CHUBB LTD, 10-Q filed on 5/2/2019
Quarterly Report
v3.19.1
Document and Entity Information - SFr / shares
3 Months Ended
Mar. 31, 2019
Apr. 18, 2019
Dec. 31, 2018
Entity Information [Line Items]      
Common Shares, par value SFr 24.15   SFr 24.15
Document Type 10-Q    
Amendment Flag false    
Document Period End Date Mar. 31, 2019    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus Q1    
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    
Entity Small Business false    
Entity Emerging Growth Company false    
Common Shares Outstanding   457,870,731  
v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Assets    
Fixed maturities available for sale, at fair value (amortized cost – $79,624 and $79,323) (includes hybrid financial instruments of $8 and $9) $ 80,663 $ 78,470
Fixed maturities held to maturity, at amortized cost (fair value – $13,240 and $13,259) 13,136 13,435
Equity securities, at fair value and cost 821 770
Short-term investments, at fair value and amortized cost 3,078 3,016
Other investments, at fair value and cost 5,562 5,277
Total investments 103,260 100,968
Cash 1,271 [1] 1,247 [2]
Restricted cash [1] 122 93
Securities lending collateral 1,861 1,926
Accrued investment income 870 883
Insurance and reinsurance balances receivable 9,826 10,075
Reinsurance recoverable on losses and loss expenses 16,137 15,993
Reinsurance recoverable on policy benefits 203 202
Deferred policy acquisition costs 5,008 4,922
Value of business acquired 289 295
Goodwill 15,328 15,271
Other intangible assets 6,091 6,143
Prepaid reinsurance premiums 2,698 2,544
Investments in partially-owned insurance companies 708 678
Other assets 7,675 6,531
Total assets 171,347 167,771
Liabilities    
Unpaid losses and loss expenses 63,143 62,960
Unearned premiums 15,909 15,532
Future policy benefits 5,552 5,506
Insurance and reinsurance balances payable 6,469 6,437
Securities lending payable 1,861 1,926
Accounts payable, accrued expenses, and other liabilities 11,210 10,472
Deferred tax liabilities 541 304
Repurchase agreements 1,419 1,418
Short-term debt 509 509
Long-term debt 12,071 12,087
Trust preferred securities 308 308
Total liabilities 118,992 117,459
Commitments and contingencies
Shareholders’ equity    
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 458,179,205 and 459,203,378 shares outstanding) 11,121 11,121
Common Shares in treasury (21,604,659 and 20,580,486 shares) (2,775) (2,618)
Additional Paid in Capital, Common Stock 12,051 12,557
Retained earnings 32,728 31,700
Accumulated other comprehensive income (loss) (AOCI) (770) (2,448)
Total shareholders’ equity 52,355 50,312
Total liabilities and shareholders’ equity $ 171,347 $ 167,771
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.19.1
Consolidated Balance Sheets (Parenthetical)
$ in Millions
Mar. 31, 2019
USD ($)
shares
Dec. 31, 2018
USD ($)
shares
Statement of Financial Position [Abstract]    
Available for sale, at amortized cost $ 79,624 $ 79,323
Fixed maturities available for sale, hybrid financial instruments 8 9
Held to maturity, at Fair Value 13,240 13,259
Equity securities, at cost 0
Other investments, cost $ 0
Common Shares, shares issued | shares 479,783,864 479,783,864
Common Shares, shares outstanding | shares 458,179,205 459,203,378
Common Shares in treasury, shares | shares 21,604,659 20,580,486
v3.19.1
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues    
Net premiums written $ 7,313 $ 7,104
Increase in unearned premiums (176) (77)
Net premiums earned 7,137 7,027
Net investment income 836 806
Net realized gains (losses):    
Other-than-temporary impairment (OTTI) losses gross (13) (1)
Portion of OTTI losses recognized in other comprehensive income (OCI) 0 0
Net OTTI losses recognized in income (13) (1)
Net realized gains (losses) excluding OTTI losses (84) (1)
Net Realized Gains Losses (97) (2)
Total revenues 7,876 7,831
Expenses    
Losses and loss expenses 4,098 4,102
Policy benefits 196 151
Policy acquisition costs 1,464 1,464
Administrative expenses 710 692
Interest expense 140 157
Other (income) expense (39) (47)
Amortization of purchased intangibles 76 85
Chubb integration expenses 3 10
Total expenses 6,648 6,614
Income before income tax 1,228 1,217
Income tax expense (benefit) (includes $(6) and $(3) on reclassified unrealized losses) 188 135
Net income 1,040 1,082
Other comprehensive income (loss)    
Unrealized appreciation (depreciation) 1,845 (1,234)
Reclassification adjustment for net realized (gains) losses included in net income 44 23
Unrealized appreciation (Depreciation) after reclassification adjustment 1,889 (1,211)
Change in:    
Cumulative foreign currency translation adjustment 147 397
Postretirement benefit liability adjustment (27) (23)
Other comprehensive income (loss), before income tax 2,009 (837)
Income tax (expense) benefit related to OCI items (331) 208
Other comprehensive income (loss) 1,678 (629)
Comprehensive income $ 2,718 $ 453
Earnings per share    
Basic earnings per share $ 2.27 $ 2.32
Diluted earnings per share $ 2.25 $ 2.30
v3.19.1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Total net realized gains (losses) reclassified from AOCI $ (44) $ (23)
Income tax expense on reclassified unrealized gains and loses $ (6) $ (3)
v3.19.1
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Common shares in treasury [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Cumulative Foreign Currency Translation Adjustment [Member]
Postretirement Benefit Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative effect of adoption of accounting guidance         $ 409 $ (416)      
Balance - beginning of period at Dec. 31, 2017   $ 11,121 $ (1,944) $ 13,978 27,883 1,034 $ (1,187) $ 280  
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2017         27,474 1,450      
Common Shares repurchased     0            
Net shares redeemed under employee share-based compensation plans     217 (262)          
Exercise of stock options       (16)          
Share-based compensation expense       62          
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (332)          
Net income (loss) $ 1,082       1,082        
Funding of dividends declared from Additional paid-in capital         332        
Dividends declared on Common Shares         (332)        
Change in period, before reclassification from AOCI, net of income tax benefit (expense) of $(324) and $226           (1,008)      
Amounts reclassified from AOCI, net of income tax expense of $(6) and $(3)           20      
Change in period, net of income tax benefit (expense) of $(330) and $223           (988)      
Change in period, net of income tax expense of $(7) and $(19)             378    
Change in period, net of income tax benefit of $6 and $4               (19)  
Balance - end of period at Mar. 31, 2018 51,287 11,121 (1,727) 13,430 28,965 46 (809) 261 $ (502)
Cumulative effect of adoption of accounting guidance           0      
Cumulative effect of adoption of accounting guidance | Accounting Standards Update 2017-08 [Member]         (12)        
Balance - beginning of period at Dec. 31, 2018 50,312 11,121 (2,618) 12,557 31,688 (545) (1,976) 73  
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2018         31,700 (545)      
Common Shares repurchased     (367)            
Net shares redeemed under employee share-based compensation plans     210 (191)          
Exercise of stock options       (34)          
Share-based compensation expense       54          
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (335)          
Net income (loss) 1,040       1,040        
Funding of dividends declared from Additional paid-in capital         335        
Dividends declared on Common Shares         (335)        
Change in period, before reclassification from AOCI, net of income tax benefit (expense) of $(324) and $226           1,521      
Amounts reclassified from AOCI, net of income tax expense of $(6) and $(3)           38      
Change in period, net of income tax benefit (expense) of $(330) and $223           1,559      
Change in period, net of income tax expense of $(7) and $(19)             140    
Change in period, net of income tax benefit of $6 and $4               (21)  
Balance - end of period at Mar. 31, 2019 $ 52,355 $ 11,121 $ (2,775) $ 12,051 $ 32,728 $ 1,014 $ (1,836) $ 52 $ (770)
v3.19.1
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]    
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax $ (324) $ 226
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax (6) (3)
Net unrealized appreciation on investments, Change in period, income tax (expense) benefit (330) 223
Cumulative translation adjustment, Change in period, income tax(expense) benefit (7) (19)
Pension liability adjustment, Change in period, income tax (expense) benefit $ 6 $ 4
v3.19.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 1,040 $ 1,082
Adjustments to reconcile net income to net cash flows from operating activities    
Net Realized Gains Losses 97 2
Amortization of premiums/discounts on fixed maturities 118 155
Amortization of purchased intangibles 76 85
Deferred income taxes (76) (2)
Unpaid losses and loss expenses 62 (420)
Unearned premiums 274 111
Future policy benefits 41 58
Insurance and reinsurance balances payable 13 250
Accounts payable, accrued expenses, and other liabilities (502) (724)
Income taxes payable 266 88
Insurance and reinsurance balances receivable 278 (174)
Increase (Decrease) in Reinsurance Recoverable (97) 141
Deferred policy acquisition costs (63) (75)
Other (205) (26)
Net cash flows from operating activities 1,322 551
Cash flows from investing activities    
Purchases of fixed maturities available for sale (5,561) (5,972)
Purchases of fixed maturities held to maturity (1) (162)
Purchases of equity securities (49) (55)
Sales of fixed maturities available for sale 3,287 2,562
Proceeds From Sales To Be Announced Mortgage Backed Securities 6 0
Sales of equity securities 60 40
Maturities and redemptions of fixed maturities available for sale 1,831 1,865
Maturities and redemptions of fixed maturities held to maturity 280 255
Net change in short-term investments (39) 731
Net derivative instruments settlements (358) 39
Private equity contribution (410) (353)
Private equity distribution 368 201
Other (87) (32)
Net cash flows used for investing activities (673) (881)
Cash flows from financing activities    
Dividends paid on Common Shares (336) (330)
Common Shares repurchased (367) (29)
Proceeds from Issuance of Long-term Debt 0 2,175
Proceeds from issuance of long-term debt 0 (300)
Proceeds from issuance of repurchase agreements 471 408
Repayment of repurchase agreements (470) (404)
Proceeds from share-based compensation plans 35 34
Policyholder contract deposits 115 118
Policyholder contract withdrawals (78) (105)
Net cash flows (used for) from financing activities (630) 1,567
Effect of foreign currency rate changes on cash and restricted cash 34 25
Net Increase (Decrease) in cash and restricted cash 53 1,262
Cash and Restricted Cash - Beginning of year 1,340 851
Cash and Restricted Cash - end of Year 1,393 2,113
Supplemental cash flow information    
Taxes paid 14 93
Interest paid $ 85 $ 82
v3.19.1
General
3 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General
General
a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Chubb operates through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 9 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Form 10-K.

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

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

 
December 31

(in millions of U.S. dollars)
2019

 
2018

Cash
$
1,271

 
$
1,247

Restricted cash
122

 
93

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,393

 
$
1,340



c) Goodwill
During the three months ended March 31, 2019, Goodwill increased $57 million, primarily reflecting the impact of foreign exchange.

d) Accounting guidance adopted in 2019
Premium Amortization on Purchased Callable Debt Securities
Effective January 1, 2019, we adopted new accounting guidance on "Premium Amortization on Purchased Callable Debt Securities" for bonds held at a premium on a modified retrospective basis. The guidance requires the premium to be amortized to the earliest call date. As a result, we recorded a cumulative effect adjustment to decrease beginning retained earnings by $12 million after-tax ($15 million pre-tax). Securities held at a discount did not require an accounting change.

Lease Accounting
Effective for the quarter ended March 31, 2019, we adopted new lease accounting guidance and elected to utilize a modified retrospective approach which allowed us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings for 2019, with no adjustment to prior periods presented. The cumulative effect adjustment to the opening balance of retained earnings was zero. Our leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. The adoption of the updated guidance resulted in our recognizing a right-of-use asset of $608 million, which was recorded within Other assets, and a lease liability of $653 million, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheet as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The adoption of the new guidance did not have a material effect on our results of operations, financial condition or liquidity.

Refer to the 2018 Form 10-K for information on accounting guidance not yet adopted.
v3.19.1
Investments
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments

a) Fixed maturities
 
March 31, 2019
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,760

 
$
50

 
$
(19
)
 
$
3,791

 
$

Foreign
21,796

 
658

 
(112
)
 
22,342

 

Corporate securities
27,519

 
476

 
(170
)
 
27,825

 
(5
)
Mortgage-backed securities
16,369

 
173

 
(112
)
 
16,430

 
(1
)
States, municipalities, and political subdivisions
10,180

 
123

 
(28
)
 
10,275

 

 
$
79,624

 
$
1,480

 
$
(441
)
 
$
80,663

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,144

 
$
11

 
$
(3
)
 
$
1,152

 
$

Foreign
1,503

 
34

 
(3
)
 
1,534

 

Corporate securities
2,543

 
30

 
(34
)
 
2,539

 

Mortgage-backed securities
2,484

 
16

 
(6
)
 
2,494

 

States, municipalities, and political subdivisions
5,462

 
67

 
(8
)
 
5,521

 

 
$
13,136

 
$
158

 
$
(54
)
 
$
13,240

 
$


December 31, 2018
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$

Foreign
21,370

 
395

 
(349
)
 
21,416

 

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$

Foreign
1,549

 
11

 
(18
)
 
1,542

 

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$



As discussed in Note 2 b), if a credit loss is incurred on an impaired fixed maturity, an OTTI is considered to have occurred and the portion of the impairment not related to credit losses (non-credit OTTI) is recognized in OCI. Included in the “OTTI Recognized in AOCI” columns above are the cumulative amounts of non-credit OTTI recognized in OCI adjusted for subsequent sales, maturities, and redemptions. OTTI recognized in AOCI does not include the impact of subsequent changes in fair value of the related securities. In periods subsequent to a recognition of OTTI in OCI, changes in the fair value of the related fixed maturities are reflected in Net unrealized appreciation on investments in the Consolidated statements of shareholders’ equity. For the three months ended March 31, 2019 and 2018, $9 million of net unrealized appreciation and $4 million of net unrealized depreciation, respectively, related to such securities are included in OCI. At March 31, 2019 and December 31, 2018, AOCI included cumulative net unrealized appreciation of $3 million and $1 million, respectively, related to securities remaining in the investment portfolio for which a non-credit OTTI was recognized.

Mortgage-backed securities (MBS) issued by U.S. government agencies are combined with all other to be announced mortgage-backed securities (TBAs) held (refer to Note 5 b) (iv)) and are included in the category, “Mortgage-backed securities”. Approximately 82 percent and 81 percent of the total mortgage-backed securities at March 31, 2019 and December 31, 2018, respectively, are represented by investments in U.S. government agency bonds. The remainder of the mortgage exposure consists of collateralized mortgage obligations and non-government mortgage-backed securities, the majority of which provide a planned structure for principal and interest payments and carry a rating of AAA by the major credit rating agencies.

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

 
 
 
December 31

 
 
 
2019

 
 
 
2018

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

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,776

 
$
3,785

 
$
3,569

 
$
3,568

Due after 1 year through 5 years
27,308

 
27,593

 
27,134

 
27,005

Due after 5 years through 10 years
23,367

 
23,690

 
24,095

 
23,543

Due after 10 years
8,804

 
9,165

 
8,767

 
8,814

 
63,255

 
64,233

 
63,565

 
62,930

Mortgage-backed securities
16,369

 
16,430

 
15,758

 
15,540

 
$
79,624

 
$
80,663

 
$
79,323

 
$
78,470

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
614

 
$
616

 
$
536

 
$
537

Due after 1 year through 5 years
3,111

 
3,125

 
3,122

 
3,106

Due after 5 years through 10 years
4,246

 
4,287

 
4,468

 
4,407

Due after 10 years
2,681

 
2,718

 
2,785

 
2,723

 
10,652

 
10,746

 
10,911

 
10,773

Mortgage-backed securities
2,484

 
2,494

 
2,524

 
2,486

 
$
13,136

 
$
13,240

 
$
13,435

 
$
13,259



Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. 

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

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

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

Corporate 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.

For the three months ended March 31, 2019 and 2018, credit losses recognized in Net income for corporate securities were $6 million and nil, 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 months ended March 31, 2019 and 2018, there were no credit losses recognized in Net income for mortgage-backed securities.






























The following table presents the components of Net realized gains (losses):
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2019

 
2018

Fixed maturities:
 
 
 
OTTI on fixed maturities, gross and net
$
(13
)
 
$
(1
)
Gross realized gains excluding OTTI
27

 
66

Gross realized losses excluding OTTI
(58
)
 
(88
)
Total fixed maturities
(44
)
 
(23
)
Equity securities:
 
 
 
Gross realized gains excluding OTTI
64

 
10

Gross realized losses excluding OTTI
(6
)
 
(21
)
Total equity securities
58

 
(11
)
Other investments
(44
)
 
29

Foreign exchange gains (losses)
13

 
(77
)
Investment and embedded derivative instruments
(130
)
 
17

Fair value adjustments on insurance derivative
114

 
38

S&P futures
(63
)
 
22

Other derivative instruments
(1
)
 
2

Other

 
1

Net realized gains (losses) (pre-tax)
$
(97
)
 
$
(2
)


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
 
 
March 31
 
(in millions of U.S. dollars)
2019

 
2018

Balance of credit losses related to securities still held – beginning of period
$
34

 
$
22

Additions where no OTTI was previously recorded
6

 

Reductions for securities sold during the period
(8
)
 
(7
)
Balance of credit losses related to securities still held – end of period
$
32

 
$
15



c) Equity securities and Other investments
The following table presents realized gains and losses from equity securities and other investments, including both sales of securities and unrealized gains and losses from changes in fair value:

 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
March 31
 
 
2019
 
 
2018
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
58

 
$
(44
)
 
$
14

 
$
(11
)
 
$
29

 
$
18

Less: Net gains (losses) recognized from sales of securities
1

 
(2
)
 
(1
)
 
10

 

 
10

Unrealized gains (losses) recognized for securities still held at reporting date
$
57

 
$
(42
)
 
$
15

 
$
(21
)
 
$
29

 
$
8



d) Gross unrealized loss
At March 31, 2019, there were 10,095 fixed maturities out of a total of 30,335 fixed maturities in an unrealized loss position. The largest single unrealized loss in the fixed maturities was $6 million. Fixed maturities in an unrealized loss position at March 31, 2019, comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

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

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
68

 
$

 
$
2,298

 
$
(22
)
 
$
2,366

 
$
(22
)
Foreign
1,346

 
(26
)
 
4,228

 
(89
)
 
5,574

 
(115
)
Corporate securities
3,649

 
(62
)
 
6,206

 
(142
)
 
9,855

 
(204
)
Mortgage-backed securities
388

 
(1
)
 
8,974

 
(117
)
 
9,362

 
(118
)
States, municipalities, and political subdivisions
93

 

 
4,867

 
(36
)
 
4,960

 
(36
)
Total fixed maturities
$
5,544

 
$
(89
)
 
$
26,573

 
$
(406
)
 
$
32,117

 
$
(495
)
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2018
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
523

 
$
(4
)
 
$
2,859

 
$
(50
)
 
$
3,382

 
$
(54
)
Foreign
6,764

 
(208
)
 
5,349

 
(159
)
 
12,113

 
(367
)
Corporate securities
16,538

 
(599
)
 
4,873

 
(255
)
 
21,411

 
(854
)
Mortgage-backed securities
6,103

 
(98
)
 
6,913

 
(229
)
 
13,016

 
(327
)
States, municipalities, and political subdivisions
5,024

 
(44
)
 
7,768

 
(124
)
 
12,792

 
(168
)
Total fixed maturities
$
34,952

 
$
(953
)
 
$
27,762

 
$
(817
)
 
$
62,714

 
$
(1,770
)


e) Restricted assets
Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March 31, 2019 and December 31, 2018 are investments, primarily fixed maturities, totaling $22.0 billion and $21.0 billion, respectively, and cash of $122 million and $93 million, respectively.
The following table presents the components of restricted assets:
 
March 31

 
December 31

(in millions of U.S. dollars)
2019

 
2018

Trust funds
$
13,943

 
$
13,988

Deposits with U.S. regulatory authorities
2,904

 
2,405

Deposits with non-U.S. regulatory authorities
2,851

 
2,531

Assets pledged under repurchase agreements
1,478

 
1,468

Other pledged assets
942

 
692

Total
$
22,118

 
$
21,084

v3.19.1
Fair value measurements
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair value measurements
Fair value measurements

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

The three levels of the hierarchy are as follows:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. For the three months ended March 31, 2019 and 2018, no material technical refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 3 to the Consolidated Financial Statements of our 2018 Form 10-K.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
March 31, 2019
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,168

 
$
623

 
$

 
$
3,791

Foreign

 
21,982

 
360

 
22,342

Corporate securities

 
26,483

 
1,342

 
27,825

Mortgage-backed securities

 
16,352

 
78

 
16,430

States, municipalities, and political subdivisions

 
10,275

 

 
10,275

 
3,168

 
75,715

 
1,780

 
80,663

Equity securities
766

 

 
55

 
821

Short-term investments
1,785

 
1,293

 

 
3,078

Other investments (1)
411

 
342

 
11

 
764

Securities lending collateral

 
1,861

 

 
1,861

Investment derivative instruments
15

 

 

 
15

Other derivative instruments
7

 

 

 
7

Separate account assets
2,991

 
139

 

 
3,130

Total assets measured at fair value (1)
$
9,143

 
$
79,350

 
$
1,846

 
$
90,339

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
52

 
$
195

 
$

 
$
247

Other derivative instruments
12

 

 

 
12

GLB (2)

 

 
338

 
338

Total liabilities measured at fair value
$
64

 
$
195

 
$
338

 
$
597

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,464 million and other investments of $91 million at March 31, 2019 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
 
December 31, 2018
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,400

 
$
745

 
$

 
$
4,145

Foreign

 
21,071

 
345

 
21,416

Corporate securities

 
25,284

 
1,299

 
26,583

Mortgage-backed securities

 
15,479

 
61

 
15,540

States, municipalities, and political subdivisions

 
10,786

 

 
10,786

 
3,400

 
73,365

 
1,705

 
78,470

Equity securities
713

 

 
57

 
770

Short-term investments
1,575

 
1,440

 
1

 
3,016

Other investments (1)
381

 
303

 
11

 
695

Securities lending collateral

 
1,926

 

 
1,926

Investment derivative instruments
28

 

 

 
28

Other derivative instruments
25

 

 

 
25

Separate account assets
2,686

 
137

 

 
2,823

Total assets measured at fair value (1)
$
8,808

 
$
77,171

 
$
1,774

 
$
87,753

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
38

 
$
115

 
$

 
$
153

GLB (2)

 

 
452

 
452

Total liabilities measured at fair value
$
38

 
$
115

 
$
452

 
$
605


(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.

Fair value of alternative investments
Alternative investments include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using NAV as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:
 
 
 
 
 
March 31

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2019

 
 
 
2018

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

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
2 to 9 Years
 
$
591

 
$
188

 
$
596

 
$
193

Real Assets
2 to 11 Years
 
762

 
449

 
704

 
362

Distressed
2 to 7 Years
 
263

 
98

 
296

 
105

Private Credit
3 to 8 Years
 
134

 
291

 
147

 
310

Traditional
2 to 14 Years
 
2,331

 
2,573

 
2,362

 
2,735

Vintage
1 to 2 Years
 
125

 
43

 
56

 

Investment funds
Not Applicable
 
258

 

 
83

 

 
 
 
$
4,464

 
$
3,642

 
$
4,244

 
$
3,705



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

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

Level 3 financial instruments
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)
Fair Value
 
 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
March 31, 2019

 
December 31, 2018

 
 
 
GLB (1)
$
338

 
$
452

 
Actuarial model
 
Lapse rate
 
3% – 32%
 
 
 
 
 
 
 
Annuitization rate
 
0% – 42%
(1) 
Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.

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

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate
securities

 
MBS

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

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

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

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

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

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB (2)

March 31, 2018
Foreign

 
Corporate securities (1)

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
93

 
$
1,037

 
$
78

 
$
44

 
$

 
$
263

 
$
2

 
$
204

Transfers into Level 3
7

 

 
1

 

 
5

 

 

 

Transfers out of Level 3

 
(10
)
 

 

 

 

 

 

Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange
9

 
(3
)
 

 
1

 

 
2

 

 

Net Realized Gains/Losses

 

 

 
2

 

 

 

 
(37
)
Purchases
87

 
139

 
4

 
17

 
8

 
14

 

 

Sales
(19
)
 
(51
)
 

 

 

 

 

 

Settlements
(1
)
 
(39
)
 

 

 
(1
)
 
(9
)
 

 

Balance – end of period
$
176

 
$
1,073

 
$
83

 
$
64

 
$
12

 
$
270

 
$
2

 
$
167

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

 
$

 
$

 
$

 
$

 
$

 
$

 
$
(37
)
(1) 
Purchases in Level 3 primarily consist of privately-placed fixed income securities.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $529 million at March 31, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $167 million and $204 million, respectively.
b) Financial instruments disclosed, but not measured, at fair value
Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

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

Refer to the 2018 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
March 31, 2019
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,098

 
$
54

 
$

 
$
1,152

 
$
1,144

Foreign

 
1,534

 

 
1,534

 
1,503

Corporate securities

 
2,509

 
30

 
2,539

 
2,543

Mortgage-backed securities

 
2,494

 

 
2,494

 
2,484

States, municipalities, and political subdivisions

 
5,521

 

 
5,521

 
5,462

Total assets
$
1,098

 
$
12,112

 
$
30

 
$
13,240

 
$
13,136

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,419

 
$

 
$
1,419

 
$
1,419

Short-term debt

 
512

 

 
512

 
509

Long-term debt

 
12,719

 

 
12,719

 
12,071

Trust preferred securities

 
425

 

 
425

 
308

Total liabilities
$

 
$
15,075

 
$

 
$
15,075

 
$
14,307


December 31, 2018
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,128

 
$
54

 
$

 
$
1,182

 
$
1,185

Foreign

 
1,542

 

 
1,542

 
1,549

Corporate securities

 
2,477

 
31

 
2,508

 
2,601

Mortgage-backed securities

 
2,486

 

 
2,486

 
2,524

States, municipalities, and political subdivisions

 
5,541

 

 
5,541

 
5,576

Total assets
$
1,128


$
12,100


$
31


$
13,259


$
13,435

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,418

 
$

 
$
1,418

 
$
1,418

Short-term debt

 
516

 

 
516

 
509

Long-term debt

 
12,181

 

 
12,181

 
12,087

Trust preferred securities

 
409

 

 
409

 
308

Total liabilities
$

 
$
14,524

 
$

 
$
14,524

 
$
14,322

v3.19.1
Unpaid losses and loss expenses
3 Months Ended
Mar. 31, 2019
Liability for Claims and Claims Adjustment Expense [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]
Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
2019

 
2018

Gross unpaid losses and loss expenses – beginning of period
$
62,960

 
$
63,179

Reinsurance recoverable on unpaid losses - beginning of period (1)
(14,689
)
 
(14,014
)
Net unpaid losses and loss expenses – beginning of period
48,271

 
49,165

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
4,326

 
4,358

Prior years (2)
(228
)
 
(256
)
Total
4,098

 
4,102

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
785

 
809

Prior years
3,234

 
3,433

Total
4,019

 
4,242

Foreign currency revaluation and other
86

 
292

Net unpaid losses and loss expenses – end of period
48,436

 
49,317

Reinsurance recoverable on unpaid losses (1)
14,707

 
13,822

Gross unpaid losses and loss expenses – end of period
$
63,143

 
$
63,139

(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 $24 million and $47 million for the three months ended March 31, 2019 and 2018, respectively.

Gross and net unpaid losses and loss expenses increased slightly in the quarter as the underlying reserve increase of $557 million was mostly offset by the favorable impact of prior period development and catastrophic and crop insurance payments in the quarter.

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


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

 
Short-tail

 
Total

2019
 
 
 
 
 
North America Commercial P&C Insurance
$
(65
)
 
$
(66
)
 
$
(131
)
North America Personal P&C Insurance

 
(10
)
 
(10
)
North America Agricultural Insurance

 
(61
)
 
(61
)
Overseas General Insurance

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

 

 
10

Total
$
(56
)
 
$
(148
)
 
$
(204
)
2018
 
 
 
 
 
North America Commercial P&C Insurance
$
8

 
$
(109
)
 
$
(101
)
North America Personal P&C Insurance

 
(6
)
 
(6
)
North America Agricultural Insurance

 
(76
)
 
(76
)
Overseas General Insurance

 
(22
)
 
(22
)
Global Reinsurance

 
(14
)
 
(14
)
Corporate
10

 

 
10

Total
$
18

 
$
(227
)
 
$
(209
)


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

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

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

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

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

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

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

The remaining $3 million of adverse development was due to several underlying favorable and adverse movements, none of which were significant individually or in the aggregate.

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

Net favorable development of $49 million in surety business, mainly in the 2017 accident year, driven by lower than expected reported loss activity; and

Net favorable development of $17 million was due to several underlying favorable and adverse movements, mainly driven by favorable development in A&H lines, primarily in accident years 2015 through 2017.

2018
For the three months ended March 31, 2018, net favorable PPD was $101 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 $8 million in long-tail business, primarily from:

Net favorable development of $29 million in commercial excess and umbrella portfolios, driven by the 2012 and prior accident years where the cumulative emergence over time has been less than expected overall and an increase in weighting towards experience-based methods, partly offset by several large settlements; additionally there was adverse claim activity in the 2014 and 2015 accident years which led to reserve strengthening in those years;

Net favorable development of $3 million on several lines of business due to favorable claim development on the 2017 natural catastrophes; and

Net adverse development of $40 million, mainly in 2015, 2016 and some older accident years, partially offset by favorable development in other periods, particularly in the 2014 accident year. This net adverse development consisted of several underlying favorable and adverse movements by portfolio, principally including $16 million of adverse development in wholesale general liability lines.

Net favorable development of $109 million in short-tail business, primarily from:

Net favorable development of $75 million in commercial property and marine businesses due to favorable claim development on the 2017 natural catastrophes; and

Net favorable development of $34 million, principally including $19 million in surety business. The remainder was due to several underlying favorable and adverse movements, none of which were significant individually or in the aggregate.

North America Personal P&C Insurance
2019
For the three months ended March 31, 2019, net favorable PPD was $10 million in homeowners and valuables reflecting favorable claim development of $132 million on the 2017 and 2018 natural catastrophes mostly offset by adverse development of $122 million for the 2018 accident year, due to elevated non-catastrophe activity.

2018
For the three months ended March 31, 2018, net favorable PPD was $6 million, and was driven by claim development on the 2017 natural catastrophes.
 
North America Agricultural Insurance
For the three months ended March 31, 2019 and 2018, net favorable PPD was $61 million and $76 million, respectively. Actual claim development relates to our Multiple Peril Crop Insurance (MPCI) business and is favorable due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2019 results based on crop yield results at year-end 2018).

Overseas General Insurance
2019
For the three months ended March 31, 2019, net favorable PPD was $4 million, comprising of $3 million of adverse claim development on the 2018 natural catastrophes, and $7 million of favorable development, which was the net result of several underlying favorable and adverse movements, none of which were significant individually or in the aggregate.

2018
For the three months ended March 31, 2018, net favorable PPD was $22 million, which was primarily driven by $12 million of claim development on the 2017 natural catastrophes.

Global Reinsurance
2019
For the three months ended March 31, 2019, net favorable PPD was $8 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 $7 million in short-tail business, primarily from:

Favorable development of $12 million, principally driven by marine, energy and surety business primarily from a favorable court ruling on an open claim; and
 
Adverse development of $5 million in property catastrophe lines related to the 2018 natural catastrophes.

2018
For the three months ended March 31, 2018, net favorable PPD was $14 million, which was primarily driven by $10 million of claim development on the 2017 natural catastrophes.

Corporate
For the three months ended March 31, 2019 and 2018, adverse development was $10 million for both periods, principally related to unallocated loss adjustment expenses due to run-off operating expenses paid and incurred.
v3.19.1
Commitments, contingencies, and guarantees
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies, and guarantees
Commitments, contingencies, and guarantees

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

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

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

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

The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
 
 
 
 
 
March 31, 2019
 
 
 
 
December 31, 2018
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
Fair Value
 
 
Notional
Value/
Payment
Provision

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

 
Derivative (Liability)

 
 
Derivative Asset

 
Derivative (Liability)

 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
9

 
$
(28
)
 
$
2,559

 
$
15

 
$
(19
)
 
$
2,185

Cross-currency swaps
OA / (AP)
 

 

 
45

 

 

 
45

Interest rate swaps
OA / (AP)
 

 
(195
)
 
5,250

 

 
(115
)
 
5,250

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
6

 
(24
)
 
1,080

 
13

 
(19
)
 
1,046

Convertible securities (1)
FM AFS / ES
 
8

 

 
9

 
9

 

 
11

TBAs
FM AFS
 

 

 

 
6

 

 
6

 
 
 
$
23

 
$
(247
)
 
$
8,943

 
$
43


$
(153
)

$
8,543

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

 
$
(12
)
 
$
537

 
$
23

 
$

 
$
507

Other
OA / (AP)
 
7

 

 
184

 
2

 

 
74

 
 
 
$
7

 
$
(12
)
 
$
721

 
$
25

 
$

 
$
581

GLB (3)
(AP) / (FPB)
 
$

 
$
(741
)
 
$
1,458

 
$

 
$
(861
)
 
$
1,750


(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves 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 March 31, 2019 and December 31, 2018, derivative liabilities of $234 million and $95 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. 

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2019

 
2018

Investment and embedded derivative instruments:
 
 
 
Foreign currency forward contracts
$
(15
)
 
$
4

Interest rate swaps
(80
)
 

All other futures contracts, options, and equities
(36
)
 
13

Convertible securities (1)
1

 

Total investment and embedded derivative instruments
$
(130
)
 
$
17

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

 
$
38

Futures contracts on equities (3)
(63
)
 
22

Other
(1
)
 
2

Total GLB and other derivative instruments
$
50

 
$
62

 
$
(80
)
 
$
79

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
December 31

 
 
2019

 
2018

(in millions of U.S. dollars)
 
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
 
Cash
 
$
846

 
$
756

U.S. Treasury and agency
 
60

 
64

Foreign
 
655

 
795

Corporate securities
 
29

 
15

Mortgage-backed securities
 
47

 
45

Equity securities
 
224

 
251

 
 
$
1,861

 
$
1,926

Gross amount of recognized liability for securities lending payable
 
$
1,861

 
$
1,926



At March 31, 2019 and December 31, 2018, our repurchase agreement obligations of $1,419 million and $1,418 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.  

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
March 31, 2019
 
 
December 31, 2018
 
 
Up to 30 Days

 
Greater than
90 Days

 
Total

 
30-90 Days

 
Greater than
90 Days

 
Total

(in millions of U.S. dollars)
 
 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
255

 
$
9

 
$
264

 
$

 
$
259

 
$
259

Mortgage-backed securities
330

 
884

 
1,214

 
496

 
713

 
1,209

 
$
585

 
$
893

 
$
1,478

 
$
496

 
$
972

 
$
1,468

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,419

 
 
 
 
 
$
1,418

Difference (1)
 
 
 
 
$
59

 
 
 
 
 
$
50


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

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

d) Fixed maturities
At March 31, 2019, we have commitments to purchase fixed income securities of $792 million over the next several years.

e) Other investments
At March 31, 2019, included in Other investments in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $4.2 billion. In connection with these investments, we have commitments that may require funding of up to $3.6 billion over the next several years.

f) Income Taxes
At March 31, 2019, $14 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010.

g) Legal proceedings
Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.
v3.19.1
Share-based compensation
3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based compensation
Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 28, 2019, Chubb granted 2,073,712 stock options with a weighted-average grant date fair value of $18.79 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 28, 2019, Chubb granted 1,078,247 service-based restricted stock awards, 357,463 service-based restricted stock units, and 212,059 performance-based stock awards to employees and officers with a grant date fair value of $133.90 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.
v3.19.1
Shareholders' equity
3 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]  
Shareholders' equity
Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value reduction) or from legal reserves, must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2019, our Common Shares had a par value of CHF 24.15 per share.

At our May 2018 and 2017 annual general meetings, our shareholders approved an annual dividend for the following year of up to $2.92 per share and $2.84 per share, respectively, which was paid in four quarterly installments of $0.73 per share and $0.71 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions per Common Share for the three months ended March 31, 2019 and 2018 were $0.73 (CHF 0.72) and $0.71 (CHF 0.66), respectively.

Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At March 31, 2019, 21,604,659 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans.

Chubb Limited securities repurchase authorization
In December 2017, the Board authorized a share repurchase program of $1.0 billion of Chubb's Common Shares from January 1, 2018 through December 31, 2018. In December 2018, our Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from December 1, 2018 through December 31, 2019.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
 
Three Months Ended
March 31
 
 
April 1, 2019 through May 1, 2019

(in millions of U.S. dollars, except share data)
2019

 
2018

 
Number of shares repurchased
2,753,754

 

 
550,000

Cost of shares repurchased
$
367

 
$

 
$
77

Repurchase authorization remaining at end of period
$
1,112

 
$
1,000

 
$
1,035

v3.19.1
Postretirement benefits
3 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans [Text Block]
Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
 
Pension Benefit Plans
 
 
Other Postretirement
Benefit Plans
 
 
2019
 
 
2018
 
 
2019

 
2018

Three Months Ended March 31
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Service cost
$
12

 
$
3

 
$
14

 
$
3

 
$

 
$

Non-service cost:
 
 
 
 
 
 
 
 
 
 
 
Interest cost
30

 
7

 
26

 
7

 
1

 
1

Expected return on plan assets
(47
)
 
(11
)
 
(53
)
 
(13
)
 
(1
)
 
(1
)
Amortization of prior service cost

 

 

 

 
(20
)
 
(21
)
Total non-service (benefit) cost
(17
)
 
(4
)
 
(27
)
 
(6
)
 
(20
)
 
(21
)
Net periodic (benefit) cost
$
(5
)
 
$
(1
)
 
$
(13
)
 
$
(3
)
 
$
(20
)
 
$
(21
)


The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows:
 
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
Three Months Ended March 31
 
2019

 
2018

 
2019

 
2018

(in millions of U.S. dollars)
 
 
 
 
Service Cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
$
2

 
$
2

 
$

 
$

Administrative expenses
 
13

 
15

 

 

Total service cost
 
15

 
17

 

 

Non-service Cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
(2
)
 
(3
)
 
(2
)
 
(1
)
Administrative expenses
 
(19
)
 
(30
)
 
(18
)
 
(20
)
Total non-service (benefit) cost
 
(21
)
 
(33
)
 
(20
)
 
(21
)
Net periodic (benefit) cost
 
$
(6
)
 
$
(16
)
 
$
(20
)
 
$
(21
)
v3.19.1
Segment information
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment information
Segment information

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

Corporate results primarily include income and expenses not attributable to reportable segments and loss and loss expenses of asbestos and environmental (A&E) liabilities.

For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income (loss) as the main measures of segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate Segment income (loss), include Net investment income (loss), Other (income) expense, and Amortization of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income (loss). For example, for the three months ended March 31, 2019, underwriting income in our North America Agricultural Insurance segment was $73 million. This amount includes $1 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 March 31, 2019, Life Insurance underwriting income of $75 million includes Net investment income of $89 million and gains from fair value changes in separate account assets of $30 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:
For the Three Months Ended
March 31, 2019
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
2,951

 
$
1,056

 
$
130

 
$
2,395

 
$
202

 
$
579

 
$

 
$
7,313

Net premiums earned
3,085

 
1,154

 
55

 
2,114

 
168

 
561

 

 
7,137

Losses and loss expenses
1,973

 
757

 
(27
)
 
1,106

 
76

 
202

 
11

 
4,098

Policy benefits

 

 

 

 

 
196

 

 
196

Policy acquisition costs
459

 
231

 
7

 
596

 
43

 
128

 

 
1,464

Administrative expenses
240

 
68

 
1

 
249

 
10

 
79

 
63

 
710

Underwriting income (loss)
413

 
98

 
74

 
163

 
39

 
(44
)
 
(74
)
 
669

Net investment income (loss)
510

 
64

 
10

 
144

 
56

 
89

 
(37
)
 
836

Other (income) expense
(5
)
 

 

 
4

 
(9
)
 
(40
)
 
11

 
(39
)
Amortization expense of purchased intangibles

 
3

 
7

 
11

 

 

 
55

 
76

Segment income (loss)
$
928


$
159


$
77


$
292


$
104


$
85


$
(177
)

$
1,468

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

 
140

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
3

 
3

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
188

 
188

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

For the Three Months Ended
March 31, 2018
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
2,812

 
$
1,048

 
$
108

 
$
2,384

 
$
193

 
$
559

 
$

 
$
7,104

Net premiums earned
3,029

 
1,140

 
43

 
2,107

 
168

 
540

 

 
7,027

Losses and loss expenses
1,908

 
886

 
(53
)
 
1,078

 
67

 
205

 
11

 
4,102

Policy benefits

 

 

 

 

 
151

 

 
151

Policy acquisition costs
472

 
237

 
(1
)
 
588

 
40

 
128

 

 
1,464

Administrative expenses
231

 
65

 
(3
)
 
239

 
10

 
78

 
72

 
692

Underwriting income (loss)
418


(48
)

100


202


51


(22
)
 
(83
)
 
618

Net investment income (loss)
503

 
59

 
7

 
151

 
64

 
83

 
(61
)
 
806

Other (income) expense
(6
)
 

 

 
7

 
(7
)
 
(4
)
 
(37
)
 
(47
)
Amortization expense of purchased intangibles

 
3

 
7

 
10

 

 
1

 
64

 
85

Segment income (loss)
$
927


$
8


$
100


$
336


$
122


$
64

 
$
(171
)
 
$
1,386

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(2
)
 
(2
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
157

 
157

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
10

 
10

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
135

 
135

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(475
)
 
$
1,082



Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
v3.19.1
Earnings per share
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Earnings per share
Earnings per share
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars, except share and per share data)
2019

 
2018

Numerator:
 
 
 
Net income
$
1,040

 
$
1,082

Denominator:
 
 
 
Denominator for basic earnings per share:
 
 
 
Weighted-average shares outstanding
458,805,185

 
465,703,240

Denominator for diluted earnings per share:
 
 
 
Share-based compensation plans
2,731,755

 
3,770,351

Weighted-average shares outstanding and assumed conversions
461,536,940

 
469,473,591

Basic earnings per share
$
2.27

 
$
2.32

Diluted earnings per share
$
2.25

 
$
2.30

Potential anti-dilutive share conversions
4,343,204

 
2,116,188



Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods.
v3.19.1
Information provided in connection with outstanding debt of subsidiaries
3 Months Ended
Mar. 31, 2019
Disclosure Text Block Supplement [Abstract]  
Information provided in connection with outstanding debt of subsidiaries
Information provided in connection with outstanding debt of subsidiaries

The following tables present condensed consolidating financial information at March 31, 2019 and December 31, 2018, and for the three months ended March 31, 2019 and 2018 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis.

Condensed Consolidating Balance Sheet at March 31, 2019
(in millions of U.S. dollars)
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
229

 
$
103,031

 
$

 
$
103,260

Cash (1)
2

 
71

 
2,220

 
(1,022
)
 
1,271

Restricted cash

 

 
122

 

 
122

Insurance and reinsurance balances receivable

 

 
11,491

 
(1,665
)
 
9,826

Reinsurance recoverable on losses and loss expenses

 

 
26,232

 
(10,095
)
 
16,137

Reinsurance recoverable on policy benefits

 

 
306

 
(103
)
 
203

Value of business acquired

 

 
289

 

 
289

Goodwill and other intangible assets

 

 
21,419

 

 
21,419

Investments in subsidiaries
45,648

 
51,996

 

 
(97,644
)
 

Due from subsidiaries and affiliates, net
7,358

 

 
616

 
(7,974
)
 

Other assets
9

 
488

 
20,170

 
(1,847
)
 
18,820

Total assets
$
53,017

 
$
52,784

 
$
185,896

 
$
(120,350
)
 
$
171,347

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
72,998

 
$
(9,855
)
 
$
63,143

Unearned premiums

 

 
17,039

 
(1,130
)
 
15,909

Future policy benefits

 

 
5,655

 
(103
)
 
5,552

Due to subsidiaries and affiliates, net

 
7,974

 

 
(7,974
)
 

Affiliated notional cash pooling programs (1)
331

 
691

 

 
(1,022
)
 

Repurchase agreements

 

 
1,419

 

 
1,419

Short-term debt

 
500

 
9

 

 
509

Long-term debt

 
12,070

 
1

 

 
12,071

Trust preferred securities

 
308

 

 

 
308

Other liabilities
331

 
1,894

 
20,478

 
(2,622
)
 
20,081

Total liabilities
662

 
23,437

 
117,599

 
(22,706
)
 
118,992

Total shareholders’ equity
52,355

 
29,347

 
68,297

 
(97,644
)
 
52,355

Total liabilities and shareholders’ equity
$
53,017

 
$
52,784

 
$
185,896

 
$
(120,350
)
 
$
171,347


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

Condensed Consolidating Balance Sheet at December 31, 2018

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

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
214

 
$
100,754

 
$

 
$
100,968

Cash (1)
1

 
2

 
1,896

 
(652
)
 
1,247

Restricted cash

 

 
93

 

 
93

Insurance and reinsurance balances receivable

 

 
11,861

 
(1,786
)
 
10,075

Reinsurance recoverable on losses and loss expenses

 

 
26,422

 
(10,429
)
 
15,993

Reinsurance recoverable on policy benefits

 

 
306

 
(104
)
 
202

Value of business acquired

 

 
295

 

 
295

Goodwill and other intangible assets

 

 
21,414

 

 
21,414

Investments in subsidiaries
43,531

 
50,209

 

 
(93,740
)
 

Due from subsidiaries and affiliates, net
7,074

 

 
598

 
(7,672
)
 

Other assets
3

 
1,007

 
18,102

 
(1,628
)
 
17,484

Total assets
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
72,857

 
$
(9,897
)
 
$
62,960

Unearned premiums

 

 
16,611

 
(1,079
)
 
15,532

Future policy benefits

 

 
5,610

 
(104
)
 
5,506

Due to subsidiaries and affiliates, net

 
7,672

 

 
(7,672
)
 

Affiliated notional cash pooling programs (1)
35

 
617

 

 
(652
)
 

Repurchase agreements

 

 
1,418

 

 
1,418

Short-term debt

 
500

 
9

 

 
509

Long-term debt

 
12,086

 
1

 

 
12,087

Trust preferred securities

 
308

 

 

 
308

Other liabilities
262

 
2,545

 
19,199

 
(2,867
)
 
19,139

Total liabilities
297

 
23,728

 
115,705

 
(22,271
)
 
117,459

Total shareholders’ equity
50,312

 
27,704

 
66,036

 
(93,740
)
 
50,312

Total liabilities and shareholders’ equity
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2019
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$

 
$
7,313

 
$

 
$
7,313

Net premiums earned

 

 
7,137

 

 
7,137

Net investment income
1

 
(4
)
 
839

 

 
836

Equity in earnings of subsidiaries
990

 
759

 

 
(1,749
)
 

Net realized gains (losses) including OTTI
1

 
(13
)
 
(85
)
 

 
(97
)
Losses and loss expenses

 

 
4,098

 

 
4,098

Policy benefits

 

 
196

 

 
196

Policy acquisition costs and administrative expenses
20

 
(15
)
 
2,169

 

 
2,174

Interest (income) expense
(66
)
 
185

 
21

 

 
140

Other (income) expense
(6
)
 
3

 
(36
)
 

 
(39
)
Amortization of purchased intangibles

 

 
76

 

 
76

Chubb integration expenses

 
2

 
1

 

 
3

Income tax expense (benefit)
4

 
(42
)
 
226

 

 
188

Net income
$
1,040

 
$
609

 
$
1,140

 
$
(1,749
)
 
$
1,040

Comprehensive income
$
2,718

 
$
1,941

 
$
2,788

 
$
(4,729
)
 
$
2,718



Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2018
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$

 
$
7,104

 
$

 
$
7,104

Net premiums earned

 

 
7,027

 

 
7,027

Net investment income
2

 
4

 
800

 

 
806

Equity in earnings of subsidiaries
1,022

 
885

 

 
(1,907
)
 

Net realized gains (losses) including OTTI
(2
)
 
(24
)
 
24

 

 
(2
)
Losses and loss expenses

 

 
4,102

 

 
4,102

Policy benefits

 

 
151

 

 
151

Policy acquisition costs and administrative expenses
18

 
22

 
2,116

 

 
2,156

Interest (income) expense
(80
)
 
209

 
28

 

 
157

Other (income) expense
(5
)
 
8

 
(50
)
 

 
(47
)
Amortization of purchased intangibles

 

 
85

 

 
85

Chubb integration expenses
2

 
1

 
7

 

 
10

Income tax expense (benefit)
5

 
(59
)
 
189

 

 
135

Net income
$
1,082

 
$
684

 
$
1,223

 
$
(1,907
)
 
$
1,082

Comprehensive income
$
453

 
$
216

 
$
614

 
$
(830
)
 
$
453






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

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
(163
)
 
$
1,378

 
$
(200
)
 
$
1,322

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

 
(3
)
 
(5,558
)
 

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

 

 
(1
)
 

 
(1
)
Purchases of equity securities

 

 
(49
)
 

 
(49
)
Sales of fixed maturities available for sale

 

 
3,293

 

 
3,293

Sales of equity securities

 

 
60

 

 
60

Maturities and redemptions of fixed maturities available for sale

 
6

 
1,825

 

 
1,831

Maturities and redemptions of fixed maturities held to maturity

 

 
280

 

 
280

Net change in short-term investments

 
(3
)
 
(36
)
 

 
(39
)
Net derivative instruments settlements

 
(28
)
 
(330
)
 

 
(358
)
Private equity contributions

 

 
(410
)
 

 
(410
)
Private equity distributions

 

 
368

 

 
368

Capital contribution

 
(110
)
 

 
110

 

Other

 
(12
)
 
(75
)
 

 
(87
)
Net cash flows used for investing activities

 
(150
)
 
(633
)
 
110

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

 

 

 
(336
)
Common Shares repurchased

 

 
(367
)
 

 
(367
)
Proceeds from issuance of repurchase agreements

 

 
471

 

 
471

Repayment of repurchase agreements

 

 
(470
)
 

 
(470
)
Proceeds from share-based compensation plans

 

 
35

 

 
35

Dividend to parent company

 

 
(200
)
 
200

 

Advances (to) from affiliates
(266
)
 
308

 
(42
)
 

 

Capital contribution

 

 
110

 
(110
)
 

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

 
74

 

 
(370
)
 

Policyholder contract deposits

 

 
115

 

 
115

Policyholder contract withdrawals

 

 
(78
)
 

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

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

 

 
34

 

 
34

Net increase in cash and restricted cash
1

 
69

 
353

 
(370
)
 
53

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

 
2

 
1,989

 
(652
)
 
1,340

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

 
$
71

 
$
2,342

 
$
(1,022
)
 
$
1,393

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



Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2018
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
24

 
$
2,727

 
$
800

 
$
(3,000
)
 
$
551

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

 
(8
)
 
(5,964
)
 

 
(5,972
)
Purchases of fixed maturities held to maturity

 

 
(162
)
 

 
(162
)
Purchases of equity securities

 

 
(55
)
 

 
(55
)
Sales of fixed maturities available for sale

 

 
2,562

 

 
2,562

Sales of equity securities

 

 
40

 

 
40

Maturities and redemptions of fixed maturities
   available for sale

 
3

 
1,862

 

 
1,865

Maturities and redemptions of fixed maturities held to maturity

 

 
255

 

 
255

Net change in short-term investments

 
(14
)
 
745

 

 
731

Net derivative instruments settlements

 
(7
)
 
46

 

 
39

Private equity contributions

 

 
(353
)
 

 
(353
)
Private equity distributions

 

 
201

 

 
201

Capital contribution
(750
)
 
(3,500
)
 

 
4,250

 

Other

 
(3
)
 
(29
)
 

 
(32
)
Net cash flows used for investing activities
(750
)
 
(3,529
)
 
(852
)
 
4,250

 
(881
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(330
)
 

 

 

 
(330
)
Common Shares repurchased

 

 
(29
)
 

 
(29
)
Proceeds from issuance of long-term debt

 
2,175

 

 

 
2,175

Repayment of long-term debt

 
(300
)
 

 

 
(300
)
Proceeds from issuance of repurchase agreements

 

 
408

 

 
408

Repayment of repurchase agreements

 

 
(404
)
 

 
(404
)
Proceeds from share-based compensation plans

 

 
34

 

 
34

Dividend to parent company

 

 
(3,000
)
 
3,000

 

Advances (to) from affiliates
656

 
(95
)
 
(561
)
 

 

Capital contribution

 

 
4,250

 
(4,250
)
 

Net proceeds from (payments to) affiliated notional cash pooling programs (1)
400

 
(115
)
 

 
(285
)
 

Policyholder contract deposits

 

 
118

 

 
118

Policyholder contract withdrawals

 

 
(105
)
 

 
(105
)
Net cash flows from financing activities
726

 
1,665

 
711

 
(1,535
)
 
1,567

Effect of foreign currency rate changes on cash and restricted cash
(2
)
 

 
27

 

 
25

Net increase (decrease) in cash and restricted cash
(2
)
 
863

 
686

 
(285
)
 
1,262

Cash and restricted cash – beginning of period (1)
3

 
1

 
962

 
(115
)
 
851

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

 
$
864

 
$
1,648

 
$
(400
)
 
$
2,113


(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.19.1
General (Policies)
3 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Chubb operates through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 9 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Form 10-K.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

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

 
December 31

(in millions of U.S. dollars)
2019

 
2018

Cash
$
1,271

 
$
1,247

Restricted cash
122

 
93

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,393

 
$
1,340

Accounting guidance adopted in 2019
d) Accounting guidance adopted in 2019
Premium Amortization on Purchased Callable Debt Securities
Effective January 1, 2019, we adopted new accounting guidance on "Premium Amortization on Purchased Callable Debt Securities" for bonds held at a premium on a modified retrospective basis. The guidance requires the premium to be amortized to the earliest call date. As a result, we recorded a cumulative effect adjustment to decrease beginning retained earnings by $12 million after-tax ($15 million pre-tax). Securities held at a discount did not require an accounting change.

Lease Accounting
Effective for the quarter ended March 31, 2019, we adopted new lease accounting guidance and elected to utilize a modified retrospective approach which allowed us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings for 2019, with no adjustment to prior periods presented. The cumulative effect adjustment to the opening balance of retained earnings was zero. Our leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. The adoption of the updated guidance resulted in our recognizing a right-of-use asset of $608 million, which was recorded within Other assets, and a lease liability of $653 million, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheet as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The adoption of the new guidance did not have a material effect on our results of operations, financial condition or liquidity.

Accounting guidance not yet adopted
Refer to the 2018 Form 10-K for information on accounting guidance not yet adopted.
v3.19.1
Fair value measurements Fair Value Measurement Policy (Policies)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy [Policy Text Block]
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.
v3.19.1
General General (Tables)
3 Months Ended
Mar. 31, 2019
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents [Table Text Block]
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
 
March 31

 
December 31

(in millions of U.S. dollars)
2019

 
2018

Cash
$
1,271

 
$
1,247

Restricted cash
122

 
93

Total cash and restricted cash shown in the Consolidated statements of cash flows
$
1,393

 
$
1,340

v3.19.1
Investments (Tables)
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI
March 31, 2019
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,760

 
$
50

 
$
(19
)
 
$
3,791

 
$

Foreign
21,796

 
658

 
(112
)
 
22,342

 

Corporate securities
27,519

 
476

 
(170
)
 
27,825

 
(5
)
Mortgage-backed securities
16,369

 
173

 
(112
)
 
16,430

 
(1
)
States, municipalities, and political subdivisions
10,180

 
123

 
(28
)
 
10,275

 

 
$
79,624

 
$
1,480

 
$
(441
)
 
$
80,663

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,144

 
$
11

 
$
(3
)
 
$
1,152

 
$

Foreign
1,503

 
34

 
(3
)
 
1,534

 

Corporate securities
2,543

 
30

 
(34
)
 
2,539

 

Mortgage-backed securities
2,484

 
16

 
(6
)
 
2,494

 

States, municipalities, and political subdivisions
5,462

 
67

 
(8
)
 
5,521

 

 
$
13,136

 
$
158

 
$
(54
)
 
$
13,240

 
$


December 31, 2018
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$

Foreign
21,370

 
395

 
(349
)
 
21,416

 

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$

Foreign
1,549

 
11

 
(18
)
 
1,542

 

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI
 
March 31, 2019
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,760

 
$
50

 
$
(19
)
 
$
3,791

 
$

Foreign
21,796

 
658

 
(112
)
 
22,342

 

Corporate securities
27,519

 
476

 
(170
)
 
27,825

 
(5
)
Mortgage-backed securities
16,369

 
173

 
(112
)
 
16,430

 
(1
)
States, municipalities, and political subdivisions
10,180

 
123

 
(28
)
 
10,275

 

 
$
79,624

 
$
1,480

 
$
(441
)
 
$
80,663

 
$
(6
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,144

 
$
11

 
$
(3
)
 
$
1,152

 
$

Foreign
1,503

 
34

 
(3
)
 
1,534

 

Corporate securities
2,543

 
30

 
(34
)
 
2,539

 

Mortgage-backed securities
2,484

 
16

 
(6
)
 
2,494

 

States, municipalities, and political subdivisions
5,462

 
67

 
(8
)
 
5,521

 

 
$
13,136

 
$
158

 
$
(54
)
 
$
13,240

 
$


December 31, 2018
Amortized
Cost

 
Gross
Unrealized
Appreciation

 
Gross
Unrealized
Depreciation

 
Fair
Value

 
OTTI Recognized
in AOCI

(in millions of U.S. dollars)
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
4,158

 
$
30

 
$
(43
)
 
$
4,145

 
$

Foreign
21,370

 
395

 
(349
)
 
21,416

 

Corporate securities
27,183

 
150

 
(750
)
 
26,583

 
(6
)
Mortgage-backed securities
15,758

 
66

 
(284
)
 
15,540

 
(1
)
States, municipalities, and political subdivisions
10,854

 
49

 
(117
)
 
10,786

 

 
$
79,323

 
$
690

 
$
(1,543
)
 
$
78,470

 
$
(7
)
Held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,185

 
$
8

 
$
(11
)
 
$
1,182

 
$

Foreign
1,549

 
11

 
(18
)
 
1,542

 

Corporate securities
2,601

 
11

 
(104
)
 
2,508

 

Mortgage-backed securities
2,524

 
5

 
(43
)
 
2,486

 

States, municipalities, and political subdivisions
5,576

 
16

 
(51
)
 
5,541

 

 
$
13,435

 
$
51

 
$
(227
)
 
$
13,259

 
$

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

 
 
 
December 31

 
 
 
2019

 
 
 
2018

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

 
Fair Value

 
Amortized Cost

 
Fair Value

Available for sale
 
 
 
 
 
 
 
Due in 1 year or less
$
3,776

 
$
3,785

 
$
3,569

 
$
3,568

Due after 1 year through 5 years
27,308

 
27,593

 
27,134

 
27,005

Due after 5 years through 10 years
23,367

 
23,690

 
24,095

 
23,543

Due after 10 years
8,804

 
9,165

 
8,767

 
8,814

 
63,255

 
64,233

 
63,565

 
62,930

Mortgage-backed securities
16,369

 
16,430

 
15,758

 
15,540

 
$
79,624

 
$
80,663

 
$
79,323

 
$
78,470

Held to maturity
 
 
 
 
 
 
 
Due in 1 year or less
$
614

 
$
616

 
$
536

 
$
537

Due after 1 year through 5 years
3,111

 
3,125

 
3,122

 
3,106

Due after 5 years through 10 years
4,246

 
4,287

 
4,468

 
4,407

Due after 10 years
2,681

 
2,718

 
2,785

 
2,723

 
10,652

 
10,746

 
10,911

 
10,773

Mortgage-backed securities
2,484

 
2,494

 
2,524

 
2,486

 
$
13,136

 
$
13,240

 
$
13,435

 
$
13,259

Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2019

 
2018

Fixed maturities:
 
 
 
OTTI on fixed maturities, gross and net
$
(13
)
 
$
(1
)
Gross realized gains excluding OTTI
27

 
66

Gross realized losses excluding OTTI
(58
)
 
(88
)
Total fixed maturities
(44
)
 
(23
)
Equity securities:
 
 
 
Gross realized gains excluding OTTI
64

 
10

Gross realized losses excluding OTTI
(6
)
 
(21
)
Total equity securities
58

 
(11
)
Other investments
(44
)
 
29

Foreign exchange gains (losses)
13

 
(77
)
Investment and embedded derivative instruments
(130
)
 
17

Fair value adjustments on insurance derivative
114

 
38

S&P futures
(63
)
 
22

Other derivative instruments
(1
)
 
2

Other

 
1

Net realized gains (losses) (pre-tax)
$
(97
)
 
$
(2
)
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
 
 
March 31
 
(in millions of U.S. dollars)
2019

 
2018

Balance of credit losses related to securities still held – beginning of period
$
34

 
$
22

Additions where no OTTI was previously recorded
6

 

Reductions for securities sold during the period
(8
)
 
(7
)
Balance of credit losses related to securities still held – end of period
$
32

 
$
15

Gain (Loss) on Securities [Table Text Block]
equity securities and other investments, including both sales of securities and unrealized gains and losses from changes in fair value:

 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
March 31
 
 
2019
 
 
2018
 
(in millions of U.S. dollars)
Equity Securities

 
Other Investments

 
Total

 
Equity Securities

 
Other Investments

 
Total

Net gains (losses) recognized during the period
$
58

 
$
(44
)
 
$
14

 
$
(11
)
 
$
29

 
$
18

Less: Net gains (losses) recognized from sales of securities
1

 
(2
)
 
(1
)
 
10

 

 
10

Unrealized gains (losses) recognized for securities still held at reporting date
$
57

 
$
(42
)
 
$
15

 
$
(21
)
 
$
29

 
$
8

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
 
March 31, 2019
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
68

 
$

 
$
2,298

 
$
(22
)
 
$
2,366

 
$
(22
)
Foreign
1,346

 
(26
)
 
4,228

 
(89
)
 
5,574

 
(115
)
Corporate securities
3,649

 
(62
)
 
6,206

 
(142
)
 
9,855

 
(204
)
Mortgage-backed securities
388

 
(1
)
 
8,974

 
(117
)
 
9,362

 
(118
)
States, municipalities, and political subdivisions
93

 

 
4,867

 
(36
)
 
4,960

 
(36
)
Total fixed maturities
$
5,544

 
$
(89
)
 
$
26,573

 
$
(406
)
 
$
32,117

 
$
(495
)
 
0 – 12 Months
 
 
Over 12 Months
 
 
Total
 
December 31, 2018
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

 
Fair Value

 
Gross
Unrealized
Loss

(in millions of U.S. dollars)
 
 
 
 
 
U.S. Treasury and agency
$
523

 
$
(4
)
 
$
2,859

 
$
(50
)
 
$
3,382

 
$
(54
)
Foreign
6,764

 
(208
)
 
5,349

 
(159
)
 
12,113

 
(367
)
Corporate securities
16,538

 
(599
)
 
4,873

 
(255
)
 
21,411

 
(854
)
Mortgage-backed securities
6,103

 
(98
)
 
6,913

 
(229
)
 
13,016

 
(327
)
States, municipalities, and political subdivisions
5,024

 
(44
)
 
7,768

 
(124
)
 
12,792

 
(168
)
Total fixed maturities
$
34,952

 
$
(953
)
 
$
27,762

 
$
(817
)
 
$
62,714

 
$
(1,770
)
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
 
March 31

 
December 31

(in millions of U.S. dollars)
2019

 
2018

Trust funds
$
13,943

 
$
13,988

Deposits with U.S. regulatory authorities
2,904

 
2,405

Deposits with non-U.S. regulatory authorities
2,851

 
2,531

Assets pledged under repurchase agreements
1,478

 
1,468

Other pledged assets
942

 
692

Total
$
22,118

 
$
21,084

v3.19.1
Fair value measurements (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Financial Instruments Measured At Fair Value On A Recurring Basis
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
March 31, 2019
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,168

 
$
623

 
$

 
$
3,791

Foreign

 
21,982

 
360

 
22,342

Corporate securities

 
26,483

 
1,342

 
27,825

Mortgage-backed securities

 
16,352

 
78

 
16,430

States, municipalities, and political subdivisions

 
10,275

 

 
10,275

 
3,168

 
75,715

 
1,780

 
80,663

Equity securities
766

 

 
55

 
821

Short-term investments
1,785

 
1,293

 

 
3,078

Other investments (1)
411

 
342

 
11

 
764

Securities lending collateral

 
1,861

 

 
1,861

Investment derivative instruments
15

 

 

 
15

Other derivative instruments
7

 

 

 
7

Separate account assets
2,991

 
139

 

 
3,130

Total assets measured at fair value (1)
$
9,143

 
$
79,350

 
$
1,846

 
$
90,339

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
52

 
$
195

 
$

 
$
247

Other derivative instruments
12

 

 

 
12

GLB (2)

 

 
338

 
338

Total liabilities measured at fair value
$
64

 
$
195

 
$
338

 
$
597

(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,464 million and other investments of $91 million at March 31, 2019 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
 
December 31, 2018
Level 1

 
Level 2

 
Level 3

 
Total

(in millions of U.S. dollars)
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Treasury and agency
$
3,400

 
$
745

 
$

 
$
4,145

Foreign

 
21,071

 
345

 
21,416

Corporate securities

 
25,284

 
1,299

 
26,583

Mortgage-backed securities

 
15,479

 
61

 
15,540

States, municipalities, and political subdivisions

 
10,786

 

 
10,786

 
3,400

 
73,365

 
1,705

 
78,470

Equity securities
713

 

 
57

 
770

Short-term investments
1,575

 
1,440

 
1

 
3,016

Other investments (1)
381

 
303

 
11

 
695

Securities lending collateral

 
1,926

 

 
1,926

Investment derivative instruments
28

 

 

 
28

Other derivative instruments
25

 

 

 
25

Separate account assets
2,686

 
137

 

 
2,823

Total assets measured at fair value (1)
$
8,808

 
$
77,171

 
$
1,774

 
$
87,753

Liabilities:
 
 
 
 
 
 
 
Investment derivative instruments
$
38

 
$
115

 
$

 
$
153

GLB (2)

 

 
452

 
452

Total liabilities measured at fair value
$
38

 
$
115

 
$
452

 
$
605


(1) 
Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
Fair Value And Maximum Future Funding Commitments Related To Investments
The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:
 
 
 
 
 
March 31

 
 
 
December 31

 
Expected
Liquidation
Period of Underlying Assets
 
 
 
2019

 
 
 
2018

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

 
Maximum
Future Funding
Commitments

 
Fair
Value

 
Maximum
Future Funding
Commitments

Financial
2 to 9 Years
 
$
591

 
$
188

 
$
596

 
$
193

Real Assets
2 to 11 Years
 
762

 
449

 
704

 
362

Distressed
2 to 7 Years
 
263

 
98

 
296

 
105

Private Credit
3 to 8 Years
 
134

 
291

 
147

 
310

Traditional
2 to 14 Years
 
2,331

 
2,573

 
2,362

 
2,735

Vintage
1 to 2 Years
 
125

 
43

 
56

 

Investment funds
Not Applicable
 
258

 

 
83

 

 
 
 
$
4,464

 
$
3,642

 
$
4,244

 
$
3,705

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)
Fair Value
 
 
Valuation
Technique
 
Significant
Unobservable Inputs
 
Ranges
March 31, 2019

 
December 31, 2018

 
 
 
GLB (1)
$
338

 
$
452

 
Actuarial model
 
Lapse rate
 
3% – 32%
 
 
 
 
 
 
 
Annuitization rate
 
0% – 42%
(1) 
Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
 
Assets
 
Liabilities
 
Three Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate
securities

 
MBS

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

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

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

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

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

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB (2)

March 31, 2018
Foreign

 
Corporate securities (1)

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
93

 
$
1,037

 
$
78

 
$
44

 
$

 
$
263

 
$
2

 
$
204

Transfers into Level 3
7

 

 
1

 

 
5

 

 

 

Transfers out of Level 3

 
(10
)
 

 

 

 

 

 

Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange
9

 
(3
)
 

 
1

 

 
2

 

 

Net Realized Gains/Losses

 

 

 
2

 

 

 

 
(37
)
Purchases
87

 
139

 
4

 
17

 
8

 
14

 

 

Sales
(19
)
 
(51
)
 

 

 

 

 

 

Settlements
(1
)
 
(39
)
 

 

 
(1
)
 
(9
)
 

 

Balance – end of period
$
176

 
$
1,073

 
$
83

 
$
64

 
$
12

 
$
270

 
$
2

 
$
167

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

 
$

 
$

 
$

 
$

 
$

 
$

 
$
(37
)
(1) 
Purchases in Level 3 primarily consist of privately-placed fixed income securities.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $529 million at March 31, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $167 million and $204 million, respectively.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
 
Assets
 
Liabilities
 
Three Months Ended
Available-for-Sale Debt Securities
Equity
securities

 
Short-term investments

 
Other
investments

 
GLB (1)

March 31, 2019
Foreign

 
Corporate
securities

 
MBS

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

 
$
1,299

 
$
61

 
$
57

 
$
1

 
$
11

 
$
452

Transfers into Level 3
3

 
5

 

 

 

 

 

Transfers out of Level 3
(15
)
 

 

 

 

 

 

Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange
6

 
4

 

 
1

 

 

 

Net Realized Gains/Losses
(1
)
 
1

 

 
(2
)
 

 

 
(114
)
Purchases
53

 
128

 
18

 
9

 

 

 

Sales
(5
)
 
(37
)
 

 
(10
)
 

 

 

Settlements
(26
)
 
(58
)
 
(1
)
 

 
(1
)
 

 

Balance – end of period
$
360

 
$
1,342

 
$
78

 
$
55

 
$

 
$
11

 
$
338

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

 
$

 
$

 
$
(1
)
 
$

 
$

 
$
(114
)

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

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

 
Short-term investments

 
Other
investments

 
Other derivative instruments

 
GLB (2)

March 31, 2018
Foreign

 
Corporate securities (1)

 
MBS

 
 
(in millions of U.S. dollars)
 
 
 
 
Balance – beginning of period
$
93

 
$
1,037

 
$
78

 
$
44

 
$

 
$
263

 
$
2

 
$
204

Transfers into Level 3
7

 

 
1

 

 
5

 

 

 

Transfers out of Level 3

 
(10
)
 

 

 

 

 

 

Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange
9

 
(3
)
 

 
1

 

 
2

 

 

Net Realized Gains/Losses

 

 

 
2

 

 

 

 
(37
)
Purchases
87

 
139

 
4

 
17

 
8

 
14

 

 

Sales
(19
)
 
(51
)
 

 

 

 

 

 

Settlements
(1
)
 
(39
)
 

 

 
(1
)
 
(9
)
 

 

Balance – end of period
$
176

 
$
1,073

 
$
83

 
$
64

 
$
12

 
$
270

 
$
2

 
$
167

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

 
$

 
$

 
$

 
$

 
$

 
$

 
$
(37
)
(1) 
Purchases in Level 3 primarily consist of privately-placed fixed income securities.
(2) 
Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $529 million at March 31, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $167 million and $204 million, respectively.
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
March 31, 2019
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,098

 
$
54

 
$

 
$
1,152

 
$
1,144

Foreign

 
1,534

 

 
1,534

 
1,503

Corporate securities

 
2,509

 
30

 
2,539

 
2,543

Mortgage-backed securities

 
2,494

 

 
2,494

 
2,484

States, municipalities, and political subdivisions

 
5,521

 

 
5,521

 
5,462

Total assets
$
1,098

 
$
12,112

 
$
30

 
$
13,240

 
$
13,136

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,419

 
$

 
$
1,419

 
$
1,419

Short-term debt

 
512

 

 
512

 
509

Long-term debt

 
12,719

 

 
12,719

 
12,071

Trust preferred securities

 
425

 

 
425

 
308

Total liabilities
$

 
$
15,075

 
$

 
$
15,075

 
$
14,307


December 31, 2018
Fair Value
 
 
Carrying Value

(in millions of U.S. dollars)
Level 1

 
Level 2

 
Level 3

 
Total

 
Assets:
 
 
 
 
 
 
 
 
 
Fixed maturities held to maturity
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
1,128

 
$
54

 
$

 
$
1,182

 
$
1,185

Foreign

 
1,542

 

 
1,542

 
1,549

Corporate securities

 
2,477

 
31

 
2,508

 
2,601

Mortgage-backed securities

 
2,486

 

 
2,486

 
2,524

States, municipalities, and political subdivisions

 
5,541

 

 
5,541

 
5,576

Total assets
$
1,128


$
12,100


$
31


$
13,259


$
13,435

Liabilities:
 
 
 
 
 
 
 
 
 
Repurchase agreements
$

 
$
1,418

 
$

 
$
1,418

 
$
1,418

Short-term debt

 
516

 

 
516

 
509

Long-term debt

 
12,181

 

 
12,181

 
12,087

Trust preferred securities

 
409

 

 
409

 
308

Total liabilities
$

 
$
14,524

 
$

 
$
14,524

 
$
14,322

v3.19.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Liability for Claims and Claims Adjustment Expense [Abstract]    
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
2019

 
2018

Gross unpaid losses and loss expenses – beginning of period
$
62,960

 
$
63,179

Reinsurance recoverable on unpaid losses - beginning of period (1)
(14,689
)
 
(14,014
)
Net unpaid losses and loss expenses – beginning of period
48,271

 
49,165

Net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
4,326

 
4,358

Prior years (2)
(228
)
 
(256
)
Total
4,098

 
4,102

Net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
785

 
809

Prior years
3,234

 
3,433

Total
4,019

 
4,242

Foreign currency revaluation and other
86

 
292

Net unpaid losses and loss expenses – end of period
48,436

 
49,317

Reinsurance recoverable on unpaid losses (1)
14,707

 
13,822

Gross unpaid losses and loss expenses – end of period
$
63,143

 
$
63,139

(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 $24 million and $47 million for the three months ended March 31, 2019 and 2018, respectively.

 
Prior Period Development, by Segment [Table Text Block]
 
Three Months Ended March 31
 
(in millions of U.S. dollars)
Long-tail    

 
Short-tail

 
Total

2019
 
 
 
 
 
North America Commercial P&C Insurance
$
(65
)
 
$
(66
)
 
$
(131
)
North America Personal P&C Insurance

 
(10
)
 
(10
)
North America Agricultural Insurance

 
(61
)
 
(61
)
Overseas General Insurance

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

 

 
10

Total
$
(56
)
 
$
(148
)
 
$
(204
)
2018
 
 
 
 
 
North America Commercial P&C Insurance
$
8

 
$
(109
)
 
$
(101
)
North America Personal P&C Insurance

 
(6
)
 
(6
)
North America Agricultural Insurance

 
(76
)
 
(76
)
Overseas General Insurance

 
(22
)
 
(22
)
Global Reinsurance

 
(14
)
 
(14
)
Corporate
10

 

 
10

Total
$
18

 
$
(227
)
 
$
(209
)
 
Prior Year Claims and Claims Adjustment Expense [1] $ (228) $ (256)
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $24 million and $47 million for the three months ended March 31, 2019 and 2018, respectively.
v3.19.1
Commitments, contingencies, and guarantees (Tables)
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
 
 
 
 
 
March 31, 2019
 
 
 
 
December 31, 2018
 
 
Consolidated
Balance Sheet
Location
 
Fair Value
 
 
Notional
Value/
Payment
Provision

 
Fair Value
 
 
Notional
Value/
Payment
Provision

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

 
Derivative (Liability)

 
 
Derivative Asset

 
Derivative (Liability)

 
Investment and embedded derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
OA / (AP)
 
$
9

 
$
(28
)
 
$
2,559

 
$
15

 
$
(19
)
 
$
2,185

Cross-currency swaps
OA / (AP)
 

 

 
45

 

 

 
45

Interest rate swaps
OA / (AP)
 

 
(195
)
 
5,250

 

 
(115
)
 
5,250

Options/Futures contracts on notes, bonds, and equities
OA / (AP)
 
6

 
(24
)
 
1,080

 
13

 
(19
)
 
1,046

Convertible securities (1)
FM AFS / ES
 
8

 

 
9

 
9

 

 
11

TBAs
FM AFS
 

 

 

 
6

 

 
6

 
 
 
$
23

 
$
(247
)
 
$
8,943

 
$
43


$
(153
)

$
8,543

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

 
$
(12
)
 
$
537

 
$
23

 
$

 
$
507

Other
OA / (AP)
 
7

 

 
184

 
2

 

 
74

 
 
 
$
7

 
$
(12
)
 
$
721

 
$
25

 
$

 
$
581

GLB (3)
(AP) / (FPB)
 
$

 
$
(741
)
 
$
1,458

 
$

 
$
(861
)
 
$
1,750


(1) 
Includes fair value of embedded derivatives.
(2) 
Related to GMDB and GLB blocks of business.
(3) 
Includes both future policy benefits reserves 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.
Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2019

 
2018

Investment and embedded derivative instruments:
 
 
 
Foreign currency forward contracts
$
(15
)
 
$
4

Interest rate swaps
(80
)
 

All other futures contracts, options, and equities
(36
)
 
13

Convertible securities (1)
1

 

Total investment and embedded derivative instruments
$
(130
)
 
$
17

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

 
$
38

Futures contracts on equities (3)
(63
)
 
22

Other
(1
)
 
2

Total GLB and other derivative instruments
$
50

 
$
62

 
$
(80
)
 
$
79

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

Transfer of Certain Financial Assets Accounted for as Secured Borrowings
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
 
Remaining contractual maturity
 
 
March 31, 2019
 
 
December 31, 2018
 
 
Up to 30 Days

 
Greater than
90 Days

 
Total

 
30-90 Days

 
Greater than
90 Days

 
Total

(in millions of U.S. dollars)
 
 
 
 
Collateral pledged under repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
$
255

 
$
9

 
$
264

 
$

 
$
259

 
$
259

Mortgage-backed securities
330

 
884

 
1,214

 
496

 
713

 
1,209

 
$
585

 
$
893

 
$
1,478

 
$
496

 
$
972

 
$
1,468

Gross amount of recognized liabilities for repurchase agreements
 
 
 
 
$
1,419

 
 
 
 
 
$
1,418

Difference (1)
 
 
 
 
$
59

 
 
 
 
 
$
50


(1) 
Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
 
 
Remaining contractual maturity
 
 
 
March 31

 
December 31

 
 
2019

 
2018

(in millions of U.S. dollars)
 
Overnight and Continuous
 
Collateral held under securities lending agreements:
 
 
 
 
Cash
 
$
846

 
$
756

U.S. Treasury and agency
 
60

 
64

Foreign
 
655

 
795

Corporate securities
 
29

 
15

Mortgage-backed securities
 
47

 
45

Equity securities
 
224

 
251

 
 
$
1,861

 
$
1,926

Gross amount of recognized liability for securities lending payable
 
$
1,861

 
$
1,926



v3.19.1
Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]  
Share Repurchase Program [Table Text Block]
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
 
Three Months Ended
March 31
 
 
April 1, 2019 through May 1, 2019

(in millions of U.S. dollars, except share data)
2019

 
2018

 
Number of shares repurchased
2,753,754

 

 
550,000

Cost of shares repurchased
$
367

 
$

 
$
77

Repurchase authorization remaining at end of period
$
1,112

 
$
1,000

 
$
1,035

v3.19.1
Postretirement benefits (Tables)
3 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
 
Pension Benefit Plans
 
 
Other Postretirement
Benefit Plans
 
 
2019
 
 
2018
 
 
2019

 
2018

Three Months Ended March 31
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

 
 
 
 
(in millions of U.S. dollars)
 
 
 
 
Service cost
$
12

 
$
3

 
$
14

 
$
3

 
$

 
$

Non-service cost:
 
 
 
 
 
 
 
 
 
 
 
Interest cost
30

 
7

 
26

 
7

 
1

 
1

Expected return on plan assets
(47
)
 
(11
)
 
(53
)
 
(13
)
 
(1
)
 
(1
)
Amortization of prior service cost

 

 

 

 
(20
)
 
(21
)
Total non-service (benefit) cost
(17
)
 
(4
)
 
(27
)
 
(6
)
 
(20
)
 
(21
)
Net periodic (benefit) cost
$
(5
)
 
$
(1
)
 
$
(13
)
 
$
(3
)
 
$
(20
)
 
$
(21
)


The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows:
 
 
Pension Benefit Plans
 
 
Other Postretirement Benefit Plans
 
Three Months Ended March 31
 
2019

 
2018

 
2019

 
2018

(in millions of U.S. dollars)
 
 
 
 
Service Cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
$
2

 
$
2

 
$

 
$

Administrative expenses
 
13

 
15

 

 

Total service cost
 
15

 
17

 

 

Non-service Cost:
 
 
 
 
 
 
 
 
Losses and loss expenses
 
(2
)
 
(3
)
 
(2
)
 
(1
)
Administrative expenses
 
(19
)
 
(30
)
 
(18
)
 
(20
)
Total non-service (benefit) cost
 
(21
)
 
(33
)
 
(20
)
 
(21
)
Net periodic (benefit) cost
 
$
(6
)
 
$
(16
)
 
$
(20
)
 
$
(21
)
v3.19.1
Segment information (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Operations By Segment
The following tables present the Statement of Operations by segment:
For the Three Months Ended
March 31, 2019
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
2,951

 
$
1,056

 
$
130

 
$
2,395

 
$
202

 
$
579

 
$

 
$
7,313

Net premiums earned
3,085

 
1,154

 
55

 
2,114

 
168

 
561

 

 
7,137

Losses and loss expenses
1,973

 
757

 
(27
)
 
1,106

 
76

 
202

 
11

 
4,098

Policy benefits

 

 

 

 

 
196

 

 
196

Policy acquisition costs
459

 
231

 
7

 
596

 
43

 
128

 

 
1,464

Administrative expenses
240

 
68

 
1

 
249

 
10

 
79

 
63

 
710

Underwriting income (loss)
413

 
98

 
74

 
163

 
39

 
(44
)
 
(74
)
 
669

Net investment income (loss)
510

 
64

 
10

 
144

 
56

 
89

 
(37
)
 
836

Other (income) expense
(5
)
 

 

 
4

 
(9
)
 
(40
)
 
11

 
(39
)
Amortization expense of purchased intangibles

 
3

 
7

 
11

 

 

 
55

 
76

Segment income (loss)
$
928


$
159


$
77


$
292


$
104


$
85


$
(177
)

$
1,468

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

 
140

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
3

 
3

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
188

 
188

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

For the Three Months Ended
March 31, 2018
(in millions of U.S. dollars)
North America Commercial P&C Insurance

 
North America Personal P&C Insurance

 
North America Agricultural Insurance

 
Overseas General Insurance

 
Global
Reinsurance

 
Life Insurance

 
Corporate

 
Chubb
Consolidated

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums written
$
2,812

 
$
1,048

 
$
108

 
$
2,384

 
$
193

 
$
559

 
$

 
$
7,104

Net premiums earned
3,029

 
1,140

 
43

 
2,107

 
168

 
540

 

 
7,027

Losses and loss expenses
1,908

 
886

 
(53
)
 
1,078

 
67

 
205

 
11

 
4,102

Policy benefits

 

 

 

 

 
151

 

 
151

Policy acquisition costs
472

 
237

 
(1
)
 
588

 
40

 
128

 

 
1,464

Administrative expenses
231

 
65

 
(3
)
 
239

 
10

 
78

 
72

 
692

Underwriting income (loss)
418


(48
)

100


202


51


(22
)
 
(83
)
 
618

Net investment income (loss)
503

 
59

 
7

 
151

 
64

 
83

 
(61
)
 
806

Other (income) expense
(6
)
 

 

 
7

 
(7
)
 
(4
)
 
(37
)
 
(47
)
Amortization expense of purchased intangibles

 
3

 
7

 
10

 

 
1

 
64

 
85

Segment income (loss)
$
927


$
8


$
100


$
336


$
122


$
64

 
$
(171
)
 
$
1,386

Net realized gains (losses) including OTTI
 
 
 
 
 
 
 
 
 
 
 
 
(2
)
 
(2
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
157

 
157

Chubb integration expenses
 
 
 
 
 
 
 
 
 
 
 
 
10

 
10

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
135

 
135

Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
$
(475
)
 
$
1,082



v3.19.1
Earnings per share (Tables)
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars, except share and per share data)
2019

 
2018

Numerator:
 
 
 
Net income
$
1,040

 
$
1,082

Denominator:
 
 
 
Denominator for basic earnings per share:
 
 
 
Weighted-average shares outstanding
458,805,185

 
465,703,240

Denominator for diluted earnings per share:
 
 
 
Share-based compensation plans
2,731,755

 
3,770,351

Weighted-average shares outstanding and assumed conversions
461,536,940

 
469,473,591

Basic earnings per share
$
2.27

 
$
2.32

Diluted earnings per share
$
2.25

 
$
2.30

Potential anti-dilutive share conversions
4,343,204

 
2,116,188

v3.19.1
Information provided in connection with outstanding debt of subsidiaries (Tables)
3 Months Ended
Mar. 31, 2019
Table Text Block Supplement [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet at March 31, 2019
(in millions of U.S. dollars)
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
229

 
$
103,031

 
$

 
$
103,260

Cash (1)
2

 
71

 
2,220

 
(1,022
)
 
1,271

Restricted cash

 

 
122

 

 
122

Insurance and reinsurance balances receivable

 

 
11,491

 
(1,665
)
 
9,826

Reinsurance recoverable on losses and loss expenses

 

 
26,232

 
(10,095
)
 
16,137

Reinsurance recoverable on policy benefits

 

 
306

 
(103
)
 
203

Value of business acquired

 

 
289

 

 
289

Goodwill and other intangible assets

 

 
21,419

 

 
21,419

Investments in subsidiaries
45,648

 
51,996

 

 
(97,644
)
 

Due from subsidiaries and affiliates, net
7,358

 

 
616

 
(7,974
)
 

Other assets
9

 
488

 
20,170

 
(1,847
)
 
18,820

Total assets
$
53,017

 
$
52,784

 
$
185,896

 
$
(120,350
)
 
$
171,347

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
72,998

 
$
(9,855
)
 
$
63,143

Unearned premiums

 

 
17,039

 
(1,130
)
 
15,909

Future policy benefits

 

 
5,655

 
(103
)
 
5,552

Due to subsidiaries and affiliates, net

 
7,974

 

 
(7,974
)
 

Affiliated notional cash pooling programs (1)
331

 
691

 

 
(1,022
)
 

Repurchase agreements

 

 
1,419

 

 
1,419

Short-term debt

 
500

 
9

 

 
509

Long-term debt

 
12,070

 
1

 

 
12,071

Trust preferred securities

 
308

 

 

 
308

Other liabilities
331

 
1,894

 
20,478

 
(2,622
)
 
20,081

Total liabilities
662

 
23,437

 
117,599

 
(22,706
)
 
118,992

Total shareholders’ equity
52,355

 
29,347

 
68,297

 
(97,644
)
 
52,355

Total liabilities and shareholders’ equity
$
53,017

 
$
52,784

 
$
185,896

 
$
(120,350
)
 
$
171,347


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

Condensed Consolidating Balance Sheet at December 31, 2018

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

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$

 
$
214

 
$
100,754

 
$

 
$
100,968

Cash (1)
1

 
2

 
1,896

 
(652
)
 
1,247

Restricted cash

 

 
93

 

 
93

Insurance and reinsurance balances receivable

 

 
11,861

 
(1,786
)
 
10,075

Reinsurance recoverable on losses and loss expenses

 

 
26,422

 
(10,429
)
 
15,993

Reinsurance recoverable on policy benefits

 

 
306

 
(104
)
 
202

Value of business acquired

 

 
295

 

 
295

Goodwill and other intangible assets

 

 
21,414

 

 
21,414

Investments in subsidiaries
43,531

 
50,209

 

 
(93,740
)
 

Due from subsidiaries and affiliates, net
7,074

 

 
598

 
(7,672
)
 

Other assets
3

 
1,007

 
18,102

 
(1,628
)
 
17,484

Total assets
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$

 
$

 
$
72,857

 
$
(9,897
)
 
$
62,960

Unearned premiums

 

 
16,611

 
(1,079
)
 
15,532

Future policy benefits

 

 
5,610

 
(104
)
 
5,506

Due to subsidiaries and affiliates, net

 
7,672

 

 
(7,672
)
 

Affiliated notional cash pooling programs (1)
35

 
617

 

 
(652
)
 

Repurchase agreements

 

 
1,418

 

 
1,418

Short-term debt

 
500

 
9

 

 
509

Long-term debt

 
12,086

 
1

 

 
12,087

Trust preferred securities

 
308

 

 

 
308

Other liabilities
262

 
2,545

 
19,199

 
(2,867
)
 
19,139

Total liabilities
297

 
23,728

 
115,705

 
(22,271
)
 
117,459

Total shareholders’ equity
50,312

 
27,704

 
66,036

 
(93,740
)
 
50,312

Total liabilities and shareholders’ equity
$
50,609

 
$
51,432

 
$
181,741

 
$
(116,011
)
 
$
167,771

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement Of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2019
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$

 
$
7,313

 
$

 
$
7,313

Net premiums earned

 

 
7,137

 

 
7,137

Net investment income
1

 
(4
)
 
839

 

 
836

Equity in earnings of subsidiaries
990

 
759

 

 
(1,749
)
 

Net realized gains (losses) including OTTI
1

 
(13
)
 
(85
)
 

 
(97
)
Losses and loss expenses

 

 
4,098

 

 
4,098

Policy benefits

 

 
196

 

 
196

Policy acquisition costs and administrative expenses
20

 
(15
)
 
2,169

 

 
2,174

Interest (income) expense
(66
)
 
185

 
21

 

 
140

Other (income) expense
(6
)
 
3

 
(36
)
 

 
(39
)
Amortization of purchased intangibles

 

 
76

 

 
76

Chubb integration expenses

 
2

 
1

 

 
3

Income tax expense (benefit)
4

 
(42
)
 
226

 

 
188

Net income
$
1,040

 
$
609

 
$
1,140

 
$
(1,749
)
 
$
1,040

Comprehensive income
$
2,718

 
$
1,941

 
$
2,788

 
$
(4,729
)
 
$
2,718



Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2018
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$

 
$
7,104

 
$

 
$
7,104

Net premiums earned

 

 
7,027

 

 
7,027

Net investment income
2

 
4

 
800

 

 
806

Equity in earnings of subsidiaries
1,022

 
885

 

 
(1,907
)
 

Net realized gains (losses) including OTTI
(2
)
 
(24
)
 
24

 

 
(2
)
Losses and loss expenses

 

 
4,102

 

 
4,102

Policy benefits

 

 
151

 

 
151

Policy acquisition costs and administrative expenses
18

 
22

 
2,116

 

 
2,156

Interest (income) expense
(80
)
 
209

 
28

 

 
157

Other (income) expense
(5
)
 
8

 
(50
)
 

 
(47
)
Amortization of purchased intangibles

 

 
85

 

 
85

Chubb integration expenses
2

 
1

 
7

 

 
10

Income tax expense (benefit)
5

 
(59
)
 
189

 

 
135

Net income
$
1,082

 
$
684

 
$
1,223

 
$
(1,907
)
 
$
1,082

Comprehensive income
$
453

 
$
216

 
$
614

 
$
(830
)
 
$
453






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

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

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

 
$
(163
)
 
$
1,378

 
$
(200
)
 
$
1,322

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

 
(3
)
 
(5,558
)
 

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

 

 
(1
)
 

 
(1
)
Purchases of equity securities

 

 
(49
)
 

 
(49
)
Sales of fixed maturities available for sale

 

 
3,293

 

 
3,293

Sales of equity securities

 

 
60

 

 
60

Maturities and redemptions of fixed maturities available for sale

 
6

 
1,825

 

 
1,831

Maturities and redemptions of fixed maturities held to maturity

 

 
280

 

 
280

Net change in short-term investments

 
(3
)
 
(36
)
 

 
(39
)
Net derivative instruments settlements

 
(28
)
 
(330
)
 

 
(358
)
Private equity contributions

 

 
(410
)
 

 
(410
)
Private equity distributions

 

 
368

 

 
368

Capital contribution

 
(110
)
 

 
110

 

Other

 
(12
)
 
(75
)
 

 
(87
)
Net cash flows used for investing activities

 
(150
)
 
(633
)
 
110

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

 

 

 
(336
)
Common Shares repurchased

 

 
(367
)
 

 
(367
)
Proceeds from issuance of repurchase agreements

 

 
471

 

 
471

Repayment of repurchase agreements

 

 
(470
)
 

 
(470
)
Proceeds from share-based compensation plans

 

 
35

 

 
35

Dividend to parent company

 

 
(200
)
 
200

 

Advances (to) from affiliates
(266
)
 
308

 
(42
)
 

 

Capital contribution

 

 
110

 
(110
)
 

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

 
74

 

 
(370
)
 

Policyholder contract deposits

 

 
115

 

 
115

Policyholder contract withdrawals

 

 
(78
)
 

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

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

 

 
34

 

 
34

Net increase in cash and restricted cash
1

 
69

 
353

 
(370
)
 
53

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

 
2

 
1,989

 
(652
)
 
1,340

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

 
$
71

 
$
2,342

 
$
(1,022
)
 
$
1,393

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



Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2018
Chubb
Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb
Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
24

 
$
2,727

 
$
800

 
$
(3,000
)
 
$
551

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

 
(8
)
 
(5,964
)
 

 
(5,972
)
Purchases of fixed maturities held to maturity

 

 
(162
)
 

 
(162
)
Purchases of equity securities

 

 
(55
)
 

 
(55
)
Sales of fixed maturities available for sale

 

 
2,562

 

 
2,562

Sales of equity securities

 

 
40

 

 
40

Maturities and redemptions of fixed maturities
   available for sale

 
3

 
1,862

 

 
1,865

Maturities and redemptions of fixed maturities held to maturity

 

 
255

 

 
255

Net change in short-term investments

 
(14
)
 
745

 

 
731

Net derivative instruments settlements

 
(7
)
 
46

 

 
39

Private equity contributions

 

 
(353
)
 

 
(353
)
Private equity distributions

 

 
201

 

 
201

Capital contribution
(750
)
 
(3,500
)
 

 
4,250

 

Other

 
(3
)
 
(29
)
 

 
(32
)
Net cash flows used for investing activities
(750
)
 
(3,529
)
 
(852
)
 
4,250

 
(881
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(330
)
 

 

 

 
(330
)
Common Shares repurchased

 

 
(29
)
 

 
(29
)
Proceeds from issuance of long-term debt

 
2,175

 

 

 
2,175

Repayment of long-term debt

 
(300
)
 

 

 
(300
)
Proceeds from issuance of repurchase agreements

 

 
408

 

 
408

Repayment of repurchase agreements

 

 
(404
)
 

 
(404
)
Proceeds from share-based compensation plans

 

 
34

 

 
34

Dividend to parent company

 

 
(3,000
)
 
3,000

 

Advances (to) from affiliates
656

 
(95
)
 
(561
)
 

 

Capital contribution

 

 
4,250

 
(4,250
)
 

Net proceeds from (payments to) affiliated notional cash pooling programs (1)
400

 
(115
)
 

 
(285
)
 

Policyholder contract deposits

 

 
118

 

 
118

Policyholder contract withdrawals

 

 
(105
)
 

 
(105
)
Net cash flows from financing activities
726

 
1,665

 
711

 
(1,535
)
 
1,567

Effect of foreign currency rate changes on cash and restricted cash
(2
)
 

 
27

 

 
25

Net increase (decrease) in cash and restricted cash
(2
)
 
863

 
686

 
(285
)
 
1,262

Cash and restricted cash – beginning of period (1)
3

 
1

 
962

 
(115
)
 
851

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

 
$
864

 
$
1,648

 
$
(400
)
 
$
2,113


(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.19.1
General Schedule of Cash and Cash Equivalent (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Cash and Cash Equivalents [Line Items]        
Cash $ 1,271 [1] $ 1,247 [2]    
Restricted cash [1] 122 93    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 1,393 $ 1,340 $ 2,113 $ 851
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.19.1
General Goodwill (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Period Increase (Decrease) $ 57
v3.19.1
General Adoption of New Accounting Pronouncements (Details) - USD ($)
$ in Millions
Jan. 01, 2019
Mar. 31, 2019
Accounting Standards Update 2017-08 [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative Effect on Retained Earnings, Net of Tax $ 12  
Cumulative Effect on Retained Earnings, before Tax 15  
Accounting Standards Update 2016-02 [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative Effect on Retained Earnings, before Tax $ 0  
Operating Lease, Right-of-Use Asset   $ 608
Operating Lease, Liability   $ 653
v3.19.1
Investments (Narrative) (Detail)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Security
Mar. 31, 2018
USD ($)
Dec. 31, 2018
USD ($)
Investment [Line Items]      
Net unrealized appreciation (depreciation) included in OCI $ 9 $ (4)  
Unrealized appreciation(depreciation) portion of AOCI with OTTI included in AOCI $ 3   $ 1
Percentage of mortgage-backed securities represented by investments in US government agency bonds 82.00%   81.00%
Company Assumed Recovery Rate 32.00%    
Moodys Historical Mean Recovery Rate 42.00%    
Total number of fixed maturities | Security 30,335    
Number of fixed maturities in an unrealized loss position | Security 10,095    
Largest single unrealized loss in the fixed maturities $ 6    
Restricted assets in fixed maturities and short-term investments 22,000   $ 21,000
Restricted assets in cash 122   $ 93
Corporate securities      
Investment [Line Items]      
Credit losses recognized in net income 6 0  
Mortgage-backed securities      
Investment [Line Items]      
Credit losses recognized in net income $ 0 $ 0  
v3.19.1
Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost $ 79,624 $ 79,323
Available-for-sale,Gross Unrealized Gain 1,480 690
Available-for-sale, Gross Unrealized Depreciation (441) (1,543)
Available for sale, Fair Value 80,663 78,470
Available for sale, OTTI recognized in AOCI (6) (7)
U.S. Treasury and agency    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 3,760 4,158
Available-for-sale,Gross Unrealized Gain 50 30
Available-for-sale, Gross Unrealized Depreciation (19) (43)
Available for sale, Fair Value 3,791 4,145
Available for sale, OTTI recognized in AOCI 0 0
Foreign    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 21,796 21,370
Available-for-sale,Gross Unrealized Gain 658 395
Available-for-sale, Gross Unrealized Depreciation (112) (349)
Available for sale, Fair Value 22,342 21,416
Available for sale, OTTI recognized in AOCI 0 0
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 27,519 27,183
Available-for-sale,Gross Unrealized Gain 476 150
Available-for-sale, Gross Unrealized Depreciation (170) (750)
Available for sale, Fair Value 27,825 26,583
Available for sale, OTTI recognized in AOCI (5) (6)
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 16,369 15,758
Available-for-sale,Gross Unrealized Gain 173 66
Available-for-sale, Gross Unrealized Depreciation (112) (284)
Available for sale, Fair Value 16,430 15,540
Available for sale, OTTI recognized in AOCI (1) (1)
States, municipalities, and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Available for sale, at amortized cost 10,180 10,854
Available-for-sale,Gross Unrealized Gain 123 49
Available-for-sale, Gross Unrealized Depreciation (28) (117)
Available for sale, Fair Value 10,275 10,786
Available for sale, OTTI recognized in AOCI $ 0 $ 0
v3.19.1
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Investment [Line Items]    
Held to maturity, Amortized Cost $ 13,136 $ 13,435
Held to maturity, Gross Unrealized Appreciation 158 51
Held to maturity, Gross Unrealized Depreciation (54) (227)
Held to maturity, at Fair Value 13,240 13,259
Held to maturity, OTTI recognized in AOCI 0 0
U.S. Treasury and agency    
Investment [Line Items]    
Held to maturity, Amortized Cost 1,144 1,185
Held to maturity, Gross Unrealized Appreciation 11 8
Held to maturity, Gross Unrealized Depreciation (3) (11)
Held to maturity, at Fair Value 1,152 1,182
Held to maturity, OTTI recognized in AOCI 0 0
Foreign    
Investment [Line Items]    
Held to maturity, Amortized Cost 1,503 1,549
Held to maturity, Gross Unrealized Appreciation 34 11
Held to maturity, Gross Unrealized Depreciation (3) (18)
Held to maturity, at Fair Value 1,534 1,542
Held to maturity, OTTI recognized in AOCI 0 0
Corporate securities    
Investment [Line Items]    
Held to maturity, Amortized Cost 2,543 2,601
Held to maturity, Gross Unrealized Appreciation 30 11
Held to maturity, Gross Unrealized Depreciation (34) (104)
Held to maturity, at Fair Value 2,539 2,508
Held to maturity, OTTI recognized in AOCI 0 0
Mortgage-backed securities    
Investment [Line Items]    
Held to maturity, Amortized Cost 2,484 2,524
Held to maturity, Gross Unrealized Appreciation 16 5
Held to maturity, Gross Unrealized Depreciation (6) (43)
Held to maturity, at Fair Value 2,494 2,486
Held to maturity, OTTI recognized in AOCI 0 0
States, municipalities, and political subdivisions    
Investment [Line Items]    
Held to maturity, Amortized Cost 5,462 5,576
Held to maturity, Gross Unrealized Appreciation 67 16
Held to maturity, Gross Unrealized Depreciation (8) (51)
Held to maturity, at Fair Value 5,521 5,541
Held to maturity, OTTI recognized in AOCI $ 0 $ 0
v3.19.1
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]    
Available for sale, Due in 1 year or less, Amortized Cost $ 3,776 $ 3,569
Available for sale, Due after 1 year through 5 years, Amortized Cost 27,308 27,134
Available for sale, Due after 5 years though 10 years, Amortized Cost 23,367 24,095
Available for sale, Due after 10 years, Amortized Cost 8,804 8,767
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost 63,255 63,565
Available for sale, Mortgage-backed securities, Amortized Cost 16,369 15,758
Available for sale, at amortized cost 79,624 79,323
Available for sale, Due in 1 year or less, Fair Value 3,785 3,568
Available for sale, Due after 1 year through 5 years, Fair Value 27,593 27,005
Available for sale, Due after 5 years through 10 years, Fair Value 23,690 23,543
Available for sale, Due after 10 years, Fair Value 9,165 8,814
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 64,233 62,930
Available for sale, Mortgage backed securities, Fair Value 16,430 15,540
Available for sale, Fair Value 80,663 78,470
Held to maturity, Due in 1 year or less, Amortized Cost 614 536
Held to maturity, Due after 1 year through 5 years, Amortized Cost 3,111 3,122
Held to maturity, Due after 5 years through 10 years, Amortized Cost 4,246 4,468
Held to maturity, Due after 10 years, Amortized Cost 2,681 2,785
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost 10,652 10,911
Held to maturity, Mortgage backed securities, Amortized Cost 2,484 2,524
Held to maturity, Amortized Cost 13,136 13,435
Held to maturity, Due in 1 year or less, Fair Value 616 537
Held to maturity, Due after 1 year through 5, Fair Value 3,125 3,106
Held to maturity, Due after 5 years through 10 years, Fair Value 4,287 4,407
Held to maturity, Due after 10 years, Fair Value 2,718 2,723
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value 10,746 10,773
Held to maturity, Mortgage backed securities, Fair Value 2,494 2,486
Held to maturity, Fair Value $ 13,240 $ 13,259
v3.19.1
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Gain (Loss) on Securities [Line Items]    
OTTI on fixed maturities, gross and net $ 13 $ 1
Foreign exchange gains (losses) 13 (77)
Gain (Loss) on Derivative (80) 79
Fair Value Adjustments On Insurance Derivative Gains Losses 114 38
Net Realized Gains (Losses) (97) (2)
Investment and embedded derivative instruments    
Gain (Loss) on Securities [Line Items]    
Gain (Loss) on Derivative (130) 17
S&P put options and futures    
Gain (Loss) on Securities [Line Items]    
Gain (Loss) on Derivative (63) 22
Other derivative instruments    
Gain (Loss) on Securities [Line Items]    
Gain (Loss) on Derivative (1) 2
Fixed Maturities [Member]    
Gain (Loss) on Securities [Line Items]    
OTTI on fixed maturities, gross and net (13) (1)
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment 27 66
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment (58) (88)
Debt Securities, Available-for-sale, Realized Gain (Loss) (44) (23)
Equity Securities [Member]    
Gain (Loss) on Securities [Line Items]    
Equity Securities, FV-NI, Realized Gain 64 10
Equity Securities, FV-NI, Realized Loss (6) (21)
Equity Securities, FV-NI, Realized Gain (Loss) 58 (11)
Other Investments [Member]    
Gain (Loss) on Securities [Line Items]    
Other investments gain (loss) (44) 29
Other [Member]    
Gain (Loss) on Securities [Line Items]    
Other $ 0 $ 1
v3.19.1
Investments (Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income [Roll Forward]    
Balance of credit losses related to securities still held – beginning of period $ 34 $ 22
Additions where no OTTI was previously recorded 6 0
Reductions for securities sold during the period (8) (7)
Balance of credit losses related to securities still held – end of period $ 32 $ 15
v3.19.1
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Equity Securities [Member]    
Gain (Loss) on Securities [Line Items]    
Equity Securities, FV-NI, Realized Gain (Loss) $ 58 $ (11)
Other Investments [Member]    
Gain (Loss) on Securities [Line Items]    
Net gains (losses) recognized during the period (44) 29
Accounting Standards Update 2016-01 [Member] | Equity Securities [Member]    
Gain (Loss) on Securities [Line Items]    
Equity Securities, FV-NI, Realized Gain (Loss) 58 (11)
Less: Net gains (losses) recognized from sales of securities 1 10
Unrealized gains (losses) recognized for securities still held at reporting date 57 (21)
Accounting Standards Update 2016-01 [Member] | Other Investments [Member]    
Gain (Loss) on Securities [Line Items]    
Net gains (losses) recognized during the period (44) 29
Less: Net gains (losses) recognized from sales of securities (2) 0
Unrealized gains (losses) recognized for securities still held at reporting date (42) 29
Accounting Standards Update 2016-01 [Member] | Equity securities and other investments [Member]    
Gain (Loss) on Securities [Line Items]    
Net gains (losses) recognized during the period 14 18
Less: Net gains (losses) recognized from sales of securities (1) 10
Unrealized gains (losses) recognized for securities still held at reporting date $ 15 $ 8
v3.19.1
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Investment [Line Items]    
Fair Value 0-12 months $ 5,544 $ 34,952
Gross unrealized (loss) 0-12 months (89) (953)
Fair Value over 12 months 26,573 27,762
Gross unrealized (loss) over 12 months (406) (817)
Fair Value 32,117 62,714
Gross unrealized (loss) (495) (1,770)
U.S. Treasury and agency    
Investment [Line Items]    
Fair Value 0-12 months 68 523
Gross unrealized (loss) 0-12 months 0 (4)
Fair Value over 12 months 2,298 2,859
Gross unrealized (loss) over 12 months (22) (50)
Fair Value 2,366 3,382
Gross unrealized (loss) (22) (54)
Foreign    
Investment [Line Items]    
Fair Value 0-12 months 1,346 6,764
Gross unrealized (loss) 0-12 months (26) (208)
Fair Value over 12 months 4,228 5,349
Gross unrealized (loss) over 12 months (89) (159)
Fair Value 5,574 12,113
Gross unrealized (loss) (115) (367)
Corporate securities    
Investment [Line Items]    
Fair Value 0-12 months 3,649 16,538
Gross unrealized (loss) 0-12 months (62) (599)
Fair Value over 12 months 6,206 4,873
Gross unrealized (loss) over 12 months (142) (255)
Fair Value 9,855 21,411
Gross unrealized (loss) (204) (854)
Mortgage-backed securities    
Investment [Line Items]    
Fair Value 0-12 months 388 6,103
Gross unrealized (loss) 0-12 months (1) (98)
Fair Value over 12 months 8,974 6,913
Gross unrealized (loss) over 12 months (117) (229)
Fair Value 9,362 13,016
Gross unrealized (loss) (118) (327)
States, municipalities, and political subdivisions    
Investment [Line Items]    
Fair Value 0-12 months 93 5,024
Gross unrealized (loss) 0-12 months 0 (44)
Fair Value over 12 months 4,867 7,768
Gross unrealized (loss) over 12 months (36) (124)
Fair Value 4,960 12,792
Gross unrealized (loss) $ (36) $ (168)
v3.19.1
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]    
Trust funds $ 13,943 $ 13,988
Deposits with U.S. regulatory authorities 2,904 2,405
Deposits with non-U.S. regulatory authorities 2,851 2,531
Assets pledged under repurchase agreements 1,478 1,468
Other pledged assets 942 692
Total restricted assets $ 22,118 $ 21,084
v3.19.1
Fair value measurements Fair Value Measurements (narrative) (Details)
3 Months Ended
Mar. 31, 2019
Minimum [Member]  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Notice Period For Redemption For Alternative Investments Investment Funds 5 days
Maximum [Member]  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Notice Period For Redemption For Alternative Investments Investment Funds 120 days
v3.19.1
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value $ 80,663 $ 78,470    
Equity securities, at fair value and cost 821 770    
Other Investments 5,562 5,277    
Securities lending collateral 1,861 1,926    
U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 3,791 4,145    
Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 22,342 21,416    
Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 27,825 26,583    
Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 16,430 15,540    
States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 10,275 10,786    
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Other Investments 4,464 4,244    
Other Investments [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Other Investments 91 95    
Fair Value, Measurements, Recurring [Member] | Level 1        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 3,168 3,400    
Equity securities, at fair value and cost 766 713    
Short-term investments 1,785 1,575    
Other Investments 411 [1] 381 [2]    
Securities lending collateral   0    
Investment derivative instruments, assets 15 28    
Other Derivative Instruments Fair Value 7 25    
Separate Account Assets 2,991 2,686    
Total assets measured at fair value 9,143 [1] 8,808 [2]    
Investment derivative instruments, liabilities 52 38    
Other derivative instruments, liability 12      
Liabilities Related to Investment Contracts, Fair Value Disclosure 64 38    
Fair Value, Measurements, Recurring [Member] | Level 1 | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 3,168 3,400    
Fair Value, Measurements, Recurring [Member] | Level 2        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 75,715 73,365    
Short-term investments 1,293 1,440    
Other Investments 342 [1] 303 [2]    
Securities lending collateral 1,861 1,926    
Separate Account Assets 139 137    
Total assets measured at fair value 79,350 [1] 77,171 [2]    
Investment derivative instruments, liabilities 195 115    
Liabilities Related to Investment Contracts, Fair Value Disclosure 195 115    
Fair Value, Measurements, Recurring [Member] | Level 2 | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 623 745    
Fair Value, Measurements, Recurring [Member] | Level 2 | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 21,982 21,071    
Fair Value, Measurements, Recurring [Member] | Level 2 | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 26,483 25,284    
Fair Value, Measurements, Recurring [Member] | Level 2 | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 16,352 15,479    
Fair Value, Measurements, Recurring [Member] | Level 2 | States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 10,275 10,786    
Fair Value, Measurements, Recurring [Member] | Level 3        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 1,780 1,705    
Equity securities, at fair value and cost 55 57    
Short-term investments   1    
Other Investments 11 [1] 11 [2]    
Total assets measured at fair value 1,846 [1] 1,774 [2]    
Liabilities Related to Investment Contracts, Fair Value Disclosure 338 452    
Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 360 345    
Fair Value, Measurements, Recurring [Member] | Level 3 | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 1,342 1,299    
Fair Value, Measurements, Recurring [Member] | Level 3 | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 78 61    
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 80,663 78,470    
Equity securities, at fair value and cost 821 770    
Short-term investments 3,078 3,016    
Other Investments 764 [1] 695 [2]    
Securities lending collateral 1,861 1,926    
Investment derivative instruments, assets 15 28    
Other Derivative Instruments Fair Value 7 25    
Separate Account Assets 3,130 2,823    
Total assets measured at fair value 90,339 [1] 87,753 [2]    
Investment derivative instruments, liabilities 247 153    
Other derivative instruments, liability 12      
Liabilities Related to Investment Contracts, Fair Value Disclosure 597 605    
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 3,791 4,145    
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 22,342 21,416    
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 27,825 26,583    
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 16,430 15,540    
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Available for sale, Fair Value 10,275 10,786    
Guaranteed Minimum Income Benefit [Member]        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 338 452 $ 167 $ 204
Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member] | Level 3        
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [3] 338 $ 452    
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 Reconciliation, Recurring Basis, Liability Value [3] $ 338      
[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,464 million and other investments of $91 million at March 31, 2019 measured using NAV as a practical expedient.
[2] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
v3.19.1
Fair Value Measurements (Fair Value And Maximum Future Funding Commitments Related To Investments) (Detail) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments $ 3,642 $ 3,705
Alternative Investment 4,464 4,244
Real Assets    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments 449 362
Alternative Investment $ 762 $ 704
Real Assets | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Real Assets | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 11 years 11 years
Distressed    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments $ 98 $ 105
Alternative Investment $ 263 $ 296
Distressed | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Distressed | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 7 years 7 years
Private Credit    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments $ 291 $ 310
Alternative Investment $ 134 $ 147
Private Credit | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 3 years 3 years
Private Credit | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 8 years 8 years
Traditional    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments $ 2,573 $ 2,735
Alternative Investment $ 2,331 $ 2,362
Traditional | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Traditional | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 14 years 14 years
Vintage    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments $ 43  
Alternative Investment $ 125 $ 56
Vintage | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 1 year 1 year
Vintage | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Investment funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Alternative Investment $ 258 $ 83
Financial    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Maximum future funding commitments 188 193
Alternative Investment $ 591 $ 596
Financial | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Financial | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 9 years 9 years
v3.19.1
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value Measurements, Valuation Processes, Description [1] Actuarial model      
Minimum [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 3.00%      
Significant Unobservable Inputs Annuitization Rate [1] 0.00%      
Maximum [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 32.00%      
Significant Unobservable Inputs Annuitization Rate [1] 42.00%      
Guaranteed Minimum Income Benefit [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value $ 338 $ 452 $ 167 $ 204
Guaranteed Minimum Income Benefit [Member] | Level 3 | Fair Value, Measurements, Recurring [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value [2] $ 338 $ 452    
[1] Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.
v3.19.1
Fair Value Measurements (Assets Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - Level 3 - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mortgage-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance- Beginning of Period, Assets $ 61 $ 78
Transfers Into Level 3, Asset 0 1
Transfers out of Level 3, Assets 0 0
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0
Net Realized Gains/ (Losses), Assets 0 0
Purchases, Assets 18 4
Sales, Assets 0 0
Settlements, Assets (1) 0
Balance-End of Period, Assets 78 83
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) 0 0
Corporate securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance- Beginning of Period, Assets 1,299 1,037
Transfers Into Level 3, Asset 5 0
Transfers out of Level 3, Assets 0 (10)
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 4 (3)
Net Realized Gains/ (Losses), Assets 1 0
Purchases, Assets 128 139 [1]
Sales, Assets (37) (51)
Settlements, Assets (58) (39)
Balance-End of Period, Assets 1,342 1,073
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) 0 0
Foreign    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance- Beginning of Period, Assets 345 93
Transfers Into Level 3, Asset 3 7
Transfers out of Level 3, Assets (15) 0
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 6 9
Net Realized Gains/ (Losses), Assets (1) 0
Purchases, Assets 53 87
Sales, Assets (5) (19)
Settlements, Assets (26) (1)
Balance-End of Period, Assets 360 176
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) 0 0
Equity Securities [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance- Beginning of Period, Assets 57 44
Transfers Into Level 3, Asset 0 0
Transfers out of Level 3, Assets 0 0
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 1 1
Net Realized Gains/ (Losses), Assets (2) 2
Purchases, Assets 9 17
Sales, Assets (10) 0
Settlements, Assets 0 0
Balance-End of Period, Assets 55 64
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) (1) 0
Short-term Investments [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance- Beginning of Period, Assets 1 0
Transfers Into Level 3, Asset 0 5
Transfers out of Level 3, Assets 0 0
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 0
Net Realized Gains/ (Losses), Assets 0 0
Purchases, Assets 0 8
Sales, Assets 0 0
Settlements, Assets (1) (1)
Balance-End of Period, Assets 0 12
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)   0
Other Long-term Investments [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance- Beginning of Period, Assets 11 263
Transfers Into Level 3, Asset 0 0
Transfers out of Level 3, Assets 0 0
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) 0 2
Net Realized Gains/ (Losses), Assets 0 0
Purchases, Assets 0 14
Sales, Assets 0 0
Settlements, Assets 0 (9)
Balance-End of Period, Assets 11 270
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) $ 0 $ 0
[1] Purchases in Level 3 primarily consist of privately-placed fixed income securities.
v3.19.1
Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Dec. 31, 2017
Derivative Financial Instruments, Liabilities [Member] | Level 3        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance - Beginning of Period, Liabilities   $ 2    
Transfers into level 3, liability   0    
Transfers out of Level 3, Liabilities   0    
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities   0    
Net Realized Gains/Losses, Liabilities   0    
Purchases, Liabilities   0    
Sales, Liabilities   0    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements   0    
Balance - End of Period, Liabilities   2    
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)   0    
Guaranteed Minimum Income Benefit [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Reported liabilities $ 741 529 $ 861 $ 550
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance - Beginning of Period, Liabilities 452 204    
Balance - End of Period, Liabilities 338 167    
Guaranteed Minimum Income Benefit [Member] | Guarantees [Member] | Level 3        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance - Beginning of Period, Liabilities 452 [1] 204 [2]    
Transfers into level 3, liability 0 0    
Transfers out of Level 3, Liabilities 0 0    
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities 0 0    
Net Realized Gains/Losses, Liabilities (114) (37)    
Purchases, Liabilities 0 0    
Sales, Liabilities 0 0    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements 0 0    
Balance - End of Period, Liabilities 338 [1] 167 [2]    
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) $ (114) $ (37)    
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $338 million and 452 million, respectively
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $529 million at March 31, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $167 million and $204 million, respectively.
v3.19.1
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value $ 13,240 $ 13,259
Debt Securities, Held-to-maturity 13,136 13,435
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,418
Short-term debt 509 509
Long-term debt 12,071 12,087
Trust preferred securities 308 308
Total liabilities 118,992 117,459
U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,152 1,182
Debt Securities, Held-to-maturity 1,144 1,185
Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,534 1,542
Debt Securities, Held-to-maturity 1,503 1,549
Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,539 2,508
Debt Securities, Held-to-maturity 2,543 2,601
Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,494 2,486
Debt Securities, Held-to-maturity 2,484 2,524
States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 5,521 5,541
Debt Securities, Held-to-maturity 5,462 5,576
Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,098 1,128
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Short-term Debt, Fair Value 0 0
Long-term Debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 1 | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,098 1,128
Level 1 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 1 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 1 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 1 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 12,112 12,100
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,418
Short-term Debt, Fair Value 512 516
Long-term Debt, Fair Value 12,719 12,181
Trust preferred securities 425 409
Total liabilities 15,075 14,524
Level 2 | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 54 54
Level 2 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,534 1,542
Level 2 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,509 2,477
Level 2 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,494 2,486
Level 2 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 5,521 5,541
Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 30 31
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Short-term Debt, Fair Value 0 0
Long-term Debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 3 | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 3 | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 3 | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 30 31
Level 3 | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Level 3 | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 0 0
Estimate of Fair Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 13,240 13,259
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,418
Short-term Debt, Fair Value 512 516
Long-term Debt, Fair Value 12,719 12,181
Trust preferred securities 425 409
Total liabilities 15,075 14,524
Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,152 1,182
Estimate of Fair Value Measurement [Member] | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 1,534 1,542
Estimate of Fair Value Measurement [Member] | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,539 2,508
Estimate of Fair Value Measurement [Member] | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 2,494 2,486
Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity, Fair Value 5,521 5,541
Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 13,136 13,435
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,418
Short-term debt 509 509
Long-term debt 12,071 12,087
Trust preferred securities 308 308
Total liabilities 14,307 14,322
Reported Value Measurement [Member] | U.S. Treasury and agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,144 1,185
Reported Value Measurement [Member] | Foreign    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,503 1,549
Reported Value Measurement [Member] | Corporate securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 2,543 2,601
Reported Value Measurement [Member] | Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 2,484 2,524
Reported Value Measurement [Member] | States, municipalities, and political subdivisions    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity $ 5,462 $ 5,576
v3.19.1
Unpaid losses and loss expenses (RF) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Unpaid Losses and Loss Expenses [Roll Forward]    
Gross unpaid losses and loss expenses – beginning of period $ 62,960 $ 63,179
Reinsurance recoverable on unpaid losses - beginning of period (1) [1] (14,689) (14,014)
Net unpaid losses and loss expenses – beginning of period 48,271 49,165
Current Year Claims and Claims Adjustment Expense 4,326 4,358
Prior Year Claims and Claims Adjustment Expense [2] (228) (256)
Total, Incurred 4,098 4,102
Net loss and loss expenses paid, Current Year 785 809
Net loss and loss expenses paid, Prior Years 3,234 3,433
Total, Paid 4,019 4,242
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other 86 292
Net unpaid losses and loss expenses – end of period 48,436 49,317
Reinsurance recoverable on unpaid losses (1) [1] 14,707 13,822
Gross unpaid losses and loss expenses – end of period 63,143 63,139
prior period development, net adjustments $ 24 $ 47
[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 $24 million and $47 million for the three months ended March 31, 2019 and 2018, respectively.
v3.19.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ (204) $ (209)
North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (131) (101)
North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (10) (6)
North American Agriculture Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (61) (76)
Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (4) (22)
Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (8) (14)
Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 10 10
Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (148) (227)
Short Tail [Member] | North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (66) (109)
Short Tail [Member] | North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (10) (6)
Short Tail [Member] | North American Agriculture Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (61) (76)
Short Tail [Member] | Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (4) (22)
Short Tail [Member] | Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (7) (14)
Short Tail [Member] | Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (56) 18
Long Tail [Member] | North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (65) 8
Long Tail [Member] | North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member] | North American Agriculture Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member] | Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Long Tail [Member] | Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (1) 0
Long Tail [Member] | Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ 10 $ 10
v3.19.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (narrative) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]    
Liability for unpaid claims and claims adjustment expense, period increase (decrease), excluding CATs, PPD, and other $ 557  
Net Prior Period Development (204) $ (209)
Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (56) 18
Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (148) (227)
North America Commercial P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (131) (101)
North America Commercial P&C Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (65) 8
North America Commercial P&C Insurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (66) (109)
North America Commercial P&C Insurance [Member] | General Liability [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   16
North America Commercial P&C Insurance [Member] | Other [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 3 40
North America Commercial P&C Insurance [Member] | Other [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (34)
North America Commercial P&C Insurance [Member] | Surety Product Line [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (19)
North America Commercial P&C Insurance [Member] | Accident Year 2013 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (31)  
North America Commercial P&C Insurance [Member] | Accident years 2012 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (29)
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Surety Product Line [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (49)  
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Other [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (3)
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member] | Commercial Property and Marine [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (75)
North America Commercial P&C Insurance [Member] | Accident Year 2015 - 2017 [Member] | Other [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (17)  
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (57)  
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (30)  
North America Commercial P&C Insurance [Member] | Accident years 2013 - 2018 [Member] | Auto & General Liability [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 50  
North America Personal P&C Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (10) (6)
North America Personal P&C Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
North America Personal P&C Insurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (10) (6)
North America Personal P&C Insurance [Member] | Catastrophe [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (6)
North America Personal P&C Insurance [Member] | Non-catastrophe [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 122  
North America Personal P&C Insurance [Member] | Accident years 2017 - 2018 [Member] | Catastrophe [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (132)  
North America Agricultural Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (61) (76)
North America Agricultural Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
North America Agricultural Insurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (61) (76)
Overseas General Insurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (4) (22)
Overseas General Insurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 0 0
Overseas General Insurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (4) (22)
Overseas General Insurance [Member] | Other [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (7)  
Overseas General Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (12)
Overseas General Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Catastrophe [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 3  
Global Reinsurance [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (8) (14)
Global Reinsurance [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (1) 0
Global Reinsurance [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (7) (14)
Global Reinsurance [Member] | Other [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development (12)  
Global Reinsurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Catastrophe [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development   (10)
Global Reinsurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Catastrophe [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 5  
Corporate Segment [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 10 10
Corporate Segment [Member] | Long Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development 10 10
Corporate Segment [Member] | Short Tail [Member]    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Net Prior Period Development $ 0 $ 0
v3.19.1
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Derivative liability subject to a master netting agreement $ 234 $ 95
Repurchase agreements 1,419 $ 1,418
Purchase Commitment, Remaining Minimum Amount Committed 792  
Carrying value of limited partnerships and partially-owned investment companies included in other investments 4,200  
Funding commitments relating to limited partnerships and partially-owned investment companies 3,600  
Unrecognized tax benefits $ 14  
v3.19.1
Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision $ 2,559 $ 2,185
Cross-currency swaps    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 45 45
Interest Rate Swap [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 5,250 5,250
Options/Futures contracts on notes, bonds, and equities    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 1,080 1,046
Convertible securities    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision [1] 9 11
To be announced [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 0 6
Total investment and embedded derivative instruments    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 8,943 8,543
Fair Value, Asset 23 43
Futures contracts on equities (3)    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision [2] 537 507
Other    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 184 74
Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision 721 581
Guaranteed Minimum Income Benefit [Member]    
Derivatives, Fair Value [Line Items]    
Notional Value/Payment Provision [3] 1,458 1,750
Fair Value, Asset [3] 0 0
Other Assets [Member] | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset 9 15
Other Assets [Member] | Cross-currency swaps    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset 0 0
Other Assets [Member] | Interest Rate Swap [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset 0 0
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset 6 13
Other Assets [Member] | Futures contracts on equities (3)    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset [2] 0 23
Other Assets [Member] | Other    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset 7 2
Other Assets [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset 7 25
Fixed Maturities [Member] | Convertible securities    
Derivatives, Fair Value [Line Items]    
Fair Value, Asset [1] 8 9
Fixed Maturities [Member] | To be announced [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability 0 0
Fair Value, Asset 0 6
Equity Securities [Member] | Convertible securities    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability [1] 0 0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (28) (19)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Cross-currency swaps    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability 0 0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Interest Rate Swap [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (195) (115)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (24) (19)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Total investment and embedded derivative instruments    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (247) (153)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities (3)    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability [2] (12) 0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability 0 0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (12) 0
Balance Sheet Location Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability [3] $ (741) $ (861)
[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.
v3.19.1
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative $ (80) $ 79
Foreign currency forward contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (15) 4
Interest Rate Swap [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (80) 0
All Other Futures Contracts, Options and equities [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (36) 13
Convertible securities (1)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative 1 [1] 0
Total investment and embedded derivative instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (130) 17
GLB (2)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative [2] 114 38
Futures contracts on equities (3)    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative [3] (63) 22
Other    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative (1) 2
Guaranteed Living Benefit And Other Derivative Instruments [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Derivative $ 50 $ 62
[1] Includes embedded derivatives.
[2] Excludes foreign exchange gains (losses) related to GLB.
[3] Related to GMDB and GLB blocks of business.
v3.19.1
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 1,861 $ 1,926
Securities lending payable 1,861 1,926
Cash [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 846 756
U.S. Treasury and agency | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 60 64
Foreign [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 655 795
Corporate securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 29 15
Mortgage-backed securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 47 45
Equity Securities [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 224 $ 251
v3.19.1
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 1,478 $ 1,468
Repurchase agreements 1,419 1,418
U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 264 259
Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1,214 1,209
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount [1] 59 50
Maturity Less than 30 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 585  
Maturity Less than 30 Days [Member] | U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 255  
Maturity Less than 30 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 330  
Maturity Greater than 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 893 972
Maturity Greater than 90 Days [Member] | U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 9 259
Maturity Greater than 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 884 713
Maturity 30 to 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   496
Maturity 30 to 90 Days [Member] | U.S. Treasury and agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   0
Maturity 30 to 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   $ 496
[1] Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.19.1
Share-Based Compensation (Detail) - $ / shares
3 Months Ended
Feb. 28, 2019
Mar. 31, 2019
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 2,073,712  
Weighted-average grant date fair value for stock options granted $ 18.79  
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   4 years
Restricted stock awards granted to employees and officers of the company 1,078,247  
Grant date fair value of awards except for options granted to employees and officers of the company $ 133.90  
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   3 years
Restricted stock awards granted to employees and officers of the company 212,059  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock awards granted to employees and officers of the company 357,463  
v3.19.1
Shareholders' equity (Details) - SFr / shares
Mar. 31, 2019
Dec. 31, 2018
Stockholders' Equity Note [Abstract]    
Common Shares, par value SFr 24.15 SFr 24.15
Common Shares in treasury, shares 21,604,659 20,580,486
v3.19.1
Shareholders' equity Dividends Declared (Details)
3 Months Ended
Mar. 31, 2019
$ / shares
Mar. 31, 2019
SFr / shares
Mar. 31, 2018
$ / shares
Mar. 31, 2018
SFr / shares
May 31, 2018
$ / shares
May 31, 2017
$ / shares
Equity, Class of Treasury Stock [Line Items]            
Annual dividend per share approved by shareholders         $ 2.92 $ 2.84
Common Stock, Dividend Rate Approved         $ 0.73 $ 0.71
United States of America, Dollars            
Equity, Class of Treasury Stock [Line Items]            
Common Stock, Dividends, Per Share, Declared $ 0.73   $ 0.71      
Switzerland, Francs            
Equity, Class of Treasury Stock [Line Items]            
Common Stock, Dividends, Per Share, Declared | SFr / shares   SFr 0.72   SFr 0.66    
v3.19.1
Shareholders' equity Share Repurchases (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended
May 01, 2019
Mar. 31, 2019
Mar. 31, 2018
Dec. 01, 2018
Dec. 21, 2017
2019 Stock Repurchase Plan [Member]          
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Authorized Amount       $ 1,500  
Number of shares repurchased   2,753,754      
Cost of shares repurchased   $ 367      
Repurchase authorization remaining at end of period   $ 1,112      
2018 Stock Repurchase Plan [Member]          
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Authorized Amount         $ 1,000
Number of shares repurchased     0    
Cost of shares repurchased     $ 0    
Repurchase authorization remaining at end of period     $ 1,000    
Subsequent Event [Member] | 2019 Stock Repurchase Plan [Member]          
Equity, Class of Treasury Stock [Line Items]          
Number of shares repurchased 550,000        
Cost of shares repurchased $ 77        
Repurchase authorization remaining at end of period $ 1,035        
v3.19.1
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost $ 15 $ 17
Non-service (benefit) cost (21) (33)
Net periodic (benefit) cost (6) (16)
Pension Plan [Member] | Non-US [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 3 3
Interest cost 7 7
Expected return on plan assets (11) (13)
Amortization of prior service cost 0 0
Non-service (benefit) cost (4) (6)
Net periodic (benefit) cost (1) (3)
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 12 14
Interest cost 30 26
Expected return on plan assets (47) (53)
Amortization of prior service cost 0 0
Non-service (benefit) cost (17) (27)
Net periodic (benefit) cost (5) (13)
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 0
Interest cost 1 1
Expected return on plan assets (1) (1)
Amortization of prior service cost (20) (21)
Non-service (benefit) cost (20) (21)
Net periodic (benefit) cost (20) (21)
Losses and loss expenses | Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 2 2
Non-service (benefit) cost (2) (3)
Losses and loss expenses | Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 0
Non-service (benefit) cost (2) (1)
Administrative Expense | Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 13 15
Non-service (benefit) cost (19) (30)
Administrative Expense | Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Service cost 0 0
Non-service (benefit) cost $ (18) $ (20)
v3.19.1
Segment information Segment Information (narrative Detail (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Segment Reporting Information [Line Items]    
Gain (Loss) on Derivative $ (80) $ 79
Net investment income 836 806
North America Agricultural Insurance [Member]    
Segment Reporting Information [Line Items]    
Segment Income Loss Including Gains Losses On Crop Derivatives 73  
Gain (Loss) on Derivative (1)  
Net investment income 10 7
Segment Life [Member]    
Segment Reporting Information [Line Items]    
Net investment income 89 $ 83
Management Underwriting Income (Loss) 75  
Gains(Losses) On Fair Value Changes In Separate Account Assets $ 30  
v3.19.1
Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Segment Reporting Information [Line Items]    
Net premiums written $ 7,313 $ 7,104
Net premiums earned 7,137 7,027
Losses and loss expenses 4,098 4,102
Policy benefits 196 151
Policy acquisition costs 1,464 1,464
Administrative expenses 710 692
Underwriting income (loss) 669 618
Net investment income (loss) 836 806
Other (income) expense (39) (47)
Amortization of purchased intangibles 76 85
Segment Income (loss) 1,468 1,386
Net Realized Gains Losses (97) (2)
Interest expense 140 157
Chubb integration expenses 3 10
Income tax expense 188 135
Net income 1,040 1,082
North America Commercial P&C Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 2,951 2,812
Net premiums earned 3,085 3,029
Losses and loss expenses 1,973 1,908
Policy benefits 0 0
Policy acquisition costs 459 472
Administrative expenses 240 231
Underwriting income (loss) 413 418
Net investment income (loss) 510 503
Other (income) expense (5) (6)
Amortization of purchased intangibles 0 0
Segment Income (loss) 928 927
North America Personal P&C Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 1,056 1,048
Net premiums earned 1,154 1,140
Losses and loss expenses 757 886
Policy benefits 0 0
Policy acquisition costs 231 237
Administrative expenses 68 65
Underwriting income (loss) 98 (48)
Net investment income (loss) 64 59
Other (income) expense 0 0
Amortization of purchased intangibles 3 3
Segment Income (loss) 159 8
North America Agricultural Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 130 108
Net premiums earned 55 43
Losses and loss expenses (27) (53)
Policy benefits 0 0
Policy acquisition costs 7 (1)
Administrative expenses 1 (3)
Underwriting income (loss) 74 100
Net investment income (loss) 10 7
Other (income) expense 0 0
Amortization of purchased intangibles 7 7
Segment Income (loss) 77 100
Overseas General Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 2,395 2,384
Net premiums earned 2,114 2,107
Losses and loss expenses 1,106 1,078
Policy benefits 0 0
Policy acquisition costs 596 588
Administrative expenses 249 239
Underwriting income (loss) 163 202
Net investment income (loss) 144 151
Other (income) expense 4 7
Amortization of purchased intangibles 11 10
Segment Income (loss) 292 336
Global Reinsurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 202 193
Net premiums earned 168 168
Losses and loss expenses 76 67
Policy benefits 0 0
Policy acquisition costs 43 40
Administrative expenses 10 10
Underwriting income (loss) 39 51
Net investment income (loss) 56 64
Other (income) expense (9) (7)
Amortization of purchased intangibles 0 0
Segment Income (loss) 104 122
Life Insurance [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 579 559
Net premiums earned 561 540
Losses and loss expenses 202 205
Policy benefits 196 151
Policy acquisition costs 128 128
Administrative expenses 79 78
Underwriting income (loss) (44) (22)
Net investment income (loss) 89 83
Other (income) expense (40) (4)
Amortization of purchased intangibles 0 1
Segment Income (loss) 85 64
Corporate Segment [Member]    
Segment Reporting Information [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Losses and loss expenses 11 11
Policy benefits 0 0
Policy acquisition costs 0 0
Administrative expenses 63 72
Underwriting income (loss) (74) (83)
Net investment income (loss) (37) (61)
Other (income) expense 11 (37)
Amortization of purchased intangibles 55 64
Segment Income (loss) (177) (171)
Net Realized Gains Losses (97) (2)
Interest expense 140 157
Chubb integration expenses 3 10
Income tax expense 188 135
Net income $ (605) $ (475)
v3.19.1
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Earnings Per Share [Abstract]    
Net income $ 1,040 $ 1,082
Weighted-average shares outstanding 458,805,185 465,703,240
Share-based compensation plans 2,731,755 3,770,351
Weighted-average shares outstanding and assumed conversions 461,536,940 469,473,591
Basic earnings per share (US$ per share) $ 2.27 $ 2.32
Diluted earnings per share (US$ per share) $ 2.25 $ 2.30
Potential anti-dilutive share conversions 4,343,204 2,116,188
v3.19.1
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details)
Mar. 31, 2019
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Equity Method Investment, Ownership Percentage 100.00%
v3.19.1
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments $ 103,260 $ 100,968    
Cash 1,271 [1] 1,247 [2]    
Restricted cash [1] 122 93    
Insurance and reinsurance balances receivable 9,826 10,075    
Reinsurance recoverable on losses and loss expenses 16,137 15,993    
Reinsurance recoverable on policy benefits 203 202    
Value of business acquired 289 295    
Goodwill and other intangible assets 21,419 21,414    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 0 0    
Other assets 18,820 17,484    
Total assets 171,347 167,771    
Unpaid losses and loss expenses 63,143 62,960 $ 63,139 $ 63,179
Unearned premiums 15,909 15,532    
Future policy benefits 5,552 5,506    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling programs 0 0    
Repurchase agreements 1,419 1,418    
Short-term debt 509 509    
Long-term debt 12,071 12,087    
Trust preferred securities 308 308    
Other liabilities 20,081 19,139    
Total liabilities 118,992 117,459    
Total shareholders' equity 52,355 50,312 $ 51,287  
Total liabilities and shareholders’ equity 171,347 167,771    
Chubb Limited (Parent Guarantor)        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 0 0    
Cash 2 [1] 1 [2]    
Restricted cash [1] 0 0    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance recoverable on policy benefits 0 0    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries 45,648 43,531    
Due from subsidiaries and affiliates, net 7,358 7,074    
Other assets 9 3    
Total assets 53,017 50,609    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling programs 331 [1] 35 [2]    
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities 331 262    
Total liabilities 662 297    
Total shareholders' equity 52,355 50,312    
Total liabilities and shareholders’ equity 53,017 50,609    
Chubb INA Holdings Inc (Subsidiary Issuer)        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 229 214    
Cash 71 [1] 2 [2]    
Restricted cash [1] 0 0    
Insurance and reinsurance balances receivable 0 0    
Reinsurance recoverable on losses and loss expenses 0 0    
Reinsurance recoverable on policy benefits 0 0    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries 51,996 50,209    
Due from subsidiaries and affiliates, net 0 0    
Other assets 488 1,007    
Total assets 52,784 51,432    
Unpaid losses and loss expenses 0 0    
Unearned premiums 0 0    
Future policy benefits 0 0    
Due to subsidiaries and affiliates, net 7,974 7,672    
Affiliated notional cash pooling programs 691 [1] 617 [2]    
Repurchase agreements 0 0    
Short-term debt 500 500    
Long-term debt 12,070 12,086    
Trust preferred securities 308 308    
Other liabilities 1,894 2,545    
Total liabilities 23,437 23,728    
Total shareholders' equity 29,347 27,704    
Total liabilities and shareholders’ equity 52,784 51,432    
Other Chubb Limited Subsidiaries        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 103,031 100,754    
Cash 2,220 [1] 1,896 [2]    
Restricted cash [1] 122 93    
Insurance and reinsurance balances receivable 11,491 11,861    
Reinsurance recoverable on losses and loss expenses 26,232 26,422    
Reinsurance recoverable on policy benefits 306 306    
Value of business acquired 289 295    
Goodwill and other intangible assets 21,419 21,414    
Investments in subsidiaries 0 0    
Due from subsidiaries and affiliates, net 616 598    
Other assets 20,170 18,102    
Total assets 185,896 181,741    
Unpaid losses and loss expenses 72,998 72,857    
Unearned premiums 17,039 16,611    
Future policy benefits 5,655 5,610    
Due to subsidiaries and affiliates, net 0 0    
Affiliated notional cash pooling programs 0 [1] 0 [2]    
Repurchase agreements 1,419 1,418    
Short-term debt 9 9    
Long-term debt 1 1    
Trust preferred securities 0 0    
Other liabilities 20,478 19,199    
Total liabilities 117,599 115,705    
Total shareholders' equity 68,297 66,036    
Total liabilities and shareholders’ equity 185,896 181,741    
Consolidating Adjustments and Eliminations        
Condensed Balance Sheet Statements, Captions [Line Items]        
Investments 0 0    
Cash (1,022) [1] (652) [2]    
Restricted cash [1] 0 0    
Insurance and reinsurance balances receivable (1,665) (1,786)    
Reinsurance recoverable on losses and loss expenses (10,095) (10,429)    
Reinsurance recoverable on policy benefits (103) (104)    
Value of business acquired 0 0    
Goodwill and other intangible assets 0 0    
Investments in subsidiaries (97,644) (93,740)    
Due from subsidiaries and affiliates, net (7,974) (7,672)    
Other assets (1,847) (1,628)    
Total assets (120,350) (116,011)    
Unpaid losses and loss expenses (9,855) (9,897)    
Unearned premiums (1,130) (1,079)    
Future policy benefits (103) (104)    
Due to subsidiaries and affiliates, net (7,974) (7,672)    
Affiliated notional cash pooling programs (1,022) [1] (652) [2]    
Repurchase agreements 0 0    
Short-term debt 0 0    
Long-term debt 0 0    
Trust preferred securities 0 0    
Other liabilities (2,622) (2,867)    
Total liabilities (22,706) (22,271)    
Total shareholders' equity (97,644) (93,740)    
Total liabilities and shareholders’ equity $ (120,350) $ (116,011)    
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
v3.19.1
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Condensed Statement of Income Captions [Line Items]    
Net premiums written $ 7,313 $ 7,104
Net premiums earned 7,137 7,027
Net investment income 836 806
Equity In Earnings Of Subsidiaries 0 0
Net Realized Gains Losses (97) (2)
Losses and loss expenses 4,098 4,102
Policy benefits 196 151
Policy acquisition costs and administrative expenses 2,174 2,156
Interest (income) expense 140 157
Other (income) expense (39) (47)
Amortization of purchased intangibles 76 85
Chubb integration expenses 3 10
Income tax expense 188 135
Net income 1,040 1,082
Comprehensive income (loss) 2,718 453
Consolidating Adjustments and Eliminations    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Net investment income 0 0
Equity In Earnings Of Subsidiaries (1,749) (1,907)
Net Realized Gains Losses 0 0
Losses and loss expenses 0 0
Policy benefits 0 0
Policy acquisition costs and administrative expenses 0 0
Interest (income) expense 0 0
Other (income) expense 0 0
Amortization of purchased intangibles 0 0
Chubb integration expenses 0 0
Income tax expense 0 0
Net income (1,749) (1,907)
Comprehensive income (loss) (4,729) (830)
Chubb Limited (Parent Guarantor)    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Net investment income 1 2
Equity In Earnings Of Subsidiaries 990 1,022
Net Realized Gains Losses 1 (2)
Losses and loss expenses 0 0
Policy benefits 0 0
Policy acquisition costs and administrative expenses 20 18
Interest (income) expense (66) (80)
Other (income) expense (6) (5)
Amortization of purchased intangibles 0 0
Chubb integration expenses 0 2
Income tax expense 4 5
Net income 1,040 1,082
Comprehensive income (loss) 2,718 453
Chubb INA Holdings Inc (Subsidiary Issuer)    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 0 0
Net premiums earned 0 0
Net investment income (4) 4
Equity In Earnings Of Subsidiaries 759 885
Net Realized Gains Losses (13) (24)
Losses and loss expenses 0 0
Policy benefits 0 0
Policy acquisition costs and administrative expenses (15) 22
Interest (income) expense 185 209
Other (income) expense 3 8
Amortization of purchased intangibles 0 0
Chubb integration expenses 2 1
Income tax expense (42) (59)
Net income 609 684
Comprehensive income (loss) 1,941 216
Other Chubb Limited Subsidiaries    
Condensed Statement of Income Captions [Line Items]    
Net premiums written 7,313 7,104
Net premiums earned 7,137 7,027
Net investment income 839 800
Equity In Earnings Of Subsidiaries 0 0
Net Realized Gains Losses (85) 24
Losses and loss expenses 4,098 4,102
Policy benefits 196 151
Policy acquisition costs and administrative expenses 2,169 2,116
Interest (income) expense 21 28
Other (income) expense (36) (50)
Amortization of purchased intangibles 76 85
Chubb integration expenses 1 7
Income tax expense 226 189
Net income 1,140 1,223
Comprehensive income (loss) $ 2,788 $ 614
v3.19.1
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]    
Net cash flows from operating activities $ 1,322 $ 551
Purchases of fixed maturities available for sale (5,561) (5,972)
Purchases of fixed maturities held to maturity (1) (162)
Purchases of equity securities (49) (55)
Sales of fixed maturities available for sale 3,287 2,562
Proceeds From Sale Of Available For Sale Securities Debt Condensed 3,293  
Sales of equity securities 60 40
Maturities and redemptions of fixed maturities available for sale 1,831 1,865
Maturities and redemptions of fixed maturities held to maturity 280 255
Net change in short-term investments (39) 731
Net derivative instruments settlements (358) 39
Private equity contribution (410) (353)
Private equity distribution 368 201
Capital contribution 0 0
Other (87) (32)
Net cash flows used for investing activities (673) (881)
Dividends paid on Common Shares (336) (330)
Common Shares repurchased (367) (29)
Proceeds from Issuance of Long-term Debt 0 2,175
Proceeds from issuance of long-term debt 0 (300)
Proceeds from issuance of repurchase agreements 471 408
Repayments of repurchase agreements (470) (404)
Proceeds from share-based compensation plans 35 34
Dividend to Parent Company 0 0
Advances (to) from affiliates 0 0
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 0 0
Policyholder contract deposits 115 118
Policyholder contract withdrawals (78) (105)
Net cash flows (used for) from financing activities (630) 1,567
Effect of foreign currency rate changes on cash and restricted cash 34 25
Net Increase (Decrease) in cash and restricted cash 53 1,262
Cash and Restricted Cash - Beginning of year 1,340 851
Cash and Restricted Cash - end of Year 1,393 2,113
Chubb Limited (Parent Guarantor)    
Condensed Cash Flow Statements, Captions [Line Items]    
Net cash flows from operating activities 307 24
Purchases of fixed maturities available for sale 0 0
Purchases of fixed maturities held to maturity 0 0
Purchases of equity securities 0 0
Sales of fixed maturities available for sale   0
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0  
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 0 0
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments 0 0
Net derivative instruments settlements 0 0
Private equity contribution 0 0
Private equity distribution 0 0
Capital contribution 0 (750)
Other 0 0
Net cash flows used for investing activities 0 (750)
Dividends paid on Common Shares (336) (330)
Common Shares repurchased 0 0
Proceeds from Issuance of Long-term Debt   0
Proceeds from issuance 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 (266) 656
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 296 [1] 400 [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Net cash flows (used for) from financing activities (306) 726
Effect of foreign currency rate changes on cash and restricted cash 0 (2)
Net Increase (Decrease) in cash and restricted cash 1 (2)
Cash and Restricted Cash - Beginning of year 1 3
Cash and Restricted Cash - end of Year 2 1
Chubb INA Holdings Inc (Subsidiary Issuer)    
Condensed Cash Flow Statements, Captions [Line Items]    
Net cash flows from operating activities (163) 2,727
Purchases of fixed maturities available for sale (3) (8)
Purchases of fixed maturities held to maturity 0 0
Purchases of equity securities 0 0
Sales of fixed maturities available for sale   0
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0  
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 6 3
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments (3) (14)
Net derivative instruments settlements (28) (7)
Private equity contribution 0 0
Private equity distribution 0 0
Capital contribution (110) (3,500)
Other (12) (3)
Net cash flows used for investing activities (150) (3,529)
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 0
Proceeds from Issuance of Long-term Debt   2,175
Proceeds from issuance of long-term debt   (300)
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 308 (95)
Capital contribution 0 0
Net proceeds from (payments to) affiliated notional cash pooling program 74 [1] (115) [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Net cash flows (used for) from financing activities 382 1,665
Effect of foreign currency rate changes on cash and restricted cash 0 0
Net Increase (Decrease) in cash and restricted cash 69 863
Cash and Restricted Cash - Beginning of year 2 1
Cash and Restricted Cash - end of Year 71 864
Other Chubb Limited Subsidiaries    
Condensed Cash Flow Statements, Captions [Line Items]    
Net cash flows from operating activities 1,378 800
Purchases of fixed maturities available for sale (5,558) (5,964)
Purchases of fixed maturities held to maturity (1) (162)
Purchases of equity securities (49) (55)
Sales of fixed maturities available for sale   2,562
Proceeds From Sale Of Available For Sale Securities Debt Condensed 3,293  
Sales of equity securities 60 40
Maturities and redemptions of fixed maturities available for sale 1,825 1,862
Maturities and redemptions of fixed maturities held to maturity 280 255
Net change in short-term investments (36) 745
Net derivative instruments settlements (330) 46
Private equity contribution (410) (353)
Private equity distribution 368 201
Capital contribution 0 0
Other (75) (29)
Net cash flows used for investing activities (633) (852)
Dividends paid on Common Shares 0 0
Common Shares repurchased (367) (29)
Proceeds from Issuance of Long-term Debt   0
Proceeds from issuance of long-term debt   0
Proceeds from issuance of repurchase agreements 471 408
Repayments of repurchase agreements (470) (404)
Proceeds from share-based compensation plans 35 34
Dividend to Parent Company (200) (3,000)
Advances (to) from affiliates (42) (561)
Capital contribution 110 4,250
Net proceeds from (payments to) affiliated notional cash pooling program 0 [1] 0 [2]
Policyholder contract deposits 115 118
Policyholder contract withdrawals (78) (105)
Net cash flows (used for) from financing activities (426) 711
Effect of foreign currency rate changes on cash and restricted cash 34 27
Net Increase (Decrease) in cash and restricted cash 353 686
Cash and Restricted Cash - Beginning of year 1,989 962
Cash and Restricted Cash - end of Year 2,342 1,648
Consolidation, Eliminations [Member]    
Condensed Cash Flow Statements, Captions [Line Items]    
Net cash flows from operating activities (200) (3,000)
Purchases of fixed maturities available for sale 0 0
Purchases of fixed maturities held to maturity 0 0
Purchases of equity securities 0 0
Sales of fixed maturities available for sale   0
Proceeds From Sale Of Available For Sale Securities Debt Condensed 0  
Sales of equity securities 0 0
Maturities and redemptions of fixed maturities available for sale 0 0
Maturities and redemptions of fixed maturities held to maturity 0 0
Net change in short-term investments 0 0
Net derivative instruments settlements 0 0
Private equity contribution 0 0
Private equity distribution 0 0
Capital contribution 110 4,250
Other 0 0
Net cash flows used for investing activities 110 4,250
Dividends paid on Common Shares 0 0
Common Shares repurchased 0 0
Proceeds from Issuance of Long-term Debt   0
Proceeds from issuance 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 200 3,000
Advances (to) from affiliates 0 0
Capital contribution (110) (4,250)
Net proceeds from (payments to) affiliated notional cash pooling program (370) [1] (285) [2]
Policyholder contract deposits 0 0
Policyholder contract withdrawals 0 0
Net cash flows (used for) from financing activities (280) (1,535)
Effect of foreign currency rate changes on cash and restricted cash 0 0
Net Increase (Decrease) in cash and restricted cash (370) (285)
Cash and Restricted Cash - Beginning of year (652) (115)
Cash and Restricted Cash - end of Year $ (1,022) $ (400)
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.