations [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 9 | 28 | ||
Corporate Segment [Member] | Long Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 36 | 12 | 79 | 67 |
Corporate Segment [Member] | Short Tail [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | $ 0 | $ 0 |
Corporate Segment [Member] | Environmental Issue [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 27 | $ 54 |
Debt (Detail)
Debt (Detail) - Senior Notes [Member] € in Millions, $ in Millions | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) |
INA Senior Note Due June 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 650 | € 575 |
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | 0.875% |
Make Whole Premium Additional Percent | 0.20% | 0.20% |
INA Senior Note Due June 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 650 | € 575 |
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% |
Make Whole Premium Additional Percent | 0.25% | 0.25% |
INA Senior Note Due June 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% |
Commitments, Contingencies, A_3
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Derivative liability subject to a master netting agreement | $ 30 | $ 95 |
Repurchase agreements | 1,416 | $ 1,418 |
Purchase Commitment, Remaining Minimum Amount Committed | 799 | |
Carrying value of limited partnerships and partially-owned investment companies included in other investments | 4,600 | |
Funding commitments relating to limited partnerships and partially-owned investment companies | 3,500 | |
Unrecognized tax benefits | 13 | |
Operating Lease, Right-of-Use Asset | 577 | |
Operating Lease, Liability | $ 617 |
Commitments, Contingencies, A_4
Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||||||
Future policy benefits | $ 5,738 | $ 5,506 | |||||
Foreign currency forward contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 2,888 | 2,185 | |||||
Cross-currency swaps | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 0 | 45 | |||||
Interest Rate Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 0 | 5,250 | |||||
Options/Futures contracts on notes, bonds, and equities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 853 | 1,046 | |||||
Convertible securities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | [1] | 8 | 11 | ||||
To be announced [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 0 | 6 | |||||
Total investment and embedded derivative instruments | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 27 | 43 | |||||
Derivative, Notional Amount | 3,749 | 8,543 | |||||
Futures contracts on equities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 582 | 507 | |||||
Other | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 207 | 74 | |||||
Other Derivative Instruments [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 789 | 581 | |||||
Guaranteed Minimum Income Benefit [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | [2] | 0 | 0 | ||||
Derivative, Notional Amount | 1,729 | 1,750 | |||||
Future policy benefits | 426 | 409 | |||||
Other Assets [Member] | Foreign currency forward contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 10 | 15 | |||||
Other Assets [Member] | Cross-currency swaps | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 0 | 0 | |||||
Other Assets [Member] | Interest Rate Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 0 | 0 | |||||
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 12 | 13 | |||||
Other Assets [Member] | Futures contracts on equities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | [3] | 6 | 23 | ||||
Other Assets [Member] | Other | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 1 | 2 | |||||
Other Assets [Member] | Other Derivative Instruments [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 7 | 25 | |||||
Fixed Maturities [Member] | Convertible securities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | [1] | 5 | 9 | ||||
Fixed Maturities [Member] | To be announced [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Asset | 6 | ||||||
Fair Value, Liability | 0 | ||||||
Equity Securities [Member] | Convertible securities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | [1] | 0 | 0 | ||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | (59) | (19) | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Cross-currency swaps | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | 0 | 0 | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Interest Rate Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | 0 | (115) | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | (4) | (19) | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Total investment and embedded derivative instruments | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | (63) | (153) | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | [3] | 0 | 0 | ||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | 0 | 0 | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | 0 | 0 | |||||
Balance Sheet Location Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Liability | [2] | (935) | (861) | ||||
Guaranteed Minimum Income Benefit [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 509 | $ 403 | 452 | $ 71 | $ 125 | $ 204 | |
Guaranteed Benefit Liability, Net | 935 | $ 815 | 861 | $ 453 | $ 497 | $ 550 | |
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3 | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [4] | $ 509 | $ 452 | ||||
[1] | Includes fair value of embedded derivatives. | ||||||
[2] | Includes both future policy benefits reserves of $426 million and $409 million and fair value derivative adjustment of $509 million and $452 million at September 30, 2019 and December 31, 2018, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. | ||||||
[3] | Related to GMDB and GLB blocks of business. | ||||||
[4] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Commitments, Contingencies, A_5
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | $ (223) | $ (17) | $ (562) | $ 91 | |||
Foreign currency forward contracts | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | (20) | (2) | (57) | 5 | |||
Interest Rate Swap [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | (55) | 26 | (270) | 26 | |||
All Other Futures Contracts, Options and equities [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | (22) | 13 | (83) | 47 | |||
Convertible securities | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | 0 | [1] | 0 | 2 | [1] | 0 | |
Total investment and embedded derivative instruments | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | (97) | 37 | (408) | 78 | |||
GLB | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | [2] | (106) | 54 | (57) | 133 | ||
Futures contracts on equities | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | [3] | (6) | (100) | (89) | (122) | ||
Other | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | (14) | (8) | (8) | 2 | |||
Guaranteed Living Benefit And Other Derivative Instruments [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Derivative | $ (126) | $ (54) | $ (154) | $ 13 | |||
[1] | Includes embedded derivatives. | ||||||
[2] | Excludes foreign exchange gains (losses) related to GLB. | ||||||
[3] | Related to GMDB and GLB books of business. |
Commitments, contingencies, a_6
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 962 | $ 1,926 |
Securities lending payable | 962 | 1,926 |
Cash [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 562 | 756 |
U.S. Treasury and agency | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 70 | 64 |
Foreign [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 249 | 795 |
Corporate securities | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 17 | 15 |
Mortgage-backed securities | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 18 | 45 |
Equity Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 46 | $ 251 |
Commitments, contingencies, a_7
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | $ 1,474 | $ 1,468 | |
Repurchase agreements | 1,416 | 1,418 | |
U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 107 | 259 | |
Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1,367 | 1,209 | |
Repurchase Agreements [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Secured Borrowings, Gross, Difference, Amount | [1] | 58 | 50 |
Maturity Greater than 90 Days [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 986 | 972 | |
Maturity Greater than 90 Days [Member] | U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 107 | 259 | |
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 879 | 713 | |
Maturity 30 to 90 Days [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 488 | 496 | |
Maturity 30 to 90 Days [Member] | U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 0 | 0 | |
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | $ 488 | $ 496 | |
[1] | Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. |
Share-Based Compensation (Detai
Share-Based Compensation (Detail) - $ / shares | Feb. 28, 2019 | Sep. 30, 2019 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |
Award term period in years | 10 years | |
Stock options granted | 2,073,712 | |
Weighted-average grant date fair value for stock options granted | $ 18.79 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 4 years | |
Restricted stock awards granted to employees and officers of the company | 1,078,247 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 133.90 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 3 years | |
Restricted stock awards granted to employees and officers of the company | 212,059 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 133.90 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 4 years | |
Restricted stock awards granted to employees and officers of the company | 357,463 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 133.90 |
Shareholders' equity (Details)
Shareholders' equity (Details) - SFr / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Stockholders' Equity Note [Abstract] | ||
Common Shares, par value | SFr 24.15 | SFr 24.15 |
Common Shares in treasury, shares | 26,250,222 | 20,580,486 |
Shareholders' equity Dividends
Shareholders' equity Dividends Declared (Details) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2019$ / shares | Sep. 30, 2019SFr / shares | Sep. 30, 2018$ / shares | Sep. 30, 2018SFr / shares | Sep. 30, 2019$ / shares | Sep. 30, 2019SFr / shares | Sep. 30, 2018$ / shares | Sep. 30, 2018SFr / shares | May 16, 2019$ / shares | May 31, 2018$ / shares | May 31, 2017$ / shares | |
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Annual dividend per share approved by shareholders | $ 3 | $ 2.92 | $ 2.84 | ||||||||
Common Stock, Dividend Rate Approved | $ 0.75 | $ 0.73 | $ 0.71 | ||||||||
United States of America, Dollars | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.75 | $ 0.73 | $ 2.23 | $ 2.17 | |||||||
Switzerland, Francs | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | SFr / shares | SFr 0.73 | SFr 0.72 | SFr 2.20 | SFr 2.11 |
Shareholders' equity Share Repu
Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 01, 2018 | Dec. 21, 2017 | |
2019 Stock Repurchase Plan [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | ||||||
Number of shares repurchased | 3,079,618 | 8,417,838 | |||||
Cost of shares repurchased | $ 478 | $ 1,221 | |||||
Repurchase authorization remaining at end of period | $ 258 | $ 258 | |||||
2018 Stock Repurchase Plan [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||||
Number of shares repurchased | 2,781,307 | 5,225,162 | |||||
Cost of shares repurchased | $ 379 | $ 703 | |||||
Repurchase authorization remaining at end of period | $ 297 | $ 297 | |||||
Subsequent Event [Member] | 2019 Stock Repurchase Plan [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares repurchased | 700,900 | ||||||
Cost of shares repurchased | $ 108 | ||||||
Repurchase authorization remaining at end of period | $ 150 |
Postretirement benefits Compone
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | $ 15 | $ 17 | $ 45 | $ 52 |
Non-service (benefit) cost | (20) | (32) | (63) | (96) |
Net periodic (benefit) cost | (5) | (15) | (18) | (44) |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 0 | 1 | 0 | 1 |
Interest cost | 1 | 1 | 3 | 3 |
Expected return on plan assets | (1) | (2) | (3) | (4) |
Defined Benefit Plan, Amortization of Loss | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (20) | (21) | (60) | (64) |
Curtailments | 0 | (1) | 0 | (2) |
Settlements | 0 | 0 | 0 | 0 |
Non-service (benefit) cost | (20) | (23) | (60) | (67) |
Net periodic (benefit) cost | (20) | (22) | (60) | (66) |
Losses and loss expenses | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 2 | 2 | 5 | 5 |
Non-service (benefit) cost | (1) | (3) | (5) | (8) |
Losses and loss expenses | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 0 | 0 | 0 | 0 |
Non-service (benefit) cost | (2) | (3) | (6) | (7) |
Administrative Expense | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 13 | 15 | 40 | 47 |
Non-service (benefit) cost | (19) | (29) | (58) | (88) |
Administrative Expense | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 0 | 1 | 0 | 1 |
Non-service (benefit) cost | (18) | (20) | (54) | (60) |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 3 | 3 | 8 | 9 |
Interest cost | 6 | 6 | 20 | 20 |
Expected return on plan assets | (11) | (12) | (33) | (38) |
Defined Benefit Plan, Amortization of Loss | 1 | 1 | 2 | 1 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Curtailments | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Non-service (benefit) cost | (4) | (5) | (11) | (17) |
Net periodic (benefit) cost | (1) | (2) | (3) | (8) |
UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 12 | 14 | 37 | 43 |
Interest cost | 30 | 26 | 89 | 79 |
Expected return on plan assets | (47) | (53) | (142) | (159) |
Defined Benefit Plan, Amortization of Loss | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Curtailments | 0 | 0 | 0 | 0 |
Settlements | 1 | 0 | 1 | 1 |
Non-service (benefit) cost | (16) | (27) | (52) | (79) |
Net periodic (benefit) cost | $ (4) | $ (13) | $ (15) | $ (36) |
Segment information Segment Inf
Segment information Segment Information (narrative Detail (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Gain (Loss) on Derivative | $ (223) | $ (17) | $ (562) | $ 91 |
Net investment income | 873 | 823 | 2,568 | 2,457 |
North America Agricultural Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Income Loss Including Gains Losses On Crop Derivatives | 1 | |||
Gain (Loss) on Derivative | 14 | |||
Net investment income | 8 | 7 | 22 | 20 |
Segment Life [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net investment income | 92 | $ 85 | $ 278 | $ 253 |
Management Underwriting Income (Loss) | 79 | |||
Gains(Losses) On Fair Value Changes In Separate Account Assets | $ 7 |
Segment Information (Operations
Segment Information (Operations By Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net premiums written | $ 8,622 | $ 8,110 | $ 24,278 | $ 23,229 |
Net premiums earned | 8,327 | 7,908 | 23,355 | 22,599 |
Losses and loss expenses | 5,052 | 4,868 | 13,865 | 13,457 |
Policy benefits | 158 | 127 | 515 | 428 |
Policy acquisition costs | 1,603 | 1,504 | 4,611 | 4,432 |
Administrative expenses | 752 | 719 | 2,220 | 2,158 |
Underwriting income (loss) | 762 | 690 | 2,144 | 2,124 |
Net investment income (loss) | 873 | 823 | 2,568 | 2,457 |
Other (income) expense | (57) | (145) | (326) | (307) |
Amortization of purchased intangibles | 76 | 83 | 229 | 253 |
Segment Income (loss) | 1,616 | 1,575 | 4,809 | 4,635 |
Net Realized Gains Losses | (155) | 19 | (475) | 35 |
Interest expense | 138 | 164 | 418 | 488 |
Chubb integration expenses | 2 | 16 | 9 | 39 |
Income tax expense | 230 | 183 | 626 | 536 |
Net income | 1,091 | 1,231 | 3,281 | 3,607 |
North America Commercial P&C Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 3,452 | 3,199 | 9,937 | 9,342 |
Net premiums earned | 3,185 | 3,019 | 9,660 | 9,325 |
Losses and loss expenses | 2,051 | 1,881 | 6,238 | 5,873 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs | 459 | 458 | 1,377 | 1,378 |
Administrative expenses | 256 | 251 | 755 | 735 |
Underwriting income (loss) | 419 | 429 | 1,290 | 1,339 |
Net investment income (loss) | 532 | 503 | 1,563 | 1,516 |
Other (income) expense | (1) | (1) | (4) | (20) |
Amortization of purchased intangibles | 0 | 0 | 0 | 0 |
Segment Income (loss) | 952 | 933 | 2,857 | 2,875 |
North America Personal P&C Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 1,251 | 1,218 | 3,616 | 3,601 |
Net premiums earned | 1,187 | 1,167 | 3,509 | 3,463 |
Losses and loss expenses | 674 | 860 | 2,178 | 2,474 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs | 240 | 236 | 708 | 701 |
Administrative expenses | 72 | 69 | 211 | 202 |
Underwriting income (loss) | 201 | 2 | 412 | 86 |
Net investment income (loss) | 66 | 59 | 194 | 177 |
Other (income) expense | 1 | 0 | 2 | 1 |
Amortization of purchased intangibles | 3 | 4 | 9 | 10 |
Segment Income (loss) | 263 | 57 | 595 | 252 |
North America Agricultural Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 938 | 884 | 1,534 | 1,380 |
Net premiums earned | 941 | 857 | 1,374 | 1,251 |
Losses and loss expenses | 866 | 719 | 1,155 | 955 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs | 56 | 49 | 90 | 74 |
Administrative expenses | 4 | 2 | 9 | 0 |
Underwriting income (loss) | 15 | 87 | 120 | 222 |
Net investment income (loss) | 8 | 7 | 22 | 20 |
Other (income) expense | 0 | 0 | 1 | 1 |
Amortization of purchased intangibles | 7 | 7 | 21 | 21 |
Segment Income (loss) | 16 | 87 | 120 | 220 |
Overseas General Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 2,228 | 2,081 | 6,881 | 6,664 |
Net premiums earned | 2,256 | 2,157 | 6,595 | 6,425 |
Losses and loss expenses | 1,154 | 1,114 | 3,385 | 3,263 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs | 630 | 582 | 1,855 | 1,754 |
Administrative expenses | 257 | 252 | 771 | 757 |
Underwriting income (loss) | 215 | 209 | 584 | 651 |
Net investment income (loss) | 148 | 155 | 443 | 461 |
Other (income) expense | 3 | (7) | 10 | (12) |
Amortization of purchased intangibles | 11 | 8 | 34 | 29 |
Segment Income (loss) | 349 | 363 | 983 | 1,095 |
Global Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 141 | 164 | 540 | 554 |
Net premiums earned | 160 | 157 | 487 | 492 |
Losses and loss expenses | 79 | 86 | 245 | 236 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs | 42 | 40 | 127 | 120 |
Administrative expenses | 9 | 10 | 26 | 29 |
Underwriting income (loss) | 30 | 21 | 89 | 107 |
Net investment income (loss) | 55 | 63 | 166 | 192 |
Other (income) expense | (16) | (13) | (40) | (26) |
Amortization of purchased intangibles | 0 | 0 | 0 | 0 |
Segment Income (loss) | 101 | 97 | 295 | 325 |
Life Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 612 | 564 | 1,770 | 1,688 |
Net premiums earned | 598 | 551 | 1,730 | 1,643 |
Losses and loss expenses | 190 | 195 | 581 | 584 |
Policy benefits | 158 | 127 | 515 | 428 |
Policy acquisition costs | 176 | 139 | 454 | 405 |
Administrative expenses | 80 | 77 | 237 | 235 |
Underwriting income (loss) | (6) | 13 | (57) | (9) |
Net investment income (loss) | 92 | 85 | 278 | 253 |
Other (income) expense | (10) | 20 | (57) | 24 |
Amortization of purchased intangibles | 1 | 0 | 2 | 1 |
Segment Income (loss) | 95 | 78 | 276 | 219 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums written | 0 | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 | 0 |
Losses and loss expenses | 38 | 13 | 83 | 72 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs | 0 | 0 | 0 | 0 |
Administrative expenses | 74 | 58 | 211 | 200 |
Underwriting income (loss) | (112) | (71) | (294) | (272) |
Net investment income (loss) | (28) | (49) | (98) | (162) |
Other (income) expense | (34) | (144) | (238) | (275) |
Amortization of purchased intangibles | 54 | 64 | 163 | 192 |
Segment Income (loss) | (160) | (40) | (317) | (351) |
Net Realized Gains Losses | (155) | 19 | (475) | 35 |
Interest expense | 138 | 164 | 418 | 488 |
Chubb integration expenses | 2 | 16 | 9 | 39 |
Income tax expense | 230 | 183 | 626 | 536 |
Net income | $ (685) | $ (384) | $ (1,845) | $ (1,379) |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,091 | $ 1,231 | $ 3,281 | $ 3,607 |
Weighted-average shares outstanding | 454,975,143 | 462,981,973 | 456,987,560 | 464,644,013 |
Share-based compensation plans | 3,175,226 | 3,034,525 | 2,937,026 | 3,360,511 |
Weighted-average shares outstanding and assumed conversions | 458,150,369 | 466,016,498 | 459,924,586 | 468,004,524 |
Basic earnings per share (US$ per share) | $ 2.40 | $ 2.66 | $ 7.18 | $ 7.76 |
Diluted earnings per share (US$ per share) | $ 2.38 | $ 2.64 | $ 7.13 | $ 7.71 |
Potential anti-dilutive share conversions | 575,039 | 3,763,844 | 3,874,310 | 3,467,000 |
Information provided in conne_3
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details) | Sep. 30, 2019 |
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Information Provided In Conne_4
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Investments | $ 107,178 | $ 100,968 | ||||
Cash | 1,478 | [1] | 1,247 | [2] | ||
Restricted cash | 111 | 93 | ||||
Insurance and reinsurance balances receivable | 10,403 | 10,075 | ||||
Reinsurance recoverable on losses and loss expenses | 15,527 | 15,993 | ||||
Reinsurance recoverable on policy benefits | 199 | 202 | ||||
Operating Lease, Right-of-Use Asset | 577 | |||||
Value of business acquired | 274 | 295 | ||||
Goodwill and other intangible assets | 21,378 | 21,414 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Due from subsidiaries and affiliates, net | 0 | 0 | ||||
Other assets | 18,600 | 17,484 | ||||
Total assets | 175,148 | 167,771 | ||||
Unpaid losses and loss expenses | 63,012 | 62,960 | $ 63,029 | $ 63,179 | ||
Unearned premiums | 16,571 | 15,532 | ||||
Future policy benefits | 5,738 | 5,506 | ||||
Due to subsidiaries and affiliates, net | 0 | 0 | ||||
Affiliated notional cash pooling programs | 0 | [1] | 0 | [2] | ||
Operating Lease, Liability | 617 | |||||
Repurchase agreements | 1,416 | 1,418 | ||||
Short-term debt | 10 | 509 | ||||
Long-term debt | 13,285 | 12,087 | ||||
Trust preferred securities | 308 | 308 | ||||
Other liabilities | 20,236 | 19,139 | ||||
Total liabilities | 120,576 | 117,459 | ||||
Total shareholders' equity | 54,572 | 50,312 | $ 50,934 | |||
Total liabilities and shareholders’ equity | 175,148 | 167,771 | ||||
Chubb Limited (Parent Guarantor) | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Investments | 0 | 0 | ||||
Cash | 2 | [1] | 1 | [2] | ||
Restricted cash | 0 | 0 | ||||
Insurance and reinsurance balances receivable | 0 | 0 | ||||
Reinsurance recoverable on losses and loss expenses | 0 | 0 | ||||
Reinsurance recoverable on policy benefits | 0 | 0 | ||||
Value of business acquired | 0 | 0 | ||||
Goodwill and other intangible assets | 0 | 0 | ||||
Investments in subsidiaries | 49,471 | 43,531 | ||||
Due from subsidiaries and affiliates, net | 6,068 | 7,074 | ||||
Other assets | 7 | 3 | ||||
Total assets | 55,548 | 50,609 | ||||
Unpaid losses and loss expenses | 0 | 0 | ||||
Unearned premiums | 0 | 0 | ||||
Future policy benefits | 0 | 0 | ||||
Due to subsidiaries and affiliates, net | 0 | 0 | ||||
Affiliated notional cash pooling programs | 628 | [1] | 35 | [2] | ||
Repurchase agreements | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Trust preferred securities | 0 | 0 | ||||
Other liabilities | 348 | 262 | ||||
Total liabilities | 976 | 297 | ||||
Total shareholders' equity | 54,572 | 50,312 | ||||
Total liabilities and shareholders’ equity | 55,548 | 50,609 | ||||
Chubb INA Holdings Inc (Subsidiary Issuer) | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Investments | 227 | 214 | ||||
Cash | 0 | [1] | 2 | [2] | ||
Restricted cash | 0 | 0 | ||||
Insurance and reinsurance balances receivable | 0 | 0 | ||||
Reinsurance recoverable on losses and loss expenses | 0 | 0 | ||||
Reinsurance recoverable on policy benefits | 0 | 0 | ||||
Value of business acquired | 0 | 0 | ||||
Goodwill and other intangible assets | 0 | 0 | ||||
Investments in subsidiaries | 53,381 | 50,209 | ||||
Due from subsidiaries and affiliates, net | 0 | 0 | ||||
Other assets | 486 | 1,007 | ||||
Total assets | 54,094 | 51,432 | ||||
Unpaid losses and loss expenses | 0 | 0 | ||||
Unearned premiums | 0 | 0 | ||||
Future policy benefits | 0 | 0 | ||||
Due to subsidiaries and affiliates, net | 5,953 | 7,672 | ||||
Affiliated notional cash pooling programs | 602 | [1] | 617 | [2] | ||
Repurchase agreements | 0 | 0 | ||||
Short-term debt | 0 | 500 | ||||
Long-term debt | 13,285 | 12,086 | ||||
Trust preferred securities | 308 | 308 | ||||
Other liabilities | 1,814 | 2,545 | ||||
Total liabilities | 21,962 | 23,728 | ||||
Total shareholders' equity | 32,132 | 27,704 | ||||
Total liabilities and shareholders’ equity | 54,094 | 51,432 | ||||
Other Chubb Limited Subsidiaries | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Investments | 106,951 | 100,754 | ||||
Cash | 2,706 | [1] | 1,896 | [2] | ||
Restricted cash | 111 | 93 | ||||
Insurance and reinsurance balances receivable | 12,519 | 11,861 | ||||
Reinsurance recoverable on losses and loss expenses | 25,284 | 26,422 | ||||
Reinsurance recoverable on policy benefits | 293 | 306 | ||||
Value of business acquired | 274 | 295 | ||||
Goodwill and other intangible assets | 21,378 | 21,414 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Due from subsidiaries and affiliates, net | 0 | 598 | ||||
Other assets | 20,011 | 18,102 | ||||
Total assets | 189,527 | 181,741 | ||||
Unpaid losses and loss expenses | 72,389 | 72,857 | ||||
Unearned premiums | 17,767 | 16,611 | ||||
Future policy benefits | 5,832 | 5,610 | ||||
Due to subsidiaries and affiliates, net | 115 | 0 | ||||
Affiliated notional cash pooling programs | 0 | [1] | 0 | [2] | ||
Repurchase agreements | 1,416 | 1,418 | ||||
Short-term debt | 10 | 9 | ||||
Long-term debt | 0 | 1 | ||||
Trust preferred securities | 0 | 0 | ||||
Other liabilities | 21,278 | 19,199 | ||||
Total liabilities | 118,807 | 115,705 | ||||
Total shareholders' equity | 70,720 | 66,036 | ||||
Total liabilities and shareholders’ equity | 189,527 | 181,741 | ||||
Consolidating Adjustments and Eliminations | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Investments | 0 | 0 | ||||
Cash | (1,230) | [1] | (652) | [2] | ||
Restricted cash | 0 | 0 | ||||
Insurance and reinsurance balances receivable | (2,116) | (1,786) | ||||
Reinsurance recoverable on losses and loss expenses | (9,757) | (10,429) | ||||
Reinsurance recoverable on policy benefits | (94) | (104) | ||||
Value of business acquired | 0 | 0 | ||||
Goodwill and other intangible assets | 0 | 0 | ||||
Investments in subsidiaries | (102,852) | (93,740) | ||||
Due from subsidiaries and affiliates, net | (6,068) | (7,672) | ||||
Other assets | (1,904) | (1,628) | ||||
Total assets | (124,021) | (116,011) | ||||
Unpaid losses and loss expenses | (9,377) | (9,897) | ||||
Unearned premiums | (1,196) | (1,079) | ||||
Future policy benefits | (94) | (104) | ||||
Due to subsidiaries and affiliates, net | (6,068) | (7,672) | ||||
Affiliated notional cash pooling programs | (1,230) | [1] | (652) | [2] | ||
Repurchase agreements | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Trust preferred securities | 0 | 0 | ||||
Other liabilities | (3,204) | (2,867) | ||||
Total liabilities | (21,169) | (22,271) | ||||
Total shareholders' equity | (102,852) | (93,740) | ||||
Total liabilities and shareholders’ equity | $ (124,021) | $ (116,011) | ||||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
Information Provided In Conne_5
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net premiums written | $ 8,622 | $ 8,110 | $ 24,278 | $ 23,229 |
Net premiums earned | 8,327 | 7,908 | 23,355 | 22,599 |
Net investment income | 873 | 823 | 2,568 | 2,457 |
Equity In Earnings Of Subsidiaries | 0 | 0 | 0 | 0 |
Net Realized Gains Losses | (155) | 19 | (475) | 35 |
Losses and loss expenses | 5,052 | 4,868 | 13,865 | 13,457 |
Policy benefits | 158 | 127 | 515 | 428 |
Policy acquisition costs and administrative expenses | 2,355 | 2,223 | 6,831 | 6,590 |
Interest (income) expense | 138 | 164 | 418 | 488 |
Other (income) expense | (57) | (145) | (326) | (307) |
Amortization of purchased intangibles | 76 | 83 | 229 | 253 |
Chubb integration expenses | 2 | 16 | 9 | 39 |
Income tax expense | 230 | 183 | 626 | 536 |
Net income | 1,091 | 1,231 | 3,281 | 3,607 |
Comprehensive income (loss) | 1,473 | 592 | 6,250 | 1,322 |
Chubb Limited (Parent Guarantor) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net premiums written | 0 | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 1 | 2 | 3 | 5 |
Equity In Earnings Of Subsidiaries | 1,053 | 1,177 | 3,147 | 3,440 |
Net Realized Gains Losses | (4) | (1) | 1 | (1) |
Losses and loss expenses | 0 | 0 | 0 | 0 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs and administrative expenses | 22 | 23 | 64 | 64 |
Interest (income) expense | (59) | (75) | (187) | (231) |
Other (income) expense | (7) | (9) | (19) | (18) |
Amortization of purchased intangibles | 0 | 0 | 0 | 0 |
Chubb integration expenses | 0 | 3 | 0 | 7 |
Income tax expense | 3 | 5 | 12 | 15 |
Net income | 1,091 | 1,231 | 3,281 | 3,607 |
Comprehensive income (loss) | 1,473 | 592 | 6,250 | 1,322 |
Chubb INA Holdings Inc (Subsidiary Issuer) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net premiums written | 0 | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | (3) | 3 | (13) | 12 |
Equity In Earnings Of Subsidiaries | 824 | 709 | 2,345 | 2,048 |
Net Realized Gains Losses | 68 | 18 | 34 | 67 |
Losses and loss expenses | 0 | 0 | 0 | 0 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs and administrative expenses | (5) | (90) | (25) | (49) |
Interest (income) expense | 171 | 203 | 536 | 616 |
Other (income) expense | (3) | 12 | 1 | 28 |
Amortization of purchased intangibles | 0 | 0 | 0 | 0 |
Chubb integration expenses | 0 | 1 | 2 | 2 |
Income tax expense | (33) | (24) | (120) | (119) |
Net income | 759 | 628 | 1,972 | 1,649 |
Comprehensive income (loss) | 1,138 | 47 | 4,476 | (199) |
Other Chubb Limited Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net premiums written | 8,622 | 8,110 | 24,278 | 23,229 |
Net premiums earned | 8,327 | 7,908 | 23,355 | 22,599 |
Net investment income | 875 | 818 | 2,578 | 2,440 |
Equity In Earnings Of Subsidiaries | 0 | 0 | 0 | 0 |
Net Realized Gains Losses | (219) | 2 | (510) | (31) |
Losses and loss expenses | 5,052 | 4,868 | 13,865 | 13,457 |
Policy benefits | 158 | 127 | 515 | 428 |
Policy acquisition costs and administrative expenses | 2,338 | 2,290 | 6,792 | 6,575 |
Interest (income) expense | 26 | 36 | 69 | 103 |
Other (income) expense | (47) | (148) | (308) | (317) |
Amortization of purchased intangibles | 76 | 83 | 229 | 253 |
Chubb integration expenses | 2 | 12 | 7 | 30 |
Income tax expense | 260 | 202 | 734 | 640 |
Net income | 1,118 | 1,258 | 3,520 | 3,839 |
Comprehensive income (loss) | 1,517 | 640 | 6,486 | 1,606 |
Consolidating Adjustments and Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net premiums written | 0 | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Equity In Earnings Of Subsidiaries | (1,877) | (1,886) | (5,492) | (5,488) |
Net Realized Gains Losses | 0 | 0 | 0 | 0 |
Losses and loss expenses | 0 | 0 | 0 | 0 |
Policy benefits | 0 | 0 | 0 | 0 |
Policy acquisition costs and administrative expenses | 0 | 0 | 0 | 0 |
Interest (income) expense | 0 | 0 | 0 | 0 |
Other (income) expense | 0 | 0 | 0 | 0 |
Amortization of purchased intangibles | 0 | 0 | 0 | 0 |
Chubb integration expenses | 0 | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 | 0 |
Net income | (1,877) | (1,886) | (5,492) | (5,488) |
Comprehensive income (loss) | $ (2,655) | $ (687) | $ (10,962) | $ (1,407) |
Information Provided In Conne_6
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | |||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 4,913 | $ 3,897 | ||
Purchases of fixed maturities available for sale | (19,778) | (16,788) | ||
Purchases of fixed maturities held to maturity | (143) | (380) | ||
Purchases of equity securities | (466) | (148) | ||
Sales of fixed maturities available for sale | 10,430 | 9,041 | ||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 10,436 | |||
Sales of equity securities | 577 | 247 | ||
Maturities and redemptions of fixed maturities available for sale | 6,390 | 5,482 | ||
Maturities and redemptions of fixed maturities held to maturity | 814 | 1,001 | ||
Net change in short-term investments | 202 | 64 | ||
Net derivative instruments settlements | (647) | (46) | ||
Private equity contribution | (1,093) | (1,112) | ||
Private equity distribution | 973 | 743 | ||
Capital contribution | 0 | 0 | ||
Other | (826) | (231) | ||
Net cash flows used for investing activities | (3,561) | (2,127) | ||
Dividends paid on Common Shares | (1,014) | (1,001) | ||
Common Shares repurchased | (1,203) | (732) | ||
Proceeds from issuance of long-term debt | 1,286 | 2,171 | ||
Repayment of long-term debt | (501) | (2,001) | ||
Proceeds from issuance of repurchase agreements | 2,394 | 1,572 | ||
Repayments of repurchase agreements | (2,396) | (1,566) | ||
Proceeds from share-based compensation plans | 155 | 86 | ||
Dividend to Parent Company | 0 | 0 | ||
Advances (to) from affiliates | 0 | 0 | ||
Capital contribution | 0 | 0 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 0 | [1] | 0 | [2] |
Policyholder contract deposits | 376 | 269 | ||
Policyholder contract withdrawals | (221) | (222) | ||
Net cash flows used for financing activities | (1,124) | (1,424) | ||
Effect of foreign currency rate changes on cash and restricted cash | 21 | (40) | ||
Net Increase (Decrease) in cash and restricted cash | 249 | 306 | ||
Cash and restricted cash - beginning of period | 1,340 | [1] | 851 | [2] |
Cash and restricted cash - end of period | 1,589 | [1] | 1,157 | [2] |
Chubb Limited (Parent Guarantor) | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 421 | 237 | ||
Purchases of fixed maturities available for sale | 0 | 0 | ||
Purchases of fixed maturities held to maturity | 0 | 0 | ||
Purchases of equity securities | 0 | 0 | ||
Sales of fixed maturities available for sale | 0 | |||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 0 | |||
Sales of equity securities | 0 | 0 | ||
Maturities and redemptions of fixed maturities available for sale | 0 | 0 | ||
Maturities and redemptions of fixed maturities held to maturity | 0 | 0 | ||
Net change in short-term investments | 0 | 0 | ||
Net derivative instruments settlements | 0 | 0 | ||
Private equity contribution | 0 | 0 | ||
Private equity distribution | 0 | 0 | ||
Capital contribution | (1,000) | (1,125) | ||
Other | 0 | 0 | ||
Net cash flows used for investing activities | (1,000) | (1,125) | ||
Dividends paid on Common Shares | (1,014) | (1,001) | ||
Common Shares repurchased | 0 | 0 | ||
Proceeds from issuance of long-term debt | 0 | 0 | ||
Repayment of long-term debt | 0 | 0 | ||
Proceeds from issuance of repurchase agreements | 0 | 0 | ||
Repayments of repurchase agreements | 0 | 0 | ||
Proceeds from share-based compensation plans | 0 | 0 | ||
Dividend to Parent Company | 0 | 0 | ||
Advances (to) from affiliates | 996 | 1,722 | ||
Capital contribution | 0 | 0 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 593 | [1] | 165 | [2] |
Policyholder contract deposits | 0 | 0 | ||
Policyholder contract withdrawals | 0 | 0 | ||
Net cash flows used for financing activities | 575 | 886 | ||
Effect of foreign currency rate changes on cash and restricted cash | 5 | (1) | ||
Net Increase (Decrease) in cash and restricted cash | 1 | (3) | ||
Cash and restricted cash - beginning of period | 1 | [1] | 3 | [2] |
Cash and restricted cash - end of period | 2 | [1] | 0 | [2] |
Chubb INA Holdings Inc (Subsidiary Issuer) | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,118 | 4,701 | ||
Purchases of fixed maturities available for sale | (16) | (30) | ||
Purchases of fixed maturities held to maturity | 0 | 0 | ||
Purchases of equity securities | 0 | 0 | ||
Sales of fixed maturities available for sale | 6 | |||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 1 | |||
Sales of equity securities | 0 | 0 | ||
Maturities and redemptions of fixed maturities available for sale | 18 | 15 | ||
Maturities and redemptions of fixed maturities held to maturity | 0 | 0 | ||
Net change in short-term investments | (5) | 6 | ||
Net derivative instruments settlements | (55) | (7) | ||
Private equity contribution | 0 | 0 | ||
Private equity distribution | 0 | 0 | ||
Capital contribution | (110) | (3,500) | ||
Other | (10) | (18) | ||
Net cash flows used for investing activities | (177) | (3,528) | ||
Dividends paid on Common Shares | 0 | 0 | ||
Common Shares repurchased | 0 | 0 | ||
Proceeds from issuance of long-term debt | 1,286 | 2,171 | ||
Repayment of long-term debt | (500) | (2,000) | ||
Proceeds from issuance of repurchase agreements | 0 | 0 | ||
Repayments of repurchase agreements | 0 | 0 | ||
Proceeds from share-based compensation plans | 0 | 0 | ||
Dividend to Parent Company | 0 | 0 | ||
Advances (to) from affiliates | (1,715) | (1,310) | ||
Capital contribution | 0 | 0 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | (15) | [1] | (34) | [2] |
Policyholder contract deposits | 0 | 0 | ||
Policyholder contract withdrawals | 0 | 0 | ||
Net cash flows used for financing activities | (944) | (1,173) | ||
Effect of foreign currency rate changes on cash and restricted cash | 1 | 0 | ||
Net Increase (Decrease) in cash and restricted cash | (2) | 0 | ||
Cash and restricted cash - beginning of period | 2 | [1] | 1 | [2] |
Cash and restricted cash - end of period | 0 | [1] | 1 | [2] |
Other Chubb Limited Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 5,234 | 3,797 | ||
Purchases of fixed maturities available for sale | (19,762) | (16,758) | ||
Purchases of fixed maturities held to maturity | (143) | (380) | ||
Purchases of equity securities | (466) | (148) | ||
Sales of fixed maturities available for sale | 9,035 | |||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 10,435 | |||
Sales of equity securities | 577 | 247 | ||
Maturities and redemptions of fixed maturities available for sale | 6,372 | 5,467 | ||
Maturities and redemptions of fixed maturities held to maturity | 814 | 1,001 | ||
Net change in short-term investments | 207 | 58 | ||
Net derivative instruments settlements | (592) | (39) | ||
Private equity contribution | (1,093) | (1,112) | ||
Private equity distribution | 973 | 743 | ||
Capital contribution | 0 | 0 | ||
Other | (816) | (213) | ||
Net cash flows used for investing activities | (3,494) | (2,099) | ||
Dividends paid on Common Shares | 0 | 0 | ||
Common Shares repurchased | (1,203) | (732) | ||
Proceeds from issuance of long-term debt | 0 | 0 | ||
Repayment of long-term debt | (1) | (1) | ||
Proceeds from issuance of repurchase agreements | 2,394 | 1,572 | ||
Repayments of repurchase agreements | (2,396) | (1,566) | ||
Proceeds from share-based compensation plans | 155 | 86 | ||
Dividend to Parent Company | (1,860) | (4,838) | ||
Advances (to) from affiliates | 719 | (412) | ||
Capital contribution | 1,110 | 4,625 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 0 | [1] | 0 | [2] |
Policyholder contract deposits | 376 | 269 | ||
Policyholder contract withdrawals | (221) | (222) | ||
Net cash flows used for financing activities | (927) | (1,219) | ||
Effect of foreign currency rate changes on cash and restricted cash | 15 | (39) | ||
Net Increase (Decrease) in cash and restricted cash | 828 | 440 | ||
Cash and restricted cash - beginning of period | 1,989 | [1] | 962 | [2] |
Cash and restricted cash - end of period | 2,817 | [1] | 1,402 | [2] |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (1,860) | (4,838) | ||
Purchases of fixed maturities available for sale | 0 | 0 | ||
Purchases of fixed maturities held to maturity | 0 | 0 | ||
Purchases of equity securities | 0 | 0 | ||
Sales of fixed maturities available for sale | 0 | |||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 0 | |||
Sales of equity securities | 0 | 0 | ||
Maturities and redemptions of fixed maturities available for sale | 0 | 0 | ||
Maturities and redemptions of fixed maturities held to maturity | 0 | 0 | ||
Net change in short-term investments | 0 | 0 | ||
Net derivative instruments settlements | 0 | 0 | ||
Private equity contribution | 0 | 0 | ||
Private equity distribution | 0 | 0 | ||
Capital contribution | 1,110 | 4,625 | ||
Other | 0 | 0 | ||
Net cash flows used for investing activities | 1,110 | 4,625 | ||
Dividends paid on Common Shares | 0 | 0 | ||
Common Shares repurchased | 0 | 0 | ||
Proceeds from issuance of long-term debt | 0 | 0 | ||
Repayment of long-term debt | 0 | 0 | ||
Proceeds from issuance of repurchase agreements | 0 | 0 | ||
Repayments of repurchase agreements | 0 | 0 | ||
Proceeds from share-based compensation plans | 0 | 0 | ||
Dividend to Parent Company | 1,860 | 4,838 | ||
Advances (to) from affiliates | 0 | 0 | ||
Capital contribution | (1,110) | (4,625) | ||
Net proceeds from (payments to) affiliated notional cash pooling program | (578) | [1] | (131) | [2] |
Policyholder contract deposits | 0 | 0 | ||
Policyholder contract withdrawals | 0 | 0 | ||
Net cash flows used for financing activities | 172 | 82 | ||
Effect of foreign currency rate changes on cash and restricted cash | 0 | 0 | ||
Net Increase (Decrease) in cash and restricted cash | (578) | (131) | ||
Cash and restricted cash - beginning of period | (652) | [1] | (115) | [2] |
Cash and restricted cash - end of period | $ (1,230) | [1] | $ (246) | [2] |
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2018 and December 31, 2017 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |