CHUBB LTD, 10-Q filed on 11/1/2017
Quarterly Report
Document and Entity Information (CHF)
9 Months Ended
Sep. 30, 2017
Oct. 20, 2017
Dec. 31, 2016
Entity Information [Line Items]
 
 
 
Common Shares, par value
 24.15 
 
 24.15 
Document Type
10-Q 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Sep. 30, 2017 
 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
Q3 
 
 
Trading Symbol
CB 
 
 
Entity Registrant Name
Chubb Ltd 
 
 
Entity Central Index Key
0000896159 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Common Shares Outstanding
 
464,221,986 
 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Assets
 
 
Fixed maturities available for sale, at fair value (amortized cost – $82,254 and $79,536)(includes hybrid financial instruments of nil and $2)
$ 83,686 
$ 80,115 
Fixed maturities held to maturity, at amortized cost (fair value – $10,365 and $10,670)
10,160 
10,644 
Equity securities, at fair value (cost – $723 and $706)
910 
814 
Short-term investments, at fair value and amortized cost
2,991 
3,002 
Other investments (cost – $4,429 and $4,270)
4,677 
4,519 
Total investments
102,424 
99,094 
Cash
1,088 1 2
985 1 3
Securities lending collateral
1,757 
1,092 
Accrued investment income
911 
918 
Insurance and reinsurance balances receivable
9,551 
8,970 
Reinsurance recoverable on losses and loss expenses
14,799 
13,577 
Reinsurance recoverable on policy benefits
193 
182 
Deferred policy acquisition costs
4,691 
4,314 
Value of business acquired
339 
355 
Goodwill
15,707 
15,332 
Other intangible assets
6,558 
6,763 
Prepaid reinsurance premiums
2,506 
2,448 
Investments in partially-owned insurance companies
652 
666 
Other assets
6,402 
5,090 
Total assets
167,578 
159,786 
Liabilities
 
 
Unpaid losses and loss expenses
64,153 
60,540 
Unearned premiums
15,456 
14,779 
Future policy benefits
5,307 
5,036 
Insurance and reinsurance balances payable
5,827 
5,637 
Securities lending payable
1,757 
1,093 
Accounts payable, accrued expenses, and other liabilities
9,173 
8,617 
Deferred tax liabilities
1,139 
988 
Repurchase agreements
1,408 
1,403 
Short-term debt
1,020 
500 
Long-term debt
11,559 
12,610 
Trust preferred securities
308 
308 
Total liabilities
117,107 
111,511 
Commitments and contingencies
   
   
Shareholders’ equity
 
 
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 464,158,519 and 465,968,716 shares outstanding)
11,121 
11,121 
Common Shares in treasury (15,625,345 and 13,815,148 shares)
(1,877)
(1,480)
Additional Paid in Capital, Common Stock
14,217 
15,335 
Retained earnings
25,941 
23,613 
Accumulated other comprehensive income (loss) (AOCI)
1,069 
(314)
Total shareholders’ equity
50,471 
48,275 
Total liabilities and shareholders’ equity
$ 167,578 
$ 159,786 
Consolidated Balance Sheets (Parenthetical)
In Millions, except Share data, unless otherwise specified
Sep. 30, 2017
USD ($)
Sep. 30, 2017
CHF
Dec. 31, 2016
USD ($)
Dec. 31, 2016
CHF
Statement of Financial Position [Abstract]
 
 
 
 
Available for sale, at amortized cost
$ 82,254 
 
$ 79,536 
 
Fixed maturities available for sale, hybrid financial instruments
0 
 
2 
 
Held to maturity, at Fair Value
10,365 
 
10,670 
 
Equity securities, at cost
723 
 
706 
 
Other investments, cost
$ 4,429 
 
$ 4,270 
 
Common Shares, par value
 
 24.15 
 
 24.15 
Common Shares, shares issued
479,783,864 
479,783,864 
479,783,864 
479,783,864 
Common Shares, shares outstanding
464,158,519 
464,158,519 
465,968,716 
465,968,716 
Common Shares in treasury, shares
15,625,345 
15,625,345 
13,815,148 
13,815,148 
Consolidated Statements Of Operations and Comprehensive Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues
 
 
 
 
Net premiums written
$ 7,902 
$ 7,573 
$ 22,193 
$ 21,207 
Decrease (increase) in unearned premiums
(95)
115 
(377)
483 
Net premiums earned
7,807 
7,688 
21,816 
21,690 
Net investment income
813 
739 
2,328 
2,121 
Net Realized Gains Losses [Abstract]
 
 
 
 
Other-than-temporary impairment (OTTI) losses gross
(8)
(12)
(36)
(99)
Portion of OTTI losses recognized in other comprehensive income (OCI)
0 
0 
1 
8 
Net OTTI losses recognized in income
(8)
(12)
(35)
(91)
Net realized gains (losses) excluding OTTI losses
(2)
112 
119 
(419)
Total net realized gains (losses) (includes $10, $33, $27, and $(117) reclassified from AOCI)
(10)
100 
84 
(510)
Total revenues
8,610 
8,527 
24,228 
23,301 
Expenses
 
 
 
 
Losses and loss expenses
6,247 
4,269 
14,182 
12,197 
Policy benefits
169 
155 
500 
427 
Policy acquisition costs
1,488 
1,514 
4,334 
4,487 
Administrative expenses
714 
772 
2,096 
2,373 
Interest expense
150 
152 
451 
451 
Other (income) expense
(118)
(91)
(333)
(92)
Amortization of purchased intangibles
65 
4 
194 
16 
Chubb integration expenses
50 
115 
233 
361 
Total expenses
8,765 
6,890 
21,657 
20,220 
Loss before income tax
(155)
1,637 
2,571 
3,081 
Income tax expense (benefit) (includes nil, $11, $3 and $16 on reclassified unrealized gains and losses)
(85)
277 
243 
556 
Net income (loss)
(70)
1,360 
2,328 
2,525 
Other comprehensive income
 
 
 
 
Unrealized appreciation
153 
247 
919 
2,099 
Reclassification adjustment for net realized (gains) losses included in net income (loss)
(10)
(33)
(27)
117 
Unrealized appreciation (Depreciation) after reclassification adjustment
143 
214 
892 
2,216 
Change in:
 
 
 
 
Cumulative foreign currency translation adjustment
665 
(124)
901 
269 
Postretirement benefit liability adjustment
(63)
5 
(118)
8 
Other comprehensive income, before income tax
745 
95 
1,675 
2,493 
Income tax expense related to OCI items
(46)
(79)
(292)
(561)
Other comprehensive income
699 
16 
1,383 
1,932 
Comprehensive income
$ 629 
$ 1,376 
$ 3,711 
$ 4,457 
Earnings (loss) per share
 
 
 
 
Basic earnings (loss) per share
$ (0.15)
$ 2.90 
$ 4.98 
$ 5.48 
Diluted earnings (loss) per share
$ (0.15)
$ 2.88 
$ 4.94 
$ 5.44 
Consolidated Statements Of Operations and Comprehensive Income Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Total net realized gains (losses) reclassified from AOCI
$ 10 
$ 33 
$ 27 
$ (117)
Income tax expense on reclassified unrealized gains and loses
$ 0 
$ 11 
$ 3 
$ 16 
Consolidated Statements Of Shareholders' Equity (USD $)
In Millions
Total
Common Stock [Member]
Common Stock [Member]
The Chubb Corporation [Member]
Common shares in treasury [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
The Chubb Corporation [Member]
Retained Earnings [Member]
Accumulated Net Unrealized Investment Gain (Loss) [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, 2015
 
$ 7,833 
 
$ (1,922)
$ 4,481 
 
$ 19,478 
$ 874 
$ (1,539)
$ (70)
 
Shares Issued for Chubb Corp Acquisition
 
 
3,288 
 
 
11,916 
 
 
 
 
 
Common Shares repurchased
 
 
 
0 
 
 
 
 
 
 
 
Net shares redeemed under employee share-based compensation plans
 
 
 
372 
(365)
323 
 
 
 
 
 
Exercise of stock options
 
 
 
 
(44)
 
 
 
 
 
 
Share-based compensation expense and other
 
 
 
 
250 
 
 
 
 
 
 
Funding of dividends declared to Retained earnings
 
 
 
 
(960)
 
 
 
 
 
 
Net income
2,525 
 
 
 
 
 
2,525 
 
 
 
 
Funding of dividends declared from Additional paid-in capital
 
 
 
 
 
 
960 
 
 
 
 
Dividends declared on Common Shares
 
 
 
 
 
 
(960)
 
 
 
 
Change in period, before reclassification from AOCI, net of income tax expense of $(310) and $(559)
 
 
 
 
 
 
 
1,540 
 
 
 
Amounts reclassified from AOCI, net of income tax benefit of $3 and $16
 
 
 
 
 
 
 
133 
 
 
 
Change in period, net of income tax expense of $(307) and $(543)
 
 
 
 
 
 
 
1,673 
 
 
 
Change in period, net of income tax expense of $(14) and $(18)
 
 
 
 
 
 
 
 
251 
 
 
Change in period, net of income tax benefit of $29 and nil
 
 
 
 
 
 
 
 
 
8 
 
Balance - end of period at Sep. 30, 2016
48,372 
11,121 
 
(1,550)
15,601 
 
22,003 
2,547 
(1,288)
(62)
1,197 
Balance - beginning of period at Dec. 31, 2016
48,275 
11,121 
 
(1,480)
15,335 
 
23,613 
1,058 
(1,663)
291 
 
Shares Issued for Chubb Corp Acquisition
 
 
0 
 
 
0 
 
 
 
 
 
Common Shares repurchased
 
 
 
(707)
 
 
 
 
 
 
 
Net shares redeemed under employee share-based compensation plans
 
 
 
310 
(311)
0 
 
 
 
 
 
Exercise of stock options
 
 
 
 
(43)
 
 
 
 
 
 
Share-based compensation expense and other
 
 
 
 
223 
 
 
 
 
 
 
Funding of dividends declared to Retained earnings
 
 
 
 
(987)
 
 
 
 
 
 
Net income
2,328 
 
 
 
 
 
2,328 
 
 
 
 
Funding of dividends declared from Additional paid-in capital
 
 
 
 
 
 
987 
 
 
 
 
Dividends declared on Common Shares
 
 
 
 
 
 
(987)
 
 
 
 
Change in period, before reclassification from AOCI, net of income tax expense of $(310) and $(559)
 
 
 
 
 
 
 
609 
 
 
 
Amounts reclassified from AOCI, net of income tax benefit of $3 and $16
 
 
 
 
 
 
 
(24)
 
 
 
Change in period, net of income tax expense of $(307) and $(543)
 
 
 
 
 
 
 
585 
 
 
 
Change in period, net of income tax expense of $(14) and $(18)
 
 
 
 
 
 
 
 
887 
 
 
Change in period, net of income tax benefit of $29 and nil
 
 
 
 
 
 
 
 
 
(89)
 
Balance - end of period at Sep. 30, 2017
$ 50,471 
$ 11,121 
 
$ (1,877)
$ 14,217 
 
$ 25,941 
$ 1,643 
$ (776)
$ 202 
$ 1,069 
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Statement Consolidated Statements Of Shareholders Equity [Abstract]
 
 
Change in year, before reclassification from AOCI, net of income tax benefit(expense)
$ (310)
$ (559)
Income tax benefit (expense) from reclassification of unrealized gains
3 
16 
Net unrealized appreciation on investments, Change in period, income tax (expense) benefit
(307)
(543)
Cumulative translation adjustment, Change in period, income tax(expense) benefit
(14)
(18)
Net income
2,328 
2,525 
Pension liability adjustment, Change in period, income tax (expense) benefit
$ 29 
$ 0 
Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities
 
 
Net income
$ 2,328 
$ 2,525 
Adjustments to reconcile net income to net cash flows from operating activities
 
 
Net realized (gains) losses
(84)
510 
Amortization of premiums/discounts on fixed maturities
526 
558 
Amortization of UPR related to the Chubb Corp acquisition
0 
1,415 
Deferred income taxes
(151)
(13)
Unpaid losses and loss expenses
2,789 
916 
Unearned premiums
340 
(547)
Future policy benefits
186 
129 
Insurance and reinsurance balances payable
247 
149 
Accounts payable, accrued expenses, and other liabilities
(828)
(109)
Income taxes payable
(262)
308 
Insurance and reinsurance balances receivable
(339)
(201)
Reinsurance recoverable on losses and loss expenses
(976)
(241)
Reinsurance recoverable on policy benefits
(10)
(6)
Deferred policy acquisition costs
(256)
(1,316)
Prepaid reinsurance premiums
(14)
33 
Other
(85)
(273)
Net cash flows from operating activities
3,411 
3,837 
Cash flows from investing activities
 
 
Purchases of fixed maturities available for sale
(18,478)
(23,837)
Purchases of fixed maturities held to maturity
(262)
(189)
Purchases of equity securities
(125)
(100)
Sales of fixed maturities available for sale
9,215 
13,863 
Sales of equity securities
152 
963 
Maturities and redemptions of fixed maturities available for sale
7,699 
6,936 
Maturities and redemptions of fixed maturities held to maturity
644 
627 
Net change in short-term investments
44 
11,866 
Net derivative instruments settlements
(170)
(181)
Acquisition of subsidiaries (net of cash acquired of nil and $71)
0 
(14,248)
Other
(62)
26 
Net cash flows used for investing activities
(1,343)
(4,274)
Cash flows from financing activities
 
 
Dividends paid on Common Shares
(978)
(851)
Common Shares repurchased
(707)
0 
Repayment of long-term debt
(500)
0 
Proceeds from issuance of repurchase agreements
1,798 
1,457 
Repayment of repurchase agreements
(1,793)
(1,455)
Proceeds from share-based compensation plans
109 
117 
Policyholder contract deposits
312 
473 
Policyholder contract withdrawals
(211)
(247)
Other
0 
(4)
Net cash flows used for financing activities
(1,970)
(510)
Effect of foreign currency rate changes on cash and cash equivalents
5 
42 
Net increase (decrease) in cash
103 
(905)
Cash – beginning of period
985 1 2
1,775 3
Cash – end of period
1,088 1 4
870 3
Supplemental cash flow information
 
 
Taxes paid
652 
360 
Interest paid
$ 404 
$ 390 
Consolidated Statements of Cash Flows (Parentheticals) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Statement of Cash Flows [Abstract]
 
 
Cash Acquired from Acquisition
$ 0 
$ 71 
General
General
General

a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Chubb operates through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 10 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2016 Form 10-K.

b) Goodwill
During the nine months ended September 30, 2017, Goodwill increased $375 million, primarily reflecting the impact of foreign exchange.

c) Debt
In February 2017, Chubb INA Holdings Inc.’s $500 million of 5.7 percent senior notes matured and were fully paid. In 2017, we reclassified $300 million of the 5.8 percent senior notes ($300 million par value due to mature in March 2018), $616 million of the 5.75 percent senior notes ($600 million par value due to mature in May 2018), and $104 million of the 6.6 percent senior notes ($100 million par value due to mature in August 2018), from Long-term debt to Short-term debt in the Consolidated balance sheets.

Effective April 15, 2017, the interest rate on our $1.0 billion of unsecured junior subordinated capital securities converted to a floating rate, equal to the three-month LIBOR plus 2.25 percentage points. Previously, these capital securities carried interest at a rate of 6.375 percent. The current interest rate, at the time of this filing, on these securities is 3.61 percent. The scheduled maturity date for these securities is April 15, 2037.

d) Accounting guidance adopted in 2017

Stock Compensation
Effective January 2017, we prospectively adopted new guidance on stock compensation which requires recognition of the excess tax benefits or deficiencies of share-based compensation awards to employees through net income rather than through additional paid in capital. The calculation of the excess tax benefits or deficiencies is based on the difference between the market value of a stock award at the date of vesting, or at the time of exercise for a stock option, compared to the grant date fair value recognized as compensation expense in the Consolidated statements of operations. For the three and nine months ended September 30, 2017, the excess tax benefit recorded to Income tax expense in the Consolidated statement of operations was $14 million and $44 million, respectively. Additionally, the guidance allowed for an election to account for forfeitures related to share-based payments either as they occur or through an estimation method. We elected to retain our current accounting for compensation expense using a forfeiture estimation process.
e) Accounting guidance not yet adopted

Goodwill Impairment
In January 2017, the FASB issued updated guidance on goodwill impairment testing that eliminates Step 2 of the goodwill impairment test requiring entities to calculate the implied fair value of goodwill through a hypothetical purchase price allocation. Under the updated guidance, impairment will now be recognized as the amount by which a reporting unit’s carrying value exceeds its fair value. The standard will be effective for us in the first quarter of 2020 on a prospective basis with early adoption permitted. We do not expect the adoption of this guidance to have a material effect on our financial condition and results of operations.

Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB issued guidance on the amortization period for purchased callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. Under current guidance, premiums generally are amortized over the contracted life of the security. This guidance is effective for us in the first quarter of 2019 on a modified retrospective basis through a cumulative effect adjustment to beginning retained earnings. Early adoption is permitted. Securities held at a discount do not require an accounting change. We are in the process of evaluating the effect the updated guidance will have on our financial condition and results of operations.

Refer to the 2016 Form 10-K for information on other accounting guidance not yet adopted.
Acquisitions
Acquisitions
Acquisition

The Chubb Corporation (Chubb Corp)
On January 14, 2016, we completed the acquisition of Chubb Corp, a leading provider of middle-market commercial, specialty, surety, and personal insurance for $29.5 billion, comprising $14.3 billion in cash and $15.2 billion in newly-issued stock. In addition, we assumed outstanding equity awards to employees and directors with an attributed value of $323 million. The total consideration, including the assumption of equity awards, was $29.8 billion. We recognized goodwill of $10.5 billion, attributable to expected growth and profitability, none of which is expected to be deductible for income tax purposes. Refer to the 2016 Form 10-K for additional information on this acquisition.

The consolidated financial statements include the results of Chubb Corp from the acquisition date.

The following table summarizes the results of the acquired Chubb Corp operations within our 2016 Consolidated statements of operations for the periods presented:
(in millions of U.S. dollars)
Three Months Ended September 30, 2016

 
January 14, 2016 to September 30, 2016

Total revenues
$
2,656

 
$
7,888

Net income
$
483

 
$
1,064



The following table provides supplemental unaudited pro forma consolidated information for the three and nine months ended September 30, 2016, as if Chubb Corp had been acquired as of January 1, 2015. The unaudited pro forma consolidated financial statements are presented solely for informational purposes and are not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction been completed as of the date indicated, nor are they meant to be indicative of any anticipated consolidated future results of operations that the combined company will experience after the transaction.
Three Months Ended
 
 
Nine Months Ended

(in millions of U.S. dollars, except per share data)
September 30, 2016

 
September 30, 2016

Total revenues
$
8,521

 
$
23,758

Net income
$
1,345

 
$
2,591

Earnings per share
 
 
 
Basic earnings per share
$
2.87

 
$
5.54

Diluted earnings per share
$
2.85

 
$
5.50

Investments
Investments
Investments

a) Fixed maturities
 
September 30, 2017
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,571

 
$
38

 
$
(27
)
 
$
3,582

 
$
—

Foreign
22,516

 
690

 
(107
)
 
23,099

 
(2
)
Corporate securities
24,555

 
754

 
(83
)
 
25,226

 
(4
)
Mortgage-backed securities
15,369

 
157

 
(115
)
 
15,411

 
(1
)
States, municipalities, and political subdivisions
16,243

 
172

 
(47
)
 
16,368

 
—

 
$
82,254

 
$
1,811

 
$
(379
)
 
$
83,686

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
611

 
$
13

 
$
(3
)
 
$
621

 
$
—

Foreign
616

 
28

 
—

 
644

 
—

Corporate securities
2,531

 
63

 
(5
)
 
2,589

 
—

Mortgage-backed securities
1,223

 
35

 
—

 
1,258

 
—

States, municipalities, and political subdivisions
5,179

 
77

 
(3
)
 
5,253

 
—

 
$
10,160

 
$
216

 
$
(11
)
 
$
10,365

 
$
—


December 31, 2016
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,883

 
$
32

 
$
(45
)
 
$
2,870

 
$
—

Foreign
20,929

 
636

 
(125
)
 
21,440

 
(5
)
Corporate securities
23,736

 
580

 
(167
)
 
24,149

 
(8
)
Mortgage-backed securities
14,066

 
135

 
(194
)
 
14,007

 
(1
)
States, municipalities, and political subdivisions
17,922

 
72

 
(345
)
 
17,649

 
—

 
$
79,536

 
$
1,455

 
$
(876
)
 
$
80,115

 
$
(14
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
655

 
$
9

 
$
(3
)
 
$
661

 
$
—

Foreign
640

 
28

 
(1
)
 
667

 
—

Corporate securities
2,771

 
50

 
(26
)
 
2,795

 
—

Mortgage-backed securities
1,393

 
35

 
—

 
1,428

 
—

States, municipalities, and political subdivisions
5,185

 
26

 
(92
)
 
5,119

 
—

 
$
10,644

 
$
148

 
$
(122
)
 
$
10,670

 
$
—



As discussed in Note 3 c), if a credit loss is incurred on an impaired fixed maturity, an OTTI is considered to have occurred and the portion of the impairment not related to credit losses (non-credit OTTI) is recognized in OCI. Included in the “OTTI Recognized in AOCI” columns above are the cumulative amounts of non-credit OTTI recognized in OCI adjusted for subsequent sales, maturities, and redemptions. OTTI recognized in AOCI does not include the impact of subsequent changes in fair value of the related securities. In periods subsequent to a recognition of OTTI in OCI, changes in the fair value of the related fixed maturities are reflected in Net unrealized appreciation on investments in the Consolidated statements of shareholders’ equity. For the three and nine months ended September 30, 2017, $1 million of net unrealized appreciation and $2 million of net unrealized depreciation, respectively, related to such securities is included in OCI. For the three and nine months ended September 30, 2016, $13 million and $57 million, respectively, of net unrealized appreciation related to such securities is included in OCI. At September 30, 2017 and December 31, 2016, AOCI included cumulative net unrealized appreciation of $7 million and $10 million, respectively, related to securities remaining in the investment portfolio for which a non-credit OTTI was recognized.

Mortgage-backed securities (MBS) issued by U.S. government agencies are combined with all other to be announced mortgage-backed securities (TBAs) held (refer to Note 6 c) (iv)) and are included in the category, “Mortgage-backed securities”. Approximately 82 percent and 81 percent of the total mortgage-backed securities at September 30, 2017 and December 31, 2016, respectively, are represented by investments in U.S. government agency bonds. The remainder of the mortgage exposure consists of collateralized mortgage obligations and non-government mortgage-backed securities, the majority of which provide a planned structure for principal and interest payments and carry a rating of AAA by the major credit rating agencies.

The following table presents fixed maturities by contractual maturity:
 
 
 
September 30

 
 
 
December 31

 
 
 
2017

 
 
 
2016

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,532

 
$
3,556

 
$
3,892

 
$
3,913

Due after 1 year through 5 years
24,918

 
25,397

 
24,027

 
24,429

Due after 5 years through 10 years
28,009

 
28,488

 
27,262

 
27,379

Due after 10 years
10,426

 
10,834

 
10,289

 
10,387

 
66,885

 
68,275

 
65,470

 
66,108

Mortgage-backed securities
15,369

 
15,411

 
14,066

 
14,007

 
$
82,254

 
$
83,686

 
$
79,536

 
$
80,115

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
822

 
$
828

 
$
430

 
$
435

Due after 1 year through 5 years
2,479

 
2,524

 
2,646

 
2,691

Due after 5 years through 10 years
2,821

 
2,866

 
2,969

 
2,944

Due after 10 years
2,815

 
2,889

 
3,206

 
3,172

 
8,937

 
9,107

 
9,251

 
9,242

Mortgage-backed securities
1,223

 
1,258

 
1,393

 
1,428

 
$
10,160

 
$
10,365

 
$
10,644

 
$
10,670



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) Equity securities

September 30


December 31

(in millions of U.S. dollars)
2017


2016

Cost
$
723

 
$
706

Gross unrealized appreciation
195

 
129

Gross unrealized depreciation
(8
)
 
(21
)
Fair value
$
910

 
$
814



c) Net realized gains (losses)
In accordance with guidance related to the recognition and presentation of OTTI, when an impairment related to a fixed maturity has occurred, OTTI is required to be recorded in Net income if management has the intent to sell the security or it is more likely than not that we will be required to sell the security before the recovery of its amortized cost. Further, in cases where we do not intend to sell the security and it is more likely than not that we will not be required to sell the security, we must evaluate the security to determine the portion of the impairment, if any, related to credit losses. If a credit loss is incurred, an OTTI is considered to have occurred and any portion of the OTTI related to credit losses must be reflected in Net income while the portion of OTTI related to all other factors is recognized in OCI. For fixed maturities held to maturity, OTTI recognized in OCI is accreted from AOCI to the amortized cost of the fixed maturity prospectively over the remaining term of the securities.

Each quarter, securities in an unrealized loss position (impaired securities), including fixed maturities, securities lending collateral, equity securities, and other investments, are reviewed to identify impaired securities to be specifically evaluated for a potential OTTI.

For all non-fixed maturities, OTTI is evaluated based on the following:

•
the amount of time a security has been in a loss position and the magnitude of the loss position;
•
the period in which cost is expected to be recovered, if at all, based on various criteria including economic conditions and other issuer-specific developments; and
•
our ability and intent to hold the security to the expected recovery period.

As a general rule, we also consider that equity securities in an unrealized loss position for twelve consecutive months are other than temporarily impaired. For mutual funds included in equity securities in our Consolidated balance sheets, we employ analysis similar to fixed maturities, when applicable.

Evaluation of potential credit losses related to fixed maturities
We review each fixed maturity in an unrealized loss position to assess whether the security is a candidate for credit loss. Specifically, we consider credit rating, market price, and issuer-specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities for which we determine that credit loss is likely are subjected to further analysis to estimate the credit loss recognized in Net income, if any. In general, credit loss recognized in Net income equals the difference between the security’s amortized cost and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security. All significant assumptions used in determining credit losses are subject to change as market conditions evolve.

Corporate securities
Projected cash flows for corporate securities (principally senior unsecured bonds) are driven primarily by assumptions regarding probability of default and also the timing and amount of recoveries associated with defaults. Chubb developed projected cash flows for corporate securities using market observable data, issuer-specific information, and credit ratings. We use historical default data by Moody’s Investors Service (Moody’s) rating category to calculate a 1-in-100 year probability of default, which results in a default assumption in excess of the historical mean default rate. Consistent with management's approach, Chubb assumed a 32 percent recovery rate (the par value of a defaulted security that will be recovered) across all rating categories rather than using Moody's historical mean recovery rate of 42 percent. We believe that use of a default assumption in excess of the historical mean is conservative in light of current market conditions.

For the three and nine months ended September 30, 2017, credit losses recognized in Net income for corporate securities were $3 million and $5 million, respectively. For the three and nine months ended September 30, 2016, credit losses recognized in Net income for corporate securities were $4 million and $28 million, respectively.

Mortgage-backed securities
For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including default rates, prepayment rates, and loss severity rates (the par value of a defaulted security that will not be recovered) on foreclosed properties.

For the three and nine months ended September 30, 2017, there were no credit losses recognized in Net income for mortgage-backed securities. For the three and nine months ended September 30, 2016, there were $1 million in credit losses recognized in Net income for mortgage-backed securities.
The following table presents the Net realized gains (losses) and the losses included in Net realized gains (losses) and OCI as a result of conditions which caused us to conclude the decline in fair value of certain investments was “other-than-temporary”:
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
(in millions of U.S. dollars)
2017

 
2016

 
2017

 
2016

Fixed maturities:
 
 
 
 
 
 
 
OTTI on fixed maturities, gross
$
(5
)
 
$
(7
)
 
$
(16
)
 
$
(85
)
OTTI on fixed maturities recognized in OCI (pre-tax)
—

 
—

 
1

 
8

OTTI on fixed maturities, net
(5
)
 
(7
)
 
(15
)
 
(77
)
Gross realized gains excluding OTTI
30

 
47

 
109

 
149

Gross realized losses excluding OTTI
(19
)
 
(13
)
 
(77
)
 
(228
)
Total fixed maturities
6

 
27

 
17

 
(156
)
Equity securities:
 
 
 
 
 
 
 
OTTI on equity securities
(1
)
 
(1
)
 
(9
)
 
(7
)
Gross realized gains excluding OTTI
6

 
19

 
21

 
63

Gross realized losses excluding OTTI
(1
)
 
(12
)
 
(2
)
 
(17
)
Total equity securities
4

 
6

 
10

 
39

OTTI on other investments
(2
)
 
(4
)
 
(11
)
 
(7
)
Foreign exchange gains
15

 
29

 
10

 
46

Investment and embedded derivative instruments
(14
)
 
1

 
(24
)
 
(85
)
Fair value adjustments on insurance derivative
54

 
89

 
265

 
(270
)
S&P put options and futures
(57
)
 
(45
)
 
(169
)
 
(88
)
Other derivative instruments
(5
)
 
3

 
(4
)
 
1

Other
(11
)
 
(6
)
 
(10
)
 
10

Net realized gains (losses)
$
(10
)
 
$
100

 
$
84

 
$
(510
)

 
The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: 
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
(in millions of U.S. dollars)
2017

 
2016

 
2017

 
2016

Balance of credit losses related to securities still held – beginning of period
$
29

 
$
51

 
$
35

 
$
53

Additions where no OTTI was previously recorded
2

 
4

 
3

 
16

Additions where an OTTI was previously recorded
1

 
1

 
2

 
13

Reductions for securities sold during the period
(7
)
 
(11
)
 
(15
)
 
(37
)
Balance of credit losses related to securities still held – end of period
$
25

 
$
45

 
$
25

 
$
45



d) Gross unrealized loss
At September 30, 2017, there were 7,455 fixed maturities out of a total of 30,933 fixed maturities in an unrealized loss position. The largest single unrealized loss in the fixed maturities was $7 million. There were 59 equity securities out of a total of 317 equity securities in an unrealized loss position. The largest single unrealized loss in the equity securities was $1 million. Fixed maturities in an unrealized loss position at September 30, 2017, comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
September 30, 2017
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
1,763

 
$
(13
)
 
$
656

 
$
(17
)
 
$
2,419

 
$
(30
)
Foreign
5,353

 
(85
)
 
894

 
(22
)
 
6,247

 
(107
)
Corporate securities
3,373

 
(48
)
 
788

 
(40
)
 
4,161

 
(88
)
Mortgage-backed securities
6,946

 
(96
)
 
749

 
(19
)
 
7,695

 
(115
)
States, municipalities, and political subdivisions
4,548

 
(28
)
 
839

 
(22
)
 
5,387

 
(50
)
Total fixed maturities
21,983

 
(270
)
 
3,926

 
(120
)
 
25,909

 
(390
)
Equity securities
103

 
(8
)
 
—

 
—

 
103

 
(8
)
Other investments
157

 
(9
)
 
—

 
—

 
157

 
(9
)
Total
$
22,243

 
$
(287
)
 
$
3,926

 
$
(120
)
 
$
26,169

 
$
(407
)
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2016
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
2,216

 
$
(48
)
 
$
—

 
$
—

 
$
2,216

 
$
(48
)
Foreign
5,918

 
(99
)
 
386

 
(27
)
 
6,304

 
(126
)
Corporate securities
7,021

 
(149
)
 
641

 
(44
)
 
7,662

 
(193
)
Mortgage-backed securities
8,638

 
(189
)
 
234

 
(5
)
 
8,872

 
(194
)
States, municipalities, and political subdivisions
19,448

 
(435
)
 
49

 
(2
)
 
19,497

 
(437
)
Total fixed maturities
43,241

 
(920
)
 
1,310

 
(78
)
 
44,551

 
(998
)
Equity securities
199

 
(21
)
 
—

 
—

 
199

 
(21
)
Other investments
201

 
(18
)
 
—

 
—

 
201

 
(18
)
Total
$
43,641

 
$
(959
)
 
$
1,310

 
$
(78
)
 
$
44,951

 
$
(1,037
)


e) 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 also 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 also have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at September 30, 2017 and December 31, 2016 are investments, primarily fixed maturities, totaling $22.8 billion and $20.1 billion, respectively, and cash of $105 million and $103 million, respectively.
The following table presents the components of restricted assets:
 
September 30

 
December 31

(in millions of U.S. dollars)
2017

 
2016

Trust funds
$
16,391

 
$
13,880

Deposits with U.S. regulatory authorities
2,361

 
2,203

Deposits with non-U.S. regulatory authorities
2,294

 
2,191

Assets pledged under repurchase agreements
1,441

 
1,461

Other pledged assets
377

 
435

 
$
22,864

 
$
20,170

Fair value measurements
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. Accordingly, transfers between levels within the valuation hierarchy occur when there are significant changes to the inputs, such as increases or decreases in market activity, changes to the availability of current prices, changes to the transparency to underlying inputs, and whether there are significant variances in quoted prices. Transfers in and/or out of any level are assumed to occur at the end of the period.

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 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 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 generally maintain positions in other derivative instruments including 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 position in exchange-traded equity futures contracts is 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) and guaranteed minimum accumulation benefits (GMAB) associated with variable annuity contracts. GLB’s are recorded in Accounts payable, accrued expenses, and other liabilities and Future policy benefits in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality.

The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

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

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

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. During the nine months ended September 30, 2017, we updated aspects of our valuation model relating to interest rates. This resulted in a decrease to the fair value of GLB liabilities generating a realized gain of approximately $94 million. During the nine months ended September 30, 2017, there were no other material changes to actuarial or behavioral assumptions. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2016 Form 10-K.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
September 30, 2017
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,941

 
$
641

 
$
—

 
$
3,582

Foreign
—

 
23,009

 
90

 
23,099

Corporate securities
—

 
24,307

 
919

 
25,226

Mortgage-backed securities
—

 
15,367

 
44

 
15,411

States, municipalities, and political subdivisions
—

 
16,368

 
—

 
16,368

 
2,941

 
79,692

 
1,053

 
83,686

Equity securities
858

 
—

 
52

 
910

Short-term investments
1,804

 
1,187

 
—

 
2,991

Other investments (1)
446

 
292

 
252

 
990

Securities lending collateral
—

 
1,757

 
—

 
1,757

Investment derivative instruments
15

 
—

 
—

 
15

Separate account assets
2,414

 
100

 
—

 
2,514

Total assets measured at fair value (1)
$
8,478

 
$
83,028

 
$
1,357

 
$
92,863

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
37

 
$
—

 
$
—

 
$
37

Other derivative instruments
25

 
—

 
2

 
27

GLB (2)
—

 
—

 
303

 
303

Total liabilities measured at fair value
$
62

 
$
—

 
$
305

 
$
367

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,669 million and other investments of $18 million at September 30, 2017 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, 2016
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,175

 
$
695

 
$
—

 
$
2,870

Foreign
—

 
21,366

 
74

 
21,440

Corporate securities
—

 
23,468

 
681

 
24,149

Mortgage-backed securities
—

 
13,962

 
45

 
14,007

States, municipalities, and political subdivisions
—

 
17,649

 
—

 
17,649

 
2,175

 
77,140

 
800

 
80,115

Equity securities
773

 
—

 
41

 
814

Short-term investments
1,757

 
1,220

 
25

 
3,002

Other investments (1)
384

 
259

 
225

 
868

Securities lending collateral
—

 
1,092

 
—

 
1,092

Investment derivative instruments
31

 
—

 
—

 
31

Other derivative instruments
3

 
—

 
—

 
3

Separate account assets
1,784

 
95

 
—

 
1,879

Total assets measured at fair value (1)
$
6,907

 
$
79,806

 
$
1,091

 
$
87,804

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
54

 
$
—

 
$
—

 
$
54

Other derivative instruments
—

 
—

 
13

 
13

GLB (2)
—

 
—

 
559

 
559

Total liabilities measured at fair value
$
54

 
$
—

 
$
572

 
$
626


(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,626 million and other investments of $25 million at December 31, 2016 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.

There were no transfers of financial instruments between Level 1 and Level 2 for the three and nine months ended September 30, 2017 and 2016.

Fair value of alternative investments
Alternative investments include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using NAV as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:
 
 
 
 
 
September 30

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2017

 
 
 
2016

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

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
5 to 9 Years
 
$
566

 
$
367

 
$
548

 
$
428

Real Assets
3 to 7 Years
 
635

 
148

 
536

 
230

Distressed
5 to 9 Years
 
327

 
157

 
485

 
179

Private Credit
3 to 7 Years
 
216

 
329

 
236

 
259

Traditional
3 to 9 Years
 
1,643

 
729

 
1,550

 
930

Vintage
1 to 2 Years
 
18

 
—

 
21

 
14

Investment funds
Not Applicable
 
264

 
—

 
251

 
—

 
 
 
$
3,669

 
$
1,730

 
$
3,627

 
$
2,040



Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.
Investment Category:
 
Consists of investments in private equity funds:
Financial
 
targeting financial services companies such as financial institutions and insurance services worldwide
Real Assets
 
targeting investments related to hard physical assets such as real estate, infrastructure and natural resources
Distressed
 
targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private Credit
 
targeting privately originated corporate debt investments including senior secured loans and subordinated bonds
Traditional
 
employing traditional private equity investment strategies such as buyout and growth equity globally
Vintage
 
made before 2002 and where the funds’ commitment periods had already expired

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

Level 3 financial instruments
The fair values of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) consist of various inputs and assumptions that management makes when determining fair value. Management analyzes changes in fair value measurements classified within Level 3 by comparing pricing and returns of our investments to benchmarks, including month-over-month movements, investment credit spreads, interest rate movements, and credit quality of securities.

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.
(in millions of U.S. dollars, except for percentages)
Fair Value
 
 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
September 30, 2017

 
December 31, 2016

 
 
 
GLB (1)
$
303

 
$
559

 
Actuarial model
 
Lapse rate
 
3% – 34%
 
 
 
 
 
 
 
Annuitization rate
 
0% – 78%
(1) 
Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 4 a) Guaranteed living benefits.

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

 
Short-term investments

 
Other
investments

 
Other
derivative
instruments

 
GLB(1)

September 30, 2017
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
85

 
$
747

 
$
45

 
$
39

 
$
7

 
$
243

 
$
2

 
$
357

Transfers into Level 3
—

 
111

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(3
)
 
(26
)
 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
1

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

Net Realized Gains/Losses
—

 
—

 
—

 
1

 
—

 
—

 
—

 
(54
)
Purchases
24

 
169

 
7

 
17

 
1

 
15

 
—

 
—

Sales
(14
)
 
(24
)
 
—

 
(5
)
 
—

 
—

 
—

 
—

Settlements
(3
)
 
(57
)
 
(8
)
 
—

 
(8
)
 
(6
)
 
—

 
—

Balance – end of period
$
90

 
$
919

 
$
44

 
$
52

 
$
—

 
$
252

 
$
2

 
$
303

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(54
)
(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 $635 million at September 30, 2017, and $684 million at June 30, 2017, which includes a fair value derivative adjustment of $303 million and $357 million, respectively.

  
Assets
 
 
 
 
Liabilities

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB(1)

September 30, 2016
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
87

 
$
281

 
$
49

 
$
37

 
$
50

 
$
216

 
$
10

 
$
971

Transfers into Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
(1
)
 
6

 
—

 
3

 
—

 
4

 
—

 
—

Net Realized Gains/Losses
—

 
(4
)
 
—

 
—

 
—

 
—

 
—

 
(88
)
Purchases
20

 
348

 
—

 
—

 
12

 
8

 
—

 
—

Sales
(2
)
 
(18
)
 
(3
)
 
(3
)
 
—

 
—

 
—

 
—

Settlements
(1
)
 
(7
)
 
—

 
—

 
—

 
(5
)
 
(2
)
 
—

Balance – end of period
$
103

 
$
606

 
$
46

 
$
37

 
$
62

 
$
223

 
$
8

 
$
883

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

 
$
(4
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(88
)
(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 $1.2 billion at September 30, 2016, and $1.3 billion at June 30, 2016, which includes a fair value derivative adjustment of $883 million and $971 million, respectively.

 
Assets
 
 
Liabilities
 
Nine Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
Other
derivative
instruments

 
GLB(1)

September 30, 2017
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225

 
$
13

 
$
559

Transfers into Level 3
—

 
168

 
—

 
—

 
—

 
—

 
—

 
9

Transfers out of Level 3
(3
)
 
(93
)
 
—

 
—

 
—

 
—

 
(9
)
 
—

Change in Net Unrealized Gains (Losses) included in OCI
3

 
(9
)
 
—

 
1

 
—

 
3

 
—

 
—

Net Realized Gains/Losses
1

 
(1
)
 
—

 
1

 
—

 
—

 
(2
)
 
(265
)
Purchases
57

 
390

 
8

 
23

 
15

 
39

 
—

 
—

Sales
(36
)
 
(79
)
 
(1
)
 
(14
)
 
—

 
—

 
—

 
—

Settlements
(6
)
 
(138
)
 
(8
)
 
—

 
(40
)
 
(15
)
 
—

 
—

Balance – end of period
$
90

 
$
919

 
$
44

 
$
52

 
$
—

 
$
252

 
$
2

 
$
303

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(2
)
 
$
(265
)
(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 $635 million at September 30, 2017, and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $303 million and $559 million, respectively.

  
Assets
 
 
 
 
Liabilities

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB(1)

September 30, 2016
Foreign

 
Corporate
securities

 
MBS

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
 
Balance – beginning of period
$
57

 
$
174

 
$
53

 
$
16

 
$
—

 
$
212

 
$
6

 
$
609

Transfers into Level 3
9

 
18

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(2
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
8

 
17

 
—

 
2

 
—

 
4

 
—

 
—

Net Realized Gains/Losses
(6
)
 
(12
)
 
—

 
1

 
—

 
—

 
2

 
274

Purchases (2)
52

 
472

 
1

 
23

 
62

 
22

 
2

 
—

Sales
(10
)
 
(48
)
 
(8
)
 
(5
)
 
—

 
—

 
—

 
—

Settlements
(5
)
 
(15
)
 
—

 
—

 
—

 
(15
)
 
(2
)
 
—

Balance – end of period
$
103

 
$
606

 
$
46

 
$
37

 
$
62

 
$
223

 
$
8

 
$
883

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(5
)
 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
2

 
$
274

(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 $1.2 billion at September 30, 2016, and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $883 million and $609 million, respectively.
(2) 
Includes acquired invested assets as a result of the Chubb Corp acquisition.

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

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values.

Investments in partially-owned insurance companies
Fair values for investments in partially-owned insurance companies are based on Chubb’s share of the net assets based on the financial statements provided by those companies and are excluded from the valuation hierarchy tables below.

Short- and long-term debt, repurchase agreements, and trust preferred securities
Where practical, fair values for short-term debt, long-term debt, repurchase agreements, and trust preferred securities are estimated using discounted cash flow calculations based principally on observable inputs including incremental borrowing rates, which reflect Chubb’s credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued.

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
September 30, 2017
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
563

 
$
58

 
$
—

 
$
621

 
$
611

Foreign
—

 
644

 
—

 
644

 
616

Corporate securities
—

 
2,578

 
11

 
2,589

 
2,531

Mortgage-backed securities
—

 
1,258

 
—

 
1,258

 
1,223

States, municipalities, and political subdivisions
—

 
5,253

 
—

 
5,253

 
5,179

Total assets
$
563

 
$
9,791

 
$
11

 
$
10,365

 
$
10,160

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,408

 
$
—

 
$
1,408

 
$
1,408

Short-term debt
—

 
1,025

 
—

 
1,025

 
1,020

Long-term debt
—

 
12,273

 
—

 
12,273

 
11,559

Trust preferred securities
—

 
467

 
—

 
467

 
308

Total liabilities
$
—

 
$
15,173

 
$
—

 
$
15,173

 
$
14,295

December 31, 2016
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
555

 
$
106

 
$
—

 
$
661

 
$
655

Foreign
—

 
667

 
—

 
667

 
640

Corporate securities
—

 
2,782

 
13

 
2,795

 
2,771

Mortgage-backed securities
—

 
1,428

 
—

 
1,428

 
1,393

States, municipalities, and political subdivisions
—

 
5,119

 
—

 
5,119

 
5,185

Total assets
$
555


$
10,102


$
13


$
10,670


$
10,644

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,403

 
$
—

 
$
1,403

 
$
1,403

Short-term debt
—

 
503

 
—

 
503

 
500

Long-term debt
—

 
12,998

 
—

 
12,998

 
12,610

Trust preferred securities
—

 
456

 
—

 
456

 
308

Total liabilities
$
—

 
$
15,360

 
$
—

 
$
15,360

 
$
14,821

Unpaid losses and loss expenses Unpaid losses and loss expenses
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]
5. 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)
2017

 
2016

Gross unpaid losses and loss expenses – beginning of period
$
60,540

 
$
37,303

Reinsurance recoverable on unpaid losses (1)
(12,708
)
 
(10,741
)
Net unpaid losses and loss expenses – beginning of period
47,832

 
26,562

Acquisition of subsidiaries
—

 
21,402

Total
47,832

 
47,964

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
14,963

 
13,169

Prior years (2)
(781
)
 
(972
)
Total
14,182

 
12,197

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
3,937

 
3,865

Prior years
8,389

 
7,470

Total
12,326

 
11,335

Foreign currency revaluation and other
596

 
(155
)
Net unpaid losses and loss expenses – end of period
50,283

 
48,671

Reinsurance recoverable on unpaid losses (1)
13,870

 
12,676

Gross unpaid losses and loss expenses – end of period
$
64,153

 
$
61,347

(1) Net of provision for uncollectible reinsurance.
(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $110 million and $75 million for the nine months ended September 30, 2017 and 2016, respectively.

The increase in gross and net unpaid losses and loss expenses in 2017 primarily reflects the significant catastrophe events during the third quarter of 2017, principally from hurricanes Harvey, Irma and Maria and the earthquakes in Mexico.

Prior Period Development
Prior period development 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. 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.

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. During the third quarter of 2017, we determined that the classification of loss development for certain businesses, previously grouped within the short-tail discussion below, would be more appropriately classified as long-tail to better align with the classification of these businesses within our loss development tables in the 2016 Form 10-K. We also determined that the loss development for certain other businesses should be reclassified from long-tail to short-tail. We updated our 2016 and year-to-date 2017 discussions below to conform to the current period presentation. These changes to the previously disclosed amount have no impact to our financial condition and results of operations.

North America Commercial P&C Insurance

2017
For the three months ended September 30, 2017, net favorable PPD was $236 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 $242 million in long-tail business, primarily from:

•
Favorable development of $140 million in commercial excess and umbrella portfolios primarily in accident years 2011 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;

•
Favorable development of $44 million in workers' compensation business mainly impacting accident years 2013 and prior, driven by lower than expected paid and reported loss activity, and revisions to development patterns used in our loss projection methods for select portfolios; and

•
Net favorable development of $28 million on several large multi-line prospective deals primarily impacting the 2012 and 2013 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 adjustments of $26 million tied to the loss performance of the particular deals.

•
Net adverse development of $6 million in short-tail business across a number of accident years, none of which were significant individually or in the aggregate.

For the nine months ended September 30, 2017, net favorable PPD was $546 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 $431 million in long-tail business, primarily from:

•
Net favorable development of $99 million in our workers’ compensation businesses (excluding excess compensation) with favorable development of $37 million in the 2016 accident year related to our annual assessment of multi-claimant events including industrial accidents. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. Net favorable development of $62 million was principally due to lower than expected loss experience and revision to development patterns used in our loss projection methods, mainly impacting accident years 2013 and prior, and partly offset by smaller adverse development in the more recent prior accident years;

•
Net favorable development of $213 million in our commercial excess and umbrella portfolios, primarily in accident years 2011 and prior, driven by lower than expected reported loss activity, and an increase in weighting towards experience-based methods;

•
Favorable development of $27 million in our commercial-multi peril (CMP) and monoline general liability lines, driven by favorable paid and reported loss activity relative to prior expectations, principally in accident years 2008 through 2013;

•
Net favorable development of $30 million in our professional Errors and Omissions (E&O) portfolios, primarily in the 2012 and 2013 accident years, arising from lower than expected reported loss activity, partially offset by claim-specific adverse development; and

•
Favorable development of $28 million in large multi-line accounts due primarily to the same factors experienced for the three months ended September 30, 2017.

•
Net favorable development of $115 million in short-tail business, primarily from:

•
Net favorable development of $45 million in our credit-related business, primarily due to lower than expected claims severity in the 2015 accident year;

•
Favorable development of $43 million in property lines, primarily in our commercial property portfolios, driven by lower than expected loss emergence in the 2014 and 2016 accident years; and

•
Net favorable development of $19 million in our accident & health (A&H) business, primarily due to lower than expected loss emergence in the 2015 and 2016 accident years.

2016
For the three months ended September 30, 2016, net favorable PPD was $187 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 $167 million in long-tail business, primarily from favorable development of $127 million in our commercial excess and umbrella portfolios, impacting the 2010 and prior accident years, driven by continued lower than expected reported loss activity and an increase in weighting towards experience-based methods; and

•
Net favorable development of $20 million in short-tail business, principally from our property portfolios, primarily impacting the 2014 and 2015 accident years, resulting from lower than expected loss emergence.

For the nine months ended September 30, 2016, net favorable PPD was $533 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 $473 million in long-tail business, primarily from:

•
Favorable development of $272 million in our commercial excess and umbrella portfolios, primarily in accident years 2010 and prior, driven by lower than expected reported loss activity and an increase in weighting towards experience-based methods; in general, the severity of claims has been less than expected;

•
Net favorable development of $134 million in our workers’ compensation lines, including excess lines, with favorable development of $40 million in the 2015 accident year related to our annual assessment of multi-claimant events including industrial accidents. Favorable development of $91 million in accident years 2012 and prior was principally due to lower than expected loss experience and revision to the basis for selecting development patterns used in our loss projection methods;

•
Favorable development of $69 million in our professional E&O portfolios, primarily impacting the 2012 and prior accident years and arising from both lower than expected reported loss activity and re-assessments of remaining claim-specific liabilities for the older accident years;

•
Net favorable development of $20 million in our primary general and package liability lines from favorable development due to lower than expected reported and paid activity, principally in accident years 2007 through 2014; and
 
•
Net favorable development of $60 million in short-tail business, primarily from net favorable development of $46 million in our property portfolios, primarily impacting the 2014 and 2015 accident years, resulting from lower than expected loss emergence.

North America Personal P&C Insurance

2017
For the three months ended September 30, 2017, net adverse PPD was $32 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 $98 million in our homeowners lines, primarily impacting the 2016 accident year, due to higher than expected loss severity; and

•
Net favorable development of $58 million in our personal excess lines primarily impacting the 2014 accident year, due to lower than expected loss experience and an increase weighting towards experience-based methods.

For the nine months ended September 30, 2017, net adverse PPD was $66 million, including adverse development of $105 million in our homeowners lines and favorable development of $58 million in our personal excess lines as described above.

2016
For the three months ended September 30, 2016, net adverse PPD was $38 million, including $28 million adverse development in our homeowners and umbrella lines due to higher than expected loss emergence. Average loss severities were higher than expected, and to a lesser degree, reinsurance and other recoveries were lower than expected.

For the nine months ended September 30, 2016, net adverse PPD was $20 million, due primarily to higher than expected loss emergence in our homeowners and umbrella lines as described above.

North America Agricultural Insurance

2017
For the three months ended September 30, 2017, net favorable PPD was $4 million across a number of accident years, none of which were significant individually or in the aggregate.

For the nine months ended September 30, 2017, net favorable PPD was $83 million. The majority of the claim development relates to our Multiple Peril Crop Insurance (MPCI) business and is favorable due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2017 results based on crop yield results at year-end 2016).

2016
For the three months ended September 30, 2016, net favorable PPD was $11 million across a number of accident years, none of which were significant individually or in the aggregate.

For the nine months ended September 30, 2016, net favorable PPD was $52 million. Actual claim development in the first quarter of 2016 for the 2015 crop year for MPCI business was favorable due to better than expected crop yield results in certain states at year-end 2015.

Overseas General Insurance

2017
For the three months ended September 30, 2017, net favorable PPD was $108 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 $109 million in long-tail business, primarily from:

•
Net favorable development of $40 million in casualty lines, with favorable development of $69 million in accident years 2013 and prior, resulting from lower than expected loss emergence, partially offset by adverse development of $29 million in accident years 2014 through 2016, primarily due to large loss experience in U.K. excess lines and wholesale business; and

•
Net favorable development of $34 million in financial lines, with favorable development of $124 million in accident years 2013 and prior, resulting from lower than expected loss emergence including favorable development on specific, litigated claims, and adverse development of $90 million in accident years 2014 through 2016, primarily due to large loss experience in specific Directors and Officers (D&O) portfolios in the U.K., Continental Europe, and Australia and Financial Institutions lines in the U.K. and Continental Europe.

For the nine months ended September 30, 2017, net favorable PPD was $184 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 $78 million in long-tail business, primarily from:

•
Favorable development of $34 million in financial lines, driven by the same factors as experienced for the three months ended September 30, 2017 as described above; and

•
Net favorable development of $9 million in casualty lines, driven by the same factors as experienced for the three months ended September 30, 2017, as described above, partially offset by adverse development of $32 million driven by a change in the discount rate in the U.K. (Ogden rate) impacting the 2016 and prior accident years.

•
Net favorable development of $106 million in short-tail business, primarily from:

•
Favorable development of $43 million in technical and energy lines, primarily from favorable loss emergence in accident years 2014 through 2016 primarily in offshore and power generation where experience has been better than expected;

•
Favorable development of $37 million in property and marine (excluding technical lines), primarily in accident years 2013 through 2015, driven mainly by favorable U.K. and Continental Europe loss emergence, including favorable claim-specific loss settlements; and

•
Favorable development of $20 million in A&H lines, primarily from favorable loss emergence in Asia Pacific and Continental Europe in accident years 2014 through 2016.

2016
For the three months ended September 30, 2016, net favorable PPD was $223 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 $234 million in long-tail business, primarily from:

•
Net favorable development of $167 million, primarily in casualty and financial lines, with favorable development of $261 million in accident years 2012 and prior, resulting from lower than expected loss emergence, and adverse development of $94 million in accident years 2013 to 2015, primarily due to large loss experience in our D&O portfolio in Asia and financial lines in Europe;

•
Favorable development of $28 million in aviation lines, impacting accident years 2012 and prior due to lower than expected loss emergence and case-specific reserve reductions; and

•
Favorable development of $25 million on an individual legacy liability case reserve take-down. This release follows a legal analysis completed in the third quarter of 2016, based on court opinion in the quarter and discussions with defense counsel, which concluded that these reserves were no longer required.

•
Adverse development of $11 million in short-tail business, none of which was significant individually or in the aggregate.

For the nine months ended September 30, 2016, net favorable PPD was $338 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 $235 million in long-tail business due primarily to the same factors experienced for the three months ended September 30, 2016.

•
Net favorable development of $103 million in short-tail business primarily from:

•
Net favorable development of $66 million in property (including technical lines), primarily from favorable Continental Europe loss emergence in accident years 2012 through 2014;

•
Favorable development of $35 million in energy lines, primarily from a claims review of catastrophe impacts on underwriting years 2004 through 2008, as well as favorable loss emergence in accident years 2010 through 2014, primarily in offshore where experience on multi-year construction accounts has been better than expected; and

Global Reinsurance

2017
For the three months ended September 30, 2017, net favorable PPD was $41 million, which was the net result of several underlying favorable and adverse movements, and was driven by net favorable development of $29 million in our professional liability and medical malpractice lines primarily from treaty years 2013 and prior, principally resulting from lower than expected loss emergence in the U.S. portfolio.

For the nine months ended September 30, 2017, net favorable PPD was $64 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 $67 million on long-tail lines of business, primarily from:

•
Favorable development of $66 million in our casualty, professional liability and medical malpractice lines, primarily driven by the same factors as experienced for the three months ended September 30, 2017 as described above; and

•
Net adverse development of $10 million in our motor and excess liability lines, primarily due to adverse development of $9 million driven by a change in the discount rate in the U.K. (Ogden rate) primarily impacting the 2015 and prior treaty years.

2016
For the three months ended September 30, 2016, net favorable PPD was $28 million, primarily from net favorable development of $24 million in professional liability lines primarily impacting treaty years 2011 and prior due to lower than expected loss emergence.

For the nine months ended September 30, 2016, net favorable PPD was $78 million, which was driven by the following principal changes:

•
Net favorable development of $41 million in casualty lines primarily impacting treaty years 2011 and prior, principally resulting from lower than expected loss emergence; and

•
Net favorable development of $30 million in professional liability lines due to the same factors experienced for the three months ended September 30, 2016, as described above.

Corporate

2017
For the three months ended September 30, 2017, adverse development was $87 million, driven principally by development of $77 million in environmental liabilities and $9 million for unallocated loss adjustment expenses due to run-off operating expenses paid and incurred in the respective periods, impacting the 1995 and prior accident years. The development in environmental liabilities was due to case specific settlements and both higher than expected remediation expense and defense costs. These higher costs impacted both large modeled accounts as well as smaller accounts.

For the nine months ended September 30, 2017, adverse development was $140 million, driven principally by development of environmental liabilities as described above, $35 million of development on run-off non-A&E casualty exposures due to higher than expected loss activity, and $28 million of unallocated loss adjustment expenses due to run-off operating expenses paid and incurred in the respective period.

2016
For the three months ended September 30, 2016, adverse development was $62 million, and was driven principally by development of $52 million in environmental liabilities and $10 million for unallocated loss adjustment expenses due to run-off operating expenses paid and incurred in the respective periods, impacting the 1995 and prior accident years. The development in environmental liabilities was due to case specific settlements and both higher than expected remediation expense and defense costs. These higher costs impacted both large modeled accounts as well as smaller accounts.

For the nine months ended September 30, 2016, adverse development was $84 million, and was driven principally by development of environmental liabilities as described above and $27 million of unallocated loss adjustment expenses due to run-off operating expenses paid and incurred in the respective period.
Commitments, contingencies, and guarantees
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 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 from time to time 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, including GMIB and GMAB, 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 GMAB risk is triggered if, at contract maturity, the contract holder’s account value is less than a guaranteed minimum value. 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 blocks 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, 2017
 
 
 
 
December 31, 2016
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
Fair Value
 
 
Notional
Value/
Payment
Provision

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

 
Derivative (Liability)

 
 
Derivative Asset

 
Derivative (Liability)

 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
8

 
$
(31
)
 
$
2,035

 
$
25

 
$
(50
)
 
$
2,220

Cross-currency swaps
OA / (AP)
 
—

 
—

 
45

 
—

 
—

 
95

Options/Futures contracts on notes and bonds
OA / (AP)
 
7

 
(6
)
 
1,437

 
6

 
(4
)
 
2,344

Convertible securities (1)
FM AFS / ES
 
—

 
—

 
4

 
2

 
—

 
7

 
 
 
$
15

 
$
(37
)
 
$
3,521

 
$
33

 
$
(54
)
 
$
4,666

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

 
$
(25
)
 
$
1,455

 
$
1

 
$
—

 
$
1,316

Other
OA / (AP)
 
—

 
(2
)
 
259

 
2

 
(13
)
 
214

 
 
 
$
—

 
$
(27
)
 
$
1,714

 
$
3

 
$
(13
)
 
$
1,530

GLB (3)
(AP) / (FPB)
 
$
—

 
$
(635
)
 
$
1,138

 
$
—

 
$
(853
)
 
$
1,264


(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves and fair value derivative adjustment. 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, 2017 and December 31, 2016, derivative liabilities of $41 million and $10 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. 

b) 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.

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.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
 
Remaining contractual maturity
 
 
 
September 30

 
December 31

 
 
2017

 
2016

(in millions of U.S. dollars)
 
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
 
Cash
 
$
1,109

 
$
423

U.S. Treasury and agency
 
38

 
54

Foreign
 
491

 
578

Corporate securities
 
—

 
37

Mortgage-backed securities
 
46

 
—

Equity securities
 
73

 
—

 
 
$
1,757

 
$
1,092

Gross amount of recognized liability for securities lending payable
 
$
1,757

 
$
1,093

Difference (1)
 
$
—

 
$
(1
)
(1) 
The carrying value of the securities lending collateral held is $1 million lower than the securities lending payable at December 31, 2016 due to accrued interest recorded in the securities lending payable.

At September 30, 2017 and December 31, 2016, our repurchase agreement obligations of $1,408 million and $1,403 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 Equity securities 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, 2017
 
 
December 31, 2016
 
 
Up to
30 Days

 
Greater than
90 Days

 
Total

 
Up to
30 Days

 
Greater than
90 Days

 
Total

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

 
$
—

 
$
—

 
$
—

 
$
1

 
$
1

U.S. Treasury and agency
231

 
9

 
240

 
230

 
10

 
240

Mortgage-backed securities
343

 
858

 
1,201

 
339

 
881

 
1,220

 
$
574

 
$
867

 
$
1,441

 
$
569

 
$
892

 
$
1,461

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

 
 
 
 
 
$
1,403

Difference (1)
 
 
 
 
$
33

 
 
 
 
 
$
58


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


The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Three Months Ended
 
Nine Months Ended
 
 
September 30
 
September 30
 
(in millions of U.S. dollars)
2017

 
2016

2017

 
2016

Investment and embedded derivative instruments:
 
 
 
 
 
 
Foreign currency forward contracts
$
(7
)
 
$
(10
)
$
—

 
$
(30
)
All other futures contracts and options
(8
)
 
8

(25
)
 
(63
)
Convertible securities (1)
1

 
3

1

 
8

Total investment and embedded derivative instruments
$
(14
)
 
$
1

$
(24
)
 
$
(85
)
GLB and other derivative instruments:
 
 
 
 
 
 
GLB (2)
$
54

 
$
89

$
265

 
$
(270
)
Futures contracts on equities (3)
(57
)
 
(45
)
(169
)
 
(88
)
Other
(5
)
 
3

(4
)
 
1

Total GLB and other derivative instruments
$
(8
)
 
$
47

$
92

 
$
(357
)
 
$
(22
)
 
$
48

$
68

 
$
(442
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB blocks of business.

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

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

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

Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in the 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.

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, principally arising from changes in expected losses allocated to expected future premiums, are classified as Net realized gains (losses). 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 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. We believe this presentation provides the most meaningful disclosure of changes in the underlying risk within the GLB reinsurance programs for a given reporting period.

d) Fixed maturities
At September 30, 2017, we have commitments to purchase fixed income securities of $932 million over the next several years.

e) Other investments
At September 30, 2017, included in Other investments in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $3.4 billion. In connection with these investments, we have commitments that may require funding of up to $1.7 billion over the next several years.

In October 2017, we entered into a new limited partnership arrangement which may require funding of up to $2.5 billion over the next five years.

f) Taxation
At September 30, 2017, $14 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations of taxing authorities and the closing of tax statute limitations. With few exceptions, Chubb is no longer subject to state and local or non-U.S. income tax examinations for years before 2010.

g) Letters of credit
On October 25, 2017, we replaced our $1.5 billion letter of credit/revolver facility that was set to expire in November 2017 with an amended and restated credit facility that provides for up to $1.0 billion of availability, all of which may be used for the issuance of letters of credit and for revolving loans.  We have the ability to increase the capacity under our existing credit facility to $2.0 billion under certain conditions, but any such increase would not raise the sub-limit for revolving loans above $1.0 billion. The letter of credit facility required that we maintain certain financial covenants, all of which we met at September 30, 2017 and at the time of renewal.

h) 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.
Shareholders' equity
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, 2017, our Common Shares had a par value of CHF 24.15 per share.

At our May 2016 and 2015 annual general meetings, our shareholders approved an annual dividend for the following year of up to $2.76 per share and $2.68 per share, respectively, which were paid in four quarterly installments of $0.69 per share and $0.67 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 2017 annual general meeting, our shareholders approved an annual dividend for the following year of up to $2.84 per share, expected to be paid in four quarterly installments of $0.71 per share after the annual 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 2018 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
CHF

 
USD

 
CHF

 
USD

 
CHF

 
USD

 
CHF

 
USD

Total dividend distributions per common share
0.68

 
$
0.71

 
0.67

 
$
0.69

 
2.06

 
$
2.11

 
2.01

 
$
2.05



Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At September 30, 2017, 15,625,345 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans.

Chubb Limited securities repurchase authorization
There was no share repurchase program from January 2016 through October 2016. In November 2016, the Board authorized a share repurchase program of $1.0 billion of Chubb's Common Shares through December 31, 2017.

Repurchases of Chubb's Common Shares conducted in a series of open market transactions from January 1, 2017 through October 31, 2017 under the Board authorization are as follows:
(in millions of U.S. dollars, except share data)
Three Months Ended
September 30, 2017

 
Nine Months Ended
September 30, 2017

 
October 1, 2017
through
October 31, 2017

 
 
Number of shares repurchased
1,615,383

 
5,033,013

 
25,000

Cost of shares repurchased
$
232

 
$
707

 
$
4

Repurchase authorization remaining at end of period
$
293

 
$
293

 
$
289

Share-based compensation
Share-based compensation
Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of incentive and non-qualified stock options; restricted stock and restricted stock units; and performance-based restricted stock awards. The incentive and non-qualified stock options are granted 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 and typically vest in equal annual installments over the vesting period, which is also the requisite service period. On February 23, 2017, Chubb granted 2,065,620 stock options with a weighted-average grant date fair value of $22.97 each estimated using the Black-Scholes option pricing model. The service-based restricted stock and restricted stock units are generally granted with a 4-year vesting period, based on a graded vesting schedule.

Performance-based restricted stock awards granted prior to January 2017 comprised target awards which have four installments that vest annually based on tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth compared to a defined group of peer companies, and premium awards, which are earned only if tangible book value per share growth over the cumulative 4-year period after the grant of the associated target awards exceeds a higher threshold compared to our peer group. The terms of performance-based restricted stock awards granted beginning in January 2017 were updated to now include a 3-year cliff vesting provision in place of the 4-year graded vesting period. In addition, these awards now include an additional vesting criteria based on the P&C combined ratio compared to a defined group of peer companies as well as an additional vesting provision for premium awards based on total shareholder return (TSR) compared to a defined group of peer companies.

Chubb's restricted stock is granted at market close price on the grant date. On February 23, 2017, Chubb granted 1,105,118 service-based restricted stock awards, 326,272 service-based restricted stock units, and 202,251 performance-based stock awards to employees and officers with a grant date fair value of $139.01 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.
Postretirement benefits Postretirement benefits
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:
 
Three Months Ended September 30
 
 
Pension Benefits
 
 
Other Postretirement Benefits
 
 
U.S. Plans

 
Non-U.S. Plans

 
Total

 
U.S. Plans

 
Non-U.S. Plans

 
Total

(in millions of U.S. dollars)
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
15

 
$
6

 
$
21

 
$
—

 
$
—

 
$
—

Interest cost
27

 
6

 
33

 
1

 
1

 
2

Expected return on plan assets
(47
)
 
(11
)
 
(58
)
 
(2
)
 
—

 
(2
)
Amortization of net actuarial loss
—

 
1

 
1

 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(22
)
 
—

 
(22
)
Curtailments
—

 
—

 
—

 
(32
)
 
—

 
(32
)
Net periodic (benefit) cost
$
(5
)
 
$
2

 
$
(3
)
 
$
(55
)
 
$
1

 
$
(54
)
2016
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
20

 
$
6

 
$
26

 
$
4

 
$
—

 
$
4

Interest cost
26

 
8

 
34

 
4

 
—

 
4

Expected return on plan assets
(42
)
 
(10
)
 
(52
)
 
(3
)
 
—

 
(3
)
Amortization of net actuarial loss
—

 
—

 
—

 
—

 
—

 
—

Curtailments
(4
)
 
—

 
(4
)
 
—

 
—

 
—

Settlements
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Net periodic (benefit) cost
$
(1
)
 
$
4

 
$
3

 
$
5

 
$
—

 
$
5


 
Nine Months Ended September 30
 
 
Pension Benefits
 
 
Other Postretirement Benefits
 
 
U.S. Plans

 
Non-U.S. Plans

 
Total

 
U.S. Plans

 
Non-U.S. Plans

 
Total

(in millions of U.S. dollars)
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
47

 
$
14

 
$
61

 
$
1

 
$
1

 
$
2

Interest cost
79

 
20

 
99

 
2

 
1

 
3

Expected return on plan assets
(142
)
 
(31
)
 
(173
)
 
(4
)
 
—

 
(4
)
Amortization of net actuarial loss
—

 
2

 
2

 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(68
)
 
—

 
(68
)
Curtailments
—

 
(8
)
 
(8
)
 
(32
)
 
—

 
(32
)
Net periodic (benefit) cost
$
(16
)
 
$
(3
)
 
$
(19
)
 
$
(101
)
 
$
2

 
$
(99
)
2016
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
57

 
$
15

 
$
72

 
$
8

 
$
1

 
$
9

Interest cost
80

 
24

 
104

 
13

 
—

 
13

Expected return on plan assets
(121
)
 
(30
)
 
(151
)
 
(7
)
 
—

 
(7
)
Amortization of net actuarial loss
—

 
2

 
2

 
—

 
—

 
—

Curtailments
(4
)
 
—

 
(4
)
 
—

 
—

 
—

Settlements
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Net periodic cost
$
11

 
$
11

 
$
22

 
$
14

 
$
1

 
$
15

Segment information
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 primarily includes loss and loss expenses of asbestos and environmental (A&E) run-off liabilities, and the results of our non-insurance companies including Chubb Limited, Chubb Group Management and Holdings Ltd, and Chubb INA Holdings Inc. Our exposure to A&E claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1999, and legacy Chubb Corp run-off business in 2016.

For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income as the main measures of segment performance. Chubb calculates underwriting income by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate segment income, include Net investment income, Other (income) expense, and Amortization of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income. For example, for the three months ended September 30, 2017, underwriting income in our North America Agricultural Insurance segment was $86 million. This amount includes $5 million of realized losses related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below.

For the Life Insurance segment, management includes Net investment income and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income. For example, for the three months ended September 30, 2017, Life Insurance underwriting income of $70 million includes Net investment income of $78 million and gains from fair value changes in separate account assets of $24 million. The gains from fair value changes in separate account assets are reported in Other (income) expense in the table below.


The following tables present the Statement of Operations by segment:
 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Three Months Ended
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
 
Net premiums written
$
3,089

 
$
1,194

 
$
926

 
$
1,963

 
$
191

 
$
539

 
$
—

 
$
7,902

Net premiums earned
3,016

 
1,117

 
898

 
2,064

 
185

 
527

 
—

 
7,807

Losses and loss expenses
2,580

 
1,062

 
759

 
1,281

 
295

 
181

 
89

 
6,247

Policy benefits
—

 
—

 
—

 
—

 
—

 
169

 
—

 
169

Policy acquisition costs
469

 
226

 
49

 
569

 
43

 
132

 
—

 
1,488

Administrative expenses
256

 
61

 
(1
)
 
246

 
11

 
77

 
64

 
714

Underwriting income (loss)
(289
)
 
(232
)
 
91

 
(32
)
 
(164
)
 
(32
)
 
(153
)
 
(811
)
Net investment income (loss)
497

 
57

 
6

 
164

 
80

 
78

 
(69
)
 
813

Other (income) expense
(4
)
 
1

 
—

 
(10
)
 
(3
)
 
(19
)
 
(83
)
 
(118
)
Amortization expense of purchased intangibles
—

 
4

 
8

 
11

 
—

 
1

 
41

 
65

Segment income (loss)
$
212


$
(180
)

$
89


$
131


$
(81
)

$
64


$
(180
)

$
55

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(10
)
 
(10
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
150

 
150

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
50

 
50

Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
(85
)
 
(85
)
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
$
(305
)
 
$
(70
)
 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Three Months Ended
 
 
 
 
 
September 30, 2016
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
Net premiums written
$
3,110

 
$
1,011

 
$
849

 
$
1,940

 
$
131

 
$
532

 
$
—

 
$
7,573

Net premiums earned
3,086

 
1,081

 
819

 
2,034

 
156

 
512

 
—

 
7,688

Losses and loss expenses
1,863

 
594

 
683

 
843

 
49

 
174

 
63

 
4,269

Policy benefits
—

 
—

 
—

 
—

 
—

 
155

 
—

 
155

Policy acquisition costs
522

 
229

 
48

 
546

 
42

 
127

 
—

 
1,514

Administrative expenses
275

 
89

 
1

 
261

 
12

 
77

 
57

 
772

Underwriting income (loss)
426

 
169

 
87

 
384

 
53

 
(21
)
 
(120
)
 
978

Net investment income (loss)
477

 
53

 
5

 
152

 
67

 
71

 
(86
)
 
739

Other (income) expense
3

 
2

 
—

 
(6
)
 
—

 
(20
)
 
(70
)
 
(91
)
Amortization expense (benefit) of purchased intangibles
—

 
4

 
7

 
12

 
—

 
1

 
(20
)
 
4

Segment income (loss)
$
900

 
$
216

 
$
85

 
$
530

 
$
120

 
$
69

 
$
(116
)
 
$
1,804

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
100

 
100

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
152

 
152

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
115

 
115

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
277

 
277

Net income (loss)


 
 
 
 
 
 
 
 
 
 
 
$
(560
)
 
$
1,360



 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Nine Months Ended
 
 
 
 
 
September 30, 2017
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
Net premiums written
$
9,035

 
$
3,433

 
$
1,390

 
$
6,169

 
$
580

 
$
1,586

 
$
—

 
$
22,193

Net premiums earned
9,156

 
3,296

 
1,256

 
6,018

 
542

 
1,548

 
—

 
21,816

Losses and loss expenses
6,376

 
2,378

 
976

 
3,316

 
435

 
556

 
145

 
14,182

Policy benefits
—

 
—

 
—

 
—

 
—

 
500

 
—

 
500

Policy acquisition costs
1,420

 
673

 
75

 
1,653

 
137

 
376

 
—

 
4,334

Administrative expenses
728

 
192

 
(4
)
 
734

 
33

 
226

 
187

 
2,096

Underwriting income (loss)
632

 
53

 
209

 
315

 
(63
)
 
(110
)
 
(332
)
 
704

Net investment income (loss)
1,465

 
168

 
18

 
460

 
207

 
230

 
(220
)
 
2,328

Other (income) expense
(4
)
 
3

 
1

 
(14
)
 
(2
)
 
(60
)
 
(257
)
 
(333
)
Amortization expense of purchased intangibles
—

 
12

 
22

 
33

 
—

 
2

 
125

 
194

Segment income (loss)
$
2,101

 
$
206

 
$
204

 
$
756

 
$
146

 
$
178

 
$
(420
)
 
$
3,171

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
84

 
84

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
451

 
451

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
233

 
233

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
243

 
243

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(1,263
)
 
$
2,328

 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Nine Months Ended
 
 
 
 
 
September 30, 2016
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
Net premiums written
$
8,657

 
$
3,113

 
$
1,288

 
$
6,012

 
$
562

 
$
1,575

 
$
—

 
$
21,207

Net premiums earned
9,130

 
3,245

 
1,169

 
6,082

 
543

 
1,521

 
—

 
21,690

Losses and loss expenses
5,581

 
1,916

 
937

 
2,953

 
225

 
498

 
87

 
12,197

Policy benefits
—

 
—

 
—

 
—

 
—

 
427

 
—

 
427

Policy acquisition costs
1,549

 
747

 
77

 
1,586

 
142

 
386

 
—

 
4,487

Administrative expenses
840

 
275

 
(1
)
 
801

 
40

 
226

 
192

 
2,373

Underwriting income (loss)
1,160

 
307

 
156

 
742

 
136

 
(16
)
 
(279
)
 
2,206

Net investment income (loss)
1,371

 
155

 
15

 
445

 
199

 
207

 
(271
)
 
2,121

Other (income) expense
(6
)
 
6

 
—

 
(16
)
 
(3
)
 
(14
)
 
(59
)
 
(92
)
Amortization expense (benefit) of purchased intangibles
—

 
16

 
22

 
36

 
—

 
2

 
(60
)
 
16

Segment income (loss)
$
2,537

 
$
440

 
$
149

 
$
1,167

 
$
338

 
$
203

 
$
(431
)
 
$
4,403

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(510
)
 
(510
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
451

 
451

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
361

 
361

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
556

 
556

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 

$
(2,309
)
 
$
2,525



Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
Earnings per share
Earnings per share
Earnings per share
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
(in millions of U.S. dollars, except share and per share data)
2017

 
2016

 
2017

 
2016

Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
(70
)
 
$
1,360

 
$
2,328

 
$
2,525

Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted-average shares outstanding
466,370,784

 
468,021,093

 
467,658,334

 
460,631,794

Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Share-based compensation plans
—

 
3,375,269

 
3,961,572

 
3,439,017

Weighted-average shares outstanding and assumed conversions
466,370,784

 
471,396,362

 
471,619,906

 
464,070,811

Basic earnings (loss) per share
$
(0.15
)
 
$
2.90

 
$
4.98

 
$
5.48

Diluted earnings (loss) per share
$
(0.15
)
 
$
2.88

 
$
4.94

 
$
5.44

Potential anti-dilutive share conversions
2,045,829

 
1,306,710

 
1,673,777

 
1,635,337



Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. In addition, for the three months ended September 30, 2017, weighted-average shares outstanding used in calculating diluted loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss is recognized, inclusion of incremental dilution is antidilutive.
Information provided in connection with outstanding debt of subsidiaries
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, 2017 and December 31, 2016, and for the three and nine months ended September 30, 2017 and 2016 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, 2017
(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
$
—

 
$
169

 
$
102,255

 
$
—

 
$
102,424

Cash (1)
1

 
—

 
1,174

 
(87
)
 
1,088

Insurance and reinsurance balances receivable
—

 
—

 
11,076

 
(1,525
)
 
9,551

Reinsurance recoverable on losses and loss expenses
—

 
—

 
27,007

 
(12,208
)
 
14,799

Reinsurance recoverable on policy benefits
—

 
—

 
1,232

 
(1,039
)
 
193

Value of business acquired
—

 
—

 
339

 
—

 
339

Goodwill and other intangible assets
—

 
—

 
22,265

 
—

 
22,265

Investments in subsidiaries
40,936

 
50,926

 
—

 
(91,862
)
 
—

Due from subsidiaries and affiliates, net
9,913

 
—

 
—

 
(9,913
)
 
—

Other assets
61

 
276

 
20,699

 
(4,117
)
 
16,919

Total assets
$
50,911

 
$
51,371

 
$
186,047

 
$
(120,751
)
 
$
167,578

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
75,688

 
$
(11,535
)
 
$
64,153

Unearned premiums
—

 
—

 
19,150

 
(3,694
)
 
15,456

Future policy benefits
—

 
—

 
6,346

 
(1,039
)
 
5,307

Due to subsidiaries and affiliates, net
—

 
9,697

 
216

 
(9,913
)
 
—

Affiliated notional cash pooling programs (1)
85

 
2

 
—

 
(87
)
 
—

Repurchase agreements
—

 
—

 
1,408

 
—

 
1,408

Short-term debt
—

 
1,020

 
—

 
—

 
1,020

Long-term debt
—

 
11,548

 
11

 
—

 
11,559

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
355

 
1,685

 
18,477

 
(2,621
)
 
17,896

Total liabilities
440

 
24,260

 
121,296

 
(28,889
)
 
117,107

Total shareholders’ equity
50,471

 
27,111

 
64,751

 
(91,862
)
 
50,471

Total liabilities and shareholders’ equity
$
50,911

 
$
51,371

 
$
186,047

 
$
(120,751
)
 
$
167,578


(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, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
 

Condensed Consolidating Balance Sheet at December 31, 2016

(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
$
27

 
$
485

 
$
98,582

 
$
—

 
$
99,094

Cash (1)
1

 
1

 
1,965

 
(982
)
 
985

Insurance and reinsurance balances receivable
—

 
—

 
10,498

 
(1,528
)
 
8,970

Reinsurance recoverable on losses and loss expenses
—

 
—

 
24,496

 
(10,919
)
 
13,577

Reinsurance recoverable on policy benefits
—

 
—

 
1,153

 
(971
)
 
182

Value of business acquired
—

 
—

 
355

 
—

 
355

Goodwill and other intangible assets
—

 
—

 
22,095

 
—

 
22,095

Investments in subsidiaries
38,408

 
49,509

 
—

 
(87,917
)
 
—

Due from subsidiaries and affiliates, net
10,482

 
—

 
—

 
(10,482
)
 
—

Other assets
3

 
436

 
18,442

 
(4,353
)
 
14,528

Total assets
$
48,921

 
$
50,431

 
$
177,586

 
$
(117,152
)
 
$
159,786

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
70,683

 
$
(10,143
)
 
$
60,540

Unearned premiums
—

 
—

 
18,538

 
(3,759
)
 
14,779

Future policy benefits
—

 
—

 
6,007

 
(971
)
 
5,036

Due to subsidiaries and affiliates, net
—

 
10,209

 
273

 
(10,482
)
 
—

Affiliated notional cash pooling programs (1)
363

 
619

 
—

 
(982
)
 
—

Repurchase agreements
—

 
—

 
1,403

 
—

 
1,403

Short-term debt
—

 
500

 
—

 
—

 
500

Long-term debt
—

 
12,599

 
11

 
—

 
12,610

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
283

 
1,582

 
17,368

 
(2,898
)
 
16,335

Total liabilities
646

 
25,817

 
114,283

 
(29,235
)
 
111,511

Total shareholders’ equity
48,275

 
24,614

 
63,303

 
(87,917
)
 
48,275

Total liabilities and shareholders’ equity
$
48,921

 
$
50,431

 
$
177,586

 
$
(117,152
)
 
$
159,786

(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 December 31, 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended September 30, 2017
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
7,902

 
$
—

 
$
7,902

Net premiums earned
—

 
—

 
7,807

 
—

 
7,807

Net investment income
1

 
3

 
809

 
—

 
813

Equity in earnings of subsidiaries
(127
)
 
212

 
—

 
(85
)
 
—

Net realized gains (losses) including OTTI
—

 
(8
)
 
(2
)
 
—

 
(10
)
Losses and loss expenses
—

 
—

 
6,247

 
—

 
6,247

Policy benefits
—

 
—

 
169

 
—

 
169

Policy acquisition costs and administrative expenses
20

 
16

 
2,166

 
—

 
2,202

Interest (income) expense
(84
)
 
208

 
26

 
—

 
150

Other (income) expense
(5
)
 
9

 
(122
)
 
—

 
(118
)
Amortization of purchased intangibles
—

 
—

 
65

 
—

 
65

Chubb integration expenses
7

 
1

 
42

 
—

 
50

Income tax expense (benefit)
6

 
(89
)
 
(2
)
 
—

 
(85
)
Net income (loss)
$
(70
)
 
$
62

 
$
23

 
$
(85
)
 
$
(70
)
Comprehensive income
$
629

 
$
748

 
$
724

 
$
(1,472
)
 
$
629



Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended September 30, 2016
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
7,573

 
$
—

 
$
7,573

Net premiums earned
—

 
—

 
7,688

 
—

 
7,688

Net investment income
1

 
2

 
736

 
—

 
739

Equity in earnings of subsidiaries
1,292

 
748

 
—

 
(2,040
)
 
—

Net realized gains (losses) including OTTI
—

 
(2
)
 
102

 
—

 
100

Losses and loss expenses
—

 
—

 
4,269

 
—

 
4,269

Policy benefits
—

 
—

 
155

 
—

 
155

Policy acquisition costs and administrative expenses
15

 
12

 
2,259

 
—

 
2,286

Interest (income) expense
(93
)
 
233

 
12

 
—

 
152

Other (income) expense
(7
)
 
6

 
(90
)
 
—

 
(91
)
Amortization of purchased intangibles
—

 
—

 
4

 
—

 
4

Chubb integration expenses
12

 
16

 
87

 
—

 
115

Income tax expense (benefit)
6

 
(136
)
 
407

 
—

 
277

Net income
$
1,360

 
$
617

 
$
1,423

 
$
(2,040
)
 
$
1,360

Comprehensive income
$
1,376

 
$
627

 
$
1,439

 
$
(2,066
)
 
$
1,376





Condensed Consolidating Statements of Operations and Comprehensive Income
For the Nine Months Ended September 30, 2017
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
22,193

 
$
—

 
$
22,193

Net premiums earned
—

 
—

 
21,816

 
—

 
21,816

Net investment income
3

 
10

 
2,315

 
—

 
2,328

Equity in earnings of subsidiaries
2,153

 
1,578

 
—

 
(3,731
)
 
—

Net realized gains (losses) including OTTI
(2
)
 
(22
)
 
108

 
—

 
84

Losses and loss expenses
—

 
—

 
14,182

 
—

 
14,182

Policy benefits
—

 
—

 
500

 
—

 
500

Policy acquisition costs and administrative expenses
56

 
28

 
6,346

 
—

 
6,430

Interest (income) expense
(252
)
 
641

 
62

 
—

 
451

Other (income) expense
(7
)
 
34

 
(360
)
 
—

 
(333
)
Amortization of purchased intangibles
—

 
—

 
194

 
—

 
194

Chubb integration expenses
13

 
54

 
166

 
—

 
233

Income tax expense (benefit)
16

 
(288
)
 
515

 
—

 
243

Net income
$
2,328

 
$
1,097

 
$
2,634

 
$
(3,731
)
 
$
2,328

Comprehensive income
$
3,711

 
$
2,459

 
$
4,018

 
$
(6,477
)
 
$
3,711


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Nine Months Ended September 30, 2016
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
21,207

 
$
—

 
$
21,207

Net premiums earned
—

 
—

 
21,690

 
—

 
21,690

Net investment income
3

 
9

 
2,109

 
—

 
2,121

Equity in earnings of subsidiaries
2,331

 
1,803

 
—

 
(4,134
)
 
—

Net realized gains (losses) including OTTI
(1
)
 
(3
)
 
(506
)
 
—

 
(510
)
Losses and loss expenses
—

 
—

 
12,197

 
—

 
12,197

Policy benefits
—

 
—

 
427

 
—

 
427

Policy acquisition costs and administrative expenses
48

 
144

 
6,668

 
—

 
6,860

Interest (income) expense
(266
)
 
681

 
36

 
—

 
451

Other (income) expense
(20
)
 
26

 
(98
)
 
—

 
(92
)
Amortization of purchased intangibles
—

 
—

 
16

 
—

 
16

Chubb integration expenses
29

 
56

 
276

 
—

 
361

Income tax expense (benefit)
17

 
(323
)
 
862

 
—

 
556

Net income
$
2,525

 
$
1,225

 
$
2,909

 
$
(4,134
)
 
$
2,525

Comprehensive income
$
4,457

 
$
2,687

 
$
4,841

 
$
(7,528
)
 
$
4,457


Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2017
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
639

 
$
1,472

 
$
3,341

 
$
(2,041
)
 
$
3,411

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

 
(9
)
 
(18,469
)
 
—

 
(18,478
)
Purchases of fixed maturities held to maturity
—

 
—

 
(262
)
 
—

 
(262
)
Purchases of equity securities
—

 
—

 
(125
)
 
—

 
(125
)
Sales of fixed maturities available for sale
—

 
99

 
9,116

 
—

 
9,215

Sales of equity securities
—

 
—

 
152

 
—

 
152

Maturities and redemptions of fixed maturities available for sale
—

 
22

 
7,677

 
—

 
7,699

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
644

 
—

 
644

Net change in short-term investments
—

 
197

 
(153
)
 
—

 
44

Net derivative instruments settlements
—

 
(13
)
 
(157
)
 
—

 
(170
)
Other
—

 
6

 
(68
)
 
—

 
(62
)
Net cash flows from (used for) investing activities
—

 
302

 
(1,645
)
 
—

 
(1,343
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(978
)
 
—

 
—

 
—

 
(978
)
Common Shares repurchased
—

 
—

 
(707
)
 
—

 
(707
)
Repayment of long-term debt
—

 
(500
)
 
—

 
—

 
(500
)
Proceeds from issuance of repurchase agreements
—

 
—

 
1,798

 
—

 
1,798

Repayment of repurchase agreements
—

 
—

 
(1,793
)
 
—

 
(1,793
)
Proceeds from share-based compensation plans
—

 
—

 
109

 
—

 
109

Dividend to parent company
—

 
—

 
(2,041
)
 
2,041

 
—

Advances (to) from affiliates
617

 
(658
)
 
41

 
—

 
—

Net payments to affiliated notional cash pooling programs(1)
(278
)
 
(617
)
 
—

 
895

 
—

Policyholder contract deposits
—

 
—

 
312

 
—

 
312

Policyholder contract withdrawals
—

 
—

 
(211
)
 
—

 
(211
)
Net cash flows used for financing activities
(639
)
 
(1,775
)
 
(2,492
)
 
2,936

 
(1,970
)
Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
5

 
—

 
5

Net increase (decrease) in cash
—

 
(1
)
 
(791
)
 
895

 
103

Cash – beginning of period(1)
1

 
1

 
1,965

 
(982
)
 
985

Cash – end of period(1)
$
1

 
$
—

 
$
1,174

 
$
(87
)
 
$
1,088

(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, 2017 and December 31, 2016, 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, 2016
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
3,399

 
$
3,892

 
$
3,918

 
$
(7,372
)
 
$
3,837

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

 
(154
)
 
(23,683
)
 
—

 
(23,837
)
Purchases of fixed maturities held to maturity
—

 
—

 
(189
)
 
—

 
(189
)
Purchases of equity securities
—

 
—

 
(100
)
 
—

 
(100
)
Sales of fixed maturities available for sale
—

 
66

 
13,797

 
—

 
13,863

Sales of equity securities
—

 
—

 
963

 
—

 
963

Maturities and redemptions of fixed maturities
   available for sale
—

 
59

 
6,877

 
—

 
6,936

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
627

 
—

 
627

Net change in short-term investments
—

 
7,627

 
4,239

 
—

 
11,866

Net derivative instruments settlements
—

 
(10
)
 
(171
)
 
—

 
(181
)
Acquisition of subsidiaries (net of cash acquired of $71)
—

 
(14,282
)
 
34

 
—

 
(14,248
)
Capital contribution
(2,330
)
 
(20
)
 
(2,330
)
 
4,680

 
—

Other
—

 
(3
)
 
29

 
—

 
26

Net cash flows from (used for) investing activities
(2,330
)
 
(6,717
)
 
93

 
4,680

 
(4,274
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(851
)
 
—

 
—

 
—

 
(851
)
Proceeds from issuance of repurchase agreements
—

 
—

 
1,457

 
—

 
1,457

Repayment of repurchase agreements
—

 
—

 
(1,455
)
 
—

 
(1,455
)
Proceeds from share-based compensation plans, including windfall tax benefits
—

 
—

 
117

 
—

 
117

Dividend to parent company
—

 
—

 
(7,372
)
 
7,372

 
—

Advances (to) from affiliates
(258
)
 
219

 
39

 
—

 
—

Capital contribution
—

 
2,330

 
2,350

 
(4,680
)
 
—

Net proceeds from (payments to) affiliated notional cash pooling programs(1)
45

 
280

 
—

 
(325
)
 
—

Policyholder contract deposits
—

 
—

 
473

 
—

 
473

Policyholder contract withdrawals
—

 
—

 
(247
)
 
—

 
(247
)
Other
—

 
(4
)
 
—

 
—

 
(4
)
Net cash flows from (used for) financing activities
(1,064
)
 
2,825

 
(4,638
)
 
2,367

 
(510
)
Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
42

 
—

 
42

Net increase (decrease) in cash
5

 
—

 
(585
)
 
(325
)
 
(905
)
Cash – beginning of period(1)
1

 
2

 
2,743

 
(971
)
 
1,775

Cash – end of period(1)
$
6

 
$
2

 
$
2,158

 
$
(1,296
)
 
$
870


(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, 2016 and December 31, 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
General (Policies)
Basis of presentation 
General

a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Chubb operates through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 10 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2016 Form 10-K.
Accounting guidance adopted in 2017 
d) Accounting guidance adopted in 2017

Stock Compensation
Effective January 2017, we prospectively adopted new guidance on stock compensation which requires recognition of the excess tax benefits or deficiencies of share-based compensation awards to employees through net income rather than through additional paid in capital. The calculation of the excess tax benefits or deficiencies is based on the difference between the market value of a stock award at the date of vesting, or at the time of exercise for a stock option, compared to the grant date fair value recognized as compensation expense in the Consolidated statements of operations. For the three and nine months ended September 30, 2017, the excess tax benefit recorded to Income tax expense in the Consolidated statement of operations was $14 million and $44 million, respectively. Additionally, the guidance allowed for an election to account for forfeitures related to share-based payments either as they occur or through an estimation method. We elected to retain our current accounting for compensation expense using a forfeiture estimation process.
Accounting guidance not yet adopted 
e) Accounting guidance not yet adopted

Goodwill Impairment
In January 2017, the FASB issued updated guidance on goodwill impairment testing that eliminates Step 2 of the goodwill impairment test requiring entities to calculate the implied fair value of goodwill through a hypothetical purchase price allocation. Under the updated guidance, impairment will now be recognized as the amount by which a reporting unit’s carrying value exceeds its fair value. The standard will be effective for us in the first quarter of 2020 on a prospective basis with early adoption permitted. We do not expect the adoption of this guidance to have a material effect on our financial condition and results of operations.

Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB issued guidance on the amortization period for purchased callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. Under current guidance, premiums generally are amortized over the contracted life of the security. This guidance is effective for us in the first quarter of 2019 on a modified retrospective basis through a cumulative effect adjustment to beginning retained earnings. Early adoption is permitted. Securities held at a discount do not require an accounting change. We are in the process of evaluating the effect the updated guidance will have on our financial condition and results of operations.

Refer to the 2016 Form 10-K for information on other accounting guidance not yet adopted.
Acquisitions Acquisitions (Tables)
Results of Operations From Date of Business Combination [Table Text Block] 
The following table summarizes the results of the acquired Chubb Corp operations within our 2016 Consolidated statements of operations for the periods presented:
(in millions of U.S. dollars)
Three Months Ended September 30, 2016

 
January 14, 2016 to September 30, 2016

Total revenues
$
2,656

 
$
7,888

Net income
$
483

 
$
1,064

Pro Forma Financial Information for the Chubb Corp Acquisition [Table Text Block] 
The following table provides supplemental unaudited pro forma consolidated information for the three and nine months ended September 30, 2016, as if Chubb Corp had been acquired as of January 1, 2015. The unaudited pro forma consolidated financial statements are presented solely for informational purposes and are not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction been completed as of the date indicated, nor are they meant to be indicative of any anticipated consolidated future results of operations that the combined company will experience after the transaction.
Three Months Ended
 
 
Nine Months Ended

(in millions of U.S. dollars, except per share data)
September 30, 2016

 
September 30, 2016

Total revenues
$
8,521

 
$
23,758

Net income
$
1,345

 
$
2,591

Earnings per share
 
 
 
Basic earnings per share
$
2.87

 
$
5.54

Diluted earnings per share
$
2.85

 
$
5.50

Investments (Tables)
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI 
September 30, 2017
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,571

 
$
38

 
$
(27
)
 
$
3,582

 
$
—

Foreign
22,516

 
690

 
(107
)
 
23,099

 
(2
)
Corporate securities
24,555

 
754

 
(83
)
 
25,226

 
(4
)
Mortgage-backed securities
15,369

 
157

 
(115
)
 
15,411

 
(1
)
States, municipalities, and political subdivisions
16,243

 
172

 
(47
)
 
16,368

 
—

 
$
82,254

 
$
1,811

 
$
(379
)
 
$
83,686

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
611

 
$
13

 
$
(3
)
 
$
621

 
$
—

Foreign
616

 
28

 
—

 
644

 
—

Corporate securities
2,531

 
63

 
(5
)
 
2,589

 
—

Mortgage-backed securities
1,223

 
35

 
—

 
1,258

 
—

States, municipalities, and political subdivisions
5,179

 
77

 
(3
)
 
5,253

 
—

 
$
10,160

 
$
216

 
$
(11
)
 
$
10,365

 
$
—


December 31, 2016
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,883

 
$
32

 
$
(45
)
 
$
2,870

 
$
—

Foreign
20,929

 
636

 
(125
)
 
21,440

 
(5
)
Corporate securities
23,736

 
580

 
(167
)
 
24,149

 
(8
)
Mortgage-backed securities
14,066

 
135

 
(194
)
 
14,007

 
(1
)
States, municipalities, and political subdivisions
17,922

 
72

 
(345
)
 
17,649

 
—

 
$
79,536

 
$
1,455

 
$
(876
)
 
$
80,115

 
$
(14
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
655

 
$
9

 
$
(3
)
 
$
661

 
$
—

Foreign
640

 
28

 
(1
)
 
667

 
—

Corporate securities
2,771

 
50

 
(26
)
 
2,795

 
—

Mortgage-backed securities
1,393

 
35

 
—

 
1,428

 
—

States, municipalities, and political subdivisions
5,185

 
26

 
(92
)
 
5,119

 
—

 
$
10,644

 
$
148

 
$
(122
)
 
$
10,670

 
$
—

Schedule Of Fixed Maturities By Contractual Maturity 
The following table presents fixed maturities by contractual maturity:
 
 
 
September 30

 
 
 
December 31

 
 
 
2017

 
 
 
2016

(in millions of U.S. dollars)
Amortized Cost

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,532

 
$
3,556

 
$
3,892

 
$
3,913

Due after 1 year through 5 years
24,918

 
25,397

 
24,027

 
24,429

Due after 5 years through 10 years
28,009

 
28,488

 
27,262

 
27,379

Due after 10 years
10,426

 
10,834

 
10,289

 
10,387

 
66,885

 
68,275

 
65,470

 
66,108

Mortgage-backed securities
15,369

 
15,411

 
14,066

 
14,007

 
$
82,254

 
$
83,686

 
$
79,536

 
$
80,115

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
822

 
$
828

 
$
430

 
$
435

Due after 1 year through 5 years
2,479

 
2,524

 
2,646

 
2,691

Due after 5 years through 10 years
2,821

 
2,866

 
2,969

 
2,944

Due after 10 years
2,815

 
2,889

 
3,206

 
3,172

 
8,937

 
9,107

 
9,251

 
9,242

Mortgage-backed securities
1,223

 
1,258

 
1,393

 
1,428

 
$
10,160

 
$
10,365

 
$
10,644

 
$
10,670

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI 
 
September 30, 2017
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,571

 
$
38

 
$
(27
)
 
$
3,582

 
$
—

Foreign
22,516

 
690

 
(107
)
 
23,099

 
(2
)
Corporate securities
24,555

 
754

 
(83
)
 
25,226

 
(4
)
Mortgage-backed securities
15,369

 
157

 
(115
)
 
15,411

 
(1
)
States, municipalities, and political subdivisions
16,243

 
172

 
(47
)
 
16,368

 
—

 
$
82,254

 
$
1,811

 
$
(379
)
 
$
83,686

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
611

 
$
13

 
$
(3
)
 
$
621

 
$
—

Foreign
616

 
28

 
—

 
644

 
—

Corporate securities
2,531

 
63

 
(5
)
 
2,589

 
—

Mortgage-backed securities
1,223

 
35

 
—

 
1,258

 
—

States, municipalities, and political subdivisions
5,179

 
77

 
(3
)
 
5,253

 
—

 
$
10,160

 
$
216

 
$
(11
)
 
$
10,365

 
$
—


December 31, 2016
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,883

 
$
32

 
$
(45
)
 
$
2,870

 
$
—

Foreign
20,929

 
636

 
(125
)
 
21,440

 
(5
)
Corporate securities
23,736

 
580

 
(167
)
 
24,149

 
(8
)
Mortgage-backed securities
14,066

 
135

 
(194
)
 
14,007

 
(1
)
States, municipalities, and political subdivisions
17,922

 
72

 
(345
)
 
17,649

 
—

 
$
79,536

 
$
1,455

 
$
(876
)
 
$
80,115

 
$
(14
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
655

 
$
9

 
$
(3
)
 
$
661

 
$
—

Foreign
640

 
28

 
(1
)
 
667

 
—

Corporate securities
2,771

 
50

 
(26
)
 
2,795

 
—

Mortgage-backed securities
1,393

 
35

 
—

 
1,428

 
—

States, municipalities, and political subdivisions
5,185

 
26

 
(92
)
 
5,119

 
—

 
$
10,644

 
$
148

 
$
(122
)
 
$
10,670

 
$
—


September 30


December 31

(in millions of U.S. dollars)
2017


2016

Cost
$
723

 
$
706

Gross unrealized appreciation
195

 
129

Gross unrealized depreciation
(8
)
 
(21
)
Fair value
$
910

 
$
814

Schedule of Realized Gain (Loss) 
The following table presents the Net realized gains (losses) and the losses included in Net realized gains (losses) and OCI as a result of conditions which caused us to conclude the decline in fair value of certain investments was “other-than-temporary”:
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
(in millions of U.S. dollars)
2017

 
2016

 
2017

 
2016

Fixed maturities:
 
 
 
 
 
 
 
OTTI on fixed maturities, gross
$
(5
)
 
$
(7
)
 
$
(16
)
 
$
(85
)
OTTI on fixed maturities recognized in OCI (pre-tax)
—

 
—

 
1

 
8

OTTI on fixed maturities, net
(5
)
 
(7
)
 
(15
)
 
(77
)
Gross realized gains excluding OTTI
30

 
47

 
109

 
149

Gross realized losses excluding OTTI
(19
)
 
(13
)
 
(77
)
 
(228
)
Total fixed maturities
6

 
27

 
17

 
(156
)
Equity securities:
 
 
 
 
 
 
 
OTTI on equity securities
(1
)
 
(1
)
 
(9
)
 
(7
)
Gross realized gains excluding OTTI
6

 
19

 
21

 
63

Gross realized losses excluding OTTI
(1
)
 
(12
)
 
(2
)
 
(17
)
Total equity securities
4

 
6

 
10

 
39

OTTI on other investments
(2
)
 
(4
)
 
(11
)
 
(7
)
Foreign exchange gains
15

 
29

 
10

 
46

Investment and embedded derivative instruments
(14
)
 
1

 
(24
)
 
(85
)
Fair value adjustments on insurance derivative
54

 
89

 
265

 
(270
)
S&P put options and futures
(57
)
 
(45
)
 
(169
)
 
(88
)
Other derivative instruments
(5
)
 
3

 
(4
)
 
1

Other
(11
)
 
(6
)
 
(10
)
 
10

Net realized gains (losses)
$
(10
)
 
$
100

 
$
84

 
$
(510
)
Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI 
The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI: 
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
(in millions of U.S. dollars)
2017

 
2016

 
2017

 
2016

Balance of credit losses related to securities still held – beginning of period
$
29

 
$
51

 
$
35

 
$
53

Additions where no OTTI was previously recorded
2

 
4

 
3

 
16

Additions where an OTTI was previously recorded
1

 
1

 
2

 
13

Reductions for securities sold during the period
(7
)
 
(11
)
 
(15
)
 
(37
)
Balance of credit losses related to securities still held – end of period
$
25

 
$
45

 
$
25

 
$
45

Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position 
The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
September 30, 2017
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
1,763

 
$
(13
)
 
$
656

 
$
(17
)
 
$
2,419

 
$
(30
)
Foreign
5,353

 
(85
)
 
894

 
(22
)
 
6,247

 
(107
)
Corporate securities
3,373

 
(48
)
 
788

 
(40
)
 
4,161

 
(88
)
Mortgage-backed securities
6,946

 
(96
)
 
749

 
(19
)
 
7,695

 
(115
)
States, municipalities, and political subdivisions
4,548

 
(28
)
 
839

 
(22
)
 
5,387

 
(50
)
Total fixed maturities
21,983

 
(270
)
 
3,926

 
(120
)
 
25,909

 
(390
)
Equity securities
103

 
(8
)
 
—

 
—

 
103

 
(8
)
Other investments
157

 
(9
)
 
—

 
—

 
157

 
(9
)
Total
$
22,243

 
$
(287
)
 
$
3,926

 
$
(120
)
 
$
26,169

 
$
(407
)
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2016
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
2,216

 
$
(48
)
 
$
—

 
$
—

 
$
2,216

 
$
(48
)
Foreign
5,918

 
(99
)
 
386

 
(27
)
 
6,304

 
(126
)
Corporate securities
7,021

 
(149
)
 
641

 
(44
)
 
7,662

 
(193
)
Mortgage-backed securities
8,638

 
(189
)
 
234

 
(5
)
 
8,872

 
(194
)
States, municipalities, and political subdivisions
19,448

 
(435
)
 
49

 
(2
)
 
19,497

 
(437
)
Total fixed maturities
43,241

 
(920
)
 
1,310

 
(78
)
 
44,551

 
(998
)
Equity securities
199

 
(21
)
 
—

 
—

 
199

 
(21
)
Other investments
201

 
(18
)
 
—

 
—

 
201

 
(18
)
Total
$
43,641

 
$
(959
)
 
$
1,310

 
$
(78
)
 
$
44,951

 
$
(1,037
)
Schedule Of Components Of Restricted Assets 
The following table presents the components of restricted assets:
 
September 30

 
December 31

(in millions of U.S. dollars)
2017

 
2016

Trust funds
$
16,391

 
$
13,880

Deposits with U.S. regulatory authorities
2,361

 
2,203

Deposits with non-U.S. regulatory authorities
2,294

 
2,191

Assets pledged under repurchase agreements
1,441

 
1,461

Other pledged assets
377

 
435

 
$
22,864

 
$
20,170

Fair value measurements (Tables)
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, 2017
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,941

 
$
641

 
$
—

 
$
3,582

Foreign
—

 
23,009

 
90

 
23,099

Corporate securities
—

 
24,307

 
919

 
25,226

Mortgage-backed securities
—

 
15,367

 
44

 
15,411

States, municipalities, and political subdivisions
—

 
16,368

 
—

 
16,368

 
2,941

 
79,692

 
1,053

 
83,686

Equity securities
858

 
—

 
52

 
910

Short-term investments
1,804

 
1,187

 
—

 
2,991

Other investments (1)
446

 
292

 
252

 
990

Securities lending collateral
—

 
1,757

 
—

 
1,757

Investment derivative instruments
15

 
—

 
—

 
15

Separate account assets
2,414

 
100

 
—

 
2,514

Total assets measured at fair value (1)
$
8,478

 
$
83,028

 
$
1,357

 
$
92,863

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
37

 
$
—

 
$
—

 
$
37

Other derivative instruments
25

 
—

 
2

 
27

GLB (2)
—

 
—

 
303

 
303

Total liabilities measured at fair value
$
62

 
$
—

 
$
305

 
$
367

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,669 million and other investments of $18 million at September 30, 2017 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, 2016
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
2,175

 
$
695

 
$
—

 
$
2,870

Foreign
—

 
21,366

 
74

 
21,440

Corporate securities
—

 
23,468

 
681

 
24,149

Mortgage-backed securities
—

 
13,962

 
45

 
14,007

States, municipalities, and political subdivisions
—

 
17,649

 
—

 
17,649

 
2,175

 
77,140

 
800

 
80,115

Equity securities
773

 
—

 
41

 
814

Short-term investments
1,757

 
1,220

 
25

 
3,002

Other investments (1)
384

 
259

 
225

 
868

Securities lending collateral
—

 
1,092

 
—

 
1,092

Investment derivative instruments
31

 
—

 
—

 
31

Other derivative instruments
3

 
—

 
—

 
3

Separate account assets
1,784

 
95

 
—

 
1,879

Total assets measured at fair value (1)
$
6,907

 
$
79,806

 
$
1,091

 
$
87,804

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
54

 
$
—

 
$
—

 
$
54

Other derivative instruments
—

 
—

 
13

 
13

GLB (2)
—

 
—

 
559

 
559

Total liabilities measured at fair value
$
54

 
$
—

 
$
572

 
$
626


(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $3,626 million and other investments of $25 million at December 31, 2016 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
Fair Value And Maximum Future Funding Commitments Related To Investments 
The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:
 
 
 
 
 
September 30

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2017

 
 
 
2016

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

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
5 to 9 Years
 
$
566

 
$
367

 
$
548

 
$
428

Real Assets
3 to 7 Years
 
635

 
148

 
536

 
230

Distressed
5 to 9 Years
 
327

 
157

 
485

 
179

Private Credit
3 to 7 Years
 
216

 
329

 
236

 
259

Traditional
3 to 9 Years
 
1,643

 
729

 
1,550

 
930

Vintage
1 to 2 Years
 
18

 
—

 
21

 
14

Investment funds
Not Applicable
 
264

 
—

 
251

 
—

 
 
 
$
3,669

 
$
1,730

 
$
3,627

 
$
2,040

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.
(in millions of U.S. dollars, except for percentages)
Fair Value
 
 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
September 30, 2017

 
December 31, 2016

 
 
 
GLB (1)
$
303

 
$
559

 
Actuarial model
 
Lapse rate
 
3% – 34%
 
 
 
 
 
 
 
Annuitization rate
 
0% – 78%
(1) 
Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 4 a) Guaranteed living benefits.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] 
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
 
Assets
 
 
Liabilities
 
Three Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
Other
derivative
instruments

 
GLB(1)

September 30, 2017
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
85

 
$
747

 
$
45

 
$
39

 
$
7

 
$
243

 
$
2

 
$
357

Transfers into Level 3
—

 
111

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(3
)
 
(26
)
 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
1

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

Net Realized Gains/Losses
—

 
—

 
—

 
1

 
—

 
—

 
—

 
(54
)
Purchases
24

 
169

 
7

 
17

 
1

 
15

 
—

 
—

Sales
(14
)
 
(24
)
 
—

 
(5
)
 
—

 
—

 
—

 
—

Settlements
(3
)
 
(57
)
 
(8
)
 
—

 
(8
)
 
(6
)
 
—

 
—

Balance – end of period
$
90

 
$
919

 
$
44

 
$
52

 
$
—

 
$
252

 
$
2

 
$
303

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(54
)
(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 $635 million at September 30, 2017, and $684 million at June 30, 2017, which includes a fair value derivative adjustment of $303 million and $357 million, respectively.

  
Assets
 
 
 
 
Liabilities

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB(1)

September 30, 2016
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
87

 
$
281

 
$
49

 
$
37

 
$
50

 
$
216

 
$
10

 
$
971

Transfers into Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
(1
)
 
6

 
—

 
3

 
—

 
4

 
—

 
—

Net Realized Gains/Losses
—

 
(4
)
 
—

 
—

 
—

 
—

 
—

 
(88
)
Purchases
20

 
348

 
—

 
—

 
12

 
8

 
—

 
—

Sales
(2
)
 
(18
)
 
(3
)
 
(3
)
 
—

 
—

 
—

 
—

Settlements
(1
)
 
(7
)
 
—

 
—

 
—

 
(5
)
 
(2
)
 
—

Balance – end of period
$
103

 
$
606

 
$
46

 
$
37

 
$
62

 
$
223

 
$
8

 
$
883

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

 
$
(4
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(88
)
(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 $1.2 billion at September 30, 2016, and $1.3 billion at June 30, 2016, which includes a fair value derivative adjustment of $883 million and $971 million, respectively.

 
Assets
 
 
Liabilities
 
Nine Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
Other
derivative
instruments

 
GLB(1)

September 30, 2017
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225

 
$
13

 
$
559

Transfers into Level 3
—

 
168

 
—

 
—

 
—

 
—

 
—

 
9

Transfers out of Level 3
(3
)
 
(93
)
 
—

 
—

 
—

 
—

 
(9
)
 
—

Change in Net Unrealized Gains (Losses) included in OCI
3

 
(9
)
 
—

 
1

 
—

 
3

 
—

 
—

Net Realized Gains/Losses
1

 
(1
)
 
—

 
1

 
—

 
—

 
(2
)
 
(265
)
Purchases
57

 
390

 
8

 
23

 
15

 
39

 
—

 
—

Sales
(36
)
 
(79
)
 
(1
)
 
(14
)
 
—

 
—

 
—

 
—

Settlements
(6
)
 
(138
)
 
(8
)
 
—

 
(40
)
 
(15
)
 
—

 
—

Balance – end of period
$
90

 
$
919

 
$
44

 
$
52

 
$
—

 
$
252

 
$
2

 
$
303

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(2
)
 
$
(265
)
(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 $635 million at September 30, 2017, and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $303 million and $559 million, respectively.

  
Assets
 
 
 
 
Liabilities

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB(1)

September 30, 2016
Foreign

 
Corporate
securities

 
MBS

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
 
Balance – beginning of period
$
57

 
$
174

 
$
53

 
$
16

 
$
—

 
$
212

 
$
6

 
$
609

Transfers into Level 3
9

 
18

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(2
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
8

 
17

 
—

 
2

 
—

 
4

 
—

 
—

Net Realized Gains/Losses
(6
)
 
(12
)
 
—

 
1

 
—

 
—

 
2

 
274

Purchases (2)
52

 
472

 
1

 
23

 
62

 
22

 
2

 
—

Sales
(10
)
 
(48
)
 
(8
)
 
(5
)
 
—

 
—

 
—

 
—

Settlements
(5
)
 
(15
)
 
—

 
—

 
—

 
(15
)
 
(2
)
 
—

Balance – end of period
$
103

 
$
606

 
$
46

 
$
37

 
$
62

 
$
223

 
$
8

 
$
883

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(5
)
 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
2

 
$
274

(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 $1.2 billion at September 30, 2016, and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $883 million and $609 million, respectively.
(2) 
Includes acquired invested assets as a result of the Chubb Corp acquisition.

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

 
Short-term investments

 
Other
investments

 
Other
derivative
instruments

 
GLB(1)

September 30, 2017
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
85

 
$
747

 
$
45

 
$
39

 
$
7

 
$
243

 
$
2

 
$
357

Transfers into Level 3
—

 
111

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(3
)
 
(26
)
 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
1

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

Net Realized Gains/Losses
—

 
—

 
—

 
1

 
—

 
—

 
—

 
(54
)
Purchases
24

 
169

 
7

 
17

 
1

 
15

 
—

 
—

Sales
(14
)
 
(24
)
 
—

 
(5
)
 
—

 
—

 
—

 
—

Settlements
(3
)
 
(57
)
 
(8
)
 
—

 
(8
)
 
(6
)
 
—

 
—

Balance – end of period
$
90

 
$
919

 
$
44

 
$
52

 
$
—

 
$
252

 
$
2

 
$
303

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(54
)
(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 $635 million at September 30, 2017, and $684 million at June 30, 2017, which includes a fair value derivative adjustment of $303 million and $357 million, respectively.

  
Assets
 
 
 
 
Liabilities

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB(1)

September 30, 2016
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
87

 
$
281

 
$
49

 
$
37

 
$
50

 
$
216

 
$
10

 
$
971

Transfers into Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
(1
)
 
6

 
—

 
3

 
—

 
4

 
—

 
—

Net Realized Gains/Losses
—

 
(4
)
 
—

 
—

 
—

 
—

 
—

 
(88
)
Purchases
20

 
348

 
—

 
—

 
12

 
8

 
—

 
—

Sales
(2
)
 
(18
)
 
(3
)
 
(3
)
 
—

 
—

 
—

 
—

Settlements
(1
)
 
(7
)
 
—

 
—

 
—

 
(5
)
 
(2
)
 
—

Balance – end of period
$
103

 
$
606

 
$
46

 
$
37

 
$
62

 
$
223

 
$
8

 
$
883

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

 
$
(4
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(88
)
(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 $1.2 billion at September 30, 2016, and $1.3 billion at June 30, 2016, which includes a fair value derivative adjustment of $883 million and $971 million, respectively.

 
Assets
 
 
Liabilities
 
Nine Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
Other
derivative
instruments

 
GLB(1)

September 30, 2017
Foreign

 
Corporate
securities

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
74

 
$
681

 
$
45

 
$
41

 
$
25

 
$
225

 
$
13

 
$
559

Transfers into Level 3
—

 
168

 
—

 
—

 
—

 
—

 
—

 
9

Transfers out of Level 3
(3
)
 
(93
)
 
—

 
—

 
—

 
—

 
(9
)
 
—

Change in Net Unrealized Gains (Losses) included in OCI
3

 
(9
)
 
—

 
1

 
—

 
3

 
—

 
—

Net Realized Gains/Losses
1

 
(1
)
 
—

 
1

 
—

 
—

 
(2
)
 
(265
)
Purchases
57

 
390

 
8

 
23

 
15

 
39

 
—

 
—

Sales
(36
)
 
(79
)
 
(1
)
 
(14
)
 
—

 
—

 
—

 
—

Settlements
(6
)
 
(138
)
 
(8
)
 
—

 
(40
)
 
(15
)
 
—

 
—

Balance – end of period
$
90

 
$
919

 
$
44

 
$
52

 
$
—

 
$
252

 
$
2

 
$
303

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(2
)
 
$
(265
)
(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 $635 million at September 30, 2017, and $853 million at December 31, 2016, which includes a fair value derivative adjustment of $303 million and $559 million, respectively.

  
Assets
 
 
 
 
Liabilities

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB(1)

September 30, 2016
Foreign

 
Corporate
securities

 
MBS

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
 
Balance – beginning of period
$
57

 
$
174

 
$
53

 
$
16

 
$
—

 
$
212

 
$
6

 
$
609

Transfers into Level 3
9

 
18

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
(2
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Change in Net Unrealized Gains (Losses) included in OCI
8

 
17

 
—

 
2

 
—

 
4

 
—

 
—

Net Realized Gains/Losses
(6
)
 
(12
)
 
—

 
1

 
—

 
—

 
2

 
274

Purchases (2)
52

 
472

 
1

 
23

 
62

 
22

 
2

 
—

Sales
(10
)
 
(48
)
 
(8
)
 
(5
)
 
—

 
—

 
—

 
—

Settlements
(5
)
 
(15
)
 
—

 
—

 
—

 
(15
)
 
(2
)
 
—

Balance – end of period
$
103

 
$
606

 
$
46

 
$
37

 
$
62

 
$
223

 
$
8

 
$
883

Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$
(5
)
 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
2

 
$
274

(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 $1.2 billion at September 30, 2016, and $888 million at December 31, 2015, which includes a fair value derivative adjustment of $883 million and $609 million, respectively.
(2) 
Includes acquired invested assets as a result of the Chubb Corp acquisition.

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, 2017
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
563

 
$
58

 
$
—

 
$
621

 
$
611

Foreign
—

 
644

 
—

 
644

 
616

Corporate securities
—

 
2,578

 
11

 
2,589

 
2,531

Mortgage-backed securities
—

 
1,258

 
—

 
1,258

 
1,223

States, municipalities, and political subdivisions
—

 
5,253

 
—

 
5,253

 
5,179

Total assets
$
563

 
$
9,791

 
$
11

 
$
10,365

 
$
10,160

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,408

 
$
—

 
$
1,408

 
$
1,408

Short-term debt
—

 
1,025

 
—

 
1,025

 
1,020

Long-term debt
—

 
12,273

 
—

 
12,273

 
11,559

Trust preferred securities
—

 
467

 
—

 
467

 
308

Total liabilities
$
—

 
$
15,173

 
$
—

 
$
15,173

 
$
14,295

December 31, 2016
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
555

 
$
106

 
$
—

 
$
661

 
$
655

Foreign
—

 
667

 
—

 
667

 
640

Corporate securities
—

 
2,782

 
13

 
2,795

 
2,771

Mortgage-backed securities
—

 
1,428

 
—

 
1,428

 
1,393

States, municipalities, and political subdivisions
—

 
5,119

 
—

 
5,119

 
5,185

Total assets
$
555


$
10,102


$
13


$
10,670


$
10,644

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
—

 
$
1,403

 
$
—

 
$
1,403

 
$
1,403

Short-term debt
—

 
503

 
—

 
503

 
500

Long-term debt
—

 
12,998

 
—

 
12,998

 
12,610

Trust preferred securities
—

 
456

 
—

 
456

 
308

Total liabilities
$
—

 
$
15,360

 
$
—

 
$
15,360

 
$
14,821

Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)
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)
2017

 
2016

Gross unpaid losses and loss expenses – beginning of period
$
60,540

 
$
37,303

Reinsurance recoverable on unpaid losses (1)
(12,708
)
 
(10,741
)
Net unpaid losses and loss expenses – beginning of period
47,832

 
26,562

Acquisition of subsidiaries
—

 
21,402

Total
47,832

 
47,964

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
14,963

 
13,169

Prior years (2)
(781
)
 
(972
)
Total
14,182

 
12,197

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
3,937

 
3,865

Prior years
8,389

 
7,470

Total
12,326

 
11,335

Foreign currency revaluation and other
596

 
(155
)
Net unpaid losses and loss expenses – end of period
50,283

 
48,671

Reinsurance recoverable on unpaid losses (1)
13,870

 
12,676

Gross unpaid losses and loss expenses – end of period
$
64,153

 
$
61,347

(1) Net of provision for uncollectible reinsurance.
(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $110 million and $75 million for the nine months ended September 30, 2017 and 2016, respectively.
Commitments, contingencies, and guarantees (Tables)
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, 2017
 
 
 
 
December 31, 2016
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
Fair Value
 
 
Notional
Value/
Payment
Provision

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

 
Derivative (Liability)

 
 
Derivative Asset

 
Derivative (Liability)

 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
8

 
$
(31
)
 
$
2,035

 
$
25

 
$
(50
)
 
$
2,220

Cross-currency swaps
OA / (AP)
 
—

 
—

 
45

 
—

 
—

 
95

Options/Futures contracts on notes and bonds
OA / (AP)
 
7

 
(6
)
 
1,437

 
6

 
(4
)
 
2,344

Convertible securities (1)
FM AFS / ES
 
—

 
—

 
4

 
2

 
—

 
7

 
 
 
$
15

 
$
(37
)
 
$
3,521

 
$
33

 
$
(54
)
 
$
4,666

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

 
$
(25
)
 
$
1,455

 
$
1

 
$
—

 
$
1,316

Other
OA / (AP)
 
—

 
(2
)
 
259

 
2

 
(13
)
 
214

 
 
 
$
—

 
$
(27
)
 
$
1,714

 
$
3

 
$
(13
)
 
$
1,530

GLB (3)
(AP) / (FPB)
 
$
—

 
$
(635
)
 
$
1,138

 
$
—

 
$
(853
)
 
$
1,264


(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves and fair value derivative adjustment. 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.
Transfer of Certain Financial Assets Accounted for as Secured Borrowings 
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
 
Remaining contractual maturity
 
 
 
September 30

 
December 31

 
 
2017

 
2016

(in millions of U.S. dollars)
 
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
 
Cash
 
$
1,109

 
$
423

U.S. Treasury and agency
 
38

 
54

Foreign
 
491

 
578

Corporate securities
 
—

 
37

Mortgage-backed securities
 
46

 
—

Equity securities
 
73

 
—

 
 
$
1,757

 
$
1,092

Gross amount of recognized liability for securities lending payable
 
$
1,757

 
$
1,093

Difference (1)
 
$
—

 
$
(1
)
(1) 
The carrying value of the securities lending collateral held is $1 million lower than the securities lending payable at December 31, 2016 due to accrued interest recorded in the securities lending payable.

Secured Borrowings Securities Lending Table Text Block [Table Text Block] 
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, 2017
 
 
December 31, 2016
 
 
Up to
30 Days

 
Greater than
90 Days

 
Total

 
Up to
30 Days

 
Greater than
90 Days

 
Total

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

 
$
—

 
$
—

 
$
—

 
$
1

 
$
1

U.S. Treasury and agency
231

 
9

 
240

 
230

 
10

 
240

Mortgage-backed securities
343

 
858

 
1,201

 
339

 
881

 
1,220

 
$
574

 
$
867

 
$
1,441

 
$
569

 
$
892

 
$
1,461

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

 
 
 
 
 
$
1,403

Difference (1)
 
 
 
 
$
33

 
 
 
 
 
$
58


Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations 
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Three Months Ended
 
Nine Months Ended
 
 
September 30
 
September 30
 
(in millions of U.S. dollars)
2017

 
2016

2017

 
2016

Investment and embedded derivative instruments:
 
 
 
 
 
 
Foreign currency forward contracts
$
(7
)
 
$
(10
)
$
—

 
$
(30
)
All other futures contracts and options
(8
)
 
8

(25
)
 
(63
)
Convertible securities (1)
1

 
3

1

 
8

Total investment and embedded derivative instruments
$
(14
)
 
$
1

$
(24
)
 
$
(85
)
GLB and other derivative instruments:
 
 
 
 
 
 
GLB (2)
$
54

 
$
89

$
265

 
$
(270
)
Futures contracts on equities (3)
(57
)
 
(45
)
(169
)
 
(88
)
Other
(5
)
 
3

(4
)
 
1

Total GLB and other derivative instruments
$
(8
)
 
$
47

$
92

 
$
(357
)
 
$
(22
)
 
$
48

$
68

 
$
(442
)
(1) 
Includes embedded derivatives.
(2) 
Excludes foreign exchange gains (losses) related to GLB.
(3) 
Related to GMDB and GLB blocks of business.

Shareholders' equity Shareholders' Equity (Tables)
Dividends Declared [Table Text Block] 
The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
CHF

 
USD

 
CHF

 
USD

 
CHF

 
USD

 
CHF

 
USD

Total dividend distributions per common share
0.68

 
$
0.71

 
0.67

 
$
0.69

 
2.06

 
$
2.11

 
2.01

 
$
2.05

Share Repurchase Program [Table Text Block] 
Repurchases of Chubb's Common Shares conducted in a series of open market transactions from January 1, 2017 through October 31, 2017 under the Board authorization are as follows:
(in millions of U.S. dollars, except share data)
Three Months Ended
September 30, 2017

 
Nine Months Ended
September 30, 2017

 
October 1, 2017
through
October 31, 2017

 
 
Number of shares repurchased
1,615,383

 
5,033,013

 
25,000

Cost of shares repurchased
$
232

 
$
707

 
$
4

Repurchase authorization remaining at end of period
$
293

 
$
293

 
$
289

Postretirement benefits (Tables)
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:
 
Three Months Ended September 30
 
 
Pension Benefits
 
 
Other Postretirement Benefits
 
 
U.S. Plans

 
Non-U.S. Plans

 
Total

 
U.S. Plans

 
Non-U.S. Plans

 
Total

(in millions of U.S. dollars)
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
15

 
$
6

 
$
21

 
$
—

 
$
—

 
$
—

Interest cost
27

 
6

 
33

 
1

 
1

 
2

Expected return on plan assets
(47
)
 
(11
)
 
(58
)
 
(2
)
 
—

 
(2
)
Amortization of net actuarial loss
—

 
1

 
1

 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(22
)
 
—

 
(22
)
Curtailments
—

 
—

 
—

 
(32
)
 
—

 
(32
)
Net periodic (benefit) cost
$
(5
)
 
$
2

 
$
(3
)
 
$
(55
)
 
$
1

 
$
(54
)
2016
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
20

 
$
6

 
$
26

 
$
4

 
$
—

 
$
4

Interest cost
26

 
8

 
34

 
4

 
—

 
4

Expected return on plan assets
(42
)
 
(10
)
 
(52
)
 
(3
)
 
—

 
(3
)
Amortization of net actuarial loss
—

 
—

 
—

 
—

 
—

 
—

Curtailments
(4
)
 
—

 
(4
)
 
—

 
—

 
—

Settlements
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Net periodic (benefit) cost
$
(1
)
 
$
4

 
$
3

 
$
5

 
$
—

 
$
5


 
Nine Months Ended September 30
 
 
Pension Benefits
 
 
Other Postretirement Benefits
 
 
U.S. Plans

 
Non-U.S. Plans

 
Total

 
U.S. Plans

 
Non-U.S. Plans

 
Total

(in millions of U.S. dollars)
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
47

 
$
14

 
$
61

 
$
1

 
$
1

 
$
2

Interest cost
79

 
20

 
99

 
2

 
1

 
3

Expected return on plan assets
(142
)
 
(31
)
 
(173
)
 
(4
)
 
—

 
(4
)
Amortization of net actuarial loss
—

 
2

 
2

 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(68
)
 
—

 
(68
)
Curtailments
—

 
(8
)
 
(8
)
 
(32
)
 
—

 
(32
)
Net periodic (benefit) cost
$
(16
)
 
$
(3
)
 
$
(19
)
 
$
(101
)
 
$
2

 
$
(99
)
2016
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
57

 
$
15

 
$
72

 
$
8

 
$
1

 
$
9

Interest cost
80

 
24

 
104

 
13

 
—

 
13

Expected return on plan assets
(121
)
 
(30
)
 
(151
)
 
(7
)
 
—

 
(7
)
Amortization of net actuarial loss
—

 
2

 
2

 
—

 
—

 
—

Curtailments
(4
)
 
—

 
(4
)
 
—

 
—

 
—

Settlements
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Net periodic cost
$
11

 
$
11

 
$
22

 
$
14

 
$
1

 
$
15

Segment information (Tables)
Operations By Segment
The following tables present the Statement of Operations by segment:
 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Three Months Ended
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
 
Net premiums written
$
3,089

 
$
1,194

 
$
926

 
$
1,963

 
$
191

 
$
539

 
$
—

 
$
7,902

Net premiums earned
3,016

 
1,117

 
898

 
2,064

 
185

 
527

 
—

 
7,807

Losses and loss expenses
2,580

 
1,062

 
759

 
1,281

 
295

 
181

 
89

 
6,247

Policy benefits
—

 
—

 
—

 
—

 
—

 
169

 
—

 
169

Policy acquisition costs
469

 
226

 
49

 
569

 
43

 
132

 
—

 
1,488

Administrative expenses
256

 
61

 
(1
)
 
246

 
11

 
77

 
64

 
714

Underwriting income (loss)
(289
)
 
(232
)
 
91

 
(32
)
 
(164
)
 
(32
)
 
(153
)
 
(811
)
Net investment income (loss)
497

 
57

 
6

 
164

 
80

 
78

 
(69
)
 
813

Other (income) expense
(4
)
 
1

 
—

 
(10
)
 
(3
)
 
(19
)
 
(83
)
 
(118
)
Amortization expense of purchased intangibles
—

 
4

 
8

 
11

 
—

 
1

 
41

 
65

Segment income (loss)
$
212


$
(180
)

$
89


$
131


$
(81
)

$
64


$
(180
)

$
55

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(10
)
 
(10
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
150

 
150

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
50

 
50

Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
(85
)
 
(85
)
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
$
(305
)
 
$
(70
)
 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Three Months Ended
 
 
 
 
 
September 30, 2016
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
Net premiums written
$
3,110

 
$
1,011

 
$
849

 
$
1,940

 
$
131

 
$
532

 
$
—

 
$
7,573

Net premiums earned
3,086

 
1,081

 
819

 
2,034

 
156

 
512

 
—

 
7,688

Losses and loss expenses
1,863

 
594

 
683

 
843

 
49

 
174

 
63

 
4,269

Policy benefits
—

 
—

 
—

 
—

 
—

 
155

 
—

 
155

Policy acquisition costs
522

 
229

 
48

 
546

 
42

 
127

 
—

 
1,514

Administrative expenses
275

 
89

 
1

 
261

 
12

 
77

 
57

 
772

Underwriting income (loss)
426

 
169

 
87

 
384

 
53

 
(21
)
 
(120
)
 
978

Net investment income (loss)
477

 
53

 
5

 
152

 
67

 
71

 
(86
)
 
739

Other (income) expense
3

 
2

 
—

 
(6
)
 
—

 
(20
)
 
(70
)
 
(91
)
Amortization expense (benefit) of purchased intangibles
—

 
4

 
7

 
12

 
—

 
1

 
(20
)
 
4

Segment income (loss)
$
900

 
$
216

 
$
85

 
$
530

 
$
120

 
$
69

 
$
(116
)
 
$
1,804

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
100

 
100

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
152

 
152

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
115

 
115

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
277

 
277

Net income (loss)


 
 
 
 
 
 
 
 
 
 
 
$
(560
)
 
$
1,360



 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Nine Months Ended
 
 
 
 
 
September 30, 2017
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
Net premiums written
$
9,035

 
$
3,433

 
$
1,390

 
$
6,169

 
$
580

 
$
1,586

 
$
—

 
$
22,193

Net premiums earned
9,156

 
3,296

 
1,256

 
6,018

 
542

 
1,548

 
—

 
21,816

Losses and loss expenses
6,376

 
2,378

 
976

 
3,316

 
435

 
556

 
145

 
14,182

Policy benefits
—

 
—

 
—

 
—

 
—

 
500

 
—

 
500

Policy acquisition costs
1,420

 
673

 
75

 
1,653

 
137

 
376

 
—

 
4,334

Administrative expenses
728

 
192

 
(4
)
 
734

 
33

 
226

 
187

 
2,096

Underwriting income (loss)
632

 
53

 
209

 
315

 
(63
)
 
(110
)
 
(332
)
 
704

Net investment income (loss)
1,465

 
168

 
18

 
460

 
207

 
230

 
(220
)
 
2,328

Other (income) expense
(4
)
 
3

 
1

 
(14
)
 
(2
)
 
(60
)
 
(257
)
 
(333
)
Amortization expense of purchased intangibles
—

 
12

 
22

 
33

 
—

 
2

 
125

 
194

Segment income (loss)
$
2,101

 
$
206

 
$
204

 
$
756

 
$
146

 
$
178

 
$
(420
)
 
$
3,171

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
84

 
84

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
451

 
451

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
233

 
233

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
243

 
243

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(1,263
)
 
$
2,328

 
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

For the Nine Months Ended
 
 
 
 
 
September 30, 2016
 
 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
 
Net premiums written
$
8,657

 
$
3,113

 
$
1,288

 
$
6,012

 
$
562

 
$
1,575

 
$
—

 
$
21,207

Net premiums earned
9,130

 
3,245

 
1,169

 
6,082

 
543

 
1,521

 
—

 
21,690

Losses and loss expenses
5,581

 
1,916

 
937

 
2,953

 
225

 
498

 
87

 
12,197

Policy benefits
—

 
—

 
—

 
—

 
—

 
427

 
—

 
427

Policy acquisition costs
1,549

 
747

 
77

 
1,586

 
142

 
386

 
—

 
4,487

Administrative expenses
840

 
275

 
(1
)
 
801

 
40

 
226

 
192

 
2,373

Underwriting income (loss)
1,160

 
307

 
156

 
742

 
136

 
(16
)
 
(279
)
 
2,206

Net investment income (loss)
1,371

 
155

 
15

 
445

 
199

 
207

 
(271
)
 
2,121

Other (income) expense
(6
)
 
6

 
—

 
(16
)
 
(3
)
 
(14
)
 
(59
)
 
(92
)
Amortization expense (benefit) of purchased intangibles
—

 
16

 
22

 
36

 
—

 
2

 
(60
)
 
16

Segment income (loss)
$
2,537

 
$
440

 
$
149

 
$
1,167

 
$
338

 
$
203

 
$
(431
)
 
$
4,403

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(510
)
 
(510
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
451

 
451

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
361

 
361

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
556

 
556

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 

$
(2,309
)
 
$
2,525

Earnings per share (Tables)
Schedule Of Earnings Per Share, Basic And Diluted
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
(in millions of U.S. dollars, except share and per share data)
2017

 
2016

 
2017

 
2016

Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
(70
)
 
$
1,360

 
$
2,328

 
$
2,525

Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted-average shares outstanding
466,370,784

 
468,021,093

 
467,658,334

 
460,631,794

Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Share-based compensation plans
—

 
3,375,269

 
3,961,572

 
3,439,017

Weighted-average shares outstanding and assumed conversions
466,370,784

 
471,396,362

 
471,619,906

 
464,070,811

Basic earnings (loss) per share
$
(0.15
)
 
$
2.90

 
$
4.98

 
$
5.48

Diluted earnings (loss) per share
$
(0.15
)
 
$
2.88

 
$
4.94

 
$
5.44

Potential anti-dilutive share conversions
2,045,829

 
1,306,710

 
1,673,777

 
1,635,337

Information provided in connection with outstanding debt of subsidiaries (Tables)
Condensed Consolidating Balance Sheet 
Condensed Consolidating Balance Sheet at September 30, 2017
(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
$
—

 
$
169

 
$
102,255

 
$
—

 
$
102,424

Cash (1)
1

 
—

 
1,174

 
(87
)
 
1,088

Insurance and reinsurance balances receivable
—

 
—

 
11,076

 
(1,525
)
 
9,551

Reinsurance recoverable on losses and loss expenses
—

 
—

 
27,007

 
(12,208
)
 
14,799

Reinsurance recoverable on policy benefits
—

 
—

 
1,232

 
(1,039
)
 
193

Value of business acquired
—

 
—

 
339

 
—

 
339

Goodwill and other intangible assets
—

 
—

 
22,265

 
—

 
22,265

Investments in subsidiaries
40,936

 
50,926

 
—

 
(91,862
)
 
—

Due from subsidiaries and affiliates, net
9,913

 
—

 
—

 
(9,913
)
 
—

Other assets
61

 
276

 
20,699

 
(4,117
)
 
16,919

Total assets
$
50,911

 
$
51,371

 
$
186,047

 
$
(120,751
)
 
$
167,578

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
75,688

 
$
(11,535
)
 
$
64,153

Unearned premiums
—

 
—

 
19,150

 
(3,694
)
 
15,456

Future policy benefits
—

 
—

 
6,346

 
(1,039
)
 
5,307

Due to subsidiaries and affiliates, net
—

 
9,697

 
216

 
(9,913
)
 
—

Affiliated notional cash pooling programs (1)
85

 
2

 
—

 
(87
)
 
—

Repurchase agreements
—

 
—

 
1,408

 
—

 
1,408

Short-term debt
—

 
1,020

 
—

 
—

 
1,020

Long-term debt
—

 
11,548

 
11

 
—

 
11,559

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
355

 
1,685

 
18,477

 
(2,621
)
 
17,896

Total liabilities
440

 
24,260

 
121,296

 
(28,889
)
 
117,107

Total shareholders’ equity
50,471

 
27,111

 
64,751

 
(91,862
)
 
50,471

Total liabilities and shareholders’ equity
$
50,911

 
$
51,371

 
$
186,047

 
$
(120,751
)
 
$
167,578


(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, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
 

Condensed Consolidating Balance Sheet at December 31, 2016

(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
$
27

 
$
485

 
$
98,582

 
$
—

 
$
99,094

Cash (1)
1

 
1

 
1,965

 
(982
)
 
985

Insurance and reinsurance balances receivable
—

 
—

 
10,498

 
(1,528
)
 
8,970

Reinsurance recoverable on losses and loss expenses
—

 
—

 
24,496

 
(10,919
)
 
13,577

Reinsurance recoverable on policy benefits
—

 
—

 
1,153

 
(971
)
 
182

Value of business acquired
—

 
—

 
355

 
—

 
355

Goodwill and other intangible assets
—

 
—

 
22,095

 
—

 
22,095

Investments in subsidiaries
38,408

 
49,509

 
—

 
(87,917
)
 
—

Due from subsidiaries and affiliates, net
10,482

 
—

 
—

 
(10,482
)
 
—

Other assets
3

 
436

 
18,442

 
(4,353
)
 
14,528

Total assets
$
48,921

 
$
50,431

 
$
177,586

 
$
(117,152
)
 
$
159,786

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
70,683

 
$
(10,143
)
 
$
60,540

Unearned premiums
—

 
—

 
18,538

 
(3,759
)
 
14,779

Future policy benefits
—

 
—

 
6,007

 
(971
)
 
5,036

Due to subsidiaries and affiliates, net
—

 
10,209

 
273

 
(10,482
)
 
—

Affiliated notional cash pooling programs (1)
363

 
619

 
—

 
(982
)
 
—

Repurchase agreements
—

 
—

 
1,403

 
—

 
1,403

Short-term debt
—

 
500

 
—

 
—

 
500

Long-term debt
—

 
12,599

 
11

 
—

 
12,610

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
283

 
1,582

 
17,368

 
(2,898
)
 
16,335

Total liabilities
646

 
25,817

 
114,283

 
(29,235
)
 
111,511

Total shareholders’ equity
48,275

 
24,614

 
63,303

 
(87,917
)
 
48,275

Total liabilities and shareholders’ equity
$
48,921

 
$
50,431

 
$
177,586

 
$
(117,152
)
 
$
159,786

(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 December 31, 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement Of Operations and Comprehensive Income 
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended September 30, 2017
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
7,902

 
$
—

 
$
7,902

Net premiums earned
—

 
—

 
7,807

 
—

 
7,807

Net investment income
1

 
3

 
809

 
—

 
813

Equity in earnings of subsidiaries
(127
)
 
212

 
—

 
(85
)
 
—

Net realized gains (losses) including OTTI
—

 
(8
)
 
(2
)
 
—

 
(10
)
Losses and loss expenses
—

 
—

 
6,247

 
—

 
6,247

Policy benefits
—

 
—

 
169

 
—

 
169

Policy acquisition costs and administrative expenses
20

 
16

 
2,166

 
—

 
2,202

Interest (income) expense
(84
)
 
208

 
26

 
—

 
150

Other (income) expense
(5
)
 
9

 
(122
)
 
—

 
(118
)
Amortization of purchased intangibles
—

 
—

 
65

 
—

 
65

Chubb integration expenses
7

 
1

 
42

 
—

 
50

Income tax expense (benefit)
6

 
(89
)
 
(2
)
 
—

 
(85
)
Net income (loss)
$
(70
)
 
$
62

 
$
23

 
$
(85
)
 
$
(70
)
Comprehensive income
$
629

 
$
748

 
$
724

 
$
(1,472
)
 
$
629



Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended September 30, 2016
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
7,573

 
$
—

 
$
7,573

Net premiums earned
—

 
—

 
7,688

 
—

 
7,688

Net investment income
1

 
2

 
736

 
—

 
739

Equity in earnings of subsidiaries
1,292

 
748

 
—

 
(2,040
)
 
—

Net realized gains (losses) including OTTI
—

 
(2
)
 
102

 
—

 
100

Losses and loss expenses
—

 
—

 
4,269

 
—

 
4,269

Policy benefits
—

 
—

 
155

 
—

 
155

Policy acquisition costs and administrative expenses
15

 
12

 
2,259

 
—

 
2,286

Interest (income) expense
(93
)
 
233

 
12

 
—

 
152

Other (income) expense
(7
)
 
6

 
(90
)
 
—

 
(91
)
Amortization of purchased intangibles
—

 
—

 
4

 
—

 
4

Chubb integration expenses
12

 
16

 
87

 
—

 
115

Income tax expense (benefit)
6

 
(136
)
 
407

 
—

 
277

Net income
$
1,360

 
$
617

 
$
1,423

 
$
(2,040
)
 
$
1,360

Comprehensive income
$
1,376

 
$
627

 
$
1,439

 
$
(2,066
)
 
$
1,376





Condensed Consolidating Statements of Operations and Comprehensive Income
For the Nine Months Ended September 30, 2017
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
22,193

 
$
—

 
$
22,193

Net premiums earned
—

 
—

 
21,816

 
—

 
21,816

Net investment income
3

 
10

 
2,315

 
—

 
2,328

Equity in earnings of subsidiaries
2,153

 
1,578

 
—

 
(3,731
)
 
—

Net realized gains (losses) including OTTI
(2
)
 
(22
)
 
108

 
—

 
84

Losses and loss expenses
—

 
—

 
14,182

 
—

 
14,182

Policy benefits
—

 
—

 
500

 
—

 
500

Policy acquisition costs and administrative expenses
56

 
28

 
6,346

 
—

 
6,430

Interest (income) expense
(252
)
 
641

 
62

 
—

 
451

Other (income) expense
(7
)
 
34

 
(360
)
 
—

 
(333
)
Amortization of purchased intangibles
—

 
—

 
194

 
—

 
194

Chubb integration expenses
13

 
54

 
166

 
—

 
233

Income tax expense (benefit)
16

 
(288
)
 
515

 
—

 
243

Net income
$
2,328

 
$
1,097

 
$
2,634

 
$
(3,731
)
 
$
2,328

Comprehensive income
$
3,711

 
$
2,459

 
$
4,018

 
$
(6,477
)
 
$
3,711


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Nine Months Ended September 30, 2016
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
—

 
$
21,207

 
$
—

 
$
21,207

Net premiums earned
—

 
—

 
21,690

 
—

 
21,690

Net investment income
3

 
9

 
2,109

 
—

 
2,121

Equity in earnings of subsidiaries
2,331

 
1,803

 
—

 
(4,134
)
 
—

Net realized gains (losses) including OTTI
(1
)
 
(3
)
 
(506
)
 
—

 
(510
)
Losses and loss expenses
—

 
—

 
12,197

 
—

 
12,197

Policy benefits
—

 
—

 
427

 
—

 
427

Policy acquisition costs and administrative expenses
48

 
144

 
6,668

 
—

 
6,860

Interest (income) expense
(266
)
 
681

 
36

 
—

 
451

Other (income) expense
(20
)
 
26

 
(98
)
 
—

 
(92
)
Amortization of purchased intangibles
—

 
—

 
16

 
—

 
16

Chubb integration expenses
29

 
56

 
276

 
—

 
361

Income tax expense (benefit)
17

 
(323
)
 
862

 
—

 
556

Net income
$
2,525

 
$
1,225

 
$
2,909

 
$
(4,134
)
 
$
2,525

Comprehensive income
$
4,457

 
$
2,687

 
$
4,841

 
$
(7,528
)
 
$
4,457


Condensed Consolidating Statement of Cash Flows 
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2017
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
639

 
$
1,472

 
$
3,341

 
$
(2,041
)
 
$
3,411

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

 
(9
)
 
(18,469
)
 
—

 
(18,478
)
Purchases of fixed maturities held to maturity
—

 
—

 
(262
)
 
—

 
(262
)
Purchases of equity securities
—

 
—

 
(125
)
 
—

 
(125
)
Sales of fixed maturities available for sale
—

 
99

 
9,116

 
—

 
9,215

Sales of equity securities
—

 
—

 
152

 
—

 
152

Maturities and redemptions of fixed maturities available for sale
—

 
22

 
7,677

 
—

 
7,699

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
644

 
—

 
644

Net change in short-term investments
—

 
197

 
(153
)
 
—

 
44

Net derivative instruments settlements
—

 
(13
)
 
(157
)
 
—

 
(170
)
Other
—

 
6

 
(68
)
 
—

 
(62
)
Net cash flows from (used for) investing activities
—

 
302

 
(1,645
)
 
—

 
(1,343
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(978
)
 
—

 
—

 
—

 
(978
)
Common Shares repurchased
—

 
—

 
(707
)
 
—

 
(707
)
Repayment of long-term debt
—

 
(500
)
 
—

 
—

 
(500
)
Proceeds from issuance of repurchase agreements
—

 
—

 
1,798

 
—

 
1,798

Repayment of repurchase agreements
—

 
—

 
(1,793
)
 
—

 
(1,793
)
Proceeds from share-based compensation plans
—

 
—

 
109

 
—

 
109

Dividend to parent company
—

 
—

 
(2,041
)
 
2,041

 
—

Advances (to) from affiliates
617

 
(658
)
 
41

 
—

 
—

Net payments to affiliated notional cash pooling programs(1)
(278
)
 
(617
)
 
—

 
895

 
—

Policyholder contract deposits
—

 
—

 
312

 
—

 
312

Policyholder contract withdrawals
—

 
—

 
(211
)
 
—

 
(211
)
Net cash flows used for financing activities
(639
)
 
(1,775
)
 
(2,492
)
 
2,936

 
(1,970
)
Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
5

 
—

 
5

Net increase (decrease) in cash
—

 
(1
)
 
(791
)
 
895

 
103

Cash – beginning of period(1)
1

 
1

 
1,965

 
(982
)
 
985

Cash – end of period(1)
$
1

 
$
—

 
$
1,174

 
$
(87
)
 
$
1,088

(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, 2017 and December 31, 2016, 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, 2016
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
3,399

 
$
3,892

 
$
3,918

 
$
(7,372
)
 
$
3,837

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

 
(154
)
 
(23,683
)
 
—

 
(23,837
)
Purchases of fixed maturities held to maturity
—

 
—

 
(189
)
 
—

 
(189
)
Purchases of equity securities
—

 
—

 
(100
)
 
—

 
(100
)
Sales of fixed maturities available for sale
—

 
66

 
13,797

 
—

 
13,863

Sales of equity securities
—

 
—

 
963

 
—

 
963

Maturities and redemptions of fixed maturities
   available for sale
—

 
59

 
6,877

 
—

 
6,936

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
627

 
—

 
627

Net change in short-term investments
—

 
7,627

 
4,239

 
—

 
11,866

Net derivative instruments settlements
—

 
(10
)
 
(171
)
 
—

 
(181
)
Acquisition of subsidiaries (net of cash acquired of $71)
—

 
(14,282
)
 
34

 
—

 
(14,248
)
Capital contribution
(2,330
)
 
(20
)
 
(2,330
)
 
4,680

 
—

Other
—

 
(3
)
 
29

 
—

 
26

Net cash flows from (used for) investing activities
(2,330
)
 
(6,717
)
 
93

 
4,680

 
(4,274
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(851
)
 
—

 
—

 
—

 
(851
)
Proceeds from issuance of repurchase agreements
—

 
—

 
1,457

 
—

 
1,457

Repayment of repurchase agreements
—

 
—

 
(1,455
)
 
—

 
(1,455
)
Proceeds from share-based compensation plans, including windfall tax benefits
—

 
—

 
117

 
—

 
117

Dividend to parent company
—

 
—

 
(7,372
)
 
7,372

 
—

Advances (to) from affiliates
(258
)
 
219

 
39

 
—

 
—

Capital contribution
—

 
2,330

 
2,350

 
(4,680
)
 
—

Net proceeds from (payments to) affiliated notional cash pooling programs(1)
45

 
280

 
—

 
(325
)
 
—

Policyholder contract deposits
—

 
—

 
473

 
—

 
473

Policyholder contract withdrawals
—

 
—

 
(247
)
 
—

 
(247
)
Other
—

 
(4
)
 
—

 
—

 
(4
)
Net cash flows from (used for) financing activities
(1,064
)
 
2,825

 
(4,638
)
 
2,367

 
(510
)
Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
42

 
—

 
42

Net increase (decrease) in cash
5

 
—

 
(585
)
 
(325
)
 
(905
)
Cash – beginning of period(1)
1

 
2

 
2,743

 
(971
)
 
1,775

Cash – end of period(1)
$
6

 
$
2

 
$
2,158

 
$
(1,296
)
 
$
870


(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, 2016 and December 31, 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
General Adoption of New Accounting Pronouncements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
 
Income tax benefit
$ (85)
$ 277 
$ 243 
$ 556 
Accounting Standards Update 2016-09 [Member]
 
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
 
Income tax benefit
$ 14 
 
$ 44 
 
General Goodwill (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
 
Goodwill, Period Increase (Decrease)
$ 375 
General Schedule of long-term debt (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Sep. 30, 2017
Junior Subordinated Debt [Member]
Chubb INA Capital Securities Due 2037 [Member]
Apr. 14, 2017
Junior Subordinated Debt [Member]
Chubb INA Capital Securities Due 2037 [Member]
Sep. 30, 2017
Junior Subordinated Debt [Member]
Chubb INA Capital Securities Due 2037 [Member]
London Interbank Offered Rate (LIBOR) [Member]
Feb. 28, 2017
Senior Notes [Member]
INA Senior Notes Due February 2017 [Member]
Sep. 30, 2017
Senior Notes [Member]
INA Senior Notes Due March 2018 [Member]
Sep. 30, 2017
Senior Notes [Member]
Chubb INA Senior Notes Due 2018 [Member]
Sep. 30, 2017
Senior Notes [Member]
Chubb INA Senior Notes Due August 2018 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
Short-term debt
$ 1,020 
$ 500 
 
 
 
$ 500 
$ 300 
$ 616 
$ 104 
Debt Instrument, Face Amount
 
 
$ 1,000 
 
 
 
$ 300 
$ 600 
$ 100 
Debt Instrument, Interest Rate, Stated Percentage
 
 
3.61% 
6.375% 
 
5.70% 
5.80% 
5.75% 
6.60% 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
2.25% 
 
 
 
 
Acquisitions Acquisitions (narrative) (Details) (USD $)
0 Months Ended 9 Months Ended 0 Months Ended 9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Jan. 14, 2016
The Chubb Corporation [Member]
Sep. 30, 2017
Additional Paid-in Capital [Member]
Sep. 30, 2016
Additional Paid-in Capital [Member]
Jan. 14, 2016
Additional Paid-in Capital [Member]
The Chubb Corporation [Member]
Sep. 30, 2017
Additional Paid-in Capital [Member]
The Chubb Corporation [Member]
Sep. 30, 2016
Additional Paid-in Capital [Member]
The Chubb Corporation [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
Purchase price
 
 
$ 29,500,000,000 
 
 
 
 
 
Cash consideration paid by Chubb Limited to common shareholders of Chubb Corp
 
 
14,300,000,000 
 
 
 
 
 
Equity Issued in Business Combination, Fair Value Disclosure
 
 
15,200,000,000 
 
 
 
 
 
Attributed Value Equity Awards Assumed in Acquisition
 
 
 
(311,000,000)
(365,000,000)
323,000,000 
0 
323,000,000 
Business Combination, Consideration Transferred
 
 
29,800,000,000 
 
 
 
 
 
Goodwill
$ 15,707,000,000 
$ 15,332,000,000 
$ 10,500,000,000 
 
 
 
 
 
Supplemental Financial Information for Acquisition (Details) (The Chubb Corporation [Member], USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2016
The Chubb Corporation [Member]
 
 
Business Acquisition [Line Items]
 
 
Actual Revenue of Chubb Corp since Acquisition Date
$ 2,656 
$ 7,888 
Actual Net Income of Chubb Corp since Acquisition Date
483 
1,064 
Pro Forma Total Revenues
8,521 
23,758 
Pro Forma Net Income
$ 1,345 
$ 2,591 
Pro Forma Earnings Per Share, Basic
$ 2.87 
$ 5.54 
Pro Forma Earnings Per Share, Diluted
$ 2.85 
$ 5.50 
Investments (Narrative) (Detail) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Security
Sep. 30, 2016
Sep. 30, 2017
Security
Sep. 30, 2016
Dec. 31, 2016
Investment [Line Items]
 
 
 
 
 
Net unrealized appreciation (depreciation) included in OCI
$ 1,000,000 
$ 13,000,000 
$ (2,000,000)
$ 57,000,000 
 
Unrealized appreciation(depreciation) portion of AOCI with OTTI included in AOCI
7,000,000 
 
7,000,000 
 
10,000,000 
Percentage of mortgage-backed securities represented by investments in US government agency bonds
82.00% 
 
82.00% 
 
81.00% 
Total number of fixed maturities
30,933 
 
30,933 
 
 
Number of equity securities in an unrealized loss position
59 
 
59 
 
 
Total number of equity securities
317 
 
317 
 
 
Largest single unrealized loss in the equity securities
(1,000,000)
 
(1,000,000)
 
 
Restricted assets in fixed maturities and short-term investments
22,800,000,000 
 
22,800,000,000 
 
20,100,000,000 
Restricted assets in cash
105,000,000 
 
105,000,000 
 
103,000,000 
Moodys Historical Mean Recovery Rate
 
 
42.00% 
 
 
Company Assumed Recovery Rate
 
 
32.00% 
 
 
Number of fixed maturities in an unrealized loss position
7,455 
 
7,455 
 
 
Largest single unrealized loss in the fixed maturities
7,000,000 
 
7,000,000 
 
 
Corporate [Member]
 
 
 
 
 
Investment [Line Items]
 
 
 
 
 
Credit losses recognized in net income
3,000,000 
4,000,000 
5,000,000 
28,000,000 
 
Collateralized Mortgage Backed Securities [Member]
 
 
 
 
 
Investment [Line Items]
 
 
 
 
 
Credit losses recognized in net income
$ 0 
$ 1,000,000 
$ 0 
$ 1,000,000 
 
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
 
 
Available for sale, Due in 1 year or less, Amortized Cost
$ 3,532 
$ 3,892 
Available for sale, Due after 1 year through 5 years, Amortized Cost
24,918 
24,027 
Available for sale, Due after 5 years though 10 years, Amortized Cost
28,009 
27,262 
Available for sale, Due after 10 years, Amortized Cost
10,426 
10,289 
Available for sale, Subtotal, Amortized Cost
66,885 
65,470 
Available for sale, Mortgage-backed securities, Amortized Cost
15,369 
14,066 
Available for sale, at amortized cost
82,254 
79,536 
Available for sale, Due in 1 year or less, Fair Value
3,556 
3,913 
Available for sale, Due after 1 year through 5 years, Fair Value
25,397 
24,429 
Available for sale, Due after 5 years through 10 years, Fair Value
28,488 
27,379 
Available for sale, Due after 10 years, Fair Value
10,834 
10,387 
Available for sale, Subtotal, Fair Value
68,275 
66,108 
Available for sale, Mortgage backed securities, Fair Value
15,411 
14,007 
Available for sale, Fair Value
83,686 
80,115 
Held to maturity, Due in 1 year or less, Amortized Cost
822 
430 
Held to maturity, Due after 1 year through 5 years, Amortized Cost
2,479 
2,646 
Held to maturity, Due after 5 years through 10 years, Amortized Cost
2,821 
2,969 
Held to maturity, Due after 10 years, Amortized Cost
2,815 
3,206 
Held to maturity, Subtotal, Amortized Cost
8,937 
9,251 
Held to maturity, Mortgage backed securities, Amortized Cost
1,223 
1,393 
Held to maturity, Amortized Cost
10,160 
10,644 
Held to maturity, Due in 1 year or less, Fair Value
828 
435 
Held to maturity, Due after 1 year through 5, Fair Value
2,524 
2,691 
Held to maturity, Due after 5 years through 10 years, Fair Value
2,866 
2,944 
Held to maturity, Due after 10 years, Fair Value
2,889 
3,172 
Held to maturity, Subtotal, Fair Value
9,107 
9,242 
Held to maturity, Mortgage backed securities, Fair Value
1,258 
1,428 
Held to maturity, Fair Value
$ 10,365 
$ 10,670 
Investments (Schedule Of Cost And Fair Value Of Equity Securities) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
 
 
Cost
$ 723 
$ 706 
Gross unrealized appreciation
195 
129 
Gross unrealized depreciation
(8)
(21)
Equity securities, at fair value
$ 910 
$ 814 
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Gain (Loss) on Investments [Line Items]
 
 
 
 
Other-than-temporary impairment (OTTI) losses gross
$ (8)
$ (12)
$ (36)
$ (99)
OTTI on fixed maturities recognized in OCI (pre-tax)
0 
0 
1 
8 
Foreign exchange gains
15 
29 
10 
46 
Derivative instrument
(22)
48 
68 
(442)
Fair Value Adjustments On Insurance Derivative Gains Losses
54 
89 
265 
(270)
Net realized gains (losses)
(10)
100 
84 
(510)
Investment and embedded derivative instruments
 
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
 
Derivative instrument
(14)
1 
(24)
(85)
S&P put options and futures
 
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
 
Derivative instrument
(57)
(45)
(169)
(88)
Other derivative instruments
 
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
 
Derivative instrument
(5)
3 
(4)
1 
Fixed Maturities [Member]
 
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
 
Other-than-temporary impairment (OTTI) losses gross
(5)
(7)
(16)
(85)
OTTI on fixed maturities recognized in OCI (pre-tax)
0 
0 
1 
8 
OTTI on fixed maturities, net
(5)
(7)
(15)
(77)
Fixed maturities, Gross realized gains excluding OTTI
30 
47 
109 
149 
Fixed maturities, Gross realized losses excluding OTTI
(19)
(13)
(77)
(228)
Total fixed maturities
6 
27 
17 
(156)
Equity Securities [Member]
 
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
 
OTTI on equity securities
(1)
(1)
(9)
(7)
Equity Securities, Gross realized gains excluding OTTI
6 
19 
21 
63 
Equity Securities, Gross realized losses excluding OTTI
(1)
(12)
(2)
(17)
Total equity securities
4 
6 
10 
39 
Other Investments [Member]
 
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
 
OTTI on equity securities
(2)
(4)
(11)
(7)
Other
$ (11)
$ (6)
$ (10)
$ 10 
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Investment [Line Items]
 
 
Fair Value, 0-12 Months
$ 22,243 
$ 43,641 
Gross Unrealized Loss, 0-12 Months
(287)
(959)
Fair Value, Over 12 Months
3,926 
1,310 
Gross Unrealized Loss, Over 12 Months
(120)
(78)
Total Fair Value
26,169 
44,951 
Total Gross Unrealized Loss
(407)
(1,037)
U.S. Treasury And Agency [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
1,763 
2,216 
Gross Unrealized Loss, 0-12 Months
(13)
(48)
Fair Value, Over 12 Months
656 
0 
Gross Unrealized Loss, Over 12 Months
(17)
0 
Total Fair Value
2,419 
2,216 
Total Gross Unrealized Loss
(30)
(48)
Foreign [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
5,353 
5,918 
Gross Unrealized Loss, 0-12 Months
(85)
(99)
Fair Value, Over 12 Months
894 
386 
Gross Unrealized Loss, Over 12 Months
(22)
(27)
Total Fair Value
6,247 
6,304 
Total Gross Unrealized Loss
(107)
(126)
Corporate [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
3,373 
7,021 
Gross Unrealized Loss, 0-12 Months
(48)
(149)
Fair Value, Over 12 Months
788 
641 
Gross Unrealized Loss, Over 12 Months
(40)
(44)
Total Fair Value
4,161 
7,662 
Total Gross Unrealized Loss
(88)
(193)
Collateralized Mortgage Backed Securities [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
6,946 
8,638 
Gross Unrealized Loss, 0-12 Months
(96)
(189)
Fair Value, Over 12 Months
749 
234 
Gross Unrealized Loss, Over 12 Months
(19)
(5)
Total Fair Value
7,695 
8,872 
Total Gross Unrealized Loss
(115)
(194)
States, Municipalities, And Political Subdivisions [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
4,548 
19,448 
Gross Unrealized Loss, 0-12 Months
(28)
(435)
Fair Value, Over 12 Months
839 
49 
Gross Unrealized Loss, Over 12 Months
(22)
(2)
Total Fair Value
5,387 
19,497 
Total Gross Unrealized Loss
(50)
(437)
Fixed Maturities [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
21,983 
43,241 
Gross Unrealized Loss, 0-12 Months
(270)
(920)
Fair Value, Over 12 Months
3,926 
1,310 
Gross Unrealized Loss, Over 12 Months
(120)
(78)
Total Fair Value
25,909 
44,551 
Total Gross Unrealized Loss
(390)
(998)
Equity Securities [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
103 
199 
Gross Unrealized Loss, 0-12 Months
(8)
(21)
Fair Value, Over 12 Months
0 
0 
Gross Unrealized Loss, Over 12 Months
0 
0 
Total Fair Value
103 
199 
Total Gross Unrealized Loss
(8)
(21)
Other Long-term Investments [Member]
 
 
Investment [Line Items]
 
 
Fair Value, 0-12 Months
157 
201 
Gross Unrealized Loss, 0-12 Months
(9)
(18)
Fair Value, Over 12 Months
0 
0 
Gross Unrealized Loss, Over 12 Months
0 
0 
Total Fair Value
157 
201 
Total Gross Unrealized Loss
$ (9)
$ (18)
Investments (Schedule Of Components Of Restricted Assets) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
 
 
Trust funds
$ 16,391 
$ 13,880 
Deposits with U.S. regulatory authorities
2,361 
2,203 
Deposits with non-U.S. regulatory authorities
2,294 
2,191 
Assets pledged under repurchase agreements
1,441 
1,461 
Other pledged assets
377 
435 
Total restricted assets
$ 22,864 
$ 20,170 
Fair value measurements Fair Value Measurements (narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
 
 
 
 
Fair Value, Level 1 to Level 2 transfers, Amount
$ 0 
$ 0 
$ 0 
$ 0 
Fair Value, Level 2 to Level 1 Transfers, Amount
0 
0 
0 
0 
Realized Gain Losses As A Result of Annuitization Changes
$ 94 
 
 
 
Minimum [Member]
 
 
 
 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
 
 
 
 
Notice Period For Redemption For Alternative Investments Investment Funds
 
 
5 days 
 
Maximum [Member]
 
 
 
 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
 
 
 
 
Notice Period For Redemption For Alternative Investments Investment Funds
 
 
120 days 
 
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Jun. 30, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
$ 83,686 
 
$ 80,115 
 
 
 
Equity securities, at fair value
910 
 
814 
 
 
 
Other Investments
4,677 
 
4,519 
 
 
 
Securities lending collateral
1,757 
 
1,092 
 
 
 
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Other Investments
3,669 
 
3,626 
 
 
 
Other Investments [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Other Investments
18 
 
25 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
83,686 
 
80,115 
 
 
 
Equity securities, at fair value
910 
 
814 
 
 
 
Short-term investments
2,991 
 
3,002 
 
 
 
Other Investments
990 
 
868 
 
 
 
Securities lending collateral
1,757 
 
1,092 
 
 
 
Investment derivative instruments, assets
15 
 
31 
 
 
 
Other Derivative Instruments Fair Value
 
 
3 
 
 
 
Separate Account Assets
2,514 
 
1,879 
 
 
 
Total assets measured at fair value
92,863 
 
87,804 
 
 
 
Investment derivative instruments, liabilities
37 
 
54 
 
 
 
Other derivative instruments, liability
27 
 
13 
 
 
 
Liabilities, Fair Value Disclosure, Recurring
367 
 
626 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
2,941 
 
2,175 
 
 
 
Equity securities, at fair value
858 
 
773 
 
 
 
Short-term investments
1,804 
 
1,757 
 
 
 
Other Investments
446 
 
384 
 
 
 
Investment derivative instruments, assets
15 
 
31 
 
 
 
Other Derivative Instruments Fair Value
 
 
3 
 
 
 
Separate Account Assets
2,414 
 
1,784 
 
 
 
Total assets measured at fair value
8,478 
 
6,907 
 
 
 
Investment derivative instruments, liabilities
37 
 
54 
 
 
 
Other derivative instruments, liability
25 
 
 
 
 
 
Liabilities, Fair Value Disclosure, Recurring
62 
 
54 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
79,692 
 
77,140 
 
 
 
Short-term investments
1,187 
 
1,220 
 
 
 
Other Investments
292 
 
259 
 
 
 
Securities lending collateral
1,757 
 
1,092 
 
 
 
Separate Account Assets
100 
 
95 
 
 
 
Total assets measured at fair value
83,028 
 
79,806 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
1,053 
 
800 
 
 
 
Equity securities, at fair value
52 
 
41 
 
 
 
Short-term investments
 
 
25 
 
 
 
Other Investments
252 
 
225 
 
 
 
Total assets measured at fair value
1,357 
 
1,091 
 
 
 
Other derivative instruments, liability
2 
 
13 
 
 
 
Liabilities, Fair Value Disclosure, Recurring
305 
 
572 
 
 
 
Fair Value, Measurements, Recurring [Member] |
U.S. Treasury And Agency [Member] |
Estimate of Fair Value Measurement [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
3,582 
 
2,870 
 
 
 
Fair Value, Measurements, Recurring [Member] |
U.S. Treasury And Agency [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
2,941 
 
2,175 
 
 
 
Fair Value, Measurements, Recurring [Member] |
U.S. Treasury And Agency [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
641 
 
695 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Foreign [Member] |
Estimate of Fair Value Measurement [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
23,099 
 
21,440 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Foreign [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
23,009 
 
21,366 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Foreign [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
90 
 
74 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Corporate [Member] |
Estimate of Fair Value Measurement [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
25,226 
 
24,149 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Corporate [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
24,307 
 
23,468 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Corporate [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
919 
 
681 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Collateralized Mortgage Backed Securities [Member] |
Estimate of Fair Value Measurement [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
15,411 
 
14,007 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
15,367 
 
13,962 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
44 
 
45 
 
 
 
Fair Value, Measurements, Recurring [Member] |
States, Municipalities, And Political Subdivisions [Member] |
Estimate of Fair Value Measurement [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
16,368 
 
17,649 
 
 
 
Fair Value, Measurements, Recurring [Member] |
States, Municipalities, And Political Subdivisions [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Available for sale, Fair Value
16,368 
 
17,649 
 
 
 
Guaranteed Minimum Income Benefit [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value
303 1 2
357 2
559 1
883 3 4
971 4
609 3
Guaranteed Minimum Income Benefit [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value
303 
 
559 
 
 
 
Guaranteed Minimum Income Benefit [Member] |
Fair Value, Measurements, 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 Reconciliations, Recurring Basis, Liability Value
303 
 
559 
 
 
 
Guaranteed Minimum Income Benefit [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
 
 
 
 
 
 
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value
 
 
$ 559 
 
 
 
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2017
Minimum [Member]
Sep. 30, 2017
Maximum [Member]
Sep. 30, 2017
Guaranteed Minimum Income Benefit [Member]
Jun. 30, 2017
Guaranteed Minimum Income Benefit [Member]
Dec. 31, 2016
Guaranteed Minimum Income Benefit [Member]
Sep. 30, 2016
Guaranteed Minimum Income Benefit [Member]
Jun. 30, 2016
Guaranteed Minimum Income Benefit [Member]
Dec. 31, 2015
Guaranteed Minimum Income Benefit [Member]
Sep. 30, 2017
Guaranteed Minimum Income Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2016
Guaranteed Minimum Income Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2016
Guaranteed Minimum Income Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value
 
 
 
$ 303 1 2
$ 357 2
$ 559 1
$ 883 3 4
$ 971 4
$ 609 3
$ 303 
$ 559 
$ 559 
Fair Value Measurements, Valuation Techniques
Actuarial model 5
 
 
 
 
 
 
 
 
 
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate
 
3.00% 5
34.00% 5
 
 
 
 
 
 
 
 
 
Significant Unobservable Inputs Annuitization Rate
 
0.00% 5
78.00% 5
 
 
 
 
 
 
 
 
 
Fair Value Measurements (Assets Measured At Fair Value Using Significant Unobservable Inputs) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Equity Securities [Member]
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance- Beginning of Period, Assets
$ 39 
$ 37 
$ 41 
$ 16 
Transfers Into Level 3, Asset
0 
0 
0 
0 
Transfers out of Level 3, Assets
0 
0 
0 
0 
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)
0 
3 
1 
2 
Net Realized Gains/ (Losses), Assets
1 
0 
1 
1 
Purchases, Assets
17 
0 
23 
23 1 2
Sales, Assets
(5)
(3)
(14)
(5)
Settlements, Assets
0 
0 
0 
0 
Balance-End of Period, Assets
52 
37 
52 
37 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)
0 
0 
0 
0 
Short-term Investments [Member]
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance- Beginning of Period, Assets
7 
50 
25 
0 
Transfers Into Level 3, Asset
0 
0 
0 
0 
Transfers out of Level 3, Assets
0 
0 
0 
0 
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)
0 
0 
0 
0 
Net Realized Gains/ (Losses), Assets
0 
0 
0 
0 
Purchases, Assets
1 
12 
15 
62 1 2
Sales, Assets
0 
0 
0 
0 
Settlements, Assets
(8)
0 
(40)
0 
Balance-End of Period, Assets
0 
62 
0 
62 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)
 
0 
0 
0 
Other Long-term Investments [Member]
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance- Beginning of Period, Assets
243 
216 
225 
212 
Transfers Into Level 3, Asset
0 
0 
0 
0 
Transfers out of Level 3, Assets
0 
0 
0 
0 
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)
0 
4 
3 
4 
Net Realized Gains/ (Losses), Assets
0 
0 
0 
0 
Purchases, Assets
15 
8 
39 
22 1 2
Sales, Assets
0 
0 
0 
0 
Settlements, Assets
(6)
(5)
(15)
(15)
Balance-End of Period, Assets
252 
223 
252 
223 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)
0 
0 
0 
0 
Available-for-sale Securities [Member] |
Foreign Government Debt Securities [Member]
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance- Beginning of Period, Assets
85 
87 
74 
57 
Transfers Into Level 3, Asset
0 
0 
0 
9 
Transfers out of Level 3, Assets
(3)
0 
(3)
(2)
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)
1 
(1)
3 
8 
Net Realized Gains/ (Losses), Assets
0 
0 
1 
(6)
Purchases, Assets
24 
20 
57 
52 1 2
Sales, Assets
(14)
(2)
(36)
(10)
Settlements, Assets
(3)
(1)
(6)
(5)
Balance-End of Period, Assets
90 
103 
90 
103 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)
0 
0 
0 
(5)
Available-for-sale Securities [Member] |
Corporate [Member]
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance- Beginning of Period, Assets
747 
281 
681 
174 
Transfers Into Level 3, Asset
111 
0 
168 
18 
Transfers out of Level 3, Assets
(26)
0 
(93)
0 
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)
(1)
6 
(9)
17 
Net Realized Gains/ (Losses), Assets
0 
(4)
(1)
(12)
Purchases, Assets
169 
348 
390 
472 1 2
Sales, Assets
(24)
(18)
(79)
(48)
Settlements, Assets
(57)
(7)
(138)
(15)
Balance-End of Period, Assets
919 
606 
919 
606 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)
0 
(4)
0 
(11)
Available-for-sale Securities [Member] |
Collateralized Mortgage Backed Securities [Member]
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance- Beginning of Period, Assets
45 
49 
45 
53 
Transfers Into Level 3, Asset
0 
0 
0 
0 
Transfers out of Level 3, Assets
0 
0 
0 
0 
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)
0 
0 
0 
0 
Net Realized Gains/ (Losses), Assets
0 
0 
0 
0 
Purchases, Assets
7 
0 
8 
1 1 2
Sales, Assets
0 
(3)
(1)
(8)
Settlements, Assets
(8)
0 
(8)
0 
Balance-End of Period, Assets
44 
46 
44 
46 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)
$ 0 
$ 0 
$ 0 
$ 0 
Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Guaranteed Minimum Income Benefit [Member]
 
 
 
 
 
 
 
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
 
 
 
 
Reported liabilities
$ 635 
$ 1,200 
$ 635 
$ 1,200 
$ 684 
$ 853 
$ 1,300 
$ 888 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
 
 
 
 
 
 
 
 
Balance - Beginning of Period, Liabilities
357 1
971 2
559 3
609 4
 
 
 
 
Transfers into level 3, liability
0 
0 
9 
0 
 
 
 
 
Transfers out of Level 3, Liabilities
0 
0 
0 
0 
 
 
 
 
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities
0 
0 
0 
0 
 
 
 
 
Net Realized Gains/Losses, Liabilities
(54)
(88)
(265)
274 
 
 
 
 
Purchases, Liabilities
0 
0 
0 
0 4 5
 
 
 
 
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
303 1 3
883 2 4
303 1 3
883 2 4
 
 
 
 
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)
(54)
(88)
(265)
274 
 
 
 
 
Other Derivative Instruments Fair Value [Member]
 
 
 
 
 
 
 
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
 
 
 
 
 
 
 
 
Balance - Beginning of Period, Liabilities
2 
10 
13 
6 
 
 
 
 
Transfers into level 3, liability
0 
0 
0 
0 
 
 
 
 
Transfers out of Level 3, Liabilities
0 
0 
(9)
0 
 
 
 
 
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities
0 
0 
0 
0 
 
 
 
 
Net Realized Gains/Losses, Liabilities
0 
0 
(2)
2 
 
 
 
 
Purchases, Liabilities
0 
0 
0 
2 4 5
 
 
 
 
Sales, Liabilities
0 
0 
0 
0 
 
 
 
 
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements
0 
(2)
0 
(2)
 
 
 
 
Balance - End of Period, Liabilities
2 
8 
2 
8 
 
 
 
 
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)
$ 0 
$ 0 
$ (2)
$ 2 
 
 
 
 
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
$ 10,365 
$ 10,670 
Held-to-maturity Securities
10,160 
10,644 
Repurchase agreements
1,408 
1,403 
Short-term debt
1,020 
500 
Long-term debt
11,559 
12,610 
Trust preferred securities
308 
308 
Total liabilities
117,107 
111,511 
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
563 
555 
Repurchase agreements
0 
0 
Short-term Debt, Fair Value
0 
0 
Long-term Debt, Fair Value
0 
0 
Trust preferred securities
0 
0 
Total liabilities
0 
0 
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
9,791 
10,102 
Repurchase agreements
1,408 
1,403 
Short-term Debt, Fair Value
1,025 
503 
Long-term Debt, Fair Value
12,273 
12,998 
Trust preferred securities
467 
456 
Total liabilities
15,173 
15,360 
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
11 
13 
Repurchase agreements
0 
0 
Short-term Debt, Fair Value
0 
0 
Long-term Debt, Fair Value
0 
0 
Trust preferred securities
0 
0 
Total liabilities
0 
0 
U.S. Treasury And Agency [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
563 
555 
U.S. Treasury And Agency [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
58 
106 
U.S. Treasury And Agency [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
Foreign [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
Foreign [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
644 
667 
Foreign [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
Corporate [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
Corporate [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
2,578 
2,782 
Corporate [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
11 
13 
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
1,258 
1,428 
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
States, Municipalities, And Political Subdivisions [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
States, Municipalities, And Political Subdivisions [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
5,253 
5,119 
States, Municipalities, And Political Subdivisions [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
0 
0 
Estimate of Fair Value Measurement [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
10,365 
10,670 
Repurchase agreements
1,408 
1,403 
Short-term Debt, Fair Value
1,025 
503 
Long-term Debt, Fair Value
12,273 
12,998 
Trust preferred securities
467 
456 
Total liabilities
15,173 
15,360 
Estimate of Fair Value Measurement [Member] |
U.S. Treasury And Agency [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
621 
661 
Estimate of Fair Value Measurement [Member] |
Foreign [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
644 
667 
Estimate of Fair Value Measurement [Member] |
Corporate [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
2,589 
2,795 
Estimate of Fair Value Measurement [Member] |
Collateralized Mortgage Backed Securities [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
1,258 
1,428 
Estimate of Fair Value Measurement [Member] |
States, Municipalities, And Political Subdivisions [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities, Fair Value
5,253 
5,119 
Reported Value Measurement [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities
10,160 
10,644 
Repurchase agreements
1,408 
1,403 
Short-term debt
1,020 
500 
Long-term debt
11,559 
12,610 
Trust preferred securities
308 
308 
Total liabilities
14,295 
14,821 
Reported Value Measurement [Member] |
U.S. Treasury And Agency [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities
611 
655 
Reported Value Measurement [Member] |
Foreign [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities
616 
640 
Reported Value Measurement [Member] |
Corporate [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities
2,531 
2,771 
Reported Value Measurement [Member] |
Collateralized Mortgage Backed Securities [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities
1,223 
1,393 
Reported Value Measurement [Member] |
States, Municipalities, And Political Subdivisions [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Held-to-maturity Securities
$ 5,179 
$ 5,185 
Unpaid losses and loss expenses Unpaid losses and loss expenses (RF Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Jan. 14, 2016
Unpaid Losses and Loss Expenses [Roll Forward]
 
 
 
 
Gross unpaid losses and loss expenses, beginning of year
$ 60,540 
$ 37,303 
 
 
Reinsurance Recoverable on unpaid losses, beginning of year
(12,708)1
(10,741)1
 1
 
Net unpaid loss, beginning of period
47,832 
26,562 
 
 
Acquisition of subsidiaries
 
 
0 
21,402 
Total, Beginning of year
47,832 
47,964 
 
 
Current Year Claims and Claims Adjustment Expense
14,963 
13,169 
 
 
PPD (Favorable) / Adverse
(781)2
(972)2
 
 
Total, Incurred
14,182 
12,197 
 
 
Net loss and loss expenses paid, Current Year
3,937 
3,865 
 
 
Net losses and loss expenses Paid, Prior Years
8,389 
7,470 
 
 
Total, Paid
12,326 
11,335 
 
 
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other
596 
(155)
 
 
Net unpaid Loss, end of period
50,283 
48,671 
 
 
Reinsurance Recoverables on unpaid losses, end of year
13,870 1
12,676 1
 
 
Gross unpaid losses and loss expenses, end of year
64,153 
61,347 
 
 
prior period development, net adjustments
$ 110 
$ 75 
 
 
Unpaid losses and loss expenses Unpaid losses and loss expenses (narrative details) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
$ (781)1
$ (972)1
prior period development, net adjustments
 
 
110 
75 
North America Commercial P&C Insurance [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(236)
(187)
(546)
(533)
North America Commercial P&C Insurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(242)
(167)
(431)
(473)
North America Commercial P&C Insurance [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
6 
 
(115)
(60)
North America Commercial P&C Insurance [Member] |
North America Workers' Compensation [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(99)
(134)
North America Commercial P&C Insurance [Member] |
Multi-Line [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
prior period development, net adjustments
26 
 
 
 
North America Commercial P&C Insurance [Member] |
Accident Year 2016 [Member] |
North America Workers' Compensation [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(37)
 
North America Commercial P&C Insurance [Member] |
Accident Year 2013 and prior [Member] |
North America Workers' Compensation [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(44)
 
(62)
 
North America Commercial P&C Insurance [Member] |
Accident years 2008 - 2013 [Member] |
Commercial Multi-peril and General Liability [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(27)
 
North America Commercial P&C Insurance [Member] |
Accident years 2014 and 2016 [Member] |
Property [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(43)
 
North America Commercial P&C Insurance [Member] |
Accident Year 2010 and Prior [Member] |
Commercial Excess and Umbrella [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(127)
 
(272)
North America Commercial P&C Insurance [Member] |
Accident year 2012 and 2013 [Member] |
Professional Liability Insurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(30)
 
North America Commercial P&C Insurance [Member] |
Accident year 2012 and 2013 [Member] |
Multi-Line [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(28)
 
(28)
 
North America Commercial P&C Insurance [Member] |
Accident year 2015 and 2016 [Member] |
Accident and Health Insurance Product Line [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(19)
 
North America Commercial P&C Insurance [Member] |
Accident year 2011 and prior [Member] |
Commercial Excess and Umbrella [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(140)
 
(213)
 
North America Commercial P&C Insurance [Member] |
Accident Year 2015 [Member] |
North America Workers' Compensation [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(40)
North America Commercial P&C Insurance [Member] |
Accident Year 2015 [Member] |
Credit Related Business [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(45)
 
North America Commercial P&C Insurance [Member] |
Accident year 2007 - 2014 [Member] |
Primary Casualty GL [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(20)
North America Commercial P&C Insurance [Member] |
Accident years 2012 and prior [Member] |
North America Workers' Compensation [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(91)
North America Commercial P&C Insurance [Member] |
Accident years 2012 and prior [Member] |
Professional Liability Insurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(69)
North America Commercial P&C Insurance [Member] |
Accident year 2014 and 2015 [Member] |
Property [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(20)
 
(46)
North America Personal P&C Insurance [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
32 
38 
66 
20 
North America Personal P&C Insurance [Member] |
Personal Homeowner [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
28 
105 
 
North America Personal P&C Insurance [Member] |
Accident Year 2016 [Member] |
Personal Homeowner [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
98 
 
 
 
North America Personal P&C Insurance [Member] |
Accident Year 2014 [Member] |
Personal Excess [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(58)
 
(58)
 
North America Agricultural Insurance [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(4)
(11)
 
 
North America Agricultural Insurance [Member] |
Commercial Multi-peril and General Liability [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(83)
(52)
Overseas General Insurance [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(108)
(223)
(184)
(338)
Overseas General Insurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(109)
(234)
(78)
(235)
Overseas General Insurance [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
11 
(106)
(103)
Overseas General Insurance [Member] |
Casualty [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(40)
 
(9)
 
Overseas General Insurance [Member] |
Casualty and Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(167)
 
(167)
Overseas General Insurance [Member] |
Individual Legacy Liability [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(25)
 
 
Overseas General Insurance [Member] |
Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(34)
 
(34)
 
Overseas General Insurance [Member] |
Accident Year 2013 and prior [Member] |
Casualty [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(69)
 
 
 
Overseas General Insurance [Member] |
Accident Year 2013 and prior [Member] |
Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(124)
 
 
 
Overseas General Insurance [Member] |
Accident year 2013 to 2015 [Member] |
Property and Inland Marine [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(37)
 
Overseas General Insurance [Member] |
Accident year 2013 to 2015 [Member] |
Casualty and Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
94 
 
94 
Overseas General Insurance [Member] |
Accident years 2014 - 2016 [Member] |
Accident and Health Insurance Product Line [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(20)
 
Overseas General Insurance [Member] |
Accident years 2014 - 2016 [Member] |
Casualty [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
29 
 
 
 
Overseas General Insurance [Member] |
Accident years 2014 - 2016 [Member] |
Energy and Technical Risk Property [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(43)
 
Overseas General Insurance [Member] |
Accident years 2014 - 2016 [Member] |
Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
90 
 
 
 
Overseas General Insurance [Member] |
Accident years 2012 and prior [Member] |
Casualty and Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(261)
 
(261)
Overseas General Insurance [Member] |
Accident years 2012 and prior [Member] |
Aviation [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(28)
 
 
Overseas General Insurance [Member] |
Accident years 2016 and prior [Member] |
Casualty and Financial [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
32 
 
Overseas General Insurance [Member] |
Accident year 2012 to 2014 [Member] |
Property [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(66)
Overseas General Insurance [Member] |
Accident year 2010 to 2014 [Member] |
Energy and Technical Risk Property [Member] |
Short Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(35)
Global Reinsurance [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(41)
(28)
(64)
(78)
Global Reinsurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
(67)
 
Global Reinsurance [Member] |
Auto Liability Excess Lines [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
10 
 
Global Reinsurance [Member] |
Accident Year 2013 and prior [Member] |
Professional Liability Insurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
(29)
 
(66)
 
Global Reinsurance [Member] |
Accident year 2011 and prior [Member] |
Professional Liability Insurance [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
(24)
 
(30)
Global Reinsurance [Member] |
Accident year 2011 and prior [Member] |
Casualty [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
 
(41)
Global Reinsurance [Member] |
Accident Year 2015 [Member] |
Auto Liability Excess Lines [Member] |
Long Tail [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
9 
 
Corporate Segment [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
87 
62 
140 
84 
Corporate Segment [Member] |
Discontinued Operations [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
9 
10 
28 
27 
Corporate Segment [Member] |
non-A&E run-off [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
 
 
35 
 
Corporate Segment [Member] |
Asbestos & Environmental [Member]
 
 
 
 
Liability for Claims and Claims Adjustment Expense [Line Items]
 
 
 
 
PPD (Favorable) / Adverse
$ 77 
$ 52 
 
 
Commitments, Contingencies, And Guarantees (Narrative) (Detail) (USD $)
Sep. 30, 2017
Dec. 31, 2016
Oct. 31, 2017
Subsequent Event [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
 
 
 
Purchase Commitment, Remaining Minimum Amount Committed
$ 932,000,000 
 
 
Derivative liability subject to a master netting agreement
41,000,000 
10,000,000 
 
Unrecognized tax benefits
14,000,000 
 
 
Repurchase agreements
1,408,000,000 
1,403,000,000 
 
Funding commitments relating to limited partnerships and partially-owned investment companies
1,700,000,000 
 
2,500,000,000 
Carrying value of limited partnerships and partially-owned investment companies included in other investments
$ 3,400,000,000 
 
 
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, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Foreign currency forward contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
$ 2,035 
$ 2,220 
Cross Currency Swap [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
0 
0 
Fair Value, Asset
0 
0 
Notional Value/Payment Provision
45 
95 
Options/Futures contracts on notes and bonds
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
1,437 
2,344 
Convertibles and Bonds with Warrants Attached [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
4 
7 1
Investment And Embedded Derivative Instruments [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
15 
33 
Notional Value/Payment Provision
3,521 
4,666 
Single-Stock Future [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
1,455 2
1,316 2
Other Derivatives [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
259 
214 
Other Derivative Instruments [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
1,714 
1,530 
Guaranteed Living Benefits [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional Value/Payment Provision
1,138 3
1,264 3
Other Assets [Member] |
Foreign currency forward contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
8 
25 
Other Assets [Member] |
Options/Futures contracts on notes and bonds
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
7 
6 
Other Assets [Member] |
Single-Stock Future [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
0 2
1 2
Other Assets [Member] |
Other Derivatives [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
0 
2 
Other Assets [Member] |
Other Derivative Instruments [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
0 
3 
Other Assets [Member] |
Guaranteed Living Benefits [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
0 3
0 3
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Foreign currency forward contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
(31)
(50)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Options/Futures contracts on notes and bonds
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
(6)
(4)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Convertibles and Bonds with Warrants Attached [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
0 
0 1
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Investment And Embedded Derivative Instruments [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
(37)
(54)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Single-Stock Future [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
(25)2
0 2
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Other Derivatives [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
(2)
(13)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] |
Other Derivative Instruments [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
(27)
(13)
Fixed Maturities Available For Sale [Member] |
Convertibles and Bonds with Warrants Attached [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Asset
0 
2 1
Accounts Payable Future Policy Benefits [Member] |
Guaranteed Living Benefits [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value, Liability
$ (635)3
$ (853)3
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
$ 1,757 
$ 1,092 
Securities lending payable
1,757 
1,093 
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Secured Borrowings, Gross, Difference, Amount
0 
(1)1
Cash and Cash Equivalents [Member] |
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
1,109 
423 
U.S. Treasury And Agency [Member] |
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
38 
54 
Foreign Government Debt [Member] |
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
491 
578 
Corporate [Member] |
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
0 
37 
Collateralized Mortgage Backed Securities [Member] |
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
46 
0 
Equity Securities [Member] |
Overnight and Continuous [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Securities lending collateral
$ 73 
$ 0 
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
$ 1,441 
$ 1,461 
Repurchase agreements
1,408 
1,403 
Cash and Cash Equivalents [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
0 
1 
U.S. Treasury And Agency [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
240 
240 
Collateralized Mortgage Backed Securities [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
1,201 
1,220 
Repurchase Agreements [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Secured Borrowings, Gross, Difference, Amount
33 1
58 1
Maturity Less than 30 Days [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
574 
569 
Maturity Less than 30 Days [Member] |
Cash and Cash Equivalents [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
0 
0 
Maturity Less than 30 Days [Member] |
U.S. Treasury And Agency [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
231 
230 
Maturity Less than 30 Days [Member] |
Collateralized Mortgage Backed Securities [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
343 
339 
Maturity Greater than 90 Days [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
867 
892 
Maturity Greater than 90 Days [Member] |
Cash and Cash Equivalents [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
0 
1 
Maturity Greater than 90 Days [Member] |
U.S. Treasury And Agency [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
9 
10 
Maturity Greater than 90 Days [Member] |
Collateralized Mortgage Backed Securities [Member]
 
 
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
 
 
Assets pledged under repurchase agreements
$ 858 
$ 881 
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
$ (22)
$ 48 
$ 68 
$ (442)
Foreign currency forward contracts
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
(7)
(10)
0 
(30)
All Other Futures Contracts And Options [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
(8)
8 
(25)
(63)
Convertibles and Bonds with Warrants Attached [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
1 
3 
1 
8 
Investment And Embedded Derivative Instruments [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
(14)
1 
(24)
(85)
Guaranteed Minimum Income Benefit [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
54 
89 
265 
(270)
Single-Stock Future [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
(57)
(45)
(169)
(88)
Other Derivatives [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
(5)
3 
(4)
1 
Guaranteed Living Benefit And Other Derivative Instruments [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Gain Loss on Derivative
$ (8)
$ 47 
$ 92 
$ (357)
Commitments, contingencies, and guarantees Commitments, Contingencies, And Gaurentees (Letter of Credit Narrative) (USD $)
In Billions, unless otherwise specified
Sep. 30, 2017
Oct. 31, 2017
Subsequent Event [Member]
Oct. 25, 2017
Subsequent Event [Member]
Line of Credit Facility [Line Items]
 
 
 
Other Investments Limited Partnerships And Partially Owned Investment Companies Funding Commitments
$ 1.7 
$ 2.5 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
2.0 
Line of Credit Facility, Current Borrowing Capacity
1.5 
 
1.0 
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases
 
 
$ 1.0 
Shareholders' equity Shareholders' equity (Details)
In Billions, except Share data, unless otherwise specified
Sep. 30, 2017
CHF
May 31, 2017
USD ($)
Dec. 31, 2016
CHF
May 31, 2016
USD ($)
May 31, 2015
USD ($)
Nov. 30, 2016
Nov 2016 Stock Repurchase Plan [Member]
USD ($)
Equity, Class of Treasury Stock [Line Items]
 
 
 
 
 
 
Common Shares, par value
 24.15 
 
 24.15 
 
 
 
Common Shares in treasury, shares
15,625,345 
 
13,815,148 
 
 
 
Authorized amount of share repurchase program
 
 
 
 
 
$ 1 
Common Stock, Dividend Rate Approved
 
$ 0.71 
 
$ 0.69 
$ 0.67 
 
Annual dividend per share approved by shareholders
 
$ 2.84 
 
$ 2.76 
$ 2.68 
 
Shareholders' equity Dividends declared (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2017
CHF
Sep. 30, 2016
USD ($)
Sep. 30, 2016
CHF
Sep. 30, 2017
USD ($)
Sep. 30, 2017
CHF
Sep. 30, 2016
USD ($)
Sep. 30, 2016
CHF
Dividends Declared [Abstract]
 
 
 
 
 
 
 
 
Common Stock, Dividend Rate Declared
$ 0.71 
 0.68 
$ 0.69 
 0.67 
$ 2.11 
 2.06 
$ 2.05 
 2.01 
Shareholders' equity Share Repurchases (Details) (Nov 2016 Stock Repurchase Plan [Member], USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended 1 Months Ended
Sep. 30, 2017
Sep. 30, 2017
Oct. 31, 2017
Subsequent Event [Member]
Class of Stock [Line Items]
 
 
 
Treasury Stock, Shares, Acquired
1,615,383 
5,033,013 
25,000 
Treasury Stock, Value, Acquired, Cost Method
$ 232 
$ 707 
$ 4 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
$ 293 
$ 293 
$ 289 
Share-Based Compensation (Detail) (USD $)
0 Months Ended 9 Months Ended
Feb. 23, 2017
Sep. 30, 2017
Stock Options [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Award vesting period in years
 
3 years 
Award term period in years
 
10 years 
Stock options granted
2,065,620 
 
Weighted-average grant date fair value for stock options granted
$ 22.97 
 
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
1,105,118 
 
Grant date fair value of awards except for options granted to employees and officers of the company
$ 139.01 
 
Restricted Stock Units (RSUs) [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted stock units awarded to employees and officers of the company
326,272 
 
Performance Shares [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
202,251 
 
Postretirement benefits Components of net periodic benefit costs (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Pension Plan [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
$ 21 
$ 26 
$ 61 
$ 72 
Interest cost
33 
34 
99 
104 
Expected return on plan assets
(58)
(52)
(173)
(151)
Amortization of net actuarial loss
1 
0 
2 
2 
Amortization of prior service cost
0 
 
0 
 
Curtailments
0 
(4)
(8)
(4)
Settlements
 
(1)
 
(1)
Net periodic (benefit) cost
(3)
3 
(19)
22 
Pension Plan [Member] |
UNITED STATES
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
15 
20 
47 
57 
Interest cost
27 
26 
79 
80 
Expected return on plan assets
(47)
(42)
(142)
(121)
Amortization of net actuarial loss
0 
0 
0 
0 
Amortization of prior service cost
0 
 
0 
 
Curtailments
0 
(4)
0 
(4)
Settlements
 
(1)
 
(1)
Net periodic (benefit) cost
(5)
(1)
(16)
11 
Pension Plan [Member] |
Non-US [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
6 
6 
14 
15 
Interest cost
6 
8 
20 
24 
Expected return on plan assets
(11)
(10)
(31)
(30)
Amortization of net actuarial loss
1 
0 
2 
2 
Amortization of prior service cost
0 
 
0 
 
Curtailments
0 
0 
(8)
0 
Settlements
 
0 
 
0 
Net periodic (benefit) cost
2 
4 
(3)
11 
Other Postretirement Benefits Plan [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
0 
4 
2 
9 
Interest cost
2 
4 
3 
13 
Expected return on plan assets
(2)
(3)
(4)
(7)
Amortization of net actuarial loss
0 
0 
0 
0 
Amortization of prior service cost
(22)
 
(68)
 
Curtailments
(32)
0 
(32)
0 
Settlements
 
0 
 
0 
Net periodic (benefit) cost
(54)
5 
(99)
15 
Other Postretirement Benefits Plan [Member] |
UNITED STATES
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
0 
4 
1 
8 
Interest cost
1 
4 
2 
13 
Expected return on plan assets
(2)
(3)
(4)
(7)
Amortization of net actuarial loss
0 
0 
0 
0 
Amortization of prior service cost
(22)
 
(68)
 
Curtailments
(32)
0 
(32)
0 
Settlements
 
0 
 
0 
Net periodic (benefit) cost
(55)
5 
(101)
14 
Other Postretirement Benefits Plan [Member] |
Non-US [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
0 
0 
1 
1 
Interest cost
1 
0 
1 
0 
Expected return on plan assets
0 
0 
0 
0 
Amortization of net actuarial loss
0 
0 
0 
0 
Amortization of prior service cost
0 
 
0 
 
Curtailments
0 
0 
0 
0 
Settlements
 
0 
 
0 
Net periodic (benefit) cost
$ 1 
$ 0 
$ 2 
$ 1 
Segment information Segment Information (narrative Detail (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]
 
 
 
 
Derivative, (Gain) Loss on Derivative, Net
$ 22 
$ (48)
$ (68)
$ 442 
Net investment income
813 
739 
2,328 
2,121 
North America Agricultural Insurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Segment Income Loss Including Gains Losses On Crop Derivatives
86 
 
 
 
Derivative, (Gain) Loss on Derivative, Net
5 
 
 
 
Net investment income
6 
5 
18 
15 
Segment Life [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net investment income
78 
71 
230 
207 
Management Underwriting Income (Loss)
70 
 
 
 
Gains Losses On Fair Value Changes In Separate Account Assets
$ 24 
 
 
 
Segment Information (Operations By Segment) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
$ 7,902 
$ 7,573 
$ 22,193 
$ 21,207 
Net premiums earned
7,807 
7,688 
21,816 
21,690 
Losses and loss expenses
6,247 
4,269 
14,182 
12,197 
Policy benefits
169 
155 
500 
427 
Policy acquisition costs
1,488 
1,514 
4,334 
4,487 
Administrative expenses
714 
772 
2,096 
2,373 
Underwriting income (loss)
(811)
978 
704 
2,206 
Net investment income
813 
739 
2,328 
2,121 
Other (income) expense
(118)
(91)
(333)
(92)
Amortization of purchased intangibles
65 
4 
194 
16 
Segment Income (loss)
55 
1,804 
3,171 
4,403 
Net realized gains (losses) including OTTI
(10)
100 
84 
(510)
Interest expense
150 
152 
451 
451 
Chubb integration expenses
50 
115 
233 
361 
Income tax benefit
(85)
277 
243 
556 
Net income (loss)
(70)
1,360 
2,328 
2,525 
North America Commercial P&C Insurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
3,089 
3,110 
9,035 
8,657 
Net premiums earned
3,016 
3,086 
9,156 
9,130 
Losses and loss expenses
2,580 
1,863 
6,376 
5,581 
Policy benefits
0 
 
0 
0 
Policy acquisition costs
469 
522 
1,420 
1,549 
Administrative expenses
256 
275 
728 
840 
Underwriting income (loss)
(289)
426 
632 
1,160 
Net investment income
497 
477 
1,465 
1,371 
Other (income) expense
(4)
3 
(4)
(6)
Amortization of purchased intangibles
0 
0 
0 
0 
Segment Income (loss)
212 
900 
2,101 
2,537 
North America Personal P&C Insurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
1,194 
1,011 
3,433 
3,113 
Net premiums earned
1,117 
1,081 
3,296 
3,245 
Losses and loss expenses
1,062 
594 
2,378 
1,916 
Policy benefits
0 
 
0 
0 
Policy acquisition costs
226 
229 
673 
747 
Administrative expenses
61 
89 
192 
275 
Underwriting income (loss)
(232)
169 
53 
307 
Net investment income
57 
53 
168 
155 
Other (income) expense
1 
2 
3 
6 
Amortization of purchased intangibles
4 
4 
12 
16 
Segment Income (loss)
(180)
216 
206 
440 
North America Agricultural Insurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
926 
849 
1,390 
1,288 
Net premiums earned
898 
819 
1,256 
1,169 
Losses and loss expenses
759 
683 
976 
937 
Policy benefits
0 
 
0 
0 
Policy acquisition costs
49 
48 
75 
77 
Administrative expenses
(1)
1 
(4)
(1)
Underwriting income (loss)
91 
87 
209 
156 
Net investment income
6 
5 
18 
15 
Other (income) expense
0 
0 
1 
0 
Amortization of purchased intangibles
8 
7 
22 
22 
Segment Income (loss)
89 
85 
204 
149 
Overseas General Insurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
1,963 
1,940 
6,169 
6,012 
Net premiums earned
2,064 
2,034 
6,018 
6,082 
Losses and loss expenses
1,281 
843 
3,316 
2,953 
Policy benefits
0 
 
0 
0 
Policy acquisition costs
569 
546 
1,653 
1,586 
Administrative expenses
246 
261 
734 
801 
Underwriting income (loss)
(32)
384 
315 
742 
Net investment income
164 
152 
460 
445 
Other (income) expense
(10)
(6)
(14)
(16)
Amortization of purchased intangibles
11 
12 
33 
36 
Segment Income (loss)
131 
530 
756 
1,167 
Global Reinsurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
191 
131 
580 
562 
Net premiums earned
185 
156 
542 
543 
Losses and loss expenses
295 
49 
435 
225 
Policy benefits
0 
 
0 
0 
Policy acquisition costs
43 
42 
137 
142 
Administrative expenses
11 
12 
33 
40 
Underwriting income (loss)
(164)
53 
(63)
136 
Net investment income
80 
67 
207 
199 
Other (income) expense
(3)
0 
(2)
(3)
Amortization of purchased intangibles
0 
0 
0 
0 
Segment Income (loss)
(81)
120 
146 
338 
Life Insurance [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
539 
532 
1,586 
1,575 
Net premiums earned
527 
512 
1,548 
1,521 
Losses and loss expenses
181 
174 
556 
498 
Policy benefits
169 
155 
500 
427 
Policy acquisition costs
132 
127 
376 
386 
Administrative expenses
77 
77 
226 
226 
Underwriting income (loss)
(32)
(21)
(110)
(16)
Net investment income
78 
71 
230 
207 
Other (income) expense
(19)
(20)
(60)
(14)
Amortization of purchased intangibles
1 
1 
2 
2 
Segment Income (loss)
64 
69 
178 
203 
Corporate And Other [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net premiums written
0 
 
0 
0 
Net premiums earned
0 
 
0 
0 
Losses and loss expenses
89 
63 
145 
87 
Policy benefits
0 
 
0 
0 
Policy acquisition costs
0 
0 
0 
0 
Administrative expenses
64 
57 
187 
192 
Underwriting income (loss)
(153)
(120)
(332)
(279)
Net investment income
(69)
(86)
(220)
(271)
Other (income) expense
(83)
(70)
(257)
(59)
Amortization of purchased intangibles
41 
(20)
125 
(60)
Segment Income (loss)
(180)
(116)
(420)
(431)
Net realized gains (losses) including OTTI
(10)
100 
84 
(510)
Interest expense
150 
152 
451 
451 
Chubb integration expenses
50 
115 
233 
361 
Income tax benefit
(85)
277 
243 
556 
Net income (loss)
$ (305)
$ (560)
$ (1,263)
$ (2,309)
Earnings Per Share (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Earnings Per Share [Abstract]
 
 
 
 
Net income
$ (70)
$ 1,360 
$ 2,328 
$ 2,525 
Weighted-average shares outstanding
466,370,784 
468,021,093 
467,658,334 
460,631,794 
Share-based compensation plans
3,820,673 
3,375,269 
3,961,572 
3,439,017 
Weighted-average shares outstanding and assumed conversions
466,370,784 
471,396,362 
471,619,906 
464,070,811 
Basic earnings per share (US$ per share)
$ (0.15)
$ 2.90 
$ 4.98 
$ 5.48 
Diluted earnings per share (US$ per share)
$ (0.15)
$ 2.88 
$ 4.94 
$ 5.44 
Potential anti-dilutive share conversions
2,045,829 
1,306,710 
1,673,777 
1,635,337 
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details)
Sep. 30, 2017
Debt Instrument [Line Items]
 
Equity Method Investment, Ownership Percentage
100.00% 
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Condensed Balance Sheet Statements, Captions [Line Items]
 
 
 
 
Investments
$ 102,424 
$ 99,094 
 
 
Cash
1,088 1 2
985 1 3
870 4
1,775 4
Insurance and reinsurance balances receivable
9,551 
8,970 
 
 
Reinsurance recoverable on losses and loss expenses
14,799 
13,577 
 
 
Reinsurance recoverable on policy benefits
193 
182 
 
 
Value of business acquired
339 
355 
 
 
Goodwill and other intangible assets
22,265 
22,095 
 
 
Investments in subsidiaries
0 
0 
 
 
Due from subsidiaries and affiliates, net
0 
0 
 
 
Other assets
16,919 
14,528 
 
 
Total assets
167,578 
159,786 
 
 
Unpaid losses and loss expenses
64,153 
60,540 
61,347 
37,303 
Unearned premiums
15,456 
14,779 
 
 
Future policy benefits
5,307 
5,036 
 
 
Due to subsidiaries and affiliates, net
0 
0 
 
 
Affiliated notional cash pooling programs
0 
0 
 
 
Repurchase agreements
1,408 
1,403 
 
 
Short-term debt
1,020 
500 
 
 
Long-term debt
11,559 
12,610 
 
 
Trust preferred securities
308 
308 
 
 
Other liabilities
17,896 
16,335 
 
 
Total liabilities
117,107 
111,511 
 
 
Total shareholders' equity
50,471 
48,275 
48,372 
 
Total liabilities and shareholders’ equity
167,578 
159,786 
 
 
Chubb Limited (Parent Guarantor)
 
 
 
 
Condensed Balance Sheet Statements, Captions [Line Items]
 
 
 
 
Investments
0 
27 
 
 
Cash
1 1 2
1 1 3
6 4
1 4
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
40,936 
38,408 
 
 
Due from subsidiaries and affiliates, net
9,913 
10,482 
 
 
Other assets
61 
3 
 
 
Total assets
50,911 
48,921 
 
 
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
85 2
363 3
 
 
Repurchase agreements
0 
0 
 
 
Short-term debt
0 
0 
 
 
Long-term debt
0 
0 
 
 
Trust preferred securities
0 
0 
 
 
Other liabilities
355 
283 
 
 
Total liabilities
440 
646 
 
 
Total shareholders' equity
50,471 
48,275 
 
 
Total liabilities and shareholders’ equity
50,911 
48,921 
 
 
Chubb INA Holdings Inc (Subsidiary Issuer)
 
 
 
 
Condensed Balance Sheet Statements, Captions [Line Items]
 
 
 
 
Investments
169 
485 
 
 
Cash
0 1 2
1 1 3
2 4
2 4
Insurance and reinsurance balances receivable
0 
0 
 
 
Reinsurance recoverable on losses and loss expenses
0 
0 
 
 
Reinsurance recoverable on policy benefits
0 
0 
 
 
Value of business acquired
0 
0 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Investments in subsidiaries
50,926 
49,509 
 
 
Due from subsidiaries and affiliates, net
0 
0 
 
 
Other assets
276 
436 
 
 
Total assets
51,371 
50,431 
 
 
Unpaid losses and loss expenses
0 
0 
 
 
Unearned premiums
0 
0 
 
 
Future policy benefits
0 
0 
 
 
Due to subsidiaries and affiliates, net
9,697 
10,209 
 
 
Affiliated notional cash pooling programs
2 2
619 3
 
 
Repurchase agreements
0 
0 
 
 
Short-term debt
1,020 
500 
 
 
Long-term debt
11,548 
12,599 
 
 
Trust preferred securities
308 
308 
 
 
Other liabilities
1,685 
1,582 
 
 
Total liabilities
24,260 
25,817 
 
 
Total shareholders' equity
27,111 
24,614 
 
 
Total liabilities and shareholders’ equity
51,371 
50,431 
 
 
Other Chubb Limited Subsidiaries
 
 
 
 
Condensed Balance Sheet Statements, Captions [Line Items]
 
 
 
 
Investments
102,255 
98,582 
 
 
Cash
1,174 1 2
1,965 1 3
2,158 4
2,743 4
Insurance and reinsurance balances receivable
11,076 
10,498 
 
 
Reinsurance recoverable on losses and loss expenses
27,007 
24,496 
 
 
Reinsurance recoverable on policy benefits
1,232 
1,153 
 
 
Value of business acquired
339 
355 
 
 
Goodwill and other intangible assets
22,265 
22,095 
 
 
Investments in subsidiaries
0 
0 
 
 
Due from subsidiaries and affiliates, net
0 
0 
 
 
Other assets
20,699 
18,442 
 
 
Total assets
186,047 
177,586 
 
 
Unpaid losses and loss expenses
75,688 
70,683 
 
 
Unearned premiums
19,150 
18,538 
 
 
Future policy benefits
6,346 
6,007 
 
 
Due to subsidiaries and affiliates, net
216 
273 
 
 
Affiliated notional cash pooling programs
0 2
0 3
 
 
Repurchase agreements
1,408 
1,403 
 
 
Short-term debt
0 
0 
 
 
Long-term debt
11 
11 
 
 
Trust preferred securities
0 
0 
 
 
Other liabilities
18,477 
17,368 
 
 
Total liabilities
121,296 
114,283 
 
 
Total shareholders' equity
64,751 
63,303 
 
 
Total liabilities and shareholders’ equity
186,047 
177,586 
 
 
Consolidating Adjustments and Eliminations
 
 
 
 
Condensed Balance Sheet Statements, Captions [Line Items]
 
 
 
 
Investments
0 
0 
 
 
Cash
(87)1 2
(982)1 3
(1,296)4
(971)4
Insurance and reinsurance balances receivable
(1,525)
(1,528)
 
 
Reinsurance recoverable on losses and loss expenses
(12,208)
(10,919)
 
 
Reinsurance recoverable on policy benefits
(1,039)
(971)
 
 
Value of business acquired
0 
0 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Investments in subsidiaries
(91,862)
(87,917)
 
 
Due from subsidiaries and affiliates, net
(9,913)
(10,482)
 
 
Other assets
(4,117)
(4,353)
 
 
Total assets
(120,751)
(117,152)
 
 
Unpaid losses and loss expenses
(11,535)
(10,143)
 
 
Unearned premiums
(3,694)
(3,759)
 
 
Future policy benefits
(1,039)
(971)
 
 
Due to subsidiaries and affiliates, net
(9,913)
(10,482)
 
 
Affiliated notional cash pooling programs
(87)2
(982)3
 
 
Repurchase agreements
0 
0 
 
 
Short-term debt
0 
0 
 
 
Long-term debt
0 
0 
 
 
Trust preferred securities
0 
0 
 
 
Other liabilities
(2,621)
(2,898)
 
 
Total liabilities
(28,889)
(29,235)
 
 
Total shareholders' equity
(91,862)
(87,917)
 
 
Total liabilities and shareholders’ equity
$ (120,751)
$ (117,152)
 
 
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Condensed Statement of Income Captions [Line Items]
 
 
 
 
Net premiums written
$ 7,902 
$ 7,573 
$ 22,193 
$ 21,207 
Net premiums earned
7,807 
7,688 
21,816 
21,690 
Net investment income
813 
739 
2,328 
2,121 
Equity in earnings of subsidiaries
0 
0 
0 
0 
Net realized gains (losses) including OTTI
(10)
100 
84 
(510)
Losses and loss expenses
6,247 
4,269 
14,182 
12,197 
Policy benefits
169 
155 
500 
427 
Policy acquisition costs and administrative expenses
2,202 
2,286 
6,430 
6,860 
Interest (income) expense
150 
152 
451 
451 
Other (income) expense
(118)
(91)
(333)
(92)
Amortization of purchased intangibles
65 
4 
194 
16 
Chubb integration expenses
50 
115 
233 
361 
Income tax benefit
(85)
277 
243 
556 
Net income (loss)
(70)
1,360 
2,328 
2,525 
Comprehensive income (loss)
629 
1,376 
3,711 
4,457 
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
(85)
(2,040)
(3,731)
(4,134)
Net realized gains (losses) including OTTI
0 
0 
0 
0 
Losses and loss expenses
0 
0 
0 
0 
Policy benefits
0 
0 
0 
0 
Policy acquisition costs and administrative expenses
0 
0 
0 
0 
Interest (income) expense
0 
0 
0 
0 
Other (income) expense
0 
0 
0 
0 
Amortization of purchased intangibles
0 
0 
0 
0 
Chubb integration expenses
0 
0 
0 
0 
Income tax benefit
0 
0 
0 
0 
Net income (loss)
(85)
(2,040)
(3,731)
(4,134)
Comprehensive income (loss)
(1,472)
(2,066)
(6,477)
(7,528)
Chubb Limited (Parent Guarantor)
 
 
 
 
Condensed Statement of Income Captions [Line Items]
 
 
 
 
Net premiums written
0 
0 
0 
0 
Net premiums earned
0 
0 
0 
0 
Net investment income
1 
1 
3 
3 
Equity in earnings of subsidiaries
(127)
1,292 
2,153 
2,331 
Net realized gains (losses) including OTTI
0 
0 
(2)
(1)
Losses and loss expenses
0 
0 
0 
0 
Policy benefits
0 
0 
0 
0 
Policy acquisition costs and administrative expenses
20 
15 
56 
48 
Interest (income) expense
(84)
(93)
(252)
(266)
Other (income) expense
(5)
(7)
(7)
(20)
Amortization of purchased intangibles
0 
0 
0 
0 
Chubb integration expenses
7 
12 
13 
29 
Income tax benefit
6 
6 
16 
17 
Net income (loss)
(70)
1,360 
2,328 
2,525 
Comprehensive income (loss)
629 
1,376 
3,711 
4,457 
Chubb INA Holdings Inc (Subsidiary Issuer)
 
 
 
 
Condensed Statement of Income Captions [Line Items]
 
 
 
 
Net premiums written
0 
0 
0 
0 
Net premiums earned
0 
0 
0 
0 
Net investment income
3 
2 
10 
9 
Equity in earnings of subsidiaries
212 
748 
1,578 
1,803 
Net realized gains (losses) including OTTI
(8)
(2)
(22)
(3)
Losses and loss expenses
0 
0 
0 
0 
Policy benefits
0 
0 
0 
0 
Policy acquisition costs and administrative expenses
16 
12 
28 
144 
Interest (income) expense
208 
233 
641 
681 
Other (income) expense
9 
6 
34 
26 
Amortization of purchased intangibles
0 
0 
0 
0 
Chubb integration expenses
1 
16 
54 
56 
Income tax benefit
(89)
(136)
(288)
(323)
Net income (loss)
62 
617 
1,097 
1,225 
Comprehensive income (loss)
748 
627 
2,459 
2,687 
Other Chubb Limited Subsidiaries
 
 
 
 
Condensed Statement of Income Captions [Line Items]
 
 
 
 
Net premiums written
7,902 
7,573 
22,193 
21,207 
Net premiums earned
7,807 
7,688 
21,816 
21,690 
Net investment income
809 
736 
2,315 
2,109 
Equity in earnings of subsidiaries
0 
0 
0 
0 
Net realized gains (losses) including OTTI
(2)
102 
108 
(506)
Losses and loss expenses
6,247 
4,269 
14,182 
12,197 
Policy benefits
169 
155 
500 
427 
Policy acquisition costs and administrative expenses
2,166 
2,259 
6,346 
6,668 
Interest (income) expense
26 
12 
62 
36 
Other (income) expense
(122)
(90)
(360)
(98)
Amortization of purchased intangibles
65 
4 
194 
16 
Chubb integration expenses
42 
87 
166 
276 
Income tax benefit
(2)
407 
515 
862 
Net income (loss)
23 
1,423 
2,634 
2,909 
Comprehensive income (loss)
$ 724 
$ 1,439 
$ 4,018 
$ 4,841 
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash flows from operating activities
$ 3,411 
$ 3,837 
Purchases of fixed maturities available for sale
(18,478)
(23,837)
Purchases of fixed maturities held to maturity
(262)
(189)
Purchases of equity securities
(125)
(100)
Sales of fixed maturities available for sale
9,215 
13,863 
Sales of equity securities
152 
963 
Maturities and redemptions of fixed maturities available for sale
7,699 
6,936 
Maturities and redemptions of fixed maturities held to maturity
644 
627 
Net change in short-term investments
44 
11,866 
Net derivative instruments settlements
(170)
(181)
Acquisition of subsidiaries (net of cash acquired of nil and $71)
0 
(14,248)
Capital contribution
 
0 
Other
(62)
26 
Net cash flows used for investing activities
(1,343)
(4,274)
Dividends paid on Common Shares
(978)
(851)
Common Shares repurchased
(707)
0 
Repayment of long-term debt
(500)
0 
Proceeds from issuance of repurchase agreements
1,798 
1,457 
Repayments of repurchase agreements
(1,793)
(1,455)
Proceeds from share-based compensation plans
109 
117 
Dividend to Parent Company
0 
0 
Advances (to) from affiliates
0 
0 
Capital contribution
 
0 
Net proceeds from (payments to) affiliated notional cash pooling program
0 
0 
Policyholder contract deposits
312 
473 
Policyholder contract withdrawals
(211)
(247)
Other
0 
(4)
Net cash flows used for financing activities
(1,970)
(510)
Effect of foreign currency rate changes on cash and cash equivalents
5 
42 
Net increase (decrease) in cash
103 
(905)
Cash – beginning of period
985 1 2
1,775 3
Cash – end of period
1,088 1 4
870 3
Chubb Limited (Parent Guarantor)
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash flows from operating activities
639 
3,399 
Purchases of fixed maturities available for sale
0 
0 
Purchases of fixed maturities held to maturity
0 
0 
Purchases of equity securities
0 
0 
Sales of fixed maturities available for sale
0 
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 
Acquisition of subsidiaries (net of cash acquired of nil and $71)
 
0 
Capital contribution
 
(2,330)
Other
0 
0 
Net cash flows used for investing activities
0 
(2,330)
Dividends paid on Common Shares
(978)
(851)
Common Shares repurchased
0 
 
Repayment 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
617 
(258)
Capital contribution
 
0 
Net proceeds from (payments to) affiliated notional cash pooling program
(278)1
45 3
Policyholder contract deposits
0 
0 
Policyholder contract withdrawals
0 
0 
Other
 
0 
Net cash flows used for financing activities
(639)
(1,064)
Effect of foreign currency rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash
0 
5 
Cash – beginning of period
1 1 2
1 3
Cash – end of period
1 1 4
6 3
Chubb INA Holdings Inc (Subsidiary Issuer)
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash flows from operating activities
1,472 
3,892 
Purchases of fixed maturities available for sale
(9)
(154)
Purchases of fixed maturities held to maturity
0 
0 
Purchases of equity securities
0 
0 
Sales of fixed maturities available for sale
99 
66 
Sales of equity securities
0 
0 
Maturities and redemptions of fixed maturities available for sale
22 
59 
Maturities and redemptions of fixed maturities held to maturity
0 
0 
Net change in short-term investments
197 
7,627 
Net derivative instruments settlements
(13)
(10)
Acquisition of subsidiaries (net of cash acquired of nil and $71)
 
(14,282)
Capital contribution
 
(20)
Other
6 
(3)
Net cash flows used for investing activities
302 
(6,717)
Dividends paid on Common Shares
0 
0 
Common Shares repurchased
0 
 
Repayment 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
(658)
219 
Capital contribution
 
2,330 
Net proceeds from (payments to) affiliated notional cash pooling program
(617)1
280 3
Policyholder contract deposits
0 
0 
Policyholder contract withdrawals
0 
0 
Other
 
(4)
Net cash flows used for financing activities
(1,775)
2,825 
Effect of foreign currency rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash
(1)
0 
Cash – beginning of period
1 1 2
2 3
Cash – end of period
0 1 4
2 3
Other Chubb Limited Subsidiaries
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash flows from operating activities
3,341 
3,918 
Purchases of fixed maturities available for sale
(18,469)
(23,683)
Purchases of fixed maturities held to maturity
(262)
(189)
Purchases of equity securities
(125)
(100)
Sales of fixed maturities available for sale
9,116 
13,797 
Sales of equity securities
152 
963 
Maturities and redemptions of fixed maturities available for sale
7,677 
6,877 
Maturities and redemptions of fixed maturities held to maturity
644 
627 
Net change in short-term investments
(153)
4,239 
Net derivative instruments settlements
(157)
(171)
Acquisition of subsidiaries (net of cash acquired of nil and $71)
 
34 
Capital contribution
 
(2,330)
Other
(68)
29 
Net cash flows used for investing activities
(1,645)
93 
Dividends paid on Common Shares
0 
0 
Common Shares repurchased
(707)
 
Repayment of long-term debt
0 
 
Proceeds from issuance of repurchase agreements
1,798 
1,457 
Repayments of repurchase agreements
(1,793)
(1,455)
Proceeds from share-based compensation plans
109 
117 
Dividend to Parent Company
(2,041)
(7,372)
Advances (to) from affiliates
41 
39 
Capital contribution
 
2,350 
Net proceeds from (payments to) affiliated notional cash pooling program
0 1
0 3
Policyholder contract deposits
312 
473 
Policyholder contract withdrawals
(211)
(247)
Other
 
0 
Net cash flows used for financing activities
(2,492)
(4,638)
Effect of foreign currency rate changes on cash and cash equivalents
5 
42 
Net increase (decrease) in cash
(791)
(585)
Cash – beginning of period
1,965 1 2
2,743 3
Cash – end of period
1,174 1 4
2,158 3
Consolidation, Eliminations [Member]
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash flows from operating activities
(2,041)
(7,372)
Purchases of fixed maturities available for sale
0 
0 
Purchases of fixed maturities held to maturity
0 
0 
Purchases of equity securities
0 
0 
Sales of fixed maturities available for sale
0 
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 
Acquisition of subsidiaries (net of cash acquired of nil and $71)
 
0 
Capital contribution
 
4,680 
Other
0 
0 
Net cash flows used for investing activities
0 
4,680 
Dividends paid on Common Shares
0 
0 
Common Shares repurchased
0 
 
Repayment 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
2,041 
7,372 
Advances (to) from affiliates
0 
0 
Capital contribution
 
(4,680)
Net proceeds from (payments to) affiliated notional cash pooling program
895 1
(325)
Policyholder contract deposits
0 
0 
Policyholder contract withdrawals
0 
0 
Other
 
0 
Net cash flows used for financing activities
2,936 
2,367 
Effect of foreign currency rate changes on cash and cash equivalents
0 
0 
Net increase (decrease) in cash
895 
(325)
Cash – beginning of period
(982)1 2
(971)3
Cash – end of period
$ (87)1 4
$ (1,296)3
Information provided in connection with outstanding debt of subsidiaries Parenthetical (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
 
Cash Acquired from Acquisition
$ 0 
$ 71