CHUBB LTD, 10-Q filed on 10/30/2020
Quarterly Report
v3.20.2
Document and Entity Information - SFr / shares
9 Months Ended
Sep. 30, 2020
Oct. 16, 2020
Dec. 31, 2019
Document Type 10-Q    
Document Period End Date Sep. 30, 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 Q3    
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
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Common Shares Outstanding   451,370,518  
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    
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 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 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 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    
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    
v3.20.2
Consolidated Balance Sheets
$ in Millions
Sep. 30, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Assets    
Fixed maturities available for sale, at fair value, net of valuation allowance - $34 at September 30, 2020 (amortized cost – $85,201 and $82,580) $ 89,852 $ 85,488
Fixed maturities held to maturity, net carrying value 11,651  
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 11,696 12,581
Equity securities, at fair value 3,088 812
Short-term investments, at fair value (amortized cost - $4,662 and $4,291) 4,660 4,291
Other investments, at fair value 6,796 6,062
Total investments 116,047 109,234
Cash 1,707 [1] 1,537 [2]
Restricted cash 166 109
Securities lending collateral 1,851 994
Accrued investment income 862 867
Insurance and reinsurance balances receivable 10,588 10,357
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $316 15,670 15,181
Reinsurance recoverable on policy benefits 203 197
Deferred policy acquisition costs 5,275 5,242
Value of business acquired 286 306
Goodwill 15,254 15,296
Other intangible assets 5,849 6,063
Prepaid reinsurance premiums 2,760 2,647
Investments in partially-owned insurance companies 2,534 1,332
Other assets 8,734 7,581
Total assets 187,786 176,943
Liabilities    
Unpaid losses and loss expenses 67,905 62,690
Unearned premiums 17,502 16,771
Future policy benefits 5,955 5,814
Insurance and reinsurance balances payable 6,420 6,184
Securities lending payable 1,851 994
Accounts payable, accrued expenses, and other liabilities 13,074 11,773
Deferred tax liabilities 815 804
Repurchase agreements 1,413 1,416
Short-term debt 1,300 1,299
Long-term debt 14,830 13,559
Trust preferred securities 308 308
Total liabilities 131,373 121,612
Commitments and contingencies (refer to Note 8)
Shareholders’ equity    
Common Shares (CHF 24.15 par value; 477,605,264 and 479,783,864 shares issued; 451,376,194 and 451,971,567 shares outstanding) 11,064 11,121
Common Shares in treasury (26,229,070 and 27,812,297 shares) (3,541) (3,754)
Additional Paid in Capital, Common Stock 10,115 11,203
Retained earnings 36,919 36,142
Accumulated other comprehensive income (AOCI) 1,856 619
Total shareholders’ equity 56,413 55,331
Total liabilities and shareholders’ equity 187,786 176,943
Available for sale, at amortized cost 85,201 82,580
Debt Securities, Available-for-sale, Allowance for Credit Loss 34 0
Held-to-maturity, Fair Value 12,473 13,005
Debt Securities, Held-to-maturity, Allowance for Credit Loss 45 0
short-term investments amortized cost 4,662 4,291
Reinsurance Recoverable, Allowance for Credit Loss $ 320 $ 316
Common Shares, shares outstanding | shares 451,376,194 451,971,567
Common Shares, shares issued | shares 477,605,264 479,783,864
Common Shares in treasury, shares | shares 26,229,070 27,812,297
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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.
v3.20.2
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net premiums written $ 9,078 $ 8,622 $ 25,410 $ 24,278
Increase in unearned premiums (313) (295) (723) (923)
Net premiums earned 8,765 8,327 24,687 23,355
Net investment income 840 873 2,528 2,568
Net realized gains (losses):        
Other-than-temporary impairment (OTTI) losses gross 0 (54) 0 (81)
Portion of OTTI losses recognized in other comprehensive income (OCI) 0 30 0 31
Net OTTI losses recognized in income 0 (24) 0 (50)
Net realized gains (losses) excluding OTTI losses (141) (131) (1,069) (425)
Net gains (losses) recognized during the period (141) (155) (1,069) (475)
Total revenues 9,464 9,045 26,146 25,448
Expenses        
Losses and loss expenses 5,835 5,052 16,897 13,865
Policy benefits 198 158 550 515
Policy acquisition costs 1,645 1,603 4,853 4,611
Administrative expenses 733 752 2,201 2,220
Interest expense 130 138 390 418
Other (income) expense (485) (57) (372) (326)
Amortization of purchased intangibles 72 76 217 229
Chubb integration expenses 0 2 0 9
Total expenses 8,128 7,724 24,736 21,541
Income before income tax 1,336 1,321 1,410 3,907
Income tax expense (includes $7, nil, $(35), and $(2) on reclassified unrealized gains and losses) 142 230 295 626
Net income 1,194 1,091 1,115 3,281
Other comprehensive income        
Unrealized appreciation 687 694 1,456 3,791
Reclassification adjustment for net realized (gains) losses included in net income (49) 11 303 43
Unrealized appreciation (Depreciation) after reclassification adjustment 638 705 1,759 3,834
Change in:        
Cumulative foreign currency translation adjustment 246 (193) (168) (143)
Postretirement benefit liability adjustment (23) (17) (59) (62)
Other comprehensive income, before income tax 861 495 1,532 3,629
Income tax expense related to OCI items (103) (113) (295) (660)
Other comprehensive income 758 382 1,237 2,969
Comprehensive income $ 1,952 $ 1,473 $ 2,352 $ 6,250
Earnings per share        
Basic earnings per share $ 2.64 $ 2.40 $ 2.47 $ 7.18
Diluted earnings per share $ 2.63 $ 2.38 $ 2.46 $ 7.13
Total net realized gains (losses) reclassified from AOCI $ 49 $ (11) $ (303) $ (43)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax 7 0 (35) (2)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]        
Earnings per share        
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ 7 $ 0 $ (35) $ (2)
v3.20.2
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]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance
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 $ 31,700 $ (12) $ 31,688 $ (545) $ (1,976) $ 73  
Common Shares repurchased     (1,221)                
Treasury Stock, Retired, Cost Method, Amount   0 0   0            
Net shares redeemed under employee share-based compensation plans     335 (184)              
Exercise of stock options       (65)              
Share-based compensation expense       177              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (1,020)              
Net income (loss) $ 3,281       3,281            
Funding of dividends declared from Additional paid-in capital         1,020            
Dividends declared on Common Shares         (1,020)            
Change in period, before reclassification from AOCI, net of income tax expense of $(102), $(125), $(300) and $(674)               3,117      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $7, nil, $(35) and $(2)               41      
Change in period, net of income tax expense of $(95), $(125), $(335) and $(676)               3,158      
Change in period, net of income tax (expense) benefit of $(13), $8, $27 and $3                 (140)    
Change in period, net of income tax benefit of $5, $4, $13 and $13                   (49)  
Balance - end of period at Sep. 30, 2019 54,572 11,121 (3,504) 11,465 34,969     2,613 (2,116) 24 $ 521
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax               (674)      
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax (2)             (2)      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               (676)      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 3    
Pension liability adjustment, Change in period, income tax (expense) benefit                   13  
Balance - beginning of period at Jun. 30, 2019   11,121 (3,093) 11,757 33,878 0 33,878 2,033 (1,931) 37  
Common Shares repurchased     (478)                
Treasury Stock, Retired, Cost Method, Amount   0 0   0            
Net shares redeemed under employee share-based compensation plans     67 6              
Exercise of stock options       (17)              
Share-based compensation expense       60              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (341)              
Net income (loss) 1,091       1,091            
Funding of dividends declared from Additional paid-in capital         341            
Dividends declared on Common Shares         (341)            
Change in period, before reclassification from AOCI, net of income tax expense of $(102), $(125), $(300) and $(674)               569      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $7, nil, $(35) and $(2)               11      
Change in period, net of income tax expense of $(95), $(125), $(335) and $(676)               580      
Change in period, net of income tax (expense) benefit of $(13), $8, $27 and $3                 (185)    
Change in period, net of income tax benefit of $5, $4, $13 and $13                   (13)  
Balance - end of period at Sep. 30, 2019 54,572 11,121 (3,504) 11,465 34,969     2,613 (2,116) 24 521
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax               (125)      
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax 0             0      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               (125)      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 8    
Pension liability adjustment, Change in period, income tax (expense) benefit                   4  
Balance - beginning of period at Dec. 31, 2019 55,331 11,121 (3,754) 11,203 36,142 (72) 36,070 2,543 (1,939) 15  
Common Shares repurchased     (326)                
Treasury Stock, Retired, Cost Method, Amount   (57) 323   (266)            
Net shares redeemed under employee share-based compensation plans     216 (195)              
Exercise of stock options       (30)              
Share-based compensation expense       183              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (1,046)              
Net income (loss) 1,115       1,115            
Funding of dividends declared from Additional paid-in capital         1,046            
Dividends declared on Common Shares         (1,046)            
Change in period, before reclassification from AOCI, net of income tax expense of $(102), $(125), $(300) and $(674)               1,156      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $7, nil, $(35) and $(2)               268      
Change in period, net of income tax expense of $(95), $(125), $(335) and $(676)               1,424      
Change in period, net of income tax (expense) benefit of $(13), $8, $27 and $3                 (141)    
Change in period, net of income tax benefit of $5, $4, $13 and $13                   (46)  
Balance - end of period at Sep. 30, 2020 56,413 11,064 (3,541) 10,115 36,919     3,967 (2,080) (31) 1,856
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax               (300)      
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ (35)             (35)      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               (335)      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 27    
Pension liability adjustment, Change in period, income tax (expense) benefit                   13  
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member                    
Balance - beginning of period at Jun. 30, 2020   11,121 (3,866) 10,416 35,991 $ 0 $ 35,991 3,424 (2,313) (13)  
Common Shares repurchased     0                
Treasury Stock, Retired, Cost Method, Amount   (57) 323   (266)            
Net shares redeemed under employee share-based compensation plans     2 (6)              
Exercise of stock options       (1)              
Share-based compensation expense       59              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (353)              
Net income (loss) $ 1,194       1,194            
Funding of dividends declared from Additional paid-in capital         353            
Dividends declared on Common Shares         (353)            
Change in period, before reclassification from AOCI, net of income tax expense of $(102), $(125), $(300) and $(674)               585      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $7, nil, $(35) and $(2)               (42)      
Change in period, net of income tax expense of $(95), $(125), $(335) and $(676)               543      
Change in period, net of income tax (expense) benefit of $(13), $8, $27 and $3                 233    
Change in period, net of income tax benefit of $5, $4, $13 and $13                   (18)  
Balance - end of period at Sep. 30, 2020 56,413 $ 11,064 $ (3,541) $ 10,115 $ 36,919     3,967 (2,080) (31) $ 1,856
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax               (102)      
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ 7             7      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               $ (95)      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 $ (13)    
Pension liability adjustment, Change in period, income tax (expense) benefit                   $ 5  
v3.20.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 1,115 $ 3,281
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 1,069 475
Amortization of premiums/discounts on fixed maturities 280 294
Amortization of purchased intangibles 217 229
Deferred income taxes (287) (178)
Unpaid losses and loss expenses 5,112 277
Unearned premiums 881 1,061
Future policy benefits 138 148
Insurance and reinsurance balances payable 280 (114)
Accounts payable, accrued expenses, and other liabilities 190 (6)
Income taxes payable (95) 83
Insurance and reinsurance balances receivable (324) (371)
Reinsurance recoverable (496) 426
Deferred policy acquisition costs (77) (266)
Other (762) (426)
Net cash flows from operating activities 7,241 4,913
Cash flows from investing activities    
Purchases of fixed maturities available for sale (20,793) (19,778)
Purchases of fixed maturities held to maturity (42) (143)
Purchases of equity securities (3,622) (466)
Sales of fixed maturities available for sale 9,537 10,430
Sales of to be announced mortgage-backed securities 0 6
Sales of equity securities 1,526 577
Maturities and redemptions of fixed maturities available for sale 8,709 6,390
Maturities and redemptions of fixed maturities held to maturity 841 814
Net change in short-term investments (434) 202
Net derivative instruments settlements (74) (647)
Private equity contribution (1,056) (1,093)
Private equity distribution 588 973
Payments to Acquire Other Investments   (329)
Payments for Other Deposits 503  
Portion one of payments to acquire 22.4% of Huatai Group (1,054)  
Other (352) (497)
Net cash flows used for investing activities (6,729) (3,561)
Cash flows from financing activities    
Dividends paid on Common Shares (1,035) (1,014)
Common Shares repurchased (333) (1,203)
Proceeds from issuance of repurchase agreements 1,402 2,394
Repayment of repurchase agreements (1,402) (2,396)
Proceeds from share-based compensation plans 77 155
Policyholder contract deposits 322 376
Policyholder contract withdrawals (253) (221)
Net cash flows used for financing activities (234) (1,124)
Proceeds from Issuance of Long-term Debt 988 1,286
Repayments of Long-term Debt 0 (501)
Effect of foreign currency rate changes on cash and restricted cash (51) 21
Net increase (decrease) in cash and restricted cash 227 249
Cash and restricted cash - beginning of period 1,646 [1] 1,340 [2]
Cash and restricted cash - end of period 1,873 [1] 1,589 [2]
Supplemental cash flow information    
Taxes paid 668 733
Interest paid 323 327
CHINA | Huatai Group [Member]    
Cash flows from investing activities    
Payments to Acquire Other Investments   (329)
Payments for Other Deposits 503 $ 0
Portion one of payments to acquire 22.4% of Huatai Group $ (1,054)  
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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 September 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.2
General
9 Months Ended
Sep. 30, 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 12 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:
September 30December 31
(in millions of U.S. dollars)20202019
Cash$1,707 $1,537 
Restricted cash166 109 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,873 $1,646 

c) Goodwill
During the nine months ended September 30, 2020, Goodwill decreased $42 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.

In 2020, we recognized a cumulative effect adjustment and decreased beginning retained earnings by $79 million pre-tax, or $72 million after-tax, principally related to the valuation allowance for credit losses. 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.

Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.

Refer to the 2019 Form 10-K for information on additional accounting guidance not yet adopted.
v3.20.2
Acquisitions
9 Months Ended
Sep. 30, 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) (collectively, Huatai).
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. On July 13, 2020, we acquired the 15.3 percent ownership interest. The purchase of the additional 7.1 percent ownership interest is contingent upon important conditions that are expected to be completed by the end of 2021.

In connection with these purchase agreements, in January 2020, we paid collateralized deposits totaling $1.55 billion to the selling shareholders. Transactions relating to the deposits are recorded within investing activities on the Consolidated statement of cash flows.

As of September 30, 2020, Chubb's aggregate ownership interest in Huatai Group was 46.2 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. At September 30, 2020, the total carrying value of our investment in Huatai was approximately $2.4 billion, including approximately $1.3 billion attributable to goodwill.
Upon completion of the 7.1 percent purchase, which will result in majority ownership of Huatai Group, 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.
v3.20.2
Investments
9 Months Ended
Sep. 30, 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.
September 30, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,564 $ $227 $ $2,791 
Non-U.S.23,858 (9)1,548 (115)25,282 
Corporate and asset-backed securities33,661 (25)1,895 (233)35,298 
Mortgage-backed securities18,272  1,078 (13)19,337 
Municipal6,846  302 (4)7,144 
$85,201 $(34)$5,050 $(365)$89,852 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,240 $ $1,240 $69 $ $1,309 
Non-U.S.1,273 (7)1,266 109 (1)1,374 
Corporate and asset-backed securities2,204 (36)2,168 252 (6)2,414 
Mortgage-backed securities2,104 (1)2,103 152 (2)2,253 
Municipal4,875 (1)4,874 249  5,123 
$11,696 $(45)$11,651 $831 $(9)$12,473 

December 31, 2019Amortized
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 / Agency$3,188 $96 $(1)$3,283 $— 
Non-U.S.22,670 1,099 (62)23,707 (25)
Corporate and asset-backed securities30,689 1,180 (78)31,791 (5)
Mortgage-backed securities18,712 494 (14)19,192 — 
Municipal7,321 205 (11)7,515 — 
$82,580 $3,074 $(166)$85,488 $(30)
Held to maturity
U.S. Treasury / Agency$1,318 $29 $— $1,347 $— 
Non-U.S.1,423 62 — 1,485 — 
Corporate and asset-backed securities2,349 121 (2)2,468 — 
Mortgage-backed securities2,331 65 — 2,396 — 
Municipal5,160 150 (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 pools HTM securities and calculates an expected credit loss for each pool using Moody’s corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. The multiplier is based on the leading economic index and adjusts 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 (OTTI).

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:
September 30, 2020
(in millions of U.S. dollars)Amortized cost% of Total
AAA$2,542 22 %
AA6,239 53 %
A2,072 18 %
BBB821 7 %
BB21  %
Other1  %
Total$11,696 100 %

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 is required to sell the security before recovery, the entire impairment loss will be recorded through income to Net realized gains (losses). If management does not have the intent to sell or is not 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 are 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 is then 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:
September 30December 31
 20202019
(in millions of U.S. dollars)Net Carrying ValueFair ValueAmortized CostFair Value
Available for sale
Due in 1 year or less$4,703 $4,703 $3,951 $3,973 
Due after 1 year through 5 years26,319 26,319 27,142 27,720 
Due after 5 years through 10 years26,456 26,456 23,901 24,874 
Due after 10 years13,037 13,037 8,874 9,729 
70,515 70,515 63,868 66,296 
Mortgage-backed securities19,337 19,337 18,712 19,192 
$89,852 $89,852 $82,580 $85,488 
Held to maturity
Due in 1 year or less$1,045 $1,056 $478 $479 
Due after 1 year through 5 years3,501 3,667 3,869 3,940 
Due after 5 years through 10 years3,119 3,315 3,756 3,883 
Due after 10 years1,883 2,182 2,147 2,307 
9,548 10,220 10,250 10,609 
Mortgage-backed securities2,103 2,253 2,331 2,396 
$11,651 $12,473 $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 September 30, 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 MonthsOver 12 MonthsTotal
September 30, 2020Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
Non-U.S.$2,848 $(89)$122 $(14)$2,970 $(103)
Corporate and asset-backed securities6,149 (145)721 (41)6,870 (186)
Mortgage-backed securities1,481 (11)26 (2)1,507 (13)
Municipal
190 (2)54 (2)244 (4)
Total AFS fixed maturities $10,668 $(247)$923 $(59)$11,591 $(306)
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 MonthsOver 12 MonthsTotal
December 31, 2019Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$234 $(1)$339 $— $573 $(1)
Non-U.S.1,846 (34)802 (28)2,648 (62)
Corporate and asset-backed securities2,121 (40)988 (40)3,109 (80)
Mortgage-backed securities1,174 (6)932 (8)2,106 (14)
Municipal
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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2020201920202019
Fixed maturities:
OTTI on fixed maturities, gross$ $(54)$ $(81)
OTTI on fixed maturities recognized in OCI (pre-tax) 30  31 
OTTI on fixed maturities, net (24) (50)
Gross realized gains excluding OTTI50 70 195 153 
Gross realized losses excluding OTTI(32)(57)(331)(146)
Provision for expected credit losses42 — (4)— 
Impairment (1)
(11)— (163)— 
Total fixed maturities 49 (11)(303)(43)
Equity securities 119 66 
Other investments31 (4)(71)(18)
Foreign exchange gains (losses)(222)84 (351)86 
Investment and embedded derivative instruments9 (97)38 (408)
Fair value adjustments on insurance derivative46 (106)(426)(57)
S&P futures(52)(6)(30)(89)
Other derivative instruments1 (14)(2)(8)
Other(3)(4)(43)(4)
Net realized gains (losses) (pre-tax)$(141)$(155)$(1,069)$(475)
(1)Relates to certain securities we intended to sell and securities written to market entering default.

Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
September 30
20202019
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$ $31 $31 $$(4)$(1)
Less: Net gains (losses) recognized from sales of securities34  34 24 (2)22 
Unrealized gains (losses) recognized for securities still held at reporting date$(34)$31 $(3)$(21)$(2)$(23)

Nine Months Ended
September 30
20202019
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$119 $(71)$48 $66 $(18)$48 
Less: Net gains (losses) recognized from sales of securities197  197 57 (4)53 
Unrealized gains (losses) recognized for securities still held at reporting date$(78)$(71)$(149)$$(14)$(5)
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)20202020
Available for sale
Valuation allowance for expected credit losses - beginning of period$69 $ 
Impact of adoption of new accounting guidance 25 
Provision for expected credit loss5 183 
Initial allowance for purchased securities with credit deterioration 5 
Write-offs charged against the expected credit loss (5)
Recovery of expected credit loss(40)(174)
Valuation allowance for expected credit losses - end of period$34 $34 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$51 $ 
Impact of adoption of new accounting guidance 44 
Provision for expected credit loss2 9 
Recoveries of amounts previously written off(8)(8)
Valuation allowance for expected credit losses - end of period$45 $45 

Purchased Credit Deterioration (PCD) Securities
During the nine months ended September 30, 2020, we purchased $108 million of securities with credit deterioration, categorized as available for sale, and assessed an allowance for credit losses of $5 million at acquisition. These PCD securities had a par value at acquisition of $144 million.

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:
September 30December 31
 Expected
Liquidation
Period of Underlying Assets
20202019
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$579 $293 $611 $329 
Real Assets
2 to 11 Years
724 704 712 422 
Distressed
2 to 8 Years
252 573 263 80 
Private Credit
3 to 8 Years
86 272 104 272 
Traditional
2 to 14 Years
3,727 1,455 2,844 2,160 
Vintage
1 to 2 Years
83  116 — 
Investment fundsNot Applicable243  271 — 
$5,694 $3,297 $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:
Financialtargeting financial services companies, such as financial institutions and insurance services worldwide
Real Assetstargeting investments related to hard, physical assets, such as real estate, infrastructure and natural resources
Distressedtargeting distressed corporate debt/credit and equity opportunities in the U.S.
Private Credittargeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditionalemploying traditional private equity investment strategies, such as buyout and growth equity globally
Vintagefunds 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 up to 270 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 September 30, 2020 and December 31, 2019 are investments, primarily fixed maturities, totaling $20.0 billion and $21.0 billion, respectively, and cash of $166 million and $109 million, respectively.
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20202019
Trust funds$12,746 $14,004 
Deposits with U.S. regulatory authorities2,448 2,466 
Deposits with non-U.S. regulatory authorities2,957 2,709 
Assets pledged under repurchase agreements1,433 1,464 
Other pledged assets577 490 
Total$20,161 $21,133 
v3.20.2
Fair value measurements
9 Months Ended
Sep. 30, 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
September 30, 2020Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,264 $527 $ $2,791 
Non-U.S. 24,788 494 25,282 
Corporate and asset-backed securities 33,853 1,445 35,298 
Mortgage-backed securities 19,276 61 19,337 
Municipal 7,144  7,144 
2,264 85,588 2,000 89,852 
Equity securities3,022  66 3,088 
Short-term investments3,270 1,383 7 4,660 
Other investments (1)
374 403 10 787 
Securities lending collateral 1,851  1,851 
Investment derivative instruments24   24 
Other derivative instruments3   3 
Separate account assets3,535 123  3,658 
Total assets measured at fair value (1)
$12,492 $89,348 $2,083 $103,923 
Liabilities:
Investment derivative instruments$77 $ $ $77 
GLB (2)
  882 882 
Total liabilities measured at fair value$77 $ $882 $959 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $5,694 million, policy loans of $225 million and other investments of $90 million at September 30, 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, 2019Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,664 $619 $— $3,283 
Non-U.S.— 23,258 449 23,707 
Corporate and asset-backed securities— 30,340 1,451 31,791 
Mortgage-backed securities— 19,132 60 19,192 
Municipal— 7,515 — 7,515 
2,664 80,864 1,960 85,488 
Equity securities728 15 69 812 
Short-term investments2,803 1,482 4,291 
Other investments (1)
412 377 10 799 
Securities lending collateral— 994 — 994 
Investment derivative instruments24 — — 24 
Other derivative instruments— — 
Separate account assets3,437 136 — 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 instruments13 — — 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 ValueValuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
September 30, 2020December 31, 2019
GLB (1)
$882 $456 Actuarial modelLapse rate
3% – 34%
4.7 %
Annuitization rate
0% – 52%
4.0 %
(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 and nine months ended September 30, 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):
AssetsLiabilities
Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$469 $1,369 $60 $64 $2 $10 $928 
Transfers into Level 3 1      
Transfers out of Level 3 (1)     
Change in Net Unrealized Gains (Losses) in OCI21 13   (1)  
Net Realized Gains/Losses1 3  2   (46)
Purchases41 194 2 3 7   
Sales(19)(80) (3)   
Settlements(19)(54)(1) (1)  
Balance – end of period$494 $1,445 $61 $66 $7 $10 $882 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$ $3 $ $2 $ $ $(46)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date$20 $12 $ $ $(1)$ $ 
(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 $1,318 million at September 30, 2020, and $1,372 million at June 30, 2020, which includes a fair value derivative adjustment of $882 million and $928 million, respectively.
  AssetsLiabilities
Three Months Ended
September 30, 2019
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$371 $1,359 $76 $56 $$11 $403 
Transfers into Level 3— — — — — — 
Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
(8)(4)— (1)— — — 
Net Realized Gains/Losses— — — (1)— — 106 
Purchases68 176 — — 
Sales(35)(18)— (3)— — — 
Settlements(3)(64)— — — (1)— 
Balance – end of period$393 $1,450 $77 $56 $$10 $509 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $— $— $(1)$— $— $106 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019, and $815 million at June 30, 2019, which includes a fair value derivative adjustment of $509 million and $403 million, respectively.

AssetsLiabilities
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$449 $1,451 $60 $69 $6 $10 $456 
Transfers into Level 3 92      
Transfers out of Level 3(16)(73)     
Change in Net Unrealized Gains (Losses) in OCI, including foreign exchange
1 (31)  (1)  
Net Realized Gains/Losses(2)(23) (1)  426 
Purchases190 416 2 14 9   
Sales(81)(147) (16)   
Settlements(47)(240)(1) (7)  
Balance – end of period$494 $1,445 $61 $66 $7 $10 $882 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$ $(6)$ $1 $ $ $426 
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date
$ $(25)$ $ $(1)$ $ 
(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 $1,318 million at September 30, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $882 million and $456 million, respectively.
  AssetsLiabilities
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Nine Months Ended
September 30, 2019
(in millions of U.S. dollars)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$345 $1,299 $61 $57 $$11 $452 
Transfers into Level 316 — — — — — 
Transfers out of Level 3(15)— — — — — — 
Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
(2)— — — — 
Net Realized Gains/Losses(1)— — (4)— — 57 
Purchases164 425 19 19 — — 
Sales(54)(91)(1)(17)— — — 
Settlements(47)(200)(2)— (1)(1)— 
Balance – end of period$393 $1,450 $77 $56 $$10 $509 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $(1)$— $(3)$— $— $57 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $509 million and $452 million, respectively.

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:
September 30, 2020Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,251 $58 $ $1,309 $1,240 
Non-U.S. 1,374  1,374 1,266 
Corporate and asset-backed securities 2,414  2,414 2,168 
Mortgage-backed securities 2,253  2,253 2,103 
Municipal
 5,123  5,123 4,874 
Total assets$1,251 $11,222 $ $12,473 $11,651 
Liabilities:
Repurchase agreements$ $1,413 $ $1,413 $1,413 
Short-term debt 1,302  1,302 1,300 
Long-term debt 16,995  16,995 14,830 
Trust preferred securities 462  462 308 
Total liabilities$ $20,172 $ $20,172 $17,851 
December 31, 2019Fair ValueCarrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,292 $55 $— $1,347 $1,318 
Non-U.S.— 1,485 — 1,485 1,423 
Corporate and asset-backed securities— 2,436 32 2,468 2,349 
Mortgage-backed securities— 2,396 — 2,396 2,331 
Municipal— 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 
v3.20.2
Reinsurance (Notes)
9 Months Ended
Sep. 30, 2020
Credit Loss [Abstract]  
Reinsurance [Text Block] Reinsurance
Reinsurance recoverable on ceded reinsurance
September 30, 2020December 31, 2019
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$14,767 $255 $14,181 $240 
Reinsurance recoverable on paid losses and loss expenses903 65 1,000 76 
Reinsurance recoverable on losses and loss expenses$15,670 $320 $15,181 $316 
Reinsurance recoverable on policy benefits$203 $4 $197 $
(1)Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses was primarily due to catastrophe losses.

We evaluate the financial condition of our reinsurers and potential reinsurers on a regular basis and also monitor concentrations of credit risk with reinsurers. The valuation allowance for uncollectible reinsurance is required principally due to the potential failure of reinsurers to indemnify Chubb, primarily because of disputes under reinsurance contracts and insolvencies. We have established a valuation allowance for amounts estimated to be uncollectible on both unpaid and paid losses as well as future policy benefits.

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:
Nine Months Ended
September 30
(in millions of U.S. dollars)2020
Reinsurance recoverable
Valuation allowance for uncollectible reinsurance - beginning of period$316 
Provision for uncollectible reinsurance21 
Write-offs charged against the valuation allowance(19)
Foreign exchange revaluation2 
Valuation allowance for uncollectible reinsurance - end of period$320 
v3.20.2
Unpaid losses and loss expenses
9 Months Ended
Sep. 30, 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:
Nine Months Ended September 30
(in millions of U.S. dollars)20202019
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 period48,509 48,271 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year17,109 14,484 
Prior years (2)
(212)(619)
Total16,897 13,865 
Net losses and loss expenses paid in respect of losses occurring in:
Current year4,766 4,920 
Prior years7,597 8,374 
Total12,363 13,294 
Foreign currency revaluation and other95 (162)
Net unpaid losses and loss expenses – end of period53,138 48,680 
Reinsurance recoverable on unpaid losses (1)
14,767 14,332 
Gross unpaid losses and loss expenses – end of period$67,905 $63,012 
(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 $23 million and $60 million for the nine months ended September 30, 2020 and 2019, respectively.

Gross and net unpaid losses and loss expenses increased $5,215 million and $4,629 million, respectively, for the nine months ended September 30, 2020, driven by catastrophe losses incurred, an increase in underlying exposure due to premium growth, and reduced payment activity due to the economic slowdown related to the COVID-19 pandemic.

Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and professional liability; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture.
The following table summarizes (favorable) and adverse PPD by segment.
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2020
North America Commercial P&C Insurance$(255)$55 $(200)$(439)$(12)$(451)
North America Personal P&C Insurance 48 48  48 48 
North America Agricultural Insurance 18 18  4 4 
Overseas General Insurance(71)11 (60)(72)(28)(100)
Global Reinsurance(6) (6)(25)(4)(29)
Corporate54  54 339  339 
Total$(278)$132 $(146)$(197)$8 $(189)
2019
North America Commercial P&C Insurance$(197)$88 $(109)$(468)$43 $(425)
North America Personal P&C Insurance— (62)(62)— (88)(88)
North America Agricultural Insurance— 18 18 — (43)(43)
Overseas General Insurance(66)41 (25)(66)17 (49)
Global Reinsurance(25)— (25)(59)26 (33)
Corporate36 — 36 79 — 79 
Total$(252)$85 $(167)$(514)$(45)$(559)

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 September 30, 2020, net favorable PPD was $200 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 $255 million in long-tail business, primarily from:

Net favorable development of $155 million in workers' compensation business mainly impacting accident years 2016 and prior, driven by lower than expected paid and reported loss activity, and related updates to loss development factors, partly offset by adverse development in accident year 2019;

Net favorable development of $47 million in commercial excess and umbrella portfolios, driven by accident years 2014 and prior, and accident year 2019. The 2014 and prior development was a function of lower than expected paid and reported loss activity. The development on the 2019 accident year relates to three large policies covering specific perils, which expired in the quarter, with no covered events occurring;

Net favorable development of $41 million on large multi-line prospective deals in the 2016 and prior accident years, due to lower than expected reported loss activity. These structured deals typically cover large clients for multiple product lines and with varying loss limitations; this development is net of premium returns of $26 million tied to the loss performance of the particular deals;

Net favorable development of $40 million in our foreign casualty business, mainly in accident year 2016, due to lower than expected reported loss activity, partly offset by a large loss in accident year 2017; and

Net adverse development of $29 million in assumed general liability and excess lines mainly in accident years 2016 and prior due to higher than expected reported loss activity.
Net adverse development of $55 million in short-tail business, primarily from:

Net adverse development of $35 million in our property portfolios, due to adverse non-catastrophe loss development mainly in accident year 2019, partially offset by favorable catastrophe-driven loss experience; and

Net adverse development of $21 million in our marine portfolios, mainly impacting the 2019 accident year, driven by higher than expected non-catastrophe loss development.

For the nine months ended September 30, 2020, net favorable PPD was $451 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 $439 million in long-tail business, primarily from:

Net favorable development of $337 million in our workers’ compensation lines. This included favorable development of $62 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2019 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. This favorable development in accident year 2019 was partially offset by some higher than expected activity from other claims. The remaining overall favorable development was mainly in accident years 2016 and prior, driven by lower than expected loss experience and related updates to loss development factors;

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

Net favorable development of $43 million in voluntary environmental lines, in accident years 2016 and prior, due to lower than expected emergence and a related updates to loss development factors;

Net favorable development of $41 million on large multi-line prospective deals due to the same factors experienced for the three months ended September 30, 2020, as described above;

Net favorable development of $40 million in our foreign casualty businesses due to the same factors experienced for the three months ended September 30, 2020, as described above;

Net adverse development of $75 million in commercial automobile liability, mainly in high deductible and excess portfolios, driven by adverse paid and reported loss experience and related updates to loss development factors, mainly in accident years 2015 through 2019; and

Net adverse development of $5 million for U.S. child molestation claims, predominantly reviver statute-related.

Net favorable development of $12 million in short-tail business due to the same factors experienced for the three months ended September 30, 2020, as described above, which was offset by:

Net favorable development of $37 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 September 30, 2019, net favorable PPD was $109 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:
Net favorable development of $197 million in long-tail business, primarily from:

Net favorable development of $94 million in workers' compensation business mainly impacting accident years 2015 and prior, driven by lower than expected paid and reported loss activity, and related improvements in loss development factors;

Net favorable development of $39 million in our foreign casualty business, impacting accident years 2015 and prior, driven by reported loss activity that was generally lower than expected;

Net favorable development of $36 million on large multi-line prospective deals in the 2015 and prior accident years, due to lower than expected reported loss activity. These structured deals typically cover large clients for multiple product lines and with varying loss limitations; this development is net of premium returns of $34 million tied to the loss performance of the particular deals; and

Net favorable development of $32 million in U.S. commercial excess and umbrella portfolios, mainly in accident years 2013 and prior, driven by lower paid and reported loss activity relative to prior expectations as well as an increase in weighting towards experience-based methods, partly offset by modestly adverse development in more recent accident years, mainly in 2018, due to higher than expected large loss activity.

Net adverse development of $88 million in short-tail business, primarily in our property and marine portfolios from:

Net adverse development excluding catastrophes of $116 million, with adverse development of $154 million across our retail, wholesale, and program distribution channels in accident year 2018, primarily due to a higher than expected severity of non-catastrophe claims, partly offset by favorable development of $38 million in 2017 and prior accident years on non-catastrophe claims; and

Net favorable catastrophe development of $27 million. There was $41 million of favorable development on the 2017 and 2018 natural catastrophes, mostly in 2017, partly offset by some adverse development on older catastrophe events.

For the nine months ended September 30, 2019, net favorable PPD was $425 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $468 million in long-tail business, primarily from:

Net favorable development of $294 million in our workers’ compensation lines. This included favorable development of $61 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2018 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. This development in accident year 2018 was partially offset by some higher than expected activity from other claims and from involuntary pools. The remaining overall favorable development was mainly in accident years 2015 and prior, generally driven by lower than expected loss experience and related updates to loss development factors;

Net favorable development of $63 million in U.S. commercial excess and umbrella portfolios due to the same factors experienced for the three months ended September 30, 2019, as described above with a similar result of favorable development in older accident years, partly offset by some adverse development in several of the more recent prior accident years which led to reserve strengthening in those years;

Net favorable development of $53 million in professional liability (errors & omissions and cyber), mainly in the 2015 and prior accident years where case activity was less than expected, partially offset by adverse development in the 2016 accident year, which was driven by several large adverse claim developments;

Net favorable development of $39 million in our foreign casualty business due to the same factors experienced for the three months ended September 30, 2019, as described above;

Net favorable development of $36 million on large multi-line prospective deals due to the same factors experienced for the three months ended September 30, 2019, as described above; and
Net adverse development of $31 million in automobile liability, driven by adverse paid and reported loss experience mainly in accident years 2014 through 2018.

Net adverse development of $43 million in short-tail business due to the same factors experienced for the three months ended September 30, 2019, as described above, which was partly offset by favorable development of $49 million in surety business, mainly in the 2017 accident year, driven by lower than expected reported loss activity.

North America Personal P&C Insurance
2020
For the three and nine months ended September 30, 2020, net adverse PPD was $48 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net adverse development of $69 million in our homeowners lines, including valuables, mainly in accident years 2017 through 2019 due to higher than expected non-catastrophe loss emergence and adverse development arising from natural catastrophes in accident years 2017 and 2018; and

Net favorable development of $22 million in our personal excess lines, driven by favorable development mainly in the 2017 accident year, partly offset by adverse development in accident year 2019.

2019
For the three months ended September 30, 2019, net favorable PPD was $62 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $36 million in our homeowners lines, including valuables, mainly in accident year 2018. Non-catastrophe loss emergence was generally lower than expected in recent accident years. Losses arising from accident year 2017 natural catastrophes developed adversely; however, this was mostly offset by favorable development on the 2018 catastrophe events; and

Net favorable development of $26 million in our personal excess lines primarily impacting the 2016 accident year, due to lower than expected loss emergence and an increase in weighting towards experience-based methods, partly offset by adverse emergence in accident year 2015.

For the nine months ended September 30, 2019, net favorable PPD was $88 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable claim development of $132 million on the 2017 and 2018 natural catastrophes for all lines;

Net favorable development of $26 million in our personal excess lines due to the same factors experienced for the three months ended September 30, 2019, as described above; and

Net adverse development of $82 million in our homeowners lines, including valuables, arising from non-catastrophe loss emergence, mainly in the 2018 accident year.

North America Agricultural Insurance
2020
For the three and nine months ended September 30, 2020, net adverse PPD was $18 million and $4 million, respectively.

2019
For the three months ended September 30, 2019, net adverse PPD was $18 million.

For the nine months ended September 30, 2019, net favorable PPD was $43 million, which is the net of the adverse activity noted above and favorable claim development in our Multiple Peril Crop Insurance (MPCI) business, which was due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2019 results based on crop yield results at year-end 2018).
Overseas General Insurance
2020
For the three months ended September 30, 2020, net favorable PPD was $60 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 $71 million in long-tail business, primarily from:

Net favorable development of $94 million in casualty lines, including favorable development of $143 million in accident years 2016 and prior, due to lower than expected loss emergence across primary and excess lines in Continental Europe, U.K., and Asia Pacific, partially offset by adverse development of $49 million in accident years 2017 through 2019, primarily due to adverse large loss experience in the U.K. and Asia Pacific;

Net favorable development of $22 million in political risks, driven by benign loss experience in 2018 and 2019; and

Net adverse development of $57 million in financial lines, with adverse development of $125 million in accident years 2016 through 2019, primarily due to adverse large loss experience in Directors and Officers (D&O) in the U.K. and Asia Pacific. This was partially offset by favorable development of $68 million in accident years 2015 and prior, primarily from favorable case-specific settlements within Continental Europe and Asia Pacific financial institutions.

For the nine months ended September 30, 2020, net favorable PPD was $100 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 $72 million in long-tail lines due to the same factors experienced for the three months ended September 30, 2020 described above; and

Net favorable development of $28 million in short-tail business, including $22 million in marine lines across all regions mainly in accident years 2017 and 2018.

2019
For the three months ended September 30, 2019, net favorable PPD was $25 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $66 million in long-tail business, primarily from:

Net favorable development of $101 million in casualty lines, including favorable development of $123 million in accident years 2015 and prior, due to lower than expected loss emergence mainly across primary lines in Continental Europe, U.K., and Asia Pacific, partially offset by adverse development of $22 million in accident years 2016 through 2018, primarily due to adverse attritional and large loss experience in Continental Europe; and

Net adverse development of $50 million in financial lines, with favorable development of $75 million in accident years 2015 and prior, due to lower than expected loss emergence across most regions in D&O and Professional Indemnity, which was more than offset by adverse development of $125 million in accident years 2016 through 2018, primarily due to adverse large loss experience in D&O in the U.K. and Asia Pacific.

Net adverse development of $41 million in short-tail business, primarily due to net adverse development of $27 million in Surety, driven by adverse large loss experience across Continental Europe and Latin America in accident years 2017 and 2018.

For the nine months ended September 30, 2019, net favorable PPD was $49 million, which was the net result of several underlying favorable and adverse movements, and was driven by net favorable development of $66 million in long-tail lines due to the same factors experienced for the three months ended September 30, 2019 described above.
Global Reinsurance
2020
For the three and nine months ended September 30, 2020, net favorable PPD was $6 million and $29 million, respectively, which was the net result of several underlying favorable and adverse movements, none of which is significant individually or in the aggregate.

2019
For the three months ended September 30, 2019, net favorable PPD was $25 million, in long-tail business, primarily from professional liability, medical malpractice, and workers' compensation lines primarily from treaty years 2013 and prior principally due to lower than expected loss emergence.

For the nine months ended September 30, 2019, net favorable PPD was $33 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $59 million in long-tail business, primarily in our casualty, professional liability, medical malpractice, and workers’ compensation lines primarily from treaty years 2013 and prior principally due to lower than expected loss emergence; and

Net adverse development of $26 million in short-tail business, which included $37 million of adverse development primarily on 2017 and 2018 natural catastrophe events.

Corporate
2020
For the three months ended September 30, 2020, net adverse development was $54 million, driven principally by development in environmental liabilities of $35 million due to certain case specific incurred activity.

For the nine months ended September 30, 2020 net adverse development was $339 million, driven by adverse development of $254 million for U.S. child molestation claims, predominantly reviver statute-related, as well as the adverse development noted above regarding environmental liabilities. The remainder of the adverse development was driven by increased claim costs on a limited number of non-A&E run-off casualty and workers’ compensation exposures, and charges relating to unallocated loss adjustment expenses due to run-off operating expenses.

2019
For the three months ended September 30, 2019, net adverse development was $36 million, driven principally by adverse development in environmental liabilities of $27 million due to case specific settlements and higher than expected remediation expense and defense costs, generally impacting larger modeled accounts.

For the nine months ended September 30, 2019, net adverse development was $79 million, driven principally by adverse development on non A&E run-off casualty exposures, including workers' compensation, and by the adverse development in environmental liabilities as described above. The net adverse development also included charges relating to unallocated loss adjustment expenses due to run-off operating expenses of $28 million.
v3.20.2
Debt
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt Disclosure DebtOn September 17, 2020, Chubb INA Holdings Inc. (Chubb INA) issued $1 billion of 1.375 percent senior notes due September 2030. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund. These senior unsecured notes are guaranteed on a senior basis by Chubb and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.
v3.20.2
Commitments, contingencies, and guarantees
9 Months Ended
Sep. 30, 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:
September 30, 2020December 31, 2019
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
Value/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivative
instruments:
Foreign currency forward contractsOA / (AP)$12 $(73)$2,550 $11 $(78)$2,579 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)12 (3)1,457 13 (15)1,615 
Convertible securities (1)
FM AFS / ES9  11 — 
$33 $(76)$4,018 $28 $(93)$4,199 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$ $(1)$648 $— $(13)$613 
OtherOA / (AP)3  113 — 63 
$3 $(1)$761 $$(13)$676 
GLB (3)
(AP) / (FPB)$ $(1,318)$2,071 $— $(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 $436 million and $441 million and fair value derivative adjustment of $882 million and $456 million at September 30, 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 September 30, 2020 and December 31, 2019, net derivative liabilities of $45 million and $75 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. 
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2020201920202019
Investment and embedded derivative instruments:
Foreign currency forward contracts$ $(20)$53 $(57)
Interest rate swaps (55) (270)
All other futures contracts, options, and equities9 (22)(15)(83)
Convertible securities (1)
 —  
Total investment and embedded derivative instruments$9 $(97)$38 $(408)
GLB and other derivative instruments:
GLB (2)
$46 $(106)$(426)$(57)
Futures contracts on equities (3)
(52)(6)(30)(89)
Other1 (14)(2)(8)
Total GLB and other derivative instruments$(5)$(126)$(458)$(154)
$4 $(223)$(420)$(562)
(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 currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

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

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

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

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

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.
Interest rate swaps
An interest rate swap is a contract between two counterparties in which interest payments are made based on a notional principal amount, which itself is never paid or received. Under the terms of an interest rate swap, one counterparty makes interest payments based on a fixed interest rate and the other counterparty’s payments are based on a floating rate. Interest rate swap contracts are used occasionally in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the fair value of the fixed maturity portfolio. By using interest rate swaps in the portfolio, the overall duration or interest rate sensitivity of the portfolio can be impacted.

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

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

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

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

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

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

c) Securities lending and secured borrowings
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2020December 31, 2019
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$615 $346 
U.S. Treasury / Agency101 
Non-U.S.1,047 595 
Corporate and asset-backed securities44 
Mortgage-backed securities 18 
Equity securities44 24 
$1,851 $994 
Gross amount of recognized liability for securities lending payable$1,851 $994 

At September 30, 2020 and December 31, 2019, our repurchase agreement obligations of $1,413 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
September 30, 2020December 31, 2019
Up to 30 Days30-90 DaysGreater than
90 Days
TotalUp to 30 Days30-90 DaysGreater than
90 Days
Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$4 $ $ $4 $$— $— $
U.S. Treasury / Agency4  102 106 107 — — 107 
Mortgage-backed securities390 462 471 1,323 399 476 480 1,355 
$398 $462 $573 $1,433 $508 $476 $480 $1,464 
Gross amount of recognized liabilities for repurchase agreements$1,413 $1,416 
Difference (1)
$20 $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 September 30, 2020, we have commitments to purchase fixed income securities of $695 million over the next several years.
e) Other investments
At September 30, 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 $5.5 billion. In connection with these investments, we have commitments that may require funding of up to $3.3 billion over the next several years. At December 31, 2019, these investments had a carrying value of $4.7 billion with a commitment that may require funding of up to $3.3 billion.

f) Income taxes
At September 30, 2020, $50 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, settlements and the lapses of statutes of limitations. The IRS commenced its field examination of Chubb’s federal income tax returns for tax years 2016, 2017, and 2018 during July 2020. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010.

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

h) Leases
At September 30, 2020 and December 31, 2019, the right-of-use asset was $470 million and $551 million, respectively, and is recorded within Other assets on the Consolidated balance sheets. At September 30, 2020 and December 31, 2019, the lease liability was $517 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.
v3.20.2
Shareholders' equity
9 Months Ended
Sep. 30, 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 September 30, 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.

At our May 2020 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.12 per share, expected to be paid in four quarterly installments of $0.78 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board will determine the record and payment dates at which the annual dividend may be paid until the date of the 2021 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

Three Months EndedNine Months Ended
September 30September 30
2020201920202019
CHFUSDCHFUSDCHFUSDCHFUSD
Total dividend distributions per common share0.71 $0.78 0.73 $0.75 2.18 $2.31 2.20 $2.23 
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 our May 2020 annual general meeting, our shareholders approved the cancellation of 2,178,600 shares purchased under our share repurchase program during the period beginning September 23, 2019 and ending December 31, 2019. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective August 3, 2020. At September 30, 2020, 26,229,070 Common Shares remain in treasury after share repurchases, share cancellations, and 1,670,777 net shares issued 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. We suspended share repurchase activity during the second and third quarters of 2020, given the economic environment. Subsequently, we resumed share repurchases on October 29, 2020 as disclosed below.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Three Months EndedNine Months EndedOctober 1, 2020 through October 29, 2020
September 30September 30
(in millions of U.S. dollars, except share data)2020201920202019
Number of shares repurchased 3,079,618 2,266,150 8,417,838 52,500 
Cost of shares repurchased$ $478 $326 $1,221 $7 
Repurchase authorization remaining at end of period$1,124 $258 $1,124 $258 $1,117 
v3.20.2
Share-based compensation
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensationThe 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 $150.11 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.
v3.20.2
Postretirement benefits
9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans [Text Block] Postretirement benefits
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2020201920202019
Three Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $1 $12 $$ $— 
Non-service cost:
Interest cost24 6 30 1 
Expected return on plan assets(56)(11)(47)(11)(1)(1)
Amortization of net actuarial loss  —  — 
Amortization of prior service cost 1 — — (20)(20)
Settlements1  —  — 
Total non-service (benefit) cost(31)(4)(16)(4)(20)(20)
Net periodic (benefit) cost$(31)$(3)$(4)$(1)$(20)$(20)
Pension Benefit PlansOther Postretirement
Benefit Plans
2020201920202019
Nine Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $3 $37 $$ $— 
Non-service cost:
Interest cost74 17 89 20 2 
Expected return on plan assets(168)(32)(142)(33)(3)(3)
Amortization of net actuarial loss 1 —  — 
Amortization of prior service cost 1 — — (60)(60)
Settlements3  —  — 
Total non-service (benefit) cost(91)(13)(52)(11)(61)(60)
Net periodic (benefit) cost$(91)$(10)$(15)$(3)$(61)$(60)
The line items in which the service and non-service cost components of net periodic (benefit) cost are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
Three Months Ended September 302020201920202019
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $$ $— 
Administrative expenses1 13  — 
Total service cost1 15  — 
Non-service cost:
Losses and loss expenses(3)(1)(2)(2)
Administrative expenses(32)(19)(18)(18)
Total non-service (benefit) cost(35)(20)(20)(20)
Net periodic (benefit) cost$(34)$(5)$(20)$(20)

Pension Benefit PlansOther Postretirement Benefit Plans
Nine Months Ended September 302020201920202019
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $$ $— 
Administrative expenses3 40  — 
Total service cost3 45  — 
Non-service cost:
Losses and loss expenses(9)(5)(6)(6)
Administrative expenses(95)(58)(55)(54)
Total non-service (benefit) cost(104)(63)(61)(60)
Net periodic (benefit) cost$(101)$(18)$(61)$(60)
v3.20.2
Segment information
9 Months Ended
Sep. 30, 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.

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. Certain items are presented in a different manner for segment reporting purposes than in the consolidated financial statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below. These items include:

Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

Policy benefits include gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities. The gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits.

Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income.

The following tables present the Statement of Operations by segment:
For the Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$3,778 $1,285 $986 $2,238 $181 $610 $ $ $9,078 
Net premiums earned3,456 1,231 971 2,337 171 599   8,765 
Losses and loss expenses2,444 961 845 1,192 154 183 55 1 5,835 
Policy benefits     174  24 198 
Policy acquisition costs489 248 56 637 40 175   1,645 
Administrative expenses243 65 5 260 9 80 71  733 
Underwriting income (loss)280 (43)65 248 (32)(13)(126)(25)354 
Net investment income (loss)510 64 7 130 85 95 (19)(32)840 
Other (income) expense7 1  1  (23)(415)(56)(485)
Amortization expense of
purchased intangibles
 2 7 10  1 52  72 
Segment income$783 $18 $65 $367 $53 $104 $218 $(1)$1,607 
Net realized gains (losses)(142)1 (141)
Interest expense130  130 
Income tax expense142  142 
Net income (loss)$(196)$ $1,194 
For the Three Months Ended
September 30, 2019
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$3,452 $1,251 $938 $2,228 $141 $612 $— $— $8,622 
Net premiums earned3,185 1,187 941 2,256 160 598 — — 8,327 
Losses and loss expenses2,051 674 880 1,154 79 190 38 (14)5,052 
Policy benefits— — — — — 165 — (7)158 
Policy acquisition costs459 240 56 630 42 176 — — 1,603 
Administrative expenses256 72 257 80 74 — 752 
Underwriting income (loss)419 201 215 30 (13)(112)21 762 
Net investment income (loss)538 66 147 71 92 (28)(21)873 
Other (income) expense— — (17)(34)(14)(57)
Amortization expense of purchased intangibles
— 11 — 54 — 76 
Segment income (loss)$952 $263 $$349 $101 $95 $(160)$14 $1,616 
Net realized gains (losses) including OTTI
(141)(14)(155)
Interest expense138 — 138 
Chubb integration expenses— 
Income tax expense230 — 230 
Net income (loss)$(671)$— $1,091 

For the Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$10,750 $3,719 $1,604 $6,857 $606 $1,874 $ $ $25,410 
Net premiums earned10,427 3,623 1,441 6,838 520 1,838   24,687 
Losses and loss expenses8,123 2,406 1,223 3,935 314 556 342 (2)16,897 
Policy benefits     542  8 550 
Policy acquisition costs1,452 724 96 1,903 127 551   4,853 
Administrative expenses751 199 12 759 28 238 214  2,201 
Underwriting income (loss)101 294 110 241 51 (49)(556)(6)186 
Net investment income (loss)1,544 195 23 396 214 285 (65)(64)2,528 
Other (income) expense19 4 1 10 1 (52)(283)(72)(372)
Amortization expense of purchased intangibles
 8 20 33  3 153  217 
Segment income (loss)$1,626 $477 $112 $594 $264 $285 $(491)$2 $2,869 
Net realized gains (losses)(1,067)(2)(1,069)
Interest expense390  390 
Income tax expense295  295 
Net income (loss)$(2,243)$ $1,115 
For the Nine Months Ended
September 30, 2019
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$9,937 $3,616 $1,534 $6,881 $540 $1,770 $— $— $24,278 
Net premiums earned9,660 3,509 1,374 6,595 487 1,730 — — 23,355 
Losses and loss expenses6,238 2,178 1,163 3,385 245 581 83 (8)13,865 
Policy benefits— — — — — 495 — 20 515 
Policy acquisition costs1,377 708 90 1,855 127 454 — — 4,611 
Administrative expenses755 211 771 26 237 211 — 2,220 
Underwriting income (loss)1,290 412 112 584 89 (37)(294)(12)2,144 
Net investment income (loss)1,584 194 22 444 206 278 (98)(62)2,568 
Other (income) expense17 11 — (37)(238)(82)(326)
Amortization expense of purchased intangibles
— 21 34 — 163 — 229 
Segment income (loss)$2,857 $595 $112 $983 $295 $276 $(317)$$4,809 
Net realized gains (losses) including OTTI
(467)(8)(475)
Interest expense418 — 418 
Chubb integration expenses— 
Income tax expense626 — 626 
Net income (loss)$(1,837)$— $3,281 

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.
v3.20.2
Earnings per share
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except share and per share data)2020201920202019
Numerator:
Net income$1,194 $1,091 $1,115 $3,281 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding451,794,046 454,975,143 451,683,093 456,987,560 
Denominator for diluted earnings per share:
Share-based compensation plans1,471,434 3,175,226 1,894,699 2,937,026 
Weighted-average shares outstanding and assumed conversions
453,265,480 458,150,369 453,577,792 459,924,586 
Basic earnings per share$2.64 $2.40 $2.47 $7.18 
Diluted earnings per share$2.63 $2.38 $2.46 $7.13 
Potential anti-dilutive share conversions7,053,316 575,039 6,767,727 3,874,310 

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods.
v3.20.2
Information provided in connection with outstanding debt of subsidiaries
9 Months Ended
Sep. 30, 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 September 30, 2020 and December 31, 2019, and for the three and nine months ended September 30, 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 September 30, 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$ $724 $115,323 $ $116,047 
Cash (1)
31  1,799 (123)1,707 
Restricted cash
  166  166 
Insurance and reinsurance balances receivable
  13,684 (3,096)10,588 
Reinsurance recoverable on losses and loss expenses
  25,482 (9,812)15,670 
Reinsurance recoverable on policy benefits  298 (95)203 
Value of business acquired  286  286 
Goodwill and other intangible assets  21,103  21,103 
Investments in subsidiaries53,715 54,125  (107,840) 
Due from subsidiaries and affiliates, net2,991  171 (3,162) 
Other assets8 391 23,459 (1,842)22,016 
Total assets$56,745 $55,240 $201,771 $(125,970)$187,786 
Liabilities
Unpaid losses and loss expenses$ $ $77,467 $(9,562)$67,905 
Unearned premiums  18,695 (1,193)17,502 
Future policy benefits  6,050 (95)5,955 
Due to subsidiaries and affiliates, net 3,162  (3,162) 
Affiliated notional cash pooling programs (1)
 123  (123) 
Repurchase agreements  1,413  1,413 
Short-term debt 1,300   1,300 
Long-term debt 14,830   14,830 
Trust preferred securities 308   308 
Other liabilities332 1,374 24,449 (3,995)22,160 
Total liabilities332 21,097 128,074 (18,130)131,373 
Total shareholders’ equity56,413 34,143 73,697 (107,840)56,413 
Total liabilities and shareholders’ equity$56,745 $55,240 $201,771 $(125,970)$187,786 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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)
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 subsidiaries50,853 52,076 — (102,929)— 
Due from subsidiaries and affiliates, net4,776 — — (4,776)— 
Other assets12 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 — 1,299 
Long-term debt— 13,559 — — 13,559 
Trust preferred securities— 308 — — 308 
Other liabilities312 1,649 21,352 (3,558)19,755 
Total liabilities312 21,260 118,902 (18,862)121,612 
Total shareholders’ equity55,331 32,679 70,250 (102,929)55,331 
Total liabilities and shareholders’ equity$55,643 $53,939 $189,152 $(121,791)$176,943 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended September 30, 2020Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb
Limited
Consolidated
(in millions of U.S. dollars)
Net premiums written$ $ $9,078 $ $9,078 
Net premiums earned  8,765  8,765 
Net investment income 1 839  840 
Equity in earnings of subsidiaries1,174 516  (1,690) 
Net realized gains (losses)
3 (192)48  (141)
Losses and loss expenses  5,835  5,835 
Policy benefits  198  198 
Policy acquisition costs and administrative expenses
21 (33)2,390  2,378 
Interest (income) expense(34)151 13  130 
Other (income) expense(10)(2)(473) (485)
Amortization of purchased intangibles  72  72 
Income tax expense (benefit)6 (66)202  142 
Net income$1,194 $275 $1,415 $(1,690)$1,194 
Comprehensive income$1,952 $812 $2,180 $(2,992)$1,952 


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended September 30, 2019Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb
Limited
Consolidated
(in millions of U.S. dollars)
Net premiums written$— $— $8,622 $— $8,622 
Net premiums earned— — 8,327 — 8,327 
Net investment income(3)875 — 873 
Equity in earnings of subsidiaries1,053 824 — (1,877)— 
Net realized gains (losses) including OTTI
(4)68 (219)— (155)
Losses and loss expenses— — 5,052 — 5,052 
Policy benefits— — 158 — 158 
Policy acquisition costs and administrative expenses
22 (5)2,338 — 2,355 
Interest (income) expense(59)171 26 — 138 
Other (income) expense(7)(3)(47)— (57)
Amortization of purchased intangibles— — 76 — 76 
Chubb integration expenses— — — 
Income tax expense (benefit)(33)260 — 230 
Net income$1,091 $759 $1,118 $(1,877)$1,091 
Comprehensive income$1,473 $1,138 $1,517 $(2,655)$1,473 
Condensed Consolidating Statements of Operations and Comprehensive Income

For the Nine Months Ended September 30, 2020Chubb
Limited (Parent Guarantor)
Chubb INA Holdings Inc. (Subsidiary Issuer)Other Chubb Limited SubsidiariesConsolidating Adjustments and EliminationsChubb Limited Consolidated
(in millions of U.S. dollars)
Net premiums written$ $ $25,410 $ $25,410 
Net premiums earned  24,687  24,687 
Net investment income(2)6 2,524  2,528 
Equity in earnings of subsidiaries1,064 838  (1,902) 
Net realized gains (losses)5 (271)(803) (1,069)
Losses and loss expenses  16,897  16,897 
Policy benefits  550  550 
Policy acquisition costs and administrative expenses66 (101)7,089  7,054 
Interest (income) expense(103)448 45  390 
Other (income) expense(27)1 (346) (372)
Amortization of purchased intangibles  217  217 
Income tax expense (benefit)16 (125)404  295 
Net income$1,115 $350 $1,552 $(1,902)$1,115 
Comprehensive income$2,352 $1,484 $2,840 $(4,324)$2,352 

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Nine Months Ended September 30, 2019Chubb
Limited (Parent Guarantor)
Chubb INA Holdings Inc. (Subsidiary Issuer)Other Chubb Limited SubsidiariesConsolidating Adjustments and EliminationsChubb Limited Consolidated
(in millions of U.S. dollars)
Net premiums written$— $— $24,278 $— $24,278 
Net premiums earned— — 23,355 — 23,355 
Net investment income(13)2,578 — 2,568 
Equity in earnings of subsidiaries3,147 2,345 — (5,492)— 
Net realized gains (losses) including OTTI34 (510)— (475)
Losses and loss expenses— — 13,865 — 13,865 
Policy benefits— — 515 — 515 
Policy acquisition costs and administrative expenses64 (25)6,792 — 6,831 
Interest (income) expense(187)536 69 — 418 
Other (income) expense(19)(308)— (326)
Amortization of purchased intangibles— — 229 — 229 
Chubb integration expenses— — 
Income tax expense (benefit)12 (120)734 — 626 
Net income$3,281 $1,972 $3,520 $(5,492)$3,281 
Comprehensive income$6,250 $4,476 $6,486 $(10,962)$6,250 
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2020Chubb
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$980 $(363)$7,714 $(1,090)$7,241 
Cash flows from investing activities
Purchases of fixed maturities available for sale (38)(20,755) (20,793)
Purchases of fixed maturities held to maturity  (42) (42)
Purchases of equity securities  (3,622) (3,622)
Sales of fixed maturities available for sale 9 9,528  9,537 
Sales of equity securities  1,526  1,526 
Maturities and redemptions of fixed maturities available for sale 35 8,674  8,709 
Maturities and redemptions of fixed maturities held to maturity  841  841 
Net change in short-term investments 256 (690) (434)
Net derivative instruments settlements 66 (140) (74)
Private equity contributions  (1,056) (1,056)
Private equity distributions  588  588 
Net deposit paid on share acquisition  (503) (503)
Payment for Huatai Group interest  (1,054) (1,054)
Capital contribution (1,200)  1,200  
Other(2)(3)(347) (352)
Net cash flows from (used for) investing activities(1,202)325 (7,052)1,200 (6,729)
Cash flows from financing activities
Dividends paid on Common Shares(1,035)   (1,035)
Common Shares repurchased(333)   (333)
Proceeds from issuance of long-term debt 988   988 
Proceeds from issuance of repurchase agreements  1,402  1,402 
Repayment of repurchase agreements  (1,402) (1,402)
Proceeds from share-based compensation plans  77  77 
Dividend to parent company  (1,090)1,090  
Advances (to) from affiliates1,621 (1,511)(110)  
Capital contribution   1,200 (1,200) 
Net proceeds from (payments to) affiliated notional cash pooling programs (1)
 123  (123) 
Policyholder contract deposits  322  322 
Policyholder contract withdrawals  (253) (253)
Net cash flows from (used for) financing activities253 (400)146 (233)(234)
Effect of foreign currency rate changes on cash and restricted cash(2)(4)(45) (51)
Net increase (decrease) in cash and restricted cash29 (442)763 (123)227 
Cash and restricted cash – beginning of period (1)
2 442 1,202  1,646 
Cash and restricted cash – end of period (1)
$31 $ $1,965 $(123)$1,873 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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
Nine Months Ended September 30, 2019Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb
Limited
Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities$421 $1,118 $5,234 $(1,860)$4,913 
Cash flows from investing activities
Purchases of fixed maturities available for sale
— (16)(19,762)— (19,778)
Purchases of fixed maturities held to maturity
— — (143)— (143)
Purchases of equity securities— — (466)— (466)
Sales of fixed maturities available for sale— 10,435 — 10,436 
Sales of equity securities— — 577 — 577 
Maturities and redemptions of fixed maturities
   available for sale
— 18 6,372 — 6,390 
Maturities and redemptions of fixed maturities held to maturity
— — 814 — 814 
Net change in short-term investments— (5)207 — 202 
Net derivative instruments settlements— (55)(592)— (647)
Private equity contributions— — (1,093)— (1,093)
Private equity distributions
— — 973 — 973 
Payment for Huatai Group interest— — (329)— (329)
Capital contribution(1,000)(110)— 1,110 — 
Other— (10)(487)— (497)
Net cash flows used for investing activities
(1,000)(177)(3,494)1,110 (3,561)
Cash flows from financing activities
Dividends paid on Common Shares(1,014)— — — (1,014)
Common Shares repurchased— — (1,203)— (1,203)
Proceeds from issuance of long-term debt
— 1,286 — — 1,286 
Repayment of long-term debt
— (500)(1)— (501)
Proceeds from issuance of repurchase agreements
— — 2,394 — 2,394 
Repayment of repurchase agreements
— — (2,396)— (2,396)
Proceeds from share-based compensation plans
— — 155 — 155 
Dividend to parent company
— — (1,860)1,860 — 
Advances (to) from affiliates
996 (1,715)719 — — 
Capital contribution— — 1,110 (1,110)— 
Net proceeds from (payments to) affiliated notional cash pooling programs (1)
593 (15)— (578)— 
Policyholder contract deposits— — 376 — 376 
Policyholder contract withdrawals— — (221)— (221)
Net cash flows from (used for) financing activities
575 (944)(927)172 (1,124)
Effect of foreign currency rate changes on cash and restricted cash
15 — 21 
Net increase (decrease) in cash and restricted cash(2)828 (578)249 
Cash and restricted cash – beginning of period (1)
1,989 (652)1,340 
Cash and restricted cash – end of period (1)
$$— $2,817 $(1,230)$1,589 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.2
General (Policies)
9 Months Ended
Sep. 30, 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 12 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:
September 30December 31
(in millions of U.S. dollars)20202019
Cash$1,707 $1,537 
Restricted cash166 109 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,873 $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.

In 2020, we recognized a cumulative effect adjustment and decreased beginning retained earnings by $79 million pre-tax, or $72 million after-tax, principally related to the valuation allowance for credit losses. 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.

Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
v3.20.2
Fair value measurements Fair Value Measurement Policy (Policies)
9 Months Ended
Sep. 30, 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.
v3.20.2
General General (Tables)
9 Months Ended
Sep. 30, 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:
September 30December 31
(in millions of U.S. dollars)20202019
Cash$1,707 $1,537 
Restricted cash166 109 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,873 $1,646 
v3.20.2
Investments (Tables)
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI
September 30, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,564 $ $227 $ $2,791 
Non-U.S.23,858 (9)1,548 (115)25,282 
Corporate and asset-backed securities33,661 (25)1,895 (233)35,298 
Mortgage-backed securities18,272  1,078 (13)19,337 
Municipal6,846  302 (4)7,144 
$85,201 $(34)$5,050 $(365)$89,852 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,240 $ $1,240 $69 $ $1,309 
Non-U.S.1,273 (7)1,266 109 (1)1,374 
Corporate and asset-backed securities2,204 (36)2,168 252 (6)2,414 
Mortgage-backed securities2,104 (1)2,103 152 (2)2,253 
Municipal4,875 (1)4,874 249  5,123 
$11,696 $(45)$11,651 $831 $(9)$12,473 

December 31, 2019Amortized
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 / Agency$3,188 $96 $(1)$3,283 $— 
Non-U.S.22,670 1,099 (62)23,707 (25)
Corporate and asset-backed securities30,689 1,180 (78)31,791 (5)
Mortgage-backed securities18,712 494 (14)19,192 — 
Municipal7,321 205 (11)7,515 — 
$82,580 $3,074 $(166)$85,488 $(30)
Held to maturity
U.S. Treasury / Agency$1,318 $29 $— $1,347 $— 
Non-U.S.1,423 62 — 1,485 — 
Corporate and asset-backed securities2,349 121 (2)2,468 — 
Mortgage-backed securities2,331 65 — 2,396 — 
Municipal5,160 150 (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
September 30, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,564 $ $227 $ $2,791 
Non-U.S.23,858 (9)1,548 (115)25,282 
Corporate and asset-backed securities33,661 (25)1,895 (233)35,298 
Mortgage-backed securities18,272  1,078 (13)19,337 
Municipal6,846  302 (4)7,144 
$85,201 $(34)$5,050 $(365)$89,852 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,240 $ $1,240 $69 $ $1,309 
Non-U.S.1,273 (7)1,266 109 (1)1,374 
Corporate and asset-backed securities2,204 (36)2,168 252 (6)2,414 
Mortgage-backed securities2,104 (1)2,103 152 (2)2,253 
Municipal4,875 (1)4,874 249  5,123 
$11,696 $(45)$11,651 $831 $(9)$12,473 

December 31, 2019Amortized
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 / Agency$3,188 $96 $(1)$3,283 $— 
Non-U.S.22,670 1,099 (62)23,707 (25)
Corporate and asset-backed securities30,689 1,180 (78)31,791 (5)
Mortgage-backed securities18,712 494 (14)19,192 — 
Municipal7,321 205 (11)7,515 — 
$82,580 $3,074 $(166)$85,488 $(30)
Held to maturity
U.S. Treasury / Agency$1,318 $29 $— $1,347 $— 
Non-U.S.1,423 62 — 1,485 — 
Corporate and asset-backed securities2,349 121 (2)2,468 — 
Mortgage-backed securities2,331 65 — 2,396 — 
Municipal5,160 150 (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:
September 30December 31
 20202019
(in millions of U.S. dollars)Net Carrying ValueFair ValueAmortized CostFair Value
Available for sale
Due in 1 year or less$4,703 $4,703 $3,951 $3,973 
Due after 1 year through 5 years26,319 26,319 27,142 27,720 
Due after 5 years through 10 years26,456 26,456 23,901 24,874 
Due after 10 years13,037 13,037 8,874 9,729 
70,515 70,515 63,868 66,296 
Mortgage-backed securities19,337 19,337 18,712 19,192 
$89,852 $89,852 $82,580 $85,488 
Held to maturity
Due in 1 year or less$1,045 $1,056 $478 $479 
Due after 1 year through 5 years3,501 3,667 3,869 3,940 
Due after 5 years through 10 years3,119 3,315 3,756 3,883 
Due after 10 years1,883 2,182 2,147 2,307 
9,548 10,220 10,250 10,609 
Mortgage-backed securities2,103 2,253 2,331 2,396 
$11,651 $12,473 $12,581 $13,005 
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2020201920202019
Fixed maturities:
OTTI on fixed maturities, gross$ $(54)$ $(81)
OTTI on fixed maturities recognized in OCI (pre-tax) 30  31 
OTTI on fixed maturities, net (24) (50)
Gross realized gains excluding OTTI50 70 195 153 
Gross realized losses excluding OTTI(32)(57)(331)(146)
Provision for expected credit losses42 — (4)— 
Impairment (1)
(11)— (163)— 
Total fixed maturities 49 (11)(303)(43)
Equity securities 119 66 
Other investments31 (4)(71)(18)
Foreign exchange gains (losses)(222)84 (351)86 
Investment and embedded derivative instruments9 (97)38 (408)
Fair value adjustments on insurance derivative46 (106)(426)(57)
S&P futures(52)(6)(30)(89)
Other derivative instruments1 (14)(2)(8)
Other(3)(4)(43)(4)
Net realized gains (losses) (pre-tax)$(141)$(155)$(1,069)$(475)
(1)Relates to certain securities we intended to sell and securities written to market entering default.
Gain (Loss) on Securities [Table Text Block]
Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
September 30
20202019
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$ $31 $31 $$(4)$(1)
Less: Net gains (losses) recognized from sales of securities34  34 24 (2)22 
Unrealized gains (losses) recognized for securities still held at reporting date$(34)$31 $(3)$(21)$(2)$(23)

Nine Months Ended
September 30
20202019
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$119 $(71)$48 $66 $(18)$48 
Less: Net gains (losses) recognized from sales of securities197  197 57 (4)53 
Unrealized gains (losses) recognized for securities still held at reporting date$(78)$(71)$(149)$$(14)$(5)
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 MonthsOver 12 MonthsTotal
September 30, 2020Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
Non-U.S.$2,848 $(89)$122 $(14)$2,970 $(103)
Corporate and asset-backed securities6,149 (145)721 (41)6,870 (186)
Mortgage-backed securities1,481 (11)26 (2)1,507 (13)
Municipal
190 (2)54 (2)244 (4)
Total AFS fixed maturities $10,668 $(247)$923 $(59)$11,591 $(306)
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 MonthsOver 12 MonthsTotal
December 31, 2019Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$234 $(1)$339 $— $573 $(1)
Non-U.S.1,846 (34)802 (28)2,648 (62)
Corporate and asset-backed securities2,121 (40)988 (40)3,109 (80)
Mortgage-backed securities1,174 (6)932 (8)2,106 (14)
Municipal
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:
September 30, 2020
(in millions of U.S. dollars)Amortized cost% of Total
AAA$2,542 22 %
AA6,239 53 %
A2,072 18 %
BBB821 7 %
BB21  %
Other1  %
Total$11,696 100 %
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20202019
Trust funds$12,746 $14,004 
Deposits with U.S. regulatory authorities2,448 2,466 
Deposits with non-U.S. regulatory authorities2,957 2,709 
Assets pledged under repurchase agreements1,433 1,464 
Other pledged assets577 490 
Total$20,161 $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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)20202020
Available for sale
Valuation allowance for expected credit losses - beginning of period$69 $ 
Impact of adoption of new accounting guidance 25 
Provision for expected credit loss5 183 
Initial allowance for purchased securities with credit deterioration 5 
Write-offs charged against the expected credit loss (5)
Recovery of expected credit loss(40)(174)
Valuation allowance for expected credit losses - end of period$34 $34 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$51 $ 
Impact of adoption of new accounting guidance 44 
Provision for expected credit loss2 9 
Recoveries of amounts previously written off(8)(8)
Valuation allowance for expected credit losses - end of period$45 $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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)20202020
Available for sale
Valuation allowance for expected credit losses - beginning of period$69 $ 
Impact of adoption of new accounting guidance 25 
Provision for expected credit loss5 183 
Initial allowance for purchased securities with credit deterioration 5 
Write-offs charged against the expected credit loss (5)
Recovery of expected credit loss(40)(174)
Valuation allowance for expected credit losses - end of period$34 $34 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$51 $ 
Impact of adoption of new accounting guidance 44 
Provision for expected credit loss2 9 
Recoveries of amounts previously written off(8)(8)
Valuation allowance for expected credit losses - end of period$45 $45 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
September 30December 31
 Expected
Liquidation
Period of Underlying Assets
20202019
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$579 $293 $611 $329 
Real Assets
2 to 11 Years
724 704 712 422 
Distressed
2 to 8 Years
252 573 263 80 
Private Credit
3 to 8 Years
86 272 104 272 
Traditional
2 to 14 Years
3,727 1,455 2,844 2,160 
Vintage
1 to 2 Years
83  116 — 
Investment fundsNot Applicable243  271 — 
$5,694 $3,297 $4,921 $3,263 
v3.20.2
Fair value measurements (Tables)
9 Months Ended
Sep. 30, 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
September 30, 2020Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,264 $527 $ $2,791 
Non-U.S. 24,788 494 25,282 
Corporate and asset-backed securities 33,853 1,445 35,298 
Mortgage-backed securities 19,276 61 19,337 
Municipal 7,144  7,144 
2,264 85,588 2,000 89,852 
Equity securities3,022  66 3,088 
Short-term investments3,270 1,383 7 4,660 
Other investments (1)
374 403 10 787 
Securities lending collateral 1,851  1,851 
Investment derivative instruments24   24 
Other derivative instruments3   3 
Separate account assets3,535 123  3,658 
Total assets measured at fair value (1)
$12,492 $89,348 $2,083 $103,923 
Liabilities:
Investment derivative instruments$77 $ $ $77 
GLB (2)
  882 882 
Total liabilities measured at fair value$77 $ $882 $959 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $5,694 million, policy loans of $225 million and other investments of $90 million at September 30, 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, 2019Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,664 $619 $— $3,283 
Non-U.S.— 23,258 449 23,707 
Corporate and asset-backed securities— 30,340 1,451 31,791 
Mortgage-backed securities— 19,132 60 19,192 
Municipal— 7,515 — 7,515 
2,664 80,864 1,960 85,488 
Equity securities728 15 69 812 
Short-term investments2,803 1,482 4,291 
Other investments (1)
412 377 10 799 
Securities lending collateral— 994 — 994 
Investment derivative instruments24 — — 24 
Other derivative instruments— — 
Separate account assets3,437 136 — 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 instruments13 — — 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.
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 ValueValuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
September 30, 2020December 31, 2019
GLB (1)
$882 $456 Actuarial modelLapse rate
3% – 34%
4.7 %
Annuitization rate
0% – 52%
4.0 %
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):
AssetsLiabilities
Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$469 $1,369 $60 $64 $2 $10 $928 
Transfers into Level 3 1      
Transfers out of Level 3 (1)     
Change in Net Unrealized Gains (Losses) in OCI21 13   (1)  
Net Realized Gains/Losses1 3  2   (46)
Purchases41 194 2 3 7   
Sales(19)(80) (3)   
Settlements(19)(54)(1) (1)  
Balance – end of period$494 $1,445 $61 $66 $7 $10 $882 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$ $3 $ $2 $ $ $(46)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date$20 $12 $ $ $(1)$ $ 
(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 $1,318 million at September 30, 2020, and $1,372 million at June 30, 2020, which includes a fair value derivative adjustment of $882 million and $928 million, respectively.
  AssetsLiabilities
Three Months Ended
September 30, 2019
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$371 $1,359 $76 $56 $$11 $403 
Transfers into Level 3— — — — — — 
Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
(8)(4)— (1)— — — 
Net Realized Gains/Losses— — — (1)— — 106 
Purchases68 176 — — 
Sales(35)(18)— (3)— — — 
Settlements(3)(64)— — — (1)— 
Balance – end of period$393 $1,450 $77 $56 $$10 $509 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $— $— $(1)$— $— $106 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019, and $815 million at June 30, 2019, which includes a fair value derivative adjustment of $509 million and $403 million, respectively.

AssetsLiabilities
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$449 $1,451 $60 $69 $6 $10 $456 
Transfers into Level 3 92      
Transfers out of Level 3(16)(73)     
Change in Net Unrealized Gains (Losses) in OCI, including foreign exchange
1 (31)  (1)  
Net Realized Gains/Losses(2)(23) (1)  426 
Purchases190 416 2 14 9   
Sales(81)(147) (16)   
Settlements(47)(240)(1) (7)  
Balance – end of period$494 $1,445 $61 $66 $7 $10 $882 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$ $(6)$ $1 $ $ $426 
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date
$ $(25)$ $ $(1)$ $ 
(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 $1,318 million at September 30, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $882 million and $456 million, respectively.
  AssetsLiabilities
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Nine Months Ended
September 30, 2019
(in millions of U.S. dollars)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$345 $1,299 $61 $57 $$11 $452 
Transfers into Level 316 — — — — — 
Transfers out of Level 3(15)— — — — — — 
Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
(2)— — — — 
Net Realized Gains/Losses(1)— — (4)— — 57 
Purchases164 425 19 19 — — 
Sales(54)(91)(1)(17)— — — 
Settlements(47)(200)(2)— (1)(1)— 
Balance – end of period$393 $1,450 $77 $56 $$10 $509 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $(1)$— $(3)$— $— $57 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $509 million and $452 million, respectively.
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):
AssetsLiabilities
Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$469 $1,369 $60 $64 $2 $10 $928 
Transfers into Level 3 1      
Transfers out of Level 3 (1)     
Change in Net Unrealized Gains (Losses) in OCI21 13   (1)  
Net Realized Gains/Losses1 3  2   (46)
Purchases41 194 2 3 7   
Sales(19)(80) (3)   
Settlements(19)(54)(1) (1)  
Balance – end of period$494 $1,445 $61 $66 $7 $10 $882 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$ $3 $ $2 $ $ $(46)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date$20 $12 $ $ $(1)$ $ 
(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 $1,318 million at September 30, 2020, and $1,372 million at June 30, 2020, which includes a fair value derivative adjustment of $882 million and $928 million, respectively.
  AssetsLiabilities
Three Months Ended
September 30, 2019
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$371 $1,359 $76 $56 $$11 $403 
Transfers into Level 3— — — — — — 
Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
(8)(4)— (1)— — — 
Net Realized Gains/Losses— — — (1)— — 106 
Purchases68 176 — — 
Sales(35)(18)— (3)— — — 
Settlements(3)(64)— — — (1)— 
Balance – end of period$393 $1,450 $77 $56 $$10 $509 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $— $— $(1)$— $— $106 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019, and $815 million at June 30, 2019, which includes a fair value derivative adjustment of $509 million and $403 million, respectively.

AssetsLiabilities
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$449 $1,451 $60 $69 $6 $10 $456 
Transfers into Level 3 92      
Transfers out of Level 3(16)(73)     
Change in Net Unrealized Gains (Losses) in OCI, including foreign exchange
1 (31)  (1)  
Net Realized Gains/Losses(2)(23) (1)  426 
Purchases190 416 2 14 9   
Sales(81)(147) (16)   
Settlements(47)(240)(1) (7)  
Balance – end of period$494 $1,445 $61 $66 $7 $10 $882 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$ $(6)$ $1 $ $ $426 
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date
$ $(25)$ $ $(1)$ $ 
(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 $1,318 million at September 30, 2020, and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $882 million and $456 million, respectively.
  AssetsLiabilities
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Nine Months Ended
September 30, 2019
(in millions of U.S. dollars)
Non-U.S.Corporate and asset-backed securitiesMBS
Balance – beginning of period
$345 $1,299 $61 $57 $$11 $452 
Transfers into Level 316 — — — — — 
Transfers out of Level 3(15)— — — — — — 
Change in Net Unrealized Gains/Losses in OCI, including foreign exchange
(2)— — — — 
Net Realized Gains/Losses(1)— — (4)— — 57 
Purchases164 425 19 19 — — 
Sales(54)(91)(1)(17)— — — 
Settlements(47)(200)(2)— (1)(1)— 
Balance – end of period$393 $1,450 $77 $56 $$10 $509 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $(1)$— $(3)$— $— $57 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $935 million at September 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $509 million and $452 million, respectively.
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
September 30, 2020Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,251 $58 $ $1,309 $1,240 
Non-U.S. 1,374  1,374 1,266 
Corporate and asset-backed securities 2,414  2,414 2,168 
Mortgage-backed securities 2,253  2,253 2,103 
Municipal
 5,123  5,123 4,874 
Total assets$1,251 $11,222 $ $12,473 $11,651 
Liabilities:
Repurchase agreements$ $1,413 $ $1,413 $1,413 
Short-term debt 1,302  1,302 1,300 
Long-term debt 16,995  16,995 14,830 
Trust preferred securities 462  462 308 
Total liabilities$ $20,172 $ $20,172 $17,851 
December 31, 2019Fair ValueCarrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,292 $55 $— $1,347 $1,318 
Non-U.S.— 1,485 — 1,485 1,423 
Corporate and asset-backed securities— 2,436 32 2,468 2,349 
Mortgage-backed securities— 2,396 — 2,396 2,331 
Municipal— 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 
v3.20.2
Reinsurance (Tables)
9 Months Ended
Sep. 30, 2020
Credit Loss [Abstract]  
schedule of reinsurance recoverable on ceded insurance
September 30, 2020December 31, 2019
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$14,767 $255 $14,181 $240 
Reinsurance recoverable on paid losses and loss expenses903 65 1,000 76 
Reinsurance recoverable on losses and loss expenses$15,670 $320 $15,181 $316 
Reinsurance recoverable on policy benefits$203 $4 $197 $
(1)Net of valuation allowance for uncollectible reinsurance.
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:
Nine Months Ended
September 30
(in millions of U.S. dollars)2020
Reinsurance recoverable
Valuation allowance for uncollectible reinsurance - beginning of period$316 
Provision for uncollectible reinsurance21 
Write-offs charged against the valuation allowance(19)
Foreign exchange revaluation2 
Valuation allowance for uncollectible reinsurance - end of period$320 
v3.20.2
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)
9 Months Ended
Sep. 30, 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:
Nine Months Ended September 30
(in millions of U.S. dollars)20202019
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 period48,509 48,271 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year17,109 14,484 
Prior years (2)
(212)(619)
Total16,897 13,865 
Net losses and loss expenses paid in respect of losses occurring in:
Current year4,766 4,920 
Prior years7,597 8,374 
Total12,363 13,294 
Foreign currency revaluation and other95 (162)
Net unpaid losses and loss expenses – end of period53,138 48,680 
Reinsurance recoverable on unpaid losses (1)
14,767 14,332 
Gross unpaid losses and loss expenses – end of period$67,905 $63,012 
(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 $23 million and $60 million for the nine months ended September 30, 2020 and 2019, respectively.
Prior Period Development, by Segment [Table Text Block]
The following table summarizes (favorable) and adverse PPD by segment.
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2020
North America Commercial P&C Insurance$(255)$55 $(200)$(439)$(12)$(451)
North America Personal P&C Insurance 48 48  48 48 
North America Agricultural Insurance 18 18  4 4 
Overseas General Insurance(71)11 (60)(72)(28)(100)
Global Reinsurance(6) (6)(25)(4)(29)
Corporate54  54 339  339 
Total$(278)$132 $(146)$(197)$8 $(189)
2019
North America Commercial P&C Insurance$(197)$88 $(109)$(468)$43 $(425)
North America Personal P&C Insurance— (62)(62)— (88)(88)
North America Agricultural Insurance— 18 18 — (43)(43)
Overseas General Insurance(66)41 (25)(66)17 (49)
Global Reinsurance(25)— (25)(59)26 (33)
Corporate36 — 36 79 — 79 
Total$(252)$85 $(167)$(514)$(45)$(559)
v3.20.2
Commitments, contingencies, and guarantees (Tables)
9 Months Ended
Sep. 30, 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:
September 30, 2020December 31, 2019
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
Value/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivative
instruments:
Foreign currency forward contractsOA / (AP)$12 $(73)$2,550 $11 $(78)$2,579 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)12 (3)1,457 13 (15)1,615 
Convertible securities (1)
FM AFS / ES9  11 — 
$33 $(76)$4,018 $28 $(93)$4,199 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$ $(1)$648 $— $(13)$613 
OtherOA / (AP)3  113 — 63 
$3 $(1)$761 $$(13)$676 
GLB (3)
(AP) / (FPB)$ $(1,318)$2,071 $— $(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 $436 million and $441 million and fair value derivative adjustment of $882 million and $456 million at September 30, 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 EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2020201920202019
Investment and embedded derivative instruments:
Foreign currency forward contracts$ $(20)$53 $(57)
Interest rate swaps (55) (270)
All other futures contracts, options, and equities9 (22)(15)(83)
Convertible securities (1)
 —  
Total investment and embedded derivative instruments$9 $(97)$38 $(408)
GLB and other derivative instruments:
GLB (2)
$46 $(106)$(426)$(57)
Futures contracts on equities (3)
(52)(6)(30)(89)
Other1 (14)(2)(8)
Total GLB and other derivative instruments$(5)$(126)$(458)$(154)
$4 $(223)$(420)$(562)
(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
September 30, 2020December 31, 2019
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$615 $346 
U.S. Treasury / Agency101 
Non-U.S.1,047 595 
Corporate and asset-backed securities44 
Mortgage-backed securities 18 
Equity securities44 24 
$1,851 $994 
Gross amount of recognized liability for securities lending payable$1,851 $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
September 30, 2020December 31, 2019
Up to 30 Days30-90 DaysGreater than
90 Days
TotalUp to 30 Days30-90 DaysGreater than
90 Days
Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$4 $ $ $4 $$— $— $
U.S. Treasury / Agency4  102 106 107 — — 107 
Mortgage-backed securities390 462 471 1,323 399 476 480 1,355 
$398 $462 $573 $1,433 $508 $476 $480 $1,464 
Gross amount of recognized liabilities for repurchase agreements$1,413 $1,416 
Difference (1)
$20 $48 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.20.2
Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Dividends Declared
The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

Three Months EndedNine Months Ended
September 30September 30
2020201920202019
CHFUSDCHFUSDCHFUSDCHFUSD
Total dividend distributions per common share0.71 $0.78 0.73 $0.75 2.18 $2.31 2.20 $2.23 
Share Repurchase Program [Table Text Block]
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Three Months EndedNine Months EndedOctober 1, 2020 through October 29, 2020
September 30September 30
(in millions of U.S. dollars, except share data)2020201920202019
Number of shares repurchased 3,079,618 2,266,150 8,417,838 52,500 
Cost of shares repurchased$ $478 $326 $1,221 $7 
Repurchase authorization remaining at end of period$1,124 $258 $1,124 $258 $1,117 
v3.20.2
Postretirement benefits (Tables)
9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2020201920202019
Three Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $1 $12 $$ $— 
Non-service cost:
Interest cost24 6 30 1 
Expected return on plan assets(56)(11)(47)(11)(1)(1)
Amortization of net actuarial loss  —  — 
Amortization of prior service cost 1 — — (20)(20)
Settlements1  —  — 
Total non-service (benefit) cost(31)(4)(16)(4)(20)(20)
Net periodic (benefit) cost$(31)$(3)$(4)$(1)$(20)$(20)
Pension Benefit PlansOther Postretirement
Benefit Plans
2020201920202019
Nine Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $3 $37 $$ $— 
Non-service cost:
Interest cost74 17 89 20 2 
Expected return on plan assets(168)(32)(142)(33)(3)(3)
Amortization of net actuarial loss 1 —  — 
Amortization of prior service cost 1 — — (60)(60)
Settlements3  —  — 
Total non-service (benefit) cost(91)(13)(52)(11)(61)(60)
Net periodic (benefit) cost$(91)$(10)$(15)$(3)$(61)$(60)
The line items in which the service and non-service cost components of net periodic (benefit) cost are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
Three Months Ended September 302020201920202019
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $$ $— 
Administrative expenses1 13  — 
Total service cost1 15  — 
Non-service cost:
Losses and loss expenses(3)(1)(2)(2)
Administrative expenses(32)(19)(18)(18)
Total non-service (benefit) cost(35)(20)(20)(20)
Net periodic (benefit) cost$(34)$(5)$(20)$(20)

Pension Benefit PlansOther Postretirement Benefit Plans
Nine Months Ended September 302020201920202019
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $$ $— 
Administrative expenses3 40  — 
Total service cost3 45  — 
Non-service cost:
Losses and loss expenses(9)(5)(6)(6)
Administrative expenses(95)(58)(55)(54)
Total non-service (benefit) cost(104)(63)(61)(60)
Net periodic (benefit) cost$(101)$(18)$(61)$(60)
v3.20.2
Segment information (Tables)
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Operations By Segment
The following tables present the Statement of Operations by segment:
For the Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$3,778 $1,285 $986 $2,238 $181 $610 $ $ $9,078 
Net premiums earned3,456 1,231 971 2,337 171 599   8,765 
Losses and loss expenses2,444 961 845 1,192 154 183 55 1 5,835 
Policy benefits     174  24 198 
Policy acquisition costs489 248 56 637 40 175   1,645 
Administrative expenses243 65 5 260 9 80 71  733 
Underwriting income (loss)280 (43)65 248 (32)(13)(126)(25)354 
Net investment income (loss)510 64 7 130 85 95 (19)(32)840 
Other (income) expense7 1  1  (23)(415)(56)(485)
Amortization expense of
purchased intangibles
 2 7 10  1 52  72 
Segment income$783 $18 $65 $367 $53 $104 $218 $(1)$1,607 
Net realized gains (losses)(142)1 (141)
Interest expense130  130 
Income tax expense142  142 
Net income (loss)$(196)$ $1,194 
For the Three Months Ended
September 30, 2019
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$3,452 $1,251 $938 $2,228 $141 $612 $— $— $8,622 
Net premiums earned3,185 1,187 941 2,256 160 598 — — 8,327 
Losses and loss expenses2,051 674 880 1,154 79 190 38 (14)5,052 
Policy benefits— — — — — 165 — (7)158 
Policy acquisition costs459 240 56 630 42 176 — — 1,603 
Administrative expenses256 72 257 80 74 — 752 
Underwriting income (loss)419 201 215 30 (13)(112)21 762 
Net investment income (loss)538 66 147 71 92 (28)(21)873 
Other (income) expense— — (17)(34)(14)(57)
Amortization expense of purchased intangibles
— 11 — 54 — 76 
Segment income (loss)$952 $263 $$349 $101 $95 $(160)$14 $1,616 
Net realized gains (losses) including OTTI
(141)(14)(155)
Interest expense138 — 138 
Chubb integration expenses— 
Income tax expense230 — 230 
Net income (loss)$(671)$— $1,091 

For the Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$10,750 $3,719 $1,604 $6,857 $606 $1,874 $ $ $25,410 
Net premiums earned10,427 3,623 1,441 6,838 520 1,838   24,687 
Losses and loss expenses8,123 2,406 1,223 3,935 314 556 342 (2)16,897 
Policy benefits     542  8 550 
Policy acquisition costs1,452 724 96 1,903 127 551   4,853 
Administrative expenses751 199 12 759 28 238 214  2,201 
Underwriting income (loss)101 294 110 241 51 (49)(556)(6)186 
Net investment income (loss)1,544 195 23 396 214 285 (65)(64)2,528 
Other (income) expense19 4 1 10 1 (52)(283)(72)(372)
Amortization expense of purchased intangibles
 8 20 33  3 153  217 
Segment income (loss)$1,626 $477 $112 $594 $264 $285 $(491)$2 $2,869 
Net realized gains (losses)(1,067)(2)(1,069)
Interest expense390  390 
Income tax expense295  295 
Net income (loss)$(2,243)$ $1,115 
For the Nine Months Ended
September 30, 2019
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$9,937 $3,616 $1,534 $6,881 $540 $1,770 $— $— $24,278 
Net premiums earned9,660 3,509 1,374 6,595 487 1,730 — — 23,355 
Losses and loss expenses6,238 2,178 1,163 3,385 245 581 83 (8)13,865 
Policy benefits— — — — — 495 — 20 515 
Policy acquisition costs1,377 708 90 1,855 127 454 — — 4,611 
Administrative expenses755 211 771 26 237 211 — 2,220 
Underwriting income (loss)1,290 412 112 584 89 (37)(294)(12)2,144 
Net investment income (loss)1,584 194 22 444 206 278 (98)(62)2,568 
Other (income) expense17 11 — (37)(238)(82)(326)
Amortization expense of purchased intangibles
— 21 34 — 163 — 229 
Segment income (loss)$2,857 $595 $112 $983 $295 $276 $(317)$$4,809 
Net realized gains (losses) including OTTI
(467)(8)(475)
Interest expense418 — 418 
Chubb integration expenses— 
Income tax expense626 — 626 
Net income (loss)$(1,837)$— $3,281 
v3.20.2
Earnings per share (Tables)
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except share and per share data)2020201920202019
Numerator:
Net income$1,194 $1,091 $1,115 $3,281 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding451,794,046 454,975,143 451,683,093 456,987,560 
Denominator for diluted earnings per share:
Share-based compensation plans1,471,434 3,175,226 1,894,699 2,937,026 
Weighted-average shares outstanding and assumed conversions
453,265,480 458,150,369 453,577,792 459,924,586 
Basic earnings per share$2.64 $2.40 $2.47 $7.18 
Diluted earnings per share$2.63 $2.38 $2.46 $7.13 
Potential anti-dilutive share conversions7,053,316 575,039 6,767,727 3,874,310 
v3.20.2
Information provided in connection with outstanding debt of subsidiaries (Tables)
9 Months Ended
Sep. 30, 2020
Table Text Block Supplement [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet at September 30, 2020
(in millions of U.S. dollars) Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb Limited
Consolidated
Assets
Investments$ $724 $115,323 $ $116,047 
Cash (1)
31  1,799 (123)1,707 
Restricted cash
  166  166 
Insurance and reinsurance balances receivable
  13,684 (3,096)10,588 
Reinsurance recoverable on losses and loss expenses
  25,482 (9,812)15,670 
Reinsurance recoverable on policy benefits  298 (95)203 
Value of business acquired  286  286 
Goodwill and other intangible assets  21,103  21,103 
Investments in subsidiaries53,715 54,125  (107,840) 
Due from subsidiaries and affiliates, net2,991  171 (3,162) 
Other assets8 391 23,459 (1,842)22,016 
Total assets$56,745 $55,240 $201,771 $(125,970)$187,786 
Liabilities
Unpaid losses and loss expenses$ $ $77,467 $(9,562)$67,905 
Unearned premiums  18,695 (1,193)17,502 
Future policy benefits  6,050 (95)5,955 
Due to subsidiaries and affiliates, net 3,162  (3,162) 
Affiliated notional cash pooling programs (1)
 123  (123) 
Repurchase agreements  1,413  1,413 
Short-term debt 1,300   1,300 
Long-term debt 14,830   14,830 
Trust preferred securities 308   308 
Other liabilities332 1,374 24,449 (3,995)22,160 
Total liabilities332 21,097 128,074 (18,130)131,373 
Total shareholders’ equity56,413 34,143 73,697 (107,840)56,413 
Total liabilities and shareholders’ equity$56,745 $55,240 $201,771 $(125,970)$187,786 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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)
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 subsidiaries50,853 52,076 — (102,929)— 
Due from subsidiaries and affiliates, net4,776 — — (4,776)— 
Other assets12 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 — 1,299 
Long-term debt— 13,559 — — 13,559 
Trust preferred securities— 308 — — 308 
Other liabilities312 1,649 21,352 (3,558)19,755 
Total liabilities312 21,260 118,902 (18,862)121,612 
Total shareholders’ equity55,331 32,679 70,250 (102,929)55,331 
Total liabilities and shareholders’ equity$55,643 $53,939 $189,152 $(121,791)$176,943 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information.
Condensed Consolidating Statement Of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended September 30, 2020Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb
Limited
Consolidated
(in millions of U.S. dollars)
Net premiums written$ $ $9,078 $ $9,078 
Net premiums earned  8,765  8,765 
Net investment income 1 839  840 
Equity in earnings of subsidiaries1,174 516  (1,690) 
Net realized gains (losses)
3 (192)48  (141)
Losses and loss expenses  5,835  5,835 
Policy benefits  198  198 
Policy acquisition costs and administrative expenses
21 (33)2,390  2,378 
Interest (income) expense(34)151 13  130 
Other (income) expense(10)(2)(473) (485)
Amortization of purchased intangibles  72  72 
Income tax expense (benefit)6 (66)202  142 
Net income$1,194 $275 $1,415 $(1,690)$1,194 
Comprehensive income$1,952 $812 $2,180 $(2,992)$1,952 


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended September 30, 2019Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb
Limited
Consolidated
(in millions of U.S. dollars)
Net premiums written$— $— $8,622 $— $8,622 
Net premiums earned— — 8,327 — 8,327 
Net investment income(3)875 — 873 
Equity in earnings of subsidiaries1,053 824 — (1,877)— 
Net realized gains (losses) including OTTI
(4)68 (219)— (155)
Losses and loss expenses— — 5,052 — 5,052 
Policy benefits— — 158 — 158 
Policy acquisition costs and administrative expenses
22 (5)2,338 — 2,355 
Interest (income) expense(59)171 26 — 138 
Other (income) expense(7)(3)(47)— (57)
Amortization of purchased intangibles— — 76 — 76 
Chubb integration expenses— — — 
Income tax expense (benefit)(33)260 — 230 
Net income$1,091 $759 $1,118 $(1,877)$1,091 
Comprehensive income$1,473 $1,138 $1,517 $(2,655)$1,473 
Condensed Consolidating Statements of Operations and Comprehensive Income

For the Nine Months Ended September 30, 2020Chubb
Limited (Parent Guarantor)
Chubb INA Holdings Inc. (Subsidiary Issuer)Other Chubb Limited SubsidiariesConsolidating Adjustments and EliminationsChubb Limited Consolidated
(in millions of U.S. dollars)
Net premiums written$ $ $25,410 $ $25,410 
Net premiums earned  24,687  24,687 
Net investment income(2)6 2,524  2,528 
Equity in earnings of subsidiaries1,064 838  (1,902) 
Net realized gains (losses)5 (271)(803) (1,069)
Losses and loss expenses  16,897  16,897 
Policy benefits  550  550 
Policy acquisition costs and administrative expenses66 (101)7,089  7,054 
Interest (income) expense(103)448 45  390 
Other (income) expense(27)1 (346) (372)
Amortization of purchased intangibles  217  217 
Income tax expense (benefit)16 (125)404  295 
Net income$1,115 $350 $1,552 $(1,902)$1,115 
Comprehensive income$2,352 $1,484 $2,840 $(4,324)$2,352 

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Nine Months Ended September 30, 2019Chubb
Limited (Parent Guarantor)
Chubb INA Holdings Inc. (Subsidiary Issuer)Other Chubb Limited SubsidiariesConsolidating Adjustments and EliminationsChubb Limited Consolidated
(in millions of U.S. dollars)
Net premiums written$— $— $24,278 $— $24,278 
Net premiums earned— — 23,355 — 23,355 
Net investment income(13)2,578 — 2,568 
Equity in earnings of subsidiaries3,147 2,345 — (5,492)— 
Net realized gains (losses) including OTTI34 (510)— (475)
Losses and loss expenses— — 13,865 — 13,865 
Policy benefits— — 515 — 515 
Policy acquisition costs and administrative expenses64 (25)6,792 — 6,831 
Interest (income) expense(187)536 69 — 418 
Other (income) expense(19)(308)— (326)
Amortization of purchased intangibles— — 229 — 229 
Chubb integration expenses— — 
Income tax expense (benefit)12 (120)734 — 626 
Net income$3,281 $1,972 $3,520 $(5,492)$3,281 
Comprehensive income$6,250 $4,476 $6,486 $(10,962)$6,250 
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2020Chubb
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$980 $(363)$7,714 $(1,090)$7,241 
Cash flows from investing activities
Purchases of fixed maturities available for sale (38)(20,755) (20,793)
Purchases of fixed maturities held to maturity  (42) (42)
Purchases of equity securities  (3,622) (3,622)
Sales of fixed maturities available for sale 9 9,528  9,537 
Sales of equity securities  1,526  1,526 
Maturities and redemptions of fixed maturities available for sale 35 8,674  8,709 
Maturities and redemptions of fixed maturities held to maturity  841  841 
Net change in short-term investments 256 (690) (434)
Net derivative instruments settlements 66 (140) (74)
Private equity contributions  (1,056) (1,056)
Private equity distributions  588  588 
Net deposit paid on share acquisition  (503) (503)
Payment for Huatai Group interest  (1,054) (1,054)
Capital contribution (1,200)  1,200  
Other(2)(3)(347) (352)
Net cash flows from (used for) investing activities(1,202)325 (7,052)1,200 (6,729)
Cash flows from financing activities
Dividends paid on Common Shares(1,035)   (1,035)
Common Shares repurchased(333)   (333)
Proceeds from issuance of long-term debt 988   988 
Proceeds from issuance of repurchase agreements  1,402  1,402 
Repayment of repurchase agreements  (1,402) (1,402)
Proceeds from share-based compensation plans  77  77 
Dividend to parent company  (1,090)1,090  
Advances (to) from affiliates1,621 (1,511)(110)  
Capital contribution   1,200 (1,200) 
Net proceeds from (payments to) affiliated notional cash pooling programs (1)
 123  (123) 
Policyholder contract deposits  322  322 
Policyholder contract withdrawals  (253) (253)
Net cash flows from (used for) financing activities253 (400)146 (233)(234)
Effect of foreign currency rate changes on cash and restricted cash(2)(4)(45) (51)
Net increase (decrease) in cash and restricted cash29 (442)763 (123)227 
Cash and restricted cash – beginning of period (1)
2 442 1,202  1,646 
Cash and restricted cash – end of period (1)
$31 $ $1,965 $(123)$1,873 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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
Nine Months Ended September 30, 2019Chubb
Limited
(Parent
Guarantor)
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)
Other Chubb
Limited
Subsidiaries
Consolidating
Adjustments and Eliminations
Chubb
Limited
Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities$421 $1,118 $5,234 $(1,860)$4,913 
Cash flows from investing activities
Purchases of fixed maturities available for sale
— (16)(19,762)— (19,778)
Purchases of fixed maturities held to maturity
— — (143)— (143)
Purchases of equity securities— — (466)— (466)
Sales of fixed maturities available for sale— 10,435 — 10,436 
Sales of equity securities— — 577 — 577 
Maturities and redemptions of fixed maturities
   available for sale
— 18 6,372 — 6,390 
Maturities and redemptions of fixed maturities held to maturity
— — 814 — 814 
Net change in short-term investments— (5)207 — 202 
Net derivative instruments settlements— (55)(592)— (647)
Private equity contributions— — (1,093)— (1,093)
Private equity distributions
— — 973 — 973 
Payment for Huatai Group interest— — (329)— (329)
Capital contribution(1,000)(110)— 1,110 — 
Other— (10)(487)— (497)
Net cash flows used for investing activities
(1,000)(177)(3,494)1,110 (3,561)
Cash flows from financing activities
Dividends paid on Common Shares(1,014)— — — (1,014)
Common Shares repurchased— — (1,203)— (1,203)
Proceeds from issuance of long-term debt
— 1,286 — — 1,286 
Repayment of long-term debt
— (500)(1)— (501)
Proceeds from issuance of repurchase agreements
— — 2,394 — 2,394 
Repayment of repurchase agreements
— — (2,396)— (2,396)
Proceeds from share-based compensation plans
— — 155 — 155 
Dividend to parent company
— — (1,860)1,860 — 
Advances (to) from affiliates
996 (1,715)719 — — 
Capital contribution— — 1,110 (1,110)— 
Net proceeds from (payments to) affiliated notional cash pooling programs (1)
593 (15)— (578)— 
Policyholder contract deposits— — 376 — 376 
Policyholder contract withdrawals— — (221)— (221)
Net cash flows from (used for) financing activities
575 (944)(927)172 (1,124)
Effect of foreign currency rate changes on cash and restricted cash
15 — 21 
Net increase (decrease) in cash and restricted cash(2)828 (578)249 
Cash and restricted cash – beginning of period (1)
1,989 (652)1,340 
Cash and restricted cash – end of period (1)
$$— $2,817 $(1,230)$1,589 
(1)Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.2
General Schedule of Cash and Cash Equivalent (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
[4]
Dec. 31, 2018
[4]
Cash and Cash Equivalents [Line Items]        
Cash $ 1,707 [1] $ 1,537 [2]    
Restricted cash 166 109    
Total cash and restricted cash shown in the Consolidated statement of cash flows $ 1,873 [3] $ 1,646 [3] $ 1,589 $ 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 September 30, 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 September 30, 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 September 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.20.2
General Goodwill (Details)
$ in Millions
9 Months Ended
Sep. 30, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Period Increase (Decrease) $ (42)
v3.20.2
General Adoption of New Accounting Pronouncements (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax $ (56,413)   $ (55,331) $ (54,572)    
Retained Earnings [Member]            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax $ (36,919) $ (35,991) (36,142) $ (34,969) $ (33,878) $ (31,700)
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax   $ 0 72   $ 0 $ 12
Retained Earnings [Member] | Cumulative effect on retained earnings, before tax [Member]            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax     $ 79      
v3.20.2
Acquisitions Acquisitions (narrative) (Details) - USD ($)
$ in Millions
1 Months Ended 9 Months Ended
Jan. 31, 2020
Sep. 30, 2020
Sep. 30, 2019
Business Acquisition [Line Items]      
Payments for Other Deposits   $ 503  
CHINA | Huatai Group [Member]      
Business Acquisition [Line Items]      
Payments for Other Deposits $ 1,550 $ 503 $ 0
Equity method investment, additional 15.3 ownership percentage obtained   15.30%  
Equity Method Investments   $ 2,400  
v3.20.2
Acquisitions Investments (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Dec. 31, 2021
Investment Holdings [Line Items]      
Equity Method Investment, Ownership Percentage 100.00% 100.00%  
Portion one of payments to acquire 22.4% of Huatai Group   $ 1,054  
Huatai Group [Member] | CHINA      
Investment Holdings [Line Items]      
Equity Method Investment, Ownership Percentage 46.20% 46.20%  
Equity method investment, additional 15.3 ownership percentage obtained   15.30%  
Portion one of payments to acquire 22.4% of Huatai Group $ 1,100 $ 1,054  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity 1,300 1,300  
Equity Method Investments $ 2,400 $ 2,400  
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 7.1 percentage obtained     7.10%
Portion two of payments to acquire equity method investments     $ 493
v3.20.2
Investments (Narrative) (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Investments [Line Items]    
Equity Method Investment, Ownership Percentage 100.00%  
Restricted assets in fixed maturities and short-term investments $ 20,000 $ 21,000
Restricted assets in cash 166 $ 109
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date 5  
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Par Value 144  
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Purchase Price $ 108  
v3.20.2
Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]      
Available for sale, at amortized cost $ 85,201   $ 82,580
Debt Securities, Available-for-sale, Allowance for Credit Loss (34) $ (69) 0
Available for Sale, Gross Unrealized Appreciation 5,050   3,074
Available for Sale, Gross Unrealized Depreciation (365)   (166)
Available for sale, Fair Value 89,852   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 / Agency      
Debt Securities, Available-for-sale [Line Items]      
Available for sale, at amortized cost 2,564   3,188
Debt Securities, Available-for-sale, Allowance for Credit Loss 0    
Available for Sale, Gross Unrealized Appreciation 227   96
Available for Sale, Gross Unrealized Depreciation 0   (1)
Available for sale, Fair Value 2,791   3,283
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities     0
Non-U.S.      
Debt Securities, Available-for-sale [Line Items]      
Available for sale, at amortized cost 23,858   22,670
Debt Securities, Available-for-sale, Allowance for Credit Loss (9)    
Available for Sale, Gross Unrealized Appreciation 1,548   1,099
Available for Sale, Gross Unrealized Depreciation (115)   (62)
Available for sale, Fair Value 25,282   23,707
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities     (25)
Corporate and asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Available for sale, at amortized cost 33,661   30,689
Debt Securities, Available-for-sale, Allowance for Credit Loss (25)    
Available for Sale, Gross Unrealized Appreciation 1,895   1,180
Available for Sale, Gross Unrealized Depreciation (233)   (78)
Available for sale, Fair Value 35,298   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 18,272   18,712
Debt Securities, Available-for-sale, Allowance for Credit Loss 0    
Available for Sale, Gross Unrealized Appreciation 1,078   494
Available for Sale, Gross Unrealized Depreciation (13)   (14)
Available for sale, Fair Value 19,337   19,192
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities     0
Municipal      
Debt Securities, Available-for-sale [Line Items]      
Available for sale, at amortized cost 6,846   7,321
Debt Securities, Available-for-sale, Allowance for Credit Loss 0    
Available for Sale, Gross Unrealized Appreciation 302   205
Available for Sale, Gross Unrealized Depreciation (4)   (11)
Available for sale, Fair Value $ 7,144   7,515
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities     $ 0
v3.20.2
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]      
Held to maturity, Amortized Cost $ 11,696   $ 12,581
Debt Securities, Held-to-maturity, Allowance for Credit Loss (45) $ (51) 0
Debt securities, held to maturity, net carrying value 11,651    
Held-to-maturity, Gross Unrealized Appreciation 831   427
Held-to-maturity, Gross Unrealized Depreciation (9)   (3)
Held-to-maturity, Fair Value 12,473   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 / Agency      
Schedule of Held-to-maturity Securities [Line Items]      
Held to maturity, Amortized Cost 1,240   1,318
Debt Securities, Held-to-maturity, Allowance for Credit Loss 0    
Debt securities, held to maturity, net carrying value 1,240    
Held-to-maturity, Gross Unrealized Appreciation 69   29
Held-to-maturity, Gross Unrealized Depreciation 0   0
Held-to-maturity, Fair Value 1,309   1,347
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities     0
Non-U.S.      
Schedule of Held-to-maturity Securities [Line Items]      
Held to maturity, Amortized Cost 1,273   1,423
Debt Securities, Held-to-maturity, Allowance for Credit Loss (7)    
Debt securities, held to maturity, net carrying value 1,266    
Held-to-maturity, Gross Unrealized Appreciation 109   62
Held-to-maturity, Gross Unrealized Depreciation (1)   0
Held-to-maturity, Fair Value 1,374   1,485
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities     0
Corporate and asset-backed securities      
Schedule of Held-to-maturity Securities [Line Items]      
Held to maturity, Amortized Cost 2,204   2,349
Debt Securities, Held-to-maturity, Allowance for Credit Loss (36)    
Debt securities, held to maturity, net carrying value 2,168    
Held-to-maturity, Gross Unrealized Appreciation 252   121
Held-to-maturity, Gross Unrealized Depreciation (6)   (2)
Held-to-maturity, Fair Value 2,414   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 2,104   2,331
Debt Securities, Held-to-maturity, Allowance for Credit Loss (1)    
Debt securities, held to maturity, net carrying value 2,103    
Held-to-maturity, Gross Unrealized Appreciation 152   65
Held-to-maturity, Gross Unrealized Depreciation (2)   0
Held-to-maturity, Fair Value 2,253   2,396
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities     0
Municipal      
Schedule of Held-to-maturity Securities [Line Items]      
Held to maturity, Amortized Cost 4,875   5,160
Debt Securities, Held-to-maturity, Allowance for Credit Loss (1)    
Debt securities, held to maturity, net carrying value 4,874    
Held-to-maturity, Gross Unrealized Appreciation 249   150
Held-to-maturity, Gross Unrealized Depreciation 0   (1)
Held-to-maturity, Fair Value $ 5,123   5,309
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities     $ 0
v3.20.2
Investments Investments (held-to-maturity credit quality indicator) (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 11,696 $ 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 $ 2,542  
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 $ 6,239  
Fixed Maturities Percent of Total Amortized cost 53.00%  
Standard & Poor's, A Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 2,072  
Fixed Maturities Percent of Total Amortized cost 18.00%  
Standard & Poor's, BBB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 821  
Fixed Maturities Percent of Total Amortized cost 7.00%  
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 $ 1  
Fixed Maturities Percent of Total Amortized cost 0.00%  
v3.20.2
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($)
$ in Millions
Sep. 30, 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 $ 85,201 82,580
Available for sale, Due in 1 year or less, Fair Value 4,703 3,973
Available for sale, Due after 1 year through 5 years, Fair Value 26,319 27,720
Available for sale, Due after 5 years through 10 years, Fair Value 26,456 24,874
Available for sale, Due after 10 years, Fair Value 13,037 9,729
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 70,515 66,296
Available for sale, Mortgage backed securities, Fair Value 19,337 19,192
Available for sale, Fair Value 89,852 85,488
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value 1,045  
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 11,696 12,581
Held to maturity, Due in 1 year or less, Fair Value 1,056 479
Held-to-maturity, after one through five years, net carrying value 3,501  
Held to maturity, Due after 1 year through 5, Fair Value 3,667 3,940
Held-to-maturity, after 5 through 10 years, net carrying value 3,119  
Held to maturity, Due after 5 years through 10 years, Fair Value 3,315 3,883
Held-to-maturity, after 10 years, net carrying value 1,883  
Held to maturity, Due after 10 years, Fair Value 2,182 2,307
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value 9,548  
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value 10,220 10,609
Held-to-maturity, MBS, net carrying value 2,103  
Held to maturity, Mortgage backed securities, Fair Value 2,253 2,396
Debt securities, held to maturity, net carrying value 11,651  
Held to maturity, Fair Value $ 12,473 $ 13,005
v3.20.2
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($)
$ in Millions
Sep. 30, 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 $ 10,668 $ 5,563
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (247) (81)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 923 3,337
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (59) (88)
Debt Securities, Available-for-sale, Unrealized Loss Position 11,591 8,900
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (306) (169)
U.S. Treasury / Agency    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months   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)
Non-U.S.    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 2,848 1,846
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (89) (34)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 122 802
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (14) (28)
Debt Securities, Available-for-sale, Unrealized Loss Position 2,970 2,648
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (103) (62)
Corporate and asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 6,149 2,121
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (145) (40)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 721 988
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (41) (40)
Debt Securities, Available-for-sale, Unrealized Loss Position 6,870 3,109
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (186) (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 1,481 1,174
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (11) (6)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 26 932
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (2) (8)
Debt Securities, Available-for-sale, Unrealized Loss Position 1,507 2,106
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (13) (14)
Municipal    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 190 188
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (2) 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 54 276
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (2) (12)
Debt Securities, Available-for-sale, Unrealized Loss Position 244 464
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (4) $ (12)
v3.20.2
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Gain (Loss) on Securities [Line Items]        
OTTI on fixed maturities, gross $ 0 $ (54) $ 0 $ (81)
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) 5   183  
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell (11) [1] 0 [1] (163) [1] 0
Other investments gain (loss) (141) (155) (1,069) (475)
Foreign exchange gains (222) 84 (351) 86
Gain (Loss) on Derivative 4 (223) (420) (562)
Other (3) (4) (43) (4)
Net Realized Gains Losses (141) (155) (1,069) (475)
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities 0 30 0 31
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings 0 (24) 0 (50)
Fair Value, Option, Changes in Fair Value, Gain (Loss) 46 (106) (426) (57)
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent 0 30   31
Investment and embedded derivative instruments        
Gain (Loss) on Securities [Line Items]        
Gain (Loss) on Derivative 9 (97) 38 (408)
S&P put options and futures        
Gain (Loss) on Securities [Line Items]        
Gain (Loss) on Derivative (52) (6) (30) (89)
Other derivative instruments        
Gain (Loss) on Securities [Line Items]        
Gain (Loss) on Derivative 1 (14) (2) (8)
Fixed Maturities [Member]        
Gain (Loss) on Securities [Line Items]        
OTTI on fixed maturities, gross   (54) 0 (81)
Debt Securities, Available-for-sale, Realized Gain, Excluding Other-than-temporary Impairment 50 70 195 153
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment (32) (57) (331) (146)
Debt Securities, Available-for-sale, Realized Gain (Loss) 49 (11) (303) (43)
Debt Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings   (24) 0 (50)
Equity Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Equity Securities, FV-NI, Realized Gain (Loss) 0 3 119 66
Other Investments [Member]        
Gain (Loss) on Securities [Line Items]        
Other investments gain (loss) 31 (4) (71) (18)
Accounting Standards Update 2016-13 [Member]        
Gain (Loss) on Securities [Line Items]        
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) $ 42 $ 0 $ (4) $ 0
[1] Relates to certain securities we intended to sell and securities written to market entering default.
v3.20.2
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Gain (Loss) on Securities [Line Items]        
Net gains (losses) recognized during the period $ (141) $ (155) $ (1,069) $ (475)
Equity Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Equity Securities, FV-NI, Realized Gain (Loss) 0 3 119 66
Less: Net gains (losses) recognized from sales of securities 34 24 197 57
Unrealized gains (losses) recognized for securities still held at reporting date (34) (21) (78) 9
Other Investments [Member]        
Gain (Loss) on Securities [Line Items]        
Net gains (losses) recognized during the period 31 (4) (71) (18)
Less: Net gains (losses) recognized from sales of securities 0 (2) 0 (4)
Unrealized gains (losses) recognized for securities still held at reporting date 31 (2) (71) (14)
Equity securities and other investments [Member]        
Gain (Loss) on Securities [Line Items]        
Net gains (losses) recognized during the period 31 (1) 48 48
Less: Net gains (losses) recognized from sales of securities 34 22 197 53
Unrealized gains (losses) recognized for securities still held at reporting date $ (3) $ (23) $ (149) $ (5)
v3.20.2
Investments Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2020
Jan. 01, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]              
Debt Securities, Available-for-sale, Allowance for Credit Loss $ 34   $ 34   $ 69   $ 0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase 0   5        
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) 5   183        
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery (40)   (174)        
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff 0   (5)        
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) $ 42 $ 0 $ (4) $ 0      
v3.20.2
Investments Investments (Rollforward of expected credit losses HTM) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Jun. 30, 2020
Jan. 01, 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 $ 45 $ 51   $ 0
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) 2 9      
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery $ (8) $ (8)      
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  
v3.20.2
Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Sep. 30, 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   $ 3,297 $ 3,263
Alternative Investment   5,694 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   293 329
Alternative Investment   $ 579 611
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   $ 704 422
Alternative Investment   $ 724 712
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   $ 573 80
Alternative Investment   $ 252 263
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 8 years 8 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   $ 86 104
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   $ 1,455 2,160
Alternative Investment   $ 3,727 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   $ 83 116
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   $ 243 $ 271
v3.20.2
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]    
Trust funds $ 12,746 $ 14,004
Deposits with U.S. regulatory authorities 2,448 2,466
Deposits With Non United States Regulatory Authorities 2,957 2,709
Assets pledged under repurchase agreements 1,433 1,464
Other pledged assets 577 490
Total restricted assets $ 20,161 $ 21,133
v3.20.2
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value $ 89,852   $ 85,488      
Equity securities, at fair value 3,088   812      
Short-term investments 4,660   4,291      
Other Investments 6,796   6,062      
Securities lending collateral 1,851   994      
U.S. Treasury / Agency            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 2,791   3,283      
Non-U.S.            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 25,282   23,707      
Corporate and asset-backed securities            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 35,298   31,791      
Mortgage-backed securities            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 19,337   19,192      
Municipal            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 7,144   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 5,694   4,921      
Other Investments [Member]            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Other Investments 90   95      
Policy Loans [Member]            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Other Investments 225          
Fair Value, Recurring [Member] | Level 1            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 2,264   2,664      
Equity securities, at fair value 3,022   728      
Short-term investments 3,270   2,803      
Other Investments 374 [1]   412 [2]      
Securities lending collateral 0   0      
Investment derivative instruments, assets 24   24      
Other Derivative Instruments Fair Value 3   2      
Separate Account Asset 3,535   3,437      
Total assets measured at fair value 12,492 [1]   10,070 [2]      
Investment derivative instruments, liabilities 77   93      
Other derivative instruments, liability     13      
Liabilities Related to Investment Contracts, Fair Value Disclosure 77   106      
Fair Value, Recurring [Member] | Level 1 | U.S. Treasury / Agency            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 2,264   2,664      
Fair Value, Recurring [Member] | Level 1 | Non-U.S.            
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 and asset-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 | 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 | Municipal            
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 85,588   80,864      
Equity securities, at fair value 0   15      
Short-term investments 1,383   1,482      
Other Investments 403 [1]   377 [2]      
Securities lending collateral 1,851   994      
Investment derivative instruments, assets 0   0      
Other Derivative Instruments Fair Value 0   0      
Separate Account Asset 123   136      
Total assets measured at fair value 89,348 [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 / Agency            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 527   619      
Fair Value, Recurring [Member] | Level 2 | Non-U.S.            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 24,788   23,258      
Fair Value, Recurring [Member] | Level 2 | Corporate and asset-backed securities            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 33,853   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 19,276   19,132      
Fair Value, Recurring [Member] | Level 2 | Municipal            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 7,144   7,515      
Fair Value, Recurring [Member] | Level 3            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 2,000   1,960      
Equity securities, at fair value 66   69      
Short-term investments 7   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 2,083 [1]   2,045 [2]      
Investment derivative instruments, liabilities 0   0      
Other derivative instruments, liability     0      
Liabilities Related to Investment Contracts, Fair Value Disclosure 882   456      
Fair Value, Recurring [Member] | Level 3 | U.S. Treasury / 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 | Non-U.S.            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 494   449      
Fair Value, Recurring [Member] | Level 3 | Corporate and asset-backed securities            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 1,445   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 61   60      
Fair Value, Recurring [Member] | Level 3 | Municipal            
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 89,852   85,488      
Equity securities, at fair value 3,088   812      
Short-term investments 4,660   4,291      
Other Investments 787 [1]   799 [2]      
Securities lending collateral 1,851   994      
Investment derivative instruments, assets 24   24      
Other Derivative Instruments Fair Value 3   2      
Separate Account Asset 3,658   3,573      
Total assets measured at fair value 103,923 [1]   95,983 [2]      
Investment derivative instruments, liabilities 77   93      
Other derivative instruments, liability     13      
Liabilities Related to Investment Contracts, Fair Value Disclosure 959   562      
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury / Agency            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 2,791   3,283      
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Non-U.S.            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 25,282   23,707      
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate and asset-backed securities            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 35,298   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 19,337   19,192      
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Municipal            
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]            
Available for sale, Fair Value 7,144   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 882 $ 928 456 $ 509 $ 403 $ 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] 882 [3]   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 $ 882 [3]   $ 456 [4]      
[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $5,694 million, policy loans of $225 million and other investments of $90 million at September 30, 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 $95 million at December 31, 2019 measured using NAV as a practical expedient.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
[5] The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
v3.20.2
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Fair Value Measurements, Valuation Processes, Description Actuarial model          
GLB            
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 882 $ 928 $ 456 $ 509 $ 403 $ 452
Guaranteed Benefit Liability, Net $ 1,318 $ 1,372 897 $ 935 $ 815 $ 861
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] 4.70%          
Significant Unobservable Inputs Annuitization Rate [1] 4.00%          
Minimum [Member]            
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 3.00%          
Significant Unobservable Inputs Annuitization Rate 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 34.00%          
Significant Unobservable Inputs Annuitization Rate 52.00%          
Level 3 | Fair Value, Recurring [Member] | GLB            
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [1] $ 882 [2]   $ 456 [3]      
[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.
[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.
v3.20.2
Fair Value Measurements (Assets Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Level 3 | Non-U.S.                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Balance- Beginning of Period, Assets $ 469 $ 371 $ 449 $ 345        
Transfers Into Level 3, Asset 0 0 0 3        
Transfers out of Level 3, Assets 0   (16) (15)        
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 21 (8) 1 (2)        
Net Realized Gains/ (Losses), Assets 1 0 (2) (1)        
Purchases, Assets 41 68 190 164        
Sales, Assets (19) (35) (81) (54)        
Settlements, Assets (19) (3) (47) (47)        
Balance-End of Period, Assets 494 393 494 393        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0 0 0        
Level 3 | Corporate and asset-backed securities                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Balance- Beginning of Period, Assets 1,369 1,359 1,451 1,299        
Transfers Into Level 3, Asset 1 1 92 16        
Transfers out of Level 3, Assets (1)   (73) 0        
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 13 (4) (31) 1        
Net Realized Gains/ (Losses), Assets 3 0 (23) 0        
Purchases, Assets 194 176 416 425        
Sales, Assets (80) (18) (147) (91)        
Settlements, Assets (54) (64) (240) (200)        
Balance-End of Period, Assets 1,445 1,450 1,445 1,450        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 3 0 (6) (1)        
Level 3 | Mortgage-backed securities                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Balance- Beginning of Period, Assets 60 76 60 61        
Transfers Into Level 3, Asset 0 0 0 0        
Transfers out of Level 3, Assets 0   0 0        
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0 0 0        
Net Realized Gains/ (Losses), Assets 0 0 0 0        
Purchases, Assets 2 1 2 19        
Sales, Assets 0 0 0 (1)        
Settlements, Assets (1) 0 (1) (2)        
Balance-End of Period, Assets 61 77 61 77        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0 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   0          
Balance- Beginning of Period, Assets 64 56 69 57        
Transfers Into Level 3, Asset 0 0 0 0        
Transfers out of Level 3, Assets 0   0 0        
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 (1) 0 1        
Net Realized Gains/ (Losses), Assets 2 (1) (1) (4)        
Purchases, Assets 3 5 14 19        
Sales, Assets (3) (3) (16) (17)        
Settlements, Assets 0 0 0 0        
Balance-End of Period, Assets 66 56 66 56        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 2 (1) 1 (3)        
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 (1)   (1)          
Balance- Beginning of Period, Assets 2 4 6 1        
Transfers Into Level 3, Asset 0 0 0 0        
Transfers out of Level 3, Assets 0   0 0        
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) (1) 0 (1) 0        
Net Realized Gains/ (Losses), Assets 0 0 0 0        
Purchases, Assets 7 2 9 6        
Sales, Assets 0 0 0 0        
Settlements, Assets (1) 0 (7) (1)        
Balance-End of Period, Assets 7 6 7 6        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0 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   0          
Balance- Beginning of Period, Assets 10 11 10 11        
Transfers Into Level 3, Asset 0 0 0 0        
Transfers out of Level 3, Assets 0   0 0        
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0 0 0        
Net Realized Gains/ (Losses), Assets 0 0 0 0        
Purchases, Assets 0 0 0 0        
Sales, Assets 0 0 0 0        
Settlements, Assets 0 (1) 0 (1)        
Balance-End of Period, Assets 10 10 10 10        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) 0 0 0 0        
Available-for-sale Securities [Member] | Level 3 | Non-U.S.                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 20   0          
Available-for-sale Securities [Member] | Level 3 | Corporate and asset-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 12   (25)          
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   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 882 509 882 509 $ 928 $ 456 $ 403 $ 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   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] 882 [1]   882 [1]     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 882 [4],[5] 509 [5] 882 [4],[5] 509 [5] $ 928 [4] $ 456 $ 403 [5] $ 452 [5]
Transfers into level 3, liability 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings (46) [4] 106 [5] 426 57 [5]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements 0 0 0 0        
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) (46) [4] $ 106 [5] 426 57 [5]        
Transfers out of Level 3, Liabilities $ 0   $ 0 $ 0        
[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.
[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 $1,318 million at September 30, 2020, and $1,372 million at June 30, 2020, which includes a fair value derivative adjustment of $882 million and $928 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 $935 million at September 30, 2019, and $815 million at June 30, 2019, which includes a fair value derivative adjustment of $509 million and $403 million, respectively
v3.20.2
Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Guaranteed Minimum Income Benefit [Member] - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Guaranteed Benefit Liability, Net $ 1,318 $ 935 $ 1,318 $ 935 $ 1,372 $ 897 $ 815 $ 861
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]                
Balance - Beginning of Period, Liabilities 928 403 456 452        
Balance - End of Period, Liabilities 882 509 882 509        
Guarantees [Member] | Level 3                
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]                
Balance - Beginning of Period, Liabilities 928 [1] 403 [2] 456 452 [2]        
Transfers into level 3, liability 0 0 0 0        
Transfers out of Level 3, Liabilities 0   0 0        
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities 0 0 0 0        
Net Realized Gains/Losses, Liabilities (46) [1] 106 [2] 426 57 [2]        
Purchases, Liabilities 0 0 0 0        
Sales, Liabilities 0 0 0 0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements 0 0 0 0        
Balance - End of Period, Liabilities [2] 882 [1] 509 882 [1] 509        
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) $ (46) [1] $ 106 [2] $ 426 $ 57 [2]        
[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 $1,318 million at September 30, 2020, and $1,372 million at June 30, 2020, which includes a fair value derivative adjustment of $882 million and $928 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 $935 million at September 30, 2019, and $815 million at June 30, 2019, which includes a fair value derivative adjustment of $509 million and $403 million, respectively
v3.20.2
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value $ 12,473 $ 13,005
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 11,696 12,581
Debt securities, held to maturity, net carrying value 11,651  
Repurchase agreements 1,413 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term debt 1,300 1,299
Long-term debt 14,830 13,559
Total liabilities 131,373 121,612
U.S. Treasury / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,309 1,347
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 1,240 1,318
Debt securities, held to maturity, net carrying value 1,240  
Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,374 1,485
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 1,273 1,423
Debt securities, held to maturity, net carrying value 1,266  
Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,414 2,468
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 2,204 2,349
Debt securities, held to maturity, net carrying value 2,168  
Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,253 2,396
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 2,104 2,331
Debt securities, held to maturity, net carrying value 2,103  
Municipal    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 5,123 5,309
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005) 4,875 5,160
Debt securities, held to maturity, net carrying value 4,874  
Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,251 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 / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,251 1,292
Level 1 | Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 1 | Corporate and asset-backed 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 | Municipal    
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 11,222 11,681
Repurchase agreements 1,413 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term Debt, Fair Value 1,302 1,307
Long-term Debt, Fair Value 16,995 15,048
Trust preferred securities 462 467
Total liabilities 20,172 18,238
Level 2 | U.S. Treasury / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 58 55
Level 2 | Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,374 1,485
Level 2 | Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,414 2,436
Level 2 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,253 2,396
Level 2 | Municipal    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 5,123 5,309
Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 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 / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 3 | Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 3 | Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 32
Level 3 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 0 0
Level 3 | Municipal    
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 12,473 13,005
Repurchase agreements 1,413 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term Debt, Fair Value 1,302 1,307
Long-term Debt, Fair Value 16,995 15,048
Trust preferred securities 462 467
Total liabilities 20,172 18,238
Estimate of Fair Value Measurement [Member] | U.S. Treasury / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,309 1,347
Estimate of Fair Value Measurement [Member] | Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 1,374 1,485
Estimate of Fair Value Measurement [Member] | Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,414 2,468
Estimate of Fair Value Measurement [Member] | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 2,253 2,396
Estimate of Fair Value Measurement [Member] | Municipal    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held-to-maturity, Fair Value 5,123 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 September 30, 2020 (fair value – $12,473 and $13,005)   12,581
Debt securities, held to maturity, net carrying value 11,651  
Repurchase agreements 1,413 1,416
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Short-term debt 1,300 1,299
Long-term debt 14,830 13,559
Trust preferred securities 308 308
Total liabilities 17,851 16,582
Reported Value Measurement [Member] | U.S. Treasury / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005)   1,318
Debt securities, held to maturity, net carrying value 1,240  
Reported Value Measurement [Member] | Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005)   1,423
Debt securities, held to maturity, net carrying value 1,266  
Reported Value Measurement [Member] | Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005)   2,349
Debt securities, held to maturity, net carrying value 2,168  
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 September 30, 2020 (fair value – $12,473 and $13,005)   2,331
Debt securities, held to maturity, net carrying value 2,103  
Reported Value Measurement [Member] | Municipal    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at September 30, 2020 (fair value – $12,473 and $13,005)   $ 5,160
Debt securities, held to maturity, net carrying value $ 4,874  
v3.20.2
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
[1]
Dec. 31, 2018
Ceded Credit Risk [Line Items]        
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments $ 14,767 [1] $ 14,181 $ 14,332 $ 14,689
Reinsurance Recoverable for Paid Claims and Claims Adjustments 903 1,000    
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $316 15,670 15,181    
Reinsurance recoverable on policy benefits 203 197    
Reinsurance Recoverables on Unpaid Losses, Allowance 255 240    
Reinsurance Recoverables on Paid Losses, Allowance 65 76    
Reinsurance Recoverable, Allowance for Credit Loss 320 316    
Reinsurance Recoverables on Future Policy Benefits, Allowance $ 4 $ 4    
[1] Net of valuation allowance for uncollectible reinsurance.
v3.20.2
Reinsurance (Details)
$ in Millions
9 Months Ended
Sep. 30, 2020
USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]  
Reinsurance Recoverable, Allowance for Credit Loss, Beginning of period $ 316
Reinsurance Recoverable, Credit Loss Expense (Reversal) 21
Reinsurance, Loss on Uncollectible Accounts in Period, Amount (19)
Reinsurance Recoverable, Allowance for Credit Loss, Other 2
Reinsurance Recoverable, Allowance for Credit Loss, end of period $ 320
v3.20.2
Unpaid losses and loss expenses (RF) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 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) (14,181) (14,689)
Net unpaid losses and loss expenses – beginning of period 48,509 48,271
Current Year Claims and Claims Adjustment Expense 17,109 14,484
Prior Year Claims and Claims Adjustment Expense [1] (212) (619)
Total, Incurred 16,897 13,865
Net loss and loss expenses paid, Current Year 4,766 4,920
Net loss and loss expenses paid, Prior Years 7,597 8,374
Total, Paid 12,363 13,294
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other 95 (162)
Net unpaid losses and loss expenses – end of period 53,138 48,680
Reinsurance recoverable on unpaid losses (1) [2] 14,767 14,332
Gross unpaid losses and loss expenses – end of period 67,905 63,012
prior period development, net adjustments 23 $ 60
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross 5,215  
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) $ 4,629  
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $23 million and $60 million for the nine months ended September 30, 2020 and 2019, respectively.
[2] Net of valuation allowance for uncollectible reinsurance.
v3.20.2
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ (146) $ (167) $ (189) $ (559)
North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (200) (109) (451) (425)
North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 48 (62) 48 (88)
North American Agriculture Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 18 18 4 (43)
Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (60) (25) (100) (49)
Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (6) (25) (29) (33)
Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 54 36 339 79
Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 132 85 8 (45)
Short Tail [Member] | North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 55 88 (12) 43
Short Tail [Member] | North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 48 (62) 48 (88)
Short Tail [Member] | North American Agriculture Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 18 18 4 (43)
Short Tail [Member] | Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 11 41 (28) 17
Short Tail [Member] | Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 (4) 26
Short Tail [Member] | Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (278) (252) (197) (514)
Long Tail [Member] | North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (255) (197) (439) (468)
Long Tail [Member] | North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Long Tail [Member] | North American Agriculture Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Long Tail [Member] | Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (71) (66) (72) (66)
Long Tail [Member] | Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (6) (25) (25) (59)
Long Tail [Member] | Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ 54 $ 36 $ 339 $ 79
v3.20.2
Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ (146) $ (167) $ (189) $ (559)
Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (278) (252) (197) (514)
Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 132 85 8 (45)
North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (200) (109) (451) (425)
North America Commercial P&C Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (255) (197) (439) (468)
North America Commercial P&C Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 55 88 (12) 43
North America Commercial P&C Insurance [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (53)
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (47)     (63)
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (155)   (337) (294)
North America Commercial P&C Insurance [Member] | Other [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     5  
North America Commercial P&C Insurance [Member] | Multi-Line [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 26 34    
North America Commercial P&C Insurance [Member] | Property Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 35      
North America Commercial P&C Insurance [Member] | Property and Inland Marine [Member] | Short Tail [Member] | Other [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   116    
North America Commercial P&C Insurance [Member] | Property and Inland Marine [Member] | Short Tail [Member] | Catastrophe [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (27)    
North America Commercial P&C Insurance [Member] | Accident Year 2013 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (32)    
North America Commercial P&C Insurance [Member] | Accident years 2014 - 2018 [Member] | Auto Liability [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 year 2015 and prior [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (94)    
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Multi-Line [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (36)   (36)
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Foreign Casualty Line [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (39)   (39)
North America Commercial P&C Insurance [Member] | Accident years 2015 to 2019 [Member] | Auto Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     75  
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] | General Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 29      
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Multi-Line [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (41)   (41)  
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Foreign Casualty Line [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (40)   (40)  
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] | Accident year 2017 and prior [Member] | Property and Inland Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (38)    
North America Commercial P&C Insurance [Member] | Accident year 2017 - 2018 [Member] | Property and Inland Marine [Member] | Short Tail [Member] | Catastrophe [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (41)    
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | 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] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       61
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Property and Inland Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   154    
North America Commercial P&C Insurance [Member] | Accident years 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     (37)  
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (62)  
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 21      
North America Agricultural Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 18 18 4 (43)
North America Agricultural Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
North America Agricultural Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 18 18 4 (43)
Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 54 36 339 79
Corporate Segment [Member] | Environmental Issue [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 35 27    
Corporate Segment [Member] | Discontinued Operations [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       28
Corporate Segment [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 54 36 339 79
Corporate Segment [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Corporate Segment [Member] | Other [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     254  
Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (60) (25) (100) (49)
Overseas General Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (71) (66) (72) (66)
Overseas General Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 11 41 (28) 17
Overseas General Insurance [Member] | Casualty lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (94) (101)    
Overseas General Insurance [Member] | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 57 50    
Overseas General Insurance [Member] | Accident year 2015 and prior [Member] | Casualty lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (123)    
Overseas General Insurance [Member] | Accident year 2015 and prior [Member] | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (68) (75)    
Overseas General Insurance [Member] | Accident years 2016 and prior [Member] | Casualty lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (143)      
Overseas General Insurance [Member] | Accident Year 2016 through 2018 [Member] | Casualty lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   22    
Overseas General Insurance [Member] | Accident Year 2016 through 2018 [Member] | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   125    
Overseas General Insurance [Member] | Accident Year 2016 - 2019 [Member] | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 125      
Overseas General Insurance [Member] | Accident year 2017 - 2018 [Member] | Surety Product Line [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   27    
Overseas General Insurance [Member] | Accident year 2017 - 2018 [Member] | Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (22)  
Overseas General Insurance [Member] | Accident Year 2017 to 2019 [Member] | Casualty lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 49      
Overseas General Insurance [Member] | Accident years 2018 - 2019 [Member] | Political Risk [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (22)      
North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 48 (62) 48 (88)
North America Personal P&C Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
North America Personal P&C Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 48 (62) 48 (88)
North America Personal P&C Insurance [Member] | Personal lines [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (22)   (22)  
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Personal lines [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (26)   (26)
North America Personal P&C Insurance [Member] | Accident year 2017 - 2018 [Member] | Short Tail [Member] | Catastrophe [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (132)
North America Personal P&C Insurance [Member] | Accident Year 2017 to 2019 [Member] | Homeowners and Valuables [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 69   69  
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Homeowners and Valuables [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (36)   82
Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (6) (25) (29) (33)
Global Reinsurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (6) (25) (25) (59)
Global Reinsurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ 0 $ 0 $ (4) 26
Global Reinsurance [Member] | Accident year 2017 - 2018 [Member] | Short Tail [Member] | Catastrophe [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       $ 37
v3.20.2
Debt (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Sep. 17, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
Long-term debt $ 14,830   $ 13,559
Senior Notes [Member] | INA Senior Notes Due September 2030 [Domain]      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 1.375%    
Make Whole Premium Additional Percent 0.15%    
Long-term debt   $ 1,000  
v3.20.2
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Derivative liability subject to a master netting agreement $ 45 $ 75
Repurchase agreements 1,413 1,416
Purchase Commitment, Remaining Minimum Amount Committed 695  
Carrying value of limited partnerships and partially-owned investment companies included in other investments 5,500  
Funding commitments relating to limited partnerships and partially-owned investment companies 3,300  
Unrecognized tax benefits 50  
Operating Lease, Right-of-Use Asset 470 551
Operating Lease, Liability $ 517 $ 603
v3.20.2
Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Derivatives, Fair Value [Line Items]            
Future policy benefits $ 5,955   $ 5,814      
Foreign currency forward contracts            
Derivatives, Fair Value [Line Items]            
Derivative, Notional Amount 2,550   2,579      
Options/Futures contracts on notes, bonds, and equities            
Derivatives, Fair Value [Line Items]            
Derivative, Notional Amount 1,457   1,615      
Convertible securities            
Derivatives, Fair Value [Line Items]            
Derivative, Notional Amount [1] 11   5      
Total investment and embedded derivative instruments            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset 33   28      
Derivative, Notional Amount 4,018   4,199      
Futures contracts on equities            
Derivatives, Fair Value [Line Items]            
Derivative, Notional Amount [2] 648   613      
Other            
Derivatives, Fair Value [Line Items]            
Derivative, Notional Amount 113   63      
Other Derivative Instruments [Member]            
Derivatives, Fair Value [Line Items]            
Derivative, Notional Amount 761   676      
Guaranteed Minimum Income Benefit [Member]            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset [3] 0   0      
Derivative, Notional Amount [3] 2,071   1,510      
Future policy benefits 436   441      
Other Assets [Member] | Foreign currency forward contracts            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset 12   11      
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset 12   13      
Other Assets [Member] | Futures contracts on equities            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset [2] 0   0      
Other Assets [Member] | Other            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset 3   2      
Other Assets [Member] | Other Derivative Instruments [Member]            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset 3   2      
Fixed Maturities [Member] | Convertible securities            
Derivatives, Fair Value [Line Items]            
Fair Value, Asset [1] 9   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 (73)   (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 (3)   (15)      
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Total investment and embedded derivative instruments            
Derivatives, Fair Value [Line Items]            
Fair Value, Liability (76)   (93)      
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities            
Derivatives, Fair Value [Line Items]            
Fair Value, Liability [2] (1)   (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 (1)   (13)      
Balance Sheet Location Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit [Member]            
Derivatives, Fair Value [Line Items]            
Fair Value, Liability [3] (1,318)   (897)      
Guaranteed Minimum Income Benefit [Member]            
Derivatives, Fair Value [Line Items]            
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 882 $ 928 456 $ 509 $ 403 $ 452
Guaranteed Benefit Liability, Net 1,318 $ 1,372 897 $ 935 $ 815 $ 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 [5] $ 882 [4]   $ 456 [6]      
[1] Includes fair value of embedded derivatives.
[2] Related to GMDB and GLB book of business.
[3] Includes both future policy benefits reserves of $436 million and $441 million and fair value derivative adjustment of $882 million and $456 million at September 30, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
[5] The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[6] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
v3.20.2
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative $ 4 $ (223) $ (420) $ (562)
Foreign currency forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative 0 (20) 53 (57)
Interest Rate Swap [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative 0 (55) 0 (270)
All Other Futures Contracts, Options and equities [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative 9 (22) (15) (83)
Convertible securities        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative [1] 0 0 0 2
Total investment and embedded derivative instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative 9 (97) 38 (408)
GLB        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative [2] 46 (106) (426) (57)
Futures contracts on equities        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative [3] (52) (6) (30) (89)
Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative 1 (14) (2) (8)
Guaranteed Living Benefit And Other Derivative Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative $ (5) $ (126) $ (458) $ (154)
[1] Includes embedded derivatives.
[2] Excludes foreign exchange gains (losses) related to GLB.
[3] Related to GMDB and GLB book of business.
v3.20.2
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 1,851 $ 994
Securities lending payable 1,851 994
Cash [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 615 346
U.S. Treasury / Agency | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 101 6
Foreign [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 1,047 595
Corporate and asset-backed securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 44 5
Mortgage-backed securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 0 18
Equity Securities [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 44 $ 24
v3.20.2
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 1,433 $ 1,464
Repurchase agreements 1,413 1,416
Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 4 2
U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 106 107
Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1,323 1,355
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount [1] 20 48
Maturity Less than 30 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 398 508
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 4 2
Maturity Less than 30 Days [Member] | U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 4 107
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 390 399
Maturity 30 to 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 462 476
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 / 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 462 476
Maturity Greater than 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 573 480
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 0 0
Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 102 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 $ 471 $ 480
[1] Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.20.2
Shareholders' equity (Details) - SFr / shares
9 Months Ended
Aug. 03, 2020
Sep. 30, 2020
Dec. 31, 2019
Stockholders' Equity Note [Abstract]      
Common Shares, par value   SFr 24.15 SFr 24.15
Common Shares in treasury, shares   26,229,070 27,812,297
Treasury Stock, Shares, Retired 2,178,600    
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   1,670,777  
v3.20.2
Shareholders' equity Dividends Declared (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2020
$ / shares
Sep. 30, 2020
SFr / shares
Sep. 30, 2019
$ / shares
Sep. 30, 2019
SFr / shares
Sep. 30, 2020
$ / shares
Sep. 30, 2020
SFr / shares
Sep. 30, 2019
$ / shares
Sep. 30, 2019
SFr / shares
May 20, 2020
$ / shares
May 31, 2019
$ / shares
May 31, 2018
$ / shares
Equity, Class of Treasury Stock [Line Items]                      
Annual dividend per share approved by shareholders                 $ 3.12 $ 3.00 $ 2.92
Common Stock, Dividend Rate Approved                 $ 0.78 $ 0.75 $ 0.73
United States of America, Dollars                      
Equity, Class of Treasury Stock [Line Items]                      
Common Stock, Dividends, Per Share, Declared $ 0.78   $ 0.75   $ 2.31   $ 2.23        
Switzerland, Francs                      
Equity, Class of Treasury Stock [Line Items]                      
Common Stock, Dividends, Per Share, Declared | SFr / shares   SFr 0.71   SFr 0.73   SFr 2.18   SFr 2.20      
v3.20.2
Shareholders' equity Share Repurchases (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 29, 2020
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 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     3,079,618   8,417,838    
Cost of shares repurchased     $ 478   $ 1,221    
Repurchase authorization remaining at end of period     $ 258   $ 258    
Nov 2019 Stock Repurchase Plan [Member]              
Equity, Class of Treasury Stock [Line Items]              
Stock Repurchase Program, Authorized Amount           $ 1,500  
Number of shares repurchased   0   2,266,150      
Cost of shares repurchased   $ 0   $ 326      
Repurchase authorization remaining at end of period   $ 1,124   $ 1,124      
Subsequent Event [Member] | Nov 2019 Stock Repurchase Plan [Member]              
Equity, Class of Treasury Stock [Line Items]              
Number of shares repurchased 52,500            
Cost of shares repurchased $ 7            
Repurchase authorization remaining at end of period $ 1,117            
v3.20.2
Share-Based Compensation (Detail) - $ / shares
9 Months Ended
Feb. 27, 2020
Sep. 30, 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  
v3.20.2
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost $ 1 $ 15 $ 3 $ 45
Non-service (benefit) cost (35) (20) (104) (63)
Net periodic (benefit) cost (34) (5) (101) (18)
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 0 0 0
Interest cost 1 1 2 3
Expected return on plan assets (1) (1) (3) (3)
Defined Benefit Plan, Amortization of Gain (Loss) 0 0 0 0
Amortization of prior service cost (20) (20) (60) (60)
Settlements 0 0 0 0
Non-service (benefit) cost (20) (20) (61) (60)
Net periodic (benefit) cost (20) (20) (61) (60)
Losses and loss expenses | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 2 0 5
Non-service (benefit) cost (3) (1) (9) (5)
Losses and loss expenses | Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 0 0 0
Non-service (benefit) cost (2) (2) (6) (6)
Administrative Expense | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 1 13 3 40
Non-service (benefit) cost (32) (19) (95) (58)
Administrative Expense | Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 0 0 0
Non-service (benefit) cost (18) (18) (55) (54)
Foreign Plan [Member] | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 1 3 3 8
Interest cost 6 6 17 20
Expected return on plan assets (11) (11) (32) (33)
Defined Benefit Plan, Amortization of Gain (Loss) 0 1 1 2
Amortization of prior service cost 1 0 1 0
Settlements 0 0 0 0
Non-service (benefit) cost (4) (4) (13) (11)
Net periodic (benefit) cost (3) (1) (10) (3)
UNITED STATES | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 12 0 37
Interest cost 24 30 74 89
Expected return on plan assets (56) (47) (168) (142)
Defined Benefit Plan, Amortization of Gain (Loss) 0 0 0 0
Amortization of prior service cost 0 0 0 0
Settlements 1 1 3 1
Non-service (benefit) cost (31) (16) (91) (52)
Net periodic (benefit) cost $ (31) $ (4) $ (91) $ (15)
v3.20.2
Segment information Segment Information (narrative Detail (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Gain (Loss) on Derivative $ (4) $ 223 $ 420 $ 562
Net investment income 840 873 2,528 2,568
North America Agricultural Insurance [Member]        
Segment Reporting Information [Line Items]        
Net investment income 7 8 23 22
Segment Life [Member]        
Segment Reporting Information [Line Items]        
Net investment income $ 95 $ 92 $ 285 $ 278
v3.20.2
Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Net premiums written $ 9,078 $ 8,622 $ 25,410 $ 24,278
Net premiums earned 8,765 8,327 24,687 23,355
Losses and loss expenses 5,835 5,052 16,897 13,865
Policy benefits 198 158 550 515
Policy acquisition costs 1,645 1,603 4,853 4,611
Administrative expenses 733 752 2,201 2,220
Underwriting income (loss) 354 762 186 2,144
Net investment income (loss) 840 873 2,528 2,568
Other (income) expense (485) (57) (372) (326)
Amortization of purchased intangibles 72 76 217 229
Segment Income (loss) 1,607 1,616 2,869 4,809
Net gains (losses) recognized during the period (141) (155) (1,069) (475)
Interest expense 130 138 390 418
Chubb integration expenses 0 2 0 9
Income tax expense 142 230 295 626
Net income 1,194 1,091 1,115 3,281
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Losses and loss expenses 1 (14) (2) (8)
Policy benefits 24 (7) 8 20
Policy acquisition costs 0 0 0 0
Administrative expenses 0 0 0 0
Underwriting income (loss) (25) 21 (6) (12)
Net investment income (loss) (32) (21) (64) (62)
Other (income) expense (56) (14) (72) (82)
Amortization of purchased intangibles 0 0 0 0
Segment Income (loss) (1) 14 2 8
Net gains (losses) recognized during the period 1 (14) (2) (8)
Interest expense 0 0 0 0
Chubb integration expenses   0   0
Income tax expense 0 0 0 0
Net income 0 0 0 0
North America Commercial P&C Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 3,778 3,452 10,750 9,937
Net premiums earned 3,456 3,185 10,427 9,660
Losses and loss expenses 2,444 2,051 8,123 6,238
Policy benefits 0 0   0
Policy acquisition costs 489 459 1,452 1,377
Administrative expenses 243 256 751 755
Underwriting income (loss) 280 419 101 1,290
Net investment income (loss) 510 538 1,544 1,584
Other (income) expense 7 5 19 17
Amortization of purchased intangibles 0 0 0 0
Segment Income (loss) 783 952 1,626 2,857
North America Personal P&C Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 1,285 1,251 3,719 3,616
Net premiums earned 1,231 1,187 3,623 3,509
Losses and loss expenses 961 674 2,406 2,178
Policy benefits 0 0 0 0
Policy acquisition costs 248 240 724 708
Administrative expenses 65 72 199 211
Underwriting income (loss) (43) 201 294 412
Net investment income (loss) 64 66 195 194
Other (income) expense 1 1 4 2
Amortization of purchased intangibles 2 3 8 9
Segment Income (loss) 18 263 477 595
North America Agricultural Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 986 938 1,604 1,534
Net premiums earned 971 941 1,441 1,374
Losses and loss expenses 845 880 1,223 1,163
Policy benefits 0 0 0 0
Policy acquisition costs 56 56 96 90
Administrative expenses 5 4 12 9
Underwriting income (loss) 65 1 110 112
Net investment income (loss) 7 8 23 22
Other (income) expense 0 0 1 1
Amortization of purchased intangibles 7 7 20 21
Segment Income (loss) 65 2 112 112
Overseas General Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 2,238 2,228 6,857 6,881
Net premiums earned 2,337 2,256 6,838 6,595
Losses and loss expenses 1,192 1,154 3,935 3,385
Policy benefits 0 0 0 0
Policy acquisition costs 637 630 1,903 1,855
Administrative expenses 260 257 759 771
Underwriting income (loss) 248 215 241 584
Net investment income (loss) 130 147 396 444
Other (income) expense 1 2 10 11
Amortization of purchased intangibles 10 11 33 34
Segment Income (loss) 367 349 594 983
Global Reinsurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 181 141 606 540
Net premiums earned 171 160 520 487
Losses and loss expenses 154 79 314 245
Policy benefits 0 0 0 0
Policy acquisition costs 40 42 127 127
Administrative expenses 9 9 28 26
Underwriting income (loss) (32) 30 51 89
Net investment income (loss) 85 71 214 206
Other (income) expense 0 0 1 0
Amortization of purchased intangibles 0 0 0 0
Segment Income (loss) 53 101 264 295
Life Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 610 612 1,874 1,770
Net premiums earned 599 598 1,838 1,730
Losses and loss expenses 183 190 556 581
Policy benefits 174 165 542 495
Policy acquisition costs 175 176 551 454
Administrative expenses 80 80 238 237
Underwriting income (loss) (13) (13) (49) (37)
Net investment income (loss) 95 92 285 278
Other (income) expense (23) (17) (52) (37)
Amortization of purchased intangibles 1 1 3 2
Segment Income (loss) 104 95 285 276
Corporate Segment [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Losses and loss expenses 55 38 342 83
Policy benefits 0 0 0 0
Policy acquisition costs 0 0 0 0
Administrative expenses 71 74 214 211
Underwriting income (loss) (126) (112) (556) (294)
Net investment income (loss) (19) (28) (65) (98)
Other (income) expense (415) (34) (283) (238)
Amortization of purchased intangibles 52 54 153 163
Segment Income (loss) 218 (160) (491) (317)
Net gains (losses) recognized during the period (142) (141) (1,067) (467)
Interest expense 130 138 390 418
Chubb integration expenses   2   9
Income tax expense 142 230 295 626
Net income $ (196) $ (671) $ (2,243) $ (1,837)
v3.20.2
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings Per Share [Abstract]        
Net income $ 1,194 $ 1,091 $ 1,115 $ 3,281
Weighted-average shares outstanding 451,794,046 454,975,143 451,683,093 456,987,560
Share-based compensation plans 1,471,434 3,175,226 1,894,699 2,937,026
Weighted-average shares outstanding and assumed conversions 453,265,480 458,150,369 453,577,792 459,924,586
Basic earnings per share (US$ per share) $ 2.64 $ 2.40 $ 2.47 $ 7.18
Diluted earnings per share (US$ per share) $ 2.63 $ 2.38 $ 2.46 $ 7.13
Potential anti-dilutive share conversions 7,053,316 575,039 6,767,727 3,874,310
v3.20.2
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details)
Sep. 30, 2020
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Equity Method Investment, Ownership Percentage 100.00%
v3.20.2
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments $ 116,047 $ 109,234    
Cash 1,707 [1] 1,537 [2]    
Restricted cash 166 109    
Insurance and reinsurance balances receivable 10,588 10,357    
Reinsurance recoverable on losses and loss expenses 15,670 15,181    
Reinsurance recoverable on policy benefits 203 197    
Operating Lease, Right-of-Use Asset 470 551    
Value of business acquired 286 306    
Goodwill and other intangible assets 21,103 21,359    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 0 0    
Other assets 22,016 18,663    
Total assets 187,786 176,943    
Unpaid losses and loss expenses 67,905 62,690 $ 63,012 $ 62,960
Unearned premiums 17,502 16,771    
Future policy benefits 5,955 5,814    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling programs 0      
Operating Lease, Liability 517 603    
Repurchase agreements 1,413 1,416    
Short-term debt 1,300 1,299    
Long-term debt 14,830 13,559    
Trust preferred securities 308 308    
Other liabilities 22,160 19,755    
Total liabilities 131,373 121,612    
Total shareholders' equity 56,413 55,331 $ 54,572  
Total liabilities and shareholders’ equity 187,786 176,943    
Chubb Limited (Parent Guarantor)        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 0 0    
Cash 31 [1] 2 [2]    
Restricted cash 0 0    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance recoverable on policy benefits 0 0    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries 53,715 50,853    
Due from subsidiaries and affiliates, net 2,991 4,776    
Other assets 8 12    
Total assets 56,745 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] 0      
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities 332 312    
Total liabilities 332 312    
Total shareholders' equity 56,413 55,331    
Total liabilities and shareholders’ equity 56,745 55,643    
Chubb INA Holdings Inc (Subsidiary Issuer)        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 724 1,013    
Cash 0 [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 54,125 52,076    
Due from subsidiaries and affiliates, net 0 0    
Other assets 391 408    
Total assets 55,240 53,939    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 3,162 4,446    
Affiliated notional cash pooling programs [1] 123      
Repurchase agreements 0 0    
Short-term debt 1,300 1,298    
Long-term debt 14,830 13,559    
Trust preferred securities 308 308    
Other liabilities 1,374 1,649    
Total liabilities 21,097 21,260    
Total shareholders' equity 34,143 32,679    
Total liabilities and shareholders’ equity 55,240 53,939    
Other Chubb Limited Subsidiaries        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 115,323 108,221    
Cash 1,799 [1] 1,093 [2]    
Restricted cash 166 109    
Insurance and reinsurance balances receivable 13,684 12,920    
Reinsurance recoverable on losses and loss expenses 25,482 24,780    
Reinsurance recoverable on policy benefits 298 292    
Value of business acquired 286 306    
Goodwill and other intangible assets 21,103 21,359    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 171 0    
Other assets 23,459 20,072    
Total assets 201,771 189,152    
Unpaid losses and loss expenses 77,467 71,916    
Unearned premiums 18,695 17,978    
Future policy benefits 6,050 5,909    
Due to subsidiaries and affiliates, net 0 330    
Affiliated notional cash pooling programs [1] 0      
Repurchase agreements 1,413 1,416    
Short-term debt 0 1    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities 24,449 21,352    
Total liabilities 128,074 118,902    
Total shareholders' equity 73,697 70,250    
Total liabilities and shareholders’ equity 201,771 189,152    
Consolidating Adjustments and Eliminations        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 0 0    
Cash (123) [1] 0 [2]    
Restricted cash 0 0    
Insurance and reinsurance balances receivable (3,096) (2,563)    
Reinsurance recoverable on losses and loss expenses (9,812) (9,599)    
Reinsurance recoverable on policy benefits (95) (95)    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries (107,840) (102,929)    
Due from subsidiaries and affiliates, net (3,162) (4,776)    
Other assets (1,842) (1,829)    
Total assets (125,970) (121,791)    
Unpaid losses and loss expenses (9,562) (9,226)    
Unearned premiums (1,193) (1,207)    
Future policy benefits (95) (95)    
Due to subsidiaries and affiliates, net (3,162) (4,776)    
Affiliated notional cash pooling programs [1] (123)      
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities (3,995) (3,558)    
Total liabilities (18,130) (18,862)    
Total shareholders' equity (107,840) (102,929)    
Total liabilities and shareholders’ equity $ (125,970) $ (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 September 30, 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.
v3.20.2
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Condensed Statement of Income Captions [Line Items]        
Net premiums written $ 9,078 $ 8,622 $ 25,410 $ 24,278
Net premiums earned 8,765 8,327 24,687 23,355
Net investment income 840 873 2,528 2,568
Equity In Earnings Of Subsidiaries 0 0 0 0
Net Realized Gains Losses (141) (155) (1,069) (475)
Net gains (losses) recognized during the period (141) (155) (1,069) (475)
Losses and loss expenses 5,835 5,052 16,897 13,865
Policy benefits 198 158 550 515
Policy acquisition costs and administrative expenses 2,378 2,355 7,054 6,831
Interest (income) expense 130 138 390 418
Other (income) expense (485) (57) (372) (326)
Amortization of purchased intangibles 72 76 217 229
Chubb integration expenses 0 2 0 9
Income tax expense 142 230 295 626
Net income 1,194 1,091 1,115 3,281
Comprehensive income (loss) 1,952 1,473 2,352 6,250
Chubb Limited (Parent Guarantor)        
Condensed Statement of Income Captions [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Net investment income 0 1 (2) 3
Equity In Earnings Of Subsidiaries 1,174 1,053 1,064 3,147
Net gains (losses) recognized during the period 3 (4) 5 1
Losses and loss expenses 0 0 0 0
Policy benefits 0 0 0 0
Policy acquisition costs and administrative expenses 21 22 66 64
Interest (income) expense (34) (59) (103) (187)
Other (income) expense (10) (7) (27) (19)
Amortization of purchased intangibles 0 0 0 0
Chubb integration expenses   0   0
Income tax expense 6 3 16 12
Net income 1,194 1,091 1,115 3,281
Comprehensive income (loss) 1,952 1,473 2,352 6,250
Chubb INA Holdings Inc (Subsidiary Issuer)        
Condensed Statement of Income Captions [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Net investment income 1 (3) 6 (13)
Equity In Earnings Of Subsidiaries 516 824 838 2,345
Net gains (losses) recognized during the period (192) 68 (271) 34
Losses and loss expenses 0 0 0 0
Policy benefits 0 0 0 0
Policy acquisition costs and administrative expenses (33) (5) (101) (25)
Interest (income) expense 151 171 448 536
Other (income) expense (2) (3) 1 1
Amortization of purchased intangibles 0 0 0 0
Chubb integration expenses   0   2
Income tax expense (66) (33) (125) (120)
Net income 275 759 350 1,972
Comprehensive income (loss) 812 1,138 1,484 4,476
Other Chubb Limited Subsidiaries        
Condensed Statement of Income Captions [Line Items]        
Net premiums written 9,078 8,622 25,410 24,278
Net premiums earned 8,765 8,327 24,687 23,355
Net investment income 839 875 2,524 2,578
Equity In Earnings Of Subsidiaries 0 0 0 0
Net gains (losses) recognized during the period 48 (219) (803) (510)
Losses and loss expenses 5,835 5,052 16,897 13,865
Policy benefits 198 158 550 515
Policy acquisition costs and administrative expenses 2,390 2,338 7,089 6,792
Interest (income) expense 13 26 45 69
Other (income) expense (473) (47) (346) (308)
Amortization of purchased intangibles 72 76 217 229
Chubb integration expenses   2   7
Income tax expense 202 260 404 734
Net income 1,415 1,118 1,552 3,520
Comprehensive income (loss) 2,180 1,517 2,840 6,486
Consolidating Adjustments and Eliminations        
Condensed Statement of Income Captions [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Net investment income 0 0 0 0
Equity In Earnings Of Subsidiaries (1,690) (1,877) (1,902) (5,492)
Net gains (losses) recognized during the period 0 0 0 0
Losses and loss expenses 0 0 0 0
Policy benefits 0 0 0 0
Policy acquisition costs and administrative expenses 0 0 0 0
Interest (income) expense 0 0 0 0
Other (income) expense 0 0 0 0
Amortization of purchased intangibles 0 0 0 0
Chubb integration expenses   0   0
Income tax expense 0 0 0 0
Net income (1,690) (1,877) (1,902) (5,492)
Comprehensive income (loss) $ (2,992) $ (2,655) $ (4,324) $ (10,962)
v3.20.2
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities $ 7,241 $ 4,913
Purchases of fixed maturities available for sale (20,793) (19,778)
Purchases of fixed maturities held to maturity (42) (143)
Purchases of equity securities (3,622) (466)
Proceeds From Sale Of Available For Sale Securities Debt Condensed 9,537 10,436
Sales of equity securities 1,526 577
Maturities and redemptions of fixed maturities available for sale 8,709 6,390
Maturities and redemptions of fixed maturities held to maturity 841 814
Net change in short-term investments (434) 202
Net derivative instruments settlements (74) (647)
Private equity contribution (1,056) (1,093)
Private equity distribution 588 973
Payments for Other Deposits (503)  
Payments to Acquire Other Investments   (329)
Portion one of payments to acquire 22.4% of Huatai Group (1,054)  
Capital contribution 0 0
Other (352) (497)
Net cash flows used for investing activities (6,729) (3,561)
Dividends paid on Common Shares (1,035) (1,014)
Common Shares repurchased (333) (1,203)
Proceeds from Issuance of Long-term Debt 988 1,286
Repayments of Long-term Debt 0 (501)
Proceeds from issuance of repurchase agreements 1,402 2,394
Repayments of repurchase agreements (1,402) (2,396)
Proceeds from share-based compensation plans 77 155
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 322 376
Policyholder contract withdrawals (253) (221)
Net cash flows used for financing activities (234) (1,124)
Effect of foreign currency rate changes on cash and restricted cash (51) 21
Net Increase (Decrease) in cash and restricted cash 227 249
Cash and restricted cash - beginning of period 1,646 [1] 1,340 [2]
Cash and restricted cash - end of period 1,873 [1] 1,589 [2]
Chubb Limited (Parent Guarantor)    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities 980 421
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  
Payments to Acquire Other Investments   0
Portion one of payments to acquire 22.4% of Huatai Group 0  
Capital contribution (1,200) (1,000)
Other (2) 0
Net cash flows used for investing activities (1,202) (1,000)
Dividends paid on Common Shares (1,035) (1,014)
Common Shares repurchased (333) 0
Proceeds from Issuance of Long-term Debt 0 0
Repayments of Long-term Debt   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 1,621 996
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 0 [1] 593 [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Net cash flows used for financing activities 253 575
Effect of foreign currency rate changes on cash and restricted cash (2) 5
Net Increase (Decrease) in cash and restricted cash 29 1
Cash and restricted cash - beginning of period 2 [1] 1 [2]
Cash and restricted cash - end of period 31 [1] 2 [2]
Chubb INA Holdings Inc (Subsidiary Issuer)    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities (363) 1,118
Purchases of fixed maturities available for sale (38) (16)
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 9 1
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 35 18
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments 256 (5)
Net derivative instruments settlements 66 (55)
Private equity contribution 0 0
Private equity distribution 0 0
Payments for Other Deposits 0  
Payments to Acquire Other Investments   0
Portion one of payments to acquire 22.4% of Huatai Group 0  
Capital contribution 0 (110)
Other (3) (10)
Net cash flows used for investing activities 325 (177)
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 0
Proceeds from Issuance of Long-term Debt 988 1,286
Repayments of Long-term Debt   (500)
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 (1,511) (1,715)
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 123 [1] (15) [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Net cash flows used for financing activities (400) (944)
Effect of foreign currency rate changes on cash and restricted cash (4) 1
Net Increase (Decrease) in cash and restricted cash (442) (2)
Cash and restricted cash - beginning of period 442 [1] 2 [2]
Cash and restricted cash - end of period 0 [1] 0 [2]
Other Chubb Limited Subsidiaries    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities 7,714 5,234
Purchases of fixed maturities available for sale (20,755) (19,762)
Purchases of fixed maturities held to maturity (42) (143)
Purchases of equity securities (3,622) (466)
Proceeds From Sale Of Available For Sale Securities Debt Condensed 9,528 10,435
Sales of equity securities 1,526 577
Maturities and redemptions of fixed maturities available for sale 8,674 6,372
Maturities and redemptions of fixed maturities held to maturity 841 814
Net change in short-term investments (690) 207
Net derivative instruments settlements (140) (592)
Private equity contribution (1,056) (1,093)
Private equity distribution 588 973
Payments for Other Deposits (503)  
Payments to Acquire Other Investments   (329)
Portion one of payments to acquire 22.4% of Huatai Group (1,054)  
Capital contribution 0 0
Other (347) (487)
Net cash flows used for investing activities (7,052) (3,494)
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 (1,203)
Proceeds from Issuance of Long-term Debt 0 0
Repayments of Long-term Debt   (1)
Proceeds from issuance of repurchase agreements 1,402 2,394
Repayments of repurchase agreements (1,402) (2,396)
Proceeds from share-based compensation plans 77 155
Dividend to Parent Company (1,090) (1,860)
Advances (to) from affiliates (110) 719
Capital contribution 1,200 1,110
Net proceeds from (payments to) affiliated notional cash pooling program 0 [1] 0 [2]
Policyholder contract deposits 322 376
Policyholder contract withdrawals (253) (221)
Net cash flows used for financing activities 146 (927)
Effect of foreign currency rate changes on cash and restricted cash (45) 15
Net Increase (Decrease) in cash and restricted cash 763 828
Cash and restricted cash - beginning of period 1,202 [1] 1,989 [2]
Cash and restricted cash - end of period 1,965 [1] 2,817 [2]
Consolidation, Eliminations [Member]    
Condensed Cash Flow Statements, Captions [Line Items]    
Net Cash Provided by (Used in) Operating Activities (1,090) (1,860)
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  
Payments to Acquire Other Investments   0
Portion one of payments to acquire 22.4% of Huatai Group 0  
Capital contribution 1,200 1,110
Other 0 0
Net cash flows used for investing activities 1,200 1,110
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 0
Proceeds from Issuance of Long-term Debt 0 0
Repayments of Long-term Debt   0
Proceeds from issuance of repurchase agreements 0 0
Repayments of repurchase agreements 0 0
Proceeds from share-based compensation plans 0 0
Dividend to Parent Company 1,090 1,860
Advances (to) from affiliates 0 0
Capital contribution (1,200) (1,110)
Net proceeds from (payments to) affiliated notional cash pooling program (123) [1] (578) [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Net cash flows used for financing activities (233) 172
Effect of foreign currency rate changes on cash and restricted cash 0 0
Net Increase (Decrease) in cash and restricted cash (123) (578)
Cash and restricted cash - beginning of period 0 [1] (652) [2]
Cash and restricted cash - end of period $ (123) [1] $ (1,230) [2]
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 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 September 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.