Document and Entity Information
Document and Entity Information $ in Billions | 12 Months Ended | |||
Dec. 31, 2022 SFr / shares | Feb. 17, 2023 shares | Jun. 30, 2022 USD ($) | Dec. 31, 2021 SFr / shares | |
Document Annual Report | true | |||
Document Transition Report | false | |||
Entity Address, Address Line One | Baerengasse 32 | |||
Entity Address, City or Town | Zurich | |||
ICFR Auditor Attestation Flag | true | |||
Common Shares, par value | SFr / shares | SFr 24.15 | SFr 24.15 | ||
Entity Common Stock, Shares Outstanding | shares | 413,506,316 | |||
ICFR Auditor Attestation Flag | true | |||
Document Type | 10-K | |||
Document Period End Date | Dec. 31, 2022 | |||
Entity File Number | 1-11778 | |||
Entity Registrant Name | CHUBB LIMITED | |||
Entity Incorporation, State or Country Code | V8 | |||
Entity Tax Identification Number | 98-0091805 | |||
Entity Address, Country | CH | |||
Entity Address, Postal Zip Code | 8001 | |||
Country Region | 41 | |||
City Area Code | (0)43 | |||
Local Phone Number | 456 76 00 | |||
Amendment Flag | false | |||
Document Fiscal Year Focus | 2022 | |||
Document Fiscal Period Focus | FY | |||
Entity Central Index Key | 0000896159 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Public Float | $ | $ 82 |
Document and Entity Informati_2
Document and Entity Information - Registered securities pursuant to Section 12b | 12 Months Ended |
Dec. 31, 2022 | |
Common Class A [Member] | |
Title of 12(b) Security | Common Shares, par value CHF 24.15 per share |
Trading Symbol | CB |
Security Exchange Name | NYSE |
INA Senior Notes Due December 2024 [Member] | |
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024 |
Trading Symbol | CB/24A |
Security Exchange Name | NYSE |
INA Senior Notes Due June 2027 [Member] | |
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027 |
Trading Symbol | CB/27 |
Security Exchange Name | NYSE |
INA Senior Notes Due March 2028 [Member] | |
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028 |
Trading Symbol | CB/28 |
Security Exchange Name | NYSE |
INA Senior Notes Due December 2029 [Member] | |
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029 |
Trading Symbol | CB/29A |
Security Exchange Name | NYSE |
INA Senior Notes Due June 2031 [Member] | |
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031 |
Trading Symbol | CB/31 |
Security Exchange Name | NYSE |
INA Senior Notes Due March 2038 [Member] | |
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038 |
Trading Symbol | CB/38A |
Security Exchange Name | NYSE |
Auditor Information
Auditor Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Philadelphia, PA |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Fixed maturities available for sale, at fair value, net of valuation allowance - $169 and $14 (amortized cost – $93,355 and $90,493) | $ 85,220 | $ 93,108 | |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $34 and $35 (fair value – $8,439 and $10,647) | 8,848 | 10,118 | |
Equity securities, at fair value | 827 | 4,782 | |
Short-term investments, at fair value (amortized cost – $4,962 and $3,147) | 4,960 | 3,146 | |
Other investments, at fair value | 13,696 | 11,169 | |
Total investments | 113,551 | 122,323 | |
Cash | 2,012 | 1,659 | |
Restricted cash | 115 | 152 | |
Securities lending collateral | 1,523 | 1,831 | |
Accrued investment income | 941 | 821 | |
Insurance and reinsurance balances receivable, net of valuation allowance - $52 and $46 | 11,933 | 11,322 | |
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $351 and $329 | [1] | 18,901 | 17,366 |
Reinsurance recoverable on policy benefits | [1] | 303 | 213 |
Deferred policy acquisition costs | 5,788 | 5,513 | |
Value of business acquired | 3,596 | 236 | |
Goodwill | 16,287 | 15,213 | |
Other intangible assets | 5,441 | 5,455 | |
Prepaid reinsurance premiums | 3,140 | 3,028 | |
Investments in partially-owned insurance companies | 2,877 | 3,130 | |
Other assets | 12,736 | 11,792 | |
Total assets | 199,144 | 200,054 | |
Liabilities | |||
Unpaid losses and loss expenses | 76,323 | 72,943 | |
Unearned premiums | 20,360 | 19,101 | |
Future policy benefits | 10,120 | 5,947 | |
Insurance and reinsurance balances payable | 7,795 | 7,243 | |
Securities lending payable | 1,523 | 1,831 | |
Accounts payable, accrued expenses, and other liabilities | 15,587 | 15,004 | |
Deferred tax liabilities | 292 | 389 | |
Repurchase agreements | 1,419 | 1,406 | |
Short-term debt | 475 | 999 | |
Long-term debt | 14,402 | 15,169 | |
Trust preferred securities | 308 | 308 | |
Total liabilities | 148,604 | 140,340 | |
Commitments and contingencies (refer to Note 10) | |||
Shareholders' equity | |||
Common Shares (CHF 24.15 par value; 446,376,614 and 474,021,114 shares issued; 414,594,856 and 426,572,612 shares outstanding) | 10,346 | 10,985 | |
Common Shares in treasury (31,781,758 and 47,448,502 shares) | (5,113) | (7,464) | |
Additional paid-in capital | 7,166 | 8,478 | |
Retained earnings | 48,334 | 47,365 | |
Accumulated other comprehensive income (loss) (AOCI) | (10,193) | 350 | |
Total shareholders’ equity | 50,540 | 59,714 | |
Total liabilities and shareholders’ equity | $ 199,144 | $ 200,054 | |
[1]Net of valuation allowance for uncollectible reinsurance. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) $ in Millions | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, valuation allowance | $ 169 | $ 14 |
Fixed maturities, available-for-sale, at amortized cost | 93,355 | 90,493 |
Fixed maturities, held-to-maturity, valuation allowance | 34 | 35 |
Fixed maturities, held-to-maturity, fair value | 8,439 | 10,647 |
Short-term investments amortized cost | 4,962 | 3,147 |
Premium Receivable, Allowance for Credit Loss | 52 | 46 |
Valuation allowance for uncollectible reinsurance | $ 351 | $ 329 |
Common Shares, shares issued | shares | 446,376,614 | 474,021,114 |
Common Shares, shares outstanding | shares | 414,594,856 | 426,572,612 |
Treasury Stock, Shares | shares | 31,781,758 | 47,448,502 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Net premiums written | $ 41,755 | $ 37,868 | $ 33,820 |
Increase in unearned premiums | (1,366) | (1,513) | (703) |
Net premiums earned | 40,389 | 36,355 | 33,117 |
Net investment income | 3,742 | 3,456 | 3,375 |
Net realized gains (losses) | (965) | 1,152 | (498) |
Total revenues | 43,166 | 40,963 | 35,994 |
Expenses | |||
Losses and loss expenses | 23,342 | 21,980 | 21,710 |
Policy benefits | 1,492 | 699 | 784 |
Policy acquisition costs | 7,392 | 6,918 | 6,547 |
Administrative expenses | 3,395 | 3,136 | 2,979 |
Interest expense | 570 | 492 | 516 |
Other (income) expense | 74 | (2,365) | (994) |
Amortization of purchased intangibles | 285 | 287 | 290 |
Cigna integration expenses | 48 | 0 | 0 |
Total expenses | 36,598 | 31,147 | 31,832 |
Income before income tax | 6,568 | 9,816 | 4,162 |
Income tax expense | 1,255 | 1,277 | 629 |
Net income | 5,313 | 8,539 | 3,533 |
Other comprehensive income (loss): | |||
Change in unrealized appreciation (depreciation) | (10,578) | (2,938) | 2,592 |
Change in cumulative foreign currency translation adjustment | (986) | (530) | 306 |
Change in other, including postretirement benefit liability adjustment | (100) | 522 | (232) |
Other comprehensive income (loss), before income tax | (11,664) | (2,946) | 2,666 |
Income tax (expense) benefit related to OCI items | 1,121 | 427 | (416) |
Other comprehensive income (loss) | (10,543) | (2,519) | 2,250 |
Comprehensive income (loss) | $ (5,230) | $ 6,020 | $ 5,783 |
Earnings per share | |||
Basic earnings per share | $ 12.66 | $ 19.41 | $ 7.82 |
Diluted earnings per share | $ 12.55 | $ 19.27 | $ 7.79 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Common Shares | Common Shares in Treasury | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Cumulative Translation Adjustment | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Other Comprehensive Income |
Balance – beginning of year, net of tax at Dec. 31, 2019 | $ 11,121 | $ (3,754) | $ 11,203 | $ 36,142 | $ (72) | $ 36,070 | $ 2,543 | $ (1,939) | $ 15 | $ 619 | |
Treasury Stock, Retired, Cost Method, Amount | (57) | 323 | (266) | ||||||||
Common Shares repurchased | (516) | ||||||||||
Net shares issued under employee share-based compensation plans | 303 | (195) | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | (50) | ||||||||||
Share-based compensation expense | 255 | ||||||||||
FundingDividendsDeclaredToRetainedEarnings | (1,398) | ||||||||||
Net income | $ 3,533 | 3,533 | |||||||||
Funding Dividends Declared From Additional Paid In Capital | 1,398 | ||||||||||
Dividends declared on Common Shares | (1,398) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 2,250 | 2,250 | |||||||||
Balance – end of year, net of tax at Dec. 31, 2020 | 59,441 | 11,064 | (3,644) | 9,815 | 39,337 | 0 | 39,337 | 4,673 | (1,637) | (167) | 2,869 |
Treasury Stock, Retired, Cost Method, Amount | (79) | 590 | (511) | ||||||||
Common Shares repurchased | (4,861) | ||||||||||
Net shares issued under employee share-based compensation plans | 451 | (179) | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | (52) | ||||||||||
Share-based compensation expense | 286 | ||||||||||
FundingDividendsDeclaredToRetainedEarnings | (1,392) | ||||||||||
Net income | 8,539 | 8,539 | |||||||||
Funding Dividends Declared From Additional Paid In Capital | 1,392 | ||||||||||
Dividends declared on Common Shares | (1,392) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,519) | (2,519) | |||||||||
Balance – end of year, net of tax at Dec. 31, 2021 | 59,714 | 10,985 | (7,464) | 8,478 | 47,365 | $ 0 | $ 47,365 | 2,256 | (2,146) | 240 | 350 |
Treasury Stock, Retired, Cost Method, Amount | (639) | 4,983 | (4,344) | ||||||||
Common Shares repurchased | (3,014) | ||||||||||
Net shares issued under employee share-based compensation plans | 382 | (173) | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | (43) | ||||||||||
Share-based compensation expense | 283 | ||||||||||
FundingDividendsDeclaredToRetainedEarnings | (1,379) | ||||||||||
Net income | 5,313 | 5,313 | |||||||||
Funding Dividends Declared From Additional Paid In Capital | 1,379 | ||||||||||
Dividends declared on Common Shares | (1,379) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (10,543) | (10,543) | |||||||||
Balance – end of year, net of tax at Dec. 31, 2022 | $ 50,540 | $ 10,346 | $ (5,113) | $ 7,166 | $ 48,334 | $ (7,279) | $ (3,073) | $ 225 | $ (10,193) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities | ||||
Net income | $ 5,313 | $ 8,539 | $ 3,533 | |
Adjustments to reconcile net income to net cash flows from operating activities | ||||
Net Realized Gains Losses | 965 | (1,152) | 498 | |
Accretion (Amortization) of Discounts and Premiums, Investments | 189 | 332 | 367 | |
Amortization of purchased intangibles | 285 | 287 | 290 | |
Deferred income taxes | 132 | (74) | (333) | |
Equity in net income of subsidiaries and affiliates | [1] | (16) | (2,433) | (1,019) |
Unpaid losses and loss expenses | 4,222 | 5,791 | 4,664 | |
Unearned premiums | 1,477 | 1,857 | 846 | |
Future policy benefits | 464 | 239 | 236 | |
Insurance and reinsurance balances payable | 461 | 582 | 535 | |
Accounts payable, accrued expenses, and other liabilities | 223 | 536 | (98) | |
Income taxes payable | (149) | 48 | 46 | |
Insurance and reinsurance balances receivable | (696) | (984) | (114) | |
Reinsurance recoverable | (1,776) | (1,953) | (336) | |
Deferred policy acquisition costs | (328) | (247) | (89) | |
Other | 477 | (219) | 759 | |
Net Cash Provided by (Used in) Operating Activities, Total | 11,243 | 11,149 | 9,785 | |
Cash flows from investing activities | ||||
Purchases of fixed maturities available for sale | (27,844) | (30,222) | (26,298) | |
Purchases of fixed maturities held to maturity | (618) | (594) | (202) | |
Purchases of equity securities | (895) | (1,167) | (6,419) | |
Sales of fixed maturities available for sale | 16,855 | 6,596 | 11,377 | |
Sales of equity securities | 4,615 | 1,018 | 3,880 | |
Maturities and redemptions of fixed maturities available for sale | 9,415 | 17,361 | 12,450 | |
Maturities and redemptions of fixed maturities held to maturity | 1,712 | 1,964 | 995 | |
Net change in short-term investments | (1,452) | 1,175 | (81) | |
Net derivative instruments settlements | (84) | (219) | (113) | |
Private equity contributions | (2,649) | (2,471) | (1,924) | |
Private equity distributions | 1,017 | 1,421 | 907 | |
Acquisition of subsidiaries (net of cash acquired of $366, nil, and nil) | (4,982) | 0 | 0 | |
Payment, including deposit, for Huatai Group Interest | (184) | (1,184) | (1,623) | |
Other | (560) | (337) | (470) | |
Net Cash Provided by (Used in) Investing Activities | (5,654) | (6,659) | (7,521) | |
Cash flows from financing activities | ||||
Dividends paid on Common Shares | (1,375) | (1,401) | (1,388) | |
Common Shares repurchased | (2,894) | (4,861) | (523) | |
Proceeds from issuance of long-term debt | 0 | 1,576 | 988 | |
Proceeds from issuance of repurchase agreements | 4,510 | 1,858 | 2,354 | |
Repayments of Long-term Debt | (1,000) | 0 | (1,301) | |
Repayment of repurchase agreements | (4,508) | (1,858) | (2,354) | |
Proceeds from share-based compensation plans | 264 | 300 | 145 | |
Policyholder contract deposits | 496 | 512 | 470 | |
Policyholder contract withdrawals | (519) | (454) | (386) | |
Tax withholding payments for share-based compensation plans | (101) | (81) | (87) | |
Net cash flows (used for) from financing activities | (5,127) | (4,409) | (2,082) | |
Effect of foreign currency rate changes on cash and restricted cash | (146) | (106) | 8 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 316 | (25) | 190 | |
Cash and restricted cash - beginning of year | 1,811 | 1,836 | 1,646 | |
Cash and restricted cash - end of year | 2,127 | 1,811 | 1,836 | |
Supplemental cash flow information | ||||
Taxes paid | 1,242 | 1,298 | 902 | |
Interest paid | $ 552 | $ 492 | $ 524 | |
[1]Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively. |
Statement of Cash Flows (Parent
Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Cash Acquired from Acquisition | $ 366 | $ 0 | $ 0 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies 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. Our results are reported 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 15 for additional information. The accompanying 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 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 preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated Financial Statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include: • unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures; • future policy benefits reserves; • amortization of deferred policy acquisition costs and value of business acquired (VOBA); • reinsurance recoverable, including a valuation allowance for uncollectible reinsurance; • the assessment of risk transfer for certain structured insurance and reinsurance contracts; • the valuation of the investment portfolio and assessment of valuation allowance for expected credit losses; • the valuation of deferred income taxes; • the valuation and amortization of purchased intangibles; and • the assessment of goodwill for impairment. b) Premiums Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term. For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period. Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period. Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are matched with income to result in the recognition of profit over the life of the contracts. Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method as described below in Note 1 l) . Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one c) Deferred policy acquisition costs and value of business acquired Policy acquisition costs consist of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. A VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts in a business combination and represents the present value of estimated net cash flows for the contracts in force at the acquisition date. Acquisition costs and VOBA, collectively policy acquisition costs, are deferred and amortized. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations. Policy acquisition costs on P&C contracts are generally amortized ratably over the period in which premiums are earned. Policy acquisition costs on traditional long-duration contracts are amortized over the estimated life of the contracts, generally in proportion to premium revenue recognized based upon the same assumptions used in estimating the liability for future policy benefits. For non-traditional long-duration contracts, we amortize policy acquisition costs over the expected life of the contracts in proportion to expected gross profits. The effect of changes in estimates of expected gross profits is reflected in the period the estimates are revised. Policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable policy acquisition costs are expensed in the period identified. Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral, principally related to long-duration A&H business produced by the Overseas General Insurance segment, which are deferred and recognized as a component of Policy acquisition costs . For individual direct-response marketing campaigns that we can demonstrate have specifically resulted in incremental sales to customers and such sales have probable future economic benefits, incremental costs directly related to the marketing campaigns are capitalized as Deferred policy acquisition costs. Deferred policy acquisition cost s, including deferred marketing costs, are reviewed regularly for recoverability from future income, including investment income, and amortized in proportion to premium revenue recognized, primarily over a ten Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for deferred policy acquisition costs and VOBA. Refer to the Note 1 t) for additional information. d) Reinsurance Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders. For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements. Deposit accounting requires that consideration received or paid be recorded in the balance sheet as opposed to recording premiums written or losses incurred in the statement of operations. Non-refundable fees on deposit contracts are earned based on the terms of the contract described below in Note 1 l) . Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement. Reinsurance recoverable is presented net of a valuation allowance for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The valuation allowance for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. The more significant considerations to calculate the valuation allowance include, but are not necessarily limited to, the following: • For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied; • For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 34 percent, consistent with published statistics of a major rating agency; • For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and • For other recoverables, management determines the valuation allowance for uncollectible reinsurance based on the specific facts and circumstances. The methods used to determine the reinsurance recoverable balance and related valuation allowance for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified. The methods used to determine the valuation allowance for uncollectible high deductible recoverable amounts and valuation allowance for insurance and reinsurance balances receivable are similar to the processes used to determine the valuation allowance for uncollectible reinsurance recoverable. For information on high deductible policies, refer to section i) Unpaid losses and loss expenses, below. Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force. e) Investments Fixed maturities, equity securities, and short-term investments Fixed maturities are classified as either available for sale or held to maturity. • Available for sale (AFS) portfolio is reported at fair value, net of a valuation allowance for credit losses, with changes in fair value recorded as a separate component of AOCI in Shareholders' equity. • Held to maturity (HTM) portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost, net of a valuation allowance for credit losses. Equity securities are reported at fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost. Interest, dividend income, and amortization of fixed maturity market premiums and discounts, related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statements of operations. Realized gains or losses on sales of investments are determined on a first-in, first-out basis. In addition, net investment income includes the amortization of the fair value adjustment related to the acquired invested assets of Cigna's business in Asia and the Chubb Corp. At December 31, 2022, the remaining balance of this fair value adjustment was $211 million which is expected to accrete as a net benefit over the next eleven years; however, the estimate could vary based on current market conditions, bond calls, and the duration of the acquired investment portfolio. In addition, sales of these acquired fixed maturities would also reduce the fair value adjustment balance. For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income. Valuation allowance for fixed income securities Management evaluates current expected credit losses (CECL) for all HTM securities each quarter. U.S. treasury and agency securities and U.S. government agency mortgage-backed securities are assumed to have no risk of non-payment and therefore are excluded from the CECL evaluation. The remaining HTM securities are evaluated for potential credit loss on a collective pool basis. We elected to pool HTM securities by 1) external credit rating and 2) time to maturity (duration). These characteristics are the most representative of similar risk characteristics within our portfolio. Chubb pools HTM securities and calculates an expected credit loss for each pool using Moody’s corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. The multiplier is based on the leading economic index and will adjust the average default frequency for a forward-looking economic outlook. Management monitors the credit quality of HTM securities through the review of external credit ratings on a quarterly basis. Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If management has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to Net realized gains and losses. If management does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and is recorded through income to Net realized gains and losses, and the non-credit loss portion is recorded through other comprehensive income. Examples of criteria that are collectively evaluated to determine if a credit loss has occurred include the following: • The extent to which the fair value is less than amortized cost; • Adverse conditions related to the security, industry, or geographic area; • Downgrades in the security's credit rating by a rating agency; and • Failure of the issuer to make scheduled principal or interest payments. AFS securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Chubb developed the projected cash flows using market data, issuer-specific information, and credit ratings. In combination with contractual cash flows and the use of historical default and recovery data by Moody's Investors Service (Moody's) rating category we generate expected cash flows using the average cumulative issuer-weighted global default rates by letter rating. If the present value of expected future cash flows is less than the amortized cost, a credit loss exists and an allowance for credit losses will be recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, management will conclude an expected credit loss does not exist. Management reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a fixed maturity security is identified to be uncollectible and written off, the valuation allowance for expected credit losses is reduced. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. Below are considerations for when a security may be deemed uncollectible: • We have sufficient information to determine that the issuer of the security is insolvent; • We receive notice that the issuer of the security has filed for bankruptcy, and the collectability is expected to be adversely impacted by the bankruptcy; • The issuer of a security has violated multiple debt covenants; • Amounts have been past due for a specified period of time with no response from the issuer; • A significant deterioration in the value of the collateral has occurred; and • We have received correspondence from the issuer of the security indicating that it doesn’t intend to pay the contractual principal and interest. We elected to not measure an allowance for accrued investment income as uncollectible balances are written off in a timely manner, typically 30 to 45 days after uncollected balances are due. Other investments Other investments principally comprise investment funds, limited partnerships, partially-owned investment companies, life insurance policies, policy loans, and non-qualified separate account assets. Investment funds and limited partnerships Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence are accounted for as follows. Generally, we own less than three percent of the investee’s shares. • Income and expenses from these funds are reported within Net investment income. • These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Refer to Note 4 for a further discussion on net asset value. • As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag. • Sales of these investments are reported within Net realized gains (losses). Partially-owned investment companies Partially-owned investment companies are limited partnerships where our ownership interest is in excess of three percent are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method. • This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense. • As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag. Other • Policy loans are carried at outstanding balance and interest income is reflected in Net investment income. • Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense. • Non-qualified separate account assets are supported by assets that do not qualify for separate accounting reporting under GAAP. The underlying securities are recorded on a trade date basis and carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense. Investments in partially-owned insurance companies Investments in partially-owned insurance companies primarily represent direct investments in which Chubb has significant influence and as such, meet the requirements for equity accounting. Generally, we own twenty percent or more of the investee’s shares. We report our share of the net income or loss of the partially-owned insurance companies in Other (income) expense. Securities lending program 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 which is recorded within Net investment income in the Consolidated statements of operations. Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. 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 fair value of the securities on loan is included in fixed maturities and equity securities in the Consolidated balance sheets. The securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest. Repurchase agreements Similar to securities lending arrangements, securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities and equity securities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statements of operations. Refer to Note 4 for a discussion on the determination of fair value for Chubb's various investment securities. f) Derivative instruments Derivative instruments are carried at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. We participate in these derivative instruments in two principal ways: (i) To sell protection to customers as an insurance or reinsurance contract that meets the definition of a derivative for accounting purposes . This category principally comprised our GLB contracts; and (ii) To mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities denominated in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency forward contracts. Refer to Note 10 for additional information. Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) in the C onsolidated statements of operations. Additionally, certain derivative instruments are designated as hedging instruments and qualify for hedge accounting. These derivatives designated as hedging instruments must be highly effective in mitigating the designated changes in fair value or cash flows of the hedged item. We assess at the hedge's inception, and continue to qualitatively assess on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to be highly effective in offsetting changes in the hedged items. Derivatives designated as hedging instruments include cross-currency swaps designated as fair value hedges for foreign currency exposure associated with portions of our euro denominated debt and net investment hedges for foreign currency exposure in the net investments of certain foreign subsidiaries. Refer to Note 10 for additional information. Changes in fair value of net investment hedges are recorded in Cumulative translation adjustments (CTA) within OCI. Changes in fair value of fair value hedges that principally offset the foreign currency remeasurement on the hedged debt is recorded within Net realized gains (losses) on the Consolidated statement of operations with the remaining change in fair value recorded in Other, within OCI. g) Cash We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Actual cash balances are not physically converted and are not commingled between legal entities. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $300 million in the aggregate). Our syndicated letter of credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool. 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: December 31 (in millions of U.S. dollars) 2022 2021 2020 Cash $ 2,012 $ 1,659 $ 1,747 Restricted cash 115 152 89 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 2,127 $ 1,811 $ 1,836 h) Goodwill, and Other intangible assets Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates it is more likely than not that carrying value exceeds fair value, we quantitatively estimate a reporting unit's fair value. Goodwill recorded in connection with investments in partially-owned insurance companies is recorded in Investments in partially-owned insurance companies and is also measured for impairment annually. Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally with an average original useful life of 25 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value. i) Unpaid losses and loss expenses A liability is established for the estimated unpaid losses a |
Accounting guidance not yet adopted | Accounting guidance adopted in 2023 Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued guidance to improve the recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require updating of assumptions at least annually, updating to then-current discount rates quarterly using a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for market risk benefits, simplified amortization of deferred acquisition costs and VOBA, and enhanced disclosures. We adopted the standard effective January 1, 2023, under the modified retrospective method. The most significant impact of the standard relates to our accounting for future policy benefits. Cash flow assumptions used to measure the liability for certain future policy benefits are to be reviewed and, if necessary, updated for both changes in future assumptions and actual experience at least annually. Additionally, the discount rate assumption used to measure the liability for certain future policy benefits is required to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through Other Comprehensive Income. Further, the amortization of deferred acquisition costs and VOBA will be required to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. We previously amortized deferred acquisition costs and VOBA using models linked to revenue or profit of the related insurance contracts. Upon adoption on January 1, 2023, we will record a cumulative effect adjustment and decrease January 1, 2021 beginning Shareholders' equity by approximately $1.8 billion after-tax. However, adoption of this guidance is expected to have an immaterial impact to Shareholders' equity at December 31, 2022. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions Cigna’s Accident and Health (A&H) and Life Insurance Business in Asia-Pacific Markets On July 1, 2022, we completed the acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in several Asian markets. Chubb paid approximately $5.4 billion in cash for the operations, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, collectively referred to as Cigna's business in Asia. This complementary strategic acquisition expands our presence and advances our long-term growth opportunity in Asia. Effective July 1, 2022, the results of operations of this acquired business are reported primarily in our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment. The consolidated financial statements include the results of Cigna's business in Asia from July 1, 2022. The acquisition of Cigna's business in Asia generated $1,250 million of goodwill, attributable to expected growth and profitability, and $309 million of other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition of Cigna's business in Asia generated $3,503 million of value of business acquired (VOBA). Refer to Note 6 for more information. Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreements that expired at the end of 2022. The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows. Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in Asia July 1 (in millions of U.S. dollars) 2022 Assets Investments and Cash $ 5,275 Accrued investment income 33 Insurance and reinsurance balances receivable 52 Reinsurance recoverable on losses and loss expenses 3 Reinsurance recoverable on future policy benefits 82 Value of business acquired 3,503 Goodwill and intangible assets 1,559 Other assets 649 Total assets $ 11,156 Liabilities Unpaid losses and loss expenses $ 12 Unearned premiums 59 Future policy benefits 3,817 Insurance and reinsurance balances payable 115 Accounts payable, accrued expenses, and other liabilities 924 Deferred tax liabilities 870 Total liabilities $ 5,797 Net acquired assets, including goodwill 5,359 Total $ 11,156 Direct costs related to the acquisition were expensed as incurred. Cigna integration expenses were $48 million for the year ended December 31, 2022, which include one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition. The following table summarizes the results of the acquired Cigna's A&H and Life business operations since the acquisition date that have been included within our Consolidated statements of operations. July 1, 2022 to (in millions of U.S. dollars) December 31, 2022 Total revenues $ 1,507 Net income $ 148 The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows: (in millions of U.S. dollars) Amount Weighted-average useful life Definite life Agency distribution relationships and renewal rights $ 230 22 years Unearned premium reserves (UPR) intangible asset 9 1 year Indefinite life Trademarks 70 Indefinite Total identified intangible assets $ 309 The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021, for each of the respective periods. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition. Pro forma: For the Year Ended December 31 (in millions of U.S. dollars, except per share data) 2022 2021 Net premiums earned $ 41,913 $ 39,495 Total revenues $ 44,673 $ 44,166 Net income $ 5,503 $ 8,921 Huatai Group Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 700 branches and approximately 19 million customers in China. As of December 31, 2022, Chubb's aggregate ownership interest in Huatai Group was 47.3 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations. During 2021, Chubb entered into agreements with several counterparties to purchase incremental ownership interests in Huatai Group totaling 31.8 percent for approximately $2 billion. In connection with these agreements, Chubb paid net deposits of $1.1 billion in 2021 and $184 million in 2022. Chubb entered into an agreement to acquire a 7.05 percent ownership interest in Huatai Group for approximately $0.5 billion, which was paid as a deposit in 2020. Completion of all such transactions would result in approximately 86.1 percent ownership in Huatai Group. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) Fixed maturities December 31, 2022 Amortized Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury / Agency $ 2,792 $ — $ 5 $ (171) $ 2,626 Non-U.S. 28,064 (59) 108 (2,205) 25,908 Corporate and asset-backed securities 40,547 (107) 49 (3,534) 36,955 Mortgage-backed securities 17,871 (3) 4 (2,021) 15,851 Municipal 4,081 — 8 (209) 3,880 $ 93,355 $ (169) $ 174 $ (8,140) $ 85,220 Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Held to maturity U.S. Treasury / Agency $ 1,417 $ — $ 1,417 $ 1 $ (48) $ 1,370 Non-U.S. 1,140 (4) 1,136 — (82) 1,054 Corporate and asset-backed securities 1,733 (28) 1,705 1 (126) 1,580 Mortgage-backed securities 1,456 (1) 1,455 — (104) 1,351 Municipal 3,136 (1) 3,135 1 (52) 3,084 $ 8,882 $ (34) $ 8,848 $ 3 $ (412) $ 8,439 December 31, 2021 Amortized Valuation Allowance Gross Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury / Agency $ 2,111 $ — $ 109 $ (6) $ 2,214 Non-U.S. 25,156 (8) 953 (272) 25,829 Corporate and asset-backed securities 37,844 (6) 1,410 (185) 39,063 Mortgage-backed securities 20,080 — 532 (123) 20,489 Municipal 5,302 — 216 (5) 5,513 $ 90,493 $ (14) $ 3,220 $ (591) $ 93,108 Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value Held to maturity U.S. Treasury / Agency $ 1,213 $ — $ 1,213 $ 34 $ (3) $ 1,244 Non-U.S. 1,201 (5) 1,196 66 — 1,262 Corporate and asset-backed securities 2,032 (28) 2,004 197 — 2,201 Mortgage-backed securities 1,731 (1) 1,730 74 (1) 1,803 Municipal 3,976 (1) 3,975 162 — 4,137 $ 10,153 $ (35) $ 10,118 $ 533 $ (4) $ 10,647 The following table presents the amortized cost of our HTM securities according to S&P rating: December 31 2022 2021 (in millions of U.S. dollars, except for percentages) Amortized cost % of Total Amortized cost % of Total AAA $ 1,612 18 % $ 2,089 21 % AA 5,023 57 % 5,303 52 % A 1,634 18 % 1,964 19 % BBB 593 7 % 773 8 % BB 20 — % 23 — % Other — — % 1 — % Total $ 8,882 100 % $ 10,153 100 % The following table presents fixed maturities by contractual maturity: December 31 2022 2021 (in millions of U.S. dollars) Net Carrying Value Fair Value Net Carrying Value Fair Value Available for sale Due in 1 year or less $ 2,962 $ 2,962 $ 4,498 $ 4,498 Due after 1 year through 5 years 24,791 24,791 25,542 25,542 Due after 5 years through 10 years 26,679 26,679 28,207 28,207 Due after 10 years 14,937 14,937 14,372 14,372 69,369 69,369 72,619 72,619 Mortgage-backed securities 15,851 15,851 20,489 20,489 $ 85,220 $ 85,220 $ 93,108 $ 93,108 Held to maturity Due in 1 year or less $ 1,015 $ 1,003 $ 888 $ 894 Due after 1 year through 5 years 3,658 3,531 3,744 3,846 Due after 5 years through 10 years 1,460 1,423 2,242 2,349 Due after 10 years 1,260 1,131 1,514 1,755 7,393 7,088 8,388 8,844 Mortgage-backed securities 1,455 1,351 1,730 1,803 $ 8,848 $ 8,439 $ 10,118 $ 10,647 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) Gross unrealized loss Fixed maturities in an unrealized loss position at December 31, 2022 and 2021 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. The following tables present, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, 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 December 31, 2022 Fair Value Gross Fair Value Gross Fair Value Gross (in millions of U.S. dollars) U.S. Treasury / Agency $ 2,152 $ (125) $ 386 $ (46) $ 2,538 $ (171) Non-U.S. 15,538 (1,012) 5,490 (704) 21,028 (1,716) Corporate and asset-backed securities 25,687 (1,793) 4,190 (552) 29,877 (2,345) Mortgage-backed securities 10,561 (1,033) 4,770 (941) 15,331 (1,974) Municipal 3,251 (152) 155 (48) 3,406 (200) Total AFS fixed maturities $ 57,189 $ (4,115) $ 14,991 $ (2,291) $ 72,180 $ (6,406) 0 – 12 Months Over 12 Months Total December 31, 2021 Fair Value Gross Fair Value Gross Fair Value Gross (in millions of U.S. dollars) U.S. Treasury / Agency $ 363 $ (3) $ 70 $ (3) $ 433 $ (6) Non-U.S. 6,917 (196) 1,093 (62) 8,010 (258) Corporate and asset-backed securities 9,449 (145) 806 (32) 10,255 (177) Mortgage-backed securities 8,086 (116) 190 (7) 8,276 (123) Municipal 226 (5) — — 226 (5) Total AFS fixed maturities $ 25,041 $ (465) $ 2,159 $ (104) $ 27,200 $ (569) The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Available for sale Valuation allowance for expected credit losses - beginning of period $ 14 $ 20 Provision for expected credit loss 237 14 Recovery of expected credit loss (82) (20) Valuation allowance for expected credit losses - end of period $ 169 $ 14 Held to maturity Valuation allowance for expected credit losses - beginning of period $ 35 $ 44 Provision for expected credit loss 2 1 Recovery of expected credit loss (3) (10) Valuation allowance for expected credit losses - end of period $ 34 $ 35 c) Net realized gains (losses) The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Fixed maturities: Gross realized gains $ 619 $ 142 $ 244 Gross realized losses (1,379) (123) (366) Net (provision for) recovery of expected credit losses (154) 14 11 Impairment (1) (135) (30) (170) Total fixed maturities (1,049) 3 (281) Equity securities (230) 662 586 Other investments (31) 111 (32) Foreign exchange 393 348 (483) Investment and embedded derivative instruments (43) (72) 81 Fair value adjustments on insurance derivative (63) 316 (202) S&P futures 187 (202) (108) Other derivative instruments (11) (8) 1 Other (118) (6) (60) Net realized gains (losses) (pre-tax) $ (965) $ 1,152 $ (498) Change in net unrealized appreciation (depreciation) on investments (pre-tax): Fixed maturities available for sale $ (10,583) $ (2,901) $ 2,628 Fixed maturities held to maturity (15) (18) (24) Other 20 (19) (12) Income tax (expense) benefit 1,043 521 (462) Change in net unrealized appreciation (depreciation) on investments (after-tax) $ (9,535) $ (2,417) $ 2,130 (1) Relates to certain securities we intended to sell and securities written to market entering default. Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Year Ended December 31 2022 2021 2020 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ (230) $ (31) $ (261) $ 662 $ 111 $ 773 $ 586 $ (32) $ 554 Less: Net gains recognized from sales of securities 409 — 409 157 — 157 455 — 455 Unrealized gains (losses) recognized for securities still held at reporting date $ (639) $ (31) $ (670) $ 505 $ 111 $ 616 $ 131 $ (32) $ 99 d) Other investments December 31 (in millions of U.S. dollars) 2022 2021 Alternative investments: Partially-owned investment companies $ 10,527 $ 9,210 Limited partnerships 1,455 631 Investment funds 373 267 Alternative investments 12,355 10,108 Life insurance policies 399 481 Policy loans 343 243 Non-qualified separate account assets (1) 223 278 Other 376 59 Total $ 13,696 $ 11,169 (1) Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP. Alternative investments Alternative investments include partially-owned investment companies, investment funds, and limited partnerships measured at fair value using net asset value (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: December 31 2022 2021 (in millions of U.S. dollars) Expected Liquidation Fair Value Maximum Fair Value Maximum Financial 2 to 10 Years $ 1,074 $ 505 $ 1,096 $ 267 Real assets 2 to 13 Years 2,166 681 1,193 766 Distressed 2 to 8 Years 1,048 755 753 641 Private credit 3 to 8 Years 215 429 84 279 Traditional 2 to 14 Years 7,424 5,025 6,647 5,200 Vintage 1 to 2 Years 55 — 68 — Investment funds Not Applicable 373 — 267 — $ 12,355 $ 7,395 $ 10,108 $ 7,153 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 Included in partially-owned investment companies and limited partnerships are 168 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio. 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 are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers. e) Investments in partially-owned insurance companies The following table presents Investments in partially-owned insurance companies: December 31, 2022 December 31, 2021 (in millions of U.S. dollars, except for percentages) Carrying Value Goodwill Direct Ownership Percentage Carrying Value Goodwill Direct Ownership Percentage Domicile Huatai Group $ 2,490 $ 1,247 47 % $ 2,698 $ 1,355 47 % China Huatai Life Insurance Company 215 65 20 % 253 71 20 % China Freisenbruch-Meyer 11 3 40 % 10 3 40 % Bermuda Chubb Arabia Cooperative Insurance Company 24 — 30 % 23 — 30 % Saudi Arabia Russian Reinsurance Company — — 23 % 4 — 23 % Russia ABR Reinsurance Ltd. 137 — 19 % 142 — 17 % Bermuda Total $ 2,877 $ 1,315 $ 3,130 $ 1,429 Chubb’s aggregate direct and indirect ownership in Huatai Life is 57.7 percent, comprising 20 percent direct and 37.7 percent indirect ownership interest at December 31, 2022. The table above excludes the 16.9 percent of additional ownership in Huatai Group that was acquired in January 2023 and 22.0 percent that is pend ing completion of certain closing conditions. Refer to Note 2 for additional information. f) Net investment income Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Fixed maturities (1) $ 3,594 $ 3,300 $ 3,321 Short-term investments 81 35 48 Other interest income 42 11 19 Equity securities 99 150 81 Other investments 104 147 82 Gross investment income (1) 3,920 3,643 3,551 Investment expenses (178) (187) (176) Net investment income (1) $ 3,742 $ 3,456 $ 3,375 (1) Includes amortization expense related to fair value adjustment of acquired invested assets $ (41) $ (84) $ (116) g) 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 are investments, primarily fixed maturities, totaling $15,721 million and $17,092 million, and cash of $115 million and $152 million, at December 31, 2022 and 2021, respectively. The following table presents the components of restricted assets: December 31 (in millions of U.S. dollars) 2022 2021 Trust funds $ 8,120 $ 9,915 Deposits with U.S. regulatory authorities 2,345 2,402 Deposits with non-U.S. regulatory authorities 2,959 2,873 Assets pledged under repurchase agreements 1,527 1,420 Other pledged assets 885 634 Total $ 15,836 $ 17,244 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2022 | |
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 or pricing models, 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) and may require the use of models to be priced. The lack of market based inputs 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 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. Securities lending collateral The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are cl assified 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 derivatives 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. Derivatives designated as hedging instruments Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments. 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 future policy benefit reserves for our guaranteed minimum death benefits (GMDB) and an increase in the fair value liability for our 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 i n 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. GLBs are recorded in Accounts payable, accrued expenses, and other liabilities 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. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy December 31, 2022 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury / Agency $ 2,100 $ 526 $ — $ 2,626 Non-U.S. — 25,344 564 25,908 Corporate and asset-backed securities — 34,506 2,449 36,955 Mortgage-backed securities — 15,840 11 15,851 Municipal — 3,880 — 3,880 2,100 80,096 3,024 85,220 Equity securities 737 — 90 827 Short-term investments 3,108 1,849 3 4,960 Other investments (1) 552 399 — 951 Securities lending collateral — 1,523 — 1,523 Investment derivatives 82 — — 82 Derivatives designated as hedging instruments — 17 — 17 Other derivative instruments 33 — — 33 Separate account assets 5,101 89 — 5,190 Total assets measured at fair value (1) $ 11,713 $ 83,973 $ 3,117 $ 98,803 Liabilities: Investment derivatives $ 139 $ — $ — $ 139 Derivatives designated as hedging instruments — 53 — 53 GLB (2) — — 736 736 Total liabilities measured at fair value $ 139 $ 53 $ 736 $ 928 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 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. December 31, 2021 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury / Agency $ 1,680 $ 534 $ — $ 2,214 Non-U.S. — 25,196 633 25,829 Corporate and asset-backed securities — 37,014 2,049 39,063 Mortgage-backed securities — 20,463 26 20,489 Municipal — 5,513 — 5,513 1,680 88,720 2,708 93,108 Equity securities 4,705 — 77 4,782 Short-term investments 1,744 1,395 7 3,146 Other investments (1) 286 481 — 767 Securities lending collateral — 1,831 — 1,831 Investment derivatives 58 — — 58 Separate account assets 5,461 99 — 5,560 Total assets measured at fair value (1) $ 13,934 $ 92,526 $ 2,792 $ 109,252 Liabilities: Investment derivatives $ 166 $ — $ — $ 166 Other derivative instruments 16 — — 16 GLB (2) — — 745 745 Total liabilities measured at fair value $ 182 $ — $ 745 $ 927 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 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. 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 at December 31 2022 Valuation Significant Ranges Weighted Average (1) GLB (1) $ 736 Actuarial model Lapse rate 3% - 30% 3.6 % Annuitization rate 0% - 100% 4.4 % (1) The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. 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. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable. 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 by blending the experience with data received from other ceding companies. 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. In the third quarter of 2022, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. As a result, we refined our policyholder behavior assumptions (mainly those relating to annuitizations and partial withdrawals). This refinement increased the fair value of GLB liabilities, and resulted in a realized loss of approximately $40 million. During the year ended December 31, 2022, we also made routine model refinements to the internal valuation model which had an insignificant impact on net income. 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 Available-for-Sale Debt Securities Equity Short-term investments GLB (1) Year Ended December 31, 2022 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities (in millions of U.S. dollars) Balance, beginning of year $ 633 $ 2,049 $ 26 $ 77 $ 7 $ 745 Transfers into Level 3 23 47 — 1 — — Transfers out of Level 3 (23) (97) (9) — — — Change in Net Unrealized Gains/Losses in OCI (53) (80) — — — — Net Realized Gains/Losses (6) (14) — 15 (2) 63 Purchases 156 921 4 9 3 — Sales (59) (85) — (12) — — Settlements (107) (292) (10) — (5) — Other — — — — — (72) Balance, end of year $ 564 $ 2,449 $ 11 $ 90 $ 3 $ 736 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (2) $ (9) $ — $ 14 $ (1) $ 63 Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ (53) $ (84) $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Assets Liabilities Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) Year Ended December 31, 2021 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities (in millions of U.S. dollars) Balance, beginning of year $ 546 $ 1,573 $ 60 $ 73 $ 5 $ 10 $ 1,089 Transfers into Level 3 24 91 — — — — — Transfers out of Level 3 (11) (76) (18) — — (10) — Change in Net Unrealized Gains/Losses in OCI (30) 15 — — (1) — — Net Realized Gains/Losses (1) (2) — 8 — — (316) Purchases 275 1,154 18 21 9 — — Sales (48) (99) (1) (25) — — — Settlements (122) (607) (33) — (6) — — Other — — — — — — (28) Balance, end of year $ 633 $ 2,049 $ 26 $ 77 $ 7 $ — $ 745 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ 3 $ — $ 5 $ — $ — $ (316) Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ (25) $ 17 $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Assets Liabilities Available-for-Sale Debt Securities Short-term investments GLB (1) Year Ended December 31, 2020 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities Equity Other (in millions of U.S. dollars) Balance, beginning of year $ 449 $ 1,451 $ 60 $ 69 $ 6 $ 10 $ 897 Transfers into Level 3 — 134 — — — — — Transfers out of Level 3 (16) (73) (1) (3) — — — Change in Net Unrealized Gains/Losses in OCI 19 (8) — — — — — Net Realized Gains/Losses (1) (30) — 1 (1) — 202 Purchases 274 708 2 23 14 — — Sales (122) (186) — (17) (2) — — Settlements (57) (423) (1) — (12) — — Other — — — — — — (10) Balance, end of year $ 546 $ 1,573 $ 60 $ 73 $ 5 $ 10 $ 1,089 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (5) $ — $ 4 $ — $ — $ 202 Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ 16 $ (6) $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. 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. Investments in partially-owned insurance companies Fair values for investments in partially-owned insurance companies are based on Chubb’s share of the net assets based on the financial statements provided by those companies and are excluded from the valuation hierarchy tables below. Short- and long-term debt, repurchase agreements, and trust preferred securities Where practical, fair values for short-term debt, long-term debt, repurchase agreements, and trust preferred securities are estimated using discounted cash flow calculations based principally on observable inputs including incremental borrowing rates, which reflect Chubb’s credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued. The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: December 31, 2022 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury / Agency $ 1,299 $ 71 $ — $ 1,370 $ 1,417 Non-U.S. — 1,054 — 1,054 1,136 Corporate and asset-backed securities — 1,580 — 1,580 1,705 Mortgage-backed securities — 1,351 — 1,351 1,455 Municipal — 3,084 — 3,084 3,135 Total assets $ 1,299 $ 7,140 $ — $ 8,439 $ 8,848 Liabilities: Repurchase agreements $ — $ 1,419 $ — $ 1,419 $ 1,419 Short-term debt — 473 — 473 475 Long-term debt — 12,495 — 12,495 14,402 Trust preferred securities — 383 — 383 308 Total liabilities $ — $ 14,770 $ — $ 14,770 $ 16,604 December 31, 2021 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury / Agency $ 1,192 $ 52 $ — $ 1,244 $ 1,213 Non-U.S. — 1,262 — 1,262 1,196 Corporate and asset-backed securities — 2,201 — 2,201 2,004 Mortgage-backed securities — 1,803 — 1,803 1,730 Municipal — 4,137 — 4,137 3,975 Total assets $ 1,192 $ 9,455 $ — $ 10,647 $ 10,118 Liabilities: Repurchase agreements $ — $ 1,406 $ — $ 1,406 $ 1,406 Short-term debt — 1,019 — 1,019 999 Long-term debt — 16,848 — 16,848 15,169 Trust preferred securities — 460 — 460 308 Total liabilities $ — $ 19,733 $ — $ 19,733 $ 17,882 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance a) Consolidated reinsurance Chubb purchases reinsurance to manage various exposures including catastrophe risks. Although reinsurance agreements contractually obligate Chubb's reinsurers to reimburse it for the agreed-upon portion of its gross paid losses, they do not discharge Chubb's primary liability. The amounts for net premiums written and net premiums earned in the Consolidated statements of operations are net of reinsurance. The following table presents direct, assumed, and ceded premiums: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Premiums written Direct $ 47,511 $ 42,811 $ 37,749 Assumed 4,502 3,969 3,512 Ceded (10,258) (8,912) (7,441) Net $ 41,755 $ 37,868 $ 33,820 Premiums earned Direct $ 46,154 $ 41,138 $ 37,037 Assumed 4,430 3,650 3,323 Ceded (10,195) (8,433) (7,243) Net $ 40,389 $ 36,355 $ 33,117 Ceded losses and loss expenses incurred were $7.0 billion, $6.1 billion, and $5.0 billion for the years ended December 31, 2022, 2021, and 2020, respectively. b) Reinsurance recoverable on ceded reinsurance December 31, 2022 December 31, 2021 (in millions of U.S. dollars) Net Reinsurance Recoverable (1) Valuation allowance Net Reinsurance Recoverable (1) Valuation allowance Reinsurance recoverable on unpaid losses and loss expenses $ 17,128 $ 289 $ 16,184 $ 271 Reinsurance recoverable on paid losses and loss expenses 1,773 62 1,182 58 Reinsurance recoverable on losses and loss expenses $ 18,901 $ 351 $ 17,366 $ 329 Reinsurance recoverable on policy benefits $ 303 $ 4 $ 213 $ 4 (1) Net of valuation allowance for uncollectible reinsurance. The increase in reinsurance recoverable on losses and loss expenses in 2022 was primarily due to higher underlying ceded exposures reflecting premium growth and prior period development in certain lines, partially offset by foreign currency movement. The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Valuation allowance for uncollectible reinsurance - beginning of period $ 329 $ 314 Provision for uncollectible reinsurance 43 66 Write-offs charged against the valuation allowance (19) (50) Foreign exchange revaluation (2) (1) Valuation allowance for uncollectible reinsurance - end of period $ 351 $ 329 The following tables present a listing, at December 31, 2022, of the categories of Chubb's reinsurers: December 31, 2022 Gross Reinsurance Recoverable on Losses and Loss Expenses Valuation allowance for Uncollectible Reinsurance % of Gross Reinsurance Recoverable (in millions of U.S. dollars, except for percentages) Categories Largest reinsurers $ 10,826 $ 114 1.1 % Other reinsurers rated A- or better 4,161 47 1.1 % Other reinsurers rated lower than A- or not rated 443 70 15.8 % Pools 425 14 3.3 % Structured settlements 507 11 2.2 % Captives 2,455 13 0.5 % Other 435 82 18.8 % Total $ 19,252 $ 351 1.8 % Largest Reinsurers ABR Reinsurance Capital Holdings HDI Group (Hannover Re) Partner Re Group Swiss Re Group Alleghany Corp Lloyd's of London Renaissance Re Holdings Ltd Berkshire Hathaway Insurance Group Munich Re Group Starr International Group Categories of Chubb's reinsurers Comprises: Largest reinsurers • All groups of reinsurers or captives where the gross recoverable exceeds one percent of Chubb's total shareholders' equity. Other reinsurers rated A- or better • All reinsurers rated A- or better that were not included in the largest reinsurer category. Other reinsurers rated lower than A- or not rated • All reinsurers rated lower than A- or not rated that were not included in the largest reinsurer category. Pools • Related to Chubb's voluntary pool participation and Chubb's mandatory pool participation required by law in certain states. Structured settlements • Annuities purchased from life insurance companies to settle claims. Since we retain ultimate liability in the event that the life company fails to pay, we reflect the amounts as both a liability and a recoverable/receivable for GAAP purposes. Captives • Companies established and owned by our insurance clients to assume a significant portion of their direct insurance risk from Chubb; structured to allow clients to self-insure a portion of their reinsurance risk. It generally is our policy to obtain collateral equal to expected losses. Where appropriate, exceptions are granted but only with review and approval at a senior officer level. Excludes captives included in the largest reinsurer category. Other • Amounts recoverable that are in dispute or are from companies that are in supervision, rehabilitation, or liquidation. |
Goodwill, Other intangible asse
Goodwill, Other intangible assets, and Value of business acquired | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill, Other intangible assets, and Value of business acquired Goodwill The following table presents a roll-forward of Goodwill by segment: (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 Chubb Consolidated Balance at December 31, 2020 $ 6,972 $ 2,240 $ 134 $ 4,836 $ 371 $ 847 $ 15,400 Foreign exchange revaluation and other — — — (183) — (4) (187) Balance at December 31, 2021 $ 6,972 $ 2,240 $ 134 $ 4,653 $ 371 $ 843 $ 15,213 Acquisition of Cigna's business in Asia — — — 90 — 1,160 1,250 Foreign exchange revaluation and other (27) (10) — (138) — (1) (176) Balance at December 31, 2022 $ 6,945 $ 2,230 $ 134 $ 4,605 $ 371 $ 2,002 $ 16,287 Other intangible assets Other intangible assets that are subject to amortization principally relate to agency distribution relationships and renewal rights and other intangible assets that are not subject to amortization principally relate to trademarks. December 31 (in millions of U.S. dollars) 2022 2021 Subject to amortization $ 2,459 $ 2,508 Not subject to amortization 2,982 2,947 Total $ 5,441 $ 5,455 Amortization expense related to purchased intangibles was $285 million, $287 million, and $290 million for the years ended December 31, 2022, 2021, and 2020, respectively. The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years: For the Years Ending December 31 (in millions of U.S. dollars) Total Amortization of purchased intangibles 2023 $ 281 2024 260 2025 242 2026 220 2027 205 Total $ 1,208 VOBA Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts, and is amortized in relation to the profit emergence of the underlying contracts, in a manner similar to deferred acquisition costs. The VOBA calculation is based on many factors including mortality, morbidity, persistency, investment yields, expenses, and the discount rate, with the discount rate being the most significant factor. The following table presents a roll-forward of VOBA: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Balance, beginning of year $ 236 $ 263 $ 306 Acquisition of Cigna's business in Asia 3,503 — — Amortization of VOBA (1) (164) (22) (27) Foreign exchange revaluation and other 21 (5) (16) Balance, end of year $ 3,596 $ 236 $ 263 (1) Recognized in Policy acquisition costs in the Consolidated statements of operations. For the year ended December 31, 2022, amortization of VOBA associated with the acquisition of Cigna's business in Asia was $145 million pre-tax. The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense related to VOBA for the next five years at current foreign currency exchange rates: For the Years Ending December 31 VOBA (in millions of U.S. dollars) 2023 $ 333 2024 299 2025 270 2026 243 2027 219 |
Unpaid losses and loss expenses
Unpaid losses and loss expenses | 12 Months Ended |
Dec. 31, 2022 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Unpaid Losses and Loss Expenses | Unpaid losses and loss expenses Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2022, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed. The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Gross unpaid losses and loss expenses, beginning of year $ 72,943 $ 67,811 $ 62,690 Reinsurance recoverable on unpaid losses (1) (16,184) (14,647) (14,181) Net unpaid losses and loss expenses, beginning of year 56,759 53,164 48,509 Net losses and loss expenses incurred in respect of losses occurring in: Current year 24,495 22,966 22,124 Prior years (2) (1,153) (986) (414) Total 23,342 21,980 21,710 Net losses and loss expenses paid in respect of losses occurring in: Current year 8,117 7,836 7,782 Prior years 12,206 10,048 9,652 Total 20,323 17,884 17,434 Foreign currency revaluation and other (583) (501) 379 Net unpaid losses and loss expenses, end of year 59,195 56,759 53,164 Reinsurance recoverable on unpaid losses (1) 17,128 16,184 14,647 Gross unpaid losses and loss expenses, end of year $ 76,323 $ 72,943 $ 67,811 (1) Net of valuation allowance 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 $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively. The increase in gross and net unpaid losses and loss expense in 2022 is due to an increase in underlying exposure due to premium growth, increased loss severity trends and net catastrophe losses, partially offset by favorable prior period developmen t, and favorable foreign exchange movement. The increase in gross and net unpaid losses and loss expense in 2021 is due to an increase in underlying exposure due to premium growth, partially offset by favorable prior period development. The loss development tables under section c) below, present Chubb’s historical incurred and paid claims development by broad product line through December 31, 2022, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information. Recent period inflation is higher than the levels underlying our loss development triangles. To account for this, our loss estimates for a number of product lines include explicit adjustments by accident year for the potential increase in ultimate claim severity. The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet: Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses (in millions of U.S. dollars) December 31, 2022 Presented in the loss development tables: North America Commercial P&C Insurance — Workers' Compensation $ 9,962 North America Commercial P&C Insurance — Liability 20,014 North America Commercial P&C Insurance — Other Casualty 2,530 North America Commercial P&C Insurance — Non-Casualty 3,253 North America Personal P&C Insurance 3,225 Overseas General Insurance — Casualty 7,287 Overseas General Insurance — Non-Casualty 3,206 Global Reinsurance — Casualty 1,208 Global Reinsurance — Non-Casualty 494 Excluded from the loss development tables: Other 5,210 Net unpaid loss and allocated loss adjustment expense 56,389 Ceded unpaid loss and allocated loss adjustment expense: North America Commercial P&C Insurance — Workers' Compensation 1,274 North America Commercial P&C Insurance — Liability 6,920 North America Commercial P&C Insurance — Other Casualty 888 North America Commercial P&C Insurance — Non-Casualty 1,883 North America Personal P&C Insurance 530 Overseas General Insurance — Casualty 2,481 Overseas General Insurance — Non-Casualty 1,702 Global Reinsurance — Casualty 55 Global Reinsurance — Non-Casualty 171 Other 1,410 Ceded unpaid loss and allocated loss adjustment expense 17,314 Unpaid loss and loss expense on other than short-duration contracts (1) 943 Unpaid unallocated loss adjustment expenses 1,677 Unpaid losses and loss expenses $ 76,323 (1) Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves. Business excluded from the loss development tables “Other” shown in the reconciliation table comprises businesses excluded from the loss development tables: • Corporate segment business, which includes run-off liabilities such as asbestos, environmental, and molestation and other mass tort exposures and which impact accident years older than those shown in the loss development tables; • North America Agricultural Insurance segment business, which is short-tailed with the majority of the liabilities expected to be resolved in the ensuing twelve months; and • Certain subsets of our business due to data limitations or unsuitability to the loss development table presentation, including: ◦ Various loss portfolio transfers; by convention, all premium and losses associated with these transactions are recorded to the policy period of the transaction, even though the accident dates of the claims covered may be a decade or more in the past. We also underwrite certain high attachment, high limit, multiple-line and excess of aggregate coverages for large commercial clients. Changes in incurred loss and cash flow patterns are volatile and sufficiently different from those of typical insureds. This category includes the Alternative Risk Solutions business within the North America Commercial P&C Insurance segment; ◦ 2015 and prior paid history on a subset of previously acquired international businesses, within the Overseas General Insurance segment, due to limitations on the data prior to the acquisition; ◦ Purchase accounting adjustments related to unpaid losses and loss expenses for Chubb Corp; ◦ Reinsurance recoverable bad debt; and ◦ Balances with insufficient detail. a) Description of Reserving Methodologies Our recorded reserves represent management's best estimate of the provision for unpaid claims as of the balance sheet date. The process of establishing loss and loss expense reserves can be complex and is subject to considerable uncertainty as it requires the use of estimates and judgments based on circumstances underlying the insured loss at the date of accrual. The reserves for our various product lines each require different qualitative and quantitative assumptions and judgments to be made. Management's best estimate is developed after collaboration with actuarial, underwriting, claims, legal, and finance departments and culminates with the input of reserve committees. Each business unit reserve committee includes the participation of the relevant parties from actuarial, finance, claims, and unit senior management and has the responsibility for finalizing, recommending and approving the estimate to be used as management's best estimate. Reserves are further reviewed by Chubb's Chief Actuary and senior management. The objective of such a process is to determine a single estimate that we believe represents a better estimate than any other and which is viewed by management to be the best estimate of ultimate loss settlements. This estimate is based on a combination of exposure and experience-based actuarial methods (described below) and other considerations such as claims reviews, reinsurance recovery assumptions and/or input from other knowledgeable parties such as underwriting. Exposure-based methods are most commonly used on relatively immature origin years (i.e., the year in which the losses were incurred — “accident year” or “report year”), while experience-based methods provide a view based on the projection of loss experience that has emerged as of the valuation date. Greater reliance is placed upon experience-based methods as the pool of emerging loss experience grows and where it is deemed sufficiently credible and reliable as the basis for the estimate. In comparing the held reserve for any given origin year to the actuarial projections, judgment is required as to the credibility, uncertainty and inherent limitations of applying actuarial techniques to historical data to project future loss experience. Examples of factors that impact such judgments include, but are not limited to, the following: • nature and complexity of underlying coverage provided and net limits of exposure provided; • segmentation of data to provide sufficient homogeneity and credibility for loss projection methods; • extent of credible internal historical loss data and reliance upon industry information as required; • historical variability of actual loss emergence compared with expected loss emergence; • reported and projected loss trends; • extent of emerged loss experience relative to the remaining expected period of loss emergence; • rate monitor information for new and renewal business; • changes in claims han dling practice, including impact of COVID-19 on adjudication environment; • inflation; • the legal environment, including impact of COVID-19 on judicial proceedings; • facts and circumstances of large claims; • terms and conditions of the contracts sold to our insured parties; • impact of applicable reinsurance recoveries; and • nature and extent of underlying assumptions. We have actuarial staff within each of our business units who analyze loss reserves (including loss expenses) and regularly project estimates of ultimate losses and the corresponding indications of the required IBNR reserve. Our reserving approach is a comprehensive ground-up process using data at a detailed level that reflects the specific types and coverages of the diverse products written by our various operations. The data presented in this disclosure was prepared on a more aggregated basis and with a focus on changes in incurred loss estimates over time as well as associated cash flows. We note that data prepared on this basis may not demonstrate the full spectrum of characteristics that are evident in the more detailed level studied internally. We perform an actuarial reserve review for each product line at least once a year. For most product lines, one or more standard actuarial reserving methods may be used to determine estimates of ultimate losses and loss expenses, and from these estimates, a single actuarial central estimate is selected. The actuarial central estimate is an input to the reserve committee process described above. For the few product lines that do not lend themselves to standard actuarial reserving methods, appropriate techniques are applied to produce the actuarial central estimates. For example, run-off asbestos and environmental liability estimates are better suited to the application of account-specific exposure-based analyses to best evaluate their associated aggregate reserve levels. b) Standard actuarial reserving methods The judgments involved in projecting the ultimate losses include the use and interpretation of various standard actuarial reserving methods that place reliance on the extrapolation of actual historical data, loss development patterns, industry data, and other benchmarks as appropriate. Standard actuarial reserving methods include, but are not limited to, expected loss ratio, paid and reported loss development, and Bornhuetter-Ferguson methods. A general description of these methods is provided below. In addition to these standard methods, depending upon the product line characteristics and available data, we may use other recognized actuarial methods and approaches. Implicit in the standard actuarial methods that we generally utilize is the need for two fundamental assumptions: first, the pattern by which losses are expected to emerge over time for each origin year, and second, the expected loss ratio for each origin year. The expected loss ratio for any particular origin year is selected after consideration of a number of factors, including historical loss ratios adjusted for rate changes, premium and loss trends, industry benchmarks, the results of policy level loss modeling at the time of underwriting, and/or other more subjective considerations for the product line (e.g., terms and conditions) and external environment as noted above. The expected loss ratio for a given origin year is initially established at the start of the origin year as part of the planning process. This analysis is performed in conjunction with underwriters and management. The expected loss ratio method arrives at an ultimate loss estimate by multiplying the expected ultimate loss ratio by the corresponding premium base. This method is most commonly used as the basis for the actuarial central estimate for immature origin periods on product lines where the actual paid or reported loss experience is not yet deemed sufficiently credible to serve as the principal basis for the selection of ultimate losses. The expected loss ratio for a given origin year may be modified over time if the underlying assumptions differ from the original assumptions (e.g., the assessment of prior year loss ratios, loss trend, rate changes, actual claims, or other information). Our selected paid and reported development patterns provide a benchmark against which the actual emerging loss experience can be monitored. Where possible, development patterns are selected based on historical loss emergence by origin year. For product lines where the historical data is viewed to have low statistical credibility, the selected development patterns also reflect relevant industry benchmarks and/or experience from similar product lines written elsewhere within Chubb. This most commonly occurs for relatively new product lines that have limited historical data or for high severity/low frequency portfolios where our historical experience exhibits considerable volatility and/or lacks credibility. The paid and reported loss development methods convert the selected loss emergence pattern to a set of multiplicative factors which are then applied to actual paid or reported losses to arrive at an estimate of ultimate losses for each period. Due to their multiplicative nature, the paid and reported loss development methods will leverage differences between actual and expected loss emergence. These methods tend to be utilized for more mature origin periods and for those portfolios where the loss emergence has been relatively consistent over time. The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the loss development method, where the loss development method is given more weight as the origin year matures. This approach allows a logical transition between the expected loss ratio method which is generally utilized at earlier maturities and the loss development methods which are typically utilized at later maturities. We usually apply this method using reported loss data although paid data may also be used. Short-tail business Short-tail business generally describes product lines for which losses are typically known and paid shortly after the loss occurs. This would include, for example, most property, personal accident, and automobile physical damage policies that we write. Due to the short reporting and development pattern for these product lines, the uncertainty associated with our estimate of ultimate losses for any particular accident period diminishes relatively quickly as actual loss experience emerges. We typically assign credibility to methods that incorporate actual loss emergence, such as the paid and reported loss development and Bornhuetter-Ferguson methods, sooner than would be the case for long-tail lines at a similar stage of development for a given origin year. The reserving process for short-tail losses arising from catastrophic events typically involves an assessment by the claims department, in conjunction with underwriters and actuaries, of our exposure and estimated losses immediately following an event and then subsequent revisions of the estimated losses as our insureds provide updated actual loss information. Long-tail business Long-tail business describes lines of business for which specific losses may not be known/reported for some period and for which claims can take signif icant time to settle/close. This includes most casualty lines such as general liability, D&O, and workers' compensation. There are various factors contributing to the uncertainty and volatility of long-tail business, including the indirect impact of COVID-19 that has changed loss reporting and development patterns. In addition, uncertain future inflationary trends, changes in future legal environments, and the potential impact of major claims, such as molestation claims including the Boy Scouts of America (BSA) agreement-in-principle, added to the uncertainty and volatility in the long-tail business. Other factors are : • The nature and complexity of underlying coverage provided and net limits of exposure provided ; • Our historical loss data and experience is sometimes too immature and lacking in credibility to rely upon for reserving purposes. Where this is the case, in our reserve analysis we may utilize industry loss ratios or industry benchmark development patterns that we believe reflect the nature and coverage of the underwritten business and its future development, where available. For such product lines, actual loss experience may differ from industry loss statistics as well as loss experience for previous underwriting years; • The difficulty in estimating loss trends, claims inflation (e.g., medical and judicial) and underlying economic conditions; • The need for professional judgment to estimate loss development patterns beyond that represented by historical data using supplemental internal or industry data, extrapolation, or a blend of both; • The need to address shifts in business mix or volume over time when applying historical paid and reported loss development patterns from older origin years to more recent origin years. For example, changes over time in the processes and procedures for establishing case reserves can distort reported loss development patterns or changes in ceded reinsurance structures by origin year can alter the development of paid and reported losses; • Loss reserve analyses typically require loss or other data be grouped by common characteristics in some manner. If data from two combined lines of business exhibit different characteristics, such as loss payment patterns, the credibility of the reserve estimate could be affected. Additionally, since casualty lines of business can have significant intricacies in the terms and conditions afforded to the insured, there is an inherent risk as to the homogeneity of the underlying data used in performing reserve analyses; and • The applicability of the price change data used to estimate ultimate loss ratios for most recent origin years. As described above, various factors are considered when determining appropriate data, assumptions, and methods used to establish the loss reserve estimates for long-tail product lines. These factors may also vary by origin year for given product lines. The derivation of loss development patterns from data and the selection of a tail factor to project ultimate losses from actual loss emergence require considerable judgment, particularly with respect to the extent to which historical loss experience is relied upon to support changes in key reserving assumptions. c) Loss Development Tables The tables were designed to present business with similar risk characteristics which exhibit like development patterns and generally similar trends, in order to provide insight into the nature, amount, timing and uncertainty of cash flows related to our claims liabilities. Each table follows a similar format and reflects the following: • The incurred loss triangle includes both reported case reserves and IBNR liabilities. • Both the incurred and paid loss triangles include allocated loss adjustment expense (i.e., defense and investigative costs particular to individual claims) but exclude unallocated loss adjustment expense (i.e., the costs associated with internal claims staff and third-party administrators). • The amounts in both triangles for the years ended December 31, 2013, to December 31, 2021, and average historical claim duration as of December 31, 2022, are presented as supplementary information. • All data presented in the triangles is net of reinsurance recoverables. • The IBNR reserves shown to the right of each incurred loss development exhibit reflect the net IBNR recorded as of December 31, 2022. • The tables are presented retrospectively with respect to acquisitions where these are material and doing so is practicable. Most notably, the Chubb Corp acquisition is presented retrospectively. The unaudited consolidated data is presented solely for informational purposes and is not necessarily indicative of the consolidated data that might have been observed had the transactions been completed prior to the date indicated. Historical dollar amounts are presented in this footnote on a constant-dollar basis, which is achieved by assuming constant foreign exchange rates for all periods in the loss triangles, translating prior period amounts using the same local currency exchange rates as the current year end. The impact of this conversion is to show the change between periods exclusive of the effect of fluctuations in exchange rates, which would otherwise distort the change in incurred loss and cash flow patterns shown. The change in incurred loss shown will differ from other GAAP disclosures of incurred prior period reserve development amounts, which include the effect of fluctuations in exchanges rates. We provided guidance above on key assumptions that should be considered when reviewing this disclosure and information relating to how loss reserve estimates are developed. We believe the information provided in the “Loss Development Tables” section of the disclosure is of limited use for independent analysis or application of standard actuarial estimations. Cumulative Number of Reported Claims Reported claim counts, on a cumulative basis, are provided to the far right of each incurred loss development table. In our North America segments, we generally consider a reported claim to be one claim per coverage per claimant. In our Overseas General Insurance segment, we generally consider a reported claim to be on a per occurrence basis. Global Reinsurance segment’s portfolio comprises a mix of proportional and non-proportional treaties. The proportional treaties are reported on a bulk basis and do not lend themselves to meaningful claim count data. As such, we do not provide claim count information for our Global Reinsurance segment. We exclude claims closed without payment. Claims are counted on a direct basis without consideration of ceded reinsurance. Use of the presented claim counts in analysis of company experience has significant limitations, including: • Claims for certain events and/or product lines, such as portions of our A&H business, are not reported on an individual basis, but rather in bulk and thus not available for inclusion in this disclosure. • Each segment typically has a mixture of primary and excess experience which has shifted over time. • Captive business, especially in Workers' Compensation and Liability, largely represents fronted business where our net exposure to loss is minimal; however, since the claim count is based on direct claims, there is a mismatch between direct claims and net loss dollars, the extent of which varies by accident year . Reported claim counts include open claims which have case reserves but exclude claims that have been incurred but not reported. As such the reported claims are not consistent with the incurred losses in the triangle, which include incurred but not reported losses. One can calculate reported losses by subtracting incurred but not reported losses from incurred losses in the triangle. Reported claim counts are also inconsistent with losses in the paid loss triangle, since reported counts would include claims with case reserves but no payments to date. North America Commercial P&C Insurance — Workers' Compensation — Long-tail This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages. The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-60. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,109 $ 1,108 $ 1,122 $ 1,127 $ 1,086 $ 1,073 $ 1,037 $ 1,014 $ 989 $ 968 $ 219 43 2014 1,207 1,201 1,217 1,215 1,163 1,100 1,073 1,037 1,007 264 45 2015 1,282 1,259 1,276 1,279 1,217 1,154 1,128 1,092 338 50 2016 1,366 1,361 1,383 1,378 1,269 1,206 1,177 380 52 2017 1,412 1,380 1,399 1,393 1,376 1,176 465 50 2018 1,359 1,361 1,380 1,385 1,384 631 51 2019 1,391 1,384 1,400 1,409 656 48 2020 1,367 1,388 1,409 852 31 2021 1,348 1,330 780 37 2022 1,344 988 32 Total $ 12,296 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 107 $ 286 $ 422 $ 506 $ 553 $ 587 $ 616 $ 633 $ 650 $ 664 2014 113 295 410 484 532 566 599 617 634 2015 116 301 418 501 564 606 628 645 2016 122 326 452 529 584 621 653 2017 120 313 437 516 564 601 2018 130 329 451 528 597 2019 143 341 467 575 2020 111 282 390 2021 120 331 2022 131 Total $ 5,221 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 2,887 Accident years 2013 - 2022 from tables above 7,075 All Accident years $ 9,962 North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (132) Accident years 2013 - 2022 from tables above (305) All Accident years $ (437) Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 10 % 16 % 10 % 7 % 5 % 3 % 3 % 2 % 2 % 1 % North America Commercial P&C Insurance — Liability — Long-tail This line consists of primary and excess general liability exposures, medical liability, and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability. The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses. This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 3,540 $ 3,534 $ 3,534 $ 3,524 $ 3,422 $ 3,208 $ 3,115 $ 2,958 $ 2,950 $ 2,997 $ 247 25 2014 3,528 3,578 3,667 3,710 3,648 3,463 3,340 3,192 3,142 278 24 2015 3,552 3,701 3,810 3,966 3,934 3,727 3,700 3,569 390 27 2016 3,526 3,587 3,684 3,797 3,792 3,764 3,755 589 27 2017 3,315 3,491 3,573 3,623 3,545 3,434 758 26 2018 3,367 3,485 3,688 3,820 3,900 1,041 28 2019 3,445 3,620 3,858 4,050 1,488 30 2020 4,102 3,826 3,919 2,184 24 2021 4,315 4,349 3,263 24 2022 4,561 4,176 24 Total $ 37,676 North America Commercial P&C Insurance — Liability — Long-tail (continued) Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 129 $ 546 $ 1,189 $ 1,593 $ 2,003 $ 2,228 $ 2,369 $ 2,460 $ 2,520 $ 2,609 2014 164 678 1,248 1,801 2,199 2,439 2,580 2,669 2,753 2015 138 604 1,203 1,852 2,287 2,527 2,743 2,921 2016 171 662 1,334 1,973 2,331 2,593 2,820 2017 161 616 1,160 1,698 2,000 2,322 2018 189 753 1,301 1,773 2,335 2019 175 669 1,245 1,888 2020 152 589 1,147 2021 174 608 2022 144 Total $ 19,547 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 1,885 Accident years 2013 - 2022 from tables above 18,129 All Accident years $ 20,014 Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 98 Accident years 2013 - 2022 from tables above 145 All Accident years $ 243 Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 4 % 13 % 16 % 16 % 12 % 8 % 5 % 4 % 2 % 3 % North America Commercial P&C Insurance — Other Casualty — Long-tail This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 525 $ 530 $ 521 $ 514 $ 468 $ 461 $ 461 $ 457 $ 459 $ 458 $ 8 17 2014 594 582 580 595 554 537 538 530 526 6 17 2015 486 469 500 514 457 454 462 457 23 15 2016 503 501 527 523 480 479 469 27 16 2017 531 565 576 616 604 590 36 17 2018 535 563 574 579 575 25 17 2019 605 636 685 743 143 17 2020 640 633 656 265 11 2021 675 709 379 12 2022 782 611 11 Total $ 5,965 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 68 $ 196 $ 270 $ 348 $ 384 $ 410 $ 418 $ 425 $ 438 $ 44 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Taxation | Taxation Under Swiss law through December 31, 2022, a resident company is subject to income tax at the federal, cantonal, and communal levels that is levied on net worldwide income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Furthermore, participation relief (i.e., tax relief) is granted to Chubb Limited at the federal, cantonal, and communal level for qualifying dividend income. Chubb Limited is subject to an annual cantonal and communal capital tax on the taxable equity of Chubb Limited in Switzerland. Chubb has two Swiss operating subsidiaries, an insurance company, Chubb Insurance (Switzerland) Limited and a reinsurance company, Chubb Reinsurance (Switzerland) Limited. Both are subject to federal, cantonal, and communal income tax and to annual cantonal and communal capital tax. Under current Bermuda law, Chubb Limited and its Bermuda subsidiaries are not required to pay any taxes on income or capital gains. If a Bermuda law were enacted that would impose taxes on income or capital gains, Chubb Limited and the Bermuda subsidiaries have received written assurances from the Minister of Finance in Bermuda that would exempt such companies from Bermudian taxation until March 2035. Income from Chubb's operations at Lloyd's is subject to United Kingdom (U.K.) corporation income taxes. Lloyd's is required to pay U.S. income tax on U.S. connected income written by Lloyd's syndicates. Lloyd's has a closing agreement with the Internal Revenue Service (IRS) whereby the amount of tax due on this business is calculated by Lloyd's and remitted directly to the IRS. These amounts are then charged to the accounts of Chubb's Corporate Members in proportion to their participation in the relevant syndicates. Chubb's Corporate Members are subject to this arrangement but, as U.K. domiciled companies, will receive U.K. corporation tax credits for any U.S. income tax incurred up to the value of the equivalent U.K. corporation income tax charge on this income. Chubb Group Holdings and its respective subsidiaries are subject to income taxes imposed by U.S. authorities and file a consolidated U.S. Federal income tax return. Should Chubb Group Holdings pay a dividend to Chubb Limited, withholding taxes would apply. Currently, however, no withholding taxes are accrued with respect to such un-remitted earnings as management has no intention of remitting these earnings. Similarly, no taxes have been provided on the un-remitted earnings of certain foreign subsidiaries (Chubb Life Insurance Hong Kong Limited and Chubb Life Insurance Korea Company Ltd.) as management has no intention of remitting these earnings. The cumulative amount that would be subject to withholding tax, if distributed, as well as the determination of the associated tax liability are not practicable to compute; however, such amount would be material. Certain international operations of Chubb are also subject to income taxes imposed by the jurisdictions in which they operate. Chubb's domestic operations are in Switzerland, the jurisdiction where we are legally organized, incorporated, and registered. As a result of Swiss federal tax reform which was effective in 2020, the tax rate changed from 7.83 percent to 21.2 percent. The tax rate further changed to 19.7 percent for 2021 and 2022 due to changes in Cantonal tax rates. The following table presents pre-tax income and the related provision for income taxes: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Pre-tax income: Switzerland $ 234 $ 349 $ 350 Outside Switzerland 6,334 9,467 3,812 Total pre-tax income $ 6,568 $ 9,816 $ 4,162 Provision for income taxes Current tax expense: Switzerland $ 15 $ 65 $ 52 Outside Switzerland 1,066 1,294 876 Total current tax expense 1,081 1,359 928 Deferred tax expense (benefit): Switzerland 34 (15) 2 Outside Switzerland 140 (67) (301) Total deferred tax expense (benefit) 174 (82) (299) Provision for income taxes $ 1,255 $ 1,277 $ 629 The most significant jurisdictions contributing to the overall taxation of Chubb are calculated using the following rates in 2022: Switzerland 19.7 percent, U.S. 21.0 percent, U.K. 19.0 percent, and Bermuda 0.0 percent. The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Expected tax provision at Swiss statutory tax rate $ 1,291 $ 1,934 $ 880 Permanent differences: Taxes on earnings subject to rate other than Swiss statutory rate (244) (740) (337) Net withholding taxes 75 78 67 Other 133 5 19 Provision for income taxes $ 1,255 $ 1,277 $ 629 The following table presents the components of net deferred tax assets and liabilities: December 31 (in millions of U.S. dollars) 2022 2021 Deferred tax assets: Loss reserve discount $ 1,001 $ 950 Unearned premiums reserve 417 544 Foreign tax credits 76 156 Loss carry-forwards 104 139 Investments 57 — Unrealized depreciation on investments 1,387 — Depreciation 126 190 Other 175 296 Total deferred tax assets 3,343 2,275 Valuation allowance 916 92 Deferred tax assets, net of valuation allowance 2,427 2,183 Deferred tax liabilities: Deferred policy acquisition costs 276 679 Other intangible assets, including VOBA 2,194 1,268 Un-remitted foreign earnings 249 121 Investments — 144 Unrealized appreciation on investments — 360 Total deferred tax liabilities 2,719 2,572 Net deferred tax liabilities $ (292) $ (389) The valuation allowance of $916 million and $92 million at December 31, 2022 and 2021, respectively, reflects management's assessment, based on available information, that it is more likely than not that a portion of the deferred tax assets will not be realized due to the inability of certain subsidiaries to generate sufficient taxable income. Adjustments to the valuation allowance are made when there is a change in management's assessment of the amount of deferred tax assets that are realizable. For the year ended December 31, 2022, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $815 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize the tax benefit of these losses, we considered realized gains, carryback ability and available tax planning strategies. At December 31, 2022, Chubb has net operating loss carry-forwards of $346 million which, if unused, will expire starting in 2023, and a foreign tax credit carry-forward in the amount of $76 million which, if unused, will expire starting in 2028. The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Balance, beginning of year $ 64 $ 76 Additions based on tax positions related to prior years 4 7 Reductions for settlements with taxing authorities (1) (19) Balance, end of year $ 67 $ 64 At December 31, 2022 and 2021, the gross unrecognized tax benefits of $67 million and $64 million, respectively, can be reduced by $21 million and $26 million, respectively, associated with foreign tax credits. The net amounts of $46 million and $38 million at December 31, 2022 and 2021, respectively, if recognized, would favorably affect the effective tax rate. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change further resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations. Chubb recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in Income tax expense in the Consolidated statements of operations. Tax-related interest expense and penalties reported in the Consolidated statements of operations were $4 million, $1 million, and $8 million at December 31, 2022, 2021, and 2020, respectively. Liabilities for tax-related interest and penalties in our Consolidated balance sheets were $18 million and $14 million at December 31, 2022 and 2021, respectively. In March 2017, the IRS commenced its field examination of Chubb Group Holdings’ U.S. Federal income tax returns for 2014 and 2015 which is still ongoing. In July 2020, the IRS commenced its field examination of Chubb Group Holdings' U.S. Federal income tax returns for 2016, 2017 and 2018 which is also still ongoing . No material adjustments have been proposed by the IRS for any year under examination. As a multinational company, we also have examinations under way in non-US jurisdictions. With few exceptions, Chubb is no longer subject to income tax examinations for years prior to 2012. The following table summarizes tax years open for examination by major income tax jurisdiction: At December 31, 2022 Australia 2016 - 2022 Brazil 2016 - 2022 Canada 2012 - 2022 France 2021 - 2022 Germany 2016 - 2022 Italy 2019 - 2022 Korea (1) 2017 - 2022 Mexico 2016 - 2022 Spain 2012 - 2022 Switzerland 2018 - 2022 United Kingdom 2015 - 2022 United States 2014 - 2022 (1) Includes an examination for a pre-acquisition period subject to indemnification by Cigna Corp. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31 December 31 (in millions of U.S. dollars) 2022 2021 Early Redemption Option Repurchase agreements (weighted average interest rate of 3.9% in 2022 and 0.2% in 2021) $ 1,419 $ 1,406 None Short-term debt Chubb INA: $1,000 million 2.875% senior notes due November 2022 $ — $ 999 Make-whole premium plus 20 bps $475 million 2.7% senior notes due March 2023 475 — Make-whole premium plus 10 bps Total short-term debt $ 475 $ 999 Long-term debt Chubb INA: $475 million 2.7% senior notes due March 2023 $ — $ 474 Make-whole premium plus 10 bps $700 million 3.35% senior notes due May 2024 699 698 Make-whole premium plus 15 bps €700 million 0.3% senior notes due December 2024 742 787 Make-whole premium plus 15 bps $800 million 3.15% senior notes due March 2025 798 798 Make-whole premium plus 15 bps $1,500 million 3.35% senior notes due May 2026 1,496 1,494 Make-whole premium plus 20 bps €575 million 0.875% senior notes due June 2027 609 645 Make-whole premium plus 20 bps €900 million 1.55% senior notes due March 2028 952 1,009 Make-whole premium plus 15 bps $100 million 8.875% debentures due August 2029 100 100 None €700 million 0.875% senior notes due December 2029 740 785 Make-whole premium plus 20 bps $1,000 million 1.375% senior notes due September 2030 993 992 Make-whole premium plus 15 bps €575 million 1.4% senior notes due June 2031 606 642 Make-whole premium plus 25 bps $200 million 6.8% debentures due November 2031 234 238 Make-whole premium plus 25 bps $300 million 6.7% senior notes due May 2036 298 298 Make-whole premium plus 20 bps $800 million 6.0% senior notes due May 2037 927 936 Make-whole premium plus 20 bps €900 million 2.5% senior notes due March 2038 949 1,007 Make-whole premium plus 25 bps $600 million 6.5% senior notes due May 2038 726 735 Make-whole premium plus 30 bps $475 million 4.15% senior notes due March 2043 471 470 Make-whole premium plus 15 bps $1,500 million 4.35% senior notes due November 2045 1,485 1,485 Make-whole premium plus 25 bps $600 million 2.85% senior notes due December 2051 593 593 Make-whole premium plus 15 bps $1,000 million 3.05% senior notes due December 2061 984 983 Make-whole premium plus 20 bps Total long-term debt $ 14,402 $ 15,169 Trust preferred securities Chubb INA capital securities due April 2030 $ 308 $ 308 Redemption prices (1) (1) Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030. a) Repurchase agreements Chubb has executed repurchase agreements with certain counterparties under which Chubb agreed to sell securities and repurchase them at a future date for a predetermined price. b) Short-term debt Short-term debt comprises the current maturities of our long-term debt instruments described below. These short-term debt instruments were reclassified from long-term debt and are reflected in the table above. c) Long-term debt W ith the exception of the $100 million of 8.875 percent debentures due August 2029, which do not have an early redemption option, the senior notes in the table above are redeemable at any time at Chubb INA's option subject to a “make-whole” premium plus additional basis points as defined in the table above. A "make-whole" premium is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. These debt securities are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. The senior notes and debentures do not have the benefit of any sinking fund and are guaranteed on a senior basis by Chubb Limited 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. d) Trust preferred securities In March 2000, ACE Capital Trust II, a Delaware statutory business trust, publicly issued $300 million of 9.7 percent Capital Securities (the Capital Securities) due to mature in April 2030. At the same time, Chubb INA purchased $9.2 million of common securities of ACE Capital Trust II. The sole assets of ACE Capital Trust II consist of $309 million principal amount of 9.7 percent Junior Subordinated Deferrable Interest Debentures (the Subordinated Debentures) issued by Chubb INA due to mature in April 2030. Distributions on the Capital Securities are payable semi-annually and may be deferred for up to ten consecutive semi-annual periods (but no later than April 1, 2030). Any deferred payments would accrue interest compounded semi-annually if Chubb INA defers interest on the Subordinated Debentures. Interest on the Subordinated Debentures is payable semi-annually. Chubb INA may defer such interest payments (but no later than April 1, 2030), with such deferred payments accruing interest compounded semi-annually. The Capital Securities and the ACE Capital Trust II Common Securities will be redeemed upon repayment of the Subordinated Debentures. Chubb Limited has guaranteed, on a subordinated basis, Chubb INA's obligations under the Subordinated Debentures, and distributions and other payments due on the Capital Securities. These guarantees, when taken together with Chubb's obligations under expense agreements entered into with ACE Capital Trust II, provide a full and unconditional guarantee of amounts due on the Capital Securities. |
Commitments, contingencies, and
Commitments, contingencies, and guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, contingencies, and guarantees | Commitments, contingencies, and guarantees a) Derivative instruments 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 and derivatives designated as hedges for accounting purposes 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, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities. 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. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions. 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 and 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 book of business. 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: December 31, 2022 December 31, 2021 Consolidated Fair Value Notional Fair Value Notional Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) (in millions of U.S. dollars) Investment and embedded derivatives not designated as hedging instruments: Foreign currency forward contracts OA / (AP) $ 64 $ (115) $ 4,134 $ 25 $ (139) $ 6,182 Options/Futures contracts on notes and bonds OA / (AP) 18 (24) 1,511 33 (27) 12,944 Convertible securities (1) FM AFS / ES 30 — 37 11 — 12 $ 112 $ (139) $ 5,682 $ 69 $ (166) $ 19,138 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 33 $ — $ 939 $ — $ (16) $ 905 Other OA / (AP) — — — — — 3 $ 33 $ — $ 939 $ — $ (16) $ 908 GLB (3) (AP) $ — $ (736) $ 1,979 $ — $ (745) $ 1,432 Derivatives designated as hedging instruments: Cross-currency swaps - fair value hedges OA / (AP) $ 17 $ — $ 1,595 $ — $ — $ — Cross-currency swaps - net investment hedges OA / (AP) — (53) 1,604 — — — $ 17 $ (53) $ 3,199 $ — $ — $ — (1) Includes fair value of embedded derivatives. (2) Related to GMDB and GLB book of business. (3) 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 December 31, 2022 and 2021, net derivative liabilities of $60 million and $123 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. b) Hedge accounting We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge for foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. (i) Cross-currency swaps - fair value hedges In September 2022, Chubb entered into certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.5 billion, or approximately $1.6 billion at December 31, 2022, of our euro denominated debt, by converting cash flows back into the U.S dollar. These fair value hedges are carried at fair value. The hedges are expected to be highly effective, with gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes within Net realized gains (losses). The remaining change in fair value is recorded in Other comprehensive income (OCI), with an immaterial amount recorded in interest expense. For the year ended December 31, 2022, the fair value hedge was in a net gain position of $17 million, comprising $105 million of net realized gains, $5 million of interest expense, and the remaining change in fair value of $83 million pre-tax of other comprehensive loss recorded within OCI. (ii) Cross-currency swaps - net investment hedges In September 2022, Chubb entered into certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, and Swiss franc. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity. These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, with an immaterial amount recorded to interest expense. The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued. For the year ended December 31, 2022, the net investment hedges were in a loss position of $53 million, comprising $57 million pre-tax of cumulative translation losses recorded in OCI, and $4 million of interest income. c) Derivative instruments not designated as hedges Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Investment and embedded derivative instruments: Foreign currency forward contracts $ (339) $ (62) $ 65 All other futures contracts, options, and equities 297 (10) 16 Convertible securities (1) (1) — — Total investment and embedded derivative instruments $ (43) $ (72) $ 81 GLB and other derivative instruments: GLB $ (63) $ 316 $ (202) Futures contracts on equities (2) 187 (202) (108) Other (11) (8) 1 Total GLB and other derivative instruments $ 113 $ 106 $ (309) $ 70 $ 34 $ (228) (1) Includes embedded derivatives. (2) Related to GMDB and GLB book of business. (i) Foreign currency exposure management A foreign currency forward contract (forward) is an agreement between participants to exchange specific 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 future policy benefit reserves for GMDB and an increase in the fair value liability for 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, level of interest rates, 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. 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, from time to time, 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, from time to time, 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. The GLB is accounted for as a derivative and is recorded at fair value. 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). d) 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 December 31, 2022 December 31, 2021 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 820 $ 931 U.S. Treasury / Agency 72 128 Non-U.S. 604 752 Corporate and asset-backed securities 27 12 Mortgage-backed securities — 1 Equity securities — 7 $ 1,523 $ 1,831 Gross amount of recognized liability for securities lending payable $ 1,523 $ 1,831 At December 31, 2022 and 2021, our repurchase agreement obligations of $1,419 million and $1,406 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 December 31, 2022 December 31, 2021 Up to 30 Days 30-90 Days 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Total Collateral pledged under repurchase agreements: Cash $ 12 $ — $ 12 $ — $ 29 $ 29 U.S. Treasury / Agency — 101 101 103 — 103 Mortgage-backed securities 921 493 1,414 — 1,288 1,288 $ 933 $ 594 $ 1,527 $ 103 $ 1,317 $ 1,420 Gross amount of recognized liabilities for repurchase agreements $ 1,419 $ 1,406 Difference (1) $ 108 $ 14 (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. e) Concentrations of credit risk Our investment portfolio is managed following prudent standards of diversification. Specific provisions limit the allowable holdings of a single issue and issuer. We believe that there are no significant concentrations of credit risk associated with our investments. Our three largest corporate exposures by issuer at December 31, 2022, were Bank of America Corp, JP Morgan Chase & Co., and Morgan Stanley. Our largest exposure by industry at December 31, 2022, was financial services. We market our insurance and reinsurance worldwide primarily through insurance and reinsurance brokers. We assume a degree of credit risk associated with brokers with whom we transact business. Approximately 11 percent of our gross premiums written were generated from or placed by Marsh & McLennan Companies, Inc., for the year ended December 31, 2022, compared to approximately 12 percent for the years ended December 31, 2021 and 2020. This entity is a large, well-established company, and there are no indications that it is financially troubled at December 31, 2022. No other broker or one insured accounted for more than 10 percent of our gross premiums written for these years. f) Fixed maturities At December 31, 2022 and 2021, commitments to purchase fixed income securities over the next several years were $770 million and $771 million, respectively. g) Other investments At December 31, 2022, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $12.0 billion. In connection with these investments, we have commitments that may require funding of up to $7.4 billion over the next several years. At December 31, 2021, these investments had a carrying value of $9.8 billion with commitments that may have required funding of up to $7.2 billion. h) Letters of credit On October 6, 2022, Chubb entered into a new group syndicated credit facility through 2027, with capacity of $3.0 billion. This facility consolidated our three existing syndicated facilities with capacity of $2.7 billion. Overall, we have access to capital markets and to credit facilities with letter of credit capacity of $4.0 billion, $3.0 billion of which can be used for revolving credit. Our existing credit facilities have remaining terms expiring through October 2027. At December 31, 2022, our LOC usage was $1.4 billion. i) 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. j) Lease commitments At December 31, 2022 and 2021, the right-of-use asset was $607 million and $445 million, respectively, recorded within Other assets, Accounts payable, accrued expenses, and other liabilities Future minimum lease payments under the operating leases are expected to be as follows: For the years ending December 31 (in millions of U.S. dollars) Undiscounted cash flows: 2023 $ 160 2024 123 2025 87 2026 73 2027 50 Thereafter 261 Total undiscounted lease payments $ 754 Less: Present value adjustment 121 Net lease liabilities reported as of December 31, 2022 $ 633 |
Shareholders' equity note
Shareholders' equity note | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' equity | Shareholders’ equity a) Common Shares 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 the Consolidated Financial Statements. Under Swiss corporate law, we are generally prohibited from issuing Common Shares below their par value. If there were a need to raise common equity at a time when the trading price of Chubb's Common Shares is below par value, we would need in advance to obtain shareholder approval to decrease the par value of the Common Shares. Dividend approval At our May 2022 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.32 per share, expected to be paid in four quarterly installments of $0.83 per share after the annual general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of the 2023 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.83 per share, have been distributed by the Board as expected. At our May 2021 and 2020 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.20 per share and $3.12 per share, respectively, which were paid in four quarterly installments of $0.80 per share and $0.78 per share, respectively, at dates determined by the Board after the annual general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. Dividend distributions Under Swiss corporate law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. We issue dividends without subjecting them to withholding tax by way of distributions from capital contribution reserves and payment out of free reserves. The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD): Year Ended December 31 2022 2021 2020 CHF USD CHF USD CHF USD Total dividend distributions per common share 3.11 $ 3.29 2.88 $ 3.18 2.89 $ 3.09 b) Shares issued, outstanding, authorized, and conditional Year Ended December 31 2022 2021 2020 Common Shares authorized and issued, beginning of year 474,021,114 477,605,264 479,783,864 Cancellation of treasury shares (27,644,500) (3,584,150) (2,178,600) Common Shares authorized and issued, end of year 446,376,614 474,021,114 477,605,264 Common Shares in treasury, beginning of year (at cost) (47,448,502) (26,872,639) (27,812,297) Net shares issued under employee share-based compensation plans 2,947,272 3,484,487 2,345,208 Shares repurchased (14,925,028) (27,644,500) (3,584,150) Cancellation of treasury shares 27,644,500 3,584,150 2,178,600 Common Shares in treasury, end of year (at cost) (31,781,758) (47,448,502) (26,872,639) Common Shares outstanding, end of year 414,594,856 426,572,612 450,732,625 Increases in Common Shares in treasury are due to open market repurchases of Common Shares, the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock, and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2022 annual general meeting, our shareholders approved the cancellation of 13,179,100 shares purchased under our share repurchase program during the last six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2022. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. At our May 2021 annual general meeting, our shareholders approved the cancellation of 3,584,150 shares purchased under our share repurchase program during 2020. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2021. At our May 2020 annual general meeting, our shareholders approved the cancellation of 2,178,600 shares purchased under our share repurchase program during the period beginning September 23, 2019 and ending December 31, 2019. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 3, 2020. Authorized share capital for general purposes under Swiss law In accordance with Swiss law, the Board has shareholder-approved authority as set forth in the Articles of Association to increase Chubb's share capital from time to time until May 19, 2024, by the issuance for general purposes of up to 200,000,000 fully paid up Common Shares, with a par value equal to the par value of Chubb's Common Shares as set forth in the Articles of Association at the time of any such issuance. Any such increases would be subject to Swiss rules and procedure. Conditional share capital for bonds and similar debt instruments Chubb's share capital may be increased through the issuance of a maximum of 33,000,000 fully paid up Common Shares (with a par value of CHF 24.15 as of December 31, 2022) through the exercise of conversion and/or option or warrant rights granted in connection with bonds, notes, or similar instruments, issued or to be issued by Chubb, including convertible debt instruments. Conditional share capital for employee benefit plans Chubb's share capital may be increased through the issuance of a maximum of 25,410,929 fully paid up Common Shares (with a par value of CHF 24.15 as of December 31, 2022) in connection with the exercise of option rights granted to any employee of Chubb, director or other person providing services to Chubb. c) Chubb Limited securities repurchases From time to time, we repurchase shares as part of our capital management program and to partially offset potential dilution from the exercise of stock options and the granting of restricted stock under share-based compensation plans. The Board has authorized share repurchase programs as follows: • $1.5 billion of Chubb Common Shares from November 21, 2019 through December 31, 2020; • $1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021; • $1.0 billion increase to the November 2020 share repurchase program to a total of $2.5 billion in February 2021, effective through December 31, 2021; • One-time incremental share repurchase program of $5.0 billion of Chubb Common Shares from July 19, 2021 through June 30, 2022; and • $2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023. Share repurchases may be in the open market, in privately negotiated transactions, block trades, accelerated repurchases and through option or other forward transactions. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations: Year Ended December 31 January 1, 2023 through (in millions of U.S. dollars, except share data) 2022 2021 2020 February 23, 2023 Number of shares repurchased 14,925,028 27,644,500 3,584,150 1,633,300 Cost of shares repurchased $ 3,014 $ 4,861 $ 516 $ 347 d) General restrictions The holders of the Common Shares are entitled to receive dividends as approved by the shareholders. Holders of Common Shares are allowed one vote per share provided that, if the controlled shares of any shareholder constitute ten percent or more of the outstanding Common Shares of Chubb, only a fraction of the vote will be allowed so as not to exceed ten percent in aggregate. Entry of acquirers of Common Shares as shareholders with voting rights in the share register may be refused if it would confer voting rights with respect to ten percent or more of the registered share capital recorded in the commercial register. e) Accumulated other comprehensive income (loss) The following table presents changes in accumulated other comprehensive income (loss): Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Accumulated other comprehensive income (loss) (AOCI) Net unrealized appreciation (depreciation) on investments Balance – beginning of year, net of tax $ 2,256 $ 4,673 $ 2,543 Change in year, before reclassification from AOCI (before tax) (11,627) (2,935) 2,311 Amounts reclassified from AOCI (before tax) 1,049 (3) 281 Change in year, before tax (10,578) (2,938) 2,592 Income tax (expense) benefit 1,043 521 (462) Balance – end of year, net of tax (7,279) 2,256 4,673 Cumulative foreign currency translation adjustment Balance – beginning of year, net of tax (2,146) (1,637) (1,939) Change in year, before reclassification from AOCI (before tax) (982) (530) 306 Amounts reclassified from AOCI (before tax) (4) — — Change in year, before tax (986) (530) 306 Income tax (expense) benefit 59 21 (4) Balance – end of year, net of tax (3,073) (2,146) (1,637) Fair value hedging instruments Balance – beginning of year, net of tax — — — Change in year, before reclassification from AOCI (before tax) 17 — — Amounts reclassified from AOCI (before tax) (100) — — Change in year, before tax (83) — — Income tax benefit 17 — — Balance – end of year, net of tax (66) — — Postretirement benefit liability adjustment Balance – beginning of year, net of tax 240 (167) 15 Change in year, before tax (17) 522 (232) Income tax (expense) benefit 2 (115) 50 Balance – end of year, net of tax 225 240 (167) Accumulated other comprehensive income (loss) $ (10,193) $ 350 $ 2,869 The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations: Consolidated Statement of Operations Location Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Fixed maturities available for sale $ (1,049) $ 3 $ (281) Net realized gains (losses) Income tax benefit 170 6 36 Income tax expense $ (879) $ 9 $ (245) Net income Cumulative foreign currency translation adjustment Cross-currency swaps $ 4 $ — $ — Interest Expense Income tax expense (1) — — Income tax expense $ 3 $ — $ — Net income Net gains (losses) of fair value hedging instruments Cross-currency swaps $ 105 $ — $ — Net realized gains (losses) Cross-currency swaps (5) — — Interest Expense Income tax expense (21) — — Income tax expense $ 79 $ — $ — Net income Total amounts reclassified from AOCI $ (797) $ 9 $ (245) |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation Chubb has share-based compensation plans which currently provide the Board the ability to grant awards of stock options, restricted stock, and restricted stock units to its employees and members of the Board. In May 2021, our shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP). Under the Amended 2016 LTIP, Common Shares of Chubb are authorized to be issued pursuant to awards, including stock options, stock appreciation rights, performance shares, performance units, restricted stock, and restricted stock units. Chubb principally issues restricted stock grants and stock options on a graded vesting schedule, with equal percentages of the award subject to vesting over a number of years (typically three or four). Chubb recognizes compensation cost for vesting of restricted stock and stock option grants with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in-substance, multiple awards. We incorporate an estimate of future forfeitures in determining compensation cost for both grants of restricted stock and stock options. In addition, Chubb grants performance-based restricted stock to certain executives that vest based on certain performance criteria as compared to a defined group of peer companies. Performance-based stock awards comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both our tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to our peer group. Premium awards are subject to an additional vesting provision based on total shareholder return (TSR) compared to our peer group. Shares representing target awards and premium awards are issued when the awards are approved and are subject to forfeiture if applicable performance criteria are not met at the end of the 3-year performance period. Prior to January 2017, performance-based restricted stock awards had a 4-year vesting period with the potential to vest as to a portion each year, and excluded the P&C combined ratio and TSR additional vesting criteria. Under the Amended 2016 LTIP, 32,900,000 Common Shares are authorized to be issued (which includes all shares available for delivery since the establishment of the Chubb Limited 2016 Long-Term Incentive Plan in 2016). This is in addition to any shares subject to awards outstanding under the ACE Limited 2004 Long-Term Incentive Plan (2004 LTIP) immediately prior to the effective date of the Amended 2016 LTIP that are forfeited, expired or canceled after such effective date without delivery of shares (or which result in forfeiture of shares back to Chubb). At December 31, 2022, a total of 15,223,940 shares remain available for future issuance under the Amended 2016 LTIP, which includes shares forfeited, expired or canceled relating to grants under the 2004 LTIP. Under the Employee Stock Purchase Plan (ESPP), 6,500,000 shares are authorized to be issued. At December 31, 2022, a total of 815,172 shares remain available for issuance under the ESPP. Chubb generally issues Common Shares for the exercise of stock options, restricted stock, and purchases under the ESPP from Common Shares in treasury. The following table presents pre-tax and after-tax share-based compensation expense: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Stock options and shares issued under ESPP: Pre-tax $ 60 $ 55 $ 45 After-tax (1) $ 38 $ 36 $ 38 Restricted stock: Pre-tax $ 230 $ 210 $ 210 After-tax (1) $ 179 $ 164 $ 164 (1) The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $29 million, $19 million, and $10 million for the years ended December 31, 2022, 2021, and 2020, respectively. Unrecognized compensation expense related to the unvested portion of Chubb's employee share-based awards of restricted stock, restricted stock units, and stock options was $313 million at December 31, 2022 and is expected to be recognized over a weighted-average period of approximately 1.4 years. Stock options Both incentive and non-qualified stock options are principally granted 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 vest in equal annual installments over the respective vesting period, which is also the requisite service period. Chubb's 2022 share-based compensation expense includes a portion of the cost related to the 2019 through 2022 stock option grants. Stock option fair value was estimated on the grant date using the Black-Scholes option-pricing model that uses the weighted-average assumptions noted below: Year Ended December 31 2022 2021 2020 Dividend yield 1.7 % 1.9 % 2.1 % Expected volatility 20.1 % 26.0 % 18.0 % Risk-free interest rate 1.9 % 1.0 % 1.2 % Expected life 5.8 years 5.8 years 5.7 years The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time from grant to exercise date) is estimated using the historical exercise behavior of employees. The expected volatility is calculated as a blend of (a) historical volatility based on daily closing prices over a period equal to the expected life assumption and (b) implied volatility derived from Chubb's publicly traded options. The following table presents a roll-forward of Chubb's stock options: (Intrinsic Value in millions of U.S. dollars) Number of Options Weighted-Average Exercise Price Weighted-Average Fair Value Total Intrinsic Value Options outstanding, December 31, 2019 10,885,257 $ 116.79 Granted 1,958,279 $ 150.10 $ 19.89 Exercised (1,158,633) $ 86.90 $ 76 Forfeited and expired (206,720) $ 138.77 Options outstanding, December 31, 2020 11,478,183 $ 125.09 Granted 1,805,234 $ 164.89 $ 33.05 Exercised (2,284,795) $ 112.12 $ 140 Forfeited and expired (236,135) $ 150.16 Options outstanding, December 31, 2021 10,762,487 $ 133.94 Granted 1,731,904 $ 198.36 $ 35.46 Exercised (1,878,147) $ 117.83 $ 163 Forfeited and expired (205,966) $ 171.45 Options outstanding, December 31, 2022 10,410,278 $ 146.81 $ 768 Options exercisable, December 31, 2022 7,134,817 $ 131.90 $ 633 The weighted-average remaining contractual term was 5.8 years for stock options outstanding and 4.6 years for stock options exercisable at December 31, 2022. Cash received from the exercise of stock options for the year ended December 31, 2022 was $216 million. Restricted stock and restricted stock units Grants of restricted stock and restricted stock units awarded under the Amended 2016 LTIP typically have a 4-year vesting period, subject to vesting as to one-quarter of the award each anniversary of grant. Restricted stock and restricted stock units are principally granted at market close price on the day of grant. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting. Chubb also grants restricted stock awards to non-management directors which vest at the following year's annual general meeting. Chubb's 2022 share-based compensation expense includes a portion of the cost related to the restricted stock granted in the years 2018 through 2022. The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 13,440 restricted stock awards, 15,586 restricted stock awards, and 27,679 restricted stock awards that were granted to non-management directors during the years ended December 31, 2022, 2021, and 2020, respectively: Service-based Performance-based Number of Shares Weighted-Average Number of Shares Weighted-Average Unvested restricted stock, December 31, 2019 3,294,010 $ 136.20 876,212 $ 131.16 Granted 1,425,667 $ 148.56 186,291 $ 151.14 Vested (1,304,308) $ 134.02 (490,185) $ 125.66 Forfeited (152,074) $ 140.72 — $ — Unvested restricted stock, December 31, 2020 3,263,295 $ 142.32 572,318 $ 142.38 Granted 1,288,042 $ 165.32 294,315 $ 164.75 Vested (1,283,185) $ 140.62 (169,442) $ 143.07 Forfeited (216,341) $ 150.19 — $ — Unvested restricted stock, December 31, 2021 3,051,811 $ 152.19 697,191 $ 151.74 Granted 1,193,016 $ 199.18 296,944 $ 199.09 Vested (1,191,452) $ 148.18 (199,343) $ 133.90 Forfeited (199,505) $ 168.12 — $ — Unvested restricted stock, December 31, 2022 2,853,870 $ 172.39 794,792 $ 173.83 Prior to 2009, legacy ACE granted restricted stock units with a 1-year vesting period to non-management directors. Delivery of Common Shares on account of these restricted stock units to non-management directors is deferred until after the date of the non-management directors' termination from the Board. Legacy Chubb Corp historically allowed directors and certain key employees of Chubb Corp and its subsidiaries to defer a portion of their compensation earned with respect to services performed in the form of deferred stock units. In addition, legacy Chubb Corp provided supplemental retirement benefits for certain employees through its Defined Contribution Excess Benefit Plan in the form of deferred shares of stock. The minimum vesting period under these legacy Chubb Corp deferred plans was 1-year and the maximum was 3-years. Employees and directors had the option to elect to receive their awards at a future specified date or upon their termination of service with Chubb. At December 31, 2022, there were 136,216 deferred restricted stock units. ESPP The ESPP gives participating employees the right to purchase Common Shares through payroll deductions during consecutive subscription periods at a purchase price of 85 percent of the fair value of a Common Share on the exercise date (Purchase Price). Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant's compensation or $25,000, whichever is less. The ESPP has two six-month subscription periods each year, the first of which runs between January 1 and June 30 and the second of which runs between July 1 and December 31. The amounts collected from participants during a subscription period are used on the exercise date to purchase full shares of Common Shares. An exercise date is generally the last trading day of a subscription period. The number of shares purchased is equal to the total amount, at the exercise date, collected from the participants through payroll deductions for that subscription period, divided by the Purchase Price, rounded down to the next full share. Participants may withdraw from an offering before the exercise date and obtain a refund of amounts withheld through payroll deductions. Pursuant to the provisions of the ESPP, during the years ended December 31, 2022, 2021, and 2020, employees paid $48 million, $47 million, and $45 million to purchase 271,650 shares, 315,405 shares, and 383,751 shares, respectively. |
Postretirement benefits
Postretirement benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Postretirement benefits | Postretirement benefits Chubb provides postretirement benefits to eligible employees and their dependents through various defined contribution plans sponsored by Chubb. In addition, for certain employees, Chubb sponsors other postretirement benefit plans, and prior to 2020, Chubb sponsored defined benefit pension plans. Defined contribution plans (including 401(k)) Under these plans, employees' contributions may be supplemented by Chubb matching contributions based on the level of employee contribution. These contributions are invested at the election of each employee in one or more of several investment portfolios offered by a third-party investment advisor. Expenses for these plans totaled $230 million, $214 million, and $211 million for the years ended December 31, 2022, 2021, and 2020, respectively. Defined benefit pension plans We maintain non-contributory defined benefit pension plans that cover certain employees located in the U.S., U.K., Canada, and various other statutorily required countries. We account for pension benefits using the accrual method. Benefits under these plans are based on employees' years of service and compensation during final years of service. All underlying plans are subject to periodic actuarial valuations by qualified actuarial firms using actuarial models to calculate the expense and liability for each plan. We use December 31 as the measurement date for our defined benefit pension plans. Under the Chubb Corp plans, prior to 2001, benefits were generally based on an employee’s years of service and average compensation during the last five years of employment. Effective January 1, 2001, the formula for providing pension benefits was changed from the final average pay formula to a cash balance formula. Under the cash balance formula, a notional account is established for each employee, which is credited semi-annually with an amount equal to a percentage of eligible compensation based on age and years of service plus interest based on the account balance. Chubb Corp employees hired prior to 2001 will generally be eligible to receive vested benefits based on the higher of the final average pay or cash balance formulas. Other postretirement benefit plans Our assumption of Chubb Corp's other postretirement benefit plans, principally healthcare and life insurance, covers retired employees, their beneficiaries, and covered dependents. Healthcare coverage is contributory. Retiree contributions vary based upon the retiree’s age, type of coverage, and years of service requirements. Life insurance coverage is non-contributory. Chubb funds a portion of the healthcare benefits obligation where such funding can be accomplished on a tax-effective basis. Benefits are paid as covered expenses are incurred. We use December 31 as the measurement date for our postretirement benefit plans. Amendments to U.S. qualified and excess pension plans and U.S. retiree healthcare plan In 2016, we harmonized and amended several of our U.S. retirement programs to create a unified retirement savings program. In 2020, we transitioned from a traditional defined benefit pension program that had been in effect for certain employees to a defined contribution program. Additionally, after 2025, we plan to eliminate a subsidized U.S. retiree healthcare and life insurance plan that is currently in place for certain employees. Both amendments required a remeasurement of the plan assets and benefit obligations with updated assumptions, including discount rates and the expected return on assets. The amendment of the retiree healthcare plan resulted in a reduction in the obligation of $383 million, of which $410 million was amortized as a reduction to expense as it relates to benefits already accrued. As of June 2021, the amendment of the retiree healthcare plan was fully amortized. For the years ended December 31, 2021 and 2020, $26 million and $79 million, respectively, were amortized as a reduction to expense. Obligations and funded status The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2022 and 2021 was as follows: Pension Benefit Plans Other Postretirement 2022 2021 2022 2021 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Benefit obligation, beginning of year $ 3,732 $ 1,122 $ 3,967 $ 1,199 $ 62 $ 86 Service cost — 4 — 4 1 1 Interest cost 85 23 70 19 1 1 Actuarial loss (gain) (890) (391) (161) (47) (4) (10) Benefits paid (146) (28) (133) (33) (16) (15) Curtailments — — — — — — Settlements — — (11) — — — Foreign currency revaluation and other — (33) — (20) (1) (1) Benefit obligation, end of year $ 2,781 $ 697 $ 3,732 $ 1,122 $ 43 $ 62 Plan assets at fair value, beginning of year $ 4,151 $ 1,318 $ 3,739 $ 1,284 $ 119 $ 120 Actual return on plan assets (692) (285) 543 83 (2) (1) Employer contributions 3 8 13 8 1 15 Benefits paid (146) (28) (133) (33) (37) (15) Settlements — — (11) — — — Foreign currency revaluation and other — (75) — (24) — — Plan assets at fair value, end of year $ 3,316 $ 938 $ 4,151 $ 1,318 $ 81 $ 119 Funded status at end of year $ 535 $ 241 $ 419 $ 196 $ 38 $ 57 Amounts recognized in the Consolidated balance sheets: Assets $ 601 $ 290 $ 492 $ 214 $ 56 $ 77 Liabilities (66) (49) (73) (18) (18) (20) Total $ 535 $ 241 $ 419 $ 196 $ 38 $ 57 Amounts recognized in Accumulated other comprehensive Net actuarial loss (gain) $ (290) $ 7 $ (375) $ 73 $ (12) $ (10) Prior service cost (benefit) — 8 — 9 (4) (5) Total $ (290) $ 15 $ (375) $ 82 $ (16) $ (15) For the U.S. pension plans, the $890 million and $161 million actuarial gains experienced in 2022 and 2021, respectively, were principally driven by the increase in the discount rate from the respective prior year. In addition, the non-U.S. pension plans experienced an actuarial gain in 2022, which was principally driven by an increase in the discount rate from 2021. The accumulated benefit obligation for the pension benefit plans was $3.4 billion and $4.8 billion at December 31, 2022 and 2021, respectively. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the pension (projected) benefit obligation in the table above in that the accumulated benefit obligation includes no assumptions regarding future compensation levels. Chubb’s funding policy is to contribute amounts that meet regulatory requirements plus additional amounts determined based on actuarial valuations, market conditions and other factors. All benefit plans satisfy minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA). The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2022 and 2021: 2022 2021 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 66 $ 87 $ 73 $ 418 Fair value of plan assets — 38 — 400 Net funded status $ (66) $ (49) $ (73) $ (18) Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 66 $ 61 $ 73 $ 380 Fair value of plan assets $ — $ 30 $ — $ 367 For other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets, the accumulated benefit obligation was $18 million and $20 million at December 31, 2022 and 2021, respectively. These plans have no plan assets. At December 31, 2022, we estimate that we will contribute $38 million to the pension plans and $1 million to the other postretirement benefits plan in 2023. The estimate is subject to change due to contribution decisions that are affected by various factors including our liquidity, market performance, and management discretion. At December 31, 2022, our estimated expected future benefit payments are as follows: Pension Benefit Plans Other Postretirement Benefit Plans For the years ending December 31 U.S. Non-U.S. Plans (in millions of U.S. dollars) 2023 $ 186 $ 40 $ 14 2024 173 32 10 2025 178 34 6 2026 180 34 1 2027 186 36 1 2028-2032 967 216 5 The weighted-average assumptions used to determine the projected benefit obligation were as follows: Pension Benefit Plans U.S. Non-U.S. Other Postretirement Benefit Plans December 31, 2022 Discount rate 5.22 % 5.27 % 5.83 % Rate of compensation increase (1) N/A 3.98 % N/A Interest crediting rate 4.32 % December 31, 2021 Discount rate 2.75 % 2.23 % 2.06 % Rate of compensation increase (1) N/A 3.63 % N/A Interest crediting rate 4.10 % (1) For the U.S. Pension Plans, benefit accruals were frozen as of December 31, 2019. The projected benefit cash flows were discounted using the corresponding spot rates derived from a yield curve, which resulted in a single discount rate that would produce the same liability at the respective measurement dates. The same process was applied to service cost cash flows to determine the discount rate associated with the service cost. In general, the discount rates for the non-U.S. plans were developed using a similar methodology by using country-specific yield curves. The components of net pension and other postretirement benefit costs (benefits) reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Pension Benefit Plans Other Postretirement U.S. Plans Non-U.S. Plans Year Ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 (in millions of U.S. dollars) Costs reflected in Net income, pre-tax: Service cost $ — $ — $ — $ 4 $ 4 $ 4 $ 1 $ 1 $ 1 Non-service cost (benefit): Interest cost 85 70 99 23 19 22 1 1 2 Expected return on plan assets (283) (255) (224) (43) (44) (41) (1) (1) (5) Amortization of net actuarial loss — — — — 4 2 — — — Amortization of prior service cost — — — — — — — (26) (83) Curtailments — — — — — (1) — — — Settlements — 3 3 — — — — — — Total non-service cost (benefit) (198) (182) (122) (20) (21) (18) — (26) (86) Net periodic benefit cost (benefit) $ (198) $ (182) $ (122) $ (16) $ (17) $ (14) $ 1 $ (25) $ (85) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Net actuarial loss (gain) $ 85 $ (450) $ 102 $ (67) $ (86) $ 56 $ (1) $ (5) $ (2) Prior service cost (benefit) — — — — — — — — — Amortization of net actuarial loss — — — — (4) (2) — — — Amortization of prior service cost — — — — — (1) — 26 83 Curtailments — — — — — (1) — — — Settlements — (3) (3) — — — — — — Total decrease (increase) in other comprehensive income (loss), pre-tax $ 85 $ (453) $ 99 $ (67) $ (90) $ 52 $ (1) $ 21 $ 81 The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Year Ended December 31 2022 2021 2020 2022 2021 2020 (in millions of U.S. dollars) Service cost: Losses and loss expenses $ — $ — $ — $ — $ — $ — Administrative expenses 4 4 4 1 1 1 Total service cost 4 4 4 1 1 1 Non-service cost (benefit): Losses and loss expenses (20) (18) (12) — (3) (9) Administrative expenses (198) (185) (128) — (23) (77) Total non-service cost (benefit) (218) (203) (140) — (26) (86) Net periodic benefit cost (benefit) $ (214) $ (199) $ (136) $ 1 $ (25) $ (85) The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows: Pension Benefit Plans U.S. Plans Non-U.S. Plans Other Postretirement Benefit Plans Year Ended December 31 2022 Discount rate in effect for determining service cost N/A 7.23 % 3.22 % Discount rate in effect for determining interest cost 2.34 % 2.13 % 1.89 % Rate of compensation increase N/A 3.63 % N/A Expected long-term rate of return on plan assets 7.00 % 3.44 % 1.00 % Interest crediting rate 4.10 % N/A N/A 2021 Discount rate in effect for determining service cost N/A 5.58 % 2.53 % Discount rate in effect for determining interest cost 1.81 % 1.57 % 1.23 % Rate of compensation increase N/A 3.24 % N/A Expected long-term rate of return on plan assets 7.00 % 3.37 % 1.00 % Interest crediting rate 4.10 % N/A N/A 2020 Discount rate in effect for determining service cost N/A 6.04 % 3.00 % Discount rate in effect for determining interest cost 2.85 % 2.24 % 2.64 % Rate of compensation increase N/A 3.26 % N/A Expected long-term rate of return on plan assets 7.00 % 3.83 % 3.00 % Interest crediting rate 4.10 % N/A N/A The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows: U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 Healthcare cost trend rate 5.72 % 5.59 % 5.96 % 5.28 % 5.26 % 5.04 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.00 % 4.50 % 4.50 % 4.04 % 4.00 % 4.00 % Year that the rate reaches the ultimate trend rate 2046 2038 2038 2040 2040 2040 Plan Assets The long term objective of the pension plan is to provide sufficient funding to cover expected benefit obligations, while assuming a prudent level of portfolio risk. The assets of the pension plan are invested, either directly or through pooled funds, in a diversified portfolio of predominately equity securities and fixed maturities. We seek to obtain a rate of return that over time equals or exceeds the returns of the broad markets in which the plan assets are invested. The target allocation of U.S. plan assets is 55 percent to 65 percent invested in equity securities (including certain other investments measured using NAV), with the remainder primarily invested in fixed maturities. The target allocation of non-U.S. plans varies by country, but the plan assets are principally invested in fixed maturities. We rebalance our pension assets to the target allocation as market conditions permit. We determined the expected long term rate of return assumption for each asset class based on an analysis of the historical returns and the expectations for future returns. The expected long term rate of return for the portfolio is a weighted aggregation of the expected returns for each asset class. In order to minimize risk, the Plan maintains a listing of permissible and prohibited investments. In addition, the Plan has certain concentration limits and investment quality requirements imposed on permissible investments options. Investment risk is measured and monitored on an ongoing basis. The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 4 to the Consolidated Financial Statements. December 31, 2022 Pension Benefit Plans (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total U.S. Plans: Short-term investments $ 42 $ — $ — $ 42 U.S. Treasury / Agency 431 110 — 541 Non-U.S. and corporate bonds — 627 — 627 Municipal — 5 — 5 Equity securities 1,321 — — 1,321 Investment derivative instruments 4 — — 4 Total U.S. Plan assets (1) $ 1,798 $ 742 $ — $ 2,540 Non-U.S. Plans: Short-term investments $ 10 $ — $ — $ 10 Non-U.S. and corporate bonds — 454 — 454 Equity securities 107 146 4 257 Total Non-U.S. Plan assets (1) $ 117 $ 600 $ 4 $ 721 (1) Excluded from the table above are $538 million and $201 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $233 million and $16 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans. December 31, 2021 Pension Benefit Plans (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total U.S. Plans: Short-term investments $ 33 $ — $ — $ 33 U.S. Treasury / Agency 380 92 — 472 Non-U.S. and corporate bonds — 923 — 923 Municipal — 4 — 4 Equity securities 1,871 — 1 1,872 Investment derivative instruments 3 — — 3 Total U.S. Plan assets (1) $ 2,287 $ 1,019 $ 1 $ 3,307 Non-U.S. Plans: Short-term investments $ 5 $ — $ — $ 5 Non-U.S. and corporate bonds — 679 — 679 Equity securities 153 291 — 444 Total Non-U.S. Plan assets (1) $ 158 $ 970 $ — $ 1,128 (1) Excluded from the table above are $542 million and $175 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $175 million and $15 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $127 million in cash and accrued income related to the U.S. Plans. |
Other income and expense
Other income and expense | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other (income) expense | Other income and expense Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Equity in net income of partially-owned entities (1) $ 16 $ 2,433 $ 1,019 Gains (losses) from fair value changes in separate account assets (2) (42) (8) 58 Federal excise and capital taxes (21) (19) (22) Other (27) (41) (61) Total $ (74) $ 2,365 $ 994 (1) Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively. (2) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Other income and expense includes equity in net income of partially-owned entities, which includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
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 Insuran ce, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment results for year ended December 31, 2022, include the results of Cigna's business in Asia from July 1, 2022, which are principally assigned to our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment according to the nature of the business written. • The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts; Commercial Insurance, including Small Commercial Insurance; Chubb Bermuda, our high excess business; and Westchester, our wholesale and specialty division. These divisions write a variety of coverages, including property, casualty, workers’ compensation, package policies, risk management, fin ancial lines, marine, construction, environmental, medical risk, cyber risk, surety, excess casualty, and A&H insurance. • The North America Personal P&C Insurance segment comprises the business written by Chubb Personal Risk Services division, which includes high net worth personal lines business, with operations in the U.S. and Canada. This segment provides affluent and high net worth individuals and families with homeowners, high value automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, and recreational marine insurance and services. • The North America Agricultural Insurance segment includes the business written by Rain and Hail Insurance Service, Inc. in the U.S. and Canada, which provides comprehensive multiple peril crop insurance (MPCI) and crop-hail insurance, and Chubb Agribusiness, which offers farm and ranch property as well as specialty P&C coverages, including commercial agriculture products. • The Overseas General Insurance segment includes the business written by two Chubb divisions that provides both commercial and consumer P&C insurance and services in the 51 countries and territories outside of North America where the company operates. Chubb International, our retail division, provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. CGM provides commercial P&C excess and surplus lines wholesale business primarily through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction, as well as group A&H and traditional and specialty personal lines. • The Global Reinsurance segment includes the reinsurance business written by Chubb Tempest Re, comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Chubb Tempest Re provides a broad range of traditional and specialty reinsurance coverages to a diverse array of primary P&C companies, including small, mid-sized, and multinational ceding companies. • The Life Insurance segment includes our international life operations (Chubb Life) which, commencing on July 1, 2022, includes the acquired Cigna A&H and life insurance business in Korea, Taiwan, New Zealand, Hong Kong, and Indonesia . The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life insurance business of Combined Insurance. Corporate primarily includes the results of all run-off A&E exposures, run-off Brandywine business, Westchester specialty operations for 1996 and prior years, and certain other run-off exposures, including molestation claims. In addition, Corporate includes the results of our non-insurance companies including Chubb Limited, Chubb Group Management and Holdings Ltd., and Chubb INA Holdings Inc. Our exposure to A&E and molestation claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1 999, and Chubb Corp in 2016. Management uses underwriting income (loss) as the basis for 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. Segment income (loss) includes underwriting income (loss), net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes amortization of purchased intangibles acquired by the segment. We determined that this definition of segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income (loss) measures. Revenue and expenses managed at the corporate level, including net realized gains (losses), interest expense, Cigna integration expenses, and income tax are reported within Corporate. Cigna integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition of Cigna's A&H and Life insurance companies in several Asian markets. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore are excluded from our definition of segment income (loss). Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include: • Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses. • Policy ben efits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. G AAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits. • Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income for segment reporting purposes. The following tables present the Statement of Operations by segment: For the Year Ended December 31, 2022 (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 Life Insurance Corporate Segment Measure Reclass Chubb Net premiums written $ 17,889 $ 5,313 $ 2,907 $ 11,060 $ 943 $ 3,643 $ — $ — $ 41,755 Net premiums earned 17,107 5,180 2,838 10,803 922 3,539 — — 40,389 Losses and loss expenses 10,828 3,186 2,557 5,252 670 497 363 (11) 23,342 Policy benefits — — — — — 1,534 — (42) 1,492 Policy acquisition costs 2,313 1,057 126 2,818 240 838 — — 7,392 Administrative expenses 1,113 291 (10) 1,070 36 510 385 — 3,395 Underwriting income (loss) 2,853 646 165 1,663 (24) 160 (748) 53 4,768 Net investment income 2,247 283 36 626 281 509 — (240) 3,742 Other (income) expense 17 4 1 2 1 (45) 292 (198) 74 Amortization expense of purchased intangibles — 10 26 57 — 10 182 — 285 Segment income (loss) $ 5,083 $ 915 $ 174 $ 2,230 $ 256 $ 704 $ (1,222) $ 11 $ 8,151 Net realized gains (losses) (954) (11) (965) Interest expense 570 — 570 Cigna integration expenses 48 — 48 Income tax expense 1,255 — 1,255 Net income (loss) $ (4,049) $ — $ 5,313 For the Year Ended December 31, 2021 (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 Life Insurance Corporate Segment Measure Reclass Chubb Net premiums written $ 16,415 $ 5,002 $ 2,388 $ 10,713 $ 873 $ 2,477 $ — $ — $ 37,868 Net premiums earned 15,461 4,915 2,338 10,441 798 2,402 — — 36,355 Losses and loss expenses 10,015 2,924 1,962 5,143 632 740 572 (8) 21,980 Policy benefits — — — — — 707 — (8) 699 Policy acquisition costs 2,082 1,001 124 2,799 200 712 — — 6,918 Administrative expenses 1,052 276 (3) 1,078 35 333 365 — 3,136 Underwriting income (loss) 2,312 714 255 1,421 (69) (90) (937) 16 3,622 Net investment income (loss) 2,078 249 28 597 331 407 (55) (179) 3,456 Other (income) expense 31 (2) 1 — — (106) (2,118) (171) (2,365) Amortization expense of purchased intangibles — 10 26 48 — 5 198 — 287 Segment income $ 4,359 $ 955 $ 256 $ 1,970 $ 262 $ 418 $ 928 $ 8 $ 9,156 Net realized gains (losses) 1,160 (8) 1,152 Interest expense 492 — 492 Income tax expense 1,277 — 1,277 Net income $ 319 $ — $ 8,539 For the Year Ended December 31, 2020 (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 Life Insurance Corporate Segment Measure Reclass Chubb Net premiums written $ 14,474 $ 4,920 $ 1,846 $ 9,335 $ 731 $ 2,514 $ — $ — $ 33,820 Net premiums earned 13,964 4,866 1,822 9,285 698 2,482 — — 33,117 Losses and loss expenses 10,129 3,187 1,544 5,255 435 724 435 1 21,710 Policy benefits — — — — — 726 — 58 784 Policy acquisition costs 1,942 974 123 2,568 174 766 — — 6,547 Administrative expenses 1,006 270 9 1,034 37 320 303 — 2,979 Underwriting income (loss) 887 435 146 428 52 (54) (738) (59) 1,097 Net investment income (loss) 2,061 260 30 534 307 385 (87) (115) 3,375 Other (income) expense 23 5 1 13 2 (74) (791) (173) (994) Amortization expense of purchased intangibles — 11 27 45 — 4 203 — 290 Segment income (loss) $ 2,925 $ 679 $ 148 $ 904 $ 357 $ 401 $ (237) $ (1) $ 5,176 Net realized gains (losses) (499) 1 (498) Interest expense 516 — 516 Income tax expense 629 — 629 Net income (loss) $ (1,881) $ — $ 3,533 Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Future policy benefits, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments. The following table presents net premiums earned for each segment by line of business: For the Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 North America Commercial P&C Insurance Property & other short-tail lines $ 3,383 $ 2,942 $ 2,423 Casualty & all other 13,056 11,905 10,812 A&H 668 614 729 Total North America Commercial P&C Insurance 17,107 15,461 13,964 North America Personal P&C Insurance Personal automobile 811 781 822 Personal homeowners 3,557 3,384 3,327 Personal other 812 750 717 Total North America Personal P&C Insurance 5,180 4,915 4,866 North America Agricultural Insurance 2,838 2,338 1,822 Overseas General Insurance Property & other short-tail lines 3,382 3,105 2,468 Casualty & all other 3,232 3,114 2,738 Personal lines 2,020 2,109 1,981 A&H 2,169 2,113 2,098 Total Overseas General Insurance 10,803 10,441 9,285 Global Reinsurance Property 211 151 104 Property catastrophe 208 190 173 Casualty & all other 503 457 421 Total Global Reinsurance 922 798 698 Life Insurance Life 1,484 1,320 1,317 A&H 2,055 1,082 1,165 Total Life Insurance 3,539 2,402 2,482 Total net premiums earned $ 40,389 $ 36,355 $ 33,117 The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk: North America Europe (1) Asia Pacific / Japan Latin America 2022 69 % 11 % 14 % 6 % 2021 70 % 12 % 12 % 6 % 2020 70 % 11 % 12 % 7 % (1) Europe includes Middle East and Africa regions. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Year Ended December 31 (in millions of U.S. dollars, except share and per share data) 2022 2021 2020 Numerator: Net income $ 5,313 $ 8,539 $ 3,533 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 419,779,847 439,968,422 451,602,820 Denominator for diluted earnings per share: Share-based compensation plans 3,747,597 3,228,856 1,838,692 Weighted-average shares outstanding and assumed conversions 423,527,444 443,197,278 453,441,512 Basic earnings per share $ 12.66 $ 19.41 $ 7.82 Diluted earnings per share $ 12.55 $ 19.27 $ 7.79 Potential anti-dilutive share conversions 1,467,840 1,532,066 6,811,966 Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 12 for additional information on stock options. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions Starr Indemnity & Liability Company and its affiliates (collectively, Starr) We have agency, claims services and underwriting services agreements with Starr, the Chairman of which is related to a member of our senior management team. The Board has reviewed and approved our arrangements with Starr. We have agency, claims services and underwriting services agreements with various Starr subsidiaries. Under the agency agreement, we secure the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranges for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr underwrites insurance policies on our behalf and we agree to reinsure such policies to Starr under quota share reinsurance agreements. The agency agreement also contains a profit-sharing arrangement based on loss ratios, triggered if Starr underwrites a minimum of $20 million of annual program business net premiums written on our behalf. No profit share commission has been payable yet under this arrangement. Transactions generated under Starr agreements were as follows: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Consolidated statement of operations Gross premiums written $ 618 $ 592 $ 507 Ceded premiums written $ 353 $ 321 $ 253 Commissions paid $ 122 $ 114 $ 97 Commissions received $ 79 $ 73 $ 59 Losses and loss expenses $ 225 $ 157 $ 170 Consolidated balance sheets Reinsurance recoverable on losses and loss expenses $ 541 $ 516 Ceded reinsurance premium payable $ 96 $ 88 ABR Re At December 31, 2022 , we own 18.8 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. and warrants to acquire 0.5 percent of additional equity. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. serves as an investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re. In connection with this arrangement with BlackRock, Inc., we recorded income of $7 million, $11 million, and $3 million in 2022, 2021, and 2020, respectively, which is recorded in Other (income) expense on the Consolidated statements of operations. ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissio ns. Transactions generated under ABR Re agreements were as follows: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Consolidated statements of operations Ceded premiums written $ 507 $ 442 $ 350 Commissions received $ 138 $ 133 $ 100 Consolidated balance sheets Reinsurance recoverable on losses and loss expenses $ 1,050 $ 963 Ceded reinsurance premium payable $ 110 $ 107 Aquiline Capital Partners LLC Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chief executive officer is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2022, Chubb has approximately $267 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds are as follows: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Consolidated statements of operations Other income (expense) $ 8 $ 68 $ 2 Consolidated balance sheets Other investments $ 271 $ 245 |
Statutory Financial Information
Statutory Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Financial Information [Abstract] | |
Statutory financial information | Statutory financial information Our subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators. Statutory accounting differs from GAAP in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items. Some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements. In some jurisdictions, we must obtain licenses issued by governmental authorities to conduct local insurance business. These licenses may be subject to reserves and minimum capital and solvency tests. Jurisdictions may impose fines, censure, and/or criminal sanctions for violation of regulatory requirements. The 2022 amounts below are based on estimates. Chubb's insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. These regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the local insurance regulatory authorities. The amount of dividends available to be paid in 2023 without prior approval totals $5.7 billion. The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2022, 2021, and 2020. The minimum amounts of statutory capital and surplus necessary to satisfy regulatory requirements was $36.9 billion and $34.0 billion for December 31, 2022 and 2021, respectively. These minimum regulatory capital requirements were significantly lower than the corresponding amounts required by the rating agencies which review Chubb’s insurance and reinsurance subsidiaries. The following tables present the combined statutory capital and surplus and statutory net income (loss) of our Property and casualty and Life subsidiaries: December 31 (in millions of U.S. dollars) 2022 2021 Statutory capital and surplus Property and casualty $ 40,824 $ 46,662 Life $ 4,834 $ 2,294 Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Statutory net income (loss) Property and casualty $ 4,028 $ 7,983 $ 4,354 Life $ 1,425 $ 424 $ (245) Several insurance subsidiaries follow accounting practices prescribed or permitted by the jurisdiction of domicile that differ from the applicable local statutory practice. The application of prescribed or permitted accounting practices does not have a material impact on Chubb's statutory surplus and income. As prescribed by the Restructuring discussed previously in Note 7, certain of our U.S. subsidiaries discount certain A&E liabilities, which increased statutory capital and surplus by approximately $120 million and $129 million at December 31, 2022 and 2021, respectively. Federal Insurance Company (Federal), a direct subsidiary of Chubb INA Holdings Inc., has a permitted practice granted by the Indiana Department of Insurance that relates to its investment in a foreign affiliate. Under Statement of Statutory Accounting Principles No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, in order for a reporting entity to admit its investments in foreign subsidiaries and affiliates, audited financial statements of the subsidiary or affiliate must be obtained to support the carrying value. Such financial statements must be prepared in accordance with U.S. GAAP, or alternatively, in accordance with the local statutory requirements in the subsidiary’s or affiliate’s country of domicile, with an audited footnote reconciliation of net income and shareholder’s equity as reported to a U.S. GAAP basis. With the explicit permission of the Indiana Department of Insurance, Federal obtains audited financial statements for its admitted foreign affiliate, which had an aggregate carrying value of approximately $79 million and $72 million at December 31, 2022 and 2021, respectively, prepared in accordance with their respective local statutory requirements and supplemented with a separate unaudited reconciliation of shareholder’s equity as reported to a U.S. GAAP basis. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I: SUMMARY OF INVESTEMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2022 (in millions of U.S. dollars) Cost or Amortized Cost, Net (1) Fair Value Amount at Which Shown in the Balance Sheet Fixed maturities available for sale U.S. Treasury / Agency $ 2,792 $ 2,626 $ 2,626 Non-U.S. 28,005 25,908 25,908 Corporate and asset-backed securities 40,440 36,955 36,955 Mortgage-backed securities 17,868 15,851 15,851 Municipal 4,081 3,880 3,880 Total fixed maturities available for sale 93,186 85,220 85,220 Fixed maturities held to maturity U.S. Treasury / Agency 1,417 1,370 1,417 Non-U.S. 1,136 1,054 1,136 Corporate and asset-backed securities 1,705 1,580 1,705 Mortgage-backed securities 1,455 1,351 1,455 Municipal 3,135 3,084 3,135 Total fixed maturities held to maturity 8,848 8,439 8,848 Equity securities Industrial, miscellaneous, and all other 827 827 827 Short-term investments 4,962 4,960 4,960 Other investments (2) 13,425 13,425 13,425 Total investments - other than investments in related parties $ 121,248 $ 112,871 $ 113,280 (1) Net of valuation allowance for expected credit losses. (2) Excludes $271 million of related party investments. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (Parent Company Only) December 31 December 31 (in millions of U.S. dollars) 2022 2021 Assets Investments in subsidiaries and affiliates on equity basis $ 50,393 $ 58,850 Total investments 50,393 58,850 Cash 40 1 Due from subsidiaries and affiliates, net 959 1,218 Other assets 16 16 Total assets $ 51,408 $ 60,085 Liabilities Affiliated notional cash pooling programs $ 252 $ 8 Accounts payable, accrued expenses, and other liabilities 616 363 Total liabilities 868 371 Shareholders' equity Common Shares 10,346 10,985 Common Shares in treasury (5,113) (7,464) Additional paid-in capital 7,166 8,478 Retained earnings 48,334 47,365 Accumulated other comprehensive income (10,193) 350 Total shareholders' equity 50,540 59,714 Total liabilities and shareholders' equity $ 51,408 $ 60,085 The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF OPERATIONS (Parent Company Only) Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Revenues Investment income (1) $ 83 $ 96 $ 155 Equity in net income of subsidiaries and affiliates 5,323 8,514 3,457 Total revenues 5,406 8,610 3,612 Expenses Administrative and other (income) expense 65 56 55 Cigna integration expenses 10 — — Income tax expense 18 15 24 Total expenses 93 71 79 Net income $ 5,313 $ 8,539 $ 3,533 Comprehensive income (loss) $ (5,230) $ 6,020 $ 5,783 (1) Includes net investment income, interest income, and net realized gains (losses). The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto . STATEMENTS OF CASH FLOWS (Parent Company Only) Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Net cash flows from operating activities (1) $ 7,831 $ 4,167 $ 1,933 Cash flows from investing activities Capital contribution (4,046) $ — (1,200) Other — — (2) Net cash flows used for investing activities (4,046) $ — (1,202) Cash flows from financing activities Dividends paid on Common Shares (1,375) (1,401) (1,388) Common Shares repurchased (2,894) (4,861) (523) Repayment of intercompany loans 279 2,003 1,265 Net proceeds from affiliated notional cash pooling programs (2) 245 8 — Net cash flows used for financing activities (3,745) (4,251) (646) Effect of foreign currency rate changes on cash and restricted cash (1) 1 (3) Net increase (decrease) in cash and restricted cash 39 (83) 82 Cash and restricted cash – beginning of year 1 84 2 Cash and restricted cash – end of year $ 40 $ 1 $ 84 (1) Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively. (2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information. The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto. |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE | SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE Premiums Earned For the years ended December 31, 2022, 2021, and 2020 Direct Amount Ceded To Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net 2022 Property and Casualty $ 39,449 $ 9,678 $ 4,242 $ 34,013 12 % Accident and Health 5,206 411 97 4,892 2 % Life 1,499 106 91 1,484 6 % Total $ 46,154 $ 10,195 $ 4,430 $ 40,389 11 % 2021 Property and Casualty $ 35,767 $ 7,982 $ 3,441 $ 31,226 11 % Accident and Health 4,062 362 109 3,809 3 % Life 1,309 89 100 1,320 8 % Total $ 41,138 $ 8,433 $ 3,650 $ 36,355 10 % 2020 Property and Casualty $ 31,546 $ 6,782 $ 3,044 $ 27,808 11 % Accident and Health 4,249 368 111 3,992 3 % Life 1,242 93 168 1,317 13 % Total $ 37,037 $ 7,243 $ 3,323 $ 33,117 10 % |
Schedule VI
Schedule VI | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS | SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS As of and for the years ended December 31, 2022, 2021, and 2020 Deferred Policy Acquisition Costs Net Reserves for Unpaid Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Net Losses and Loss Expenses Incurred Related to Amortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss Expenses Net Premiums Written Current Year Prior Year 2022 $ 4,462 $ 59,195 $ 20,360 $ 38,905 $ 3,381 $ 24,495 $ (1,153) $ 6,873 $ 20,323 $ 40,170 2021 $ 4,260 $ 56,759 $ 19,101 $ 35,035 $ 3,133 $ 22,966 $ (986) $ 6,440 $ 17,884 $ 36,474 2020 $ 4,244 $ 53,164 $ 17,652 $ 31,800 $ 3,074 $ 22,124 $ (414) $ 6,076 $ 17,434 $ 32,471 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. Our results are reported 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 15 for additional information. The accompanying 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 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 preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated Financial Statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include: • unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures; • future policy benefits reserves; • amortization of deferred policy acquisition costs and value of business acquired (VOBA); • reinsurance recoverable, including a valuation allowance for uncollectible reinsurance; • the assessment of risk transfer for certain structured insurance and reinsurance contracts; • the valuation of the investment portfolio and assessment of valuation allowance for expected credit losses; • the valuation of deferred income taxes; • the valuation and amortization of purchased intangibles; and • the assessment of goodwill for impairment. |
Premiums | Premiums Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term. For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period. Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period. Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are matched with income to result in the recognition of profit over the life of the contracts. Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method as described below in Note 1 l) . Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one |
Deferred policy acquisition costs and value of business acquired | Deferred policy acquisition costs and value of business acquired Policy acquisition costs consist of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. A VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts in a business combination and represents the present value of estimated net cash flows for the contracts in force at the acquisition date. Acquisition costs and VOBA, collectively policy acquisition costs, are deferred and amortized. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations. Policy acquisition costs on P&C contracts are generally amortized ratably over the period in which premiums are earned. Policy acquisition costs on traditional long-duration contracts are amortized over the estimated life of the contracts, generally in proportion to premium revenue recognized based upon the same assumptions used in estimating the liability for future policy benefits. For non-traditional long-duration contracts, we amortize policy acquisition costs over the expected life of the contracts in proportion to expected gross profits. The effect of changes in estimates of expected gross profits is reflected in the period the estimates are revised. Policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable policy acquisition costs are expensed in the period identified. Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral, principally related to long-duration A&H business produced by the Overseas General Insurance segment, which are deferred and recognized as a component of Policy acquisition costs . For individual direct-response marketing campaigns that we can demonstrate have specifically resulted in incremental sales to customers and such sales have probable future economic benefits, incremental costs directly related to the marketing campaigns are capitalized as Deferred policy acquisition costs. Deferred policy acquisition cost s, including deferred marketing costs, are reviewed regularly for recoverability from future income, including investment income, and amortized in proportion to premium revenue recognized, primarily over a ten Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for deferred policy acquisition costs and VOBA. Refer to the Note 1 t) for additional information. |
Reinsurance | Reinsurance Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders. For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements. Deposit accounting requires that consideration received or paid be recorded in the balance sheet as opposed to recording premiums written or losses incurred in the statement of operations. Non-refundable fees on deposit contracts are earned based on the terms of the contract described below in Note 1 l) . Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement. Reinsurance recoverable is presented net of a valuation allowance for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The valuation allowance for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. The more significant considerations to calculate the valuation allowance include, but are not necessarily limited to, the following: • For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied; • For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 34 percent, consistent with published statistics of a major rating agency; • For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and • For other recoverables, management determines the valuation allowance for uncollectible reinsurance based on the specific facts and circumstances. The methods used to determine the reinsurance recoverable balance and related valuation allowance for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified. The methods used to determine the valuation allowance for uncollectible high deductible recoverable amounts and valuation allowance for insurance and reinsurance balances receivable are similar to the processes used to determine the valuation allowance for uncollectible reinsurance recoverable. For information on high deductible policies, refer to section i) Unpaid losses and loss expenses, below. Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force. |
Investments | Investments Fixed maturities, equity securities, and short-term investments Fixed maturities are classified as either available for sale or held to maturity. • Available for sale (AFS) portfolio is reported at fair value, net of a valuation allowance for credit losses, with changes in fair value recorded as a separate component of AOCI in Shareholders' equity. • Held to maturity (HTM) portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost, net of a valuation allowance for credit losses. Equity securities are reported at fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost. Interest, dividend income, and amortization of fixed maturity market premiums and discounts, related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statements of operations. Realized gains or losses on sales of investments are determined on a first-in, first-out basis. In addition, net investment income includes the amortization of the fair value adjustment related to the acquired invested assets of Cigna's business in Asia and the Chubb Corp. At December 31, 2022, the remaining balance of this fair value adjustment was $211 million which is expected to accrete as a net benefit over the next eleven years; however, the estimate could vary based on current market conditions, bond calls, and the duration of the acquired investment portfolio. In addition, sales of these acquired fixed maturities would also reduce the fair value adjustment balance. For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income. Valuation allowance for fixed income securities Management evaluates current expected credit losses (CECL) for all HTM securities each quarter. U.S. treasury and agency securities and U.S. government agency mortgage-backed securities are assumed to have no risk of non-payment and therefore are excluded from the CECL evaluation. The remaining HTM securities are evaluated for potential credit loss on a collective pool basis. We elected to pool HTM securities by 1) external credit rating and 2) time to maturity (duration). These characteristics are the most representative of similar risk characteristics within our portfolio. Chubb pools HTM securities and calculates an expected credit loss for each pool using Moody’s corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. The multiplier is based on the leading economic index and will adjust the average default frequency for a forward-looking economic outlook. Management monitors the credit quality of HTM securities through the review of external credit ratings on a quarterly basis. Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If management has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to Net realized gains and losses. If management does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and is recorded through income to Net realized gains and losses, and the non-credit loss portion is recorded through other comprehensive income. Examples of criteria that are collectively evaluated to determine if a credit loss has occurred include the following: • The extent to which the fair value is less than amortized cost; • Adverse conditions related to the security, industry, or geographic area; • Downgrades in the security's credit rating by a rating agency; and • Failure of the issuer to make scheduled principal or interest payments. AFS securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Chubb developed the projected cash flows using market data, issuer-specific information, and credit ratings. In combination with contractual cash flows and the use of historical default and recovery data by Moody's Investors Service (Moody's) rating category we generate expected cash flows using the average cumulative issuer-weighted global default rates by letter rating. If the present value of expected future cash flows is less than the amortized cost, a credit loss exists and an allowance for credit losses will be recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, management will conclude an expected credit loss does not exist. Management reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a fixed maturity security is identified to be uncollectible and written off, the valuation allowance for expected credit losses is reduced. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. Below are considerations for when a security may be deemed uncollectible: • We have sufficient information to determine that the issuer of the security is insolvent; • We receive notice that the issuer of the security has filed for bankruptcy, and the collectability is expected to be adversely impacted by the bankruptcy; • The issuer of a security has violated multiple debt covenants; • Amounts have been past due for a specified period of time with no response from the issuer; • A significant deterioration in the value of the collateral has occurred; and • We have received correspondence from the issuer of the security indicating that it doesn’t intend to pay the contractual principal and interest. We elected to not measure an allowance for accrued investment income as uncollectible balances are written off in a timely manner, typically 30 to 45 days after uncollected balances are due. Other investments Other investments principally comprise investment funds, limited partnerships, partially-owned investment companies, life insurance policies, policy loans, and non-qualified separate account assets. Investment funds and limited partnerships Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence are accounted for as follows. Generally, we own less than three percent of the investee’s shares. • Income and expenses from these funds are reported within Net investment income. • These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Refer to Note 4 for a further discussion on net asset value. • As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag. • Sales of these investments are reported within Net realized gains (losses). Partially-owned investment companies Partially-owned investment companies are limited partnerships where our ownership interest is in excess of three percent are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method. • This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense. • As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag. Other • Policy loans are carried at outstanding balance and interest income is reflected in Net investment income. • Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense. • Non-qualified separate account assets are supported by assets that do not qualify for separate accounting reporting under GAAP. The underlying securities are recorded on a trade date basis and carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense. Investments in partially-owned insurance companies Investments in partially-owned insurance companies primarily represent direct investments in which Chubb has significant influence and as such, meet the requirements for equity accounting. Generally, we own twenty percent or more of the investee’s shares. We report our share of the net income or loss of the partially-owned insurance companies in Other (income) expense. Securities lending program 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 which is recorded within Net investment income in the Consolidated statements of operations. Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. 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 fair value of the securities on loan is included in fixed maturities and equity securities in the Consolidated balance sheets. The securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest. Repurchase agreements Similar to securities lending arrangements, securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities and equity securities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statements of operations. Refer to Note 4 for a discussion on the determination of fair value for Chubb's various investment securities. |
Derivatives | Derivative instruments Derivative instruments are carried at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. We participate in these derivative instruments in two principal ways: (i) To sell protection to customers as an insurance or reinsurance contract that meets the definition of a derivative for accounting purposes . This category principally comprised our GLB contracts; and (ii) To mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities denominated in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency forward contracts. Refer to Note 10 for additional information. Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) in the C onsolidated statements of operations. Additionally, certain derivative instruments are designated as hedging instruments and qualify for hedge accounting. These derivatives designated as hedging instruments must be highly effective in mitigating the designated changes in fair value or cash flows of the hedged item. We assess at the hedge's inception, and continue to qualitatively assess on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to be highly effective in offsetting changes in the hedged items. Derivatives designated as hedging instruments include cross-currency swaps designated as fair value hedges for foreign currency exposure associated with portions of our euro denominated debt and net investment hedges for foreign currency exposure in the net investments of certain foreign subsidiaries. Refer to Note 10 for additional information. |
Cash | Cash We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Actual cash balances are not physically converted and are not commingled between legal entities. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $300 million in the aggregate). Our syndicated letter of credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool. 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. |
Goodwill and other intangible assets | Goodwill, and Other intangible assets Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates it is more likely than not that carrying value exceeds fair value, we quantitatively estimate a reporting unit's fair value. Goodwill recorded in connection with investments in partially-owned insurance companies is recorded in Investments in partially-owned insurance companies and is also measured for impairment annually. Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally with an average original useful life of 25 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value. |
Unpaid losses and loss expenses | Unpaid losses and loss expenses A liability is established for the estimated unpaid losses and loss expenses under the terms of, and with respect to, Chubb's policies and agreements. Similar to premiums that are recognized as revenues over the coverage period of the policy, a liability for unpaid losses and loss expenses is recognized as expense when insured events occur over the coverage period of the policy. This liability includes a provision for both reported claims (case reserves) and incurred but not reported claims (IBNR reserves). IBNR reserve estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The methods of determining such estimates and establishing the resulting liability are reviewed regularly and any adjustments are reflected in income in the period in which they become known. Future developments may result in losses and loss expenses materially greater or less than recorded amounts. Except for net unpaid loss and loss expense reserves for certain structured settlements for which the timing and amount of future claim payments are reliably determinable and certain reserves for unsettled claims, Chubb does not discount its P&C loss reserves. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial. Included in Unpaid losses and loss expenses are liabilities for A&E claims and expenses. These unpaid losses and loss expenses are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to asbestos products and environmental hazards. The estimation of these liabilities is particularly sensitive to changes in the legal environment including specific settlements that may be used as precedents to settle future claims. However, Chubb does not anticipate future changes in laws and regulations in setting its A&E reserve levels. Also included in Unpaid losses and loss expenses is the fair value adjustment of $74 million and $90 million at December 31, 2022 and 2021, respectively, principally related to Chubb Corp’s historical unpaid losses and loss expenses. The estimated fair value consists of the present value of the expected net unpaid loss and loss adjustment expense payments adjusted for an estimated risk margin. The estimated cash flows are discounted at a risk-free rate. The estimated risk margin varies based on the inherent risks associated with each type of reserve. The fair value is amortized through Amortization of purchased intangibles on the Consolidated statements of operations through the year 2032, based on the estimated payout patterns of unpaid loss and loss expenses at the acquisition date. Our loss reserves are presented net of contractual deductible recoverable amounts due from policyholders. Under the terms of certain high deductible policies which we offer, such as workers’ compensation and general liability, our customers are responsible to reimburse us for an agreed-upon dollar amount per claim. In nearly all cases we are required under such policies to pay covered claims first, and then seek reimbursement for amounts within the applicable deductible from our customers. We generally seek to mitigate this risk through collateral agreements. Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premiums from previous accident years. For purposes of analysis and disclosure, management views prior period development to be changes in the nominal value of loss estimates from period to period, net of premium and profit commission adjustments on loss sensitive contracts. Prior period development generally excludes changes in loss estimates that do not arise from the emergence of claims, such as those related to uncollectible reinsurance, interest, unallocated loss adjustment expenses, or foreign currency. Accordingly, specific items excluded from prior period development include the following: gains/losses related to foreign currency remeasurement; losses recognized from the early termination or commutation of reinsurance agreements that principally relate to the time value of money; changes in the value of reinsurance business assumed reflected in losses incurred but principally related to the time value of money; and losses that arise from changes in estimates of earned premiums from prior accident years. Except for foreign currency remeasurement, which is included in Net realized gains (losses), these items are included in current year losses. |
Future policy benefits | Future policy benefits The valuation of long-duration contract reserves requires management to make estimates and assumptions regarding expenses, mortality, persistency, and investment yields. Estimates are primarily based on historical experience and include a margin for adverse deviation. Interest rates used in calculating reserves range from less than 1.0 percent to 9.0 percent at both December 31, 2022 and 2021. Actual results could differ materially from these estimates. Management monitors actual experience and where circumstances warrant, will revise assumptions and the related reserve estimates. Revisions are recorded in the period they are determined. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Future policy benefits in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under GAAP are reported in Other income (expense) and the offsetting movements in the liabilities are included in Policy benefits in the Consolidated statements of operations. Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for future policy benefits. Refer to the Note 1 t) for additional information. |
Assumed reinsurance programs involving minimum benefit guarantees under annuity contracts | Assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States. We generally receive a monthly premium during the accumulation phase of the covered annuities (in-force) based on a percentage of either the underlying accumulated account values or the underlying accumulated guaranteed values. Depending on an annuitant's age, the accumulation phase can last many years. To limit our exposure under these programs, all reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible. The guarantees which are payable on death, referred to as guaranteed minimum death benefits (GMDB), principally cover shortfalls between accumulated account value at the time of an annuitant's death and either i) an annuitant's total deposits; ii) an annuitant's total deposits plus a minimum annual return; or iii) the highest accumulated account value attained at any policy anniversary date. In addition, a death benefit may be based on a formula specified in the variable annuity contract that uses a percentage of the growth of the underlying contract value. Liabilities for GMDBs are based on cumulative assessments or premiums to date multiplied by a benefit ratio that is determined by estimating the present value of benefit payments and related adjustment expenses divided by the present value of cumulative assessment or expected premiums during the contract period. Under reinsurance programs covering GLBs, we assume the risk of guaranteed minimum income benefits (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. Our GLB reinsurance products meet the definition of a derivative for accounting purposes and are carried at fair value with changes in fair value recognized in Realized gains (losses) in the Consolidated statements of operations. Refer to Note 10 a) for additional information. Effective on January 1, 2023, we adopted new accounting guidance issued by the FASB for long-duration contracts that affects the accounting for GMDB and GLB contracts. Refer to the Note 1 t) for additional information. |
Deposit assets and liabilities | Deposit assets and liabilities Deposit assets arise from ceded reinsurance contracts purchased that do not transfer significant underwriting or timing risk. Deposit liabilities include reinsurance deposit liabilities and contract holder deposit funds. The reinsurance deposit liabilities arise from contracts sold for which there is not a significant transfer of risk. Contract holder deposit funds represent a liability for investment contracts sold that do not me et the definition of an insurance contract, and certain of these contracts are sold with a guaranteed rate of return. Under deposit accounting, consideration received or paid is recorded as a deposit asset or liability in the balance sheet as opposed to recording premiums and losses in the statements of operations. Interest income on deposit assets, representing the consideration received or to be received in excess of cash payments related to the deposit contract, is earned based on an effective yield calculation. The calculation of the effective yield is based on the amount and timing of actual cash flows at the balance sheet date and the estimated amount and timing of future cash flows. The effective yield is recalculated periodically to reflect revised estimates of cash flows. When a change in the actual or estimated cash flows occurs, the resulting change to the carrying amount of the deposit asset is reported as income or expense. Deposit assets of $96 million and $101 million at December 31, 2022 and 2021, respectively, are reflected in Other assets in the Consolidated balance sheets and the accretion of deposit assets related to interest pursuant to the effective yield calculation is reflected in Net investment income in the Consolidated statements of operations. Deposit liabilities include reinsurance deposit liabilities of $70 million and $74 million at December 31, 2022 and 2021, respectively and contract holder deposit funds of $2.5 billion and $2.2 billion at December 31, 2022 and 2021, respectively. Deposit liabilities are reflected in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. At contract inception, the deposit liability equals net cash received. An accretion rate is established based on actuarial estimates whereby the deposit liability is increased to the estimated amount payable over the contract term. The deposit accretion rate is the rate of return required to fund expected future payment obligations. We periodically reassess the estimated ultimate liability and related expected rate of return. Changes to the deposit liability are generally reflected through Interest expense to reflect the cumulative effect of the period the contract has been in force, and by an adjustment to the future accretion rate of the liability over the remaining estimated contract term. The liability for contract holder deposit funds equals accumulated policy account values, which consist of the deposit payments plus credited interest less withdrawals and amounts assessed through the end of the period. |
Property and Equipment, Policy | Property and EquipmentProperty and equipment used in operations are capitalized and carried at cost less accumulated depreciation and are reported within Other assets in the Consolidated balance sheets. At December 31, 2022, property and equipment totaled $2.4 billion, consisting principally of capitalized software costs of $1.6 billion incurred to develop or obtain computer software for internal use and company-owned facilities of $253 million. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. For capitalized software, the estimated useful life is generally three |
Foreign currency remeasurement and translation | Foreign currency remeasurement and translationThe functional currency for each of our foreign operations is generally the currency of the local operating environment. Transactions in currencies other than a foreign operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains and losses are reflected in Net realized gains (losses) in the Consolidated statements of operations. Functional currency assets and liabilities are translated into the reporting currency, U.S. dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of AOCI in Shareholders' equity. Functional statement of operations amounts expressed in functional currencies are translated using average exchange rates. |
Administrative expenses | Administrative expensesAdministrative expenses generally include all operating costs other than policy acquisition costs. The North America Commercial P&C Insurance segment manages and uses an in-house third-party claims administrator, ESIS Inc. (ESIS). ESIS performs claims management and risk control services for domestic and international organizations that self-insure P&C exposures as well as internal P&C exposures. The net operating income of ESIS is included within Administrative expenses in the Consolidated statements of operations and were $12 million, $25 million, and $18 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
Income taxes | Income taxesIncome taxes have been recorded related to those operations subject to income tax. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the Consolidated Financial Statements and the tax basis of our assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax law or rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to these deferred tax assets will not be realized. The valuation allowance assessment considers tax planning strategies, where appropriate.We recognize uncertain tax positions that are determined to be more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Earnings per share | Earnings per shareBasic earnings per share is calculated using the weighted-average shares outstanding, including participating securities with non-forfeitable rights to dividends such as unvested restricted stock. All potentially dilutive securities, including stock options are excluded from the basic earnings per share calculation. In calculating diluted earnings per share, the weighted-average shares outstanding is increased to include all potentially dilutive securities. Basic and diluted earnings per share are calculated by dividing net income by the applicable weighted-average number of shares outstanding during the year. |
Share-based compensation | Share-based compensationChubb measures and records compensation cost for all share-based payment awards at grant-date fair value. Compensation costs are recognized for vesting of share-based payment awards with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. For retirement-eligible participants, compensation costs for certain share-based payment awards are recognized immediately at the date of grant. Refer to Note 12 for additional information. |
Cigna integration expenses | Cigna integration expenses Direct costs related to the acquisition of Cigna's business in Asia were expensed as incurred. Cigna integration expenses were $48 million for the year ended December 31, 2022 and include all internal and external costs directly related to the integration activities of the acquisition of Cigna's business in Asia. These expenses principally consisted of third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition. |
New accounting pronouncements | New accounting pronouncements Accounting guidance adopted in 2023 Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued guidance to improve the recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require updating of assumptions at least annually, updating to then-current discount rates quarterly using a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for market risk benefits, simplified amortization of deferred acquisition costs and VOBA, and enhanced disclosures. We adopted the standard effective January 1, 2023, under the modified retrospective method. The most significant impact of the standard relates to our accounting for future policy benefits. Cash flow assumptions used to measure the liability for certain future policy benefits are to be reviewed and, if necessary, updated for both changes in future assumptions and actual experience at least annually. Additionally, the discount rate assumption used to measure the liability for certain future policy benefits is required to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through Other Comprehensive Income. Further, the amortization of deferred acquisition costs and VOBA will be required to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. We previously amortized deferred acquisition costs and VOBA using models linked to revenue or profit of the related insurance contracts. Upon adoption on January 1, 2023, we will record a cumulative effect adjustment and decrease January 1, 2021 beginning Shareholders' equity by approximately $1.8 billion after-tax. However, adoption of this guidance is expected to have an immaterial impact to Shareholders' equity at December 31, 2022. |
Fair vale measurements (Fair Va
Fair vale measurements (Fair Value Measurement Policy) (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | 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. |
Summary of significant accoun_3
Summary of significant accounting policies Summary of Significant Accounting Policies (Tables) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [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: December 31 (in millions of U.S. dollars) 2022 2021 2020 Cash $ 2,012 $ 1,659 $ 1,747 Restricted cash 115 152 89 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 2,127 $ 1,811 $ 1,836 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows. Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in Asia July 1 (in millions of U.S. dollars) 2022 Assets Investments and Cash $ 5,275 Accrued investment income 33 Insurance and reinsurance balances receivable 52 Reinsurance recoverable on losses and loss expenses 3 Reinsurance recoverable on future policy benefits 82 Value of business acquired 3,503 Goodwill and intangible assets 1,559 Other assets 649 Total assets $ 11,156 Liabilities Unpaid losses and loss expenses $ 12 Unearned premiums 59 Future policy benefits 3,817 Insurance and reinsurance balances payable 115 Accounts payable, accrued expenses, and other liabilities 924 Deferred tax liabilities 870 Total liabilities $ 5,797 Net acquired assets, including goodwill 5,359 Total $ 11,156 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the results of the acquired Cigna's A&H and Life business operations since the acquisition date that have been included within our Consolidated statements of operations. July 1, 2022 to (in millions of U.S. dollars) December 31, 2022 Total revenues $ 1,507 Net income $ 148 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows: (in millions of U.S. dollars) Amount Weighted-average useful life Definite life Agency distribution relationships and renewal rights $ 230 22 years Unearned premium reserves (UPR) intangible asset 9 1 year Indefinite life Trademarks 70 Indefinite Total identified intangible assets $ 309 |
Business Acquisition, Pro Forma Information | The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021, for each of the respective periods. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition. Pro forma: For the Year Ended December 31 (in millions of U.S. dollars, except per share data) 2022 2021 Net premiums earned $ 41,913 $ 39,495 Total revenues $ 44,673 $ 44,166 Net income $ 5,503 $ 8,921 |
Investments (Tables)
Investments (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities | December 31, 2022 Amortized Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury / Agency $ 2,792 $ — $ 5 $ (171) $ 2,626 Non-U.S. 28,064 (59) 108 (2,205) 25,908 Corporate and asset-backed securities 40,547 (107) 49 (3,534) 36,955 Mortgage-backed securities 17,871 (3) 4 (2,021) 15,851 Municipal 4,081 — 8 (209) 3,880 $ 93,355 $ (169) $ 174 $ (8,140) $ 85,220 | December 31, 2021 Amortized Valuation Allowance Gross Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury / Agency $ 2,111 $ — $ 109 $ (6) $ 2,214 Non-U.S. 25,156 (8) 953 (272) 25,829 Corporate and asset-backed securities 37,844 (6) 1,410 (185) 39,063 Mortgage-backed securities 20,080 — 532 (123) 20,489 Municipal 5,302 — 216 (5) 5,513 $ 90,493 $ (14) $ 3,220 $ (591) $ 93,108 |
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities | Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Held to maturity U.S. Treasury / Agency $ 1,417 $ — $ 1,417 $ 1 $ (48) $ 1,370 Non-U.S. 1,140 (4) 1,136 — (82) 1,054 Corporate and asset-backed securities 1,733 (28) 1,705 1 (126) 1,580 Mortgage-backed securities 1,456 (1) 1,455 — (104) 1,351 Municipal 3,136 (1) 3,135 1 (52) 3,084 $ 8,882 $ (34) $ 8,848 $ 3 $ (412) $ 8,439 | Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value Held to maturity U.S. Treasury / Agency $ 1,213 $ — $ 1,213 $ 34 $ (3) $ 1,244 Non-U.S. 1,201 (5) 1,196 66 — 1,262 Corporate and asset-backed securities 2,032 (28) 2,004 197 — 2,201 Mortgage-backed securities 1,731 (1) 1,730 74 (1) 1,803 Municipal 3,976 (1) 3,975 162 — 4,137 $ 10,153 $ (35) $ 10,118 $ 533 $ (4) $ 10,647 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table presents the amortized cost of our HTM securities according to S&P rating: December 31 2022 2021 (in millions of U.S. dollars, except for percentages) Amortized cost % of Total Amortized cost % of Total AAA $ 1,612 18 % $ 2,089 21 % AA 5,023 57 % 5,303 52 % A 1,634 18 % 1,964 19 % BBB 593 7 % 773 8 % BB 20 — % 23 — % Other — — % 1 — % Total $ 8,882 100 % $ 10,153 100 % | |
Schedule Of Fixed Maturities By Contractual Maturity | The following table presents fixed maturities by contractual maturity: December 31 2022 2021 (in millions of U.S. dollars) Net Carrying Value Fair Value Net Carrying Value Fair Value Available for sale Due in 1 year or less $ 2,962 $ 2,962 $ 4,498 $ 4,498 Due after 1 year through 5 years 24,791 24,791 25,542 25,542 Due after 5 years through 10 years 26,679 26,679 28,207 28,207 Due after 10 years 14,937 14,937 14,372 14,372 69,369 69,369 72,619 72,619 Mortgage-backed securities 15,851 15,851 20,489 20,489 $ 85,220 $ 85,220 $ 93,108 $ 93,108 Held to maturity Due in 1 year or less $ 1,015 $ 1,003 $ 888 $ 894 Due after 1 year through 5 years 3,658 3,531 3,744 3,846 Due after 5 years through 10 years 1,460 1,423 2,242 2,349 Due after 10 years 1,260 1,131 1,514 1,755 7,393 7,088 8,388 8,844 Mortgage-backed securities 1,455 1,351 1,730 1,803 $ 8,848 $ 8,439 $ 10,118 $ 10,647 | |
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 AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, 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 December 31, 2022 Fair Value Gross Fair Value Gross Fair Value Gross (in millions of U.S. dollars) U.S. Treasury / Agency $ 2,152 $ (125) $ 386 $ (46) $ 2,538 $ (171) Non-U.S. 15,538 (1,012) 5,490 (704) 21,028 (1,716) Corporate and asset-backed securities 25,687 (1,793) 4,190 (552) 29,877 (2,345) Mortgage-backed securities 10,561 (1,033) 4,770 (941) 15,331 (1,974) Municipal 3,251 (152) 155 (48) 3,406 (200) Total AFS fixed maturities $ 57,189 $ (4,115) $ 14,991 $ (2,291) $ 72,180 $ (6,406) 0 – 12 Months Over 12 Months Total December 31, 2021 Fair Value Gross Fair Value Gross Fair Value Gross (in millions of U.S. dollars) U.S. Treasury / Agency $ 363 $ (3) $ 70 $ (3) $ 433 $ (6) Non-U.S. 6,917 (196) 1,093 (62) 8,010 (258) Corporate and asset-backed securities 9,449 (145) 806 (32) 10,255 (177) Mortgage-backed securities 8,086 (116) 190 (7) 8,276 (123) Municipal 226 (5) — — 226 (5) Total AFS fixed maturities $ 25,041 $ (465) $ 2,159 $ (104) $ 27,200 $ (569) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Available for sale Valuation allowance for expected credit losses - beginning of period $ 14 $ 20 Provision for expected credit loss 237 14 Recovery of expected credit loss (82) (20) Valuation allowance for expected credit losses - end of period $ 169 $ 14 Held to maturity Valuation allowance for expected credit losses - beginning of period $ 35 $ 44 Provision for expected credit loss 2 1 Recovery of expected credit loss (3) (10) Valuation allowance for expected credit losses - end of period $ 34 $ 35 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Available for sale Valuation allowance for expected credit losses - beginning of period $ 14 $ 20 Provision for expected credit loss 237 14 Recovery of expected credit loss (82) (20) Valuation allowance for expected credit losses - end of period $ 169 $ 14 Held to maturity Valuation allowance for expected credit losses - beginning of period $ 35 $ 44 Provision for expected credit loss 2 1 Recovery of expected credit loss (3) (10) Valuation allowance for expected credit losses - end of period $ 34 $ 35 | |
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI | The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Fixed maturities: Gross realized gains $ 619 $ 142 $ 244 Gross realized losses (1,379) (123) (366) Net (provision for) recovery of expected credit losses (154) 14 11 Impairment (1) (135) (30) (170) Total fixed maturities (1,049) 3 (281) Equity securities (230) 662 586 Other investments (31) 111 (32) Foreign exchange 393 348 (483) Investment and embedded derivative instruments (43) (72) 81 Fair value adjustments on insurance derivative (63) 316 (202) S&P futures 187 (202) (108) Other derivative instruments (11) (8) 1 Other (118) (6) (60) Net realized gains (losses) (pre-tax) $ (965) $ 1,152 $ (498) Change in net unrealized appreciation (depreciation) on investments (pre-tax): Fixed maturities available for sale $ (10,583) $ (2,901) $ 2,628 Fixed maturities held to maturity (15) (18) (24) Other 20 (19) (12) Income tax (expense) benefit 1,043 521 (462) Change in net unrealized appreciation (depreciation) on investments (after-tax) $ (9,535) $ (2,417) $ 2,130 (1) Relates to certain securities we intended to sell and securities written to market entering default. | |
Gain (Loss) on Securities | Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Year Ended December 31 2022 2021 2020 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ (230) $ (31) $ (261) $ 662 $ 111 $ 773 $ 586 $ (32) $ 554 Less: Net gains recognized from sales of securities 409 — 409 157 — 157 455 — 455 Unrealized gains (losses) recognized for securities still held at reporting date $ (639) $ (31) $ (670) $ 505 $ 111 $ 616 $ 131 $ (32) $ 99 | |
Schedule Of Other Investments | December 31 (in millions of U.S. dollars) 2022 2021 Alternative investments: Partially-owned investment companies $ 10,527 $ 9,210 Limited partnerships 1,455 631 Investment funds 373 267 Alternative investments 12,355 10,108 Life insurance policies 399 481 Policy loans 343 243 Non-qualified separate account assets (1) 223 278 Other 376 59 Total $ 13,696 $ 11,169 (1) Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP. | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: December 31 2022 2021 (in millions of U.S. dollars) Expected Liquidation Fair Value Maximum Fair Value Maximum Financial 2 to 10 Years $ 1,074 $ 505 $ 1,096 $ 267 Real assets 2 to 13 Years 2,166 681 1,193 766 Distressed 2 to 8 Years 1,048 755 753 641 Private credit 3 to 8 Years 215 429 84 279 Traditional 2 to 14 Years 7,424 5,025 6,647 5,200 Vintage 1 to 2 Years 55 — 68 — Investment funds Not Applicable 373 — 267 — $ 12,355 $ 7,395 $ 10,108 $ 7,153 | |
Schedule Of Partially Owned Insurance Companies | The following table presents Investments in partially-owned insurance companies: December 31, 2022 December 31, 2021 (in millions of U.S. dollars, except for percentages) Carrying Value Goodwill Direct Ownership Percentage Carrying Value Goodwill Direct Ownership Percentage Domicile Huatai Group $ 2,490 $ 1,247 47 % $ 2,698 $ 1,355 47 % China Huatai Life Insurance Company 215 65 20 % 253 71 20 % China Freisenbruch-Meyer 11 3 40 % 10 3 40 % Bermuda Chubb Arabia Cooperative Insurance Company 24 — 30 % 23 — 30 % Saudi Arabia Russian Reinsurance Company — — 23 % 4 — 23 % Russia ABR Reinsurance Ltd. 137 — 19 % 142 — 17 % Bermuda Total $ 2,877 $ 1,315 $ 3,130 $ 1,429 | |
Schedule Of Sources Of Net Investment Income | Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Fixed maturities (1) $ 3,594 $ 3,300 $ 3,321 Short-term investments 81 35 48 Other interest income 42 11 19 Equity securities 99 150 81 Other investments 104 147 82 Gross investment income (1) 3,920 3,643 3,551 Investment expenses (178) (187) (176) Net investment income (1) $ 3,742 $ 3,456 $ 3,375 (1) Includes amortization expense related to fair value adjustment of acquired invested assets $ (41) $ (84) $ (116) | |
Schedule Of Components Of Restricted Assets | The following table presents the components of restricted assets: December 31 (in millions of U.S. dollars) 2022 2021 Trust funds $ 8,120 $ 9,915 Deposits with U.S. regulatory authorities 2,345 2,402 Deposits with non-U.S. regulatory authorities 2,959 2,873 Assets pledged under repurchase agreements 1,527 1,420 Other pledged assets 885 634 Total $ 15,836 $ 17,244 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury / Agency $ 2,100 $ 526 $ — $ 2,626 Non-U.S. — 25,344 564 25,908 Corporate and asset-backed securities — 34,506 2,449 36,955 Mortgage-backed securities — 15,840 11 15,851 Municipal — 3,880 — 3,880 2,100 80,096 3,024 85,220 Equity securities 737 — 90 827 Short-term investments 3,108 1,849 3 4,960 Other investments (1) 552 399 — 951 Securities lending collateral — 1,523 — 1,523 Investment derivatives 82 — — 82 Derivatives designated as hedging instruments — 17 — 17 Other derivative instruments 33 — — 33 Separate account assets 5,101 89 — 5,190 Total assets measured at fair value (1) $ 11,713 $ 83,973 $ 3,117 $ 98,803 Liabilities: Investment derivatives $ 139 $ — $ — $ 139 Derivatives designated as hedging instruments — 53 — 53 GLB (2) — — 736 736 Total liabilities measured at fair value $ 139 $ 53 $ 736 $ 928 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 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. December 31, 2021 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury / Agency $ 1,680 $ 534 $ — $ 2,214 Non-U.S. — 25,196 633 25,829 Corporate and asset-backed securities — 37,014 2,049 39,063 Mortgage-backed securities — 20,463 26 20,489 Municipal — 5,513 — 5,513 1,680 88,720 2,708 93,108 Equity securities 4,705 — 77 4,782 Short-term investments 1,744 1,395 7 3,146 Other investments (1) 286 481 — 767 Securities lending collateral — 1,831 — 1,831 Investment derivatives 58 — — 58 Separate account assets 5,461 99 — 5,560 Total assets measured at fair value (1) $ 13,934 $ 92,526 $ 2,792 $ 109,252 Liabilities: Investment derivatives $ 166 $ — $ — $ 166 Other derivative instruments 16 — — 16 GLB (2) — — 745 745 Total liabilities measured at fair value $ 182 $ — $ 745 $ 927 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 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. |
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 at December 31 2022 Valuation Significant Ranges Weighted Average (1) GLB (1) $ 736 Actuarial model Lapse rate 3% - 30% 3.6 % Annuitization rate 0% - 100% 4.4 % (1) The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 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 Available-for-Sale Debt Securities Equity Short-term investments GLB (1) Year Ended December 31, 2022 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities (in millions of U.S. dollars) Balance, beginning of year $ 633 $ 2,049 $ 26 $ 77 $ 7 $ 745 Transfers into Level 3 23 47 — 1 — — Transfers out of Level 3 (23) (97) (9) — — — Change in Net Unrealized Gains/Losses in OCI (53) (80) — — — — Net Realized Gains/Losses (6) (14) — 15 (2) 63 Purchases 156 921 4 9 3 — Sales (59) (85) — (12) — — Settlements (107) (292) (10) — (5) — Other — — — — — (72) Balance, end of year $ 564 $ 2,449 $ 11 $ 90 $ 3 $ 736 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (2) $ (9) $ — $ 14 $ (1) $ 63 Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ (53) $ (84) $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Assets Liabilities Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) Year Ended December 31, 2021 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities (in millions of U.S. dollars) Balance, beginning of year $ 546 $ 1,573 $ 60 $ 73 $ 5 $ 10 $ 1,089 Transfers into Level 3 24 91 — — — — — Transfers out of Level 3 (11) (76) (18) — — (10) — Change in Net Unrealized Gains/Losses in OCI (30) 15 — — (1) — — Net Realized Gains/Losses (1) (2) — 8 — — (316) Purchases 275 1,154 18 21 9 — — Sales (48) (99) (1) (25) — — — Settlements (122) (607) (33) — (6) — — Other — — — — — — (28) Balance, end of year $ 633 $ 2,049 $ 26 $ 77 $ 7 $ — $ 745 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ 3 $ — $ 5 $ — $ — $ (316) Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ (25) $ 17 $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Assets Liabilities Available-for-Sale Debt Securities Short-term investments GLB (1) Year Ended December 31, 2020 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities Equity Other (in millions of U.S. dollars) Balance, beginning of year $ 449 $ 1,451 $ 60 $ 69 $ 6 $ 10 $ 897 Transfers into Level 3 — 134 — — — — — Transfers out of Level 3 (16) (73) (1) (3) — — — Change in Net Unrealized Gains/Losses in OCI 19 (8) — — — — — Net Realized Gains/Losses (1) (30) — 1 (1) — 202 Purchases 274 708 2 23 14 — — Sales (122) (186) — (17) (2) — — Settlements (57) (423) (1) — (12) — — Other — — — — — — (10) Balance, end of year $ 546 $ 1,573 $ 60 $ 73 $ 5 $ 10 $ 1,089 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (5) $ — $ 4 $ — $ — $ 202 Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ 16 $ (6) $ — $ — $ — $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | 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 Available-for-Sale Debt Securities Equity Short-term investments GLB (1) Year Ended December 31, 2022 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities (in millions of U.S. dollars) Balance, beginning of year $ 633 $ 2,049 $ 26 $ 77 $ 7 $ 745 Transfers into Level 3 23 47 — 1 — — Transfers out of Level 3 (23) (97) (9) — — — Change in Net Unrealized Gains/Losses in OCI (53) (80) — — — — Net Realized Gains/Losses (6) (14) — 15 (2) 63 Purchases 156 921 4 9 3 — Sales (59) (85) — (12) — — Settlements (107) (292) (10) — (5) — Other — — — — — (72) Balance, end of year $ 564 $ 2,449 $ 11 $ 90 $ 3 $ 736 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ (2) $ (9) $ — $ 14 $ (1) $ 63 Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ (53) $ (84) $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Assets Liabilities Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) Year Ended December 31, 2021 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities (in millions of U.S. dollars) Balance, beginning of year $ 546 $ 1,573 $ 60 $ 73 $ 5 $ 10 $ 1,089 Transfers into Level 3 24 91 — — — — — Transfers out of Level 3 (11) (76) (18) — — (10) — Change in Net Unrealized Gains/Losses in OCI (30) 15 — — (1) — — Net Realized Gains/Losses (1) (2) — 8 — — (316) Purchases 275 1,154 18 21 9 — — Sales (48) (99) (1) (25) — — — Settlements (122) (607) (33) — (6) — — Other — — — — — — (28) Balance, end of year $ 633 $ 2,049 $ 26 $ 77 $ 7 $ — $ 745 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ 3 $ — $ 5 $ — $ — $ (316) Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ (25) $ 17 $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Assets Liabilities Available-for-Sale Debt Securities Short-term investments GLB (1) Year Ended December 31, 2020 Non-U.S. Corporate and asset-backed securities Mortgage-backed securities Equity Other (in millions of U.S. dollars) Balance, beginning of year $ 449 $ 1,451 $ 60 $ 69 $ 6 $ 10 $ 897 Transfers into Level 3 — 134 — — — — — Transfers out of Level 3 (16) (73) (1) (3) — — — Change in Net Unrealized Gains/Losses in OCI 19 (8) — — — — — Net Realized Gains/Losses (1) (30) — 1 (1) — 202 Purchases 274 708 2 23 14 — — Sales (122) (186) — (17) (2) — — Settlements (57) (423) (1) — (12) — — Other — — — — — — (10) Balance, end of year $ 546 $ 1,573 $ 60 $ 73 $ 5 $ 10 $ 1,089 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (5) $ — $ 4 $ — $ — $ 202 Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date $ 16 $ (6) $ — $ — $ — $ — $ — |
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value | December 31, 2022 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury / Agency $ 1,299 $ 71 $ — $ 1,370 $ 1,417 Non-U.S. — 1,054 — 1,054 1,136 Corporate and asset-backed securities — 1,580 — 1,580 1,705 Mortgage-backed securities — 1,351 — 1,351 1,455 Municipal — 3,084 — 3,084 3,135 Total assets $ 1,299 $ 7,140 $ — $ 8,439 $ 8,848 Liabilities: Repurchase agreements $ — $ 1,419 $ — $ 1,419 $ 1,419 Short-term debt — 473 — 473 475 Long-term debt — 12,495 — 12,495 14,402 Trust preferred securities — 383 — 383 308 Total liabilities $ — $ 14,770 $ — $ 14,770 $ 16,604 December 31, 2021 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury / Agency $ 1,192 $ 52 $ — $ 1,244 $ 1,213 Non-U.S. — 1,262 — 1,262 1,196 Corporate and asset-backed securities — 2,201 — 2,201 2,004 Mortgage-backed securities — 1,803 — 1,803 1,730 Municipal — 4,137 — 4,137 3,975 Total assets $ 1,192 $ 9,455 $ — $ 10,647 $ 10,118 Liabilities: Repurchase agreements $ — $ 1,406 $ — $ 1,406 $ 1,406 Short-term debt — 1,019 — 1,019 999 Long-term debt — 16,848 — 16,848 15,169 Trust preferred securities — 460 — 460 308 Total liabilities $ — $ 19,733 $ — $ 19,733 $ 17,882 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Schedule of direct, assumed and ceded premiums | The following table presents direct, assumed, and ceded premiums: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Premiums written Direct $ 47,511 $ 42,811 $ 37,749 Assumed 4,502 3,969 3,512 Ceded (10,258) (8,912) (7,441) Net $ 41,755 $ 37,868 $ 33,820 Premiums earned Direct $ 46,154 $ 41,138 $ 37,037 Assumed 4,430 3,650 3,323 Ceded (10,195) (8,433) (7,243) Net $ 40,389 $ 36,355 $ 33,117 |
Schedule of Reinsurance Recoverable on Ceded Insurance | Reinsurance recoverable on ceded reinsurance December 31, 2022 December 31, 2021 (in millions of U.S. dollars) Net Reinsurance Recoverable (1) Valuation allowance Net Reinsurance Recoverable (1) Valuation allowance Reinsurance recoverable on unpaid losses and loss expenses $ 17,128 $ 289 $ 16,184 $ 271 Reinsurance recoverable on paid losses and loss expenses 1,773 62 1,182 58 Reinsurance recoverable on losses and loss expenses $ 18,901 $ 351 $ 17,366 $ 329 Reinsurance recoverable on policy benefits $ 303 $ 4 $ 213 $ 4 |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Valuation allowance for uncollectible reinsurance - beginning of period $ 329 $ 314 Provision for uncollectible reinsurance 43 66 Write-offs charged against the valuation allowance (19) (50) Foreign exchange revaluation (2) (1) Valuation allowance for uncollectible reinsurance - end of period $ 351 $ 329 |
Reinsurance Recoverable, Credit Quality Indicator | The following tables present a listing, at December 31, 2022, of the categories of Chubb's reinsurers: December 31, 2022 Gross Reinsurance Recoverable on Losses and Loss Expenses Valuation allowance for Uncollectible Reinsurance % of Gross Reinsurance Recoverable (in millions of U.S. dollars, except for percentages) Categories Largest reinsurers $ 10,826 $ 114 1.1 % Other reinsurers rated A- or better 4,161 47 1.1 % Other reinsurers rated lower than A- or not rated 443 70 15.8 % Pools 425 14 3.3 % Structured settlements 507 11 2.2 % Captives 2,455 13 0.5 % Other 435 82 18.8 % Total $ 19,252 $ 351 1.8 % |
Goodwill, Other intangible as_2
Goodwill, Other intangible assets, and Value of business acquired (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill roll-forward by business segment | The following table presents a roll-forward of Goodwill by segment: (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 Chubb Consolidated Balance at December 31, 2020 $ 6,972 $ 2,240 $ 134 $ 4,836 $ 371 $ 847 $ 15,400 Foreign exchange revaluation and other — — — (183) — (4) (187) Balance at December 31, 2021 $ 6,972 $ 2,240 $ 134 $ 4,653 $ 371 $ 843 $ 15,213 Acquisition of Cigna's business in Asia — — — 90 — 1,160 1,250 Foreign exchange revaluation and other (27) (10) — (138) — (1) (176) Balance at December 31, 2022 $ 6,945 $ 2,230 $ 134 $ 4,605 $ 371 $ 2,002 $ 16,287 |
Schedule of Intangible Assets and Goodwill | Other intangible assets that are subject to amortization principally relate to agency distribution relationships and renewal rights and other intangible assets that are not subject to amortization principally relate to trademarks. December 31 (in millions of U.S. dollars) 2022 2021 Subject to amortization $ 2,459 $ 2,508 Not subject to amortization 2,982 2,947 Total $ 5,441 $ 5,455 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years: For the Years Ending December 31 (in millions of U.S. dollars) Total Amortization of purchased intangibles 2023 $ 281 2024 260 2025 242 2026 220 2027 205 Total $ 1,208 |
Schedule of Changes in VOBA | The following table presents a roll-forward of VOBA: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Balance, beginning of year $ 236 $ 263 $ 306 Acquisition of Cigna's business in Asia 3,503 — — Amortization of VOBA (1) (164) (22) (27) Foreign exchange revaluation and other 21 (5) (16) Balance, end of year $ 3,596 $ 236 $ 263 (1) Recognized in Policy acquisition costs in the Consolidated statements of operations. |
Schedule of expected pre-tax amortization related to VOBA for the next five years | The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense related to VOBA for the next five years at current foreign currency exchange rates: For the Years Ending December 31 VOBA (in millions of U.S. dollars) 2023 $ 333 2024 299 2025 270 2026 243 2027 219 |
Unpaid losses and loss expens_2
Unpaid losses and loss expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Schedule Of Unpaid Losses And Loss Expenses Roll Forward | Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2022, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed. The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Gross unpaid losses and loss expenses, beginning of year $ 72,943 $ 67,811 $ 62,690 Reinsurance recoverable on unpaid losses (1) (16,184) (14,647) (14,181) Net unpaid losses and loss expenses, beginning of year 56,759 53,164 48,509 Net losses and loss expenses incurred in respect of losses occurring in: Current year 24,495 22,966 22,124 Prior years (2) (1,153) (986) (414) Total 23,342 21,980 21,710 Net losses and loss expenses paid in respect of losses occurring in: Current year 8,117 7,836 7,782 Prior years 12,206 10,048 9,652 Total 20,323 17,884 17,434 Foreign currency revaluation and other (583) (501) 379 Net unpaid losses and loss expenses, end of year 59,195 56,759 53,164 Reinsurance recoverable on unpaid losses (1) 17,128 16,184 14,647 Gross unpaid losses and loss expenses, end of year $ 76,323 $ 72,943 $ 67,811 (1) Net of valuation allowance 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 $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively. |
Reconciliation of Claims Development to Liability [Table Text Block] | The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet: Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses (in millions of U.S. dollars) December 31, 2022 Presented in the loss development tables: North America Commercial P&C Insurance — Workers' Compensation $ 9,962 North America Commercial P&C Insurance — Liability 20,014 North America Commercial P&C Insurance — Other Casualty 2,530 North America Commercial P&C Insurance — Non-Casualty 3,253 North America Personal P&C Insurance 3,225 Overseas General Insurance — Casualty 7,287 Overseas General Insurance — Non-Casualty 3,206 Global Reinsurance — Casualty 1,208 Global Reinsurance — Non-Casualty 494 Excluded from the loss development tables: Other 5,210 Net unpaid loss and allocated loss adjustment expense 56,389 Ceded unpaid loss and allocated loss adjustment expense: North America Commercial P&C Insurance — Workers' Compensation 1,274 North America Commercial P&C Insurance — Liability 6,920 North America Commercial P&C Insurance — Other Casualty 888 North America Commercial P&C Insurance — Non-Casualty 1,883 North America Personal P&C Insurance 530 Overseas General Insurance — Casualty 2,481 Overseas General Insurance — Non-Casualty 1,702 Global Reinsurance — Casualty 55 Global Reinsurance — Non-Casualty 171 Other 1,410 Ceded unpaid loss and allocated loss adjustment expense 17,314 Unpaid loss and loss expense on other than short-duration contracts (1) 943 Unpaid unallocated loss adjustment expenses 1,677 Unpaid losses and loss expenses $ 76,323 (1) Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves. |
Claims Development tables [Table Text Block] | North America Commercial P&C Insurance — Workers' Compensation — Long-tail This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages. The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-60. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,109 $ 1,108 $ 1,122 $ 1,127 $ 1,086 $ 1,073 $ 1,037 $ 1,014 $ 989 $ 968 $ 219 43 2014 1,207 1,201 1,217 1,215 1,163 1,100 1,073 1,037 1,007 264 45 2015 1,282 1,259 1,276 1,279 1,217 1,154 1,128 1,092 338 50 2016 1,366 1,361 1,383 1,378 1,269 1,206 1,177 380 52 2017 1,412 1,380 1,399 1,393 1,376 1,176 465 50 2018 1,359 1,361 1,380 1,385 1,384 631 51 2019 1,391 1,384 1,400 1,409 656 48 2020 1,367 1,388 1,409 852 31 2021 1,348 1,330 780 37 2022 1,344 988 32 Total $ 12,296 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 107 $ 286 $ 422 $ 506 $ 553 $ 587 $ 616 $ 633 $ 650 $ 664 2014 113 295 410 484 532 566 599 617 634 2015 116 301 418 501 564 606 628 645 2016 122 326 452 529 584 621 653 2017 120 313 437 516 564 601 2018 130 329 451 528 597 2019 143 341 467 575 2020 111 282 390 2021 120 331 2022 131 Total $ 5,221 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 2,887 Accident years 2013 - 2022 from tables above 7,075 All Accident years $ 9,962 North America Commercial P&C Insurance — Liability — Long-tail This line consists of primary and excess general liability exposures, medical liability, and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability. The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses. This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 3,540 $ 3,534 $ 3,534 $ 3,524 $ 3,422 $ 3,208 $ 3,115 $ 2,958 $ 2,950 $ 2,997 $ 247 25 2014 3,528 3,578 3,667 3,710 3,648 3,463 3,340 3,192 3,142 278 24 2015 3,552 3,701 3,810 3,966 3,934 3,727 3,700 3,569 390 27 2016 3,526 3,587 3,684 3,797 3,792 3,764 3,755 589 27 2017 3,315 3,491 3,573 3,623 3,545 3,434 758 26 2018 3,367 3,485 3,688 3,820 3,900 1,041 28 2019 3,445 3,620 3,858 4,050 1,488 30 2020 4,102 3,826 3,919 2,184 24 2021 4,315 4,349 3,263 24 2022 4,561 4,176 24 Total $ 37,676 North America Commercial P&C Insurance — Liability — Long-tail (continued) Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 129 $ 546 $ 1,189 $ 1,593 $ 2,003 $ 2,228 $ 2,369 $ 2,460 $ 2,520 $ 2,609 2014 164 678 1,248 1,801 2,199 2,439 2,580 2,669 2,753 2015 138 604 1,203 1,852 2,287 2,527 2,743 2,921 2016 171 662 1,334 1,973 2,331 2,593 2,820 2017 161 616 1,160 1,698 2,000 2,322 2018 189 753 1,301 1,773 2,335 2019 175 669 1,245 1,888 2020 152 589 1,147 2021 174 608 2022 144 Total $ 19,547 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 1,885 Accident years 2013 - 2022 from tables above 18,129 All Accident years $ 20,014 This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 525 $ 530 $ 521 $ 514 $ 468 $ 461 $ 461 $ 457 $ 459 $ 458 $ 8 17 2014 594 582 580 595 554 537 538 530 526 6 17 2015 486 469 500 514 457 454 462 457 23 15 2016 503 501 527 523 480 479 469 27 16 2017 531 565 576 616 604 590 36 17 2018 535 563 574 579 575 25 17 2019 605 636 685 743 143 17 2020 640 633 656 265 11 2021 675 709 379 12 2022 782 611 11 Total $ 5,965 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 68 $ 196 $ 270 $ 348 $ 384 $ 410 $ 418 $ 425 $ 438 $ 441 2014 80 220 317 391 454 472 500 508 513 2015 47 137 214 304 370 394 411 423 2016 52 145 246 323 374 398 424 2017 66 175 312 381 446 496 2018 74 169 270 365 472 2019 70 189 318 465 2020 54 156 273 2021 60 176 2022 82 Total $ 3,765 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 330 Accident years 2013 - 2022 from tables above 2,200 All Accident years $ 2,530 This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety, and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was impacted by natural catastrophes mainly in the 2017 and 2018 accident years, and in accident year 2020 by direct COVID. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,427 $ 1,417 $ 1,330 $ 1,352 $ 1,333 $ 1,333 $ 1,330 $ 1,337 $ 1,336 $ 1,340 $ 3 455 2014 1,639 1,655 1,573 1,552 1,543 1,544 1,552 1,545 1,544 2 483 2015 1,730 1,740 1,645 1,633 1,600 1,585 1,587 1,592 1 545 2016 1,904 1,884 1,794 1,775 1,811 1,824 1,820 26 650 2017 2,699 2,602 2,501 2,517 2,509 2,519 65 764 2018 2,047 2,234 2,169 2,161 2,170 35 903 2019 2,046 2,031 1,953 1,944 52 1,043 2020 3,139 2,942 2,726 105 1,124 2021 2,941 2,824 368 857 2022 3,048 1,467 751 Total $ 21,527 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 647 $ 1,132 $ 1,231 $ 1,278 $ 1,304 $ 1,318 $ 1,326 $ 1,328 $ 1,329 $ 1,338 2014 816 1,368 1,478 1,499 1,525 1,540 1,547 1,552 1,552 2015 724 1,339 1,484 1,552 1,567 1,570 1,583 1,582 2016 844 1,499 1,650 1,726 1,754 1,779 1,790 2017 977 2,083 2,299 2,389 2,403 2,427 2018 1,025 1,820 2,012 2,068 2,113 2019 1,028 1,672 1,800 1,856 2020 1,390 2,260 2,466 2021 1,085 2,100 2022 1,050 Total $ 18,274 North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued) Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ — Accident years 2013 - 2022 from tables above 3,253 All Accident years $ 3,253 North America Personal P&C Insurance — Short-tail Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in the 2017 and 2018 accident years. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,848 $ 1,876 $ 1,884 $ 1,888 $ 1,912 $ 1,924 $ 1,932 $ 1,935 $ 1,936 $ 1,933 $ 18 132 2014 2,198 2,199 2,185 2,139 2,153 2,140 2,134 2,134 2,133 9 144 2015 2,487 2,542 2,553 2,536 2,556 2,562 2,559 2,561 12 148 2016 2,433 2,529 2,538 2,476 2,464 2,457 2,465 17 154 2017 3,027 3,062 2,995 2,991 2,991 3,000 16 163 2018 3,001 3,029 3,095 3,110 3,131 93 170 2019 2,948 2,985 2,986 2,978 116 156 2020 2,922 2,627 2,626 206 123 2021 3,027 2,877 245 129 2022 3,102 1,217 94 Total $ 26,806 North America Personal P&C Insurance — Short-tail (continued) Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,036 $ 1,494 $ 1,676 $ 1,775 $ 1,831 $ 1,873 $ 1,884 $ 1,906 $ 1,904 $ 1,910 2014 1,306 1,759 1,919 2,028 2,073 2,100 2,109 2,116 2,119 2015 1,495 2,078 2,264 2,385 2,472 2,501 2,526 2,535 2016 1,449 2,046 2,205 2,308 2,364 2,391 2,422 2017 1,693 2,514 2,661 2,793 2,863 2,930 2018 1,922 2,542 2,699 2,857 2,971 2019 1,663 2,431 2,610 2,718 2020 1,330 1,990 2,223 2021 1,583 2,368 2022 1,411 Total $ 23,607 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 26 Accident years 2013 - 2022 from tables above 3,199 All Accident years $ 3,225 This product line comprises D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 45 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprises a mix of primary and excess businesses. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,186 $ 1,181 $ 1,174 $ 1,217 $ 1,172 $ 1,139 $ 1,084 $ 1,054 $ 1,074 $ 1,094 $ 65 37 2014 1,186 1,253 1,261 1,277 1,197 1,118 1,081 1,092 1,096 100 38 2015 1,107 1,199 1,226 1,248 1,229 1,172 1,157 1,174 131 40 2016 1,138 1,234 1,298 1,327 1,317 1,328 1,263 117 42 2017 1,128 1,224 1,271 1,318 1,283 1,319 149 43 2018 1,224 1,273 1,332 1,375 1,330 282 43 2019 1,295 1,360 1,382 1,373 358 42 2020 1,669 1,589 1,509 835 34 2021 1,604 1,650 1,111 35 2022 1,741 1,475 29 Total $ 13,549 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 78 $ 246 $ 393 $ 532 $ 667 $ 763 $ 826 $ 875 $ 896 $ 913 2014 104 273 440 567 675 754 815 857 886 2015 79 265 460 631 745 821 895 927 2016 119 303 500 642 760 851 974 2017 90 296 494 647 805 931 2018 104 309 465 602 718 2019 116 313 440 642 2020 101 271 425 2021 110 268 2022 83 Total $ 6,767 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 505 Accident years 2013 - 2022 from tables above 6,782 All Accident years $ 7,287 This product line is comprised of commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, Asia Pacific and Japan), personal cell phones, personal residential (including high net worth), energy, and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes mainly in the 2017, 2018, and 2022 accident years. For the Chubb Overseas General non-casualty book, Europe, exclusive of Lloyd's market, makes up about one third, Latin America makes up about one quarter, and Asia makes up about one fifth. Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 2022 (in millions of U.S. dollars) Unaudited Net IBNR Reserves Reported Claims (in thousands) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 1,656 $ 1,651 $ 1,590 $ 1,545 $ 1,540 $ 1,513 $ 1,501 $ 1,492 $ 1,483 $ 1,481 $ 12 560 2014 1,727 1,790 1,737 1,725 1,691 1,682 1,675 1,669 1,661 5 534 2015 1,815 1,932 1,907 1,876 1,860 1,853 1,836 1,835 7 557 2016 1,920 1,914 1,901 1,880 1,883 1,913 1,911 35 566 2017 2,067 2,107 2,093 2,075 2,099 2,096 23 577 2018 2,022 2,107 2,070 2,044 2,013 39 612 2019 2,044 2,060 2,000 1,989 (15) 631 2020 2,378 2,244 2,120 164 533 2021 2,462 2,374 241 541 2022 2,728 696 597 Total $ 20,208 Overseas General Insurance — Non-Casualty — Short-tail (continued) Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 643 $ 1,186 $ 1,369 $ 1,399 $ 1,433 $ 1,451 $ 1,458 $ 1,461 $ 1,458 $ 1,458 2014 699 1,327 1,526 1,585 1,614 1,627 1,641 1,648 1,641 2015 789 1,437 1,656 1,732 1,754 1,781 1,798 1,801 2016 938 1,554 1,740 1,807 1,831 1,840 1,845 2017 980 1,726 1,893 1,964 2,004 2,062 2018 930 1,620 1,812 1,878 1,893 2019 979 1,620 1,804 1,869 2020 1,003 1,602 1,746 2021 944 1,692 2022 1,122 Total $ 17,129 (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 127 Accident years 2013 - 2022 from tables above 3,079 All Accident years $ 3,206 This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile. Global Reinsurance — Casualty — Long-tail (continued) Net Incurred Loss and Allocated Loss Adjustment Expenses Years Ended December 31 As of December 31 (in millions of U.S. dollars) Unaudited Net Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 317 $ 323 $ 326 $ 326 $ 327 $ 320 $ 313 $ 307 $ 305 $ 302 $ 6 2014 329 330 335 338 339 343 326 326 325 8 2015 280 285 295 296 304 300 304 306 11 2016 218 222 230 229 238 238 243 11 2017 208 210 214 212 213 212 4 2018 237 240 247 243 246 12 2019 232 240 236 235 37 2020 241 245 236 60 2021 277 281 136 2022 293 206 Total $ 2,679 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 64 $ 142 $ 185 $ 221 $ 240 $ 258 $ 266 $ 269 $ 275 $ 279 2014 91 183 216 247 262 273 283 292 297 2015 89 157 189 215 230 247 263 272 2016 56 111 140 157 172 189 205 2017 46 98 120 137 152 172 2018 40 93 122 145 166 2019 39 88 114 137 2020 41 98 123 2021 35 86 2022 39 Total $ 1,776 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 305 Accident years 2013 - 2022 from tables above 903 All Accident years $ 1,208 This product line includes property, property catastrophe, marine, credit/surety, mortgage, A&H and energy. This product line is impacted by natural catastrophes, particularly in the 2017, 2018, 2020, 2021, and 2022 accident years. Of the non-catastrophe book, the mixture of business varies by year with approximately 85 percent of loss on proportional treaties in treaty year 2013 and after. This percentage has increased over time with the proportion being approximately 79 percent for treaty years 2013-2017 growing to an average of 91 percent for treaty years 2018 to 2022, with the remainder being written on an excess of loss basis. Net Incurred Loss and Allocated Loss Adjustment Expenses As of December 31 Years Ended December 31 (in millions of U.S. dollars) Unaudited Net Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 157 $ 154 $ 143 $ 137 $ 139 $ 136 $ 136 $ 135 $ 134 $ 134 $ — 2014 159 175 174 177 175 174 173 172 170 1 2015 144 152 158 158 151 156 154 154 — 2016 176 182 184 187 183 181 181 2 2017 395 421 451 449 453 456 12 2018 279 287 290 286 291 7 2019 132 130 127 121 8 2020 209 253 277 34 2021 340 350 43 2022 346 220 Total $ 2,480 Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses Years Ended December 31 (in millions of U.S. dollars) Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 45 $ 100 $ 118 $ 127 $ 130 $ 132 $ 133 $ 134 $ 134 $ 134 2014 63 125 147 157 162 164 166 166 167 2015 56 102 130 140 144 148 150 151 2016 56 129 155 166 172 175 176 2017 191 321 400 414 427 433 2018 94 250 266 269 273 2019 35 81 95 103 2020 62 177 215 2021 158 277 2022 74 Total $ 2,003 Net Liabilities for Loss and Allocated Loss Adjustment Expenses (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 17 Accident years 2013 - 2022 from tables above 477 All Accident years $ 494 |
Supplementary PPD [Table Text Block] | North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (132) Accident years 2013 - 2022 from tables above (305) All Accident years $ (437) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 98 Accident years 2013 - 2022 from tables above 145 All Accident years $ 243 North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 56 Accident years 2013 - 2022 from tables above 77 All Accident years $ 133 Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (11) Accident years 2013 - 2022 from tables above (319) All Accident years $ (330) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (5) Accident years 2013 - 2022 from tables above (123) All Accident years $ (128) Overseas General Insurance — Casualty — Long-tail (continued) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ 8 Accident years 2013 - 2022 from tables above (76) All Accident years $ (68) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (10) Accident years 2013 - 2022 from tables above (270) All Accident years $ (280) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (7) Accident years 2013 - 2022 from tables above (1) All Accident years $ (8) Supplementary Information: (Favorable)/ Adverse Prior Period Development (in millions of U.S. dollars) December 31, 2022 Accident years prior to 2013 $ (4) Accident years 2013 - 2022 from tables above 34 All Accident years $ 30 |
Schedule of Historical Claims [Table Text Block] | Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 10 % 16 % 10 % 7 % 5 % 3 % 3 % 2 % 2 % 1 % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 4 % 13 % 16 % 16 % 12 % 8 % 5 % 4 % 2 % 3 % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 11 % 19 % 19 % 16 % 13 % 6 % 4 % 2 % 2 % 1 % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 45 % 36 % 8 % 3 % 1 % 1 % 1 % — % — % 1 % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 56 % 24 % 7 % 5 % 3 % 2 % 1 % 1 % — % — % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 7 % 14 % 13 % 12 % 10 % 8 % 7 % 4 % 2 % 2 % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 45 % 34 % 10 % 3 % 1 % 1 % 1 % — % — % — % Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 20 % 23 % 11 % 9 % 6 % 6 % 4 % 2 % 2 % 1 % Global Reinsurance — Non-Casualty — Short-tail (continued) Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited) Age in Years 1 2 3 4 5 6 7 8 9 10 Percentage 34 % 40 % 15 % 5 % 3 % 2 % 1 % — % — % — % |
Supplementary PPD Reconciliation [Table Text Block] | The following table presents a reconciliation of the loss development triangles above to prior period development: Components of PPD Year Ended December 31, 2022 (in millions of U.S. dollars) 2013 - 2021 accident years (implied PPD per loss triangles) Accident years prior to 2013 Other (1) PPD on loss reserves RIPs, Expense adjustments, and earned premiums Total North America Commercial P&C Insurance Long-tail $ (83) $ 22 $ (253) $ (314) $ 85 $ (229) Short-tail (319) (11) (30) (360) 27 (333) (402) 11 (283) (2) (674) 112 (3) (562) North America Personal P&C Insurance (Short-tail) (123) (5) (58) (4) (186) — (186) Overseas General Insurance Long-tail (76) 8 3 (65) — (65) Short-tail (270) (10) (103) (383) — (383) (346) (2) (100) (5) (448) — (448) Global Reinsurance Long-tail (1) (7) 1 (7) — (7) Short-tail 34 (4) — 30 (1) 29 33 (11) 1 23 (1) 22 Subtotal $ (838) $ (7) $ (440) $ (1,285) $ 111 $ (1,174) North America Agricultural Insurance (Short-tail) $ (227) $ 166 $ (61) Corporate (Long-tail) 359 — 359 Consolidated PPD $ (1,153) $ 277 $ (876) (1) Other includes the impact of foreign exchange. (2) Includes favorable development of $161 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $46 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material. (3) Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles. (4) Includes $48 million relating to the Colorado Wildfire CAT event that began December 30, 2021. (5) Includes favorable development of $105 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material. |
Prior Period Development, by Segment [Table Text Block] | Years Ended December 31 Long-tail Short-tail Total % of beginning net unpaid reserves (1) 2022 North America Commercial P&C Insurance $ (229) $ (333) $ (562) 1.0 % North America Personal P&C Insurance — (186) (186) 0.3 % North America Agricultural Insurance — (61) (61) 0.1 % Overseas General Insurance (65) (383) (448) 0.8 % Global Reinsurance (7) 29 22 — % Corporate 359 — 359 0.6 % Total $ 58 $ (934) $ (876) 1.5 % 2021 North America Commercial P&C Insurance $ (482) $ (280) $ (762) 1.4 % North America Personal P&C Insurance — (305) (305) 0.6 % North America Agricultural Insurance — 10 10 — % Overseas General Insurance (106) (335) (441) 0.8 % Global Reinsurance (25) 28 3 — % Corporate 569 — 569 1.1 % Total $ (44) $ (882) $ (926) 1.7 % 2020 North America Commercial P&C Insurance $ (672) $ (30) $ (702) 1.4 % North America Personal P&C Insurance — 63 63 0.1 % North America Agricultural Insurance — (10) (10) — % Overseas General Insurance (49) (101) (150) 0.3 % Global Reinsurance (25) (4) (29) 0.1 % Corporate 433 — 433 0.9 % Total $ (313) $ (82) $ (395) 0.8 % (1) Calculated based on the beginning of period consolidated net unpaid losses and loss expenses. |
Schedule Of Asbestos Environmental Loss Roll Forward and by segment | The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the valuation allowance for uncollectible paid and unpaid reinsurance recoverables: Asbestos Environmental Total (in millions of U.S. dollars) Gross Net Gross Net Gross Net Balance at December 31, 2019 $ 1,459 $ 916 $ 529 $ 410 $ 1,988 $ 1,326 Incurred activity 150 90 79 41 229 131 (1) Paid activity (258) (133) (91) (72) (349) (205) Balance at December 31, 2020 1,351 873 517 379 1,868 1,252 Incurred activity 96 64 52 40 148 104 (1) Paid activity (221) (137) (167) (117) (388) (254) Balance at December 31, 2021 1,226 800 402 302 1,628 1,102 Incurred activity 87 55 125 77 212 132 (1) Paid activity (215) (152) (115) (69) (330) (221) Balance at December 31, 2022 $ 1,098 $ 703 $ 412 $ 310 $ 1,510 $ 1,013 (1) Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below). The A&E net loss reserves including allocated loss expense reserves and valuation allowance for uncollectible reinsurance at December 31, 2022 and 2021, shown in the table above is comprised of: December 31 (in millions of U.S. dollars) 2022 2021 Brandywine operations $ 602 $ 646 Westchester Specialty 98 100 Chubb Corp 266 286 Other, mainly Overseas General Insurance 47 70 Total $ 1,013 $ 1,102 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax provision | The following table presents pre-tax income and the related provision for income taxes: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Pre-tax income: Switzerland $ 234 $ 349 $ 350 Outside Switzerland 6,334 9,467 3,812 Total pre-tax income $ 6,568 $ 9,816 $ 4,162 Provision for income taxes Current tax expense: Switzerland $ 15 $ 65 $ 52 Outside Switzerland 1,066 1,294 876 Total current tax expense 1,081 1,359 928 Deferred tax expense (benefit): Switzerland 34 (15) 2 Outside Switzerland 140 (67) (301) Total deferred tax expense (benefit) 174 (82) (299) Provision for income taxes $ 1,255 $ 1,277 $ 629 |
Reconciliation schedule of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate | The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Expected tax provision at Swiss statutory tax rate $ 1,291 $ 1,934 $ 880 Permanent differences: Taxes on earnings subject to rate other than Swiss statutory rate (244) (740) (337) Net withholding taxes 75 78 67 Other 133 5 19 Provision for income taxes $ 1,255 $ 1,277 $ 629 |
Schedule of the components of net deferred tax assets | The following table presents the components of net deferred tax assets and liabilities: December 31 (in millions of U.S. dollars) 2022 2021 Deferred tax assets: Loss reserve discount $ 1,001 $ 950 Unearned premiums reserve 417 544 Foreign tax credits 76 156 Loss carry-forwards 104 139 Investments 57 — Unrealized depreciation on investments 1,387 — Depreciation 126 190 Other 175 296 Total deferred tax assets 3,343 2,275 Valuation allowance 916 92 Deferred tax assets, net of valuation allowance 2,427 2,183 Deferred tax liabilities: Deferred policy acquisition costs 276 679 Other intangible assets, including VOBA 2,194 1,268 Un-remitted foreign earnings 249 121 Investments — 144 Unrealized appreciation on investments — 360 Total deferred tax liabilities 2,719 2,572 Net deferred tax liabilities $ (292) $ (389) |
Reconciliation schedule of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 Balance, beginning of year $ 64 $ 76 Additions based on tax positions related to prior years 4 7 Reductions for settlements with taxing authorities (1) (19) Balance, end of year $ 67 $ 64 |
Summary of Income Tax Examinations | The following table summarizes tax years open for examination by major income tax jurisdiction: At December 31, 2022 Australia 2016 - 2022 Brazil 2016 - 2022 Canada 2012 - 2022 France 2021 - 2022 Germany 2016 - 2022 Italy 2019 - 2022 Korea (1) 2017 - 2022 Mexico 2016 - 2022 Spain 2012 - 2022 Switzerland 2018 - 2022 United Kingdom 2015 - 2022 United States 2014 - 2022 (1) Includes an examination for a pre-acquisition period subject to indemnification by Cigna Corp. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding | December 31 December 31 (in millions of U.S. dollars) 2022 2021 Early Redemption Option Repurchase agreements (weighted average interest rate of 3.9% in 2022 and 0.2% in 2021) $ 1,419 $ 1,406 None Short-term debt Chubb INA: $1,000 million 2.875% senior notes due November 2022 $ — $ 999 Make-whole premium plus 20 bps $475 million 2.7% senior notes due March 2023 475 — Make-whole premium plus 10 bps Total short-term debt $ 475 $ 999 Long-term debt Chubb INA: $475 million 2.7% senior notes due March 2023 $ — $ 474 Make-whole premium plus 10 bps $700 million 3.35% senior notes due May 2024 699 698 Make-whole premium plus 15 bps €700 million 0.3% senior notes due December 2024 742 787 Make-whole premium plus 15 bps $800 million 3.15% senior notes due March 2025 798 798 Make-whole premium plus 15 bps $1,500 million 3.35% senior notes due May 2026 1,496 1,494 Make-whole premium plus 20 bps €575 million 0.875% senior notes due June 2027 609 645 Make-whole premium plus 20 bps €900 million 1.55% senior notes due March 2028 952 1,009 Make-whole premium plus 15 bps $100 million 8.875% debentures due August 2029 100 100 None €700 million 0.875% senior notes due December 2029 740 785 Make-whole premium plus 20 bps $1,000 million 1.375% senior notes due September 2030 993 992 Make-whole premium plus 15 bps €575 million 1.4% senior notes due June 2031 606 642 Make-whole premium plus 25 bps $200 million 6.8% debentures due November 2031 234 238 Make-whole premium plus 25 bps $300 million 6.7% senior notes due May 2036 298 298 Make-whole premium plus 20 bps $800 million 6.0% senior notes due May 2037 927 936 Make-whole premium plus 20 bps €900 million 2.5% senior notes due March 2038 949 1,007 Make-whole premium plus 25 bps $600 million 6.5% senior notes due May 2038 726 735 Make-whole premium plus 30 bps $475 million 4.15% senior notes due March 2043 471 470 Make-whole premium plus 15 bps $1,500 million 4.35% senior notes due November 2045 1,485 1,485 Make-whole premium plus 25 bps $600 million 2.85% senior notes due December 2051 593 593 Make-whole premium plus 15 bps $1,000 million 3.05% senior notes due December 2061 984 983 Make-whole premium plus 20 bps Total long-term debt $ 14,402 $ 15,169 Trust preferred securities Chubb INA capital securities due April 2030 $ 308 $ 308 Redemption prices (1) (1) Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030. |
Commitments, contingencies, a_2
Commitments, contingencies, and guarantees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: December 31, 2022 December 31, 2021 Consolidated Fair Value Notional Fair Value Notional Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) (in millions of U.S. dollars) Investment and embedded derivatives not designated as hedging instruments: Foreign currency forward contracts OA / (AP) $ 64 $ (115) $ 4,134 $ 25 $ (139) $ 6,182 Options/Futures contracts on notes and bonds OA / (AP) 18 (24) 1,511 33 (27) 12,944 Convertible securities (1) FM AFS / ES 30 — 37 11 — 12 $ 112 $ (139) $ 5,682 $ 69 $ (166) $ 19,138 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 33 $ — $ 939 $ — $ (16) $ 905 Other OA / (AP) — — — — — 3 $ 33 $ — $ 939 $ — $ (16) $ 908 GLB (3) (AP) $ — $ (736) $ 1,979 $ — $ (745) $ 1,432 Derivatives designated as hedging instruments: Cross-currency swaps - fair value hedges OA / (AP) $ 17 $ — $ 1,595 $ — $ — $ — Cross-currency swaps - net investment hedges OA / (AP) — (53) 1,604 — — — $ 17 $ (53) $ 3,199 $ — $ — $ — (1) Includes fair value of embedded derivatives. (2) Related to GMDB and GLB book of business. (3) 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. |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Investment and embedded derivative instruments: Foreign currency forward contracts $ (339) $ (62) $ 65 All other futures contracts, options, and equities 297 (10) 16 Convertible securities (1) (1) — — Total investment and embedded derivative instruments $ (43) $ (72) $ 81 GLB and other derivative instruments: GLB $ (63) $ 316 $ (202) Futures contracts on equities (2) 187 (202) (108) Other (11) (8) 1 Total GLB and other derivative instruments $ 113 $ 106 $ (309) $ 70 $ 34 $ (228) (1) Includes embedded derivatives. |
Secured Borrowings Securities Lending Table | 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 December 31, 2022 December 31, 2021 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 820 $ 931 U.S. Treasury / Agency 72 128 Non-U.S. 604 752 Corporate and asset-backed securities 27 12 Mortgage-backed securities — 1 Equity securities — 7 $ 1,523 $ 1,831 Gross amount of recognized liability for securities lending payable $ 1,523 $ 1,831 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 December 31, 2022 December 31, 2021 Up to 30 Days 30-90 Days 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Total Collateral pledged under repurchase agreements: Cash $ 12 $ — $ 12 $ — $ 29 $ 29 U.S. Treasury / Agency — 101 101 103 — 103 Mortgage-backed securities 921 493 1,414 — 1,288 1,288 $ 933 $ 594 $ 1,527 $ 103 $ 1,317 $ 1,420 Gross amount of recognized liabilities for repurchase agreements $ 1,419 $ 1,406 Difference (1) $ 108 $ 14 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments under the operating leases are expected to be as follows: For the years ending December 31 (in millions of U.S. dollars) Undiscounted cash flows: 2023 $ 160 2024 123 2025 87 2026 73 2027 50 Thereafter 261 Total undiscounted lease payments $ 754 Less: Present value adjustment 121 Net lease liabilities reported as of December 31, 2022 $ 633 |
Shareholders' equity note (Tabl
Shareholders' equity note (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): Year Ended December 31 2022 2021 2020 CHF USD CHF USD CHF USD Total dividend distributions per common share 3.11 $ 3.29 2.88 $ 3.18 2.89 $ 3.09 |
Schedule of changes in Common Shares issued and outstanding | Year Ended December 31 2022 2021 2020 Common Shares authorized and issued, beginning of year 474,021,114 477,605,264 479,783,864 Cancellation of treasury shares (27,644,500) (3,584,150) (2,178,600) Common Shares authorized and issued, end of year 446,376,614 474,021,114 477,605,264 Common Shares in treasury, beginning of year (at cost) (47,448,502) (26,872,639) (27,812,297) Net shares issued under employee share-based compensation plans 2,947,272 3,484,487 2,345,208 Shares repurchased (14,925,028) (27,644,500) (3,584,150) Cancellation of treasury shares 27,644,500 3,584,150 2,178,600 Common Shares in treasury, end of year (at cost) (31,781,758) (47,448,502) (26,872,639) Common Shares outstanding, end of year 414,594,856 426,572,612 450,732,625 |
Share Repurchase Program [Table Text Block] | Share repurchases may be in the open market, in privately negotiated transactions, block trades, accelerated repurchases and through option or other forward transactions. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations: Year Ended December 31 January 1, 2023 through (in millions of U.S. dollars, except share data) 2022 2021 2020 February 23, 2023 Number of shares repurchased 14,925,028 27,644,500 3,584,150 1,633,300 Cost of shares repurchased $ 3,014 $ 4,861 $ 516 $ 347 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in accumulated other comprehensive income (loss): Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Accumulated other comprehensive income (loss) (AOCI) Net unrealized appreciation (depreciation) on investments Balance – beginning of year, net of tax $ 2,256 $ 4,673 $ 2,543 Change in year, before reclassification from AOCI (before tax) (11,627) (2,935) 2,311 Amounts reclassified from AOCI (before tax) 1,049 (3) 281 Change in year, before tax (10,578) (2,938) 2,592 Income tax (expense) benefit 1,043 521 (462) Balance – end of year, net of tax (7,279) 2,256 4,673 Cumulative foreign currency translation adjustment Balance – beginning of year, net of tax (2,146) (1,637) (1,939) Change in year, before reclassification from AOCI (before tax) (982) (530) 306 Amounts reclassified from AOCI (before tax) (4) — — Change in year, before tax (986) (530) 306 Income tax (expense) benefit 59 21 (4) Balance – end of year, net of tax (3,073) (2,146) (1,637) Fair value hedging instruments Balance – beginning of year, net of tax — — — Change in year, before reclassification from AOCI (before tax) 17 — — Amounts reclassified from AOCI (before tax) (100) — — Change in year, before tax (83) — — Income tax benefit 17 — — Balance – end of year, net of tax (66) — — Postretirement benefit liability adjustment Balance – beginning of year, net of tax 240 (167) 15 Change in year, before tax (17) 522 (232) Income tax (expense) benefit 2 (115) 50 Balance – end of year, net of tax 225 240 (167) Accumulated other comprehensive income (loss) $ (10,193) $ 350 $ 2,869 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations: Consolidated Statement of Operations Location Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Fixed maturities available for sale $ (1,049) $ 3 $ (281) Net realized gains (losses) Income tax benefit 170 6 36 Income tax expense $ (879) $ 9 $ (245) Net income Cumulative foreign currency translation adjustment Cross-currency swaps $ 4 $ — $ — Interest Expense Income tax expense (1) — — Income tax expense $ 3 $ — $ — Net income Net gains (losses) of fair value hedging instruments Cross-currency swaps $ 105 $ — $ — Net realized gains (losses) Cross-currency swaps (5) — — Interest Expense Income tax expense (21) — — Income tax expense $ 79 $ — $ — Net income Total amounts reclassified from AOCI $ (797) $ 9 $ (245) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of pre-tax and after-tax share-based compensation expense | The following table presents pre-tax and after-tax share-based compensation expense: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Stock options and shares issued under ESPP: Pre-tax $ 60 $ 55 $ 45 After-tax (1) $ 38 $ 36 $ 38 Restricted stock: Pre-tax $ 230 $ 210 $ 210 After-tax (1) $ 179 $ 164 $ 164 |
Schedule of the weighted-average model valuation assumptions | Year Ended December 31 2022 2021 2020 Dividend yield 1.7 % 1.9 % 2.1 % Expected volatility 20.1 % 26.0 % 18.0 % Risk-free interest rate 1.9 % 1.0 % 1.2 % Expected life 5.8 years 5.8 years 5.7 years |
Rollforward of the company's stock options | The following table presents a roll-forward of Chubb's stock options: (Intrinsic Value in millions of U.S. dollars) Number of Options Weighted-Average Exercise Price Weighted-Average Fair Value Total Intrinsic Value Options outstanding, December 31, 2019 10,885,257 $ 116.79 Granted 1,958,279 $ 150.10 $ 19.89 Exercised (1,158,633) $ 86.90 $ 76 Forfeited and expired (206,720) $ 138.77 Options outstanding, December 31, 2020 11,478,183 $ 125.09 Granted 1,805,234 $ 164.89 $ 33.05 Exercised (2,284,795) $ 112.12 $ 140 Forfeited and expired (236,135) $ 150.16 Options outstanding, December 31, 2021 10,762,487 $ 133.94 Granted 1,731,904 $ 198.36 $ 35.46 Exercised (1,878,147) $ 117.83 $ 163 Forfeited and expired (205,966) $ 171.45 Options outstanding, December 31, 2022 10,410,278 $ 146.81 $ 768 Options exercisable, December 31, 2022 7,134,817 $ 131.90 $ 633 |
Rollforward of the company's restricted stock | The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 13,440 restricted stock awards, 15,586 restricted stock awards, and 27,679 restricted stock awards that were granted to non-management directors during the years ended December 31, 2022, 2021, and 2020, respectively: Service-based Performance-based Number of Shares Weighted-Average Number of Shares Weighted-Average Unvested restricted stock, December 31, 2019 3,294,010 $ 136.20 876,212 $ 131.16 Granted 1,425,667 $ 148.56 186,291 $ 151.14 Vested (1,304,308) $ 134.02 (490,185) $ 125.66 Forfeited (152,074) $ 140.72 — $ — Unvested restricted stock, December 31, 2020 3,263,295 $ 142.32 572,318 $ 142.38 Granted 1,288,042 $ 165.32 294,315 $ 164.75 Vested (1,283,185) $ 140.62 (169,442) $ 143.07 Forfeited (216,341) $ 150.19 — $ — Unvested restricted stock, December 31, 2021 3,051,811 $ 152.19 697,191 $ 151.74 Granted 1,193,016 $ 199.18 296,944 $ 199.09 Vested (1,191,452) $ 148.18 (199,343) $ 133.90 Forfeited (199,505) $ 168.12 — $ — Unvested restricted stock, December 31, 2022 2,853,870 $ 172.39 794,792 $ 173.83 |
Postretirement benefits (Tables
Postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status [Table Text Block] | Obligations and funded status The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2022 and 2021 was as follows: Pension Benefit Plans Other Postretirement 2022 2021 2022 2021 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Benefit obligation, beginning of year $ 3,732 $ 1,122 $ 3,967 $ 1,199 $ 62 $ 86 Service cost — 4 — 4 1 1 Interest cost 85 23 70 19 1 1 Actuarial loss (gain) (890) (391) (161) (47) (4) (10) Benefits paid (146) (28) (133) (33) (16) (15) Curtailments — — — — — — Settlements — — (11) — — — Foreign currency revaluation and other — (33) — (20) (1) (1) Benefit obligation, end of year $ 2,781 $ 697 $ 3,732 $ 1,122 $ 43 $ 62 Plan assets at fair value, beginning of year $ 4,151 $ 1,318 $ 3,739 $ 1,284 $ 119 $ 120 Actual return on plan assets (692) (285) 543 83 (2) (1) Employer contributions 3 8 13 8 1 15 Benefits paid (146) (28) (133) (33) (37) (15) Settlements — — (11) — — — Foreign currency revaluation and other — (75) — (24) — — Plan assets at fair value, end of year $ 3,316 $ 938 $ 4,151 $ 1,318 $ 81 $ 119 Funded status at end of year $ 535 $ 241 $ 419 $ 196 $ 38 $ 57 Amounts recognized in the Consolidated balance sheets: Assets $ 601 $ 290 $ 492 $ 214 $ 56 $ 77 Liabilities (66) (49) (73) (18) (18) (20) Total $ 535 $ 241 $ 419 $ 196 $ 38 $ 57 Amounts recognized in Accumulated other comprehensive Net actuarial loss (gain) $ (290) $ 7 $ (375) $ 73 $ (12) $ (10) Prior service cost (benefit) — 8 — 9 (4) (5) Total $ (290) $ 15 $ (375) $ 82 $ (16) $ (15) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2022 and 2021 was as follows: Pension Benefit Plans Other Postretirement 2022 2021 2022 2021 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Benefit obligation, beginning of year $ 3,732 $ 1,122 $ 3,967 $ 1,199 $ 62 $ 86 Service cost — 4 — 4 1 1 Interest cost 85 23 70 19 1 1 Actuarial loss (gain) (890) (391) (161) (47) (4) (10) Benefits paid (146) (28) (133) (33) (16) (15) Curtailments — — — — — — Settlements — — (11) — — — Foreign currency revaluation and other — (33) — (20) (1) (1) Benefit obligation, end of year $ 2,781 $ 697 $ 3,732 $ 1,122 $ 43 $ 62 Plan assets at fair value, beginning of year $ 4,151 $ 1,318 $ 3,739 $ 1,284 $ 119 $ 120 Actual return on plan assets (692) (285) 543 83 (2) (1) Employer contributions 3 8 13 8 1 15 Benefits paid (146) (28) (133) (33) (37) (15) Settlements — — (11) — — — Foreign currency revaluation and other — (75) — (24) — — Plan assets at fair value, end of year $ 3,316 $ 938 $ 4,151 $ 1,318 $ 81 $ 119 Funded status at end of year $ 535 $ 241 $ 419 $ 196 $ 38 $ 57 Amounts recognized in the Consolidated balance sheets: Assets $ 601 $ 290 $ 492 $ 214 $ 56 $ 77 Liabilities (66) (49) (73) (18) (18) (20) Total $ 535 $ 241 $ 419 $ 196 $ 38 $ 57 Amounts recognized in Accumulated other comprehensive Net actuarial loss (gain) $ (290) $ 7 $ (375) $ 73 $ (12) $ (10) Prior service cost (benefit) — 8 — 9 (4) (5) Total $ (290) $ 15 $ (375) $ 82 $ (16) $ (15) |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2022 and 2021: 2022 2021 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 66 $ 87 $ 73 $ 418 Fair value of plan assets — 38 — 400 Net funded status $ (66) $ (49) $ (73) $ (18) Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 66 $ 61 $ 73 $ 380 Fair value of plan assets $ — $ 30 $ — $ 367 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2022 and 2021: 2022 2021 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 66 $ 87 $ 73 $ 418 Fair value of plan assets — 38 — 400 Net funded status $ (66) $ (49) $ (73) $ (18) Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 66 $ 61 $ 73 $ 380 Fair value of plan assets $ — $ 30 $ — $ 367 |
Defined Benefit Plan, Assumptions [Table Text Block] | The weighted-average assumptions used to determine the projected benefit obligation were as follows: Pension Benefit Plans U.S. Non-U.S. Other Postretirement Benefit Plans December 31, 2022 Discount rate 5.22 % 5.27 % 5.83 % Rate of compensation increase (1) N/A 3.98 % N/A Interest crediting rate 4.32 % December 31, 2021 Discount rate 2.75 % 2.23 % 2.06 % Rate of compensation increase (1) N/A 3.63 % N/A Interest crediting rate 4.10 % |
Schedule of Net Benefit Costs [Table Text Block] | The components of net pension and other postretirement benefit costs (benefits) reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Pension Benefit Plans Other Postretirement U.S. Plans Non-U.S. Plans Year Ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 (in millions of U.S. dollars) Costs reflected in Net income, pre-tax: Service cost $ — $ — $ — $ 4 $ 4 $ 4 $ 1 $ 1 $ 1 Non-service cost (benefit): Interest cost 85 70 99 23 19 22 1 1 2 Expected return on plan assets (283) (255) (224) (43) (44) (41) (1) (1) (5) Amortization of net actuarial loss — — — — 4 2 — — — Amortization of prior service cost — — — — — — — (26) (83) Curtailments — — — — — (1) — — — Settlements — 3 3 — — — — — — Total non-service cost (benefit) (198) (182) (122) (20) (21) (18) — (26) (86) Net periodic benefit cost (benefit) $ (198) $ (182) $ (122) $ (16) $ (17) $ (14) $ 1 $ (25) $ (85) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Net actuarial loss (gain) $ 85 $ (450) $ 102 $ (67) $ (86) $ 56 $ (1) $ (5) $ (2) Prior service cost (benefit) — — — — — — — — — Amortization of net actuarial loss — — — — (4) (2) — — — Amortization of prior service cost — — — — — (1) — 26 83 Curtailments — — — — — (1) — — — Settlements — (3) (3) — — — — — — Total decrease (increase) in other comprehensive income (loss), pre-tax $ 85 $ (453) $ 99 $ (67) $ (90) $ 52 $ (1) $ 21 $ 81 The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Year Ended December 31 2022 2021 2020 2022 2021 2020 (in millions of U.S. dollars) Service cost: Losses and loss expenses $ — $ — $ — $ — $ — $ — Administrative expenses 4 4 4 1 1 1 Total service cost 4 4 4 1 1 1 Non-service cost (benefit): Losses and loss expenses (20) (18) (12) — (3) (9) Administrative expenses (198) (185) (128) — (23) (77) Total non-service cost (benefit) (218) (203) (140) — (26) (86) Net periodic benefit cost (benefit) $ (214) $ (199) $ (136) $ 1 $ (25) $ (85) |
Schedule of assumptions used, net periodic benefit costs [Table Text Block] | The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows: Pension Benefit Plans U.S. Plans Non-U.S. Plans Other Postretirement Benefit Plans Year Ended December 31 2022 Discount rate in effect for determining service cost N/A 7.23 % 3.22 % Discount rate in effect for determining interest cost 2.34 % 2.13 % 1.89 % Rate of compensation increase N/A 3.63 % N/A Expected long-term rate of return on plan assets 7.00 % 3.44 % 1.00 % Interest crediting rate 4.10 % N/A N/A 2021 Discount rate in effect for determining service cost N/A 5.58 % 2.53 % Discount rate in effect for determining interest cost 1.81 % 1.57 % 1.23 % Rate of compensation increase N/A 3.24 % N/A Expected long-term rate of return on plan assets 7.00 % 3.37 % 1.00 % Interest crediting rate 4.10 % N/A N/A 2020 Discount rate in effect for determining service cost N/A 6.04 % 3.00 % Discount rate in effect for determining interest cost 2.85 % 2.24 % 2.64 % Rate of compensation increase N/A 3.26 % N/A Expected long-term rate of return on plan assets 7.00 % 3.83 % 3.00 % Interest crediting rate 4.10 % N/A N/A |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows: U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 Healthcare cost trend rate 5.72 % 5.59 % 5.96 % 5.28 % 5.26 % 5.04 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.00 % 4.50 % 4.50 % 4.04 % 4.00 % 4.00 % Year that the rate reaches the ultimate trend rate 2046 2038 2038 2040 2040 2040 |
Schedule of Allocation of Plan Assets [Table Text Block] | The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 4 to the Consolidated Financial Statements. December 31, 2022 Pension Benefit Plans (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total U.S. Plans: Short-term investments $ 42 $ — $ — $ 42 U.S. Treasury / Agency 431 110 — 541 Non-U.S. and corporate bonds — 627 — 627 Municipal — 5 — 5 Equity securities 1,321 — — 1,321 Investment derivative instruments 4 — — 4 Total U.S. Plan assets (1) $ 1,798 $ 742 $ — $ 2,540 Non-U.S. Plans: Short-term investments $ 10 $ — $ — $ 10 Non-U.S. and corporate bonds — 454 — 454 Equity securities 107 146 4 257 Total Non-U.S. Plan assets (1) $ 117 $ 600 $ 4 $ 721 (1) Excluded from the table above are $538 million and $201 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $233 million and $16 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans. December 31, 2021 Pension Benefit Plans (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total U.S. Plans: Short-term investments $ 33 $ — $ — $ 33 U.S. Treasury / Agency 380 92 — 472 Non-U.S. and corporate bonds — 923 — 923 Municipal — 4 — 4 Equity securities 1,871 — 1 1,872 Investment derivative instruments 3 — — 3 Total U.S. Plan assets (1) $ 2,287 $ 1,019 $ 1 $ 3,307 Non-U.S. Plans: Short-term investments $ 5 $ — $ — $ 5 Non-U.S. and corporate bonds — 679 — 679 Equity securities 153 291 — 444 Total Non-U.S. Plan assets (1) $ 158 $ 970 $ — $ 1,128 (1) Excluded from the table above are $542 million and $175 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $175 million and $15 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $127 million in cash and accrued income related to the U.S. Plans. |
Schedule of expected future benefit payments | At December 31, 2022, our estimated expected future benefit payments are as follows: Pension Benefit Plans Other Postretirement Benefit Plans For the years ending December 31 U.S. Non-U.S. Plans (in millions of U.S. dollars) 2023 $ 186 $ 40 $ 14 2024 173 32 10 2025 178 34 6 2026 180 34 1 2027 186 36 1 2028-2032 967 216 5 |
Other income and expense (Table
Other income and expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of the components of Other (income) expense | Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Equity in net income of partially-owned entities (1) $ 16 $ 2,433 $ 1,019 Gains (losses) from fair value changes in separate account assets (2) (42) (8) 58 Federal excise and capital taxes (21) (19) (22) Other (27) (41) (61) Total $ (74) $ 2,365 $ 994 (1) Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively. (2) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Operations by segment | The following tables present the Statement of Operations by segment: For the Year Ended December 31, 2022 (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 Life Insurance Corporate Segment Measure Reclass Chubb Net premiums written $ 17,889 $ 5,313 $ 2,907 $ 11,060 $ 943 $ 3,643 $ — $ — $ 41,755 Net premiums earned 17,107 5,180 2,838 10,803 922 3,539 — — 40,389 Losses and loss expenses 10,828 3,186 2,557 5,252 670 497 363 (11) 23,342 Policy benefits — — — — — 1,534 — (42) 1,492 Policy acquisition costs 2,313 1,057 126 2,818 240 838 — — 7,392 Administrative expenses 1,113 291 (10) 1,070 36 510 385 — 3,395 Underwriting income (loss) 2,853 646 165 1,663 (24) 160 (748) 53 4,768 Net investment income 2,247 283 36 626 281 509 — (240) 3,742 Other (income) expense 17 4 1 2 1 (45) 292 (198) 74 Amortization expense of purchased intangibles — 10 26 57 — 10 182 — 285 Segment income (loss) $ 5,083 $ 915 $ 174 $ 2,230 $ 256 $ 704 $ (1,222) $ 11 $ 8,151 Net realized gains (losses) (954) (11) (965) Interest expense 570 — 570 Cigna integration expenses 48 — 48 Income tax expense 1,255 — 1,255 Net income (loss) $ (4,049) $ — $ 5,313 For the Year Ended December 31, 2021 (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 Life Insurance Corporate Segment Measure Reclass Chubb Net premiums written $ 16,415 $ 5,002 $ 2,388 $ 10,713 $ 873 $ 2,477 $ — $ — $ 37,868 Net premiums earned 15,461 4,915 2,338 10,441 798 2,402 — — 36,355 Losses and loss expenses 10,015 2,924 1,962 5,143 632 740 572 (8) 21,980 Policy benefits — — — — — 707 — (8) 699 Policy acquisition costs 2,082 1,001 124 2,799 200 712 — — 6,918 Administrative expenses 1,052 276 (3) 1,078 35 333 365 — 3,136 Underwriting income (loss) 2,312 714 255 1,421 (69) (90) (937) 16 3,622 Net investment income (loss) 2,078 249 28 597 331 407 (55) (179) 3,456 Other (income) expense 31 (2) 1 — — (106) (2,118) (171) (2,365) Amortization expense of purchased intangibles — 10 26 48 — 5 198 — 287 Segment income $ 4,359 $ 955 $ 256 $ 1,970 $ 262 $ 418 $ 928 $ 8 $ 9,156 Net realized gains (losses) 1,160 (8) 1,152 Interest expense 492 — 492 Income tax expense 1,277 — 1,277 Net income $ 319 $ — $ 8,539 For the Year Ended December 31, 2020 (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 Life Insurance Corporate Segment Measure Reclass Chubb Net premiums written $ 14,474 $ 4,920 $ 1,846 $ 9,335 $ 731 $ 2,514 $ — $ — $ 33,820 Net premiums earned 13,964 4,866 1,822 9,285 698 2,482 — — 33,117 Losses and loss expenses 10,129 3,187 1,544 5,255 435 724 435 1 21,710 Policy benefits — — — — — 726 — 58 784 Policy acquisition costs 1,942 974 123 2,568 174 766 — — 6,547 Administrative expenses 1,006 270 9 1,034 37 320 303 — 2,979 Underwriting income (loss) 887 435 146 428 52 (54) (738) (59) 1,097 Net investment income (loss) 2,061 260 30 534 307 385 (87) (115) 3,375 Other (income) expense 23 5 1 13 2 (74) (791) (173) (994) Amortization expense of purchased intangibles — 11 27 45 — 4 203 — 290 Segment income (loss) $ 2,925 $ 679 $ 148 $ 904 $ 357 $ 401 $ (237) $ (1) $ 5,176 Net realized gains (losses) (499) 1 (498) Interest expense 516 — 516 Income tax expense 629 — 629 Net income (loss) $ (1,881) $ — $ 3,533 |
Net premiums earned by line of business | The following table presents net premiums earned for each segment by line of business: For the Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 North America Commercial P&C Insurance Property & other short-tail lines $ 3,383 $ 2,942 $ 2,423 Casualty & all other 13,056 11,905 10,812 A&H 668 614 729 Total North America Commercial P&C Insurance 17,107 15,461 13,964 North America Personal P&C Insurance Personal automobile 811 781 822 Personal homeowners 3,557 3,384 3,327 Personal other 812 750 717 Total North America Personal P&C Insurance 5,180 4,915 4,866 North America Agricultural Insurance 2,838 2,338 1,822 Overseas General Insurance Property & other short-tail lines 3,382 3,105 2,468 Casualty & all other 3,232 3,114 2,738 Personal lines 2,020 2,109 1,981 A&H 2,169 2,113 2,098 Total Overseas General Insurance 10,803 10,441 9,285 Global Reinsurance Property 211 151 104 Property catastrophe 208 190 173 Casualty & all other 503 457 421 Total Global Reinsurance 922 798 698 Life Insurance Life 1,484 1,320 1,317 A&H 2,055 1,082 1,165 Total Life Insurance 3,539 2,402 2,482 Total net premiums earned $ 40,389 $ 36,355 $ 33,117 |
Net premiums earned by geographic region | The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk: North America Europe (1) Asia Pacific / Japan Latin America 2022 69 % 11 % 14 % 6 % 2021 70 % 12 % 12 % 6 % 2020 70 % 11 % 12 % 7 % (1) Europe includes Middle East and Africa regions. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Year Ended December 31 (in millions of U.S. dollars, except share and per share data) 2022 2021 2020 Numerator: Net income $ 5,313 $ 8,539 $ 3,533 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 419,779,847 439,968,422 451,602,820 Denominator for diluted earnings per share: Share-based compensation plans 3,747,597 3,228,856 1,838,692 Weighted-average shares outstanding and assumed conversions 423,527,444 443,197,278 453,441,512 Basic earnings per share $ 12.66 $ 19.41 $ 7.82 Diluted earnings per share $ 12.55 $ 19.27 $ 7.79 Potential anti-dilutive share conversions 1,467,840 1,532,066 6,811,966 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | No profit share commission has been payable yet under this arrangement. Transactions generated under Starr agreements were as follows: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Consolidated statement of operations Gross premiums written $ 618 $ 592 $ 507 Ceded premiums written $ 353 $ 321 $ 253 Commissions paid $ 122 $ 114 $ 97 Commissions received $ 79 $ 73 $ 59 Losses and loss expenses $ 225 $ 157 $ 170 Consolidated balance sheets Reinsurance recoverable on losses and loss expenses $ 541 $ 516 Ceded reinsurance premium payable $ 96 $ 88 ABR Re At December 31, 2022 , we own 18.8 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. and warrants to acquire 0.5 percent of additional equity. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. serves as an investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re. In connection with this arrangement with BlackRock, Inc., we recorded income of $7 million, $11 million, and $3 million in 2022, 2021, and 2020, respectively, which is recorded in Other (income) expense on the Consolidated statements of operations. ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissio ns. Transactions generated under ABR Re agreements were as follows: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Consolidated statements of operations Ceded premiums written $ 507 $ 442 $ 350 Commissions received $ 138 $ 133 $ 100 Consolidated balance sheets Reinsurance recoverable on losses and loss expenses $ 1,050 $ 963 Ceded reinsurance premium payable $ 110 $ 107 Aquiline Capital Partners LLC Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chief executive officer is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2022, Chubb has approximately $267 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds are as follows: Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Consolidated statements of operations Other income (expense) $ 8 $ 68 $ 2 Consolidated balance sheets Other investments $ 271 $ 245 |
Statutory Financial Informati_2
Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Financial Information [Abstract] | |
Schedule of combined statutory capital and surplus and statutory net income (loss) | December 31 (in millions of U.S. dollars) 2022 2021 Statutory capital and surplus Property and casualty $ 40,824 $ 46,662 Life $ 4,834 $ 2,294 Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Statutory net income (loss) Property and casualty $ 4,028 $ 7,983 $ 4,354 Life $ 1,425 $ 424 $ (245) |
Schedule II (CONDENSED FINANCIA
Schedule II (CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY) (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | BALANCE SHEETS (Parent Company Only) December 31 December 31 (in millions of U.S. dollars) 2022 2021 Assets Investments in subsidiaries and affiliates on equity basis $ 50,393 $ 58,850 Total investments 50,393 58,850 Cash 40 1 Due from subsidiaries and affiliates, net 959 1,218 Other assets 16 16 Total assets $ 51,408 $ 60,085 Liabilities Affiliated notional cash pooling programs $ 252 $ 8 Accounts payable, accrued expenses, and other liabilities 616 363 Total liabilities 868 371 Shareholders' equity Common Shares 10,346 10,985 Common Shares in treasury (5,113) (7,464) Additional paid-in capital 7,166 8,478 Retained earnings 48,334 47,365 Accumulated other comprehensive income (10,193) 350 Total shareholders' equity 50,540 59,714 Total liabilities and shareholders' equity $ 51,408 $ 60,085 The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto. |
Condensed Consolidating Statement Of Operations and Comprehensive Income | STATEMENTS OF OPERATIONS (Parent Company Only) Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Revenues Investment income (1) $ 83 $ 96 $ 155 Equity in net income of subsidiaries and affiliates 5,323 8,514 3,457 Total revenues 5,406 8,610 3,612 Expenses Administrative and other (income) expense 65 56 55 Cigna integration expenses 10 — — Income tax expense 18 15 24 Total expenses 93 71 79 Net income $ 5,313 $ 8,539 $ 3,533 Comprehensive income (loss) $ (5,230) $ 6,020 $ 5,783 (1) Includes net investment income, interest income, and net realized gains (losses). The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto . |
Condensed Consolidating Statement of Cash Flows | STATEMENTS OF CASH FLOWS (Parent Company Only) Year Ended December 31 (in millions of U.S. dollars) 2022 2021 2020 Net cash flows from operating activities (1) $ 7,831 $ 4,167 $ 1,933 Cash flows from investing activities Capital contribution (4,046) $ — (1,200) Other — — (2) Net cash flows used for investing activities (4,046) $ — (1,202) Cash flows from financing activities Dividends paid on Common Shares (1,375) (1,401) (1,388) Common Shares repurchased (2,894) (4,861) (523) Repayment of intercompany loans 279 2,003 1,265 Net proceeds from affiliated notional cash pooling programs (2) 245 8 — Net cash flows used for financing activities (3,745) (4,251) (646) Effect of foreign currency rate changes on cash and restricted cash (1) 1 (3) Net increase (decrease) in cash and restricted cash 39 (83) 82 Cash and restricted cash – beginning of year 1 84 2 Cash and restricted cash – end of year $ 40 $ 1 $ 84 (1) Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively. (2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information. The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto. |
Schedule IV (SUPPLEMENTARY INFO
Schedule IV (SUPPLEMENTARY INFORMATION CONCERNING REINSURANCE) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV | SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE Premiums Earned For the years ended December 31, 2022, 2021, and 2020 Direct Amount Ceded To Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net 2022 Property and Casualty $ 39,449 $ 9,678 $ 4,242 $ 34,013 12 % Accident and Health 5,206 411 97 4,892 2 % Life 1,499 106 91 1,484 6 % Total $ 46,154 $ 10,195 $ 4,430 $ 40,389 11 % 2021 Property and Casualty $ 35,767 $ 7,982 $ 3,441 $ 31,226 11 % Accident and Health 4,062 362 109 3,809 3 % Life 1,309 89 100 1,320 8 % Total $ 41,138 $ 8,433 $ 3,650 $ 36,355 10 % 2020 Property and Casualty $ 31,546 $ 6,782 $ 3,044 $ 27,808 11 % Accident and Health 4,249 368 111 3,992 3 % Life 1,242 93 168 1,317 13 % Total $ 37,037 $ 7,243 $ 3,323 $ 33,117 10 % |
Schedule VI (SUPPLEMENTARY INFO
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Table) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule VI | SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS As of and for the years ended December 31, 2022, 2021, and 2020 Deferred Policy Acquisition Costs Net Reserves for Unpaid Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Net Losses and Loss Expenses Incurred Related to Amortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss Expenses Net Premiums Written Current Year Prior Year 2022 $ 4,462 $ 59,195 $ 20,360 $ 38,905 $ 3,381 $ 24,495 $ (1,153) $ 6,873 $ 20,323 $ 40,170 2021 $ 4,260 $ 56,759 $ 19,101 $ 35,035 $ 3,133 $ 22,966 $ (986) $ 6,440 $ 17,884 $ 36,474 2020 $ 4,244 $ 53,164 $ 17,652 $ 31,800 $ 3,074 $ 22,124 $ (414) $ 6,076 $ 17,434 $ 32,471 |
Summary of significant accoun_4
Summary of significant accounting policies (Narrative) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2022 | Jan. 01, 2021 | |
Summary of significant accounting policies [Line Items] | ||||||
Deferred Marketing Costs, Amortization Period | 10 years | |||||
Deferred Advertising Costs | $ 243 | $ 243 | $ 189 | |||
Deferred Policy Acquisition Costs, Amortization Expense | $ 7,392 | 6,918 | $ 6,547 | |||
Recoverable from unrated reinsurers, ceded reserve, default factor (percent) | 34% | |||||
Percentage of fair value of loaned securities | 102% | |||||
Quality assessment threshold used in goodwill impairment testing | 50% | |||||
Property, Plant and Equipment, Net | 2,400 | $ 2,400 | 2,000 | |||
Net operating results of ESIS included within Administrative expenses | 12 | 25 | 18 | |||
Cigna integration expenses | 48 | 0 | 0 | |||
Net income | 5,313 | 8,539 | 3,533 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,230) | 6,020 | 5,783 | |||
Deposit liabilities included in Deposit liabilities | 70 | 70 | 74 | |||
Retained earnings | 48,334 | 48,334 | 47,365 | |||
Accumulated other comprehensive income | (10,193) | (10,193) | 350 | |||
Stockholders' Equity | (50,540) | (50,540) | (59,714) | (59,441) | ||
Deposit Assets | 96 | 96 | 101 | |||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Stockholders' Equity | $ 1,800 | |||||
Cigna's Life Insurance Business in Asian Markets | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Net income | $ 148 | |||||
Stockholders' Equity | $ (5,359) | |||||
Cigna's Life Insurance Business in Asian Markets | Debt Securities [Member] | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Assets, Fair Value Adjustment | $ 211 | |||||
Minimum | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Reinsurance Premiums, Amortization Period | 1 year | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, Threshold Period, Writeoff | 30 days | 30 days | ||||
Liability for Future Policy Benefits, Interest Rate | 1% | 1% | ||||
Maximum | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Reinsurance Premiums, Amortization Period | 3 years | |||||
Affiliated notional cash pooling program | $ 300 | $ 300 | ||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, Threshold Period, Writeoff | 45 days | 45 days | ||||
Liability for Future Policy Benefits, Interest Rate | 9% | 9% | ||||
Selling and Marketing Expense [Member] | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Deferred Policy Acquisition Costs, Amortization Expense | $ 121 | 85 | $ 99 | |||
Fair Value Adjustment to Acquired Loss Reserves [Member] | The Chubb Corporation [Member] | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Balance of FV adjustment on Unpaid Losses and Loss Expenses | $ 74 | 74 | $ 90 | |||
Software Development [Member] | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Property, Plant and Equipment, Net | 1,600 | $ 1,600 | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Software Development [Member] | Minimum | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Software Development [Member] | Maximum | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Building [Member] | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Property, Plant and Equipment, Net | $ 253 | $ 253 | ||||
Building [Member] | Maximum | ||||||
Summary of significant accounting policies [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 40 years |
Summary of significant accoun_5
Summary of significant accounting policies - cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||||
Cash | $ 2,012 | $ 1,659 | $ 1,747 | |
Restricted cash | 115 | 152 | 89 | |
Cash and restricted cash | 2,127 | 1,811 | $ 1,836 | $ 1,646 |
Borrowings under Guaranteed Investment Agreements | $ 2,500 | $ 2,200 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2023 | Jul. 01, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Business Acquisitions [Line Items] | |||||||||
Goodwill | $ 16,287 | $ 16,287 | $ 15,213 | $ 15,400 | |||||
Other intangible assets | 5,441 | 5,441 | 5,455 | ||||||
Value of business acquired | 3,596 | 3,596 | 236 | 263 | $ 306 | ||||
Repurchase agreements | 1,419 | 1,419 | 1,406 | ||||||
Accrued investment income | 941 | 941 | 821 | ||||||
Insurance and reinsurance balances receivable | 11,933 | 11,933 | 11,322 | ||||||
Reinsurance recoverable on losses and loss expenses | [1] | 18,901 | 18,901 | 17,366 | |||||
Reinsurance recoverable on policy benefits | [1] | 303 | 303 | 213 | |||||
Other assets | 12,736 | 12,736 | 11,792 | ||||||
Total assets | 199,144 | 199,144 | 200,054 | ||||||
Unpaid losses and loss expenses | 76,323 | 76,323 | 72,943 | 67,811 | $ 62,690 | ||||
Unearned premiums | 20,360 | 20,360 | 19,101 | ||||||
Future policy benefits | 10,120 | 10,120 | 5,947 | ||||||
Insurance and reinsurance balances payable | 7,795 | 7,795 | 7,243 | ||||||
Accounts payable, accrued expenses, and other liabilities | 15,587 | 15,587 | 15,004 | ||||||
Deferred tax liabilities | 292 | 292 | 389 | ||||||
Total liabilities | 148,604 | 148,604 | 140,340 | ||||||
Stockholders' Equity | 50,540 | 50,540 | 59,714 | 59,441 | |||||
Liabilities and Equity | 199,144 | 199,144 | 200,054 | ||||||
Business Combination, Integration Related Costs | 48 | 0 | 0 | ||||||
Revenues | 43,166 | 40,963 | 35,994 | ||||||
Net income | 5,313 | 8,539 | 3,533 | ||||||
Net premiums earned | 40,389 | 36,355 | $ 33,117 | ||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets | 2,459 | 2,459 | 2,508 | ||||||
Indefinite-lived intangible assets, | 2,982 | 2,982 | 2,947 | ||||||
Total identified intangible assets | 5,441 | $ 5,441 | 5,455 | ||||||
Huatai Group [Member] | |||||||||
Business Acquisitions [Line Items] | |||||||||
Equity method investment, additional 31.8 percent agreed on | 31.80% | ||||||||
Purchase of incremental ownership interest | $ 2,000 | ||||||||
Deposits Assets | 184 | $ 184 | 1,100 | ||||||
Payment to acquire additional ownership interest in equity method investment | $ 500 | ||||||||
Equity method investment, additional 7.1 percent agreed on | 7.05% | ||||||||
Equity Method Investment, 83.2 percent agreed on | 83.20% | ||||||||
Huatai Group [Member] | Subsequent Event [Member] | |||||||||
Business Acquisitions [Line Items] | |||||||||
Equity method investment, additional 22.0 percent agreed on | 22% | ||||||||
Equity method investment, outstanding 3.0 percent requiring regulatory approval | 3% | ||||||||
Cigna's Life Insurance Business in Asian Markets | |||||||||
Business Acquisitions [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 01, 2022 | ||||||||
Payments to Acquire Businesses, Gross | $ 5,400 | ||||||||
Goodwill | 1,250 | ||||||||
Other intangible assets | 309 | ||||||||
Value of business acquired | 3,503 | ||||||||
Repurchase agreements | 2,000 | ||||||||
Investments and Cash | 5,275 | ||||||||
Accrued investment income | 33 | ||||||||
Insurance and reinsurance balances receivable | 52 | ||||||||
Reinsurance recoverable on losses and loss expenses | 3 | ||||||||
Reinsurance recoverable on policy benefits | 82 | ||||||||
Goodwill | 1,559 | ||||||||
Other assets | 649 | ||||||||
Total assets | 11,156 | ||||||||
Unpaid losses and loss expenses | 12 | ||||||||
Unearned premiums | 59 | ||||||||
Future policy benefits | 3,817 | ||||||||
Insurance and reinsurance balances payable | 115 | ||||||||
Accounts payable, accrued expenses, and other liabilities | 924 | ||||||||
Deferred tax liabilities | 870 | ||||||||
Total liabilities | 5,797 | ||||||||
Stockholders' Equity | 5,359 | ||||||||
Liabilities and Equity | 11,156 | ||||||||
Revenues | 1,507 | ||||||||
Net income | $ 148 | ||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Total identified intangible assets | 309 | ||||||||
Cigna's Life Insurance Business in Asian Markets | Pro Forma | |||||||||
Business Acquisitions [Line Items] | |||||||||
Net premiums earned | $ 41,913 | 39,495 | |||||||
Business Acquisition, Pro Forma Revenue | 44,673 | 44,166 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 5,503 | $ 8,921 | |||||||
Direct Ownership [Member] | Huatai Group [Member] | |||||||||
Business Acquisitions [Line Items] | |||||||||
Ownership Percentage | 47.30% | 47.30% | |||||||
Equity method investment, ownership percentage upon completion | 86.10% | 86.10% | |||||||
Direct Ownership [Member] | Huatai Group [Member] | Subsequent Event [Member] | |||||||||
Business Acquisitions [Line Items] | |||||||||
Ownership Percentage | 64.20% | ||||||||
Trademarks | Cigna's Life Insurance Business in Asian Markets | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Indefinite-lived intangible assets, | 70 | ||||||||
Agency distribution relationships and renewal rights | Cigna's Life Insurance Business in Asian Markets | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets | $ 230 | ||||||||
Finite-lived intangible assets, weighted average useful life | 22 years | ||||||||
Unearned premium reserves intangible asset | Cigna's Life Insurance Business in Asian Markets | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-lived intangible assets | $ 9 | ||||||||
Finite-lived intangible assets, weighted average useful life | 1 year | ||||||||
[1]Net of valuation allowance for uncollectible reinsurance. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) partnerships | Jan. 31, 2023 | Dec. 31, 2021 USD ($) | |
Investment [Line Items] | |||
Limited partnerships number | partnerships | 168 | ||
Restricted assets in fixed maturities and short-term investments | $ 15,721 | $ 17,092 | |
Restricted assets in cash | $ 115 | $ 152 | |
CHINA | Huatai Life Insurance Co. [Member] | |||
Investment [Line Items] | |||
Ownership Percentage | 20% | 20% | |
CHINA | Huatai Group [Member] | |||
Investment [Line Items] | |||
Ownership Percentage | 47% | 47% | |
Indirect Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member] | |||
Investment [Line Items] | |||
Ownership Percentage | 37.70% | ||
Direct Ownership [Member] | Huatai Group [Member] | |||
Investment [Line Items] | |||
Ownership Percentage | 47.30% | ||
Direct Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member] | |||
Investment [Line Items] | |||
Ownership Percentage | 20% | ||
Direct Ownership [Member] | Subsequent Event [Member] | Huatai Group [Member] | |||
Investment [Line Items] | |||
Ownership Percentage | 64.20% |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost | $ 93,355 | $ 90,493 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (169) | (14) | $ (20) |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 174 | 3,220 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (8,140) | (591) | |
Available for sale, Fair Value | 85,220 | 93,108 | |
U.S. Treasury / Agency | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 2,792 | 2,111 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5 | 109 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (171) | (6) | |
Available for sale, Fair Value | 2,626 | 2,214 | |
Non-U.S. | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 28,064 | 25,156 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (59) | (8) | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 108 | 953 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,205) | (272) | |
Available for sale, Fair Value | 25,908 | 25,829 | |
Corporate and asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 40,547 | 37,844 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (107) | (6) | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 49 | 1,410 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (3,534) | (185) | |
Available for sale, Fair Value | 36,955 | 39,063 | |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 17,871 | 20,080 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (3) | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 532 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,021) | (123) | |
Available for sale, Fair Value | 15,851 | 20,489 | |
Municipal | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 4,081 | 5,302 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 216 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (209) | (5) | |
Available for sale, Fair Value | $ 3,880 | $ 5,513 |
Investments (Schedule Of Amor_2
Investments (Schedule Of Amortized Cost And Fair Value Of Held-to-Maturity Fixed Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | $ 8,882 | $ 10,153 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 34 | 35 | $ 44 |
Debt securities, held to maturity, net carrying value | 8,848 | 10,118 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 3 | 533 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (412) | (4) | |
Held to maturity, Fair Value | 8,439 | 10,647 | |
U.S. Treasury / Agency | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 1,417 | 1,213 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Debt securities, held to maturity, net carrying value | 1,417 | 1,213 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | 34 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (48) | (3) | |
Held to maturity, Fair Value | 1,370 | 1,244 | |
Non-U.S. | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 1,140 | 1,201 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 4 | 5 | |
Debt securities, held to maturity, net carrying value | 1,136 | 1,196 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 66 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (82) | 0 | |
Held to maturity, Fair Value | 1,054 | 1,262 | |
Corporate and asset-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 1,733 | 2,032 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 28 | 28 | |
Debt securities, held to maturity, net carrying value | 1,705 | 2,004 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | 197 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (126) | 0 | |
Held to maturity, Fair Value | 1,580 | 2,201 | |
Mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 1,456 | 1,731 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 1 | 1 | |
Debt securities, held to maturity, net carrying value | 1,455 | 1,730 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 74 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (104) | (1) | |
Held to maturity, Fair Value | 1,351 | 1,803 | |
Municipal | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 3,136 | 3,976 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 1 | 1 | |
Debt securities, held to maturity, net carrying value | 3,135 | 3,975 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | 162 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (52) | 0 | |
Held to maturity, Fair Value | $ 3,084 | $ 4,137 |
Investments (Held-to-maturity c
Investments (Held-to-maturity credit quality indicator) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 8,882 | $ 10,153 |
Fixed Maturities Percent of Total Amortized cost | 100% | 100% |
Standard & Poor's, AAA Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 1,612 | $ 2,089 |
Fixed Maturities Percent of Total Amortized cost | 18% | 21% |
Standard & Poor's, AA Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 5,023 | $ 5,303 |
Fixed Maturities Percent of Total Amortized cost | 57% | 52% |
Standard & Poor's, A Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 1,634 | $ 1,964 |
Fixed Maturities Percent of Total Amortized cost | 18% | 19% |
Standard & Poor's, BBB Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 593 | $ 773 |
Fixed Maturities Percent of Total Amortized cost | 7% | 8% |
Standard & Poor's, BB Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 20 | $ 23 |
Fixed Maturities Percent of Total Amortized cost | 0% | 0% |
Other [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 0 | $ 1 |
Fixed Maturities Percent of Total Amortized cost | 0% | 0% |
Investments (Schedule Of Fixed
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value | $ 2,962 | $ 4,498 |
Available for sale, Due after 1 year through 5 years, Fair Value & Carrying Value | 24,791 | 25,542 |
Available for sale, Due after 5 years through 10 years, Fair Value & Carrying Value | 26,679 | 28,207 |
Available for sale, Due after 10 years, Fair Value & Carrying Value | 14,937 | 14,372 |
Available for sale, Maturity, Allocated and Single Maturity Date, Fair Value | 69,369 | 72,619 |
Available for sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 72,619 | |
Available for sale, Mortgage backed securities, Fair Value | 15,851 | 20,489 |
Available for sale, Mortgage-backed securities, Amortized Cost | 20,489 | |
Available for sale, Fair Value | 85,220 | 93,108 |
Held to maturity, Due in 1 year or less, net carrying value | 1,015 | 888 |
Held to maturity, maturity, Due after 1 year through 5 years, net carrying value | 3,658 | 3,744 |
Held to maturity, Due after 5 years through 10 years, net carrying value | 1,460 | 2,242 |
Held to maturity, Due after 10 years, net carrying value | 1,260 | 1,514 |
Held-to-maturity, maturity, allocated and single maturity date, net carrying value | 7,393 | 8,388 |
Held-to-maturity, mortgage-backed securities, net carrying value | 1,455 | 1,730 |
Debt securities, held to maturity, net carrying value | 8,848 | 10,118 |
Held to maturity, Due in 1 year or less, Fair Value | 1,003 | 894 |
Held to maturity, Due after 1 year through 5 years, Fair Value | 3,531 | 3,846 |
Held to maturity, Due after 5 years through 10 years, Fair Value | 1,423 | 2,349 |
Held to maturity, Due after 10 years, Fair Value | 1,131 | 1,755 |
Held to maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 7,088 | 8,844 |
Held to maturity, Mortgage backed securities, Fair Value | 1,351 | 1,803 |
Held to maturity, Fair Value | $ 8,439 | $ 10,647 |
Investments (Aggregate Fair Val
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Details) - Fixed maturities - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 57,189 | $ 25,041 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,115) | (465) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 14,991 | 2,159 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,291) | (104) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 72,180 | 27,200 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (6,406) | (569) |
U.S. Treasury / Agency | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,152 | 363 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (125) | (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 386 | 70 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (46) | (3) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,538 | 433 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (171) | (6) |
Non-U.S. | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 15,538 | 6,917 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,012) | (196) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 5,490 | 1,093 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (704) | (62) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 21,028 | 8,010 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,716) | (258) |
Corporate and asset-backed securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 25,687 | 9,449 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,793) | (145) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,190 | 806 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (552) | (32) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 29,877 | 10,255 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,345) | (177) |
Mortgage-backed securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 10,561 | 8,086 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,033) | (116) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,770 | 190 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (941) | (7) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 15,331 | 8,276 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,974) | (123) |
Municipal | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,251 | 226 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (152) | (5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 155 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (48) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,406 | 226 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (200) | $ (5) |
Investments (Rollforward of exp
Investments (Rollforward of expected credit losses AFS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 169 | $ 14 | $ 20 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 237 | 14 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery | (82) | (20) | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 174 | 3,220 | |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 3 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $ 4 | $ 532 |
Investments (Rollforward of e_2
Investments (Rollforward of expected credit losses HTM) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 34 | $ 35 | $ 44 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 2 | 1 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery | $ (3) | $ (10) |
Investments (Net Realized Gains
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | $ 237 | $ 14 | ||
Foreign exchange gains( losses) | 393 | 348 | $ (483) | |
Fair Value adjustment on insurance derivative | (63) | 316 | (202) | |
Derivative, Gain (Loss) on Derivative, Net | 70 | 34 | ||
Net realized gains (losses) | (965) | 1,152 | (498) | |
Unrealized Gain (Loss) on Investments | (9,535) | (2,417) | 2,130 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 1,043 | 521 | (462) | |
Other derivative instruments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (11) | (8) | 1 | |
Investment and embedded derivative instruments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (43) | (72) | 81 | |
S&P Options and Futures | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 187 | (202) | (108) | |
Fixed Maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 619 | 142 | 244 | |
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment | (1,379) | (123) | (366) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (154) | 14 | 11 | |
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell | [1] | (135) | (30) | (170) |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (1,049) | 3 | (281) | |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Realized Gain (Loss) | (230) | 662 | 586 | |
Unrealized Gain (Loss) on Investments | (639) | 505 | 131 | |
Other Investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net realized gains (losses) | (31) | 111 | (32) | |
Unrealized Gain (Loss) on Investments | (31) | 111 | (32) | |
Available-for-sale Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized Gain (Loss) on Investments | (10,583) | (2,901) | 2,628 | |
Fixed maturities held to maturity | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized Gain (Loss) on Investments | (15) | (18) | (24) | |
Other [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Sale of Other Investments | (118) | (6) | (60) | |
Unrealized Gain (Loss) on Investments | 20 | (19) | (12) | |
Equity securities and other investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net realized gains (losses) | (261) | 773 | 554 | |
Unrealized Gain (Loss) on Investments | $ (670) | $ 616 | $ 99 | |
[1]Relates to certain securities we intended to sell and securities written to market entering default. |
Investments (Schedule of Gains
Investments (Schedule of Gains and Losses on Equity and Other Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized gains (losses) | $ (965) | $ 1,152 | $ (498) |
Unrealized gains (losses) recognized for securities still held at reporting date | (9,535) | (2,417) | 2,130 |
Equity Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Securities, FV-NI, Realized Gain (Loss) | (230) | 662 | 586 |
Less: Net gains recognized from sales of securities | 409 | 157 | 455 |
Unrealized gains (losses) recognized for securities still held at reporting date | (639) | 505 | 131 |
Other Investments | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized gains (losses) | (31) | 111 | (32) |
Less: Net gains recognized from sales of securities | 0 | 0 | 0 |
Unrealized gains (losses) recognized for securities still held at reporting date | (31) | 111 | (32) |
Equity securities and other investments [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized gains (losses) | (261) | 773 | 554 |
Less: Net gains recognized from sales of securities | 409 | 157 | 455 |
Unrealized gains (losses) recognized for securities still held at reporting date | $ (670) | $ 616 | $ 99 |
Investments (Schedule Of Other
Investments (Schedule Of Other Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | $ 13,696 | $ 11,169 | |
Alternative Investment | 12,355 | 10,108 | |
Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | 13,696 | 11,169 | |
Alternative Investment | 12,355 | 10,108 | |
Partially-owned Investment Companies | Equity Method Investments [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | 10,527 | 9,210 | |
Limited Partner [Member] | Cost-method Investments [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | 1,455 | 631 | |
Investment Funds [Member] | Cost-method Investments [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | 373 | 267 | |
Life [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | 399 | 481 | |
Policy Loans [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | 343 | 243 | |
Non-qualified separate account assets [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | [1] | 223 | 278 |
Other [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member] | |||
Other Investment Not Readily Marketable [Line Items] | |||
Other Investments | $ 376 | $ 59 | |
[1]Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP. |
Investments (Entities That Calc
Investments (Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 7,395 | $ 7,153 |
Alternative Investment | 12,355 | 10,108 |
Financial [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, Unfunded Commitments | 505 | 267 |
Alternative Investment | 1,074 | 1,096 |
Real Estate Funds [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, Unfunded Commitments | 681 | 766 |
Alternative Investment | 2,166 | 1,193 |
Distressed Alternative Investments [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, Unfunded Commitments | 755 | 641 |
Alternative Investment | 1,048 | 753 |
Private Credit Alternative Investments [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, Unfunded Commitments | 429 | 279 |
Alternative Investment | 215 | 84 |
Private Equity Funds [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, Unfunded Commitments | 5,025 | 5,200 |
Alternative Investment | 7,424 | 6,647 |
Vintage Alternative Investments [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, Unfunded Commitments | 0 | 0 |
Alternative Investment | 55 | 68 |
Investment Funds Alternative Investments [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, Unfunded Commitments | 0 | 0 |
Alternative Investment | $ 373 | $ 267 |
Minimum | Financial [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 |
Minimum | Real Estate Funds [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 |
Minimum | Distressed Alternative Investments [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 |
Minimum | Private Credit Alternative Investments [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 |
Minimum | Private Equity Funds [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 |
Minimum | Vintage Alternative Investments [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 |
Maximum | Financial [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 |
Maximum | Real Estate Funds [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 | 13 years | 13 years |
Maximum | Distressed Alternative Investments [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 |
Maximum | Private Credit Alternative Investments [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 |
Maximum | Private Equity Funds [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 |
Maximum | Vintage Alternative Investments [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 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments In Partially-Owned Insurance Companies) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Jan. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment [Line Items] | |||||
Carrying Value | $ 2,877 | $ 3,130 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 1,315 | 1,429 | |||
Goodwill | $ 16,287 | $ 15,213 | $ 15,400 | ||
Huatai Group [Member] | Subsequent Event [Member] | |||||
Investment [Line Items] | |||||
Equity method investment, additional 22.0 percent agreed on | 22% | ||||
CHINA | Huatai Group [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 47% | 47% | |||
CHINA | Huatai Group [Member] | Subsequent Event [Member] | |||||
Investment [Line Items] | |||||
equity method investment, additional 16.9 percentage obtained | 16.90% | ||||
CHINA | Huatai Life Insurance Co. [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 20% | 20% | |||
Bermuda | Freisenbruch-Meyer | |||||
Investment [Line Items] | |||||
Ownership Percentage | 40% | 40% | |||
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 19% | 17% | |||
Saudi Arabia | Chubb Arabia Cooperative Insurance Company [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 30% | 30% | |||
Russia | Russian Reinsurance Company | |||||
Investment [Line Items] | |||||
Ownership Percentage | 23% | 23% | |||
Huatai Group [Member] | CHINA | |||||
Investment [Line Items] | |||||
Carrying Value | $ 2,490 | $ 2,698 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 1,247 | 1,355 | |||
Huatai Life Insurance Co. [Member] | CHINA | |||||
Investment [Line Items] | |||||
Carrying Value | 215 | 253 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 65 | 71 | |||
Freisenbruch-Meyer | Bermuda | |||||
Investment [Line Items] | |||||
Carrying Value | 11 | 10 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 3 | 3 | |||
Chubb Arabia Cooperative Insurance Company [Member] | Saudi Arabia | |||||
Investment [Line Items] | |||||
Carrying Value | 24 | 23 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 0 | 0 | |||
Russian Reinsurance Company | Russia | |||||
Investment [Line Items] | |||||
Carrying Value | 0 | 4 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 0 | 0 | |||
ABR Reinsurance Capital Holdings Ltd. [Member] | Bermuda | |||||
Investment [Line Items] | |||||
Carrying Value | 137 | 142 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 0 | $ 0 | |||
ABR Reinsurance Capital Holdings Ltd. [Member] | Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 18.80% | ||||
Total Direct and Indirect [Member] | CHINA | Huatai Life Insurance Co. [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 57.70% | ||||
Direct Ownership [Member] | Huatai Group [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 47.30% | ||||
Direct Ownership [Member] | Huatai Group [Member] | Subsequent Event [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 64.20% | ||||
Direct Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 20% | ||||
Indirect Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member] | |||||
Investment [Line Items] | |||||
Ownership Percentage | 37.70% |
Investments (Schedule Of Source
Investments (Schedule Of Sources Of Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 3,920 | $ 3,643 | $ 3,551 |
Investment expenses | (178) | (187) | (176) |
Net investment income | 3,742 | 3,456 | 3,375 |
Amortization of Debt Issuance Costs and Discounts | (41) | (84) | (116) |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 3,594 | 3,300 | 3,321 |
Short-term investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 81 | 35 | 48 |
Other interest income | |||
Net Investment Income [Line Items] | |||
Gross investment income | 42 | 11 | 19 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 99 | 150 | 81 |
Other Investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 104 | $ 147 | $ 82 |
Investments (Schedule Of Compon
Investments (Schedule Of Components Of Restricted Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investment [Line Items] | ||
Total restricted assets | $ 15,836 | $ 17,244 |
Asset Pledged as Collateral without Right | ||
Investment [Line Items] | ||
Trust funds | 8,120 | 9,915 |
Deposits with U.S. regulatory authorities | 2,345 | 2,402 |
Deposits with non-U.S. regulatory authorities | 2,959 | 2,873 |
Assets pledged under repurchase agreements | 1,527 | 1,420 |
Other pledged assets | $ 885 | $ 634 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), before Tax | Other Comprehensive Income (Loss), before Tax | Other Comprehensive Income (Loss), before Tax |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues |
Guaranteed Minimum Income Benefit | Variable Annuity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized Gains Losses As A Result of Valuation Model Refinement | $ 40 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Measured At Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | $ 85,220 | $ 93,108 | ||
Equity securities, at fair value | 827 | 4,782 | ||
Short-term investments | 4,960 | 3,146 | ||
Other Investments | 13,696 | 11,169 | ||
Securities lending collateral | 1,523 | 1,831 | ||
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Other Investments | 12,355 | 10,108 | ||
Policy Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Other Investments | 343 | 243 | ||
Other Investments | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Other Investments | 47 | 51 | ||
U.S. Treasury / Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 2,626 | 2,214 | ||
Debt Security, Government, Non-US [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 25,908 | 25,829 | ||
Corporate securities | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 36,955 | 39,063 | ||
Mortgage-backed securities | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 15,851 | 20,489 | ||
States, municipalities, and political subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 3,880 | 5,513 | ||
Level 1 | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 2,100 | 1,680 | ||
Equity securities, at fair value | 737 | 4,705 | ||
Short-term investments | 3,108 | 1,744 | ||
Other Investments | 552 | [1] | 286 | [2] |
Securities lending collateral | 0 | 0 | ||
Investment derivative instruments, assets | 82 | 58 | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | |||
Other Derivative Instruments Fair Value | 33 | |||
Separate Account Asset | 5,101 | 5,461 | ||
Assets, Fair Value Disclosure | 11,713 | [1] | 13,934 | [2] |
Investment derivative instruments, liability | 139 | 166 | ||
Other derivative instruments, liability | 16 | |||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | |||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 139 | 182 | ||
Level 1 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | [3] | 0 | [4] |
Level 1 | U.S. Treasury / Agency | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 2,100 | 1,680 | ||
Level 1 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 0 | 0 | ||
Level 1 | Corporate securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 0 | 0 | ||
Level 1 | Mortgage-backed securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 0 | 0 | ||
Level 1 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 0 | 0 | ||
Level 2 | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 80,096 | 88,720 | ||
Equity securities, at fair value | 0 | 0 | ||
Short-term investments | 1,849 | 1,395 | ||
Other Investments | 399 | [1] | 481 | [2] |
Securities lending collateral | 1,523 | 1,831 | ||
Investment derivative instruments, assets | 0 | 0 | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 17 | |||
Other Derivative Instruments Fair Value | 0 | |||
Separate Account Asset | 89 | 99 | ||
Assets, Fair Value Disclosure | 83,973 | [1] | 92,526 | [2] |
Investment derivative instruments, liability | 0 | 0 | ||
Other derivative instruments, liability | 0 | |||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 53 | |||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 53 | 0 | ||
Level 2 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | [3] | 0 | [4] |
Level 2 | U.S. Treasury / Agency | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 526 | 534 | ||
Level 2 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 25,344 | 25,196 | ||
Level 2 | Corporate securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 34,506 | 37,014 | ||
Level 2 | Mortgage-backed securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 15,840 | 20,463 | ||
Level 2 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 3,880 | 5,513 | ||
Level 3 | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 3,024 | 2,708 | ||
Equity securities, at fair value | 90 | 77 | ||
Short-term investments | 3 | 7 | ||
Other Investments | 0 | [1] | 0 | [2] |
Securities lending collateral | 0 | 0 | ||
Investment derivative instruments, assets | 0 | 0 | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | |||
Other Derivative Instruments Fair Value | 0 | |||
Separate Account Asset | 0 | 0 | ||
Assets, Fair Value Disclosure | 3,117 | [1] | 2,792 | [2] |
Investment derivative instruments, liability | 0 | 0 | ||
Other derivative instruments, liability | 0 | |||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | |||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 736 | 745 | ||
Level 3 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 736 | [3],[5] | 745 | [4] |
Level 3 | U.S. Treasury / Agency | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 0 | 0 | ||
Level 3 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 564 | 633 | ||
Level 3 | Corporate securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 2,449 | 2,049 | ||
Level 3 | Mortgage-backed securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 11 | 26 | ||
Level 3 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 85,220 | 93,108 | ||
Equity securities, at fair value | 827 | 4,782 | ||
Short-term investments | 4,960 | 3,146 | ||
Other Investments | 951 | [1] | 767 | [2] |
Securities lending collateral | 1,523 | 1,831 | ||
Investment derivative instruments, assets | 82 | 58 | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 17 | |||
Other Derivative Instruments Fair Value | 33 | |||
Separate Account Asset | 5,190 | 5,560 | ||
Assets, Fair Value Disclosure | 98,803 | [1] | 109,252 | [2] |
Investment derivative instruments, liability | 139 | 166 | ||
Other derivative instruments, liability | 16 | |||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 53 | |||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 928 | 927 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 736 | [3] | 745 | [4] |
Fair Value, Inputs, Level 1, Level 2, and Level 3 | U.S. Treasury / Agency | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 2,626 | 2,214 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 25,908 | 25,829 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Corporate securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 36,955 | 39,063 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Mortgage-backed securities | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | 15,851 | 20,489 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||
Available for sale, Fair Value | $ 3,880 | $ 5,513 | ||
[1]Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 measured using NAV as a practical expedient[2]Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.[3]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[4]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[5]The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), before Tax | Other Comprehensive Income (Loss), before Tax | Other Comprehensive Income (Loss), before Tax | ||||
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | ||||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | ||||
Minimum | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | 3% | ||||||
Annuitization rate | 0% | ||||||
Maximum | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | 30% | ||||||
Annuitization rate | 100% | ||||||
Weighted Average | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 3.60% | |||||
Annuitization rate | [1] | 4.40% | |||||
Level 3 | Guaranteed Minimum Income Benefit | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | [2] | Revenues | [3] | Revenues | [4] | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | [2] | Revenues | [3] | Revenues | [4] | |
Level 3 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | $ 736 | [1],[5] | $ 745 | [6] | |||
[1]The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.[2]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[3]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[4]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[5]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[6]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. |
Fair value measurements (Fair V
Fair value measurements (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance- Beginning of year, assets | $ 77 | $ 73 | $ 69 |
Transfers into Level 3, assets | 1 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | (3) |
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | 0 | 0 |
Net Realized Gains/Losses, Assets | 15 | 8 | 1 |
Purchased, assets | 9 | 21 | 23 |
Sales, assets | (12) | (25) | (17) |
Settlements, assets | 0 | 0 | 0 |
Other, assets | 0 | 0 | 0 |
Balance- End of year, assets | 90 | 77 | 73 |
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 14 | 5 | 4 |
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | 0 | 0 |
Short-term investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance- Beginning of year, assets | 7 | 5 | 6 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 |
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | (1) | 0 |
Net Realized Gains/Losses, Assets | (2) | 0 | (1) |
Purchased, assets | 3 | 9 | 14 |
Sales, assets | 0 | 0 | (2) |
Settlements, assets | (5) | (6) | (12) |
Other, assets | 0 | 0 | 0 |
Balance- End of year, assets | 3 | 7 | 5 |
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | (1) | 0 | 0 |
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | 0 | 0 |
Other investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance- Beginning of year, assets | 0 | 10 | 10 |
Transfers into Level 3, assets | 0 | 0 | |
Transfers out of Level 3, assets | (10) | 0 | |
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | 0 | |
Net Realized Gains/Losses, Assets | 0 | 0 | |
Purchased, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Other, assets | 0 | 0 | |
Balance- End of year, assets | 0 | 10 | |
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 0 | 0 | |
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | 0 | |
Available-for-sale Securities [Member] | Non-U.S. | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance- Beginning of year, assets | 633 | 546 | 449 |
Transfers into Level 3, assets | 23 | 24 | 0 |
Transfers out of Level 3, assets | (23) | (11) | (16) |
Change in Net Unrealized Gains (Losses) included in OCI, Assets | (53) | (30) | 19 |
Net Realized Gains/Losses, Assets | (6) | (1) | (1) |
Purchased, assets | 156 | 275 | 274 |
Sales, assets | (59) | (48) | (122) |
Settlements, assets | (107) | (122) | (57) |
Other, assets | 0 | 0 | 0 |
Balance- End of year, assets | 564 | 633 | 546 |
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | (2) | 0 | 0 |
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | (53) | (25) | 16 |
Available-for-sale Securities [Member] | Corporate and asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance- Beginning of year, assets | 2,049 | 1,573 | 1,451 |
Transfers into Level 3, assets | 47 | 91 | 134 |
Transfers out of Level 3, assets | (97) | (76) | (73) |
Change in Net Unrealized Gains (Losses) included in OCI, Assets | (80) | 15 | (8) |
Net Realized Gains/Losses, Assets | (14) | (2) | (30) |
Purchased, assets | 921 | 1,154 | 708 |
Sales, assets | (85) | (99) | (186) |
Settlements, assets | (292) | (607) | (423) |
Other, assets | 0 | 0 | 0 |
Balance- End of year, assets | 2,449 | 2,049 | 1,573 |
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | (9) | 3 | (5) |
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | (84) | 17 | (6) |
Available-for-sale Securities [Member] | Mortgage-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance- Beginning of year, assets | 26 | 60 | 60 |
Transfers into Level 3, assets | 0 | 0 | 0 |
Transfers out of Level 3, assets | (9) | (18) | (1) |
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | 0 | 0 |
Net Realized Gains/Losses, Assets | 0 | 0 | 0 |
Purchased, assets | 4 | 18 | 2 |
Sales, assets | 0 | (1) | 0 |
Settlements, assets | (10) | (33) | (1) |
Other, assets | 0 | 0 | 0 |
Balance- End of year, assets | 11 | 26 | 60 |
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 0 | 0 | 0 |
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | $ 0 | $ 0 | $ 0 |
Fair value measurements (Fair_2
Fair value measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Level 3 - Guaranteed Minimum Income Benefit - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Balance - Beginning of year, liabilities | $ 745 | [1] | $ 1,089 | [2] | $ 897 | [2] |
Transfers Into Level 3, liabilities | 0 | 0 | 0 | |||
Transfers out of Level 3, liabilities | 0 | 0 | 0 | |||
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities | 0 | 0 | 0 | |||
Purchased, liabilities | 0 | 0 | 0 | |||
Sales, liabilities | 0 | 0 | 0 | |||
Settlements, liabilities | 0 | 0 | 0 | |||
Other, liabilities | (72) | [3] | (28) | [1] | (10) | [2] |
Balance - End of year, liabilities | 736 | [3] | 745 | [1] | 1,089 | [2] |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 | $ 0 | |||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | [3] | Revenues | [1] | Revenues | [2] |
[1]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[2]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[3]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | $ 8,439 | $ 10,647 |
Fixed maturities, held-to-maturity | 8,882 | 10,153 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,419 | 1,406 |
Short-term debt | 475 | 999 |
Long-term debt | 14,402 | 15,169 |
Liabilities | 148,604 | 140,340 |
Cost | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity | 8,848 | 10,118 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,419 | 1,406 |
Short-term debt | 475 | 999 |
Long-term debt | 14,402 | 15,169 |
Trust preferred securities | 308 | 308 |
Liabilities | 16,604 | 17,882 |
Level 1 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,299 | 1,192 |
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 |
Liabilities | 0 | 0 |
Level 2 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 7,140 | 9,455 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,419 | 1,406 |
Short-term debt, Fair Value | 473 | 1,019 |
Long-term debt, Fair Value | 12,495 | 16,848 |
Trust preferred securities | 383 | 460 |
Liabilities | 14,770 | 19,733 |
Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
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 |
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 8,439 | 10,647 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,419 | 1,406 |
Short-term debt, Fair Value | 473 | 1,019 |
Long-term debt, Fair Value | 12,495 | 16,848 |
Trust preferred securities | 383 | 460 |
Liabilities | 14,770 | 19,733 |
U.S. Treasury / Agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,370 | 1,244 |
Fixed maturities, held-to-maturity | 1,417 | 1,213 |
U.S. Treasury / Agency | Cost | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity | 1,417 | 1,213 |
U.S. Treasury / Agency | Level 1 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,299 | 1,192 |
U.S. Treasury / Agency | Level 2 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 71 | 52 |
U.S. Treasury / Agency | Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
U.S. Treasury / Agency | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,370 | 1,244 |
Non-U.S. | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,054 | 1,262 |
Fixed maturities, held-to-maturity | 1,140 | 1,201 |
Non-U.S. | Cost | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity | 1,136 | 1,196 |
Non-U.S. | Level 1 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Non-U.S. | Level 2 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,054 | 1,262 |
Non-U.S. | Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Non-U.S. | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,054 | 1,262 |
Corporate and asset-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,580 | 2,201 |
Fixed maturities, held-to-maturity | 1,733 | 2,032 |
Corporate and asset-backed securities | Cost | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity | 1,705 | 2,004 |
Corporate and asset-backed securities | Level 1 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Corporate and asset-backed securities | Level 2 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,580 | 2,201 |
Corporate and asset-backed securities | Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Corporate and asset-backed securities | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,580 | 2,201 |
Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,351 | 1,803 |
Fixed maturities, held-to-maturity | 1,456 | 1,731 |
Mortgage-backed securities | Cost | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity | 1,455 | 1,730 |
Mortgage-backed securities | Level 1 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Mortgage-backed securities | Level 2 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,351 | 1,803 |
Mortgage-backed securities | Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Mortgage-backed securities | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 1,351 | 1,803 |
Municipal | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 3,084 | 4,137 |
Fixed maturities, held-to-maturity | 3,136 | 3,976 |
Municipal | Cost | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity | 3,135 | 3,975 |
Municipal | Level 1 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Municipal | Level 2 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 3,084 | 4,137 |
Municipal | Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | 0 | 0 |
Municipal | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities, held-to-maturity, fair value | $ 3,084 | $ 4,137 |
Reinsurance (Consolidated Reins
Reinsurance (Consolidated Reinsurance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums written [Abstract] | |||
Direct | $ 47,511 | $ 42,811 | $ 37,749 |
Assumed | 4,502 | 3,969 | 3,512 |
Ceded | (10,258) | (8,912) | (7,441) |
Net | 41,755 | 37,868 | 33,820 |
Premiums earned [Abstract] | |||
Direct | 46,154 | 41,138 | 37,037 |
Assumed | 4,430 | 3,650 | 3,323 |
Ceded | (10,195) | (8,433) | (7,243) |
Net premiums earned | 40,389 | 36,355 | 33,117 |
Policyholder Benefits and Claims Incurred, Ceded | $ 7,000 | $ 6,100 | $ 5,000 |
Reinsurance (Reinsurance Recove
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |||||
Reinsurance recoverable on unpaid losses and loss expenses | [1] | $ 17,128 | $ 16,184 | $ 14,647 | $ 14,181 |
Reinsurance recoverable on unpaid losses and loss expenses, allowance | 289 | 271 | |||
Reinsurance recoverable on paid losses and loss expenses | [2] | 1,773 | 1,182 | ||
Reinsurance recoverable on paid losses and loss expenses, allowance | 62 | 58 | |||
Reinsurance recoverable on losses and loss expenses | [2] | 18,901 | 17,366 | ||
Reinsurance recoverable on losses and loss expenses, allowance | 351 | 329 | $ 314 | ||
Reinsurance recoverable on policy benefits | [2] | 303 | 213 | ||
Reinsurance recoverable on policy benefits, allowance | $ 4 | $ 4 | |||
[1]Net of valuation allowance for uncollectible reinsurance.[2]Net of valuation allowance for uncollectible reinsurance. |
Reinsurance, Allowance (Details
Reinsurance, Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | |||
Valuation allowance for uncollectible reinsurance | $ 351 | $ 329 | $ 314 |
Provision for uncollectible reinsurance | 43 | 66 | |
Write-offs charged against the valuation allowance | (19) | (50) | |
Foreign exchange revaluation | $ (2) | $ (1) |
Reinsurance (Reinsurance Reco_2
Reinsurance (Reinsurance Recoverable by Category and Listing of Largest Reinsurers) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 19,252 | ||
Valuation allowance for Uncollectible Reinsurance | $ 351 | $ 329 | $ 314 |
% of Gross Reinsurance Recoverable | 1.80% | ||
Largest reinsurers | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 10,826 | ||
Valuation allowance for Uncollectible Reinsurance | $ 114 | ||
% of Gross Reinsurance Recoverable | 1.10% | ||
Other reinsurers rated A- or better | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 4,161 | ||
Valuation allowance for Uncollectible Reinsurance | $ 47 | ||
% of Gross Reinsurance Recoverable | 1.10% | ||
Other reinsurers rated lower than A- or not rated | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 443 | ||
Valuation allowance for Uncollectible Reinsurance | $ 70 | ||
% of Gross Reinsurance Recoverable | 15.80% | ||
Pools | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 425 | ||
Valuation allowance for Uncollectible Reinsurance | $ 14 | ||
% of Gross Reinsurance Recoverable | 3.30% | ||
Structured settlements | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 507 | ||
Valuation allowance for Uncollectible Reinsurance | $ 11 | ||
% of Gross Reinsurance Recoverable | 2.20% | ||
Captives | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 2,455 | ||
Valuation allowance for Uncollectible Reinsurance | $ 13 | ||
% of Gross Reinsurance Recoverable | 0.50% | ||
Other | |||
Ceded Credit Risk [Line Items] | |||
Gross Reinsurance Recoverable on Losses and Loss Expenses | $ 435 | ||
Valuation allowance for Uncollectible Reinsurance | $ 82 | ||
% of Gross Reinsurance Recoverable | 18.80% |
Goodwill, Other intangible as_3
Goodwill, Other intangible assets, and Value of business acquired (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of purchased intangibles | $ 285 | $ 287 | $ 290 | |
Present Value of Future Insurance Profit [Line Items] | ||||
Amortization of Value of Business Acquired (VOBA) | [1] | 164 | $ 22 | $ 27 |
Cigna's Life Insurance Business in Asian Markets | ||||
Present Value of Future Insurance Profit [Line Items] | ||||
Amortization of Value of Business Acquired (VOBA) | $ 145 | |||
[1]Recognized in Policy acquisition costs in the Consolidated statements of operation |
Goodwill, Other intangible as_4
Goodwill, Other intangible assets, and Value of business acquired (Roll-forward of Goodwill by Business Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 15,213 | $ 15,400 |
Foreign exchange revaluation and other | (176) | (187) |
Balance at end of period | 16,287 | 15,213 |
North America Commercial P&C Insurance | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 6,972 | 6,972 |
Foreign exchange revaluation and other | (27) | 0 |
Balance at end of period | 6,945 | 6,972 |
North America Personal P&C Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 2,240 | 2,240 |
Foreign exchange revaluation and other | (10) | 0 |
Balance at end of period | 2,230 | 2,240 |
North America Agricultural Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 134 | 134 |
Foreign exchange revaluation and other | 0 | 0 |
Balance at end of period | 134 | 134 |
Overseas General Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 4,653 | 4,836 |
Foreign exchange revaluation and other | (138) | (183) |
Balance at end of period | 4,605 | 4,653 |
Global Reinsurance [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 371 | 371 |
Foreign exchange revaluation and other | 0 | 0 |
Balance at end of period | 371 | 371 |
Life Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 843 | 847 |
Foreign exchange revaluation and other | (1) | (4) |
Balance at end of period | 2,002 | $ 843 |
Cigna's Life Insurance Business in Asian Markets | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | 1,250 | |
Cigna's Life Insurance Business in Asian Markets | North America Commercial P&C Insurance | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | 0 | |
Cigna's Life Insurance Business in Asian Markets | North America Personal P&C Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | 0 | |
Cigna's Life Insurance Business in Asian Markets | North America Agricultural Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | 0 | |
Cigna's Life Insurance Business in Asian Markets | Overseas General Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | 90 | |
Cigna's Life Insurance Business in Asian Markets | Global Reinsurance [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | 0 | |
Cigna's Life Insurance Business in Asian Markets | Life Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Acquired During Period | $ 1,160 |
Goodwill, Other intangible as_5
Goodwill, Other intangible assets, and Value of business acquired (Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Intangible assets subject to amortization | $ 2,459 | $ 2,508 |
Intangible assets not subject to amortization | 2,982 | 2,947 |
Other intangible assets | $ 5,441 | $ 5,455 |
Goodwill, Other intangible as_6
Goodwill, Other intangible assets, and Value of business acquired (Estimated Amortization Expense Over Next Five Years) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2023, Other intangible assets | $ 281 |
2024, Other intangible assets | 260 |
2025, Other intangible assets | 242 |
2026, Other intangible assets | 220 |
2027, Other intangible assets | 205 |
Total, Other intangible assets | $ 1,208 |
Goodwill, Other intangible as_7
Goodwill, Other intangible assets, and Value of business acquired (VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
VOBA Roll Forward | ||||
VOBA balance, beginning of year | $ 236 | $ 263 | $ 306 | |
Acquisition of Cigna's business in Asia | 3,503 | 0 | 0 | |
Amortization of Value of Business Acquired (VOBA) | [1] | (164) | (22) | (27) |
Foreign exchange revaluation and other | 21 | (5) | (16) | |
VOBA balance, end of year | $ 3,596 | $ 236 | $ 263 | |
[1]Recognized in Policy acquisition costs in the Consolidated statements of operation |
Goodwill, Other intangible as_8
Goodwill, Other intangible assets, and Value of business acquired (Estimated Amortization Expense Related to VOBA Over Next Five Years) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract] | |
2023, VOBA | $ 333 |
2024, VOBA | 299 |
2025, VOBA | 270 |
2026, VOBA | 243 |
2027, VOBA | $ 219 |
Unpaid losses and loss expens_3
Unpaid losses and loss expenses Unpaid losses and loss expenses (Reconciliation of reserve Balances to Liability for Unpaid Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | $ 56,389 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 17,314 | ||||
Unpaid loss and loss expense on other than short-duration contracts | [1] | 943 | |||
Unpaid unallocated loss adjustment expenses | 1,677 | ||||
Unpaid losses and loss expenses | 76,323 | $ 72,943 | $ 67,811 | $ 62,690 | |
North America Commercial P&C Insurance - Workers' Compensation [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 9,962 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 1,274 | ||||
North America Commercial P&C Insurance - Liability [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 20,014 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 6,920 | ||||
North America Commercial P&C Insurance - Other Casualty [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 2,530 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 888 | ||||
North America Commercial P&C Insurance - Non-Casualty [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 3,253 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 1,883 | ||||
North America Personal P&C Insurance [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 3,225 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 530 | ||||
Overseas General Insurance - Casualty [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 7,287 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 2,481 | ||||
Overseas General Insurance - Non-Casualty [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 3,206 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 1,702 | ||||
Global Reinsurance - Casualty [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 1,208 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 55 | ||||
Global Reinsurance - Non-Casualty [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 494 | ||||
Ceded unpaid loss and allocated loss adjustment expense | 171 | ||||
Other Segments [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Net Unpaid Loss and Allocated Loss Adjustment Expense | 5,210 | ||||
Ceded unpaid loss and allocated loss adjustment expense | $ 1,410 | ||||
[1]Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves. |
Unpaid losses and loss expens_4
Unpaid losses and loss expenses (Unpaid Losses and Loss Expenses Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Unpaid Losses and Loss Expenses [Roll Forward] | ||||
Gross unpaid losses and loss expenses, beginning of year | $ 72,943 | $ 67,811 | $ 62,690 | |
Reinsurance recoverable on unpaid losses, beginning of year | [1] | (16,184) | (14,647) | (14,181) |
Net unpaid losses and loss expenses, beginning of year | 56,759 | 53,164 | 48,509 | |
Net losses and loss expenses incurred in respect of losses occurring in Current Year | 24,495 | 22,966 | 22,124 | |
Prior Year Claims and Claims Adjustment Expense | [2] | (1,153) | (986) | (414) |
Total | 23,342 | 21,980 | 21,710 | |
Net losses and loss expenses paid in Current Year | 8,117 | 7,836 | 7,782 | |
Net losses and loss expenses paid in Prior Year | 12,206 | 10,048 | 9,652 | |
Total | 20,323 | 17,884 | 17,434 | |
Foreign currency revaluation and other | (583) | (501) | 379 | |
Net unpaid losses and loss expenses, end of year | 59,195 | 56,759 | 53,164 | |
Reinsurance recoverable on unpaid losses, end of year | [1] | 17,128 | 16,184 | 14,647 |
Gross unpaid losses and loss expenses, end of year | 76,323 | 72,943 | 67,811 | |
Prior Period Development, net adjustments | $ 277 | $ 60 | $ 19 | |
[1]Net of valuation allowance 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 $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively. |
Unpaid losses and loss expens_5
Unpaid losses and loss expenses Unpaid Losses and loss expenses, claims development (Cumulative Net incurred Loss and Allocated Loss Adjustment Expense) (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2013 USD ($) |
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 56,389 | |||||||||
North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 12,296 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 5,221 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 9,962 | |||||||||
North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 37,676 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 19,547 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 20,014 | |||||||||
North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 5,965 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 3,765 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 2,530 | |||||||||
North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 21,527 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 18,274 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 3,253 | |||||||||
North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 26,806 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 23,607 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 3,225 | |||||||||
Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 13,549 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 6,767 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 7,287 | |||||||||
Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 20,208 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 17,129 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 3,206 | |||||||||
Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 2,679 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,776 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 1,208 | |||||||||
Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 2,480 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 2,003 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 494 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 968 | $ 989 | $ 1,014 | $ 1,037 | $ 1,073 | $ 1,086 | $ 1,127 | $ 1,122 | $ 1,108 | $ 1,109 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 219 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 664 | 650 | 633 | 616 | 587 | 553 | 506 | 422 | 286 | 107 |
Cumulative Number of Reported Claims | 43,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,997 | 2,950 | 2,958 | 3,115 | 3,208 | 3,422 | 3,524 | 3,534 | 3,534 | 3,540 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 247 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,609 | 2,520 | 2,460 | 2,369 | 2,228 | 2,003 | 1,593 | 1,189 | 546 | 129 |
Cumulative Number of Reported Claims | 25,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 458 | 459 | 457 | 461 | 461 | 468 | 514 | 521 | 530 | 525 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 8 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 441 | 438 | 425 | 418 | 410 | 384 | 348 | 270 | 196 | 68 |
Cumulative Number of Reported Claims | 17,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,340 | 1,336 | 1,337 | 1,330 | 1,333 | 1,333 | 1,352 | 1,330 | 1,417 | 1,427 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 3 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,338 | 1,329 | 1,328 | 1,326 | 1,318 | 1,304 | 1,278 | 1,231 | 1,132 | 647 |
Cumulative Number of Reported Claims | 455,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,933 | 1,936 | 1,935 | 1,932 | 1,924 | 1,912 | 1,888 | 1,884 | 1,876 | 1,848 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 18 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,910 | 1,904 | 1,906 | 1,884 | 1,873 | 1,831 | 1,775 | 1,676 | 1,494 | 1,036 |
Cumulative Number of Reported Claims | 132,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,094 | 1,074 | 1,054 | 1,084 | 1,139 | 1,172 | 1,217 | 1,174 | 1,181 | 1,186 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 65 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 913 | 896 | 875 | 826 | 763 | 667 | 532 | 393 | 246 | 78 |
Cumulative Number of Reported Claims | 37,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,481 | 1,483 | 1,492 | 1,501 | 1,513 | 1,540 | 1,545 | 1,590 | 1,651 | 1,656 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 12 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,458 | 1,458 | 1,461 | 1,458 | 1,451 | 1,433 | 1,399 | 1,369 | 1,186 | 643 |
Cumulative Number of Reported Claims | 560,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 302 | 305 | 307 | 313 | 320 | 327 | 326 | 326 | 323 | 317 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 6 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 279 | 275 | 269 | 266 | 258 | 240 | 221 | 185 | 142 | 64 |
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 134 | 134 | 135 | 136 | 136 | 139 | 137 | 143 | 154 | 157 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 134 | 134 | 134 | 133 | 132 | 130 | 127 | 118 | 100 | $ 45 |
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,007 | 1,037 | 1,073 | 1,100 | 1,163 | 1,215 | 1,217 | 1,201 | 1,207 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 264 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 634 | 617 | 599 | 566 | 532 | 484 | 410 | 295 | 113 | |
Cumulative Number of Reported Claims | 45,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,142 | 3,192 | 3,340 | 3,463 | 3,648 | 3,710 | 3,667 | 3,578 | 3,528 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 278 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,753 | 2,669 | 2,580 | 2,439 | 2,199 | 1,801 | 1,248 | 678 | 164 | |
Cumulative Number of Reported Claims | 24,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 526 | 530 | 538 | 537 | 554 | 595 | 580 | 582 | 594 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 6 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 513 | 508 | 500 | 472 | 454 | 391 | 317 | 220 | 80 | |
Cumulative Number of Reported Claims | 17,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,544 | 1,545 | 1,552 | 1,544 | 1,543 | 1,552 | 1,573 | 1,655 | 1,639 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 2 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,552 | 1,552 | 1,547 | 1,540 | 1,525 | 1,499 | 1,478 | 1,368 | 816 | |
Cumulative Number of Reported Claims | 483,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,133 | 2,134 | 2,134 | 2,140 | 2,153 | 2,139 | 2,185 | 2,199 | 2,198 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 9 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,119 | 2,116 | 2,109 | 2,100 | 2,073 | 2,028 | 1,919 | 1,759 | 1,306 | |
Cumulative Number of Reported Claims | 144,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,096 | 1,092 | 1,081 | 1,118 | 1,197 | 1,277 | 1,261 | 1,253 | 1,186 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 100 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 886 | 857 | 815 | 754 | 675 | 567 | 440 | 273 | 104 | |
Cumulative Number of Reported Claims | 38,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,661 | 1,669 | 1,675 | 1,682 | 1,691 | 1,725 | 1,737 | 1,790 | 1,727 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 5 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,641 | 1,648 | 1,641 | 1,627 | 1,614 | 1,585 | 1,526 | 1,327 | 699 | |
Cumulative Number of Reported Claims | 534,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 325 | 326 | 326 | 343 | 339 | 338 | 335 | 330 | 329 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 8 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 297 | 292 | 283 | 273 | 262 | 247 | 216 | 183 | 91 | |
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 170 | 172 | 173 | 174 | 175 | 177 | 174 | 175 | 159 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 167 | 166 | 166 | 164 | 162 | 157 | 147 | 125 | $ 63 | |
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,092 | 1,128 | 1,154 | 1,217 | 1,279 | 1,276 | 1,259 | 1,282 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 338 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 645 | 628 | 606 | 564 | 501 | 418 | 301 | 116 | ||
Cumulative Number of Reported Claims | 50,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,569 | 3,700 | 3,727 | 3,934 | 3,966 | 3,810 | 3,701 | 3,552 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 390 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,921 | 2,743 | 2,527 | 2,287 | 1,852 | 1,203 | 604 | 138 | ||
Cumulative Number of Reported Claims | 27,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 457 | 462 | 454 | 457 | 514 | 500 | 469 | 486 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 23 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 423 | 411 | 394 | 370 | 304 | 214 | 137 | 47 | ||
Cumulative Number of Reported Claims | 15,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,592 | 1,587 | 1,585 | 1,600 | 1,633 | 1,645 | 1,740 | 1,730 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,582 | 1,583 | 1,570 | 1,567 | 1,552 | 1,484 | 1,339 | 724 | ||
Cumulative Number of Reported Claims | 545,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,561 | 2,559 | 2,562 | 2,556 | 2,536 | 2,553 | 2,542 | 2,487 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 12 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,535 | 2,526 | 2,501 | 2,472 | 2,385 | 2,264 | 2,078 | 1,495 | ||
Cumulative Number of Reported Claims | 148,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,174 | 1,157 | 1,172 | 1,229 | 1,248 | 1,226 | 1,199 | 1,107 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 131 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 927 | 895 | 821 | 745 | 631 | 460 | 265 | 79 | ||
Cumulative Number of Reported Claims | 40,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,835 | 1,836 | 1,853 | 1,860 | 1,876 | 1,907 | 1,932 | 1,815 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 7 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,801 | 1,798 | 1,781 | 1,754 | 1,732 | 1,656 | 1,437 | 789 | ||
Cumulative Number of Reported Claims | 557,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 306 | 304 | 300 | 304 | 296 | 295 | 285 | 280 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 11 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 272 | 263 | 247 | 230 | 215 | 189 | 157 | 89 | ||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 154 | 154 | 156 | 151 | 158 | 158 | 152 | 144 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 151 | 150 | 148 | 144 | 140 | 130 | 102 | $ 56 | ||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,177 | 1,206 | 1,269 | 1,378 | 1,383 | 1,361 | 1,366 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 380 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 653 | 621 | 584 | 529 | 452 | 326 | 122 | |||
Cumulative Number of Reported Claims | 52,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,755 | 3,764 | 3,792 | 3,797 | 3,684 | 3,587 | 3,526 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 589 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,820 | 2,593 | 2,331 | 1,973 | 1,334 | 662 | 171 | |||
Cumulative Number of Reported Claims | 27,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 469 | 479 | 480 | 523 | 527 | 501 | 503 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 27 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 424 | 398 | 374 | 323 | 246 | 145 | 52 | |||
Cumulative Number of Reported Claims | 16,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,820 | 1,824 | 1,811 | 1,775 | 1,794 | 1,884 | 1,904 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 26 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,790 | 1,779 | 1,754 | 1,726 | 1,650 | 1,499 | 844 | |||
Cumulative Number of Reported Claims | 650,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,465 | 2,457 | 2,464 | 2,476 | 2,538 | 2,529 | 2,433 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 17 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,422 | 2,391 | 2,364 | 2,308 | 2,205 | 2,046 | 1,449 | |||
Cumulative Number of Reported Claims | 154,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,263 | 1,328 | 1,317 | 1,327 | 1,298 | 1,234 | 1,138 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 117 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 974 | 851 | 760 | 642 | 500 | 303 | 119 | |||
Cumulative Number of Reported Claims | 42,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,911 | 1,913 | 1,883 | 1,880 | 1,901 | 1,914 | 1,920 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 35 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,845 | 1,840 | 1,831 | 1,807 | 1,740 | 1,554 | 938 | |||
Cumulative Number of Reported Claims | 566,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 243 | 238 | 238 | 229 | 230 | 222 | 218 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 11 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 205 | 189 | 172 | 157 | 140 | 111 | 56 | |||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 181 | 181 | 183 | 187 | 184 | 182 | 176 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 2 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 176 | 175 | 172 | 166 | 155 | 129 | $ 56 | |||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,176 | 1,376 | 1,393 | 1,399 | 1,380 | 1,412 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 465 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 601 | 564 | 516 | 437 | 313 | 120 | ||||
Cumulative Number of Reported Claims | 50,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,434 | 3,545 | 3,623 | 3,573 | 3,491 | 3,315 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 758 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,322 | 2,000 | 1,698 | 1,160 | 616 | 161 | ||||
Cumulative Number of Reported Claims | 26,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 590 | 604 | 616 | 576 | 565 | 531 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 36 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 496 | 446 | 381 | 312 | 175 | 66 | ||||
Cumulative Number of Reported Claims | 17,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,519 | 2,509 | 2,517 | 2,501 | 2,602 | 2,699 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 65 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,427 | 2,403 | 2,389 | 2,299 | 2,083 | 977 | ||||
Cumulative Number of Reported Claims | 764,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,000 | 2,991 | 2,991 | 2,995 | 3,062 | 3,027 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 16 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,930 | 2,863 | 2,793 | 2,661 | 2,514 | 1,693 | ||||
Cumulative Number of Reported Claims | 163,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,319 | 1,283 | 1,318 | 1,271 | 1,224 | 1,128 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 149 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 931 | 805 | 647 | 494 | 296 | 90 | ||||
Cumulative Number of Reported Claims | 43,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,096 | 2,099 | 2,075 | 2,093 | 2,107 | 2,067 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 23 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,062 | 2,004 | 1,964 | 1,893 | 1,726 | 980 | ||||
Cumulative Number of Reported Claims | 577,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 212 | 213 | 212 | 214 | 210 | 208 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 4 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 172 | 152 | 137 | 120 | 98 | 46 | ||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 456 | 453 | 449 | 451 | 421 | 395 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 12 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 433 | 427 | 414 | 400 | 321 | $ 191 | ||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,384 | 1,385 | 1,380 | 1,361 | 1,359 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 631 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 597 | 528 | 451 | 329 | 130 | |||||
Cumulative Number of Reported Claims | 51,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,900 | 3,820 | 3,688 | 3,485 | 3,367 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,041 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,335 | 1,773 | 1,301 | 753 | 189 | |||||
Cumulative Number of Reported Claims | 28,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 575 | 579 | 574 | 563 | 535 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 25 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 472 | 365 | 270 | 169 | 74 | |||||
Cumulative Number of Reported Claims | 17,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,170 | 2,161 | 2,169 | 2,234 | 2,047 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 35 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,113 | 2,068 | 2,012 | 1,820 | 1,025 | |||||
Cumulative Number of Reported Claims | 903,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,131 | 3,110 | 3,095 | 3,029 | 3,001 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 93 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,971 | 2,857 | 2,699 | 2,542 | 1,922 | |||||
Cumulative Number of Reported Claims | 170,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,330 | 1,375 | 1,332 | 1,273 | 1,224 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 282 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 718 | 602 | 465 | 309 | 104 | |||||
Cumulative Number of Reported Claims | 43,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,013 | 2,044 | 2,070 | 2,107 | 2,022 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 39 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,893 | 1,878 | 1,812 | 1,620 | 930 | |||||
Cumulative Number of Reported Claims | 612,000 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 246 | 243 | 247 | 240 | 237 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 12 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 166 | 145 | 122 | 93 | 40 | |||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 291 | 286 | 290 | 287 | 279 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 7 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 273 | 269 | 266 | 250 | $ 94 | |||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,409 | 1,400 | 1,384 | 1,391 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 656 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 575 | 467 | 341 | 143 | ||||||
Cumulative Number of Reported Claims | 48,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 4,050 | 3,858 | 3,620 | 3,445 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,488 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,888 | 1,245 | 669 | 175 | ||||||
Cumulative Number of Reported Claims | 30,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 743 | 685 | 636 | 605 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 143 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 465 | 318 | 189 | 70 | ||||||
Cumulative Number of Reported Claims | 17,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,944 | 1,953 | 2,031 | 2,046 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 52 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,856 | 1,800 | 1,672 | 1,028 | ||||||
Cumulative Number of Reported Claims | 1,043,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,978 | 2,986 | 2,985 | 2,948 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 116 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,718 | 2,610 | 2,431 | 1,663 | ||||||
Cumulative Number of Reported Claims | 156,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,373 | 1,382 | 1,360 | 1,295 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 358 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 642 | 440 | 313 | 116 | ||||||
Cumulative Number of Reported Claims | 42,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,989 | 2,000 | 2,060 | 2,044 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | (15) | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,869 | 1,804 | 1,620 | 979 | ||||||
Cumulative Number of Reported Claims | 631,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 235 | 236 | 240 | 232 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 37 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 137 | 114 | 88 | 39 | ||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 121 | 127 | 130 | 132 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 8 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 103 | 95 | 81 | $ 35 | ||||||
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,409 | 1,388 | 1,367 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 852 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 390 | 282 | 111 | |||||||
Cumulative Number of Reported Claims | 31,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,919 | 3,826 | 4,102 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 2,184 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,147 | 589 | 152 | |||||||
Cumulative Number of Reported Claims | 24,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 656 | 633 | 640 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 265 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 273 | 156 | 54 | |||||||
Cumulative Number of Reported Claims | 11,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,726 | 2,942 | 3,139 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 105 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,466 | 2,260 | 1,390 | |||||||
Cumulative Number of Reported Claims | 1,124,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,626 | 2,627 | 2,922 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 206 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,223 | 1,990 | 1,330 | |||||||
Cumulative Number of Reported Claims | 123,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,509 | 1,589 | 1,669 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 835 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 425 | 271 | 101 | |||||||
Cumulative Number of Reported Claims | 34,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,120 | 2,244 | 2,378 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 164 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,746 | 1,602 | 1,003 | |||||||
Cumulative Number of Reported Claims | 533,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 236 | 245 | 241 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 60 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 123 | 98 | 41 | |||||||
Short-Duration Insurance Contract, Accident Year 2020 | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 277 | 253 | 209 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 34 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 215 | 177 | $ 62 | |||||||
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,330 | 1,348 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 780 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 331 | 120 | ||||||||
Cumulative Number of Reported Claims | 37,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 4,349 | 4,315 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 3,263 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 608 | 174 | ||||||||
Cumulative Number of Reported Claims | 24,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 709 | 675 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 379 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 176 | 60 | ||||||||
Cumulative Number of Reported Claims | 12,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,824 | 2,941 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 368 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,100 | 1,085 | ||||||||
Cumulative Number of Reported Claims | 857,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,877 | 3,027 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 245 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 2,368 | 1,583 | ||||||||
Cumulative Number of Reported Claims | 129,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,650 | 1,604 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,111 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 268 | 110 | ||||||||
Cumulative Number of Reported Claims | 35,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,374 | 2,462 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 241 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,692 | 944 | ||||||||
Cumulative Number of Reported Claims | 541,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 281 | 277 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 136 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 86 | 35 | ||||||||
Short-Duration Insurance Contract, Accident Year 2021 | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 350 | 340 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 43 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 277 | $ 158 | ||||||||
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,344 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 988 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 131 | |||||||||
Cumulative Number of Reported Claims | 32,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 4,561 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 4,176 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 144 | |||||||||
Cumulative Number of Reported Claims | 24,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 782 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 611 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 82 | |||||||||
Cumulative Number of Reported Claims | 11,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,048 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,467 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,050 | |||||||||
Cumulative Number of Reported Claims | 751,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 3,102 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,217 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,411 | |||||||||
Cumulative Number of Reported Claims | 94,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 1,741 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,475 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 83 | |||||||||
Cumulative Number of Reported Claims | 29,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 2,728 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 696 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,122 | |||||||||
Cumulative Number of Reported Claims | 597,000 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | $ 293 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 206 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 39 | |||||||||
Short-Duration Insurance Contract, Accident Year 2022 | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 346 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 220 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 74 | |||||||||
Accident years prior to 2013 | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 2,887 | |||||||||
Accident years prior to 2013 | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 1,885 | |||||||||
Accident years prior to 2013 | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 330 | |||||||||
Accident years prior to 2013 | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 0 | |||||||||
Accident years prior to 2013 | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 26 | |||||||||
Accident years prior to 2013 | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 505 | |||||||||
Accident years prior to 2013 | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 127 | |||||||||
Accident years prior to 2013 | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 305 | |||||||||
Accident years prior to 2013 | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 17 | |||||||||
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Workers' Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 7,075 | |||||||||
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 18,129 | |||||||||
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Other Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 2,200 | |||||||||
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 3,253 | |||||||||
Accident years 2013 - 2022 | North America Personal P&C Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 3,199 | |||||||||
Accident years 2013 - 2022 | Overseas General Insurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 6,782 | |||||||||
Accident years 2013 - 2022 | Overseas General Insurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 3,079 | |||||||||
Accident years 2013 - 2022 | Global Reinsurance - Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 903 | |||||||||
Accident years 2013 - 2022 | Global Reinsurance - Non-Casualty [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | $ 477 |
Unpaid losses and loss expens_6
Unpaid losses and loss expenses Unpaid losses and loss expenses (Supplementary PPD) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
North America Commercial P&C Insurance - Workers' Compensation [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | $ (437) |
North America Commercial P&C Insurance - Workers' Compensation [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (132) |
North America Commercial P&C Insurance - Workers' Compensation [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (305) |
North America Commercial P&C Insurance - Liability [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 243 |
North America Commercial P&C Insurance - Liability [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 98 |
North America Commercial P&C Insurance - Liability [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 145 |
North America Commercial P&C Insurance - Other Casualty [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 133 |
North America Commercial P&C Insurance - Other Casualty [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 56 |
North America Commercial P&C Insurance - Other Casualty [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 77 |
North America Commercial P&C Insurance - Non-Casualty [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (330) |
North America Commercial P&C Insurance - Non-Casualty [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (11) |
North America Commercial P&C Insurance - Non-Casualty [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (319) |
North America Personal P&C Insurance [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (128) |
North America Personal P&C Insurance [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (5) |
North America Personal P&C Insurance [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (123) |
Overseas General Insurance - Casualty [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (68) |
Overseas General Insurance - Casualty [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 8 |
Overseas General Insurance - Casualty [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (76) |
Overseas General Insurance - Non-Casualty [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (280) |
Overseas General Insurance - Non-Casualty [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (10) |
Overseas General Insurance - Non-Casualty [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (270) |
Global Reinsurance - Casualty [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (8) |
Global Reinsurance - Casualty [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (7) |
Global Reinsurance - Casualty [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (1) |
Global Reinsurance - Non-Casualty [Member] | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | 30 |
Global Reinsurance - Non-Casualty [Member] | Accident years prior to 2013 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | (4) |
Global Reinsurance - Non-Casualty [Member] | Accident years 2013 - 2022 | |
Supplementary PPD [Line Items] | |
Short-Duration PPD | $ 34 |
Unpaid losses and loss expens_7
Unpaid losses and loss expenses Unpaid losses and loss expenses (Average Annual Payout) (Details) | Dec. 31, 2022 |
North America Commercial P&C Insurance - Workers' Compensation [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 16% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 7% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 5% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 3% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 3% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1% |
North America Commercial P&C Insurance - Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 4% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 13% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 16% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 16% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 12% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 8% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 5% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 4% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3% |
North America Commercial P&C Insurance - Other Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 11% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 19% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 19% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 16% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 13% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 6% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 4% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1% |
North America Commercial P&C Insurance - Non-Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 45% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 36% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 8% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 3% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1% |
North America Personal P&C Insurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 56% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 24% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 7% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 5% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 3% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0% |
Overseas General Insurance - Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 7% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 14% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 12% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 8% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 7% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 4% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 2% |
Overseas General Insurance - Non-Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 45% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 34% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 3% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0% |
Global Reinsurance - Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 23% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 11% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 9% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 6% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 6% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 4% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1% |
Global Reinsurance - Non-Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 34% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 15% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 5% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 3% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 2% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0% |
Unpaid losses and loss expens_8
Unpaid losses and loss expenses Unpaid losses and loss expenses (Supplementary PPD Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | [1] | $ (1,153) | $ (986) | $ (414) |
Prior Period Development, net Adjustments | 277 | 60 | 19 | |
Net Prior Period Development | (876) | (926) | (395) | |
Alternative Risk Solutions [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 161 | |||
North America Workers' Compensation [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 46 | |||
Colorado Wildfire | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 48 | |||
Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 58 | (44) | (313) | |
Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (934) | (882) | (82) | |
Segments included in loss triangles [Domain] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (1,285) | |||
Other PPD adjustments | [2] | (440) | ||
Prior Period Development, net Adjustments | 111 | |||
Net Prior Period Development | (1,174) | |||
Segments included in loss triangles [Domain] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (7) | |||
Segments included in loss triangles [Domain] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (838) | |||
North America Commercial P&C Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (674) | |||
Other PPD adjustments | [2],[3] | (283) | ||
Prior Period Development, net Adjustments | [4] | 112 | ||
Net Prior Period Development | (562) | (762) | (702) | |
North America Commercial P&C Insurance [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 11 | |||
North America Commercial P&C Insurance [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (402) | |||
North America Commercial P&C Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (314) | |||
Other PPD adjustments | [2] | (253) | ||
Prior Period Development, net Adjustments | 85 | |||
Net Prior Period Development | (229) | (482) | (672) | |
North America Commercial P&C Insurance [Member] | Long Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 22 | |||
North America Commercial P&C Insurance [Member] | Long Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (83) | |||
North America Commercial P&C Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (360) | |||
Other PPD adjustments | [2] | (30) | ||
Prior Period Development, net Adjustments | 27 | |||
Net Prior Period Development | (333) | (280) | (30) | |
North America Commercial P&C Insurance [Member] | Short Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (11) | |||
North America Commercial P&C Insurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (319) | |||
North America Personal P&C Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (186) | (305) | 63 | |
North America Personal P&C Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | |
North America Personal P&C Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (186) | |||
Other PPD adjustments | [2],[5] | (58) | ||
Prior Period Development, net Adjustments | 0 | |||
Net Prior Period Development | (186) | (305) | 63 | |
North America Personal P&C Insurance [Member] | Short Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (5) | |||
North America Personal P&C Insurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (123) | |||
Overseas General Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (448) | |||
Other PPD adjustments | [2],[6] | (100) | ||
Prior Period Development, net Adjustments | 0 | |||
Net Prior Period Development | (448) | (441) | (150) | |
Overseas General Insurance [Member] | International A&H [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 105 | |||
Overseas General Insurance [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (2) | |||
Overseas General Insurance [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (346) | |||
Overseas General Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (65) | |||
Other PPD adjustments | [2] | 3 | ||
Prior Period Development, net Adjustments | 0 | |||
Net Prior Period Development | (65) | (106) | (49) | |
Overseas General Insurance [Member] | Long Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 8 | |||
Overseas General Insurance [Member] | Long Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (76) | |||
Overseas General Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (383) | |||
Other PPD adjustments | [2] | (103) | ||
Prior Period Development, net Adjustments | 0 | |||
Net Prior Period Development | (383) | (335) | (101) | |
Overseas General Insurance [Member] | Short Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (10) | |||
Overseas General Insurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (270) | |||
Global Reinsurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 23 | |||
Other PPD adjustments | [2] | 1 | ||
Prior Period Development, net Adjustments | (1) | |||
Net Prior Period Development | 22 | 3 | (29) | |
Global Reinsurance [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (11) | |||
Global Reinsurance [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 33 | |||
Global Reinsurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (7) | |||
Other PPD adjustments | [2] | 1 | ||
Prior Period Development, net Adjustments | 0 | |||
Net Prior Period Development | (7) | (25) | (25) | |
Global Reinsurance [Member] | Long Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (7) | |||
Global Reinsurance [Member] | Long Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (1) | |||
Global Reinsurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 30 | |||
Other PPD adjustments | [2] | 0 | ||
Prior Period Development, net Adjustments | (1) | |||
Net Prior Period Development | 29 | 28 | (4) | |
Global Reinsurance [Member] | Short Tail [Member] | Accident years prior to 2013 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (4) | |||
Global Reinsurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles) | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 34 | |||
North America Agricultural Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (61) | 10 | (10) | |
North America Agricultural Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 0 | 0 | 0 | |
North America Agricultural Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | (227) | |||
Prior Period Development, net Adjustments | 166 | |||
Net Prior Period Development | (61) | 10 | (10) | |
Corporate Segment [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 359 | 569 | 433 | |
Corporate Segment [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Prior Year Claims and Claims Adjustment Expense | 359 | |||
Prior Period Development, net Adjustments | 0 | |||
Net Prior Period Development | 359 | 569 | 433 | |
Corporate Segment [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 0 | $ 0 | $ 0 | |
[1]Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively.[2]Other includes the impact of foreign exchange.[3]Includes favorable development of $161 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $46 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.[4]Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.[5]Includes $48 million relating to the Colorado Wildfire CAT event that began December 30, 2021.[6]Includes favorable development of $105 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material. |
Unpaid losses and loss expens_9
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (876) | $ (926) | $ (395) | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 1.50% | 1.70% | 0.80% |
Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 58 | $ (44) | $ (313) | |
Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (934) | (882) | (82) | |
North America Commercial P&C Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (562) | $ (762) | $ (702) | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 1% | 1.40% | 1.40% |
North America Commercial P&C Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (229) | $ (482) | $ (672) | |
North America Commercial P&C Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (333) | (280) | (30) | |
North America Personal P&C Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (186) | $ (305) | $ 63 | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.30% | 0.60% | 0.10% |
North America Personal P&C Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 0 | $ 0 | $ 0 | |
North America Personal P&C Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (186) | (305) | 63 | |
North America Agricultural Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (61) | $ 10 | $ (10) | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.10% | 0% | 0% |
North America Agricultural Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 0 | $ 0 | $ 0 | |
North America Agricultural Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (61) | 10 | (10) | |
Overseas General Insurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (448) | $ (441) | $ (150) | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.80% | 0.80% | 0.30% |
Overseas General Insurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (65) | $ (106) | $ (49) | |
Overseas General Insurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | (383) | (335) | (101) | |
Global Reinsurance [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 22 | $ 3 | $ (29) | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0% | 0% | 0.10% |
Global Reinsurance [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ (7) | $ (25) | $ (25) | |
Global Reinsurance [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | 29 | 28 | (4) | |
Corporate Segment [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 359 | $ 569 | $ 433 | |
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.60% | 1.10% | 0.90% |
Corporate Segment [Member] | Long Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 359 | $ 569 | $ 433 | |
Corporate Segment [Member] | Short Tail [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net Prior Period Development | $ 0 | $ 0 | $ 0 | |
[1]Calculated based on the beginning of period consolidated net unpaid losses and loss expenses. |
Unpaid losses and loss expen_10
Unpaid losses and loss expenses (A&E Loss Roll-forward) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (gross) at beginning of year | $ 1,628 | $ 1,868 | $ 1,988 | |
Balance (net) at beginning of year | 1,102 | 1,252 | 1,326 | |
Incurred activity, gross | 212 | 148 | 229 | |
Incurred activity, net | [1] | 132 | 104 | 131 |
Paid activity, gross | (330) | (388) | (349) | |
Paid activity, net | (221) | (254) | (205) | |
Balance (gross) at end of year | 1,510 | 1,628 | 1,868 | |
Balance (net) at end of year | 1,013 | 1,102 | 1,252 | |
Asbestos Issue [Member] | ||||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (gross) at beginning of year | 1,226 | 1,351 | 1,459 | |
Balance (net) at beginning of year | 800 | 873 | 916 | |
Incurred activity, gross | 87 | 96 | 150 | |
Incurred activity, net | 55 | 64 | 90 | |
Paid activity, gross | (215) | (221) | (258) | |
Paid activity, net | (152) | (137) | (133) | |
Balance (gross) at end of year | 1,098 | 1,226 | 1,351 | |
Balance (net) at end of year | 703 | 800 | 873 | |
Environmental Issue [Member] | ||||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (gross) at beginning of year | 402 | 517 | 529 | |
Balance (net) at beginning of year | 302 | 379 | 410 | |
Incurred activity, gross | 125 | 52 | 79 | |
Incurred activity, net | 77 | 40 | 41 | |
Paid activity, gross | (115) | (167) | (91) | |
Paid activity, net | (69) | (117) | (72) | |
Balance (gross) at end of year | 412 | 402 | 517 | |
Balance (net) at end of year | 310 | 302 | $ 379 | |
Brandywine [Member] | ||||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (net) at beginning of year | 646 | |||
Balance (net) at end of year | 602 | 646 | ||
Westchester Specialty [Member] | ||||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (net) at beginning of year | 100 | |||
Balance (net) at end of year | 98 | 100 | ||
Other Segments [Member] | ||||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (net) at beginning of year | 70 | |||
Balance (net) at end of year | 47 | 70 | ||
The Chubb Corporation [Member] | ||||
Liability For Asbestos And Environmental Claims Net Roll Forward | ||||
Balance (net) at beginning of year | 286 | |||
Balance (net) at end of year | $ 266 | $ 286 | ||
[1]Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below) |
Unpaid losses and loss expen_11
Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2004 | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (876) | $ (926) | $ (395) | |||
Prior Period Development, net Adjustments | $ 277 | $ 60 | $ 19 | |||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 1.50% | 1.70% | 0.80% | ||
Incurred activity | $ 23,342 | $ 21,980 | $ 21,710 | |||
Liability for Claims and Claims Adjustment Expense | 76,323 | 72,943 | 67,811 | $ 62,690 | ||
Net losses and loss expenses paid in Prior Year | 12,206 | 10,048 | 9,652 | |||
Brandywine Run-off [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Incurred activity | 669 | |||||
Reinsurance coverage to Century provided by ACE INA under XOL | 800 | |||||
Statutory capital and surplus | 25 | |||||
Dividend retention fund established by INA Financial Corporation | 50 | |||||
Required minimum balance under the dividend retention fund | 50 | |||||
Contributions to the dividend retention fund | 75 | 50 | ||||
Minimum contribution from the dividend retention fund to Century not required for XOL agreement | 200 | |||||
Dividend Retention Fund Contribution to XOL | 106 | 18 | ||||
Aggregate reinsurance balances ceded by active ACE companies to Century | 1,900 | 1,800 | ||||
Liability for Claims and Claims Adjustment Expense | 2,100 | 2,200 | ||||
Surplus note | $ 100 | |||||
Century X O L Reinsurance Coverage, Statutory-Basis Remaining Limit | $ 131 | |||||
Westchester and Brandywine Run-off [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
NICO pro-rata share of reinsurance protection (percent) | 75% | |||||
NICO retention for losses and loss expenses incurred on or before 12/31/1996 | $ 721 | |||||
NICO reinsurance protection on losses and loss expenses incurred on or before 12/31/1996, net of retenion | 1,000 | |||||
NICO reinsurance protection on losses and loss expenses | 347 | |||||
Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 58 | (44) | (313) | |||
Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (934) | (882) | (82) | |||
Boy Scouts of America Agreement in Principle [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Liability for Claims and Claims Adjustment Expense | 500 | 800 | ||||
Reinsurance Recoverable and Previously Carried Reserves | 425 | |||||
Net losses and loss expenses paid in Prior Year | 300 | |||||
North America Commercial P&C Insurance [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (562) | $ (762) | $ (702) | |||
Prior Period Development, net Adjustments | [2] | $ 112 | ||||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 1% | 1.40% | 1.40% | ||
North America Commercial P&C Insurance [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (229) | $ (482) | $ (672) | |||
Prior Period Development, net Adjustments | 85 | |||||
North America Commercial P&C Insurance [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (333) | (280) | (30) | |||
Prior Period Development, net Adjustments | 27 | |||||
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 96 | |||||
North America Commercial P&C Insurance [Member] | Management Liability [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (278) | |||||
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (496) | |||||
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (260) | |||||
North America Commercial P&C Insurance [Member] | Property and Inland Marine | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (206) | |||||
North America Commercial P&C Insurance [Member] | Property and Inland Marine | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (164) | |||||
North America Commercial P&C Insurance [Member] | Auto Liability | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 177 | |||||
North America Commercial P&C Insurance [Member] | Medical Portfolios [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 82 | |||||
North America Commercial P&C Insurance [Member] | COVID-19 [Member] | Management Liability [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (303) | |||||
North America Commercial P&C Insurance [Member] | COVID-19 [Member] | Management Liability [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (256) | |||||
North America Personal P&C Insurance [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (186) | $ (305) | $ 63 | |||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.30% | 0.60% | 0.10% | ||
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 | |||
North America Personal P&C Insurance [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (186) | (305) | 63 | |||
Prior Period Development, net Adjustments | 0 | |||||
North America Agricultural Insurance [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (61) | $ 10 | $ (10) | |||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.10% | 0% | 0% | ||
North America Agricultural Insurance [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ 0 | $ 0 | $ 0 | |||
North America Agricultural Insurance [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (61) | 10 | (10) | |||
Prior Period Development, net Adjustments | 166 | |||||
Overseas General Insurance [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (448) | $ (441) | $ (150) | |||
Prior Period Development, net Adjustments | $ 0 | |||||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.80% | 0.80% | 0.30% | ||
Overseas General Insurance [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (65) | $ (106) | $ (49) | |||
Prior Period Development, net Adjustments | 0 | |||||
Overseas General Insurance [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (383) | (335) | (101) | |||
Prior Period Development, net Adjustments | 0 | |||||
Overseas General Insurance [Member] | Financial [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 90 | |||||
Overseas General Insurance [Member] | Accident and Health [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (105) | |||||
Overseas General Insurance [Member] | Accident and Health [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (111) | |||||
Overseas General Insurance [Member] | Property and Casualty [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (100) | |||||
Overseas General Insurance [Member] | COVID-19 [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (127) | |||||
Overseas General Insurance [Member] | COVID-19 [Member] | Financial [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | (104) | |||||
Overseas General Insurance - Casualty [Member] | Europe [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Loss by Geographic Percentage | 45% | |||||
Global Reinsurance Non-Casualty [Member] | Accident years 2013 and after | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Loss by Geographic Percentage | 85% | |||||
Global Reinsurance Non-Casualty [Member] | Accident years 2018 to 2022 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Loss by Geographic Percentage | 91% | |||||
Global Reinsurance Non-Casualty [Member] | Accident years 2013-2017 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Loss by Geographic Percentage | 79% | |||||
Global Reinsurance [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ 22 | $ 3 | $ (29) | |||
Prior Period Development, net Adjustments | $ (1) | |||||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0% | 0% | 0.10% | ||
Global Reinsurance [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ (7) | $ (25) | $ (25) | |||
Prior Period Development, net Adjustments | 0 | |||||
Global Reinsurance [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 29 | 28 | (4) | |||
Prior Period Development, net Adjustments | (1) | |||||
Corporate Segment [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ 359 | $ 569 | $ 433 | |||
Prior Period Development Percentage Opening Net Unpaid Reserves | [1] | 0.60% | 1.10% | 0.90% | ||
Corporate Segment [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ 359 | $ 569 | $ 433 | |||
Prior Period Development, net Adjustments | 0 | |||||
Corporate Segment [Member] | Short Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | 0 | 0 | 0 | |||
Corporate Segment [Member] | Other [Member] | Long Tail [Member] | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net Prior Period Development | $ 155 | $ 417 | $ 254 | |||
[1]Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.[2]Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles. |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Examination [Line Items] | ||||
Valuation allowance | $ 916 | $ 92 | ||
Unrecognized Tax Benefits | 67 | 64 | $ 76 | |
Income Tax Credits and Adjustments | 21 | 26 | ||
Unrecognized tax benefits that would affect the effective tax rate | 46 | 38 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 4 | 1 | $ 8 | |
Liabilities recorded for tax-related interest and penalties | 18 | $ 14 | ||
Investments | ||||
Income Tax Examination [Line Items] | ||||
Valuation allowance | 815 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net operating loss carry-forwards | $ 346 | |||
Switzerland | ||||
Income Tax Examination [Line Items] | ||||
Applicable income tax rates | 19.70% | 19.70% | 21.20% | 7.83% |
Foreign Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Foreign tax credit carry-forward | $ 76 | |||
Bermuda | ||||
Income Tax Examination [Line Items] | ||||
Applicable income tax rates | 0% | |||
UNITED STATES | ||||
Income Tax Examination [Line Items] | ||||
Applicable income tax rates | 21% | |||
UNITED KINGDOM | ||||
Income Tax Examination [Line Items] | ||||
Applicable income tax rates | 19% |
Taxation (Provision For Income
Taxation (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 6,568 | $ 9,816 | $ 4,162 |
Current tax expense | 1,081 | 1,359 | 928 |
Deferred tax expense | 174 | (82) | (299) |
Provision for income taxes | 1,255 | 1,277 | 629 |
Domestic Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 234 | 349 | 350 |
Current tax expense | 15 | 65 | 52 |
Deferred tax expense | 34 | (15) | 2 |
Foreign Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 6,334 | 9,467 | 3,812 |
Current tax expense | 1,066 | 1,294 | 876 |
Deferred tax expense | $ 140 | $ (67) | $ (301) |
Taxation (Reconciliation Of The
Taxation (Reconciliation Of The Difference Between The Provision for Income Taxes and the Expected Tax Provision at Swiss Statutory Income Tax Rate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Expected tax provision at Swiss statutory tax rate | $ 1,291 | $ 1,934 | $ 880 |
Taxes on earnings subject to rate other than Swiss statutory rate | (244) | (740) | (337) |
Net withholding taxes | 75 | 78 | 67 |
Other | 133 | 5 | 19 |
Provision for income taxes | $ 1,255 | $ 1,277 | $ 629 |
Taxation (Components Of Net Def
Taxation (Components Of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, Gross [Abstract] | ||
Loss reserve discount | $ 1,001 | $ 950 |
Unearned premiums reserve | 417 | 544 |
Foreign tax credits | 76 | 156 |
Loss carry-forwards | 104 | 139 |
Investments | 57 | 0 |
Unrealized depreciation on investments | 1,387 | 0 |
Depreciation | 126 | 190 |
Other | 175 | 296 |
Total deferred tax assets | 3,343 | 2,275 |
Valuation allowance | 916 | 92 |
Deferred Tax Assets, Net, Total | 2,427 | 2,183 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Deferred policy acquisition costs | 276 | 679 |
Other intangible assets, including VOBA | 2,194 | 1,268 |
Un-remitted foreign earnings | 249 | 121 |
Investments | 0 | 144 |
Unrealized appreciation on investments | 0 | 360 |
Total deferred tax liabilities | 2,719 | 2,572 |
Net deferred tax liabilities | $ (292) | $ (389) |
Taxation (Reconciliation of Unr
Taxation (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||
Balance, beginning of year | $ 64 | $ 76 |
Additions based on tax positions related to prior years | 4 | 7 |
Reductions for settlements with taxing authorities | (1) | (19) |
Balance, end of year | $ 67 | $ 64 |
Taxation Taxation (Summary Of I
Taxation Taxation (Summary Of Income Tax Examinations) (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
Earliest Tax Year [Member] | Switzerland | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2018 | |
Earliest Tax Year [Member] | AUSTRALIA | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2016 | |
Earliest Tax Year [Member] | CANADA | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2012 | |
Earliest Tax Year [Member] | FRANCE | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2021 | |
Earliest Tax Year [Member] | GERMANY | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2016 | |
Earliest Tax Year [Member] | ITALY | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2019 | |
Earliest Tax Year [Member] | MEXICO | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2016 | |
Earliest Tax Year [Member] | SPAIN | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2012 | |
Earliest Tax Year [Member] | UNITED KINGDOM | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2015 | |
Earliest Tax Year [Member] | UNITED STATES | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2014 | |
Earliest Tax Year [Member] | BRAZIL | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2016 | |
Earliest Tax Year [Member] | KOREA, REPUBLIC OF | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2017 | [1] |
Latest Tax Year [Member] | Switzerland | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | AUSTRALIA | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | CANADA | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | FRANCE | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | GERMANY | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | ITALY | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | MEXICO | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | SPAIN | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | UNITED KINGDOM | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | UNITED STATES | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | BRAZIL | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | |
Latest Tax Year [Member] | KOREA, REPUBLIC OF | ||
Income Tax Examination [Line Items] | ||
Open Tax Year | 2022 | [1] |
[1]Includes an examination for a pre-acquisition period subject to indemnification by Cigna Corp |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Mar. 31, 2000 |
Senior Notes | INA Senior Notes Due December 2051 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 600 | |
Long-term debt stated interest rate | 2.85% | |
Senior Notes | INA Senior Notes Due December 2061 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000 | |
Long-term debt stated interest rate | 3.05% | |
Trust Preferred Securities | Chubb INA Capital Securities Due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 309 | $ 300 |
ACE Capital Trust II common securities purchased | $ 9.2 | |
Long-term debt stated interest rate | 9.70% | 9.70% |
Unsecured Debt | INA Senior Notes Due August 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 100 | |
Long-term debt stated interest rate | 8.875% |
Debt (Schedule of Debt Outstand
Debt (Schedule of Debt Outstanding) (Details) € in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Mar. 31, 2000 USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 14,402 | $ 15,169 | |||
Short-term debt | 475 | 999 | |||
Senior Notes | INA Senior Notes Due March 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 475 | ||||
Long-term debt stated interest rate | 2.70% | 2.70% | |||
Long-term debt | $ 0 | 474 | |||
Make Whole Premium Additional Percent | 0.10% | 0.10% | |||
Senior Notes | INA Senior Notes Due May 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 700 | ||||
Long-term debt stated interest rate | 3.35% | 3.35% | |||
Long-term debt | $ 699 | 698 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 700 | ||||
Long-term debt stated interest rate | 0.30% | 0.30% | |||
Long-term debt | $ 742 | 787 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due March 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 800 | ||||
Long-term debt stated interest rate | 3.15% | 3.15% | |||
Long-term debt | $ 798 | 798 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,500 | ||||
Long-term debt stated interest rate | 3.35% | 3.35% | |||
Long-term debt | $ 1,496 | 1,494 | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Senior Notes | INA Senior Notes Due June 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 575 | ||||
Long-term debt stated interest rate | 0.875% | 0.875% | |||
Long-term debt | $ 609 | 645 | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Senior Notes | INA Senior Notes Due March 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 900 | ||||
Long-term debt stated interest rate | 1.55% | 1.55% | |||
Long-term debt | $ 952 | 1,009 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due December 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 700 | ||||
Long-term debt stated interest rate | 0.875% | 0.875% | |||
Long-term debt | $ 740 | 785 | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Senior Notes | INA Senior Notes Due September 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Long-term debt stated interest rate | 1.375% | 1.375% | |||
Long-term debt | $ 993 | 992 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due June 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 575 | ||||
Long-term debt stated interest rate | 1.40% | 1.40% | |||
Long-term debt | $ 606 | 642 | |||
Make Whole Premium Additional Percent | 0.25% | 0.25% | |||
Senior Notes | INA Senior Notes Due May 2036 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 300 | ||||
Long-term debt stated interest rate | 6.70% | 6.70% | |||
Long-term debt | $ 298 | 298 | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Senior Notes | INA Senior Notes Due May 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 800 | ||||
Long-term debt stated interest rate | 6% | 6% | |||
Long-term debt | $ 927 | 936 | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Senior Notes | INA Senior Notes Due March 2038 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 900 | ||||
Long-term debt stated interest rate | 2.50% | 2.50% | |||
Long-term debt | $ 949 | 1,007 | |||
Make Whole Premium Additional Percent | 0.25% | 0.25% | |||
Senior Notes | INA Senior Notes Due May 2038 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 600 | ||||
Long-term debt stated interest rate | 6.50% | 6.50% | |||
Long-term debt | $ 726 | 735 | |||
Make Whole Premium Additional Percent | 0.30% | 0.30% | |||
Senior Notes | INA Senior Notes Due March 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 475 | ||||
Long-term debt stated interest rate | 4.15% | 4.15% | |||
Long-term debt | $ 471 | 470 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due November 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,500 | ||||
Long-term debt stated interest rate | 4.35% | 4.35% | |||
Long-term debt | $ 1,485 | 1,485 | |||
Make Whole Premium Additional Percent | 0.25% | 0.25% | |||
Senior Notes | INA Senior Notes Due December 2051 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 600 | ||||
Long-term debt stated interest rate | 2.85% | 2.85% | |||
Long-term debt | $ 593 | 593 | |||
Make Whole Premium Additional Percent | 0.15% | 0.15% | |||
Senior Notes | INA Senior Notes Due December 2061 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Long-term debt stated interest rate | 3.05% | 3.05% | |||
Long-term debt | $ 984 | 983 | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Trust Preferred Securities | Chubb INA Capital Securities Due 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 309 | $ 300 | |||
Long-term debt stated interest rate | 9.70% | 9.70% | 9.70% | ||
Trust preferred securities | [1] | $ 308 | 308 | ||
Unsecured Debt | INA Senior Notes Due August 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 100 | ||||
Long-term debt stated interest rate | 8.875% | 8.875% | |||
Long-term debt | $ 100 | 100 | |||
Unsecured Debt | INA Senior Notes Due November 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 200 | ||||
Long-term debt stated interest rate | 6.80% | 6.80% | |||
Long-term debt | $ 234 | $ 238 | |||
Make Whole Premium Additional Percent | 0.25% | 0.25% | |||
Repurchase agreements | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate on short-term debt | 3.90% | 3.90% | 0.20% | ||
Short-term debt | $ 1,419 | $ 1,406 | |||
Senior Notes | INA Senior Notes Due November 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Long-term debt stated interest rate | 2.875% | 2.875% | |||
Make Whole Premium Additional Percent | 0.20% | 0.20% | |||
Short-term debt | $ 0 | 999 | |||
Senior Notes | INA Senior Notes Due March 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 475 | ||||
Long-term debt stated interest rate | 2.70% | 2.70% | |||
Make Whole Premium Additional Percent | 0.10% | 0.10% | |||
Short-term debt | $ 475 | $ 0 | |||
[1]Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030. |
Commitments, contingencies, a_3
Commitments, contingencies, and guarantees (Narrative) (Detail) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) | Oct. 06, 2022 USD ($) | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Derivative Liability, Fair Value, Amount Subject to a Master Netting Agreement | $ 60 | $ 123 | |||
Hedged Liability, Fair Value Hedge | 1,600 | € 1,500 | |||
Securities Sold under Agreements to Repurchase | 1,419 | 1,406 | |||
Repurchase agreements | $ 1,419 | $ 1,406 | |||
Concentration Risk Percentage Marsh | 11% | 12% | 12% | 11% | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 770 | $ 771 | |||
Carrying value of limited partnerships and partially-owned investment companies included in other investments | 12,000 | 9,800 | |||
Funding commitments relating to limited partnerships and partially-owned investment companies | 7,400 | 7,200 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,700 | $ 3,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 4,000 | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 3,000 | ||||
Operating Lease, Right-of-Use Asset | 607 | 445 | |||
Operating Lease, Liability | $ 633 | 484 | |||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 9 months 18 days | 7 years 9 months 18 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | 3.50% | |||
Deposit Assets | $ 96 | $ 101 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | |||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities | Other Liabilities | ||
Operating Lease, Cost | $ 161 | $ 149 | $ 152 | ||
Lessee, Lease Not Yet Commenced, Noncurrent Amount | 1,200 | ||||
Interest expense | 570 | 492 | 516 | ||
Other Comprehensive Income (Loss), before Tax | (11,664) | $ (2,946) | $ 2,666 | ||
Letter of Credit [Member] | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | 1,400 | ||||
Fair Value Hedging | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 17 | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 105 | ||||
Interest expense | 5 | ||||
Other Comprehensive Income (Loss), before Tax | (83) | ||||
Net Investment Hedging | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (53) | ||||
Interest expense | 4 | ||||
Other Comprehensive Income (Loss), before Tax | $ (57) |
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 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Derivatives, Fair Value [Line Items] | |||||
Future policy benefits | $ 10,120 | $ 5,947 | |||
Foreign currency forward contracts [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 4,134 | 6,182 | |||
Futures contracts on notes and bonds [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 1,511 | 12,944 | |||
Convertible Securities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | [1] | 37 | 12 | ||
Investment And Embedded Derivative Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 5,682 | 19,138 | |||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 112 | 69 | |||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | (139) | (166) | |||
Futures contracts on equities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | [2] | 939 | 905 | ||
Other | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 0 | 3 | |||
Other Derivative Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 939 | 908 | |||
Guaranteed Minimum Income Benefit | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | [3] | 1,979 | 1,432 | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | [3] | 0 | 0 | ||
Fair Value Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 1,595 | 0 | |||
Net Investment Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 1,604 | 0 | |||
Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Notional Amount | 3,199 | 0 | |||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 17 | 0 | |||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | (53) | 0 | |||
Accounts Payable and Accrued Liabilities [Member] | Foreign currency forward contracts [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | (115) | (139) | |||
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on notes and bonds [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | (24) | (27) | |||
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on equities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | [2] | 0 | (16) | ||
Accounts Payable and Accrued Liabilities [Member] | Other | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 0 | 0 | |||
Accounts Payable and Accrued Liabilities [Member] | Other Derivative Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 0 | (16) | |||
Accounts Payable and Accrued Liabilities [Member] | Guaranteed Minimum Income Benefit | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | [3] | (736) | (745) | ||
Accounts Payable and Accrued Liabilities [Member] | Fair Value Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 0 | 0 | |||
Accounts Payable and Accrued Liabilities [Member] | Net Investment Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | (53) | 0 | |||
Other Assets [Member] | Foreign currency forward contracts [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 64 | 25 | |||
Other Assets [Member] | Futures contracts on notes and bonds [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 18 | 33 | |||
Other Assets [Member] | Futures contracts on equities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | [2] | 33 | 0 | ||
Other Assets [Member] | Other | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 | |||
Other Assets [Member] | Other Derivative Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 33 | 0 | |||
Other Assets [Member] | Fair Value Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 17 | 0 | |||
Other Assets [Member] | Net Investment Hedging | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 | |||
Fixed Maturities [Member] | Convertible Securities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | [1] | 30 | 11 | ||
Equity Securities [Member] | Convertible Securities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | [1] | 0 | 0 | ||
Guaranteed Minimum Income Benefit | Fair Value, Recurring [Member] | Level 3 | |||||
Derivatives, Fair Value [Line Items] | |||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | $ 736 | [4],[5] | $ 745 | [6] | |
[1]Includes fair value of embedded derivatives.[2]Related to GMDB and GLB book of business.[3]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[4]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.[5]The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.[6]Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. |
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 | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 70 | $ 34 | ||
DerivativeGainLossStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag | $ (228) | |||
Foreign currency forward contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (339) | (62) | 65 | |
All Other Futures Contracts And Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 297 | (10) | 16 | |
Convertible Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (1) | 0 | 0 |
Investment And Embedded Derivative Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (43) | (72) | 81 | |
GLB | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (63) | 316 | (202) | |
Futures contracts on equities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [2] | 187 | (202) | (108) |
Other Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (11) | (8) | 1 | |
Guaranteed Living Benefit And Other Derivative Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 113 | $ 106 | $ (309) | |
[1]Includes embedded derivatives.[2]Related to GMDB and GLB book of business. |
Commitments, contingencies, a_6
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 1,523 | $ 1,831 |
Collateral held under securities lending agreements | 1,523 | 1,831 |
Maturity Overnight [Member] | Cash | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 820 | 931 |
Maturity Overnight [Member] | U.S. Treasury / Agency | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 72 | 128 |
Maturity Overnight [Member] | Foreign [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 604 | 752 |
Maturity Overnight [Member] | Corporate securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 27 | 12 |
Maturity Overnight [Member] | Mortgage-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 0 | 1 |
Maturity Overnight [Member] | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 0 | $ 7 |
Commitments, contingencies, a_7
Commitments, contingencies, and guarantees Commitments, contingencies, and guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Repurchase agreements | $ 1,419 | $ 1,406 | |
Securities Sold under Agreements to Repurchase | 1,419 | 1,406 | |
Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1,527 | 1,420 | |
Cash | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 12 | 29 | |
U.S. Treasury / Agency | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 101 | 103 | |
Mortgage-backed securities | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1,414 | 1,288 | |
Repurchase Agreements [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Secured Borrowings, Gross, Difference, Amount | [1] | 108 | 14 |
Maturity Less than 30 Days [Member] | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 933 | ||
Maturity Less than 30 Days [Member] | Cash | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 12 | ||
Maturity Less than 30 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 0 | ||
Maturity Less than 30 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 921 | ||
Maturity 30 to 90 Days [Member] | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 594 | 103 | |
Maturity 30 to 90 Days [Member] | Cash | Asset Pledged as Collateral without Right | |||
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] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 101 | 103 | |
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | $ 493 | 0 | |
Maturity Greater than 90 Days [Member] | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1,317 | ||
Maturity Greater than 90 Days [Member] | Cash | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 29 | ||
Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 0 | ||
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | $ 1,288 | ||
[1]Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. |
Commitments, contingencies, a_8
Commitments, contingencies, and guarantees (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 160 | |
2024 | 123 | |
2025 | 87 | |
2026 | 73 | |
2027 | 50 | |
Thereafter | 261 | |
Total undiscounted lease payments | 754 | |
Present value adjustment | 121 | |
Operating Lease, Liability | $ 633 | $ 484 |
Shareholders' equity (Detail)
Shareholders' equity (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||
Aug. 04, 2022 shares | Jan. 17, 2022 shares | Dec. 31, 2022 SFr / shares shares | Dec. 31, 2021 SFr / shares shares | Dec. 31, 2020 shares | May 31, 2022 $ / shares | May 19, 2022 USD ($) | Jul. 19, 2021 USD ($) | May 31, 2021 $ / shares | Feb. 01, 2021 USD ($) | Nov. 19, 2020 USD ($) | May 31, 2020 $ / shares | Nov. 21, 2019 USD ($) | |
Stockholders' Equity Note [Abstract] | |||||||||||||
Common Stock, Dividend Rate Approved | $ / shares | $ 0.83 | $ 0.80 | $ 0.78 | ||||||||||
The number of votes associated with one Common Share | one | ||||||||||||
Annual dividend per share approved by shareholders | $ / shares | $ 3.32 | $ 3.20 | $ 3.12 | ||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Common Shares, par value | SFr / shares | SFr 24.15 | SFr 24.15 | |||||||||||
Treasury Stock, Shares, Retired | shares | 13,179,100 | 14,465,400 | 27,644,500 | 3,584,150 | 2,178,600 | ||||||||
The maximum ownership percentage for voting allowed for any one shareholder | 10% | ||||||||||||
General Purpose | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Authorized share capital for future issuance | shares | 200,000,000 | ||||||||||||
Issuance of Debt | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Authorized share capital for future issuance | shares | 33,000,000 | ||||||||||||
Employee Benefit Plans | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Authorized share capital for future issuance | shares | 25,410,929 | ||||||||||||
Nov 2019 Stock Repurchase Plan [Member] | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Stock repurchase program authorized amount | $ 1,500 | ||||||||||||
Nov 2020 Stock Repurchase Plan [Member] | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Stock repurchase program authorized amount | $ 2,500 | $ 1,500 | |||||||||||
CB_Increase(Decrease)StockRepurchaseProgramAuthorizedAmount | $ 1,000 | ||||||||||||
July 2021 Stock Repurchase Plan | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Stock repurchase program authorized amount | $ 5,000 | ||||||||||||
2022 Stock Repurchase Plan | |||||||||||||
Authorized Share Capital [Line Items] | |||||||||||||
Stock repurchase program authorized amount | $ 2,500 |
Shareholders' equity Schedule o
Shareholders' equity Schedule of Dividends Declared (Details) | 12 Months Ended | |||||
Dec. 31, 2022 SFr / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 SFr / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 SFr / shares | Dec. 31, 2020 $ / shares | |
Switzerland, Francs | ||||||
Dividends Declared [Line Items] | ||||||
Total dividend distributions per common share | SFr / shares | SFr 3.11 | SFr 2.88 | SFr 2.89 | |||
United States of America, Dollars | ||||||
Dividends Declared [Line Items] | ||||||
Total dividend distributions per common share | $ / shares | $ 3.29 | $ 3.18 | $ 3.09 |
Shareholders' equity (Rollforwa
Shareholders' equity (Rollforward Of Changes In Common Stock Shares Issued And Outstanding) (Details) - shares | 12 Months Ended | |||||
Aug. 04, 2022 | Jan. 17, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||||
Shares issued, Beginning of year | 474,021,114 | 477,605,264 | 479,783,864 | |||
Treasury Stock, Shares, Retired | (13,179,100) | (14,465,400) | (27,644,500) | (3,584,150) | (2,178,600) | |
Shares issued, End of year | 446,376,614 | 474,021,114 | 477,605,264 | |||
Common Shares in treasury, end of year | (31,781,758) | (47,448,502) | (26,872,639) | (27,812,297) | ||
Stock Issued During Period, Shares, New Issues | 2,947,272 | 3,484,487 | 2,345,208 | |||
Treasury Stock, Shares, Acquired | (14,925,028) | (27,644,500) | (3,584,150) | |||
Shares issued and outstanding, end of year | 414,594,856 | 426,572,612 | 450,732,625 |
Shareholders' equity Repurchase
Shareholders' equity Repurchase of Common Shares (Details) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 23, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares repurchased | 14,925,028 | 27,644,500 | 3,584,150 | |
Nov 2019 Stock Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares repurchased | 3,584,150 | |||
Common Shares repurchased | $ 516 | |||
July 2021 Stock Repurchase Plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares repurchased | 27,644,500 | |||
Common Shares repurchased | $ 4,861 | |||
2022 Stock Repurchase Plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares repurchased | 14,925,028 | |||
Common Shares repurchased | $ 3,014 | |||
Subsequent Event [Member] | 2022 Stock Repurchase Plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares repurchased | 1,633,300 | |||
Common Shares repurchased | $ 347 |
Shareholders' equity AOCI (Deta
Shareholders' equity AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance – beginning of year, net of tax | $ 59,714 | $ 59,441 | |
Balance – end of year, net of tax | 50,540 | 59,714 | $ 59,441 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance – beginning of year, net of tax | 2,256 | 4,673 | 2,543 |
OCI, before Reclassifications, before Tax, Attributable to Parent | (11,627) | (2,935) | 2,311 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 1,049 | (3) | 281 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (10,578) | (2,938) | 2,592 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 1,043 | 521 | (462) |
Balance – end of year, net of tax | (7,279) | 2,256 | 4,673 |
Cumulative Translation Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance – beginning of year, net of tax | (2,146) | (1,637) | (1,939) |
OCI, before Reclassifications, before Tax, Attributable to Parent | (982) | (530) | 306 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (4) | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (986) | (530) | 306 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 59 | 21 | (4) |
Balance – end of year, net of tax | (3,073) | (2,146) | (1,637) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance – beginning of year, net of tax | 0 | 0 | 0 |
OCI, before Reclassifications, before Tax, Attributable to Parent | 17 | 0 | 0 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (100) | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (83) | 0 | 0 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 17 | 0 | 0 |
Balance – end of year, net of tax | (66) | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance – beginning of year, net of tax | 240 | (167) | 15 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (17) | 522 | (232) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 2 | (115) | 50 |
Balance – end of year, net of tax | 225 | 240 | (167) |
Accumulated Other Comprehensive Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance – beginning of year, net of tax | 350 | 2,869 | 619 |
Balance – end of year, net of tax | $ (10,193) | $ 350 | $ 2,869 |
Shareholders' equity AOCI Recla
Shareholders' equity AOCI Reclassifications (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 570 | $ 492 | $ 516 |
Income tax expense | 1,255 | 1,277 | 629 |
Net income | 5,313 | 8,539 | 3,533 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (797) | 9 | (245) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment | (1,049) | 3 | (281) |
Income tax expense | 170 | 6 | 36 |
Net income | (879) | 9 | (245) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cumulative Translation Adjustment | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 4 | 0 | 0 |
Income tax expense | (1) | 0 | 0 |
Net income | 3 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (5) | 0 | 0 |
Income tax expense | (21) | 0 | 0 |
Net income | 79 | 0 | 0 |
Foreign Currency Transaction Gain (Loss), Realized | $ 105 | $ 0 | $ 0 |
Share-based compensation (Narra
Share-based compensation (Narrative) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to the unvested share-based awards | $ 313,000,000 | ||
Weighted-average expected recognition period for the unrecognized compensation expense | 1 year 4 months 24 days | ||
Weighted average remaining contractual term for stock options outstanding | 5 years 9 months 18 days | ||
Weighted-average remaining contractual term for stock options exercisable | 4 years 7 months 6 days | ||
Cash received from exercise of stock options | $ 216,000,000 | ||
Restricted stock awards granted to non-management directors | 13,440 | 15,586 | 27,679 |
Amounts paid during period by employees for the purchase of shares under the ESPP | $ 48,000,000 | $ 47,000,000 | $ 45,000,000 |
Number of shares purchased during period by employees pursuant to the provisions of the ESPP | 271,650 | 315,405 | 383,751 |
Discounted purchase price from market price for the ESPP | 85% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate for the ESPP | 10% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Stock Purchase Plan Authorized Amount | $ 25,000 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 3 years | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 3 years | ||
Stock option term in years | 10 years | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 4 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of deferred restricted stock units | 136,216 | ||
ACE Limited 2004 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 1 year | ||
Chubb Limited 2016 Long-Term Incentive Plan, amended and restated [Member] | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 4 years | ||
Legacy Chubb Corp | Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 1 year | ||
Legacy Chubb Corp | Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of award | 3 years | ||
Common shares | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares authorized for issuance under plan | 6,500,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 815,172 | ||
Common shares | Chubb Limited 2016 Long-Term Incentive Plan, amended and restated [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares authorized for issuance under plan | 32,900,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 15,223,940 |
Share-based compensation (Pre-t
Share-based compensation (Pre-tax and After-tax Share-based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 29 | $ 19 | $ 10 | |
Restricted stock | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense, pre-tax | 230 | 210 | 210 | |
Share-based compensation expense, after-tax | 179 | 164 | 164 | |
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense, pre-tax | 60 | 55 | 45 | |
Share-based compensation expense, after-tax | [1] | $ 38 | $ 36 | $ 38 |
[1]The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $29 million, $19 million, and $10 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
Share-based compensation (Weigh
Share-based compensation (Weighted Average Assumptions for Option Grants) (Details) - Options | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.70% | 1.90% | 2.10% |
Expected volatility | 20.10% | 26% | 18% |
Risk-free interest rate | 1.90% | 1% | 1.20% |
Expected life | 5 years 9 months 18 days | 5 years 9 months 18 days | 5 years 8 months 12 days |
Share-based compensation (Rollf
Share-based compensation (Rollforward Of Company's Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options, Weighted-Average Fair Value and Total Intrinsic Value [Abstract] | |||
Weighted-average fair value of stock options granted (US$ per share) | $ 35.46 | $ 33.05 | $ 19.89 |
Total intrinsic value of options exercised | $ 163 | $ 140 | $ 76 |
Total intrinsic value of options outstanding | 768 | ||
Total intrinsic value of options exercisable | $ 633 | ||
Number of Options [Roll Forward] | |||
Number of option outstanding, beginning of period | 10,762,487 | 11,478,183 | 10,885,257 |
Number of options granted | 1,731,904 | 1,805,234 | 1,958,279 |
Number of options exercised | (1,878,147) | (2,284,795) | (1,158,633) |
Number of options forfeited and expired | (205,966) | (236,135) | (206,720) |
Number of option outstanding, end of period | 10,410,278 | 10,762,487 | 11,478,183 |
Number of options exercisable | 7,134,817 | ||
Weighted-Average Exercise Price [Roll Forward] | |||
Weighted-average exercise price of options outstanding, beginning of period (US$ oer share) | $ 133.94 | $ 125.09 | $ 116.79 |
Weighted-average exercise price of options granted (US$ per share) | 198.36 | 164.89 | 150.10 |
Weighted-average exercise price of options exercised (US$ per share) | 117.83 | 112.12 | 86.90 |
Weighted average exercise price of options forfeited (US$ per share) | 171.45 | 150.16 | 138.77 |
Weighted-average exercise price of options outstanding, end of period (US$ oer share | 146.81 | $ 133.94 | $ 125.09 |
Weighted average exercise price of options exercisable (US$ per share) | $ 131.90 |
Share-based compensation (Rol_2
Share-based compensation (Rollforward Of Company's Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted stock | |||
Number of Restricted Stock [Roll Forward] | |||
Number of unvested restricted stock, beginning of period | 3,051,811 | 3,263,295 | 3,294,010 |
Number of restricted stock, granted | 1,193,016 | 1,288,042 | 1,425,667 |
Number of restricted stock, vested and issued | (1,191,452) | (1,283,185) | (1,304,308) |
Number of restricted stock, forfeited | (199,505) | (216,341) | (152,074) |
Number of unvested restricted stock, end of period | 2,853,870 | 3,051,811 | 3,263,295 |
Weighted-Average Grant-Day Fair Value [Roll Forward] | |||
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) | $ 152.19 | $ 142.32 | $ 136.20 |
Weighted average grant-day fair value of restricted stock, granted (US$ per share) | 199.18 | 165.32 | 148.56 |
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) | 148.18 | 140.62 | 134.02 |
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) | 168.12 | 150.19 | 140.72 |
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) | $ 172.39 | $ 152.19 | $ 142.32 |
Performance Shares | |||
Number of Restricted Stock [Roll Forward] | |||
Number of unvested restricted stock, beginning of period | 697,191 | 572,318 | 876,212 |
Number of restricted stock, granted | 296,944 | 294,315 | 186,291 |
Number of restricted stock, vested and issued | (199,343) | (169,442) | (490,185) |
Number of restricted stock, forfeited | 0 | 0 | 0 |
Number of unvested restricted stock, end of period | 794,792 | 697,191 | 572,318 |
Weighted-Average Grant-Day Fair Value [Roll Forward] | |||
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) | $ 151.74 | $ 142.38 | $ 131.16 |
Weighted average grant-day fair value of restricted stock, granted (US$ per share) | 199.09 | 164.75 | 151.14 |
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) | 133.90 | 143.07 | 125.66 |
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) | 0 | 0 | 0 |
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) | $ 173.83 | $ 151.74 | $ 142.38 |
Postretirement benefits (Narrat
Postretirement benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses recognized during period under the defined contributions plans | $ 230 | $ 214 | $ 211 | |
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
Other Investments | 13,696 | 11,169 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | 3,400 | 4,800 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 38 | |||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 81 | 119 | 120 | |
Actuarial Loss (gain) | (4) | (10) | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 18 | 20 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1 | |||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
(Increase) decrease in other comprehensive income, curtailment | 0 | 0 | 0 | |
Amortization of Prior Service Cost (Credit) | $ 0 | 26 | 83 | |
Defined Benefit Plan, Equity Securities [Member] | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 55% | |||
Defined Benefit Plan, Equity Securities [Member] | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 65% | |||
Level 2 | Fixed Maturities [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 50 | |||
Other Investments | ||||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
Other Investments | 47 | 51 | ||
Other Investments | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 31 | |||
UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3,316 | 4,151 | 3,739 | |
Actuarial Loss (gain) | (890) | (161) | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 66 | 73 | ||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
(Increase) decrease in other comprehensive income, curtailment | 0 | 0 | 0 | |
Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | |
UNITED STATES | Postretirement Health Coverage [Member] | ||||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
Effect of Plan Amendment on Accumulated Benefit Obligation | $ 383 | |||
Amortization of Prior Service Cost (Credit) | 26 | 79 | ||
UNITED STATES | Postretirement Health Coverage [Member] | Subject to Amortization [Member] | ||||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
Effect of Plan Amendment on Accumulated Benefit Obligation | $ 410 | |||
UNITED STATES | Other Investments | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
Other Investments | 538 | 542 | ||
Non - U.S. | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 938 | 1,318 | 1,284 | |
Actuarial Loss (gain) | (391) | (47) | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 61 | 380 | ||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
(Increase) decrease in other comprehensive income, curtailment | 0 | 0 | (1) | |
Amortization of Prior Service Cost (Credit) | 0 | 0 | $ 0 | |
Non - U.S. | Other Investments | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Amendment [Abstract] | ||||
Other Investments | $ 201 | $ 175 |
Postretirement benefits Schedul
Postretirement benefits Schedule of Net Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service Cost | $ 4 | $ 4 | $ 4 |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of year | 3,732 | 3,967 | |
Service Cost | 0 | 0 | 0 |
Interest Cost | 85 | 70 | 99 |
Actuarial Loss (gain) | (890) | (161) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (146) | (133) | |
Curtailments | 0 | 0 | |
Settlements, Benefit obligations | 0 | (11) | |
Foreign currency revaluation, benefit obligations | 0 | 0 | |
Benefit Obligation, end of year | 2,781 | 3,732 | 3,967 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 4,151 | 3,739 | |
Actual Return on Plan Assets | (692) | 543 | |
Employer Contributions | 3 | 13 | |
Benefits Paid | (146) | (133) | |
Settlements | 0 | (11) | |
Foreign currency revaluation, Plan Assets | 0 | 0 | |
Plan assets at fair value, end of year | 3,316 | 4,151 | 3,739 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 535 | 419 | |
Assets for Plan Benefits, Defined Benefit Plan | 601 | 492 | |
Liability, Defined Benefit Plan | (66) | (73) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 535 | 419 | |
Pension Plan [Member] | Non - U.S. | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of year | 1,122 | 1,199 | |
Service Cost | 4 | 4 | 4 |
Interest Cost | 23 | 19 | 22 |
Actuarial Loss (gain) | (391) | (47) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (28) | (33) | |
Curtailments | 0 | 0 | |
Settlements, Benefit obligations | 0 | 0 | |
Foreign currency revaluation, benefit obligations | (33) | (20) | |
Benefit Obligation, end of year | 697 | 1,122 | 1,199 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 1,318 | 1,284 | |
Actual Return on Plan Assets | (285) | 83 | |
Employer Contributions | 8 | 8 | |
Benefits Paid | (28) | (33) | |
Settlements | 0 | 0 | |
Foreign currency revaluation, Plan Assets | (75) | (24) | |
Plan assets at fair value, end of year | 938 | 1,318 | 1,284 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 241 | 196 | |
Assets for Plan Benefits, Defined Benefit Plan | 290 | 214 | |
Liability, Defined Benefit Plan | (49) | (18) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 241 | 196 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of year | 62 | 86 | |
Service Cost | 1 | 1 | 1 |
Interest Cost | 1 | 1 | 2 |
Actuarial Loss (gain) | (4) | (10) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (16) | (15) | |
Curtailments | 0 | 0 | |
Settlements, Benefit obligations | 0 | 0 | |
Foreign currency revaluation, benefit obligations | (1) | (1) | |
Benefit Obligation, end of year | 43 | 62 | 86 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 119 | 120 | |
Actual Return on Plan Assets | (2) | (1) | |
Employer Contributions | 1 | 15 | |
Benefits Paid | (37) | (15) | |
Settlements | 0 | 0 | |
Foreign currency revaluation, Plan Assets | 0 | 0 | |
Plan assets at fair value, end of year | 81 | 119 | $ 120 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 38 | 57 | |
Assets for Plan Benefits, Defined Benefit Plan | 56 | 77 | |
Liability, Defined Benefit Plan | (18) | (20) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 38 | $ 57 |
Postretirement benefits Sched_2
Postretirement benefits Schedule of amounts recognized in AOCI on a pretax basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ (290) | $ (375) |
Prior Service Cost (benefit) | 0 | 0 |
Total | (290) | (375) |
Pension Plan [Member] | Non - U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | 7 | 73 |
Prior Service Cost (benefit) | 8 | 9 |
Total | 15 | 82 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | (12) | (10) |
Prior Service Cost (benefit) | (4) | (5) |
Total | $ (16) | $ (15) |
Postretirement benefits Sched_3
Postretirement benefits Schedule of Benefit Obligation in Excess of FV (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 66 | $ 73 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 |
Net Funded Status With PBO in Excess Of Plan Assets | (66) | (73) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 66 | 73 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 |
Non - U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 87 | 418 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 38 | 400 |
Net Funded Status With PBO in Excess Of Plan Assets | (49) | (18) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 61 | 380 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 30 | $ 367 |
Postretirement benefits Sched_4
Postretirement benefits Schedule of assumptions used to determine benefit obligation (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Benefit Obligation, Discount Rate | 5.83% | 2.06% |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Benefit Obligation, Discount Rate | 5.22% | 2.75% |
Interest crediting rate | 4.32% | 4.10% |
Non - U.S. | Pension Plan [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Benefit Obligation, Discount Rate | 5.27% | 2.23% |
Benefit Obligation, Rate of Compensation Increase | 3.98% | 3.63% |
Postretirement benefits Sched_5
Postretirement benefits Schedule of net periodic benefit costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | $ 4 | $ 4 | $ 4 |
Defined Benefit Plan, Non Service (Benefit) Cost | (218) | (203) | (140) |
Net Periodic Benefit Cost | (214) | (199) | (136) |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 1 | 1 | 1 |
Interest Cost | 1 | 1 | 2 |
Expected Return on Plan Assets | (1) | (1) | (5) |
Amortization of (Gains) Losses | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | 0 | (26) | (83) |
Recognized Net (Gain) Loss Due to Curtailments | 0 | 0 | 0 |
Recognized Net (Gain) Loss Due to Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Non Service (Benefit) Cost | 0 | (26) | (86) |
Net Periodic Benefit Cost | 1 | (25) | (85) |
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) | (1) | (5) | (2) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 26 | 83 |
(Increase) decrease in other comprehensive income, curtailment | 0 | 0 | 0 |
(Increase) decrease in other comprehensive income, settlement | 0 | 0 | 0 |
Total (increase) decrease in other comprehensive (Income) Loss | (1) | 21 | 81 |
Losses and loss expenses [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Non Service (Benefit) Cost | (20) | (18) | (12) |
Losses and loss expenses [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Non Service (Benefit) Cost | 0 | (3) | (9) |
General and Administrative Expense [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 4 | 4 | 4 |
Defined Benefit Plan, Non Service (Benefit) Cost | (198) | (185) | (128) |
General and Administrative Expense [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 1 | 1 | 1 |
Defined Benefit Plan, Non Service (Benefit) Cost | 0 | (23) | (77) |
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 0 | 0 | 0 |
Interest Cost | 85 | 70 | 99 |
Expected Return on Plan Assets | (283) | (255) | (224) |
Amortization of (Gains) Losses | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 |
Recognized Net (Gain) Loss Due to Curtailments | 0 | 0 | 0 |
Recognized Net (Gain) Loss Due to Settlements | 0 | 3 | 3 |
Defined Benefit Plan, Non Service (Benefit) Cost | (198) | (182) | (122) |
Net Periodic Benefit Cost | (198) | (182) | (122) |
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) | 85 | (450) | 102 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 |
(Increase) decrease in other comprehensive income, curtailment | 0 | 0 | 0 |
(Increase) decrease in other comprehensive income, settlement | 0 | (3) | (3) |
Total (increase) decrease in other comprehensive (Income) Loss | 85 | (453) | 99 |
Non - U.S. | Pension Plan [Member] | |||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Service Cost | 4 | 4 | 4 |
Interest Cost | 23 | 19 | 22 |
Expected Return on Plan Assets | (43) | (44) | (41) |
Amortization of (Gains) Losses | 0 | 4 | 2 |
Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 |
Recognized Net (Gain) Loss Due to Curtailments | 0 | 0 | (1) |
Recognized Net (Gain) Loss Due to Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Non Service (Benefit) Cost | (20) | (21) | (18) |
Net Periodic Benefit Cost | (16) | (17) | (14) |
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) | (67) | (86) | 56 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | (4) | (2) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | (1) |
(Increase) decrease in other comprehensive income, curtailment | 0 | 0 | (1) |
(Increase) decrease in other comprehensive income, settlement | 0 | 0 | 0 |
Total (increase) decrease in other comprehensive (Income) Loss | $ (67) | $ (90) | $ 52 |
Postretirement benefits Weighte
Postretirement benefits Weighted Average Assumption used to determine the net periodic cost of benefit (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | Non - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of Compensation Increase | 3.63% | 3.24% | 3.26% |
Expected Long-term Return on Assets | 3.44% | 3.37% | 3.83% |
Pension Plan [Member] | Non - U.S. | Interest Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.13% | 1.57% | 2.24% |
Pension Plan [Member] | Non - U.S. | Service Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 7.23% | 5.58% | 6.04% |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-term Return on Assets | 7% | 7% | 7% |
Interest crediting rate, net periodic benefit costs | 4.10% | 4.10% | 4.10% |
Pension Plan [Member] | UNITED STATES | Interest Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.34% | 1.81% | 2.85% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-term Return on Assets | 1% | 1% | 3% |
Other Postretirement Benefits Plan [Member] | Interest Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.89% | 1.23% | 2.64% |
Other Postretirement Benefits Plan [Member] | Service Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.22% | 2.53% | 3% |
Postretirement benefits Sched_6
Postretirement benefits Schedule of Health Care Cost Trend Rates (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
UNITED STATES | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health Care Cost Trend Rate | 5.72% | 5.59% | 5.96% |
Ultimate Health Care Cost Trend Rate | 4% | 4.50% | 4.50% |
Year that Rate Reaches Ultimate Trend Rate | 2046 | 2038 | 2038 |
Non - U.S. | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health Care Cost Trend Rate | 5.28% | 5.26% | 5.04% |
Ultimate Health Care Cost Trend Rate | 4.04% | 4% | 4% |
Year that Rate Reaches Ultimate Trend Rate | 2040 | 2040 | 2040 |
Postretirement benefits Sched_7
Postretirement benefits Schedule of Allocation of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | $ 13,696 | $ 11,169 | |||
Cash | 2,012 | 1,659 | $ 1,747 | ||
Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 81 | 119 | 120 | ||
Fair Value, Recurring [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 552 | [1] | 286 | [2] | |
Fair Value, Recurring [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 399 | [1] | 481 | [2] | |
Fair Value, Recurring [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 0 | [1] | 0 | [2] | |
Other Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 47 | 51 | |||
Other Investments | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 31 | ||||
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 12,355 | 10,108 | |||
UNITED STATES | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 2,540 | [3] | 3,307 | [4] | |
Defined Benefit Plan, Plan Assets, Amount | 3,316 | 4,151 | 3,739 | ||
Cash | 5 | 127 | |||
UNITED STATES | Pension Plan [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 1,798 | [3] | 2,287 | [4] | |
UNITED STATES | Pension Plan [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 742 | [3] | 1,019 | [4] | |
UNITED STATES | Pension Plan [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | [3] | 1 | [4] | |
UNITED STATES | Pension Plan [Member] | Short-term investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 42 | 33 | |||
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 42 | 33 | |||
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 541 | 472 | |||
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 431 | 380 | |||
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 110 | 92 | |||
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 627 | 923 | |||
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 627 | 923 | |||
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 5 | 4 | |||
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 5 | 4 | |||
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 1,321 | 1,872 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 1,321 | 1,871 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 1 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 4 | 3 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 4 | 3 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
UNITED STATES | Other Investments | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 538 | 542 | |||
UNITED STATES | Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 233 | 175 | |||
Non - U.S. | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 721 | [3] | 1,128 | [4] | |
Defined Benefit Plan, Plan Assets, Amount | 938 | 1,318 | $ 1,284 | ||
Non - U.S. | Pension Plan [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 117 | [3] | 158 | [4] | |
Non - U.S. | Pension Plan [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 600 | [3] | 970 | [4] | |
Non - U.S. | Pension Plan [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 4 | [3] | 0 | [4] | |
Non - U.S. | Pension Plan [Member] | Short-term investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 10 | 5 | |||
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 10 | 5 | |||
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 454 | 679 | |||
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 454 | 679 | |||
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 0 | 0 | |||
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 257 | 444 | |||
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 107 | 153 | |||
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 146 | 291 | |||
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, fair value of plan assets excluding measured using NAV | 4 | 0 | |||
Non - U.S. | Other Investments | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | 201 | 175 | |||
Non - U.S. | Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Investments | $ 16 | $ 15 | |||
[1]Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 measured using NAV as a practical expedient[2]Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.[3]Excluded from the table above are $538 million and $201 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $233 million and $16 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans.[4]Excluded from the table above are $542 million and $175 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $175 million and $15 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $127 million in cash and accrued income related to the U.S. Plans. |
Postretirement benefits (Schedu
Postretirement benefits (Schedule of Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 14 |
2024 | 10 |
2025 | 6 |
2026 | 1 |
2027 | 1 |
2028-2032 | 5 |
Non - U.S. | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 40 |
2024 | 32 |
2025 | 34 |
2026 | 34 |
2027 | 36 |
2028-2032 | 216 |
UNITED STATES | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 186 |
2024 | 173 |
2025 | 178 |
2026 | 180 |
2027 | 186 |
2028-2032 | $ 967 |
Other income and expense (Detai
Other income and expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Equity in net income of partially-owned entities | [1] | $ 16 | $ 2,433 | $ 1,019 |
Gains (losses) from fair value changes in separate account assets | [2] | (42) | (8) | 58 |
Federal excise and capital taxes | (21) | (19) | (22) | |
Other | (27) | (41) | (61) | |
Total | (74) | 2,365 | 994 | |
Unrealized Gain (Loss) on Investments | (9,535) | (2,417) | 2,130 | |
Partially-owned Investment Companies | ||||
Unrealized Gain (Loss) on Investments | (219) | 2,004 | 747 | |
Huatai Group [Member] | ||||
Equity in net income of partially-owned entities | $ 5 | $ 233 | $ 167 | |
[1]Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.[2]Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. |
Segment Information (Operations
Segment Information (Operations By Segment) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net premiums written | $ 41,755 | $ 37,868 | $ 33,820 |
Net premiums earned | 40,389 | 36,355 | 33,117 |
Losses and loss expenses | 23,342 | 21,980 | 21,710 |
Policy benefits | 1,492 | 699 | 784 |
Policy acquisition costs | 7,392 | 6,918 | 6,547 |
Administrative expenses | 3,395 | 3,136 | 2,979 |
Underwriting Income (Loss) | 4,768 | 3,622 | 1,097 |
Net investment income | 3,742 | 3,456 | 3,375 |
Other (income) expense | 74 | (2,365) | (994) |
Amortization of purchased intangibles | 285 | 287 | 290 |
Segment income (loss) | 8,151 | 9,156 | 5,176 |
Net realized gains (losses) | (965) | 1,152 | (498) |
Interest expense | 570 | 492 | 516 |
Income tax expense | 1,255 | 1,277 | 629 |
Cigna integration expenses | 48 | 0 | 0 |
Net income | 5,313 | 8,539 | 3,533 |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 |
Losses and loss expenses | (11) | (8) | 1 |
Policy benefits | (42) | (8) | 58 |
Policy acquisition costs | 0 | 0 | 0 |
Administrative expenses | 0 | 0 | 0 |
Underwriting Income (Loss) | 53 | 16 | (59) |
Net investment income | (240) | (179) | (115) |
Other (income) expense | (198) | (171) | (173) |
Amortization of purchased intangibles | 0 | 0 | 0 |
Segment income (loss) | 11 | 8 | (1) |
Net realized gains (losses) | (11) | (8) | 1 |
Interest expense | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Cigna integration expenses | 0 | ||
Net income | 0 | 0 | 0 |
North America Commercial P&C Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 17,889 | 16,415 | 14,474 |
Net premiums earned | 17,107 | 15,461 | 13,964 |
Losses and loss expenses | 10,828 | 10,015 | 10,129 |
Policy benefits | 0 | 0 | 0 |
Policy acquisition costs | 2,313 | 2,082 | 1,942 |
Administrative expenses | 1,113 | 1,052 | 1,006 |
Underwriting Income (Loss) | 2,853 | 2,312 | 887 |
Net investment income | 2,247 | 2,078 | 2,061 |
Other (income) expense | 17 | 31 | 23 |
Amortization of purchased intangibles | 0 | 0 | 0 |
Segment income (loss) | 5,083 | 4,359 | 2,925 |
North America Personal P&C Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 5,313 | 5,002 | 4,920 |
Net premiums earned | 5,180 | 4,915 | 4,866 |
Losses and loss expenses | 3,186 | 2,924 | 3,187 |
Policy benefits | 0 | 0 | 0 |
Policy acquisition costs | 1,057 | 1,001 | 974 |
Administrative expenses | 291 | 276 | 270 |
Underwriting Income (Loss) | 646 | 714 | 435 |
Net investment income | 283 | 249 | 260 |
Other (income) expense | 4 | (2) | 5 |
Amortization of purchased intangibles | 10 | 10 | 11 |
Segment income (loss) | 915 | 955 | 679 |
North America Agricultural Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 2,907 | 2,388 | 1,846 |
Net premiums earned | 2,838 | 2,338 | 1,822 |
Losses and loss expenses | 2,557 | 1,962 | 1,544 |
Policy benefits | 0 | 0 | 0 |
Policy acquisition costs | 126 | 124 | 123 |
Administrative expenses | (10) | (3) | 9 |
Underwriting Income (Loss) | 165 | 255 | 146 |
Net investment income | 36 | 28 | 30 |
Other (income) expense | 1 | 1 | 1 |
Amortization of purchased intangibles | 26 | 26 | 27 |
Segment income (loss) | 174 | 256 | 148 |
Overseas General Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 11,060 | 10,713 | 9,335 |
Net premiums earned | 10,803 | 10,441 | 9,285 |
Losses and loss expenses | 5,252 | 5,143 | 5,255 |
Policy benefits | 0 | 0 | 0 |
Policy acquisition costs | 2,818 | 2,799 | 2,568 |
Administrative expenses | 1,070 | 1,078 | 1,034 |
Underwriting Income (Loss) | 1,663 | 1,421 | 428 |
Net investment income | 626 | 597 | 534 |
Other (income) expense | 2 | 0 | 13 |
Amortization of purchased intangibles | 57 | 48 | 45 |
Segment income (loss) | 2,230 | 1,970 | 904 |
Global Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 943 | 873 | 731 |
Net premiums earned | 922 | 798 | 698 |
Losses and loss expenses | 670 | 632 | 435 |
Policy benefits | 0 | 0 | 0 |
Policy acquisition costs | 240 | 200 | 174 |
Administrative expenses | 36 | 35 | 37 |
Underwriting Income (Loss) | (24) | (69) | 52 |
Net investment income | 281 | 331 | 307 |
Other (income) expense | 1 | 0 | 2 |
Amortization of purchased intangibles | 0 | 0 | 0 |
Segment income (loss) | 256 | 262 | 357 |
Life Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 3,643 | 2,477 | 2,514 |
Net premiums earned | 3,539 | 2,402 | 2,482 |
Losses and loss expenses | 497 | 740 | 724 |
Policy benefits | 1,534 | 707 | 726 |
Policy acquisition costs | 838 | 712 | 766 |
Administrative expenses | 510 | 333 | 320 |
Underwriting Income (Loss) | 160 | (90) | (54) |
Net investment income | 509 | 407 | 385 |
Other (income) expense | (45) | (106) | (74) |
Amortization of purchased intangibles | 10 | 5 | 4 |
Segment income (loss) | 704 | 418 | 401 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 |
Losses and loss expenses | 363 | 572 | 435 |
Policy benefits | 0 | 0 | 0 |
Policy acquisition costs | 0 | 0 | 0 |
Administrative expenses | 385 | 365 | 303 |
Underwriting Income (Loss) | (748) | (937) | (738) |
Net investment income | 0 | (55) | (87) |
Other (income) expense | 292 | (2,118) | (791) |
Amortization of purchased intangibles | 182 | 198 | 203 |
Segment income (loss) | (1,222) | 928 | (237) |
Net realized gains (losses) | (954) | 1,160 | (499) |
Interest expense | 570 | 492 | 516 |
Income tax expense | 1,255 | 1,277 | 629 |
Cigna integration expenses | 48 | ||
Net income | $ (4,049) | $ 319 | $ (1,881) |
Segment Information (Net Premiu
Segment Information (Net Premiums Earned For Segment By Product) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 40,389 | $ 36,355 | $ 33,117 |
North America Commercial P&C Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 17,107 | 15,461 | 13,964 |
North America Commercial P&C Insurance [Member] | Property and other short-tail [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 3,383 | 2,942 | 2,423 |
North America Commercial P&C Insurance [Member] | Casualty and all other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 13,056 | 11,905 | 10,812 |
North America Commercial P&C Insurance [Member] | Accident and Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 668 | 614 | 729 |
North America Personal P&C Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 5,180 | 4,915 | 4,866 |
North America Personal P&C Insurance [Member] | Personal automobile [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 811 | 781 | 822 |
North America Personal P&C Insurance [Member] | Personal homeowners [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 3,557 | 3,384 | 3,327 |
North America Personal P&C Insurance [Member] | Personal other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 812 | 750 | 717 |
North America Agricultural Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 2,838 | 2,338 | 1,822 |
Overseas General Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 10,803 | 10,441 | 9,285 |
Overseas General Insurance [Member] | Property and other short-tail [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 3,382 | 3,105 | 2,468 |
Overseas General Insurance [Member] | Casualty and all other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 3,232 | 3,114 | 2,738 |
Overseas General Insurance [Member] | Accident and Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 2,169 | 2,113 | 2,098 |
Overseas General Insurance [Member] | Personal lines [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 2,020 | 2,109 | 1,981 |
Global Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 922 | 798 | 698 |
Global Reinsurance [Member] | Property and other short-tail [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 211 | 151 | 104 |
Global Reinsurance [Member] | Casualty and all other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 503 | 457 | 421 |
Global Reinsurance [Member] | Property catastrophe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 208 | 190 | 173 |
Life Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 3,539 | 2,402 | 2,482 |
Life Insurance [Member] | Accident and Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 2,055 | 1,082 | 1,165 |
Life Insurance [Member] | Life [Member] | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 1,484 | $ 1,320 | $ 1,317 |
Segment Information (Net Prem_2
Segment Information (Net Premiums Earned By Geographic Region) (Details) - Geographic Concentration Risk - Revenue Benchmark | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 69% | 70% | 70% | |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | [1] | 11% | 12% | 11% |
Asia Pacific and Far East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 14% | 12% | 12% | |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 6% | 6% | 7% | |
[1] (1) Europe includes Middle East and Africa regions. |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 5,313 | $ 8,539 | $ 3,533 |
Weighted-average shares outstanding | 419,779,847 | 439,968,422 | 451,602,820 |
Share-based compensation plans | 3,747,597 | 3,228,856 | 1,838,692 |
Adjusted weighted-average shares outstanding and assumed conversions | 423,527,444 | 443,197,278 | 453,441,512 |
Basic earnings per share | $ 12.66 | $ 19.41 | $ 7.82 |
Diluted earnings per share | $ 12.55 | $ 19.27 | $ 7.79 |
Potential anti-dilutive share conversions | 1,467,840 | 1,532,066 | 6,811,966 |
Related party transactions (Sch
Related party transactions (Schedule of related party transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Ceded Premiums Written | $ 10,258 | $ 8,912 | $ 7,441 |
Losses and loss expenses | 23,342 | 21,980 | 21,710 |
Insurance and reinsurance balances payable | 7,795 | 7,243 | |
Other (income) expense | 74 | (2,365) | (994) |
Other Investments | $ 13,696 | $ 11,169 | |
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 19% | 17% | |
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member] | ABR Reinsurance Capital Holdings Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership Percentage | 18.80% | ||
Starr Technical Risk Agency and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Minimum Amount of Program Business to be Written to Earn Profit Sharing | $ 20 | ||
Premiums Written, Gross | 618 | $ 592 | 507 |
Ceded Premiums Written | 353 | 321 | 253 |
Paid commissions | 122 | 114 | 97 |
Commissions received | 79 | 73 | 59 |
Losses and loss expenses | 225 | 157 | 170 |
Reinsurance Recoverable on Losses and Loss Expenses | 541 | 516 | |
Insurance and reinsurance balances payable | 96 | 88 | |
ABR Reinsurance Capital Holdings Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Ceded Premiums Written | 507 | 442 | 350 |
Commissions received | 138 | 133 | 100 |
Reinsurance Recoverable on Losses and Loss Expenses | 1,050 | 963 | |
Insurance and reinsurance balances payable | $ 110 | 107 | |
Warrants & Rights Outstanding | 0.50% | ||
BlackRock, Inc. | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 7 | 11 | 3 |
Aquiline Capital Partners LLC | |||
Related Party Transaction [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | 267 | ||
Other (income) expense | 8 | 68 | $ 2 |
Other Investments | $ 271 | $ 245 |
Statutory Financial Informati_3
Statutory Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory Accounting Practices [Line Items] | |||
Dividends available to be paid | $ 5,700 | ||
Approximate increase in statutory capital and surplus resulting from discount of certain A&E liabilities | 120 | $ 129 | |
Minimum statutory capital and surplus required to satisfy regulatory requirements | 36,900 | 34,000 | |
Statutory Accounting Practices, Permitted Practice, Amount | 79 | 72 | |
PropertyAndCasualtySubsidiaries [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 40,824 | 46,662 | |
Statutory net income | 4,028 | 7,983 | $ 4,354 |
LifeSubsidiaries [Member] [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 4,834 | 2,294 | |
Statutory net income | $ 1,425 | $ 424 | $ (245) |
Schedule I (Details)
Schedule I (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Other Investments | $ 13,696 | $ 11,169 | |
Cost or Amortized Cost | [1] | 121,248 | |
Fair Value | 112,871 | ||
Amount at Which Shown in the Balance Sheet | 113,280 | ||
All Related Party [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Other Investments | 271 | ||
Fixed maturities available for sale | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | [1] | 93,186 | |
Fair Value | 85,220 | ||
Amount at Which Shown in the Balance Sheet | 85,220 | ||
Fixed maturities available for sale | U.S. Treasury / Agency | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 2,792 | ||
Fair Value | 2,626 | ||
Amount at Which Shown in the Balance Sheet | 2,626 | ||
Fixed maturities available for sale | Non-U.S. | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 28,005 | ||
Fair Value | 25,908 | ||
Amount at Which Shown in the Balance Sheet | 25,908 | ||
Fixed maturities available for sale | Corporate securities | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 40,440 | ||
Fair Value | 36,955 | ||
Amount at Which Shown in the Balance Sheet | 36,955 | ||
Fixed maturities available for sale | Mortgage-backed securities | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 17,868 | ||
Fair Value | 15,851 | ||
Amount at Which Shown in the Balance Sheet | 15,851 | ||
Fixed maturities available for sale | States, municipalities, and political subdivisions | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 4,081 | ||
Fair Value | 3,880 | ||
Amount at Which Shown in the Balance Sheet | 3,880 | ||
Fixed maturities held to maturity | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | [1] | 8,848 | |
Fair Value | 8,439 | ||
Amount at Which Shown in the Balance Sheet | 8,848 | ||
Fixed maturities held to maturity | U.S. Treasury / Agency | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 1,417 | ||
Fair Value | 1,370 | ||
Amount at Which Shown in the Balance Sheet | 1,417 | ||
Fixed maturities held to maturity | Non-U.S. | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 1,136 | ||
Fair Value | 1,054 | ||
Amount at Which Shown in the Balance Sheet | 1,136 | ||
Fixed maturities held to maturity | Corporate securities | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 1,705 | ||
Fair Value | 1,580 | ||
Amount at Which Shown in the Balance Sheet | 1,705 | ||
Fixed maturities held to maturity | Mortgage-backed securities | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 1,455 | ||
Fair Value | 1,351 | ||
Amount at Which Shown in the Balance Sheet | 1,455 | ||
Fixed maturities held to maturity | States, municipalities, and political subdivisions | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 3,135 | ||
Fair Value | 3,084 | ||
Amount at Which Shown in the Balance Sheet | 3,135 | ||
Industrial, miscellaneous, and all others | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 827 | ||
Fair Value | 827 | ||
Amount at Which Shown in the Balance Sheet | 827 | ||
Short-term investments | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | 4,962 | ||
Fair Value | 4,960 | ||
Amount at Which Shown in the Balance Sheet | 4,960 | ||
Other investments | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost or Amortized Cost | [2] | 13,425 | |
Fair Value | [2] | 13,425 | |
Amount at Which Shown in the Balance Sheet | [2] | $ 13,425 | |
[1]Net of valuation allowance for expected credit losses.[2]Excludes $271 million of related party investments. |
Schedule II (BALANCE SHEETS - P
Schedule II (BALANCE SHEETS - Parent Company Only) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash | $ 2,012 | $ 1,659 | $ 1,747 | |
Other assets | 12,736 | 11,792 | ||
Total assets | 199,144 | 200,054 | ||
Liabilities | ||||
Accounts payable, accrued expenses, and other liabilities | 15,587 | 15,004 | ||
Total liabilities | 148,604 | 140,340 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common Shares | 10,346 | 10,985 | ||
Common shares in treasury | 5,113 | 7,464 | ||
Additional paid-in capital | 7,166 | 8,478 | ||
Retained earnings | 48,334 | 47,365 | ||
Accumulated other comprehensive income | (10,193) | 350 | ||
Stockholders' Equity | 50,540 | 59,714 | 59,441 | |
Total liabilities and shareholders’ equity | 199,144 | 200,054 | ||
Parent Company Only | ||||
Assets | ||||
Investments in subsidiaries and affiliates on equity basis | 50,393 | 58,850 | ||
Total investments | 50,393 | 58,850 | ||
Cash | 40 | 1 | $ 84 | $ 2 |
Due from subsidiaries and affiliates, net | 959 | 1,218 | ||
Other assets | 16 | 16 | ||
Total assets | 51,408 | 60,085 | ||
Liabilities | ||||
Affiliated notional cash pooling program | 252 | 8 | ||
Accounts payable, accrued expenses, and other liabilities | 616 | 363 | ||
Total liabilities | 868 | 371 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common Shares | 10,346 | 10,985 | ||
Common shares in treasury | 5,113 | 7,464 | ||
Additional paid-in capital | 7,166 | 8,478 | ||
Retained earnings | 48,334 | 47,365 | ||
Accumulated other comprehensive income | (10,193) | 350 | ||
Stockholders' Equity | 50,540 | 59,714 | ||
Total liabilities and shareholders’ equity | $ 51,408 | $ 60,085 |
Schedule II Schedule II (STATEM
Schedule II Schedule II (STATEMENTS OF OPERATIONS - Parent Company Only) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity in net income of subsidiaries and affiliates | [1] | $ 16 | $ 2,433 | $ 1,019 |
Total revenues | 43,166 | 40,963 | 35,994 | |
Administrative and other (income) expense | 3,395 | 3,136 | 2,979 | |
Business Combination, Integration Related Costs | 48 | 0 | 0 | |
Income tax expense | 1,255 | 1,277 | 629 | |
Total expenses | 36,598 | 31,147 | 31,832 | |
Net income | 5,313 | 8,539 | 3,533 | |
Chubb limited (Parent Guarantor) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investment income, including intercompany interest income | [2] | 83 | 96 | 155 |
Equity in net income of subsidiaries and affiliates | 5,323 | 8,514 | 3,457 | |
Total revenues | 5,406 | 8,610 | 3,612 | |
Administrative and other (income) expense | 65 | 56 | 55 | |
Business Combination, Integration Related Costs | 10 | 0 | 0 | |
Income tax expense | 18 | 15 | 24 | |
Total expenses | 93 | 71 | 79 | |
Net income | 5,313 | 8,539 | 3,533 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (5,230) | $ 6,020 | $ 5,783 | |
[1]Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.[2] (1) Includes net investment income, interest income, and net realized gains (losses). |
Schedule II (STATEMENTS OF CASH
Schedule II (STATEMENTS OF CASH FLOWS - Parent Company Only) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Total | $ 11,243 | $ 11,149 | $ 9,785 | |
Other | (560) | (337) | (470) | |
Net Cash Provided by (Used in) Investing Activities | (5,654) | (6,659) | (7,521) | |
Dividends paid on Common Shares | (1,375) | (1,401) | (1,388) | |
Common Shares repurchased | (2,894) | (4,861) | (523) | |
Net cash flows (used for) from financing activities | (5,127) | (4,409) | (2,082) | |
Effect of foreign currency rate changes on cash and restricted cash | (146) | (106) | 8 | |
Net increase (decrease) in cash and restricted cash | 316 | (25) | 190 | |
Cash and restricted cash – beginning of year | 1,659 | 1,747 | ||
Cash and restricted cash – end of year | 2,012 | 1,659 | 1,747 | |
Chubb limited (Parent Guarantor) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Total | [1] | 7,831 | 4,167 | 1,933 |
Capital contribution | (4,046) | 0 | (1,200) | |
Other | 0 | 0 | (2) | |
Net Cash Provided by (Used in) Investing Activities | (4,046) | 0 | (1,202) | |
Dividends paid on Common Shares | (1,375) | (1,401) | (1,388) | |
Common Shares repurchased | (2,894) | (4,861) | (523) | |
Repayment of intercompany loans | 279 | 2,003 | 1,265 | |
Net proceeds from (payments to) affiliated notional cash pooling programs | [2] | 245 | 8 | 0 |
Net cash flows (used for) from financing activities | (3,745) | (4,251) | (646) | |
Effect of foreign currency rate changes on cash and restricted cash | (1) | 1 | (3) | |
Net increase (decrease) in cash and restricted cash | 39 | (83) | 82 | |
Cash and restricted cash – beginning of year | 1 | 84 | 2 | |
Cash and restricted cash – end of year | 40 | 1 | 84 | |
Cash dividend paid by Affiliates | [1] | $ 7,700 | $ 3,700 | $ 2,000 |
[1]Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively.[2]Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information. |
Schedule IV (SUPPLEMENTAL INFOR
Schedule IV (SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 46,154 | $ 41,138 | $ 37,037 |
Ceded To Other Companies | 10,195 | 8,433 | 7,243 |
Assumed From Other Companies | 4,430 | 3,650 | 3,323 |
Net Amount | $ 40,389 | $ 36,355 | $ 33,117 |
Percentage of Amount Assumed to Net | 11% | 10% | 10% |
Property and Casualty [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 39,449 | $ 35,767 | $ 31,546 |
Ceded To Other Companies | 9,678 | 7,982 | 6,782 |
Assumed From Other Companies | 4,242 | 3,441 | 3,044 |
Net Amount | $ 34,013 | $ 31,226 | $ 27,808 |
Percentage of Amount Assumed to Net | 12% | 11% | 11% |
Accident and Health [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 5,206 | $ 4,062 | $ 4,249 |
Ceded To Other Companies | 411 | 362 | 368 |
Assumed From Other Companies | 97 | 109 | 111 |
Net Amount | $ 4,892 | $ 3,809 | $ 3,992 |
Percentage of Amount Assumed to Net | 2% | 3% | 3% |
Life [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 1,499 | $ 1,309 | $ 1,242 |
Ceded To Other Companies | 106 | 89 | 93 |
Assumed From Other Companies | 91 | 100 | 168 |
Net Amount | $ 1,484 | $ 1,320 | $ 1,317 |
Percentage of Amount Assumed to Net | 6% | 8% | 13% |
Schedule VI (SUPPLEMENTARY IN_2
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | ||||
Deferred Policy Acquisition Costs | $ 4,462 | $ 4,260 | $ 4,244 | |
Net Reserves for Unpaid Losses | 59,195 | 56,759 | 53,164 | |
Unearned Premiums | 20,360 | 19,101 | 17,652 | |
Net Premiums Earned | 38,905 | 35,035 | 31,800 | |
Net Investment Income | 3,381 | 3,133 | 3,074 | |
Current Year Claim and Claim Adjustment Expense | 24,495 | 22,966 | 22,124 | |
Prior Year Claim and Claim Adjustment Expense | (1,153) | (986) | (414) | |
Net Losses and Loss Expenses Incurred Related to Prior Year | [1] | (1,153) | (986) | (414) |
Amortization of Deferred Policy Acquisition Costs | 6,873 | 6,440 | 6,076 | |
Net Paid Losses and Loss Expenses | 20,323 | 17,884 | 17,434 | |
Net Premiums Written | $ 40,170 | $ 36,474 | $ 32,471 | |
[1]Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively. |