CHUBB LTD, 10-Q filed on 4/29/2020
Quarterly Report
v3.20.1
Document and Entity Information - SFr / shares
3 Months Ended
Mar. 31, 2020
Apr. 17, 2020
Dec. 31, 2019
Document Type 10-Q    
Document Period End Date Mar. 31, 2020    
Document Quarterly Report true    
Document Transition Report false    
Entity Registrant Name Chubb Ltd    
Entity Central Index Key 0000896159    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus Q1    
Entity File Number 1-11778    
Entity Incorporation, State or Country Code V8    
Entity Tax Identification Number 98-0091805    
Entity Address, Address Line One Baerengasse 32    
Entity Address, City or Town Zurich    
Entity Address, Country CH    
Entity Address, Postal Zip Code 8001    
Country Region 41    
City Area Code (0)43    
Local Phone Number 456 76 00    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Shell Company false    
Entity Emerging Growth Company false    
Common Shares, par value SFr 24.15   SFr 24.15
Common Shares Outstanding   451,357,210  
Current Fiscal Year End Date --12-31    
Amendment Flag false    
Document Transition Report false    
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    
v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Assets    
Fixed maturities available for sale, at fair value, net of valuation allowance - $176 at March 31, 2020 (amortized cost – $80,959 and $82,580) $ 81,530 $ 85,488
Fixed maturities held to maturity, at amortized cost, net of valuation allowance 12,025  
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 12,070 12,581
Equity securities, at fair value 2,068 812
Short-term investments, at fair value (amortized cost - $3,582 and $4,291) 3,586 4,291
Other investments, at fair value 6,075 6,062
Total investments 105,284 109,234
Cash 1,512 [1] 1,537 [2]
Restricted cash 146 109
Securities lending collateral 1,342 994
Accrued investment income 839 867
Insurance and reinsurance balances receivable 10,058 10,357
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $305 and $316 14,898 15,181
Reinsurance recoverable on policy benefits 196 197
Deferred policy acquisition costs 5,162 5,242
Value of business acquired 289 306
Goodwill 14,971 15,296
Other intangible assets 5,902 6,063
Prepaid reinsurance premiums 2,570 2,647
Investments in partially-owned insurance companies 1,346 1,332
Other assets 8,612 7,581
Total assets 173,127 176,943
Liabilities    
Unpaid losses and loss expenses 62,214 62,690
Unearned premiums 16,459 16,771
Future policy benefits 5,776 5,814
Insurance and reinsurance balances payable 6,084 6,184
Securities lending payable 1,342 994
Accounts payable, accrued expenses, and other liabilities 12,055 11,773
Deferred tax liabilities 474 804
Repurchase agreements 1,408 1,416
Short-term debt 1,300 1,299
Long-term debt 13,510 13,559
Trust preferred securities 308 308
Total liabilities 120,930 121,612
Commitments and contingencies (refer to Note 7)
Shareholders’ equity    
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 451,367,782 and 451,971,567 shares outstanding) 11,121 11,121
Common Shares in treasury (28,416,082 and 27,812,297 shares) (3,872) (3,754)
Additional Paid in Capital, Common Stock 10,710 11,203
Retained earnings 36,331 36,142
Accumulated other comprehensive income (loss) (AOCI) (2,093) 619
Total shareholders’ equity 52,197 55,331
Total liabilities and shareholders’ equity $ 173,127 $ 176,943
[1]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
v3.20.1
Consolidated Balance Sheets (Parenthetical)
$ in Millions
Mar. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Statement of Financial Position [Abstract]    
Available for sale, at amortized cost $ 80,959 $ 82,580
Debt Securities, Available-for-sale, Allowance for Credit Loss 176 0
Held to maturity, at Fair Value 12,471 13,005
Debt Securities, Held-to-maturity, Allowance for Credit Loss 45 0
short-term investments amortized cost 3,582 4,291
Reinsurance Recoverable, Allowance for Credit Loss $ 305 $ 316
Common Shares, shares issued | shares 479,783,864 479,783,864
Common Shares, shares outstanding | shares 451,367,782 451,971,567
Common Shares in treasury, shares | shares 28,416,082 27,812,297
v3.20.1
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Net premiums written $ 7,977 $ 7,313
Increase in unearned premiums (183) (176)
Net premiums earned 7,794 7,137
Net investment income 861 836
Net realized gains (losses):    
Other-than-temporary impairment (OTTI) losses gross 0 (13)
Portion of OTTI losses recognized in other comprehensive income (OCI) 0 0
Net OTTI losses recognized in income 0 (13)
Net realized gains (losses) excluding OTTI losses 0 (84)
Net Realized Gains Losses (958) (97)
Total revenues 7,697 7,876
Expenses    
Losses and loss expenses 4,485 4,098
Policy benefits 129 196
Policy acquisition costs 1,615 1,464
Administrative expenses 741 710
Interest expense 132 140
Other (income) expense 55 (39)
Amortization of purchased intangibles 73 76
Chubb integration expenses 0 3
Total expenses 7,230 6,648
Income before income tax 467 1,228
Income tax expense (benefit) (includes $(40) and $(6) on reclassified unrealized gains and losses) 215 188
Net income 252 1,040
Other comprehensive income (loss)    
Unrealized appreciation (depreciation) (2,479) 1,845
Reclassification adjustment for net realized (gains) losses included in net income 319 44
Unrealized appreciation (Depreciation) after reclassification adjustment (2,160) 1,889
Change in:    
Cumulative foreign currency translation adjustment (859) 147
Postretirement benefit liability adjustment (14) (27)
Other comprehensive income (loss), before income tax (3,033) 2,009
Income tax (expense) benefit related to OCI items 321 (331)
Other comprehensive income (loss) (2,712) 1,678
Comprehensive income (loss) $ (2,460) $ 2,718
Earnings per share    
Basic earnings per share $ 0.56 $ 2.27
Diluted earnings per share $ 0.55 $ 2.25
v3.20.1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Total net realized gains (losses) reclassified from AOCI $ (319) $ (44)
Income tax expense on reclassified unrealized gains and loses $ (40) $ (6)
v3.20.1
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Common shares in treasury [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Cumulative Foreign Currency Translation Adjustment [Member]
Postretirement Benefit Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Balance - beginning of period at Dec. 31, 2018   $ 11,121 $ (2,618) $ 12,557 $ 31,688 $ (545) $ (1,976) $ 73  
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2018         31,700        
Balance - beginning of period (Accounting Standards Update 2017-08 [Member]) at Dec. 31, 2018         (12)        
Common Shares repurchased     (367)            
Net shares redeemed under employee share-based compensation plans     210 (191)          
Exercise of stock options       (34)          
Share-based compensation expense       54          
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (335)          
Net income (loss) $ 1,040       1,040        
Funding of dividends declared from Additional paid-in capital         (335)        
Dividends declared on Common Shares         (335)        
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $324 and $(324)           1,521      
Amounts reclassified from AOCI, net of income tax expense of $(40) and $(6)           38      
Change in period, net of income tax (expense) benefit of $284 and $(330)           1,559      
Change in period, net of income tax (expense) benefit of $34 and $(7)             140    
Change in period, net of income tax benefit of $3 and $6               (21)  
Balance - end of period at Mar. 31, 2019 52,355 11,121 (2,775) 12,051 32,728 1,014 (1,836) 52 $ (770)
Balance - beginning of period at Dec. 31, 2019 55,331 11,121 (3,754) 11,203 36,079 2,543 (1,939) 15  
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2019         36,142        
Balance - beginning of period (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019         (63)        
Common Shares repurchased     (326)            
Net shares redeemed under employee share-based compensation plans     208 (196)          
Exercise of stock options       (26)          
Share-based compensation expense       69          
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (340)          
Net income (loss) 252       252        
Funding of dividends declared from Additional paid-in capital         (340)        
Dividends declared on Common Shares         (340)        
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $324 and $(324)           (2,155)      
Amounts reclassified from AOCI, net of income tax expense of $(40) and $(6)           279      
Change in period, net of income tax (expense) benefit of $284 and $(330)           (1,876)      
Change in period, net of income tax (expense) benefit of $34 and $(7)             (825)    
Change in period, net of income tax benefit of $3 and $6               (11)  
Balance - end of period at Mar. 31, 2020 $ 52,197 $ 11,121 $ (3,872) $ 10,710 36,331 $ 667 $ (2,764) $ 4 $ (2,093)
Balance - end of period (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2020         $ (63)        
v3.20.1
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]    
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax $ 324 $ (324)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax (40) (6)
Net unrealized appreciation on investments, Change in period, income tax (expense) benefit 284 (330)
Cumulative translation adjustment, Change in period, income tax(expense) benefit 34 (7)
Pension liability adjustment, Change in period, income tax (expense) benefit $ 3 $ 6
v3.20.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 252 $ 1,040
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 958 97
Amortization of premiums/discounts on fixed maturities 87 118
Amortization of purchased intangibles 73 76
Deferred income taxes (13) (76)
Unpaid losses and loss expenses 228 62
Unearned premiums 192 274
Future policy benefits 31 41
Insurance and reinsurance balances payable 2 13
Accounts payable, accrued expenses, and other liabilities (392) (502)
Income taxes payable 109 266
Insurance and reinsurance balances receivable (6) 278
Reinsurance recoverable 116 (97)
Deferred policy acquisition costs (65) (63)
Other 140 (205)
Net cash flows from operating activities 1,712 1,322
Cash flows from investing activities    
Purchases of fixed maturities available for sale (6,474) (5,561)
Purchases of fixed maturities held to maturity (6) (1)
Purchases of equity securities (1,380) (49)
Sales of fixed maturities available for sale 4,687 3,287
Sales of to be announced mortgage-backed securities 0 6
Sales of equity securities 131 60
Maturities and redemptions of fixed maturities available for sale 2,756 1,831
Maturities and redemptions of fixed maturities held to maturity 440 280
Net change in short-term investments 552 (39)
Net derivative instruments settlements 109 (358)
Private equity contribution (361) (410)
Private equity distribution 211 368
Payments for Other Deposits 1,550 0
Other (125) (87)
Net cash flows used for investing activities (1,010) (673)
Cash flows from financing activities    
Dividends paid on Common Shares (339) (336)
Common Shares repurchased (323) (367)
Proceeds from issuance of repurchase agreements 952 471
Repayment of repurchase agreements (952) (470)
Proceeds from share-based compensation plans 47 35
Policyholder contract deposits 135 115
Policyholder contract withdrawals (162) (78)
Proceeds from (Payments for) Other Financing Activities (3) 0
Net cash flows used for financing activities (645) (630)
Effect of foreign currency rate changes on cash and restricted cash (45) 34
Net increase (decrease) in cash and restricted cash 12 53
Cash and restricted cash - beginning of period 1,646 [1] 1,340 [2]
Cash and restricted cash - end of period 1,658 [1] 1,393 [2]
Supplemental cash flow information    
Taxes paid 107 14
Interest paid $ 91 $ 85
[1]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.1
General
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General General

a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. 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 11 for additional information.

The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Form 10-K.

b) Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
 
March 31

 
December 31

(in millions of U.S. dollars)
2020

 
2019

Cash
$
1,512

 
$
1,537

Restricted cash
146

 
109

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,658

 
$
1,646



c) Goodwill
During the three months ended March 31, 2020, Goodwill decreased $325 million, primarily reflecting the impact of foreign exchange.

d) Accounting guidance adopted in 2020
Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments
Effective January 1, 2020, we adopted, on a modified retrospective basis, new guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities, and reinsurance recoverables, by applying an approach based on the current expected credit losses (CECL). The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. In addition, the guidance also replaced the current available for sale (AFS) security other-than-temporary impairment model by requiring an estimate of the expected credit loss (ECL) only when the fair value is below the amortized cost of the asset. The length of time the fair value of an AFS security has been below its amortized cost no longer impacts the determination of whether a potential credit loss exists. The AFS security model also requires the use of a valuation allowance as compared to the previous practice of writing down the asset.

During the first quarter of 2020, we established a valuation allowance for credit losses and recognized a cumulative effect adjustment and decreased beginning retained earnings by $69 million pre-tax, or $63 million after-tax. We also adopted the required disclosures within Note 3 Investments and Note 5 Reinsurance. Results for reporting periods prior to January 1, 2020 are presented in accordance with the previous guidance.
Accounting guidance not yet adopted
Effects of Reference Rate Reform on Financial Reporting
In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to investments, derivatives, or other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. Additionally, a company may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that were classified as held to maturity before January 1, 2020. This standard may be elected over time through December 31, 2022 as reference rate reform activities occur. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations.

Refer to the 2019 Form 10-K for information on additional accounting guidance not yet adopted.
v3.20.1
Acquisitions
3 Months Ended
Mar. 31, 2020
Business Combinations [Abstract]  
Acquisitions Acquisitions

Huatai Group
Chubb maintains a direct investment in Huatai Insurance Group Company Limited (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C) and approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life). As of March 31, 2020 Chubb's aggregate ownership interest in Huatai Group was 30.9 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.
In 2019, Chubb entered into agreements to acquire an additional 22.4 percent ownership in Huatai Group for approximately $1.55 billion through two separate purchases, a 15.3 percent ownership interest for approximately $1.1 billion and a 7.1 percent ownership interest for approximately $493 million. These purchases are contingent upon Chinese insurance regulatory approval and other important conditions that are expected to be completed by the end of 2021. The purchase of the 7.1 percent ownership stake is also contingent upon the receipt of Chinese insurance regulatory approval of the 15.3 percent purchase.
In connection with these purchase agreements, in January 2020, we paid collateralized deposits totaling $1.55 billion to the selling shareholders. This transaction was recorded to Other assets on the Consolidated balance sheet and within investing activities on the Consolidated statement of cash flows.
Upon completion of the 7.1 percent purchase, which will result in majority ownership of Huatai Group at 53.3 percent, Chubb is expected to obtain control of Huatai Group, Huatai P&C and Huatai Life. At that time, Chubb is expected to apply consolidation accounting and discontinue the application of the equity method of accounting.
v3.20.1
Investments
3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments Investments

a) Fixed maturities
Effective January 1, 2020, we adopted new accounting guidance that requires a valuation allowance for credit losses to be established for fixed maturity securities classified as held to maturity (HTM) or available for sale (AFS). For information on accounting policies applicable to periods prior to January 1, 2020, refer to the 2019 Form 10-K.
March 31, 2020
Amortized
Cost

 
Valuation Allowance

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
(in millions of U.S. dollars)
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,773

 
$

 
$
240

 
$

 
$
3,013

 


Foreign
22,615

 
(44
)
 
850

 
(577
)
 
22,844

 


Corporate securities
31,530

 
(132
)
 
644

 
(1,374
)
 
30,668

 


Mortgage-backed securities
17,073

 

 
864

 
(52
)
 
17,885

 


States, municipalities, and political subdivisions
6,968

 

 
169

 
(17
)
 
7,120

 


 
$
80,959

 
$
(176
)
 
$
2,767

 
$
(2,020
)
 
$
81,530

 


 
Amortized
Cost

 
Valuation Allowance

 
Net Carrying Value

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,208

 
$

 
$
1,208

 
$
75

 
$

 
$
1,283

Foreign
1,294

 
(7
)
 
1,287

 
63

 
(7
)
 
1,343

Corporate securities
2,272

 
(36
)
 
2,236

 
113

 
(27
)
 
2,322

Mortgage-backed securities
2,266

 
(1
)
 
2,265

 
106

 
(4
)
 
2,367

States, municipalities, and political subdivisions
5,030

 
(1
)
 
5,029

 
130

 
(3
)
 
5,156

 
$
12,070

 
$
(45
)
 
$
12,025

 
$
487

 
$
(41
)
 
$
12,471


December 31, 2019
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,188

 
$
96

 
$
(1
)
 
$
3,283

 
$

Foreign
22,670

 
1,099

 
(62
)
 
23,707

 
(25
)
Corporate securities
30,689

 
1,180

 
(78
)
 
31,791

 
(5
)
Mortgage-backed securities
18,712

 
494

 
(14
)
 
19,192

 

States, municipalities, and political subdivisions
7,321

 
205

 
(11
)
 
7,515

 

 
$
82,580

 
$
3,074

 
$
(166
)
 
$
85,488

 
$
(30
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,318

 
$
29

 
$

 
$
1,347

 
$

Foreign
1,423

 
62

 

 
1,485

 

Corporate securities
2,349

 
121

 
(2
)
 
2,468

 

Mortgage-backed securities
2,331

 
65

 

 
2,396

 

States, municipalities, and political subdivisions
5,160

 
150

 
(1
)
 
5,309

 

 
$
12,581

 
$
427

 
$
(3
)
 
$
13,005

 
$



Management evaluates 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 will pool HTM securities and calculate 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. Prior to the adoption of this guidance, HTM securities were evaluated individually for other-than-temporary impairment.

Management monitors the credit quality of HTM securities through the review of external credit ratings on a quarterly basis. The following table presents the amortized cost of our HTM securities according to S&P rating:
 
March 31, 2020
 
(in millions of U.S. dollars)
Amortized cost

 
% of Total

AAA
$
2,642

 
22
%
AA
6,608

 
55
%
A
2,371

 
20
%
BBB
422

 
3
%
BB
21

 
%
Other
6

 
%
Total
$
12,070

 
100
%


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 the portion of loss that relates to credit losses is recorded in income to Net realized gains (losses) and the portion of loss that relates to non-credit loss is recorded in 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. 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.

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.



The following table presents fixed maturities by contractual maturity:
 
 
 
March 31

 
 
 
December 31

 
 
 
2020

 
 
 
2019

(in millions of U.S. dollars)
Net Carrying Value

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,816

 
$
3,816

 
$
3,951

 
$
3,973

Due after 1 year through 5 years
25,837

 
25,837

 
27,142

 
27,720

Due after 5 years through 10 years
23,712

 
23,712

 
23,901

 
24,874

Due after 10 years
10,280

 
10,280

 
8,874

 
9,729

 
63,645

 
63,645

 
63,868

 
66,296

Mortgage-backed securities
17,885

 
17,885

 
18,712

 
19,192

 
$
81,530

 
$
81,530

 
$
82,580

 
$
85,488

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
614

 
$
620

 
$
478

 
$
479

Due after 1 year through 5 years
3,695

 
3,775

 
3,869

 
3,940

Due after 5 years through 10 years
3,383

 
3,479

 
3,756

 
3,883

Due after 10 years
2,068

 
2,230

 
2,147

 
2,307

 
9,760

 
10,104

 
10,250

 
10,609

Mortgage-backed securities
2,265

 
2,367

 
2,331

 
2,396

 
$
12,025

 
$
12,471

 
$
12,581

 
$
13,005



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 March 31, 2020 comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

The following table presents, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have 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
 
March 31, 2020
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
Foreign
$
6,534

 
$
(376
)
 
$
132

 
$
(21
)
 
$
6,666

 
$
(397
)
Corporate securities
13,492

 
(858
)
 
448

 
(51
)
 
13,940

 
(909
)
Mortgage-backed securities
914

 
(48
)
 
36

 
(4
)
 
950

 
(52
)
States, municipalities, and political subdivisions
637

 
(6
)
 
130

 
(11
)
 
767

 
(17
)
Total AFS fixed maturities
$
21,577

 
$
(1,288
)
 
$
746

 
$
(87
)
 
$
22,323

 
$
(1,375
)

The following table presents, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2019
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
234

 
$
(1
)
 
$
339

 
$

 
$
573

 
$
(1
)
Foreign
1,846

 
(34
)
 
802

 
(28
)
 
2,648

 
(62
)
Corporate securities
2,121

 
(40
)
 
988

 
(40
)
 
3,109

 
(80
)
Mortgage-backed securities
1,174

 
(6
)
 
932

 
(8
)
 
2,106

 
(14
)
States, municipalities, and political subdivisions
188

 

 
276

 
(12
)
 
464

 
(12
)
Total fixed maturities
$
5,563

 
$
(81
)
 
$
3,337

 
$
(88
)
 
$
8,900

 
$
(169
)



c) Net realized gains (losses)

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 by the same amount. 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;
We have received correspondence from the issuer of the security indicating that it doesn’t intend to pay the contractual principal and interest.

Projected cash flows are driven primarily by assumptions regarding probability of default and also 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.
The following table presents the components of Net realized gains (losses):
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2020

 
2019

Fixed maturities:
 
 
 
OTTI on fixed maturities, gross and net
$

 
$
(13
)
Gross realized gains excluding OTTI
77

 
27

Gross realized losses excluding OTTI
(125
)
 
(58
)
Provision for expected credit losses
(150
)
 

Impairment (1)
(121
)
 

Total fixed maturities
$
(319
)
 
$
(44
)
Equity securities
(29
)
 
58

Other investments
5

 
(44
)
Foreign exchange gains (losses)
(68
)
 
13

Investment and embedded derivative instruments
15

 
(130
)
Fair value adjustments on insurance derivative
(685
)
 
114

S&P futures
125

 
(63
)
Other derivative instruments
(2
)
 
(1
)
Net realized gains (losses) (pre-tax)
$
(958
)
 
$
(97
)

(1) 
Related to our intent to sell certain 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:
 
 
 
Three Months Ended
 
 
 
 
March 31
 
 
2020
 
 
2019
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
(29
)
 
$
5

 
$
(24
)
 
$
58

 
$
(44
)
 
$
14

Less: Net gains (losses) recognized from sales of securities
(24
)
 

 
(24
)
 
1

 
(2
)
 
(1
)
Unrealized gains (losses) recognized for securities still held at reporting date
$
(5
)
 
$
5

 
$

 
$
57

 
$
(42
)
 
$
15



The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
 
Three Months Ended

 
March 31

(in millions of U.S. dollars)
2020

Available for sale
 
Valuation allowance for expected credit losses - beginning of period
$

Impact of adoption of new accounting guidance
25

Provision for expected credit loss
149

Initial allowance for purchased securities with credit deterioration
2

Valuation allowance for expected credit losses - end of period
$
176

Held to maturity
 
Valuation allowance for expected credit losses - beginning of period
$

Impact of adoption of new accounting guidance
44

Provision for expected credit loss
1

Valuation allowance for expected credit losses - end of period
$
45



Alternative investments
Alternative investments include partially-owned investment companies, investment funds, and limited partnerships measured at fair value using their respective net asset values or equivalent (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:
 
 
 
 
 
March 31

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2020

 
 
 
2019

(in millions of U.S. dollars)
Fair
Value

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
2 to 10 Years
 
$
590

 
$
325

 
$
611

 
$
329

Real Assets
2 to 11 Years
 
721

 
414

 
712

 
422

Distressed
2 to 7 Years
 
262

 
67

 
263

 
80

Private Credit
3 to 8 Years
 
106

 
272

 
104

 
272

Traditional
2 to 14 Years
 
3,045

 
1,868

 
2,844

 
2,160

Vintage
1 to 2 Years
 
103

 

 
116

 

Investment funds
Not Applicable
 
264

 

 
271

 

 
 
 
$
5,091

 
$
2,946

 
$
4,921

 
$
3,263



Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.
Investment Category:
 
Consists of investments in private equity funds:
Financial
 
targeting financial services companies, such as financial institutions and insurance services worldwide
Real Assets
 
targeting investments related to hard, physical assets, such as real estate, infrastructure and natural resources
Distressed
 
targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private Credit
 
targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional
 
employing traditional private equity investment strategies, such as buyout and growth equity globally
Vintage
 
funds where the initial fund term has expired

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds range between 5 and 120 days. Chubb can redeem its investment funds without consent from the investment fund managers.

d) Restricted assets
Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March 31, 2020 and December 31, 2019 are investments, primarily fixed maturities, totaling $20.9 billion and $21.0 billion, respectively, and cash of $146 million and $109 million, respectively.
The following table presents the components of restricted assets:
 
March 31

 
December 31

(in millions of U.S. dollars)
2020

 
2019

Trust funds
$
13,974

 
$
14,004

Deposits with U.S. regulatory authorities
2,424

 
2,466

Deposits with non-U.S. regulatory authorities
2,669

 
2,709

Assets pledged under repurchase agreements
1,492

 
1,464

Other pledged assets
496

 
490

Total
$
21,055

 
$
21,133


v3.20.1
Fair value measurements
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements

a) Fair value hierarchy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities
We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market based inputs (i.e., stale pricing), which may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. 

Equity securities
Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3.

Short-term investments
Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their
approaching maturity and, as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3.

Other investments
Fair values for the majority of Other investments including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective net asset values or equivalent (NAV) and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities classified within Level 1, and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities. Other investments for which pricing is unobservable are classified within Level 3.

Securities lending collateral
The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.

Investment derivative instruments
Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments
We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in reserves for our guaranteed minimum death benefits (GMDB) and guaranteed living benefits (GLB) reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets
Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets. Separate account assets are recorded in Other assets in the Consolidated balance sheets.

Guaranteed living benefits
The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLB’s are recorded in Accounts payable, accrued expenses, and other liabilities and Future policy benefits in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. 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
March 31, 2020
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,400

 
$
613

 
$

 
$
3,013

Foreign

 
22,379

 
465

 
22,844

Corporate securities

 
29,166

 
1,502

 
30,668

Mortgage-backed securities

 
17,825

 
60

 
17,885

States, municipalities, and political subdivisions

 
7,120

 

 
7,120

 
2,400

 
77,103

 
2,027

 
81,530

Equity securities
2,001

 

 
67

 
2,068

Short-term investments
2,165

 
1,420

 
1

 
3,586

Other investments (1)
285

 
335

 
10

 
630

Securities lending collateral

 
1,342

 

 
1,342

Investment derivative instruments
64

 

 

 
64

Other derivative instruments
2

 

 

 
2

Separate account assets
2,778

 
130

 

 
2,908

Total assets measured at fair value (1)
$
9,695

 
$
80,330

 
$
2,105

 
$
92,130

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
141

 
$

 
$

 
$
141

GLB (2)

 

 
1,141

 
1,141

Total liabilities measured at fair value
$
141

 
$

 
$
1,141

 
$
1,282

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $5,091 million, policy loans of $228 million and other investments of $126 million at March 31, 2020 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
 
December 31, 2019
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,664

 
$
619

 
$

 
$
3,283

Foreign

 
23,258

 
449

 
23,707

Corporate securities

 
30,340

 
1,451

 
31,791

Mortgage-backed securities

 
19,132

 
60

 
19,192

States, municipalities, and political subdivisions

 
7,515

 

 
7,515

 
2,664

 
80,864

 
1,960

 
85,488

Equity securities
728

 
15

 
69

 
812

Short-term investments
2,803

 
1,482

 
6

 
4,291

Other investments (1)
412

 
377

 
10

 
799

Securities lending collateral

 
994

 

 
994

Investment derivative instruments
24

 

 

 
24

Other derivative instruments
2

 

 

 
2

Separate account assets
3,437

 
136

 

 
3,573

Total assets measured at fair value (1)
$
10,070

 
$
83,868

 
$
2,045

 
$
95,983

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
93

 
$

 
$

 
$
93

Other derivative instruments
13

 

 

 
13

GLB (2)

 

 
456

 
456

Total liabilities measured at fair value
$
106

 
$

 
$
456

 
$
562


(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,921 million and other investments of $95 million at December 31, 2019 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.

Level 3 financial instruments
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)
Fair Value
 
 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
 
Weighted Average (1)

March 31, 2020

 
December 31, 2019

 
 
 
 
GLB (1)
$
1,141

 
$
456

 
Actuarial model
 
Lapse rate
 
3% – 34%
 
4.3
%
 
 
 
 
 
 
 
Annuitization rate
 
0% – 52%
 
4.6
%
(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. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For the three months ended March 31, 2020 and 2019, no material refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2019 Form 10-K.


The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
 
Assets
 
Liabilities
 
Three Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2020
Foreign

 
Corporate
securities

 
MBS

 
(in millions of U.S. dollars)
 
 
 
Balance – beginning of period
$
449

 
$
1,451

 
$
60

 
$
69

 
$
6

 
$
10

 
$
456

Transfers into Level 3

 
91

 

 

 

 

 

Transfers out of Level 3
(3
)
 
(1
)
 

 

 

 

 

Change in Net Unrealized Gains (Losses) in OCI
(14
)
 
(45
)
 

 
1

 

 

 

Net Realized Gains/Losses
(2
)
 
(13
)
 

 
(2
)
 

 

 
685

Purchases
82

 
139

 

 
3

 
1

 

 

Sales
(46
)
 
(19
)
 

 
(4
)
 

 

 

Settlements
(1
)
 
(101
)
 

 

 
(6
)
 

 

Balance – end of period
$
465

 
$
1,502

 
$
60

 
$
67

 
$
1

 
$
10

 
$
1,141

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$
(14
)
 
$

 
$
(2
)
 
$

 
$

 
$
685

Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date
$
(15
)
 
$
(44
)
 
$

 
$

 
$

 
$

 
$


(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million, respectively.
  
Assets
 
 
Liabilities

Three Months Ended
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $338 million and $452 million, respectively.

b) Financial instruments disclosed, but not measured, at fair value
Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2019 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
March 31, 2020
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 and agency
$
1,227

 
$
56

 
$

 
$
1,283

 
$
1,208

Foreign

 
1,343

 

 
1,343

 
1,287

Corporate securities

 
2,294

 
28

 
2,322

 
2,236

Mortgage-backed securities

 
2,367

 

 
2,367

 
2,265

States, municipalities, and political subdivisions

 
5,156

 

 
5,156

 
5,029

Total assets
$
1,227

 
$
11,216

 
$
28

 
$
12,471

 
$
12,025

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,408

 
$

 
$
1,408

 
$
1,408

Short-term debt

 
1,300

 

 
1,300

 
1,300

Long-term debt

 
14,353

 

 
14,353

 
13,510

Trust preferred securities

 
406

 

 
406

 
308

Total liabilities
$

 
$
17,467

 
$

 
$
17,467

 
$
16,526

December 31, 2019
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,292

 
$
55

 
$

 
$
1,347

 
$
1,318

Foreign

 
1,485

 

 
1,485

 
1,423

Corporate securities

 
2,436

 
32

 
2,468

 
2,349

Mortgage-backed securities

 
2,396

 

 
2,396

 
2,331

States, municipalities, and political subdivisions

 
5,309

 

 
5,309

 
5,160

Total assets
$
1,292


$
11,681


$
32


$
13,005


$
12,581

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,416

 
$

 
$
1,416

 
$
1,416

Short-term debt

 
1,307

 

 
1,307

 
1,299

Long-term debt

 
15,048

 

 
15,048

 
13,559

Trust preferred securities

 
467

 

 
467

 
308

Total liabilities
$

 
$
18,238

 
$

 
$
18,238

 
$
16,582


v3.20.1
Reinsurance (Notes)
3 Months Ended
Mar. 31, 2020
Credit Loss [Abstract]  
Reinsurance [Text Block] Reinsurance

Management evaluates the need for a valuation allowance for uncollectible reinsurance recoverable using current and historical factors, and forecasts each quarter. These factors include a review of active and run-off lines of business, review of reinsurer financial strength ratings, and review of our largest reinsurers. The evaluation of the valuation allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on incurred but not reported (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. Default factors require considerable judgment and are determined using principally the current financial strength rating, or rating equivalent, of each reinsurer. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2019 Form 10-K.

The evaluation of the valuation allowance at December 31, 2019 was consistent with the new accounting guidance adopted January 1, 2020, therefore, there was no material change to the valuation allowance upon adoption.
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
Three Months Ended
 
 
March 31

(in millions of U.S. dollars)
2020

Reinsurance recoverable
 
Valuation allowance for uncollectible reinsurance - beginning of period
$
316

Provision for uncollectible reinsurance
2

Write-offs charged against the valuation allowance
(13
)
Valuation allowance for uncollectible reinsurance - end of period
$
305


v3.20.1
Unpaid losses and loss expenses
3 Months Ended
Mar. 31, 2020
Liability for Claims and Claims Adjustment Expense [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
2020

 
2019

Gross unpaid losses and loss expenses – beginning of period
$
62,690

 
$
62,960

Reinsurance recoverable on unpaid losses - beginning of period (1)
(14,181
)
 
(14,689
)
Net unpaid losses and loss expenses – beginning of period
48,509

 
48,271

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
4,605

 
4,326

Prior years (2)
(120
)
 
(228
)
Total
4,485

 
4,098

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
920

 
785

Prior years
3,335

 
3,234

Total
4,255

 
4,019

Foreign currency revaluation and other
(565
)
 
86

Net unpaid losses and loss expenses – end of period
48,174

 
48,436

Reinsurance recoverable on unpaid losses (1)
14,040

 
14,707

Gross unpaid losses and loss expenses – end of period
$
62,214

 
$
63,143

(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 $2 million and $24 million for the three months ended March 31, 2020 and 2019, respectively.

Gross and net unpaid losses and loss expenses decreased $476 million and $335 million, respectively for the three months ended March 31, 2020, reflecting favorable foreign exchange movement, partially offset by an increase in underlying reserves.

Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and professional liability; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture.


The following table summarizes (favorable) and adverse PPD by segment.
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
Long-tail    

 
Short-tail

 
Total

2020
 
 
 
 
 
North America Commercial P&C Insurance
$
(43
)
 
$
(62
)
 
$
(105
)
North America Personal P&C Insurance

 
1

 
1

North America Agricultural Insurance

 
(14
)
 
(14
)
Overseas General Insurance

 
(4
)
 
(4
)
Global Reinsurance

 
(7
)
 
(7
)
Corporate
11

 

 
11

Total
$
(32
)
 
$
(86
)
 
$
(118
)
2019
 
 
 
 
 
North America Commercial P&C Insurance
$
(65
)
 
$
(66
)
 
$
(131
)
North America Personal P&C Insurance

 
(10
)
 
(10
)
North America Agricultural Insurance

 
(61
)
 
(61
)
Overseas General Insurance

 
(4
)
 
(4
)
Global Reinsurance
(1
)
 
(7
)
 
(8
)
Corporate
10

 

 
10

Total
$
(56
)
 
$
(148
)
 
$
(204
)


Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance
2020
For the three months ended March 31, 2020, net favorable PPD was $105 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $43 million in long-tail business, primarily from:

Net favorable development of $66 million in professional liability (errors & omissions and cyber), driven by accident years 2016 and prior, which saw lower than expected emergence;

Net favorable development of $43 million in voluntary environmental lines, driven by accident years 2016 and prior, which saw lower than expected emergence and a favorable revision to loss development patterns;

Net favorable development of $28 million in construction workers’ compensation, mainly seen in accident years 2016 and prior, which saw lower than expected reported loss emergence and a favorable revision to loss development patterns;

Net adverse development of $49 million in excess and umbrella portfolios, with accident years 2015 through 2019 experiencing higher than expected reported development, partially offset by lower than expected emergence in accident years 2014 and prior;

Net adverse development of $23 million in wholesale general liability coverages, driven by higher than expected reported loss emergence in accident years 2014 through 2019; and



Net favorable development of $62 million in short-tail business, primarily from:

Net favorable development of $36 million, in accident & health, mainly in accident years 2018 and 2019, driven by lower than expected paid loss emergence; and

Net favorable development of $31 million in surety, driven by accident year 2018, where loss emergence was lower than expected.

2019
For the three months ended March 31, 2019, net favorable PPD was $131 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $65 million in long-tail business, primarily from:

Net favorable development of $57 million in professional liability (errors & omissions and cyber), mainly in the 2015 and prior accident years where case activity was less than expected, partially offset by adverse development in the 2016 accident year, which was driven by several large adverse claim developments;

Net favorable development of $31 million in commercial excess and umbrella portfolios, driven by the 2013 and prior accident years, where case emergence was less than expected and greater weight was given to experience-based methods; this was partially offset by higher than expected claim activity in the 2015, 2016, and 2018 accident years which led to reserve strengthening in those years;

Net favorable development of $30 million in our construction workers' compensation lines, impacting accident years 2015 and prior, and was driven by both lower than expected reported development and related favorable updates to development patterns used in our loss projection methods;

Net adverse development of $50 million from the aggregation of general liability and automobile liability coverages within construction and wholesale portfolios, mainly impacting the 2013 through 2018 accident years, and largely the result of higher than expected reported loss development; and

Net favorable development of $66 million in short-tail business, primarily from net favorable development of $49 million in surety business, mainly in the 2017 accident year, driven by lower than expected reported loss activity.

North America Agricultural Insurance
For the three months ended March 31, 2020 and 2019, net favorable PPD was related to our Multiple Peril Crop Insurance (MPCI) business and was $14 million, related to the 2019 crop year, and $61 million, related to the 2018 crop year, respectively.
v3.20.1
Commitments, contingencies, and guarantees
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies, and guarantees Commitments, contingencies, and guarantees

a) Derivative instruments
Foreign currency management
As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. We do not hedge our net asset non-U.S. dollar capital positions; however, we do consider economic hedging for planned cross border transactions.

Derivative instruments employed
Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives. Investment derivative instruments are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP), convertible bonds are recorded in Fixed maturities available for sale (FM AFS), and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs (principally GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument. Benefit reserves in respect of GLBs are classified as Future policy benefits (FPB) while the fair value derivative adjustment is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB book of business.

All derivative instruments are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. None of the derivative instruments are designated as hedges for accounting purposes.

The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
 
 
 
 
 
March 31, 2020
 
 
 
 
December 31, 2019
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
Fair Value
 
 
Notional
Value/
Payment
Provision

(in millions of U.S. dollars)
 
Derivative Asset

 
Derivative (Liability)

 
 
Derivative Asset

 
Derivative (Liability)

 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
32

 
$
(109
)
 
$
2,639

 
$
11

 
$
(78
)
 
$
2,579

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
15

 
(32
)
 
1,116

 
13

 
(15
)
 
1,615

Convertible securities (1)
FM AFS / ES
 
4

 

 
5

 
4

 

 
5

 
 
 
$
51

 
$
(141
)
 
$
3,760

 
$
28


$
(93
)

$
4,199

Other derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures contracts on equities (2)
OA / (AP)
 
$
17

 
$

 
$
514

 
$

 
$
(13
)
 
$
613

Other
OA / (AP)
 
2

 

 
103

 
2

 

 
63

 
 
 
$
19

 
$

 
$
617

 
$
2

 
$
(13
)
 
$
676

GLB (3)
(AP) / (FPB)
 
$

 
$
(1,591
)
 
$
2,680

 
$

 
$
(897
)
 
$
1,510


(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB book of business.
(3) 
Includes both future policy benefits reserves of $450 million and $441 million and fair value derivative adjustment of $1,141 million and $456 million at March 31, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

At March 31, 2020 and December 31, 2019, derivative liabilities of $67 million and $75 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. 

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2020

 
2019

Investment and embedded derivative instruments:
 
 
 
Foreign currency forward contracts
$
43

 
$
(15
)
Interest rate swaps

 
(80
)
All other futures contracts, options, and equities
(27
)
 
(36
)
Convertible securities (1)
(1
)
 
1

Total investment and embedded derivative instruments
$
15

 
$
(130
)
GLB and other derivative instruments:
 
 
 
GLB (2)
$
(685
)
 
$
114

Futures contracts on equities (3)
125

 
(63
)
Other
(2
)
 
(1
)
Total GLB and other derivative instruments
$
(562
)
 
$
50

 
$
(547
)
 
$
(80
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB book of business.

b) Derivative instrument objectives
(i) Foreign currency exposure management
A foreign currency forward contract (forward) is an agreement between participants to exchange specific foreign currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

(ii) Duration management and market exposure
Futures
Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes, and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in reserves for GMDB and GLB reinsurance business.

Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, expected volatility, time to expiration, and supply and demand.

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Interest rate swaps
An interest rate swap is a contract between two counterparties in which interest payments are made based on a notional principal amount, which itself is never paid or received. Under the terms of an interest rate swap, one counterparty makes interest payments based on a fixed interest rate and the other counterparty’s payments are based on a floating rate. Interest rate swap contracts are used occasionally in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the fair value of the fixed maturity portfolio. By using interest rate swaps in the portfolio, the overall duration or interest rate sensitivity of the portfolio can be impacted.

Cross-currency swaps
Cross-currency swaps are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. We use cross-currency swaps to reduce the foreign currency and interest rate risk by converting cash flows back into local currency. We invest in foreign currency denominated investments to improve credit diversification and also to obtain better duration matching to our liabilities that is limited in the local currency market.

Other
Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments
A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA
By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the consolidated financial statements. Chubb purchases TBAs both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) GLB
Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. Premiums received under the reinsurance treaties are classified as premium. Expected losses allocated to premiums received are classified as Future policy benefits and valued similar to GMDB reinsurance. Other changes in fair value arise principally from changes in expected losses allocated to expected future premiums. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable.

To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the GLB liability and the exchange-traded equity futures are included in Net realized gains (losses).

c) Securities lending and secured borrowings
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
 
Remaining contractual maturity
 
 
 
March 31, 2020

 
December 31, 2019

(in millions of U.S. dollars)
 
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
 
Cash
 
$
675

 
$
346

U.S. Treasury and agency
 
15

 
6

Foreign
 
609

 
595

Corporate securities
 
3

 
5

Mortgage-backed securities
 
17

 
18

Equity securities
 
23

 
24

 
 
$
1,342

 
$
994

Gross amount of recognized liability for securities lending payable
 
$
1,342

 
$
994



At March 31, 2020 and December 31, 2019, our repurchase agreement obligations of $1,408 million and $1,416 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
 
 
March 31, 2020
 
 
 
 
December 31, 2019
 
 
30-90 Days

 
Greater than
90 Days

 
Total

 
Up to 30 Days

 
30-90 Days

 
Greater than
90 Days

 
Total

(in millions of U.S. dollars)
 
 
 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$

 
$
1

 
$
1

 
$
2

 
$

 
$

 
$
2

U.S. Treasury and agency

 
105

 
105

 
107

 

 

 
107

Mortgage-backed securities
499

 
887

 
1,386

 
399

 
476

 
480

 
1,355

 
$
499

 
$
993

 
$
1,492

 
$
508

 
$
476

 
$
480

 
$
1,464

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,408

 
 
 
 
 
 
 
$
1,416

Difference (1)
 
 
 
 
$
84

 
 
 
 
 
 
 
$
48


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

d) Fixed maturities
At March 31, 2020, we have commitments to purchase fixed income securities of $757 million over the next several years.

e) Other investments
At March 31, 2020, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $4.8 billion. In connection with these investments, we have commitments that may require funding of up to $2.9 billion over the next several years.

f) Income taxes
At March 31, 2020, $48 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010.

g) Legal proceedings
Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

h) Leases
At March 31, 2020 and December 31, 2019, the right-of-use asset was $509 million and $551 million, respectively, and is recorded within Other assets on the Consolidated balance sheets. At March 31, 2020 and December 31, 2019, the lease liability was $563 million and $603 million, respectively, and is recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease.
v3.20.1
Shareholders' equity
3 Months Ended
Mar. 31, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value reduction) or from legal reserves, must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2020, our Common Shares had a par value of CHF 24.15 per share.

At our May 2019 and 2018 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.00 per share and $2.92 per share, respectively, which were paid in four quarterly installments of $0.75 per share and $0.73 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions per Common Share for the three months ended March 31, 2020 and 2019 were $0.75 (CHF 0.72) and $0.73 (CHF 0.72), respectively.

Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At March 31, 2020, 28,416,082 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans.

Chubb Limited securities repurchase authorizations
In December 2018, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from December 1, 2018 through December 31, 2019. In November 2019, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from November 21, 2019 through December 31, 2020. On April 22, 2020, we announced that given the current economic environment and to preserve capital for both risk and opportunity, we had suspended share repurchases until further notice. We did not engage in any share repurchase activity during April 2020.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
 
Three Months Ended March 31
 
(in millions of U.S. dollars, except share data)
2020

 
2019

Number of shares repurchased
2,266,150

 
2,753,754

Cost of shares repurchased
$
326

 
$
367

Repurchase authorization remaining at end of period
$
1,124

 
$
1,112


v3.20.1
Share-based compensation
3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 27, 2020, Chubb granted 1,957,505 stock options with a weighted-average grant date fair value of $19.89 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 27, 2020, Chubb granted 1,002,341 service-based restricted stock awards, 344,501 service-based restricted stock units, and 203,533 performance-based stock awards to employees and officers with a grant date fair value of $150.11 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.
v3.20.1
Postretirement benefits
3 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans [Text Block] Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
 
Pension Benefit Plans
 
 
Other Postretirement
Benefit Plans
 
 
2020
 
 
2019
 
 
2020

 
2019

Three Months Ended March 31
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Service cost
$

 
$
1

 
$
12

 
$
3

 
$

 
$

Non-service cost:
 
 
 
 
 
 
 
 
 
 
 
Interest cost
25

 
6

 
30

 
7

 
1

 
1

Expected return on plan assets
(56
)
 
(10
)
 
(47
)
 
(11
)
 
(1
)
 
(1
)
Amortization of prior service cost

 

 

 

 
(20
)
 
(20
)
Settlements
1

 

 

 

 

 

Total non-service (benefit) cost
(30
)
 
(4
)
 
(17
)
 
(4
)
 
(20
)
 
(20
)
Net periodic (benefit) cost
$
(30
)
 
$
(3
)
 
$
(5
)
 
$
(1
)
 
$
(20
)
 
$
(20
)


The line items in which the service and non-service cost components of net periodic (benefit) cost are included in the Consolidated statements of operations were as follows:
 
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
Three Months Ended March 31
 
2020

 
2019

 
2020

 
2019

(in millions of U.S. dollars)
 
 
 
 
Service cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
$

 
$
2

 
$

 
$

Administrative expenses
 
1

 
13

 

 

Total service cost
 
1

 
15

 

 

Non-service cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
(3
)
 
(2
)
 
(2
)
 
(2
)
Administrative expenses
 
(31
)
 
(19
)
 
(18
)
 
(18
)
Total non-service (benefit) cost
 
(34
)
 
(21
)
 
(20
)
 
(20
)
Net periodic (benefit) cost
 
$
(33
)
 
$
(6
)
 
$
(20
)
 
$
(20
)

v3.20.1
Segment information
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Segment information Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance.

Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures.

For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income (loss) as the main measure of segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate Segment income (loss), include Net investment income (loss), Other (income) expense, and Amortization expense of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income (loss). For example, for the three months ended March 31, 2020, underwriting income in our North America Agricultural Insurance segment was $14 million. This amount includes $2 million of realized losses related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below.

For the Life Insurance segment, management includes Net investment income (loss) and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income (loss). For example, for the three months ended March 31, 2020, Life Insurance underwriting income of $83 million includes Net investment income of $95 million and losses from fair value changes in separate account assets of $56 million. The losses from fair value changes in separate account assets are reported in Other (income) expense in the table below.

The following tables present the Statement of Operations by segment:
For the Three Months Ended
March 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
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
3,252

 
$
1,107

 
$
157

 
$
2,598

 
$
218

 
$
645

 
$

 
$
7,977

Net premiums earned
3,376

 
1,200

 
94

 
2,307

 
186

 
631

 

 
7,794

Losses and loss expenses
2,181

 
683

 
63

 
1,258

 
87

 
202

 
11

 
4,485

Policy benefits

 

 

 

 

 
129

 

 
129

Policy acquisition costs
492

 
245

 
11

 
642

 
45

 
180

 

 
1,615

Administrative expenses
259

 
68

 
4

 
258

 
10

 
76

 
66

 
741

Underwriting income (loss)
444

 
204

 
16

 
149

 
44

 
44

 
(77
)
 
824

Net investment income (loss)
516

 
66

 
9

 
145

 
54

 
95

 
(24
)
 
861

Other (income) expense
(3
)
 
2

 

 
4

 
(15
)
 
44

 
23

 
55

Amortization expense of purchased intangibles

 
3

 
7

 
12

 

 
1

 
50

 
73

Segment income (loss)
$
963


$
265


$
18


$
278


$
113


$
94


$
(174
)

$
1,557

Net realized gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
(958
)
 
(958
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
132

 
132

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
215

 
215

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(1,479
)
 
$
252

For the Three Months Ended
March 31, 2019
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
2,951

 
$
1,056

 
$
130

 
$
2,395

 
$
202

 
$
579

 
$

 
$
7,313

Net premiums earned
3,085

 
1,154

 
55

 
2,114

 
168

 
561

 

 
7,137

Losses and loss expenses
1,973

 
757

 
(27
)
 
1,106

 
76

 
202

 
11

 
4,098

Policy benefits

 

 

 

 

 
196

 

 
196

Policy acquisition costs
459

 
231

 
7

 
596

 
43

 
128

 

 
1,464

Administrative expenses
240

 
68

 
1

 
249

 
10

 
79

 
63

 
710

Underwriting income (loss)
413


98


74


163


39


(44
)
 
(74
)
 
669

Net investment income (loss)
510

 
64

 
10

 
144

 
56

 
89

 
(37
)
 
836

Other (income) expense
(5
)
 

 

 
4

 
(9
)
 
(40
)
 
11

 
(39
)
Amortization expense of purchased intangibles

 
3

 
7

 
11

 

 

 
55

 
76

Segment income (loss)
$
928


$
159


$
77


$
292


$
104


$
85

 
$
(177
)
 
$
1,468

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(97
)
 
(97
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
140

 
140

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
3

 
3

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
188

 
188

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(605
)
 
$
1,040



Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
v3.20.1
Earnings per share
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars, except share and per share data)
2020

 
2019

Numerator:
 
 
 
Net income
$
252

 
$
1,040

Denominator:
 
 
 
Denominator for basic earnings per share:
 
 
 
Weighted-average shares outstanding
451,868,658

 
458,805,185

Denominator for diluted earnings per share:
 
 
 
Share-based compensation plans
2,651,610

 
2,731,755

Weighted-average shares outstanding and assumed conversions
454,520,268

 
461,536,940

Basic earnings per share
$
0.56

 
$
2.27

Diluted earnings per share
$
0.55

 
$
2.25

Potential anti-dilutive share conversions
3,154,406

 
4,343,204



Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods.
v3.20.1
Information provided in connection with outstanding debt of subsidiaries
3 Months Ended
Mar. 31, 2020
Disclosure Text Block Supplement [Abstract]  
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries

The following tables present condensed consolidating financial information at March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis.

Condensed Consolidating Balance Sheet at March 31, 2020
(in millions of U.S. dollars)
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
229

 
$
105,055

 
$

 
$
105,284

Cash (1)
10

 
49

 
2,193

 
(740
)
 
1,512

Restricted cash

 

 
146

 

 
146

Insurance and reinsurance balances receivable

 

 
12,727

 
(2,669
)
 
10,058

Reinsurance recoverable on losses and loss expenses

 

 
24,293

 
(9,395
)
 
14,898

Reinsurance recoverable on policy benefits

 

 
288

 
(92
)
 
196

Value of business acquired

 

 
289

 

 
289

Goodwill and other intangible assets

 

 
20,873

 

 
20,873

Investments in subsidiaries
49,573

 
50,731

 

 
(100,304
)
 

Due from subsidiaries and affiliates, net
3,695

 

 

 
(3,695
)
 

Other assets
6

 
340

 
21,345

 
(1,820
)
 
19,871

Total assets
$
53,284

 
$
51,349

 
$
187,209

 
$
(118,715
)
 
$
173,127

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
71,283

 
$
(9,069
)
 
$
62,214

Unearned premiums

 

 
17,652

 
(1,193
)
 
16,459

Future policy benefits

 

 
5,868

 
(92
)
 
5,776

Due to subsidiaries and affiliates, net

 
3,338

 
357

 
(3,695
)
 

Affiliated notional cash pooling programs (1)
740

 

 

 
(740
)
 

Repurchase agreements

 

 
1,408

 

 
1,408

Short-term debt

 
1,299

 
1

 

 
1,300

Long-term debt

 
13,510

 

 

 
13,510

Trust preferred securities

 
308

 

 

 
308

Other liabilities
347

 
1,595

 
21,635

 
(3,622
)
 
19,955

Total liabilities
1,087

 
20,050

 
118,204

 
(18,411
)
 
120,930

Total shareholders’ equity
52,197

 
31,299

 
69,005

 
(100,304
)
 
52,197

Total liabilities and shareholders’ equity
$
53,284

 
$
51,349

 
$
187,209

 
$
(118,715
)
 
$
173,127


(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
 

Condensed Consolidating Balance Sheet at December 31, 2019

(in millions of U.S. dollars)
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
1,013

 
$
108,221

 
$

 
$
109,234

Cash (1)
2

 
442

 
1,093

 

 
1,537

Restricted cash

 

 
109

 

 
109

Insurance and reinsurance balances receivable

 

 
12,920

 
(2,563
)
 
10,357

Reinsurance recoverable on losses and loss expenses

 

 
24,780

 
(9,599
)
 
15,181

Reinsurance recoverable on policy benefits

 

 
292

 
(95
)
 
197

Value of business acquired

 

 
306

 

 
306

Goodwill and other intangible assets

 

 
21,359

 

 
21,359

Investments in subsidiaries
50,853

 
52,076

 

 
(102,929
)
 

Due from subsidiaries and affiliates, net
4,776

 

 

 
(4,776
)
 

Other assets
12

 
408

 
20,072

 
(1,829
)
 
18,663

Total assets
$
55,643

 
$
53,939

 
$
189,152

 
$
(121,791
)
 
$
176,943

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
71,916

 
$
(9,226
)
 
$
62,690

Unearned premiums

 

 
17,978

 
(1,207
)
 
16,771

Future policy benefits

 

 
5,909

 
(95
)
 
5,814

Due to subsidiaries and affiliates, net

 
4,446

 
330

 
(4,776
)
 

Repurchase agreements

 

 
1,416

 

 
1,416

Short-term debt

 
1,298

 
1

 

 
1,299

Long-term debt

 
13,559

 

 

 
13,559

Trust preferred securities

 
308

 

 

 
308

Other liabilities
312

 
1,649

 
21,352

 
(3,558
)
 
19,755

Total liabilities
312

 
21,260

 
118,902

 
(18,862
)
 
121,612

Total shareholders’ equity
55,331

 
32,679

 
70,250

 
(102,929
)
 
55,331

Total liabilities and shareholders’ equity
$
55,643

 
$
53,939

 
$
189,152

 
$
(121,791
)
 
$
176,943

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2020
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$

 
$

 
$
7,977

 
$

 
$
7,977

Net premiums earned

 

 
7,794

 

 
7,794

Net investment income
(2
)
 
4

 
859

 

 
861

Equity in earnings of subsidiaries
256

 
593

 

 
(849
)
 

Net realized gains (losses)
(21
)
 
113

 
(1,050
)
 

 
(958
)
Losses and loss expenses

 

 
4,485

 

 
4,485

Policy benefits

 

 
129

 

 
129

Policy acquisition costs and administrative expenses
24

 
(38
)
 
2,370

 

 
2,356

Interest (income) expense
(34
)
 
148

 
18

 

 
132

Other (income) expense
(9
)
 
8

 
56

 

 
55

Amortization of purchased intangibles

 

 
73

 

 
73

Income tax expense

 
7

 
208

 

 
215

Net income
$
252

 
$
585

 
$
264

 
$
(849
)
 
$
252

Comprehensive income (loss)
$
(2,460
)
 
$
(1,200
)
 
$
(2,418
)
 
$
3,618

 
$
(2,460
)


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2019
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$

 
$

 
$
7,313

 
$

 
$
7,313

Net premiums earned

 

 
7,137

 

 
7,137

Net investment income
1

 
(4
)
 
839

 

 
836

Equity in earnings of subsidiaries
990

 
759

 

 
(1,749
)
 

Net realized gains (losses) including OTTI
1

 
(13
)
 
(85
)
 

 
(97
)
Losses and loss expenses

 

 
4,098

 

 
4,098

Policy benefits

 

 
196

 

 
196

Policy acquisition costs and administrative expenses
20

 
(15
)
 
2,169

 

 
2,174

Interest (income) expense
(66
)
 
185

 
21

 

 
140

Other (income) expense
(6
)
 
3

 
(36
)
 

 
(39
)
Amortization of purchased intangibles

 

 
76

 

 
76

Chubb integration expenses

 
2

 
1

 

 
3

Income tax expense (benefit)
4

 
(42
)
 
226

 

 
188

Net income
$
1,040

 
$
609

 
$
1,140

 
$
(1,749
)
 
$
1,040

Comprehensive income
$
2,718

 
$
1,941

 
$
2,788

 
$
(4,729
)
 
$
2,718






Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2020
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from (used for) operating activities
$
65

 
$
(148
)
 
$
1,795

 
$

 
$
1,712

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale

 
(11
)
 
(6,463
)
 

 
(6,474
)
Purchases of fixed maturities held to maturity

 

 
(6
)
 

 
(6
)
Purchases of equity securities

 

 
(1,380
)
 

 
(1,380
)
Sales of fixed maturities available for sale

 

 
4,687

 

 
4,687

Sales of equity securities

 

 
131

 

 
131

Maturities and redemptions of fixed maturities available for sale

 
15

 
2,741

 

 
2,756

Maturities and redemptions of fixed maturities held to maturity

 

 
440

 

 
440

Net change in short-term investments

 
781

 
(229
)
 

 
552

Net derivative instruments settlements

 
78

 
31

 

 
109

Private equity contributions

 

 
(361
)
 

 
(361
)
Private equity distributions

 

 
211

 

 
211

Deposit paid on share acquisition

 

 
(1,550
)
 

 
(1,550
)
Capital contribution
(1,200
)
 

 

 
1,200

 

Other

 
(3
)
 
(122
)
 

 
(125
)
Net cash flows from (used for) investing activities
(1,200
)
 
860

 
(1,870
)
 
1,200

 
(1,010
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(339
)
 

 

 

 
(339
)
Common Shares repurchased
(323
)
 

 

 

 
(323
)
Proceeds from issuance of repurchase agreements

 

 
952

 

 
952

Repayment of repurchase agreements

 

 
(952
)
 

 
(952
)
Proceeds from share-based compensation plans

 

 
47

 

 
47

Dividend to parent company

 

 

 

 

Advances (to) from affiliates
1,066

 
(1,102
)
 
36

 

 

Capital contribution

 

 
1,200

 
(1,200
)
 

Net proceeds from (payments to) affiliated notional cash pooling programs (1)
740

 

 

 
(740
)
 

Policyholder contract deposits

 

 
135

 

 
135

Policyholder contract withdrawals

 

 
(162
)
 

 
(162
)
Other

 
(3
)
 

 


 
(3
)
Net cash flows from (used for) financing activities
1,144

 
(1,105
)
 
1,256

 
(1,940
)
 
(645
)
Effect of foreign currency rate changes on cash and restricted cash
(1
)
 

 
(44
)
 

 
(45
)
Net increase (decrease) in cash and restricted cash
8

 
(393
)
 
1,137

 
(740
)
 
12

Cash and restricted cash – beginning of period (1)
2

 
442

 
1,202

 

 
1,646

Cash and restricted cash – end of period (1)
$
10

 
$
49

 
$
2,339

 
$
(740
)
 
$
1,658

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2019
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from (used for) operating activities
$
307

 
$
(163
)
 
$
1,378

 
$
(200
)
 
$
1,322

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale

 
(3
)
 
(5,558
)
 

 
(5,561
)
Purchases of fixed maturities held to maturity

 

 
(1
)
 

 
(1
)
Purchases of equity securities

 

 
(49
)
 

 
(49
)
Sales of fixed maturities available for sale

 

 
3,293

 

 
3,293

Sales of equity securities

 

 
60

 

 
60

Maturities and redemptions of fixed maturities
   available for sale

 
6

 
1,825

 

 
1,831

Maturities and redemptions of fixed maturities held to maturity

 

 
280

 

 
280

Net change in short-term investments

 
(3
)
 
(36
)
 

 
(39
)
Net derivative instruments settlements

 
(28
)
 
(330
)
 

 
(358
)
Private equity contributions

 

 
(410
)
 

 
(410
)
Private equity distributions

 

 
368

 

 
368

Capital contribution

 
(110
)
 

 
110

 

Other

 
(12
)
 
(75
)
 

 
(87
)
Net cash flows used for investing activities

 
(150
)
 
(633
)
 
110

 
(673
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(336
)
 

 

 

 
(336
)
Common Shares repurchased

 

 
(367
)
 

 
(367
)
Proceeds from issuance of repurchase agreements

 

 
471

 

 
471

Repayment of repurchase agreements

 

 
(470
)
 

 
(470
)
Proceeds from share-based compensation plans

 

 
35

 

 
35

Dividend to parent company

 

 
(200
)
 
200

 

Advances (to) from affiliates
(266
)
 
308

 
(42
)
 

 

Capital contribution

 

 
110

 
(110
)
 

Net proceeds from affiliated notional cash pooling programs (1)
296

 
74

 

 
(370
)
 

Policyholder contract deposits

 

 
115

 

 
115

Policyholder contract withdrawals

 

 
(78
)
 

 
(78
)
Net cash flows from (used for) financing activities
(306
)
 
382

 
(426
)
 
(280
)
 
(630
)
Effect of foreign currency rate changes on cash and restricted cash

 

 
34

 

 
34

Net increase (decrease) in cash and restricted cash
1

 
69

 
353

 
(370
)
 
53

Cash and restricted cash – beginning of period (1)
1

 
2

 
1,989

 
(652
)
 
1,340

Cash and restricted cash – end of period (1)
$
2

 
$
71

 
$
2,342

 
$
(1,022
)
 
$
1,393


(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.1
General (Policies)
3 Months Ended
Mar. 31, 2020
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 11 for additional information.

The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Form 10-K.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
 
March 31

 
December 31

(in millions of U.S. dollars)
2020

 
2019

Cash
$
1,512

 
$
1,537

Restricted cash
146

 
109

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,658

 
$
1,646


Accounting guidance adopted in current year Accounting guidance adopted in 2020
Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments
Effective January 1, 2020, we adopted, on a modified retrospective basis, new guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities, and reinsurance recoverables, by applying an approach based on the current expected credit losses (CECL). The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. In addition, the guidance also replaced the current available for sale (AFS) security other-than-temporary impairment model by requiring an estimate of the expected credit loss (ECL) only when the fair value is below the amortized cost of the asset. The length of time the fair value of an AFS security has been below its amortized cost no longer impacts the determination of whether a potential credit loss exists. The AFS security model also requires the use of a valuation allowance as compared to the previous practice of writing down the asset.

During the first quarter of 2020, we established a valuation allowance for credit losses and recognized a cumulative effect adjustment and decreased beginning retained earnings by $69 million pre-tax, or $63 million after-tax. We also adopted the required disclosures within Note 3 Investments and Note 5 Reinsurance. Results for reporting periods prior to January 1, 2020 are presented in accordance with the previous guidance.
Accounting guidance not yet adopted
Accounting guidance not yet adopted
Effects of Reference Rate Reform on Financial Reporting
In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to investments, derivatives, or other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. Additionally, a company may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that were classified as held to maturity before January 1, 2020. This standard may be elected over time through December 31, 2022 as reference rate reform activities occur. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations.

v3.20.1
Fair value measurements Fair Value Measurement Policy (Policies)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy [Policy Text Block]
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.
v3.20.1
General General (Tables)
3 Months Ended
Mar. 31, 2020
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents [Table Text Block]
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
 
March 31

 
December 31

(in millions of U.S. dollars)
2020

 
2019

Cash
$
1,512

 
$
1,537

Restricted cash
146

 
109

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,658

 
$
1,646


v3.20.1
Investments (Tables)
3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI
March 31, 2020
Amortized
Cost

 
Valuation Allowance

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
(in millions of U.S. dollars)
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,773

 
$

 
$
240

 
$

 
$
3,013

 


Foreign
22,615

 
(44
)
 
850

 
(577
)
 
22,844

 


Corporate securities
31,530

 
(132
)
 
644

 
(1,374
)
 
30,668

 


Mortgage-backed securities
17,073

 

 
864

 
(52
)
 
17,885

 


States, municipalities, and political subdivisions
6,968

 

 
169

 
(17
)
 
7,120

 


 
$
80,959

 
$
(176
)
 
$
2,767

 
$
(2,020
)
 
$
81,530

 


 
Amortized
Cost

 
Valuation Allowance

 
Net Carrying Value

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,208

 
$

 
$
1,208

 
$
75

 
$

 
$
1,283

Foreign
1,294

 
(7
)
 
1,287

 
63

 
(7
)
 
1,343

Corporate securities
2,272

 
(36
)
 
2,236

 
113

 
(27
)
 
2,322

Mortgage-backed securities
2,266

 
(1
)
 
2,265

 
106

 
(4
)
 
2,367

States, municipalities, and political subdivisions
5,030

 
(1
)
 
5,029

 
130

 
(3
)
 
5,156

 
$
12,070

 
$
(45
)
 
$
12,025

 
$
487

 
$
(41
)
 
$
12,471


December 31, 2019
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,188

 
$
96

 
$
(1
)
 
$
3,283

 
$

Foreign
22,670

 
1,099

 
(62
)
 
23,707

 
(25
)
Corporate securities
30,689

 
1,180

 
(78
)
 
31,791

 
(5
)
Mortgage-backed securities
18,712

 
494

 
(14
)
 
19,192

 

States, municipalities, and political subdivisions
7,321

 
205

 
(11
)
 
7,515

 

 
$
82,580

 
$
3,074

 
$
(166
)
 
$
85,488

 
$
(30
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,318

 
$
29

 
$

 
$
1,347

 
$

Foreign
1,423

 
62

 

 
1,485

 

Corporate securities
2,349

 
121

 
(2
)
 
2,468

 

Mortgage-backed securities
2,331

 
65

 

 
2,396

 

States, municipalities, and political subdivisions
5,160

 
150

 
(1
)
 
5,309

 

 
$
12,581

 
$
427

 
$
(3
)
 
$
13,005

 
$


Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI
March 31, 2020
Amortized
Cost

 
Valuation Allowance

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
(in millions of U.S. dollars)
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,773

 
$

 
$
240

 
$

 
$
3,013

 


Foreign
22,615

 
(44
)
 
850

 
(577
)
 
22,844

 


Corporate securities
31,530

 
(132
)
 
644

 
(1,374
)
 
30,668

 


Mortgage-backed securities
17,073

 

 
864

 
(52
)
 
17,885

 


States, municipalities, and political subdivisions
6,968

 

 
169

 
(17
)
 
7,120

 


 
$
80,959

 
$
(176
)
 
$
2,767

 
$
(2,020
)
 
$
81,530

 


 
Amortized
Cost

 
Valuation Allowance

 
Net Carrying Value

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,208

 
$

 
$
1,208

 
$
75

 
$

 
$
1,283

Foreign
1,294

 
(7
)
 
1,287

 
63

 
(7
)
 
1,343

Corporate securities
2,272

 
(36
)
 
2,236

 
113

 
(27
)
 
2,322

Mortgage-backed securities
2,266

 
(1
)
 
2,265

 
106

 
(4
)
 
2,367

States, municipalities, and political subdivisions
5,030

 
(1
)
 
5,029

 
130

 
(3
)
 
5,156

 
$
12,070

 
$
(45
)
 
$
12,025

 
$
487

 
$
(41
)
 
$
12,471


December 31, 2019
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,188

 
$
96

 
$
(1
)
 
$
3,283

 
$

Foreign
22,670

 
1,099

 
(62
)
 
23,707

 
(25
)
Corporate securities
30,689

 
1,180

 
(78
)
 
31,791

 
(5
)
Mortgage-backed securities
18,712

 
494

 
(14
)
 
19,192

 

States, municipalities, and political subdivisions
7,321

 
205

 
(11
)
 
7,515

 

 
$
82,580

 
$
3,074

 
$
(166
)
 
$
85,488

 
$
(30
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,318

 
$
29

 
$

 
$
1,347

 
$

Foreign
1,423

 
62

 

 
1,485

 

Corporate securities
2,349

 
121

 
(2
)
 
2,468

 

Mortgage-backed securities
2,331

 
65

 

 
2,396

 

States, municipalities, and political subdivisions
5,160

 
150

 
(1
)
 
5,309

 

 
$
12,581

 
$
427

 
$
(3
)
 
$
13,005

 
$


Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 
 
 
March 31

 
 
 
December 31

 
 
 
2020

 
 
 
2019

(in millions of U.S. dollars)
Net Carrying Value

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,816

 
$
3,816

 
$
3,951

 
$
3,973

Due after 1 year through 5 years
25,837

 
25,837

 
27,142

 
27,720

Due after 5 years through 10 years
23,712

 
23,712

 
23,901

 
24,874

Due after 10 years
10,280

 
10,280

 
8,874

 
9,729

 
63,645

 
63,645

 
63,868

 
66,296

Mortgage-backed securities
17,885

 
17,885

 
18,712

 
19,192

 
$
81,530

 
$
81,530

 
$
82,580

 
$
85,488

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
614

 
$
620

 
$
478

 
$
479

Due after 1 year through 5 years
3,695

 
3,775

 
3,869

 
3,940

Due after 5 years through 10 years
3,383

 
3,479

 
3,756

 
3,883

Due after 10 years
2,068

 
2,230

 
2,147

 
2,307

 
9,760

 
10,104

 
10,250

 
10,609

Mortgage-backed securities
2,265

 
2,367

 
2,331

 
2,396

 
$
12,025

 
$
12,471

 
$
12,581

 
$
13,005


Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2020

 
2019

Fixed maturities:
 
 
 
OTTI on fixed maturities, gross and net
$

 
$
(13
)
Gross realized gains excluding OTTI
77

 
27

Gross realized losses excluding OTTI
(125
)
 
(58
)
Provision for expected credit losses
(150
)
 

Impairment (1)
(121
)
 

Total fixed maturities
$
(319
)
 
$
(44
)
Equity securities
(29
)
 
58

Other investments
5

 
(44
)
Foreign exchange gains (losses)
(68
)
 
13

Investment and embedded derivative instruments
15

 
(130
)
Fair value adjustments on insurance derivative
(685
)
 
114

S&P futures
125

 
(63
)
Other derivative instruments
(2
)
 
(1
)
Net realized gains (losses) (pre-tax)
$
(958
)
 
$
(97
)

(1) 
Related to our intent to sell certain securities.

Gain (Loss) on Securities [Table Text Block]
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:
 
 
 
Three Months Ended
 
 
 
 
March 31
 
 
2020
 
 
2019
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
(29
)
 
$
5

 
$
(24
)
 
$
58

 
$
(44
)
 
$
14

Less: Net gains (losses) recognized from sales of securities
(24
)
 

 
(24
)
 
1

 
(2
)
 
(1
)
Unrealized gains (losses) recognized for securities still held at reporting date
$
(5
)
 
$
5

 
$

 
$
57

 
$
(42
)
 
$
15



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 table presents, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have 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
 
March 31, 2020
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
Foreign
$
6,534

 
$
(376
)
 
$
132

 
$
(21
)
 
$
6,666

 
$
(397
)
Corporate securities
13,492

 
(858
)
 
448

 
(51
)
 
13,940

 
(909
)
Mortgage-backed securities
914

 
(48
)
 
36

 
(4
)
 
950

 
(52
)
States, municipalities, and political subdivisions
637

 
(6
)
 
130

 
(11
)
 
767

 
(17
)
Total AFS fixed maturities
$
21,577

 
$
(1,288
)
 
$
746

 
$
(87
)
 
$
22,323

 
$
(1,375
)

The following table presents, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2019
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
234

 
$
(1
)
 
$
339

 
$

 
$
573

 
$
(1
)
Foreign
1,846

 
(34
)
 
802

 
(28
)
 
2,648

 
(62
)
Corporate securities
2,121

 
(40
)
 
988

 
(40
)
 
3,109

 
(80
)
Mortgage-backed securities
1,174

 
(6
)
 
932

 
(8
)
 
2,106

 
(14
)
States, municipalities, and political subdivisions
188

 

 
276

 
(12
)
 
464

 
(12
)
Total fixed maturities
$
5,563

 
$
(81
)
 
$
3,337

 
$
(88
)
 
$
8,900

 
$
(169
)

Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block] The following table presents the amortized cost of our HTM securities according to S&P rating:
 
March 31, 2020
 
(in millions of U.S. dollars)
Amortized cost

 
% of Total

AAA
$
2,642

 
22
%
AA
6,608

 
55
%
A
2,371

 
20
%
BBB
422

 
3
%
BB
21

 
%
Other
6

 
%
Total
$
12,070

 
100
%

Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
 
March 31

 
December 31

(in millions of U.S. dollars)
2020

 
2019

Trust funds
$
13,974

 
$
14,004

Deposits with U.S. regulatory authorities
2,424

 
2,466

Deposits with non-U.S. regulatory authorities
2,669

 
2,709

Assets pledged under repurchase agreements
1,492

 
1,464

Other pledged assets
496

 
490

Total
$
21,055

 
$
21,133


Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
 
Three Months Ended

 
March 31

(in millions of U.S. dollars)
2020

Available for sale
 
Valuation allowance for expected credit losses - beginning of period
$

Impact of adoption of new accounting guidance
25

Provision for expected credit loss
149

Initial allowance for purchased securities with credit deterioration
2

Valuation allowance for expected credit losses - end of period
$
176

Held to maturity
 
Valuation allowance for expected credit losses - beginning of period
$

Impact of adoption of new accounting guidance
44

Provision for expected credit loss
1

Valuation allowance for expected credit losses - end of period
$
45


Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
 
Three Months Ended

 
March 31

(in millions of U.S. dollars)
2020

Available for sale
 
Valuation allowance for expected credit losses - beginning of period
$

Impact of adoption of new accounting guidance
25

Provision for expected credit loss
149

Initial allowance for purchased securities with credit deterioration
2

Valuation allowance for expected credit losses - end of period
$
176

Held to maturity
 
Valuation allowance for expected credit losses - beginning of period
$

Impact of adoption of new accounting guidance
44

Provision for expected credit loss
1

Valuation allowance for expected credit losses - end of period
$
45


Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
 
 
 
 
 
March 31

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2020

 
 
 
2019

(in millions of U.S. dollars)
Fair
Value

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
2 to 10 Years
 
$
590

 
$
325

 
$
611

 
$
329

Real Assets
2 to 11 Years
 
721

 
414

 
712

 
422

Distressed
2 to 7 Years
 
262

 
67

 
263

 
80

Private Credit
3 to 8 Years
 
106

 
272

 
104

 
272

Traditional
2 to 14 Years
 
3,045

 
1,868

 
2,844

 
2,160

Vintage
1 to 2 Years
 
103

 

 
116

 

Investment funds
Not Applicable
 
264

 

 
271

 

 
 
 
$
5,091

 
$
2,946

 
$
4,921

 
$
3,263



v3.20.1
Fair value measurements (Tables)
3 Months Ended
Mar. 31, 2020
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
March 31, 2020
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,400

 
$
613

 
$

 
$
3,013

Foreign

 
22,379

 
465

 
22,844

Corporate securities

 
29,166

 
1,502

 
30,668

Mortgage-backed securities

 
17,825

 
60

 
17,885

States, municipalities, and political subdivisions

 
7,120

 

 
7,120

 
2,400

 
77,103

 
2,027

 
81,530

Equity securities
2,001

 

 
67

 
2,068

Short-term investments
2,165

 
1,420

 
1

 
3,586

Other investments (1)
285

 
335

 
10

 
630

Securities lending collateral

 
1,342

 

 
1,342

Investment derivative instruments
64

 

 

 
64

Other derivative instruments
2

 

 

 
2

Separate account assets
2,778

 
130

 

 
2,908

Total assets measured at fair value (1)
$
9,695

 
$
80,330

 
$
2,105

 
$
92,130

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
141

 
$

 
$

 
$
141

GLB (2)

 

 
1,141

 
1,141

Total liabilities measured at fair value
$
141

 
$

 
$
1,141

 
$
1,282

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $5,091 million, policy loans of $228 million and other investments of $126 million at March 31, 2020 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
 
December 31, 2019
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,664

 
$
619

 
$

 
$
3,283

Foreign

 
23,258

 
449

 
23,707

Corporate securities

 
30,340

 
1,451

 
31,791

Mortgage-backed securities

 
19,132

 
60

 
19,192

States, municipalities, and political subdivisions

 
7,515

 

 
7,515

 
2,664

 
80,864

 
1,960

 
85,488

Equity securities
728

 
15

 
69

 
812

Short-term investments
2,803

 
1,482

 
6

 
4,291

Other investments (1)
412

 
377

 
10

 
799

Securities lending collateral

 
994

 

 
994

Investment derivative instruments
24

 

 

 
24

Other derivative instruments
2

 

 

 
2

Separate account assets
3,437

 
136

 

 
3,573

Total assets measured at fair value (1)
$
10,070

 
$
83,868

 
$
2,045

 
$
95,983

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
93

 
$

 
$

 
$
93

Other derivative instruments
13

 

 

 
13

GLB (2)

 

 
456

 
456

Total liabilities measured at fair value
$
106

 
$

 
$
456

 
$
562


(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,921 million and other investments of $95 million at December 31, 2019 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
Fair Value And Maximum Future Funding Commitments Related To Investments
 
 
 
 
 
March 31

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2020

 
 
 
2019

(in millions of U.S. dollars)
Fair
Value

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
2 to 10 Years
 
$
590

 
$
325

 
$
611

 
$
329

Real Assets
2 to 11 Years
 
721

 
414

 
712

 
422

Distressed
2 to 7 Years
 
262

 
67

 
263

 
80

Private Credit
3 to 8 Years
 
106

 
272

 
104

 
272

Traditional
2 to 14 Years
 
3,045

 
1,868

 
2,844

 
2,160

Vintage
1 to 2 Years
 
103

 

 
116

 

Investment funds
Not Applicable
 
264

 

 
271

 

 
 
 
$
5,091

 
$
2,946

 
$
4,921

 
$
3,263



Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)
Fair Value
 
 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
 
Weighted Average (1)

March 31, 2020

 
December 31, 2019

 
 
 
 
GLB (1)
$
1,141

 
$
456

 
Actuarial model
 
Lapse rate
 
3% – 34%
 
4.3
%
 
 
 
 
 
 
 
Annuitization rate
 
0% – 52%
 
4.6
%
(1) 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
 
Assets
 
Liabilities
 
Three Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2020
Foreign

 
Corporate
securities

 
MBS

 
(in millions of U.S. dollars)
 
 
 
Balance – beginning of period
$
449

 
$
1,451

 
$
60

 
$
69

 
$
6

 
$
10

 
$
456

Transfers into Level 3

 
91

 

 

 

 

 

Transfers out of Level 3
(3
)
 
(1
)
 

 

 

 

 

Change in Net Unrealized Gains (Losses) in OCI
(14
)
 
(45
)
 

 
1

 

 

 

Net Realized Gains/Losses
(2
)
 
(13
)
 

 
(2
)
 

 

 
685

Purchases
82

 
139

 

 
3

 
1

 

 

Sales
(46
)
 
(19
)
 

 
(4
)
 

 

 

Settlements
(1
)
 
(101
)
 

 

 
(6
)
 

 

Balance – end of period
$
465

 
$
1,502

 
$
60

 
$
67

 
$
1

 
$
10

 
$
1,141

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$
(14
)
 
$

 
$
(2
)
 
$

 
$

 
$
685

Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date
$
(15
)
 
$
(44
)
 
$

 
$

 
$

 
$

 
$


(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million, respectively.
  
Assets
 
 
Liabilities

Three Months Ended
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $338 million and $452 million, respectively.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
 
Assets
 
Liabilities
 
Three Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2020
Foreign

 
Corporate
securities

 
MBS

 
(in millions of U.S. dollars)
 
 
 
Balance – beginning of period
$
449

 
$
1,451

 
$
60

 
$
69

 
$
6

 
$
10

 
$
456

Transfers into Level 3

 
91

 

 

 

 

 

Transfers out of Level 3
(3
)
 
(1
)
 

 

 

 

 

Change in Net Unrealized Gains (Losses) in OCI
(14
)
 
(45
)
 

 
1

 

 

 

Net Realized Gains/Losses
(2
)
 
(13
)
 

 
(2
)
 

 

 
685

Purchases
82

 
139

 

 
3

 
1

 

 

Sales
(46
)
 
(19
)
 

 
(4
)
 

 

 

Settlements
(1
)
 
(101
)
 

 

 
(6
)
 

 

Balance – end of period
$
465

 
$
1,502

 
$
60

 
$
67

 
$
1

 
$
10

 
$
1,141

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$
(14
)
 
$

 
$
(2
)
 
$

 
$

 
$
685

Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date
$
(15
)
 
$
(44
)
 
$

 
$

 
$

 
$

 
$


(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million, respectively.
  
Assets
 
 
Liabilities

Three Months Ended
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

(1) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $338 million and $452 million, respectively.

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
March 31, 2020
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 and agency
$
1,227

 
$
56

 
$

 
$
1,283

 
$
1,208

Foreign

 
1,343

 

 
1,343

 
1,287

Corporate securities

 
2,294

 
28

 
2,322

 
2,236

Mortgage-backed securities

 
2,367

 

 
2,367

 
2,265

States, municipalities, and political subdivisions

 
5,156

 

 
5,156

 
5,029

Total assets
$
1,227

 
$
11,216

 
$
28

 
$
12,471

 
$
12,025

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,408

 
$

 
$
1,408

 
$
1,408

Short-term debt

 
1,300

 

 
1,300

 
1,300

Long-term debt

 
14,353

 

 
14,353

 
13,510

Trust preferred securities

 
406

 

 
406

 
308

Total liabilities
$

 
$
17,467

 
$

 
$
17,467

 
$
16,526

December 31, 2019
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,292

 
$
55

 
$

 
$
1,347

 
$
1,318

Foreign

 
1,485

 

 
1,485

 
1,423

Corporate securities

 
2,436

 
32

 
2,468

 
2,349

Mortgage-backed securities

 
2,396

 

 
2,396

 
2,331

States, municipalities, and political subdivisions

 
5,309

 

 
5,309

 
5,160

Total assets
$
1,292


$
11,681


$
32


$
13,005


$
12,581

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,416

 
$

 
$
1,416

 
$
1,416

Short-term debt

 
1,307

 

 
1,307

 
1,299

Long-term debt

 
15,048

 

 
15,048

 
13,559

Trust preferred securities

 
467

 

 
467

 
308

Total liabilities
$

 
$
18,238

 
$

 
$
18,238

 
$
16,582


v3.20.1
Reinsurance (Tables)
3 Months Ended
Mar. 31, 2020
Credit Loss [Abstract]  
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
Three Months Ended
 
 
March 31

(in millions of U.S. dollars)
2020

Reinsurance recoverable
 
Valuation allowance for uncollectible reinsurance - beginning of period
$
316

Provision for uncollectible reinsurance
2

Write-offs charged against the valuation allowance
(13
)
Valuation allowance for uncollectible reinsurance - end of period
$
305


v3.20.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)
3 Months Ended
Mar. 31, 2020
Liability for Claims and Claims Adjustment Expense [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
2020

 
2019

Gross unpaid losses and loss expenses – beginning of period
$
62,690

 
$
62,960

Reinsurance recoverable on unpaid losses - beginning of period (1)
(14,181
)
 
(14,689
)
Net unpaid losses and loss expenses – beginning of period
48,509

 
48,271

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
4,605

 
4,326

Prior years (2)
(120
)
 
(228
)
Total
4,485

 
4,098

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
920

 
785

Prior years
3,335

 
3,234

Total
4,255

 
4,019

Foreign currency revaluation and other
(565
)
 
86

Net unpaid losses and loss expenses – end of period
48,174

 
48,436

Reinsurance recoverable on unpaid losses (1)
14,040

 
14,707

Gross unpaid losses and loss expenses – end of period
$
62,214

 
$
63,143

(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 $2 million and $24 million for the three months ended March 31, 2020 and 2019, respectively.

Prior Period Development, by Segment [Table Text Block]
The following table summarizes (favorable) and adverse PPD by segment.
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
Long-tail    

 
Short-tail

 
Total

2020
 
 
 
 
 
North America Commercial P&C Insurance
$
(43
)
 
$
(62
)
 
$
(105
)
North America Personal P&C Insurance

 
1

 
1

North America Agricultural Insurance

 
(14
)
 
(14
)
Overseas General Insurance

 
(4
)
 
(4
)
Global Reinsurance

 
(7
)
 
(7
)
Corporate
11

 

 
11

Total
$
(32
)
 
$
(86
)
 
$
(118
)
2019
 
 
 
 
 
North America Commercial P&C Insurance
$
(65
)
 
$
(66
)
 
$
(131
)
North America Personal P&C Insurance

 
(10
)
 
(10
)
North America Agricultural Insurance

 
(61
)
 
(61
)
Overseas General Insurance

 
(4
)
 
(4
)
Global Reinsurance
(1
)
 
(7
)
 
(8
)
Corporate
10

 

 
10

Total
$
(56
)
 
$
(148
)
 
$
(204
)

v3.20.1
Commitments, contingencies, and guarantees (Tables)
3 Months Ended
Mar. 31, 2020
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:
 
 
 
 
 
March 31, 2020
 
 
 
 
December 31, 2019
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
Fair Value
 
 
Notional
Value/
Payment
Provision

(in millions of U.S. dollars)
 
Derivative Asset

 
Derivative (Liability)

 
 
Derivative Asset

 
Derivative (Liability)

 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
32

 
$
(109
)
 
$
2,639

 
$
11

 
$
(78
)
 
$
2,579

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
15

 
(32
)
 
1,116

 
13

 
(15
)
 
1,615

Convertible securities (1)
FM AFS / ES
 
4

 

 
5

 
4

 

 
5

 
 
 
$
51

 
$
(141
)
 
$
3,760

 
$
28


$
(93
)

$
4,199

Other derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures contracts on equities (2)
OA / (AP)
 
$
17

 
$

 
$
514

 
$

 
$
(13
)
 
$
613

Other
OA / (AP)
 
2

 

 
103

 
2

 

 
63

 
 
 
$
19

 
$

 
$
617

 
$
2

 
$
(13
)
 
$
676

GLB (3)
(AP) / (FPB)
 
$

 
$
(1,591
)
 
$
2,680

 
$

 
$
(897
)
 
$
1,510


(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB book of business.
(3) 
Includes both future policy benefits reserves of $450 million and $441 million and fair value derivative adjustment of $1,141 million and $456 million at March 31, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2020

 
2019

Investment and embedded derivative instruments:
 
 
 
Foreign currency forward contracts
$
43

 
$
(15
)
Interest rate swaps

 
(80
)
All other futures contracts, options, and equities
(27
)
 
(36
)
Convertible securities (1)
(1
)
 
1

Total investment and embedded derivative instruments
$
15

 
$
(130
)
GLB and other derivative instruments:
 
 
 
GLB (2)
$
(685
)
 
$
114

Futures contracts on equities (3)
125

 
(63
)
Other
(2
)
 
(1
)
Total GLB and other derivative instruments
$
(562
)
 
$
50

 
$
(547
)
 
$
(80
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB book of business.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
 
Remaining contractual maturity
 
 
 
March 31, 2020

 
December 31, 2019

(in millions of U.S. dollars)
 
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
 
Cash
 
$
675

 
$
346

U.S. Treasury and agency
 
15

 
6

Foreign
 
609

 
595

Corporate securities
 
3

 
5

Mortgage-backed securities
 
17

 
18

Equity securities
 
23

 
24

 
 
$
1,342

 
$
994

Gross amount of recognized liability for securities lending payable
 
$
1,342

 
$
994



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
 
 
March 31, 2020
 
 
 
 
December 31, 2019
 
 
30-90 Days

 
Greater than
90 Days

 
Total

 
Up to 30 Days

 
30-90 Days

 
Greater than
90 Days

 
Total

(in millions of U.S. dollars)
 
 
 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
$

 
$
1

 
$
1

 
$
2

 
$

 
$

 
$
2

U.S. Treasury and agency

 
105

 
105

 
107

 

 

 
107

Mortgage-backed securities
499

 
887

 
1,386

 
399

 
476

 
480

 
1,355

 
$
499

 
$
993

 
$
1,492

 
$
508

 
$
476

 
$
480

 
$
1,464

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,408

 
 
 
 
 
 
 
$
1,416

Difference (1)
 
 
 
 
$
84

 
 
 
 
 
 
 
$
48


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.20.1
Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2020
Stockholders' Equity Note [Abstract]  
Share Repurchase Program [Table Text Block]
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
 
Three Months Ended March 31
 
(in millions of U.S. dollars, except share data)
2020

 
2019

Number of shares repurchased
2,266,150

 
2,753,754

Cost of shares repurchased
$
326

 
$
367

Repurchase authorization remaining at end of period
$
1,124

 
$
1,112


v3.20.1
Postretirement benefits (Tables)
3 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
 
Pension Benefit Plans
 
 
Other Postretirement
Benefit Plans
 
 
2020
 
 
2019
 
 
2020

 
2019

Three Months Ended March 31
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Service cost
$

 
$
1

 
$
12

 
$
3

 
$

 
$

Non-service cost:
 
 
 
 
 
 
 
 
 
 
 
Interest cost
25

 
6

 
30

 
7

 
1

 
1

Expected return on plan assets
(56
)
 
(10
)
 
(47
)
 
(11
)
 
(1
)
 
(1
)
Amortization of prior service cost

 

 

 

 
(20
)
 
(20
)
Settlements
1

 

 

 

 

 

Total non-service (benefit) cost
(30
)
 
(4
)
 
(17
)
 
(4
)
 
(20
)
 
(20
)
Net periodic (benefit) cost
$
(30
)
 
$
(3
)
 
$
(5
)
 
$
(1
)
 
$
(20
)
 
$
(20
)


The line items in which the service and non-service cost components of net periodic (benefit) cost are included in the Consolidated statements of operations were as follows:
 
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
Three Months Ended March 31
 
2020

 
2019

 
2020

 
2019

(in millions of U.S. dollars)
 
 
 
 
Service cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
$

 
$
2

 
$

 
$

Administrative expenses
 
1

 
13

 

 

Total service cost
 
1

 
15

 

 

Non-service cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
(3
)
 
(2
)
 
(2
)
 
(2
)
Administrative expenses
 
(31
)
 
(19
)
 
(18
)
 
(18
)
Total non-service (benefit) cost
 
(34
)
 
(21
)
 
(20
)
 
(20
)
Net periodic (benefit) cost
 
$
(33
)
 
$
(6
)
 
$
(20
)
 
$
(20
)

v3.20.1
Segment information (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Operations By Segment
The following tables present the Statement of Operations by segment:
For the Three Months Ended
March 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
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
3,252

 
$
1,107

 
$
157

 
$
2,598

 
$
218

 
$
645

 
$

 
$
7,977

Net premiums earned
3,376

 
1,200

 
94

 
2,307

 
186

 
631

 

 
7,794

Losses and loss expenses
2,181

 
683

 
63

 
1,258

 
87

 
202

 
11

 
4,485

Policy benefits

 

 

 

 

 
129

 

 
129

Policy acquisition costs
492

 
245

 
11

 
642

 
45

 
180

 

 
1,615

Administrative expenses
259

 
68

 
4

 
258

 
10

 
76

 
66

 
741

Underwriting income (loss)
444

 
204

 
16

 
149

 
44

 
44

 
(77
)
 
824

Net investment income (loss)
516

 
66

 
9

 
145

 
54

 
95

 
(24
)
 
861

Other (income) expense
(3
)
 
2

 

 
4

 
(15
)
 
44

 
23

 
55

Amortization expense of purchased intangibles

 
3

 
7

 
12

 

 
1

 
50

 
73

Segment income (loss)
$
963


$
265


$
18


$
278


$
113


$
94


$
(174
)

$
1,557

Net realized gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
(958
)
 
(958
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
132

 
132

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
215

 
215

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(1,479
)
 
$
252

For the Three Months Ended
March 31, 2019
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
2,951

 
$
1,056

 
$
130

 
$
2,395

 
$
202

 
$
579

 
$

 
$
7,313

Net premiums earned
3,085

 
1,154

 
55

 
2,114

 
168

 
561

 

 
7,137

Losses and loss expenses
1,973

 
757

 
(27
)
 
1,106

 
76

 
202

 
11

 
4,098

Policy benefits

 

 

 

 

 
196

 

 
196

Policy acquisition costs
459

 
231

 
7

 
596

 
43

 
128

 

 
1,464

Administrative expenses
240

 
68

 
1

 
249

 
10

 
79

 
63

 
710

Underwriting income (loss)
413


98


74


163


39


(44
)
 
(74
)
 
669

Net investment income (loss)
510

 
64

 
10

 
144

 
56

 
89

 
(37
)
 
836

Other (income) expense
(5
)
 

 

 
4

 
(9
)
 
(40
)
 
11

 
(39
)
Amortization expense of purchased intangibles

 
3

 
7

 
11

 

 

 
55

 
76

Segment income (loss)
$
928


$
159


$
77


$
292


$
104


$
85

 
$
(177
)
 
$
1,468

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(97
)
 
(97
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
140

 
140

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
3

 
3

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
188

 
188

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(605
)
 
$
1,040



v3.20.1
Earnings per share (Tables)
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars, except share and per share data)
2020

 
2019

Numerator:
 
 
 
Net income
$
252

 
$
1,040

Denominator:
 
 
 
Denominator for basic earnings per share:
 
 
 
Weighted-average shares outstanding
451,868,658

 
458,805,185

Denominator for diluted earnings per share:
 
 
 
Share-based compensation plans
2,651,610

 
2,731,755

Weighted-average shares outstanding and assumed conversions
454,520,268

 
461,536,940

Basic earnings per share
$
0.56

 
$
2.27

Diluted earnings per share
$
0.55

 
$
2.25

Potential anti-dilutive share conversions
3,154,406

 
4,343,204



v3.20.1
Information provided in connection with outstanding debt of subsidiaries (Tables)
3 Months Ended
Mar. 31, 2020
Table Text Block Supplement [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet at March 31, 2020
(in millions of U.S. dollars)
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
229

 
$
105,055

 
$

 
$
105,284

Cash (1)
10

 
49

 
2,193

 
(740
)
 
1,512

Restricted cash

 

 
146

 

 
146

Insurance and reinsurance balances receivable

 

 
12,727

 
(2,669
)
 
10,058

Reinsurance recoverable on losses and loss expenses

 

 
24,293

 
(9,395
)
 
14,898

Reinsurance recoverable on policy benefits

 

 
288

 
(92
)
 
196

Value of business acquired

 

 
289

 

 
289

Goodwill and other intangible assets

 

 
20,873

 

 
20,873

Investments in subsidiaries
49,573

 
50,731

 

 
(100,304
)
 

Due from subsidiaries and affiliates, net
3,695

 

 

 
(3,695
)
 

Other assets
6

 
340

 
21,345

 
(1,820
)
 
19,871

Total assets
$
53,284

 
$
51,349

 
$
187,209

 
$
(118,715
)
 
$
173,127

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
71,283

 
$
(9,069
)
 
$
62,214

Unearned premiums

 

 
17,652

 
(1,193
)
 
16,459

Future policy benefits

 

 
5,868

 
(92
)
 
5,776

Due to subsidiaries and affiliates, net

 
3,338

 
357

 
(3,695
)
 

Affiliated notional cash pooling programs (1)
740

 

 

 
(740
)
 

Repurchase agreements

 

 
1,408

 

 
1,408

Short-term debt

 
1,299

 
1

 

 
1,300

Long-term debt

 
13,510

 

 

 
13,510

Trust preferred securities

 
308

 

 

 
308

Other liabilities
347

 
1,595

 
21,635

 
(3,622
)
 
19,955

Total liabilities
1,087

 
20,050

 
118,204

 
(18,411
)
 
120,930

Total shareholders’ equity
52,197

 
31,299

 
69,005

 
(100,304
)
 
52,197

Total liabilities and shareholders’ equity
$
53,284

 
$
51,349

 
$
187,209

 
$
(118,715
)
 
$
173,127


(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
 

Condensed Consolidating Balance Sheet at December 31, 2019

(in millions of U.S. dollars)
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
1,013

 
$
108,221

 
$

 
$
109,234

Cash (1)
2

 
442

 
1,093

 

 
1,537

Restricted cash

 

 
109

 

 
109

Insurance and reinsurance balances receivable

 

 
12,920

 
(2,563
)
 
10,357

Reinsurance recoverable on losses and loss expenses

 

 
24,780

 
(9,599
)
 
15,181

Reinsurance recoverable on policy benefits

 

 
292

 
(95
)
 
197

Value of business acquired

 

 
306

 

 
306

Goodwill and other intangible assets

 

 
21,359

 

 
21,359

Investments in subsidiaries
50,853

 
52,076

 

 
(102,929
)
 

Due from subsidiaries and affiliates, net
4,776

 

 

 
(4,776
)
 

Other assets
12

 
408

 
20,072

 
(1,829
)
 
18,663

Total assets
$
55,643

 
$
53,939

 
$
189,152

 
$
(121,791
)
 
$
176,943

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
71,916

 
$
(9,226
)
 
$
62,690

Unearned premiums

 

 
17,978

 
(1,207
)
 
16,771

Future policy benefits

 

 
5,909

 
(95
)
 
5,814

Due to subsidiaries and affiliates, net

 
4,446

 
330

 
(4,776
)
 

Repurchase agreements

 

 
1,416

 

 
1,416

Short-term debt

 
1,298

 
1

 

 
1,299

Long-term debt

 
13,559

 

 

 
13,559

Trust preferred securities

 
308

 

 

 
308

Other liabilities
312

 
1,649

 
21,352

 
(3,558
)
 
19,755

Total liabilities
312

 
21,260

 
118,902

 
(18,862
)
 
121,612

Total shareholders’ equity
55,331

 
32,679

 
70,250

 
(102,929
)
 
55,331

Total liabilities and shareholders’ equity
$
55,643

 
$
53,939

 
$
189,152

 
$
(121,791
)
 
$
176,943

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
Condensed Consolidating Statement Of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2020
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$

 
$

 
$
7,977

 
$

 
$
7,977

Net premiums earned

 

 
7,794

 

 
7,794

Net investment income
(2
)
 
4

 
859

 

 
861

Equity in earnings of subsidiaries
256

 
593

 

 
(849
)
 

Net realized gains (losses)
(21
)
 
113

 
(1,050
)
 

 
(958
)
Losses and loss expenses

 

 
4,485

 

 
4,485

Policy benefits

 

 
129

 

 
129

Policy acquisition costs and administrative expenses
24

 
(38
)
 
2,370

 

 
2,356

Interest (income) expense
(34
)
 
148

 
18

 

 
132

Other (income) expense
(9
)
 
8

 
56

 

 
55

Amortization of purchased intangibles

 

 
73

 

 
73

Income tax expense

 
7

 
208

 

 
215

Net income
$
252

 
$
585

 
$
264

 
$
(849
)
 
$
252

Comprehensive income (loss)
$
(2,460
)
 
$
(1,200
)
 
$
(2,418
)
 
$
3,618

 
$
(2,460
)


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2019
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$

 
$

 
$
7,313

 
$

 
$
7,313

Net premiums earned

 

 
7,137

 

 
7,137

Net investment income
1

 
(4
)
 
839

 

 
836

Equity in earnings of subsidiaries
990

 
759

 

 
(1,749
)
 

Net realized gains (losses) including OTTI
1

 
(13
)
 
(85
)
 

 
(97
)
Losses and loss expenses

 

 
4,098

 

 
4,098

Policy benefits

 

 
196

 

 
196

Policy acquisition costs and administrative expenses
20

 
(15
)
 
2,169

 

 
2,174

Interest (income) expense
(66
)
 
185

 
21

 

 
140

Other (income) expense
(6
)
 
3

 
(36
)
 

 
(39
)
Amortization of purchased intangibles

 

 
76

 

 
76

Chubb integration expenses

 
2

 
1

 

 
3

Income tax expense (benefit)
4

 
(42
)
 
226

 

 
188

Net income
$
1,040

 
$
609

 
$
1,140

 
$
(1,749
)
 
$
1,040

Comprehensive income
$
2,718

 
$
1,941

 
$
2,788

 
$
(4,729
)
 
$
2,718






Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2020
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from (used for) operating activities
$
65

 
$
(148
)
 
$
1,795

 
$

 
$
1,712

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale

 
(11
)
 
(6,463
)
 

 
(6,474
)
Purchases of fixed maturities held to maturity

 

 
(6
)
 

 
(6
)
Purchases of equity securities

 

 
(1,380
)
 

 
(1,380
)
Sales of fixed maturities available for sale

 

 
4,687

 

 
4,687

Sales of equity securities

 

 
131

 

 
131

Maturities and redemptions of fixed maturities available for sale

 
15

 
2,741

 

 
2,756

Maturities and redemptions of fixed maturities held to maturity

 

 
440

 

 
440

Net change in short-term investments

 
781

 
(229
)
 

 
552

Net derivative instruments settlements

 
78

 
31

 

 
109

Private equity contributions

 

 
(361
)
 

 
(361
)
Private equity distributions

 

 
211

 

 
211

Deposit paid on share acquisition

 

 
(1,550
)
 

 
(1,550
)
Capital contribution
(1,200
)
 

 

 
1,200

 

Other

 
(3
)
 
(122
)
 

 
(125
)
Net cash flows from (used for) investing activities
(1,200
)
 
860

 
(1,870
)
 
1,200

 
(1,010
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(339
)
 

 

 

 
(339
)
Common Shares repurchased
(323
)
 

 

 

 
(323
)
Proceeds from issuance of repurchase agreements

 

 
952

 

 
952

Repayment of repurchase agreements

 

 
(952
)
 

 
(952
)
Proceeds from share-based compensation plans

 

 
47

 

 
47

Dividend to parent company

 

 

 

 

Advances (to) from affiliates
1,066

 
(1,102
)
 
36

 

 

Capital contribution

 

 
1,200

 
(1,200
)
 

Net proceeds from (payments to) affiliated notional cash pooling programs (1)
740

 

 

 
(740
)
 

Policyholder contract deposits

 

 
135

 

 
135

Policyholder contract withdrawals

 

 
(162
)
 

 
(162
)
Other

 
(3
)
 

 


 
(3
)
Net cash flows from (used for) financing activities
1,144

 
(1,105
)
 
1,256

 
(1,940
)
 
(645
)
Effect of foreign currency rate changes on cash and restricted cash
(1
)
 

 
(44
)
 

 
(45
)
Net increase (decrease) in cash and restricted cash
8

 
(393
)
 
1,137

 
(740
)
 
12

Cash and restricted cash – beginning of period (1)
2

 
442

 
1,202

 

 
1,646

Cash and restricted cash – end of period (1)
$
10

 
$
49

 
$
2,339

 
$
(740
)
 
$
1,658

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2019
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from (used for) operating activities
$
307

 
$
(163
)
 
$
1,378

 
$
(200
)
 
$
1,322

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale

 
(3
)
 
(5,558
)
 

 
(5,561
)
Purchases of fixed maturities held to maturity

 

 
(1
)
 

 
(1
)
Purchases of equity securities

 

 
(49
)
 

 
(49
)
Sales of fixed maturities available for sale

 

 
3,293

 

 
3,293

Sales of equity securities

 

 
60

 

 
60

Maturities and redemptions of fixed maturities
   available for sale

 
6

 
1,825

 

 
1,831

Maturities and redemptions of fixed maturities held to maturity

 

 
280

 

 
280

Net change in short-term investments

 
(3
)
 
(36
)
 

 
(39
)
Net derivative instruments settlements

 
(28
)
 
(330
)
 

 
(358
)
Private equity contributions

 

 
(410
)
 

 
(410
)
Private equity distributions

 

 
368

 

 
368

Capital contribution

 
(110
)
 

 
110

 

Other

 
(12
)
 
(75
)
 

 
(87
)
Net cash flows used for investing activities

 
(150
)
 
(633
)
 
110

 
(673
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(336
)
 

 

 

 
(336
)
Common Shares repurchased

 

 
(367
)
 

 
(367
)
Proceeds from issuance of repurchase agreements

 

 
471

 

 
471

Repayment of repurchase agreements

 

 
(470
)
 

 
(470
)
Proceeds from share-based compensation plans

 

 
35

 

 
35

Dividend to parent company

 

 
(200
)
 
200

 

Advances (to) from affiliates
(266
)
 
308

 
(42
)
 

 

Capital contribution

 

 
110

 
(110
)
 

Net proceeds from affiliated notional cash pooling programs (1)
296

 
74

 

 
(370
)
 

Policyholder contract deposits

 

 
115

 

 
115

Policyholder contract withdrawals

 

 
(78
)
 

 
(78
)
Net cash flows from (used for) financing activities
(306
)
 
382

 
(426
)
 
(280
)
 
(630
)
Effect of foreign currency rate changes on cash and restricted cash

 

 
34

 

 
34

Net increase (decrease) in cash and restricted cash
1

 
69

 
353

 
(370
)
 
53

Cash and restricted cash – beginning of period (1)
1

 
2

 
1,989

 
(652
)
 
1,340

Cash and restricted cash – end of period (1)
$
2

 
$
71

 
$
2,342

 
$
(1,022
)
 
$
1,393


(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.1
General Schedule of Cash and Cash Equivalent (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
[4]
Dec. 31, 2018
[4]
Cash and Cash Equivalents [Line Items]        
Cash $ 1,512 [1] $ 1,537 [2]    
Restricted cash 146 109    
Total cash and restricted cash shown in the Consolidated statement of cash flows $ 1,658 [3] $ 1,646 [3] $ 1,393 $ 1,340
[1]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
[3]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[4]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.1
General Goodwill (Details)
$ in Millions
3 Months Ended
Mar. 31, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Period Increase (Decrease) $ (325)
v3.20.1
General Adoption of New Accounting Pronouncements (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative Effect on Retained Earnings, Net of Tax $ (52,197) $ (55,331) $ (52,355)  
Retained Earnings [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative Effect on Retained Earnings, Net of Tax (36,331) (36,079) $ (32,728) $ (31,688)
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative Effect on Retained Earnings, before Tax 69      
Cumulative Effect on Retained Earnings, Net of Tax $ 63 $ 63    
v3.20.1
Acquisitions Acquisitions (narrative) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Business Acquisition [Line Items]    
Payments for Other Deposits $ 1,550 $ 0
CHINA | Huatai Group [Member]    
Business Acquisition [Line Items]    
Payments for Other Deposits $ 1,550  
v3.20.1
Acquisitions Investments (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Mar. 31, 2020
Investment Holdings [Line Items]    
Equity Method Investment, Ownership Percentage   100.00%
Huatai Group [Member]    
Investment Holdings [Line Items]    
Equity Method Investment, Ownership Percentage   30.90%
Huatai Group [Member] | CHINA | Subsequent Event [Member]    
Investment Holdings [Line Items]    
Equity method investment, additional ownership agreed to be purchased 22.40%  
Amount agreed to acquire 22.4 percent of Huatai Group $ 1,550  
Equity method investment, additional 15.3 ownership percentage obtained 15.30%  
Portion one of payments to acquire 22.4% of Huatai Group $ 1,100  
Equity method investment, additional 7.1 percentage obtained 7.10%  
Portion two of payments to acquire equity method investments $ 493  
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 53.30%  
v3.20.1
Investments (Narrative) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Investments [Line Items]      
Equity Method Investment, Ownership Percentage 100.00%    
Restricted assets in fixed maturities and short-term investments $ 20,900   $ 21,000
Restricted assets in cash 146   $ 109
Mortgage-backed securities      
Investments [Line Items]      
Credit losses recognized in net income $ 0 $ 0  
v3.20.1
Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost $ 80,959 $ 82,580
Debt Securities, Available-for-sale, Allowance for Credit Loss (176) 0
Available for Sale, Gross Unrealized Appreciation 2,767 3,074
Available for Sale, Gross Unrealized Depreciation (2,020) (166)
Available for sale, Fair Value 81,530 85,488
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities   (30)
U.S. Treasury and agency    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 2,773 3,188
Debt Securities, Available-for-sale, Allowance for Credit Loss 0  
Available for Sale, Gross Unrealized Appreciation 240 96
Available for Sale, Gross Unrealized Depreciation 0 (1)
Available for sale, Fair Value 3,013 3,283
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities   0
Foreign    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 22,615 22,670
Debt Securities, Available-for-sale, Allowance for Credit Loss (44)  
Available for Sale, Gross Unrealized Appreciation 850 1,099
Available for Sale, Gross Unrealized Depreciation (577) (62)
Available for sale, Fair Value 22,844 23,707
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities   (25)
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 31,530 30,689
Debt Securities, Available-for-sale, Allowance for Credit Loss (132)  
Available for Sale, Gross Unrealized Appreciation 644 1,180
Available for Sale, Gross Unrealized Depreciation (1,374) (78)
Available for sale, Fair Value 30,668 31,791
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities   (5)
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 17,073 18,712
Debt Securities, Available-for-sale, Allowance for Credit Loss 0  
Available for Sale, Gross Unrealized Appreciation 864 494
Available for Sale, Gross Unrealized Depreciation (52) (14)
Available for sale, Fair Value 17,885 19,192
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities   0
States, municipalities, and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 6,968 7,321
Debt Securities, Available-for-sale, Allowance for Credit Loss 0  
Available for Sale, Gross Unrealized Appreciation 169 205
Available for Sale, Gross Unrealized Depreciation (17) (11)
Available for sale, Fair Value $ 7,120 7,515
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities   $ 0
v3.20.1
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]    
Held to maturity, Amortized Cost $ 12,070 $ 12,581
Debt Securities, Held-to-maturity, Allowance for Credit Loss (45) 0
Debt securities, held to maturity, net carrying value 12,025  
Held-to-maturity, Gross Unrealized Appreciation 487 427
Held-to-maturity, Gross Unrealized Depreciation (41) (3)
Held-to-maturity, Fair Value 12,471 13,005
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities   0
U.S. Treasury and agency    
Schedule of Held-to-maturity Securities [Line Items]    
Held to maturity, Amortized Cost 1,208 1,318
Debt Securities, Held-to-maturity, Allowance for Credit Loss 0  
Debt securities, held to maturity, net carrying value 1,208  
Held-to-maturity, Gross Unrealized Appreciation 75 29
Held-to-maturity, Gross Unrealized Depreciation 0 0
Held-to-maturity, Fair Value 1,283 1,347
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities   0
Foreign    
Schedule of Held-to-maturity Securities [Line Items]    
Held to maturity, Amortized Cost 1,294 1,423
Debt Securities, Held-to-maturity, Allowance for Credit Loss (7)  
Debt securities, held to maturity, net carrying value 1,287  
Held-to-maturity, Gross Unrealized Appreciation 63 62
Held-to-maturity, Gross Unrealized Depreciation (7) 0
Held-to-maturity, Fair Value 1,343 1,485
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities   0
Corporate securities    
Schedule of Held-to-maturity Securities [Line Items]    
Held to maturity, Amortized Cost 2,272 2,349
Debt Securities, Held-to-maturity, Allowance for Credit Loss (36)  
Debt securities, held to maturity, net carrying value 2,236  
Held-to-maturity, Gross Unrealized Appreciation 113 121
Held-to-maturity, Gross Unrealized Depreciation (27) (2)
Held-to-maturity, Fair Value 2,322 2,468
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities   0
Mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Held to maturity, Amortized Cost 2,266 2,331
Debt Securities, Held-to-maturity, Allowance for Credit Loss (1)  
Debt securities, held to maturity, net carrying value 2,265  
Held-to-maturity, Gross Unrealized Appreciation 106 65
Held-to-maturity, Gross Unrealized Depreciation (4) 0
Held-to-maturity, Fair Value 2,367 2,396
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities   0
States, municipalities, and political subdivisions    
Schedule of Held-to-maturity Securities [Line Items]    
Held to maturity, Amortized Cost 5,030 5,160
Debt Securities, Held-to-maturity, Allowance for Credit Loss (1)  
Debt securities, held to maturity, net carrying value 5,029  
Held-to-maturity, Gross Unrealized Appreciation 130 150
Held-to-maturity, Gross Unrealized Depreciation (3) (1)
Held-to-maturity, Fair Value $ 5,156 5,309
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities   $ 0
v3.20.1
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]    
Available for sale, Due in 1 year or less, Amortized Cost   $ 3,951
Available for sale, Due after 1 year through 5 years, Amortized Cost   27,142
Available for sale, Due after 5 years though 10 years, Amortized Cost   23,901
Available for sale, Due after 10 years, Amortized Cost   8,874
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost   63,868
Available for sale, Mortgage-backed securities, Amortized Cost   18,712
Available for sale, at amortized cost $ 80,959 82,580
Available for sale, Due in 1 year or less, Fair Value 3,816 3,973
Available for sale, Due after 1 year through 5 years, Fair Value 25,837 27,720
Available for sale, Due after 5 years through 10 years, Fair Value 23,712 24,874
Available for sale, Due after 10 years, Fair Value 10,280 9,729
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 63,645 66,296
Available for sale, Mortgage backed securities, Fair Value 17,885 19,192
Available for sale, Fair Value 81,530 85,488
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value 614  
Held to maturity, Due in 1 year or less, Amortized Cost   478
Held to maturity, Due after 1 year through 5 years, Amortized Cost   3,869
Held to maturity, Due after 5 years through 10 years, Amortized Cost   3,756
Held to maturity, Due after 10 years, Amortized Cost   2,147
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost   10,250
Held to maturity, Mortgage backed securities, Amortized Cost   2,331
Held to maturity, Amortized Cost 12,070 12,581
Held to maturity, Due in 1 year or less, Fair Value 620 479
Held-to-maturity, after one through five years, net carrying value 3,695  
Held to maturity, Due after 1 year through 5, Fair Value 3,775 3,940
Held-to-maturity, after 5 through 10 years, net carrying value 3,383  
Held to maturity, Due after 5 years through 10 years, Fair Value 3,479 3,883
Held-to-maturity, after 10 years, net carrying value 2,068  
Held to maturity, Due after 10 years, Fair Value 2,230 2,307
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value 9,760  
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value 10,104 10,609
Held-to-maturity, MBS, net carrying value 2,265  
Held to maturity, Mortgage backed securities, Fair Value 2,367 2,396
Debt securities, held to maturity, net carrying value 12,025  
Held to maturity, Fair Value $ 12,471 $ 13,005
v3.20.1
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Gain (Loss) on Securities [Line Items]    
OTTI on fixed maturities, gross $ 0 $ (13)
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) 149  
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell [1] (121) 0
Foreign exchange gains (68) 13
Gain (Loss) on Derivative (547) (80)
Net Realized Gains (Losses) (958) (97)
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities 0 0
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings 0 (13)
Fair Value, Option, Changes in Fair Value, Gain (Loss) (685) 114
Investment and embedded derivative instruments    
Gain (Loss) on Securities [Line Items]    
Gain (Loss) on Derivative 15 (130)
S&P put options and futures    
Gain (Loss) on Securities [Line Items]    
Gain (Loss) on Derivative 125 (63)
Other derivative instruments    
Gain (Loss) on Securities [Line Items]    
Gain (Loss) on Derivative (2) (1)
Fixed Maturities [Member]    
Gain (Loss) on Securities [Line Items]    
Debt Securities, Available-for-sale, Realized Gain, Excluding Other-than-temporary Impairment 77 27
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment (125) (58)
Debt Securities, Available-for-sale, Realized Gain (Loss) (319) (44)
Debt Securities [Member]    
Gain (Loss) on Securities [Line Items]    
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings 0 (13)
Equity Securities [Member]    
Gain (Loss) on Securities [Line Items]    
Equity Securities, FV-NI, Realized Gain (Loss) (29) 58
Other Investments [Member]    
Gain (Loss) on Securities [Line Items]    
Other investments gain (loss) 5 (44)
Accounting Standards Update 2016-13 [Member]    
Gain (Loss) on Securities [Line Items]    
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) $ (150) $ 0
[1] Related to our intent to sell certain securities.
v3.20.1
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Equity Securities [Member]    
Gain (Loss) on Securities [Line Items]    
Equity Securities, FV-NI, Realized Gain (Loss) $ (29) $ 58
Less: Net gains (losses) recognized from sales of securities (24) 1
Unrealized gains (losses) recognized for securities still held at reporting date (5) 57
Other Investments [Member]    
Gain (Loss) on Securities [Line Items]    
Net gains (losses) recognized during the period 5 (44)
Less: Net gains (losses) recognized from sales of securities 0 (2)
Unrealized gains (losses) recognized for securities still held at reporting date 5 (42)
Equity securities and other investments [Member]    
Gain (Loss) on Securities [Line Items]    
Net gains (losses) recognized during the period (24) 14
Less: Net gains (losses) recognized from sales of securities (24) (1)
Unrealized gains (losses) recognized for securities still held at reporting date $ 0 $ 15
v3.20.1
Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
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 $ 2,946 $ 3,263
Alternative Investment 5,091 4,921
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 325 329
Alternative Investment $ 590 $ 611
Financial [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Financial [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 10 years 10 years
Real 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 $ 414 $ 422
Alternative Investment $ 721 $ 712
Real Estate Funds [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Real Estate Funds [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 11 years 11 years
Distressed 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 $ 67 $ 80
Alternative Investment $ 262 $ 263
Distressed Alternative Investments [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Distressed Alternative Investments [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 7 years 7 years
Private Credit 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 $ 272 $ 272
Alternative Investment $ 106 $ 104
Private Credit Alternative Investments [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 3 years 3 years
Private Credit Alternative Investments [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 8 years 8 years
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 $ 1,868 $ 2,160
Alternative Investment $ 3,045 $ 2,844
Private Equity Funds [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Private Equity Funds [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 14 years 14 years
Vintage 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 $ 103 $ 116
Vintage Alternative Investments [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 1 year 1 year
Vintage Alternative Investments [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Investment Funds 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 $ 264 $ 271
v3.20.1
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 21,577 $ 5,563
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (1,288) (81)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 746 3,337
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (87) (88)
Debt Securities, Available-for-sale, Unrealized Loss Position 22,323 8,900
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (1,375) (169)
U.S. Treasury and agency    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months   234
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss   (1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer   339
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss   0
Debt Securities, Available-for-sale, Unrealized Loss Position   573
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss   (1)
Foreign    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 6,534 1,846
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (376) (34)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 132 802
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (21) (28)
Debt Securities, Available-for-sale, Unrealized Loss Position 6,666 2,648
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (397) (62)
Corporate securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 13,492 2,121
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (858) (40)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 448 988
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (51) (40)
Debt Securities, Available-for-sale, Unrealized Loss Position 13,940 3,109
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (909) (80)
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 914 1,174
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (48) (6)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 36 932
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (4) (8)
Debt Securities, Available-for-sale, Unrealized Loss Position 950 2,106
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (52) (14)
States, municipalities, and political subdivisions    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 637 188
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (6) 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 130 276
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (11) (12)
Debt Securities, Available-for-sale, Unrealized Loss Position 767 464
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (17) $ (12)
v3.20.1
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]    
Trust funds $ 13,974 $ 14,004
Deposits with U.S. regulatory authorities 2,424 2,466
Restricted Assets Deposits With United States Regulatory Authorities 2,669 2,709
Assets pledged under repurchase agreements 1,492 1,464
Other pledged assets 496 490
Total restricted assets $ 21,055 $ 21,133
v3.20.1
Investments Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]      
Debt Securities, Available-for-sale, Allowance for Credit Loss $ 176   $ 0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase 2    
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) 149    
Accounting Standards Update 2016-13 [Member]      
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]      
Debt Securities, Available-for-sale, Allowance for Credit Loss 25    
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) $ (150) $ 0  
v3.20.1
Investments Investments (Rollforward of expected credit losses HTM) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]    
Debt Securities, Held-to-maturity, Allowance for Credit Loss $ 45 $ 0
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) 1  
Accounting Standards Update 2016-13 [Member]    
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]    
Debt Securities, Held-to-maturity, Allowance for Credit Loss $ 44  
v3.20.1
Investments Investments (held-to-maturity credit quality indicator) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 12,070 $ 12,581
Fixed Maturities Percent of Total Amortized cost 100.00%  
Standard & Poor's, AAA Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 2,642  
Fixed Maturities Percent of Total Amortized cost 22.00%  
Standard & Poor's, AA Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 6,608  
Fixed Maturities Percent of Total Amortized cost 55.00%  
Standard & Poor's, A Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 2,371  
Fixed Maturities Percent of Total Amortized cost 20.00%  
Standard & Poor's, BBB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 422  
Fixed Maturities Percent of Total Amortized cost 3.00%  
Standard & Poor's, BB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 21  
Fixed Maturities Percent of Total Amortized cost 0.00%  
Other [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 6  
Fixed Maturities Percent of Total Amortized cost 0.00%  
v3.20.1
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value $ 81,530 $ 85,488    
Equity securities, at fair value 2,068 812    
Short-term investments 3,586 4,291    
Other Investments 6,075 6,062    
Securities lending collateral 1,342 994    
U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 3,013 3,283    
Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 22,844 23,707    
Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 30,668 31,791    
Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 17,885 19,192    
States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 7,120 7,515    
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Other Investments 5,091 4,921    
Other Investments [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Other Investments 126 95    
Policy Loans [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Other Investments 228      
Fair Value, Recurring [Member] | Level 1        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 2,400 2,664    
Equity securities, at fair value 2,001 728    
Short-term investments 2,165 2,803    
Other Investments 285 [1] 412 [2]    
Securities lending collateral 0 0    
Investment derivative instruments, assets 64 24    
Other Derivative Instruments Fair Value 2 2    
Separate Account Asset 2,778 3,437    
Total assets measured at fair value 9,695 [1] 10,070 [2]    
Investment derivative instruments, liabilities 141 93    
Other derivative instruments, liability   13    
Liabilities Related to Investment Contracts, Fair Value Disclosure 141 106    
Fair Value, Recurring [Member] | Level 1 | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 2,400 2,664    
Fair Value, Recurring [Member] | Level 1 | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 0 0    
Fair Value, Recurring [Member] | Level 1 | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 0 0    
Fair Value, Recurring [Member] | Level 1 | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 0 0    
Fair Value, Recurring [Member] | Level 1 | States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 0 0    
Fair Value, Recurring [Member] | Level 2        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 77,103 80,864    
Equity securities, at fair value 0 15    
Short-term investments 1,420 1,482    
Other Investments 335 [1] 377 [2]    
Securities lending collateral 1,342 994    
Investment derivative instruments, assets 0 0    
Other Derivative Instruments Fair Value 0 0    
Separate Account Asset 130 136    
Total assets measured at fair value 80,330 [1] 83,868 [2]    
Investment derivative instruments, liabilities 0 0    
Other derivative instruments, liability   0    
Liabilities Related to Investment Contracts, Fair Value Disclosure 0 0    
Fair Value, Recurring [Member] | Level 2 | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 613 619    
Fair Value, Recurring [Member] | Level 2 | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 22,379 23,258    
Fair Value, Recurring [Member] | Level 2 | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 29,166 30,340    
Fair Value, Recurring [Member] | Level 2 | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 17,825 19,132    
Fair Value, Recurring [Member] | Level 2 | States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 7,120 7,515    
Fair Value, Recurring [Member] | Level 3        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 2,027 1,960    
Equity securities, at fair value 67 69    
Short-term investments 1 6    
Other Investments 10 [1] 10 [2]    
Securities lending collateral 0 0    
Investment derivative instruments, assets 0 0    
Other Derivative Instruments Fair Value 0 0    
Separate Account Asset 0 0    
Total assets measured at fair value 2,105 [1] 2,045 [2]    
Investment derivative instruments, liabilities 0 0    
Other derivative instruments, liability   0    
Liabilities Related to Investment Contracts, Fair Value Disclosure 1,141 456    
Fair Value, Recurring [Member] | Level 3 | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 0 0    
Fair Value, Recurring [Member] | Level 3 | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 465 449    
Fair Value, Recurring [Member] | Level 3 | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 1,502 1,451    
Fair Value, Recurring [Member] | Level 3 | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 60 60    
Fair Value, Recurring [Member] | Level 3 | States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 0 0    
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 81,530 85,488    
Equity securities, at fair value 2,068 812    
Short-term investments 3,586 4,291    
Other Investments 630 [1] 799 [2]    
Securities lending collateral 1,342 994    
Investment derivative instruments, assets 64 24    
Other Derivative Instruments Fair Value 2 2    
Separate Account Asset 2,908 3,573    
Total assets measured at fair value 92,130 [1] 95,983 [2]    
Investment derivative instruments, liabilities 141 93    
Other derivative instruments, liability   13    
Liabilities Related to Investment Contracts, Fair Value Disclosure 1,282 562    
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 3,013 3,283    
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 22,844 23,707    
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 30,668 31,791    
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 17,885 19,192    
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 7,120 7,515    
Guaranteed Minimum Income Benefit [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 1,141 456 $ 338 $ 452
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 1        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 0 [3] 0 [4]    
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 2        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 0 [3] 0 [4]    
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [5] 1,141 456 [4]    
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 1,141 [3] $ 456 [4]    
[1]
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $5,091 million, policy loans of $228 million and other investments of $126 million at March 31, 2020 measured using NAV as a practical expedient.
[2]
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,921 million and other investments of $95 million at December 31, 2019 measured using NAV as a practical expedient.
[3]
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
[4]
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
[5]
The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
v3.20.1
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value Measurements, Valuation Processes, Description [1] Actuarial model      
Weighted Average [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 4.30%      
Significant Unobservable Inputs Annuitization Rate [1] 4.60%      
Minimum [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 3.00%      
Significant Unobservable Inputs Annuitization Rate [1] 0.00%      
Maximum [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 34.00%      
Significant Unobservable Inputs Annuitization Rate [1] 52.00%      
Guaranteed Minimum Income Benefit [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 1,141 $ 456 $ 338 $ 452
Guaranteed Minimum Income Benefit [Member] | Level 3 | Fair Value, Recurring [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [1] $ 1,141 $ 456 [2]    
[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. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
v3.20.1
Fair Value Measurements (Assets Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Level 3 | Foreign        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets $ 449 $ 345    
Transfers Into Level 3, Asset 0 3    
Transfers out of Level 3, Assets (3) (15)    
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) (14) 6    
Net Realized Gains/ (Losses), Assets (2) (1)    
Purchases, Assets 82 53    
Sales, Assets (46) (5)    
Settlements, Assets (1) (26)    
Balance-End of Period, Assets 465 360    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0    
Level 3 | Corporate securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 1,451 1,299    
Transfers Into Level 3, Asset 91 5    
Transfers out of Level 3, Assets (1) 0    
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) (45) 4    
Net Realized Gains/ (Losses), Assets (13) 1    
Purchases, Assets 139 128 [1]    
Sales, Assets (19) (37)    
Settlements, Assets (101) (58)    
Balance-End of Period, Assets 1,502 1,342    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) (14) 0    
Level 3 | Mortgage-backed securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 60 61    
Transfers Into Level 3, Asset 0 0    
Transfers out of Level 3, Assets 0 0    
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0    
Net Realized Gains/ (Losses), Assets 0 0    
Purchases, Assets 0 18    
Sales, Assets 0 0    
Settlements, Assets 0 (1)    
Balance-End of Period, Assets 60 78    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0    
Level 3 | Equity Securities [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 0      
Balance- Beginning of Period, Assets 69 57    
Transfers Into Level 3, Asset 0 0    
Transfers out of Level 3, Assets 0 0    
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 1 1    
Net Realized Gains/ (Losses), Assets (2) (2)    
Purchases, Assets 3 9    
Sales, Assets (4) (10)    
Settlements, Assets 0 0    
Balance-End of Period, Assets 67 55    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) (2) (1)    
Level 3 | Short-term Investments [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 0      
Balance- Beginning of Period, Assets 6 1    
Transfers Into Level 3, Asset 0 0    
Transfers out of Level 3, Assets 0 0    
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0    
Net Realized Gains/ (Losses), Assets 0 0    
Purchases, Assets 1 0    
Sales, Assets 0 0    
Settlements, Assets (6) (1)    
Balance-End of Period, Assets 1 0    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0    
Level 3 | Other Long-term Investments [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 0      
Balance- Beginning of Period, Assets 10 11    
Transfers Into Level 3, Asset 0 0    
Transfers out of Level 3, Assets 0 0    
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0    
Net Realized Gains/ (Losses), Assets 0 0    
Purchases, Assets 0 0    
Sales, Assets 0 0    
Settlements, Assets 0 0    
Balance-End of Period, Assets 10 11    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0    
Available-for-sale Securities [Member] | Level 3 | Foreign        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI (15)      
Available-for-sale Securities [Member] | Level 3 | Corporate securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI (44)      
Available-for-sale Securities [Member] | Level 3 | Mortgage-backed securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 0      
Guaranteed Minimum Income Benefit [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 1,141 338 $ 456 $ 452
Guaranteed Minimum Income Benefit [Member] | Level 3        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 0      
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [2] 1,141   456 [3]  
Guaranteed Minimum Income Benefit [Member] | Guarantees [Member] | Level 3        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 1,141 [4] $ 338 [5] $ 456 [4] $ 452 [5]
[1]
  
Assets
 
 
Liabilities

Three Months Ended
Available-for-Sale Debt Securities
 
 
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
345

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

[2]
The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[3]
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million, respectivel
[5] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $338 million and $452 million, respectively
v3.20.1
Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Guaranteed Minimum Income Benefit [Member] - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Guaranteed Benefit Liability, Net $ 1,591 $ 741 $ 897 $ 861
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance - Beginning of Period, Liabilities 456 452    
Balance - End of Period, Liabilities 1,141 338    
Guarantees [Member] | Level 3        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance - Beginning of Period, Liabilities 456 [1] 452 [2]    
Transfers into level 3, liability 0 0    
Transfers out of Level 3, Liabilities 0 0    
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities 0 0    
Net Realized Gains/Losses, Liabilities 685 (114)    
Purchases, Liabilities 0 0    
Sales, Liabilities 0 0    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements 0 0    
Balance - End of Period, Liabilities 1,141 [1] 338 [2]    
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 685 $ (114)    
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million, respectivel
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $338 million and $452 million, respectively
v3.20.1
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value $ 12,471 $ 13,005
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 12,070 12,581
Debt securities, held to maturity, net carrying value 12,025  
Repurchase agreements 1,408 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term debt 1,300 1,299
Long-term debt 13,510 13,559
Total liabilities 120,930 121,612
U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,283 1,347
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 1,208 1,318
Debt securities, held to maturity, net carrying value 1,208  
Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,343 1,485
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 1,294 1,423
Debt securities, held to maturity, net carrying value 1,287  
Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,322 2,468
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 2,272 2,349
Debt securities, held to maturity, net carrying value 2,236  
Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,367 2,396
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 2,266 2,331
Debt securities, held to maturity, net carrying value 2,265  
States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 5,156 5,309
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) 5,030 5,160
Debt securities, held to maturity, net carrying value 5,029  
Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,227 1,292
Repurchase agreements 0 0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term Debt, Fair Value 0 0
Long-term Debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 1 | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,227 1,292
Level 1 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 1 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 1 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 1 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 11,216 11,681
Repurchase agreements 1,408 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term Debt, Fair Value 1,300 1,307
Long-term Debt, Fair Value 14,353 15,048
Trust preferred securities 406 467
Total liabilities 17,467 18,238
Level 2 | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 56 55
Level 2 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,343 1,485
Level 2 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,294 2,436
Level 2 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,367 2,396
Level 2 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 5,156 5,309
Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 28 32
Repurchase agreements 0 0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term Debt, Fair Value 0 0
Long-term Debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 3 | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 3 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 3 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 28 32
Level 3 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 3 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Estimate of Fair Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 12,471 13,005
Repurchase agreements 1,408 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term Debt, Fair Value 1,300 1,307
Long-term Debt, Fair Value 14,353 15,048
Trust preferred securities 406 467
Total liabilities 17,467 18,238
Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,283 1,347
Estimate of Fair Value Measurement [Member] | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,343 1,485
Estimate of Fair Value Measurement [Member] | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,322 2,468
Estimate of Fair Value Measurement [Member] | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,367 2,396
Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 5,156 5,309
Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005)   12,581
Debt securities, held to maturity, net carrying value 12,025  
Repurchase agreements 1,408 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term debt 1,300 1,299
Long-term debt 13,510 13,559
Trust preferred securities 308 308
Total liabilities 16,526 16,582
Reported Value Measurement [Member] | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005)   1,318
Debt securities, held to maturity, net carrying value 1,208  
Reported Value Measurement [Member] | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005)   1,423
Debt securities, held to maturity, net carrying value 1,287  
Reported Value Measurement [Member] | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005)   2,349
Debt securities, held to maturity, net carrying value 2,236  
Reported Value Measurement [Member] | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005)   2,331
Debt securities, held to maturity, net carrying value 2,265  
Reported Value Measurement [Member] | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005)   $ 5,160
Debt securities, held to maturity, net carrying value $ 5,029  
v3.20.1
Reinsurance (Details)
$ in Millions
3 Months Ended
Mar. 31, 2020
USD ($)
Credit Loss [Abstract]  
Reinsurance Recoverable, Allowance for Credit Loss, Beginning of period $ 316
Reinsurance Recoverable, Credit Loss Expense (Reversal) 2
Reinsurance, Loss on Uncollectible Accounts in Period, Amount (13)
Reinsurance Recoverable, Allowance for Credit Loss, end of period $ 305
v3.20.1
Unpaid losses and loss expenses (RF) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Unpaid Losses and Loss Expenses [Roll Forward]    
Gross unpaid losses and loss expenses – beginning of period $ 62,690 $ 62,960
Reinsurance recoverable on unpaid losses - beginning of period (1) [1] (14,181) (14,689)
Net unpaid losses and loss expenses – beginning of period 48,509 48,271
Current Year Claims and Claims Adjustment Expense 4,605 4,326
Prior Year Claims and Claims Adjustment Expense [2] (120) (228)
Total, Incurred 4,485 4,098
Net loss and loss expenses paid, Current Year 920 785
Net loss and loss expenses paid, Prior Years 3,335 3,234
Total, Paid 4,255 4,019
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other (565) 86
Net unpaid losses and loss expenses – end of period 48,174 48,436
Reinsurance recoverable on unpaid losses (1) [1] 14,040 14,707
Gross unpaid losses and loss expenses – end of period 62,214 63,143
prior period development, net adjustments 2 $ 24
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross (476)  
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) $ (335)  
[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 $2 million and $24 million for the three months ended March 31, 2020 and 2019, respectively.
v3.20.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ (118) $ (204)
North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (105) (131)
North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 1 (10)
North American Agriculture Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (14) (61)
Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (4) (4)
Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (7) (8)
Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 11 10
Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (86) (148)
Short Tail [Member] | North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (62) (66)
Short Tail [Member] | North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 1 (10)
Short Tail [Member] | North American Agriculture Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (14) (61)
Short Tail [Member] | Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (4) (4)
Short Tail [Member] | Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (7) (7)
Short Tail [Member] | Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (32) (56)
Long Tail [Member] | North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (43) (65)
Long Tail [Member] | North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member] | North American Agriculture Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member] | Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member] | Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 (1)
Long Tail [Member] | Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ 11 $ 10
v3.20.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (narrative) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ (118) $ (204)
Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (32) (56)
Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (86) (148)
North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (105) (131)
North America Commercial P&C Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (43) (65)
North America Commercial P&C Insurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (62) (66)
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 49  
North America Commercial P&C Insurance [Member] | Accident Year 2013 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (31)
North America Commercial P&C Insurance [Member] | Accident years 2013 to 2018 [Member] | Auto & General Liability [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   50
North America Commercial P&C Insurance [Member] | Accident years 2014 - 2019 [Member] | General Liability [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 23  
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (57)
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (30)
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (66)  
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Environmental lines [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (43)  
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (28)  
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Surety Product Line [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (49)
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Surety Product Line [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (31)  
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2019 [Member] | Credit card enhancement coverages [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 20  
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2019 [Member] | Accident and Health Insurance Product Line [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (36)  
North America Agricultural Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (14) (61)
North America Agricultural Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
North America Agricultural Insurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ (14) $ (61)
v3.20.1
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Derivative liability subject to a master netting agreement $ 67 $ 75
Repurchase agreements 1,408 1,416
Purchase Commitment, Remaining Minimum Amount Committed 757  
Carrying value of limited partnerships and partially-owned investment companies included in other investments 4,800  
Funding commitments relating to limited partnerships and partially-owned investment companies 2,900  
Unrecognized tax benefits 48  
Operating Lease, Right-of-Use Asset 509 551
Operating Lease, Liability $ 563 $ 603
v3.20.1
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
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Derivatives, Fair Value [Line Items]        
Future policy benefits $ 5,776 $ 5,814    
Foreign currency forward contracts        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount 2,639 2,579    
Options/Futures contracts on notes, bonds, and equities        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount 1,116 1,615    
Convertible securities        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount [1] 5 5    
Total investment and embedded derivative instruments        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset 51 28    
Derivative, Notional Amount 3,760 4,199    
Futures contracts on equities        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount [2] 514 613    
Other        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount 103 63    
Other Derivative Instruments [Member]        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount 617 676    
Guaranteed Minimum Income Benefit [Member]        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset [3] 0 0    
Derivative, Notional Amount [3] 2,680 1,510    
Future policy benefits 450 441    
Other Assets [Member] | Foreign currency forward contracts        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset 32 11    
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset 15 13    
Other Assets [Member] | Futures contracts on equities        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset [2] 17 0    
Other Assets [Member] | Other        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset 2 2    
Other Assets [Member] | Other Derivative Instruments [Member]        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset 19 2    
Fixed Maturities [Member] | Convertible securities        
Derivatives, Fair Value [Line Items]        
Fair Value, Asset [1] 4 4    
Equity Securities [Member] | Convertible securities        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability [1] 0 0    
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability (109) (78)    
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability (32) (15)    
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Total investment and embedded derivative instruments        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability (141) (93)    
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability [2] 0 (13)    
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability 0 0    
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member]        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability 0 (13)    
Balance Sheet Location Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit [Member]        
Derivatives, Fair Value [Line Items]        
Fair Value, Liability [3] (1,591) (897)    
Guaranteed Minimum Income Benefit [Member]        
Derivatives, Fair Value [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 1,141 456 $ 338 $ 452
Guaranteed Benefit Liability, Net 1,591 897 $ 741 $ 861
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3        
Derivatives, Fair Value [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [4] $ 1,141 $ 456 [5]    
[1]
Includes fair value of embedded derivatives.
[2]
Related to GMDB and GLB book of business.
[3]
Includes both future policy benefits reserves of $450 million and $441 million and fair value derivative adjustment of $1,141 million and $456 million at March 31, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
[4]
The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[5]
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
v3.20.1
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative $ (547) $ (80)
Foreign currency forward contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative 43 (15)
Interest Rate Swap [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative 0 (80)
All Other Futures Contracts, Options and equities [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (27) (36)
Convertible securities    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative [1] (1) 1
Total investment and embedded derivative instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative 15 (130)
GLB    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative [2] (685) 114
Futures contracts on equities    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative [3] 125 (63)
Other    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (2) (1)
Guaranteed Living Benefit And Other Derivative Instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative $ (562) $ 50
[1]
Includes embedded derivatives.
[2]
Excludes foreign exchange gains (losses) related to GLB.
[3]
Related to GMDB and GLB book of business.

v3.20.1
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 1,342 $ 994
Securities lending payable 1,342 994
Cash [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 675 346
U.S. Treasury and agency | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 15 6
Foreign [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 609 595
Corporate securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 3 5
Mortgage-backed securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 17 18
Equity Securities [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 23 $ 24
v3.20.1
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 1,492 $ 1,464
Repurchase agreements 1,408 1,416
Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1 2
U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 105 107
Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1,386 1,355
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount [1] 84 48
Maturity Less than 30 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   508
Maturity Less than 30 Days [Member] | Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   2
Maturity Less than 30 Days [Member] | U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   107
Maturity Less than 30 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   399
Maturity 30 to 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 499 476
Maturity 30 to 90 Days [Member] | Cash [Member]    
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 and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0 0
Maturity 30 to 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 499 476
Maturity Greater than 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 993 480
Maturity Greater than 90 Days [Member] | Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1 0
Maturity Greater than 90 Days [Member] | U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 105 0
Maturity Greater than 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 887 $ 480
[1]
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.20.1
Shareholders' equity (Details) - SFr / shares
Mar. 31, 2020
Dec. 31, 2019
Stockholders' Equity Note [Abstract]    
Common Shares, par value SFr 24.15 SFr 24.15
Common Shares in treasury, shares 28,416,082 27,812,297
v3.20.1
Shareholders' equity Dividends Declared (Details)
3 Months Ended
Mar. 31, 2020
$ / shares
Mar. 31, 2020
SFr / shares
Mar. 31, 2019
$ / shares
Mar. 31, 2019
SFr / shares
May 31, 2019
$ / shares
May 31, 2018
$ / shares
Equity, Class of Treasury Stock [Line Items]            
Annual dividend per share approved by shareholders         $ 3.00 $ 2.92
Common Stock, Dividend Rate Approved         $ 0.75 $ 0.73
United States of America, Dollars            
Equity, Class of Treasury Stock [Line Items]            
Common Stock, Dividends, Per Share, Declared $ 0.75   $ 0.73      
Switzerland, Francs            
Equity, Class of Treasury Stock [Line Items]            
Common Stock, Dividends, Per Share, Declared | SFr / shares   SFr 0.72   SFr 0.72    
v3.20.1
Shareholders' equity Share Repurchases (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Nov. 21, 2019
Dec. 01, 2018
Dec 2018 Stock Repurchase Plan [Member]        
Equity, Class of Treasury Stock [Line Items]        
Stock Repurchase Program, Authorized Amount       $ 1,500
Number of shares repurchased   2,753,754    
Cost of shares repurchased   $ 367    
Repurchase authorization remaining at end of period   $ 1,112    
Nov 2019 Stock Repurchase Plan [Member]        
Equity, Class of Treasury Stock [Line Items]        
Stock Repurchase Program, Authorized Amount     $ 1,500  
Number of shares repurchased 2,266,150      
Cost of shares repurchased $ 326      
Repurchase authorization remaining at end of period $ 1,124      
v3.20.1
Share-Based Compensation (Detail) - $ / shares
3 Months Ended
Feb. 27, 2020
Mar. 31, 2020
Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period   3 years
Award term period in years   10 years
Stock options granted 1,957,505  
Weighted-average grant date fair value for stock options granted $ 19.89  
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   4 years
Restricted stock awards granted to employees and officers of the company 1,002,341  
Grant date fair value of awards except for options granted to employees and officers of the company $ 150.11  
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   3 years
Restricted stock awards granted to employees and officers of the company 203,533  
Grant date fair value of awards except for options granted to employees and officers of the company $ 150.11  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   4 years
Restricted stock awards granted to employees and officers of the company 344,501  
Grant date fair value of awards except for options granted to employees and officers of the company $ 150.11  
v3.20.1
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost $ 1 $ 15
Non-service (benefit) cost (34) (21)
Net periodic (benefit) cost (33) (6)
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 0
Interest cost 1 1
Expected return on plan assets (1) (1)
Amortization of prior service cost (20) (20)
Settlements 0 0
Non-service (benefit) cost (20) (20)
Net periodic (benefit) cost (20) (20)
Losses and loss expenses | Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 2
Non-service (benefit) cost (3) (2)
Losses and loss expenses | Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 0
Non-service (benefit) cost (2) (2)
Administrative Expense | Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 1 13
Non-service (benefit) cost (31) (19)
Administrative Expense | Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 0
Non-service (benefit) cost (18) (18)
Foreign Plan [Member] | Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 1 3
Interest cost 6 7
Expected return on plan assets (10) (11)
Amortization of prior service cost 0 0
Settlements 0 0
Non-service (benefit) cost (4) (4)
Net periodic (benefit) cost (3) (1)
UNITED STATES | Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 12
Interest cost 25 30
Expected return on plan assets (56) (47)
Amortization of prior service cost 0 0
Settlements 1 0
Non-service (benefit) cost (30) (17)
Net periodic (benefit) cost $ (30) $ (5)
v3.20.1
Segment information Segment Information (narrative Detail (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]    
Gain (Loss) on Derivative $ 547 $ 80
Net investment income 861 836
North America Agricultural Insurance [Member]    
Segment Reporting Information [Line Items]    
Segment Income Loss Including Gains Losses On Crop Derivatives 14  
Gain (Loss) on Derivative (2)  
Net investment income 9 10
Segment Life [Member]    
Segment Reporting Information [Line Items]    
Net investment income 95 $ 89
Management Underwriting Income (Loss) 83  
Gains(Losses) On Fair Value Changes In Separate Account Assets $ (56)  
v3.20.1
Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]    
Net premiums written $ 7,977 $ 7,313
Net premiums earned 7,794 7,137
Losses and loss expenses 4,485 4,098
Policy benefits 129 196
Policy acquisition costs 1,615 1,464
Administrative expenses 741 710
Underwriting income (loss) 824 669
Net investment income (loss) 861 836
Other (income) expense 55 (39)
Amortization of purchased intangibles 73 76
Segment Income (loss) 1,557 1,468
Net Realized Gains Losses (958) (97)
Interest expense 132 140
Chubb integration expenses 0 3
Income tax expense 215 188
Net income 252 1,040
North America Commercial P&C Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 3,252 2,951
Net premiums earned 3,376 3,085
Losses and loss expenses 2,181 1,973
Policy benefits 0 0
Policy acquisition costs 492 459
Administrative expenses 259 240
Underwriting income (loss) 444 413
Net investment income (loss) 516 510
Other (income) expense (3) (5)
Amortization of purchased intangibles 0 0
Segment Income (loss) 963 928
North America Personal P&C Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 1,107 1,056
Net premiums earned 1,200 1,154
Losses and loss expenses 683 757
Policy benefits 0 0
Policy acquisition costs 245 231
Administrative expenses 68 68
Underwriting income (loss) 204 98
Net investment income (loss) 66 64
Other (income) expense 2 0
Amortization of purchased intangibles 3 3
Segment Income (loss) 265 159
North America Agricultural Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 157 130
Net premiums earned 94 55
Losses and loss expenses 63 (27)
Policy benefits 0 0
Policy acquisition costs 11 7
Administrative expenses 4 1
Underwriting income (loss) 16 74
Net investment income (loss) 9 10
Other (income) expense 0 0
Amortization of purchased intangibles 7 7
Segment Income (loss) 18 77
Overseas General Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 2,598 2,395
Net premiums earned 2,307 2,114
Losses and loss expenses 1,258 1,106
Policy benefits 0 0
Policy acquisition costs 642 596
Administrative expenses 258 249
Underwriting income (loss) 149 163
Net investment income (loss) 145 144
Other (income) expense 4 4
Amortization of purchased intangibles 12 11
Segment Income (loss) 278 292
Global Reinsurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 218 202
Net premiums earned 186 168
Losses and loss expenses 87 76
Policy benefits 0 0
Policy acquisition costs 45 43
Administrative expenses 10 10
Underwriting income (loss) 44 39
Net investment income (loss) 54 56
Other (income) expense (15) (9)
Amortization of purchased intangibles 0 0
Segment Income (loss) 113 104
Life Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 645 579
Net premiums earned 631 561
Losses and loss expenses 202 202
Policy benefits 129 196
Policy acquisition costs 180 128
Administrative expenses 76 79
Underwriting income (loss) 44 (44)
Net investment income (loss) 95 89
Other (income) expense 44 (40)
Amortization of purchased intangibles 1 0
Segment Income (loss) 94 85
Corporate Segment [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Losses and loss expenses 11 11
Policy benefits 0 0
Policy acquisition costs 0 0
Administrative expenses 66 63
Underwriting income (loss) (77) (74)
Net investment income (loss) (24) (37)
Other (income) expense 23 11
Amortization of purchased intangibles 50 55
Segment Income (loss) (174) (177)
Net Realized Gains Losses (958) (97)
Interest expense 132 140
Chubb integration expenses   3
Income tax expense 215 188
Net income $ (1,479) $ (605)
v3.20.1
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Earnings Per Share [Abstract]    
Net income $ 252 $ 1,040
Weighted-average shares outstanding 451,868,658 458,805,185
Share-based compensation plans 2,651,610 2,731,755
Weighted-average shares outstanding and assumed conversions 454,520,268 461,536,940
Basic earnings per share (US$ per share) $ 0.56 $ 2.27
Diluted earnings per share (US$ per share) $ 0.55 $ 2.25
Potential anti-dilutive share conversions 3,154,406 4,343,204
v3.20.1
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details)
Mar. 31, 2020
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Equity Method Investment, Ownership Percentage 100.00%
v3.20.1
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments $ 105,284 $ 109,234    
Cash 1,512 [1] 1,537 [2]    
Restricted cash 146 109    
Insurance and reinsurance balances receivable 10,058 10,357    
Reinsurance recoverable on losses and loss expenses 14,898 15,181    
Reinsurance recoverable on policy benefits 196 197    
Operating Lease, Right-of-Use Asset 509 551    
Value of business acquired 289 306    
Goodwill and other intangible assets 20,873 21,359    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 0 0    
Other assets 19,871 18,663    
Total assets 173,127 176,943    
Unpaid losses and loss expenses 62,214 62,690 $ 63,143 $ 62,960
Unearned premiums 16,459 16,771    
Future policy benefits 5,776 5,814    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling programs [1] 0      
Operating Lease, Liability 563 603    
Repurchase agreements 1,408 1,416    
Short-term debt 1,300 1,299    
Long-term debt 13,510 13,559    
Trust preferred securities 308 308    
Other liabilities 19,955 19,755    
Total liabilities 120,930 121,612    
Total shareholders' equity 52,197 55,331 $ 52,355  
Total liabilities and shareholders’ equity 173,127 176,943    
Chubb Limited (Parent Guarantor)        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 0 0    
Cash 10 [1] 2 [2]    
Restricted cash 0 0    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance recoverable on policy benefits 0 0    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries 49,573 50,853    
Due from subsidiaries and affiliates, net 3,695 4,776    
Other assets 6 12    
Total assets 53,284 55,643    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling programs [1] 740      
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities 347 312    
Total liabilities 1,087 312    
Total shareholders' equity 52,197 55,331    
Total liabilities and shareholders’ equity 53,284 55,643    
Chubb INA Holdings Inc (Subsidiary Issuer)        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 229 1,013    
Cash 49 [1] 442 [2]    
Restricted cash 0 0    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance recoverable on policy benefits 0 0    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries 50,731 52,076    
Due from subsidiaries and affiliates, net 0 0    
Other assets 340 408    
Total assets 51,349 53,939    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 3,338 4,446    
Affiliated notional cash pooling programs [1] 0      
Repurchase agreements 0 0    
Short-term debt 1,299 1,298    
Long-term debt 13,510 13,559    
Trust preferred securities 308 308    
Other liabilities 1,595 1,649    
Total liabilities 20,050 21,260    
Total shareholders' equity 31,299 32,679    
Total liabilities and shareholders’ equity 51,349 53,939    
Other Chubb Limited Subsidiaries        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 105,055 108,221    
Cash 2,193 [1] 1,093 [2]    
Restricted cash 146 109    
Insurance and reinsurance balances receivable 12,727 12,920    
Reinsurance recoverable on losses and loss expenses 24,293 24,780    
Reinsurance recoverable on policy benefits 288 292    
Value of business acquired 289 306    
Goodwill and other intangible assets 20,873 21,359    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 0 0    
Other assets 21,345 20,072    
Total assets 187,209 189,152    
Unpaid losses and loss expenses 71,283 71,916    
Unearned premiums 17,652 17,978    
Future policy benefits 5,868 5,909    
Due to subsidiaries and affiliates, net 357 330    
Affiliated notional cash pooling programs [1] 0      
Repurchase agreements 1,408 1,416    
Short-term debt 1 1    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities 21,635 21,352    
Total liabilities 118,204 118,902    
Total shareholders' equity 69,005 70,250    
Total liabilities and shareholders’ equity 187,209 189,152    
Consolidating Adjustments and Eliminations        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 0 0    
Cash (740) [1] 0 [2]    
Restricted cash 0 0    
Insurance and reinsurance balances receivable (2,669) (2,563)    
Reinsurance recoverable on losses and loss expenses (9,395) (9,599)    
Reinsurance recoverable on policy benefits (92) (95)    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries (100,304) (102,929)    
Due from subsidiaries and affiliates, net (3,695) (4,776)    
Other assets (1,820) (1,829)    
Total assets (118,715) (121,791)    
Unpaid losses and loss expenses (9,069) (9,226)    
Unearned premiums (1,193) (1,207)    
Future policy benefits (92) (95)    
Due to subsidiaries and affiliates, net (3,695) (4,776)    
Affiliated notional cash pooling programs [1] (740)      
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities (3,622) (3,558)    
Total liabilities (18,411) (18,862)    
Total shareholders' equity (100,304) (102,929)    
Total liabilities and shareholders’ equity $ (118,715) $ (121,791)    
[1]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
v3.20.1
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Condensed Statement of Income Captions [Line Items]    
Net premiums written $ 7,977 $ 7,313
Net premiums earned 7,794 7,137
Net investment income 861 836
Equity In Earnings Of Subsidiaries 0 0
Net Realized Gains Losses (958) (97)
Losses and loss expenses 4,485 4,098
Policy benefits 129 196
Policy acquisition costs and administrative expenses 2,356 2,174
Interest (income) expense 132 140
Other (income) expense 55 (39)
Amortization of purchased intangibles 73 76
Chubb integration expenses 0 3
Income tax expense 215 188
Net income 252 1,040
Comprehensive income (loss) (2,460) 2,718
Chubb Limited (Parent Guarantor)    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Net investment income (2) 1
Equity In Earnings Of Subsidiaries 256 990
Net Realized Gains Losses (21) 1
Losses and loss expenses 0 0
Policy benefits 0 0
Policy acquisition costs and administrative expenses 24 20
Interest (income) expense (34) (66)
Other (income) expense (9) (6)
Amortization of purchased intangibles 0 0
Chubb integration expenses   0
Income tax expense 0 4
Net income 252 1,040
Comprehensive income (loss) (2,460) 2,718
Chubb INA Holdings Inc (Subsidiary Issuer)    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Net investment income 4 (4)
Equity In Earnings Of Subsidiaries 593 759
Net Realized Gains Losses 113 (13)
Losses and loss expenses 0 0
Policy benefits 0 0
Policy acquisition costs and administrative expenses (38) (15)
Interest (income) expense 148 185
Other (income) expense 8 3
Amortization of purchased intangibles 0 0
Chubb integration expenses   2
Income tax expense 7 (42)
Net income 585 609
Comprehensive income (loss) (1,200) 1,941
Other Chubb Limited Subsidiaries    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 7,977 7,313
Net premiums earned 7,794 7,137
Net investment income 859 839
Equity In Earnings Of Subsidiaries 0 0
Net Realized Gains Losses (1,050) (85)
Losses and loss expenses 4,485 4,098
Policy benefits 129 196
Policy acquisition costs and administrative expenses 2,370 2,169
Interest (income) expense 18 21
Other (income) expense 56 (36)
Amortization of purchased intangibles 73 76
Chubb integration expenses   1
Income tax expense 208 226
Net income 264 1,140
Comprehensive income (loss) (2,418) 2,788
Consolidating Adjustments and Eliminations    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Net investment income 0 0
Equity In Earnings Of Subsidiaries (849) (1,749)
Net Realized Gains Losses 0 0
Losses and loss expenses 0 0
Policy benefits 0 0
Policy acquisition costs and administrative expenses 0 0
Interest (income) expense 0 0
Other (income) expense 0 0
Amortization of purchased intangibles 0 0
Chubb integration expenses   0
Income tax expense 0 0
Net income (849) (1,749)
Comprehensive income (loss) $ 3,618 $ (4,729)
v3.20.1
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities $ 1,712 $ 1,322
Purchases of fixed maturities available for sale (6,474) (5,561)
Purchases of fixed maturities held to maturity (6) (1)
Purchases of equity securities (1,380) (49)
Proceeds From Sale Of Available For Sale Securities Debt Condensed 4,687 3,293
Sales of equity securities 131 60
Maturities and redemptions of fixed maturities available for sale 2,756 1,831
Maturities and redemptions of fixed maturities held to maturity 440 280
Net change in short-term investments 552 (39)
Net derivative instruments settlements 109 (358)
Private equity contribution (361) (410)
Private equity distribution 211 368
Payments for Other Deposits 1,550 0
Capital contribution 0 0
Other (125) (87)
Net cash flows used for investing activities (1,010) (673)
Dividends paid on Common Shares (339) (336)
Common Shares repurchased (323) (367)
Proceeds from issuance of repurchase agreements 952 471
Repayments of repurchase agreements (952) (470)
Proceeds from share-based compensation plans 47 35
Dividend to Parent Company 0 0
Advances (to) from affiliates 0 0
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 0 [1] 0 [2]
Policyholder contract deposits 135 115
Policyholder contract withdrawals (162) (78)
Proceeds from (Payments for) Other Financing Activities (3) 0
Net cash flows used for financing activities (645) (630)
Effect of foreign currency rate changes on cash and restricted cash (45) 34
Net Increase (Decrease) in cash and restricted cash 12 53
Cash and restricted cash - beginning of period 1,646 [1] 1,340 [2]
Cash and restricted cash - end of period 1,658 [1] 1,393 [2]
Chubb Limited (Parent Guarantor)    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities 65 307
Purchases of fixed maturities available for sale 0 0
Purchases of fixed maturities held to maturity 0 0
Purchases of equity securities 0 0
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0 0
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 0 0
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments 0 0
Net derivative instruments settlements 0 0
Private equity contribution 0 0
Private equity distribution 0 0
Payments for Other Deposits 0  
Capital contribution (1,200) 0
Other 0 0
Net cash flows used for investing activities (1,200) 0
Dividends paid on Common Shares (339) (336)
Common Shares repurchased (323) 0
Proceeds from issuance of repurchase agreements 0 0
Repayments of repurchase agreements 0 0
Proceeds from share-based compensation plans 0 0
Dividend to Parent Company 0 0
Advances (to) from affiliates 1,066 (266)
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 740 [1] 296 [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Proceeds from (Payments for) Other Financing Activities 0  
Net cash flows used for financing activities 1,144 (306)
Effect of foreign currency rate changes on cash and restricted cash (1) 0
Net Increase (Decrease) in cash and restricted cash 8 1
Cash and restricted cash - beginning of period 2 [1] 1 [2]
Cash and restricted cash - end of period 10 [1] 2 [2]
Chubb INA Holdings Inc (Subsidiary Issuer)    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities (148) (163)
Purchases of fixed maturities available for sale (11) (3)
Purchases of fixed maturities held to maturity 0 0
Purchases of equity securities 0 0
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0 0
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 15 6
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments 781 (3)
Net derivative instruments settlements 78 (28)
Private equity contribution 0 0
Private equity distribution 0 0
Payments for Other Deposits 0  
Capital contribution 0 (110)
Other (3) (12)
Net cash flows used for investing activities 860 (150)
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 0
Proceeds from issuance of repurchase agreements 0 0
Repayments of repurchase agreements 0 0
Proceeds from share-based compensation plans 0 0
Dividend to Parent Company 0 0
Advances (to) from affiliates (1,102) 308
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 0 [1] 74 [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Proceeds from (Payments for) Other Financing Activities (3)  
Net cash flows used for financing activities (1,105) 382
Effect of foreign currency rate changes on cash and restricted cash 0 0
Net Increase (Decrease) in cash and restricted cash (393) 69
Cash and restricted cash - beginning of period 442 [1] 2 [2]
Cash and restricted cash - end of period 49 [1] 71 [2]
Other Chubb Limited Subsidiaries    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities 1,795 1,378
Purchases of fixed maturities available for sale (6,463) (5,558)
Purchases of fixed maturities held to maturity (6) (1)
Purchases of equity securities (1,380) (49)
Proceeds From Sale Of Available For Sale Securities Debt Condensed 4,687 3,293
Sales of equity securities 131 60
Maturities and redemptions of fixed maturities available for sale 2,741 1,825
Maturities and redemptions of fixed maturities held to maturity 440 280
Net change in short-term investments (229) (36)
Net derivative instruments settlements 31 (330)
Private equity contribution (361) (410)
Private equity distribution 211 368
Payments for Other Deposits 1,550  
Capital contribution 0 0
Other (122) (75)
Net cash flows used for investing activities (1,870) (633)
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 (367)
Proceeds from issuance of repurchase agreements 952 471
Repayments of repurchase agreements (952) (470)
Proceeds from share-based compensation plans 47 35
Dividend to Parent Company 0 (200)
Advances (to) from affiliates 36 (42)
Capital contribution 1,200 110
Net proceeds from (payments to) affiliated notional cash pooling program 0 [1] 0 [2]
Policyholder contract deposits 135 115
Policyholder contract withdrawals (162) (78)
Proceeds from (Payments for) Other Financing Activities 0  
Net cash flows used for financing activities 1,256 (426)
Effect of foreign currency rate changes on cash and restricted cash (44) 34
Net Increase (Decrease) in cash and restricted cash 1,137 353
Cash and restricted cash - beginning of period 1,202 [1] 1,989 [2]
Cash and restricted cash - end of period 2,339 [1] 2,342 [2]
Consolidation, Eliminations [Member]    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities 0 (200)
Purchases of fixed maturities available for sale 0 0
Purchases of fixed maturities held to maturity 0 0
Purchases of equity securities 0 0
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0 0
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 0 0
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments 0 0
Net derivative instruments settlements 0 0
Private equity contribution 0 0
Private equity distribution 0 0
Payments for Other Deposits 0  
Capital contribution 1,200 110
Other 0 0
Net cash flows used for investing activities 1,200 110
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 0
Proceeds from issuance of repurchase agreements 0 0
Repayments of repurchase agreements 0 0
Proceeds from share-based compensation plans 0 0
Dividend to Parent Company 0 200
Advances (to) from affiliates 0 0
Capital contribution (1,200) (110)
Net proceeds from (payments to) affiliated notional cash pooling program (740) [1] (370) [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Proceeds from (Payments for) Other Financing Activities  
Net cash flows used for financing activities (1,940) (280)
Effect of foreign currency rate changes on cash and restricted cash 0 0
Net Increase (Decrease) in cash and restricted cash (740) (370)
Cash and restricted cash - beginning of period 0 [1] (652) [2]
Cash and restricted cash - end of period $ (740) [1] $ (1,022) [2]
[1]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2]
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.