Document and Entity Information $ in Billions	12 Months Ended
Document and Entity Information $ in Billions	Dec. 31, 2023 SFr / shares	Feb. 16, 2024 shares	Jun. 30, 2023 USD ($)	Dec. 31, 2022 SFr / shares
Document Annual Report	true
Document Transition Report	false
Entity Address, Address Line One	Baerengasse 32
Entity Address, City or Town	Zurich
ICFR Auditor Attestation Flag	true
Common Shares, par value \| SFr / shares	SFr 0.50			SFr 24.15
Entity Common Stock, Shares Outstanding \| shares		405,758,796
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Entity File Number	1-11778
Entity Registrant Name	CHUBB LIMITED
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0091805
Entity Address, Country	CH
Entity Address, Postal Zip Code	8001
Country Region	41
City Area Code	(0)43
Local Phone Number	456 76 00
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000896159
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float \| $			$ 79
Common Class A [Member]
Title of 12(b) Security	Common Shares, par value CHF 0.50 per share
Trading Symbol	CB
Security Exchange Name	NYSE
INA Senior Notes Due December 2024 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024
Trading Symbol	CB/24A
Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
INA Senior Notes Due December 2029 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
INA Senior Notes Due June 2031 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
INA Senior Notes Due March 2038 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE

Auditor Information	12 Months Ended
Auditor Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, PA
Auditor Firm ID	238

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Assets

Short-term investments, at fair value (amortized cost – $4,551 and $4,962) (includes variable interest entities (VIE) balances of $217 and nil)

$ 4,551

$ 4,960

Fixed maturities available-for-sale, at fair value, net of valuation allowance – $156 and $169 (amortized cost – $111,128 and $93,355)

106,571

85,220

Fixed maturities held to maturity, at amortized cost, net of valuation allowance – nil and $34 (fair value – nil and $8,439)

0

8,848

Private debt held-for-investment, at amortized cost, net of valuation allowance – $4 and nil

2,553

0

Equity securities, at fair value (includes VIE balances of $1,078 and nil)

3,455

827

Private equities (includes VIE balances of $21 and nil)

14,078

12,355

Other investments (includes VIE balances of $3,773 and nil)

5,527

1,341

Total investments

136,735

113,551

Cash, including restricted cash $172 and $115 (includes VIE balances of $117 and nil)

2,621

2,127

Securities lending collateral

1,299

1,523

Accrued investment income

1,086

941

Insurance and reinsurance balances receivable, net of valuation allowance – $53 and $52

13,379

11,933

Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $367 and $351

^[1]

19,952

18,859

Reinsurance recoverable on policy benefits

^[1]

280

302

Deferred policy acquisition costs

7,152

6,031

Value of business acquired

3,674

3,702

Goodwill

19,686

^[2]

16,228

Other intangible assets

6,775

5,441

Deferred tax assets

1,741

0

Prepaid reinsurance premiums

3,221

3,136

Investments in partially-owned insurance companies

191

2,507

Separate account assets

5,573

5,190

Other assets (includes VIE balances of $33 and nil)

7,317

7,546

Total assets

230,682

199,017

Liabilities

Unpaid losses and loss expenses

80,122

75,747

Unearned premiums

22,051

19,713

Future policy benefits

13,888

10,476

Market risk benefits

771

800

Policyholders' account balances

7,462

3,140

Separate account liabilities

5,573

5,190

Insurance and reinsurance balances payable

8,302

7,780

Securities lending payable

1,299

1,523

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $18 and nil)

8,332

7,148

Deferred tax liabilities

1,555

377

Repurchase agreements (includes VIE balances of $1,009 and nil)

2,833

1,419

Short-term debt

1,460

475

Long-term debt

13,035

14,402

Trust preferred securities

308

Total liabilities

166,991

148,498

Commitments and contingencies (refer to Note 14)

Shareholders' equity

Common Shares (CHF 0.50 and 24.15 par value; 431,451,586 and 446,376,614 shares issued; 405,269,637 and 414,594,856 shares outstanding)

241

10,346

Common Shares in treasury (26,181,949 and 31,781,758 shares)

(4,400)

(5,113)

Additional paid-in capital

15,665

7,166

Retained earnings

54,810

48,305

Accumulated other comprehensive income (loss) (AOCI)

(6,809)

(10,185)

Total Chubb shareholders' equity

59,507

50,519

Noncontrolling interests (includes VIE balances of $2,705 and nil)

4,184

0

Total shareholders’ equity

63,691

50,519

Total liabilities and shareholders’ equity

$ 230,682

$ 199,017

[1]	Net of valuation allowance for uncollectible reinsurance.
[2]	At December 31, 2023, Goodwill from Huatai Group includes approximately $759 million attributable to noncontrolling interests

Consolidated Balance Sheets (Parentheticals) $ in Millions	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Statement of Financial Position [Abstract]
Short-term investments amortized cost	$ 4,551	$ 4,962
Fixed maturities, available-for-sale, valuation allowance	156	169
Fixed maturities, available-for-sale, at amortized cost	111,128	93,355
Fixed maturities, held-to-maturity, valuation allowance	0	34
Fixed maturities, held-to-maturity, fair value	0	8,439
Private debt held for investment, valuation allowance	4	0
Restricted Cash	172	115
Premium Receivable, Allowance for Credit Loss	53	52
Valuation allowance for uncollectible reinsurance	$ 367	$ 351
Common Shares, shares issued \| shares	431,451,586	446,376,614
Common Shares, shares outstanding \| shares	405,269,637	414,594,856
Treasury Stock, Common, Shares \| shares	26,181,949	31,781,758
Short-term investments	$ 4,551	$ 4,960
Equity securities	3,455	827
Private equities	14,078	12,355
Other investments	5,527	1,341
Cash, including restricted cash	2,621	2,127
Other assets	7,317	7,546
Repurchase agreements	2,833	1,419
Noncontrolling interests	4,184	0
Variable Interest Entity, Primary Beneficiary
Short-term investments	217	0
Equity securities	1,078	0
Private equities	21	0
Other investments	3,773	0
Cash, including restricted cash	117	0
Other assets	33	0
Other liabilities	18	0
Repurchase agreements	1,009	0
Noncontrolling interests	2,705	$ 0
Variable Interest Entity, Primary Beneficiary \| Huatai Group [Member]
Repurchase agreements	$ 1,000

Consolidated Statements Of Operations and Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Net premiums written	$ 47,361	$ 41,720	$ 37,827
Increase in unearned premiums	(1,649)	(1,360)	(1,535)
Net premiums earned	45,712	40,360	36,292
Net investment income	4,937	3,742	3,456
Net realized gains (losses)	(607)	(1,085)	1,030
Market risk benefits gains (losses)	(307)	80	91
Total revenues	49,735	43,097	40,869
Expenses
Losses and loss expenses	24,100	22,572	21,030
Policy benefits (includes remeasurement gains of $19, $3, and nil)	3,628	2,314	1,740
Policy acquisition costs	8,259	7,339	6,758
Administrative expenses	4,007	3,395	3,135
Interest expense	672	570	492
Other (income) expense	(836)	89	(2,367)
Amortization of purchased intangibles	310	285	287
Cigna integration expenses	69	48	0
Total expenses	40,209	36,612	31,075
Income before income tax	9,526	6,485	9,794
Income tax expense	511	1,239	1,269
Net income	9,015	5,246	8,525
Net loss attributable to noncontrolling interests	(13)	0	0
Net income attributable to Chubb	9,028	5,246	8,525
Other comprehensive income (loss):
Unrealized appreciation (depreciation)	3,448	(10,578)	(2,938)
Current discount rate on future policy benefits	84	1,480	387
Instrument-specific credit risk on market risk benefits	2	33	27
Cumulative foreign currency translation adjustment	(13)	(911)	(505)
Other, including postretirement benefit liability adjustment	157	(100)	522
Other comprehensive income (loss), before income tax	3,678	(10,076)	(2,507)
Income tax (expense) benefit related to OCI items	(317)	965	366
Other comprehensive income (loss)	3,361	(9,111)	(2,141)
Comprehensive income (loss)	12,376	(3,865)	6,384
Comprehensive loss attributable to noncontrolling interests	(28)	0	0
Comprehensive income (loss) attributable to Chubb	$ 12,404	$ (3,865)	$ 6,384
Earnings per share
Basic earnings per share attributable to Chubb	$ 21.97	$ 12.50	$ 19.38
Diluted earnings per share attributable to Chubb	$ 21.80	$ 12.39	$ 19.24

Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ 19	$ 3	$ 0

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions	Total	Common Shares	Treasury Stock, Common	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Noncontrolling Interest
Noncontrolling interests											$ 0
Balance – beginning of year, net of tax at Dec. 31, 2020		$ 11,064	$ (3,644)	$ 9,815	$ 39,337	$ 52	$ 39,389	$ 2,869	$ (1,802)	$ 1,067
CB_Par Value Reduction		0		0
Treasury Stock, Retired, Cost Method, Amount		(79)	590		(511)
Common Shares repurchased			(4,861)
Net shares issued under employee share-based compensation plans			451	(179)
Stock Issued During Period, Value, Stock Options Exercised				(52)
Share-based compensation expense				286
Noncontrolling Interest, Increase from Business Combination				0
FundingDividendsDeclaredToRetainedEarnings				(1,392)
Net income attributable to Chubb	$ 8,525				8,525
Funding Dividends Declared From Additional Paid In Capital					1,392
Dividends declared on Common Shares					(1,392)
Other Comprehensive Income (Loss), Net of Tax	(2,141)							(2,141)
Balance – end of year, net of tax at Dec. 31, 2021	58,328	10,985	(7,464)	8,478	47,403	0	47,403	(1,074)	0	(1,074)
Net loss attributable to noncontrolling interests	0										0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest											0
Noncontrolling interests											0
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value											0
Total shareholders’ equity	58,328
CB_Par Value Reduction		0		0
Treasury Stock, Retired, Cost Method, Amount		(639)	4,983		(4,344)
Common Shares repurchased			(3,014)
Net shares issued under employee share-based compensation plans			382	(173)
Stock Issued During Period, Value, Stock Options Exercised				(43)
Share-based compensation expense				283
Noncontrolling Interest, Increase from Business Combination				0
FundingDividendsDeclaredToRetainedEarnings				(1,379)
Net income attributable to Chubb	5,246				5,246
Funding Dividends Declared From Additional Paid In Capital					1,379
Dividends declared on Common Shares					(1,379)
Other Comprehensive Income (Loss), Net of Tax	(9,111)							(9,111)
Balance – end of year, net of tax at Dec. 31, 2022	50,519	10,346	(5,113)	7,166	48,305	$ 0	$ 48,305	(10,185)	$ 0	$ (10,185)
Net loss attributable to noncontrolling interests	0										0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest											0
Noncontrolling interests	0										0
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value											0
Total shareholders’ equity	50,519
CB_Par Value Reduction		(9,759)		9,759
Treasury Stock, Retired, Cost Method, Amount		(346)	2,869		(2,523)
Common Shares repurchased			(2,478)
Net shares issued under employee share-based compensation plans			322	(192)
Stock Issued During Period, Value, Stock Options Exercised				(20)
Share-based compensation expense				322
Noncontrolling Interest, Increase from Business Combination				31
FundingDividendsDeclaredToRetainedEarnings				(1,401)
Net income attributable to Chubb	9,028				9,028
Funding Dividends Declared From Additional Paid In Capital					1,401
Dividends declared on Common Shares					(1,401)
Other Comprehensive Income (Loss), Net of Tax	3,361							3,376
Balance – end of year, net of tax at Dec. 31, 2023	59,507	$ 241	$ (4,400)	$ 15,665	$ 54,810			$ (6,809)
Net loss attributable to noncontrolling interests	(13)										(13)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest											(15)
Noncontrolling interests	4,184										4,184
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value											$ 4,212
Total shareholders’ equity	$ 63,691

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Adjustments to reconcile net income to net cash flows from operating activities
Net Realized Gains Losses	$ 607	$ 1,085	$ (1,030)
Accretion (Amortization) of Discounts and Premiums, Investments	(148)	189	332
Amortization of purchased intangibles	310	285	287
Deferred income taxes	(1,124)	318	(84)
Equity in net income of subsidiaries and affiliates	(867)	(1)	(2,435)
Unpaid losses and loss expenses	3,470	4,259	5,178
Unearned premiums	1,377	1,435	1,252
Future policy benefits	848	333	1,040
Insurance and reinsurance balances payable	(155)	446	582
Accounts payable, accrued expenses, and other liabilities	(735)	(68)	(2,423)
Income taxes	128	(149)	48
Insurance and reinsurance balances receivable	(1,072)	(696)	(984)
Reinsurance recoverable	(498)	(1,737)	(1,949)
Deferred policy acquisition costs	(1,100)	(396)	(422)
Net sales of investments by consolidated investment products	450	0	0
Other	1,819	789	3,325
Net Cash Provided by (Used in) Operating Activities, Total	12,632	11,258	11,151
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(28,672)	(27,844)	(30,222)
Purchases of fixed maturities held to maturity	(208)	(618)	(594)
Purchases of equity securities	(1,395)	(895)	(1,167)
Sales of fixed maturities available-for-sale	14,593	16,855	6,596
Sales of equity securities	1,084	4,615	1,018
Maturities and redemptions of fixed maturities available-for-sale	7,026	9,415	17,361
Maturities and redemptions of fixed maturities held to maturity	708	1,712	1,964
Net change in short-term investments	1,169	(1,452)	1,175
Net derivative instruments settlements	(153)	(84)	(219)
Private equity contributions	(2,024)	(2,649)	(2,471)
Private equity distributions	1,164	1,017	1,421
Acquisition of subsidiaries (net of cash acquired of $560, $366, and nil)	(34)	(5,166)	(1,184)
Cash And Cash Equivalents Increase (Decrease) Due To Consolidation And Deconsolidation Of Investment Products	(17)	0	0
Other	(889)	(560)	(337)
Net Cash Provided by (Used in) Investing Activities	(7,648)	(5,654)	(6,659)
Cash flows from financing activities
Dividends paid on Common Shares	(1,394)	(1,375)	(1,401)
Common Shares repurchased	(2,411)	(2,894)	(4,861)
Proceeds from issuance of long-term debt	0	0	1,576
Proceeds from issuance of repurchase agreements	4,984	4,510	1,858
Repayments of Long-term Debt	(475)	(1,000)	0
Repayment of repurchase agreements	(4,728)	(4,508)	(1,858)
Proceeds from share-based compensation plans	212	264	300
Policyholder contract deposits	645	488	513
Policyholder contract withdrawals	(458)	(521)	(457)
Third-party capital invested into consolidated investment products	126	0	0
Third-party capital distributed by consolidated investment products	(745)	0	0
Tax withholding payments for share-based compensation plans	(245)	(106)	(81)
Net cash flows (used for) from financing activities	(4,489)	(5,142)	(4,411)
Effect of foreign currency rate changes on cash and restricted cash	(1)	(146)	(106)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	494	316	(25)
Cash and restricted cash - beginning of year	2,127	1,811	1,836
Cash and restricted cash - end of year	2,621	2,127	1,811
Supplemental cash flow information
Taxes paid	1,465	1,242	1,298
Interest paid	553	552	492
Market Risk Benefit, Change in Fair Value, Gain (Loss)	307	(80)	(91)
Net income	$ 9,015	$ 5,246	$ 8,525

Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash Acquired from Acquisition	$ 560	$ 366	$ 0

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 19 for additional information.

The accompanying Consolidated Financial Statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the consolidated financial statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 76.5 percent. Refer to Note 2 for additional information on the acquisition of Huatai Group. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated Financial Statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include:

•unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures;

•future policy benefits reserves;

•the valuation of value of business acquired (VOBA);

•the assessment of risk transfer for certain structured insurance and reinsurance contracts;

•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;

•the valuation of the investment portfolio and assessment of valuation allowance for expected credit losses;

•the valuation of deferred income taxes;

•the valuation and amortization of purchased intangibles; and

•the assessment of goodwill for impairment.

b) Premiums

Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term.

For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the

unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period.

Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period.

Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are recognized in relation to insurance in force resulting in the recognition of profit over the life of the contracts.

Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method.

Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one to three years.

c) Deferred policy acquisition costs (DAC)

Policy acquisition costs consist of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations.

Short-duration contracts

Policy acquisition costs are amortized ratably over the period the related premiums are earned. Policy acquisition costs are reviewed to determine if they are recoverable from future income including investment income. Unrecoverable policy acquisition costs are expensed in the period identified.

Long-duration contracts

Policy acquisition costs are grouped by contract type and issue year into cohorts consistent with the groupings used in estimating the associated liability and are expensed on a constant level basis over the expected term of the related contracts to approximate straight-line amortization at the contract level. The constant level basis used for amortization is the insurance in-force and is projected using the same assumptions used in estimating the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected changes in the in-force portfolio, due to variances in mortality and lapse experience, are recognized over the contract term. Changes in future mortality and lapse assumptions are also recognized prospectively over the remaining expected contract term.

Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral. Qualified expenses include individual direct-response marketing campaigns where we can demonstrate the campaigns have specifically resulted in incremental sales to customers and such sales have probable future economic benefits. Any costs directly related to the marketing campaigns are deferred, included with other policy acquisition costs, and expensed as a component of Policy acquisition costs using the same amortization basis.

d) Value of business acquired (VOBA)

As part of business combination accounting, a VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts. This intangible represents the present value of estimated net cash flows for the in-force contracts as of the acquisition date. VOBA is amortized as a component of Policy acquisition costs in the Consolidated statements of operations in relation to the profit emergence of the underlying acquired contracts. The valuation of VOBA is based on many factors including

mortality, morbidity, persistency, investment yields, expenses, and discount rate. The VOBA intangible is tested for recoverability at least annually using a premium deficiency test. Unrecoverable VOBA is expensed in the period identified.

e) Reinsurance

Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders.

For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements.

Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement.

Reinsurance recoverable is presented net of a valuation allowance for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The valuation allowance for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. The more significant considerations to calculate the valuation allowance include, but are not necessarily limited to, the following:

•For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;

•For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 34 percent, consistent with published statistics of a major rating agency;

•For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and

•For other recoverables, management determines the valuation allowance for uncollectible reinsurance based on the specific facts and circumstances.

The methods used to determine the reinsurance recoverable balance and related valuation allowance for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified.

The methods used to determine the valuation allowance for uncollectible high deductible recoverable amounts and valuation allowance for insurance and reinsurance balances receivable are similar to the processes used to determine the valuation allowance for uncollectible reinsurance recoverable. For information on high deductible policies, refer to section k) Unpaid losses and loss expenses, below.

Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force.

f) Investments

Fixed maturities, equity securities, and short-term investments

Fixed maturities are classified as available-for-sale (AFS) and are reported at fair value, net of a valuation allowance for credit losses, with changes in fair value recorded as a separate component of AOCI in Shareholders' equity. Prior to June 2023, we classified securities for which we had the ability and intent to hold to maturity or redemption as held to maturity (HTM), and reported these securities at amortized cost, net of a valuation allowance for credit losses. In June 2023, we determined that we no longer had the intent to hold securities in HTM portfolio until maturity. As a result, our entire HTM portfolio was transferred to the AFS portfolio. Refer to Note 3 a) for additional information.

Equity securities are reported at fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations.

Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost.

Interest, dividend income, and amortization of fixed maturity market premiums and discounts, related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statements of operations. Realized gains or losses on sales of investments are determined on a first-in, first-out basis.

For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income.

Valuation allowance for fixed income securities

Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If management has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to Net realized gains and losses. If management does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and is recorded through income to Net realized gains and losses, and the non-credit loss portion is recorded through other comprehensive income.

Examples of criteria that are collectively evaluated to determine if a credit loss has occurred include the following:

•The extent to which the fair value is less than amortized cost;

•Adverse conditions related to the security, industry, or geographic area;

•Downgrades in the security's credit rating by a rating agency; and

•Failure of the issuer to make scheduled principal or interest payments.

AFS securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by

assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Chubb developed the projected cash flows using market data, issuer-specific information, and credit ratings. In combination with contractual cash flows and the use of historical default and recovery data by Moody's Investors Service (Moody's) rating category we generate expected cash flows using the average cumulative issuer-weighted global default rates by letter rating.

If the present value of expected future cash flows is less than the amortized cost, a credit loss exists and an allowance for credit losses will be recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, management will conclude an expected credit loss does not exist.

Management reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a fixed maturity security is identified to be uncollectible and written off, the valuation allowance for expected credit losses is reduced. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. Below are considerations for when a security may be deemed uncollectible:

•We have sufficient information to determine that the issuer of the security is insolvent;

•We receive notice that the issuer of the security has filed for bankruptcy, and the collectability is expected to be adversely impacted by the bankruptcy;

•The issuer of a security has violated multiple debt covenants;

•Amounts have been past due for a specified period of time with no response from the issuer;

•A significant deterioration in the value of the collateral has occurred; and

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

Prior to the transfer of our entire HTM portfolio to the AFS portfolio, as noted above, HTM securities were evaluated for potential credit loss on a collective pool basis quarterly. Chubb pooled HTM securities and calculated the current expected credit loss for each pool using Moody's corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier based on the leading economic index adjusted for a forward-looking economic outlook.

We elected to not measure an allowance for accrued investment income as uncollectible balances are written off in a timely manner, typically 30 to 45 days after uncollected balances are due.

Private debt held-for-investment

Private debt held-for-investment relates principally to investments in the funding of public and private projects that are mostly infrastructure related and were acquired as part of Huatai’s investment portfolio upon consolidation. They have stated interest rates and maturity dates with fixed or determinable payments. Private debt held-for-investment are carried at amortized cost, net of a valuation allowance for credit losses. Management evaluates current expected credit losses (CECL) for all Private debt held-for-investment each quarter on a collective pool basis using S&P's corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. Interest income is recorded when earned within Net investment income on the Consolidated statements of operations.

Private equities

Private equities principally consist of Investment funds, limited partnerships, and partially owned investment companies.

Investment funds and limited partnerships

Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence, generally, when we own less than three percent of the investee's shares, are accounted for as follows:

•Income and expenses from these funds are reported within Net investment income.

•These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Refer to Note 4 for a further discussion on net asset value.

•As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.

•Sales of these investments are reported within Net realized gains (losses).

Partially-owned investment companies

Partially-owned investment companies are limited partnerships where our ownership interest is in excess of three percent are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method.

•This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense.

•As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.

Other investments

•Huatai’s asset management businesses create investment entities known as consolidated investment products which include mutual funds with primary holdings in fixed maturities. These securities are reported at fair value with changes in fair value reported through the Consolidated statements of operations within Net realized gains (losses) as required under investment company accounting standards.

•Policy loans are carried at outstanding balance and interest income is reflected in Net investment income.

•Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense.

•Non-qualified separate account assets are supported by assets that do not qualify for separate accounting reporting under U.S. GAAP and are carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense.

Investments in partially-owned insurance companies

Investments in partially-owned insurance companies primarily represent direct investments in which Chubb has significant influence and as such, meet the requirements for equity method accounting. Generally, we own twenty percent or more of the investee’s shares. We report our share of the net income or loss of the partially-owned insurance companies in Other (income) expense.

Securities lending program

Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return which is recorded within Net investment income in the Consolidated statements of operations.

Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The fair value of the securities on loan is included in Fixed maturities available-for-sale and Equity securities in the Consolidated balance sheets. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest.

Repurchase agreements

Similar to securities lending arrangements, securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statements of operations.

Refer to Note 4 for a discussion on the determination of fair value for Chubb's various investment securities.

g) Consolidation of Variable interest entities (VIEs)

Chubb consolidates entities in which it has a controlling interest or is a primary beneficiary of a VIE. Huatai's asset management businesses create investment entities known as consolidated investment products which include mutual funds with primary holdings in fixed maturities. While many investors may not be related parties, Huatai invests in these funds at various ownership percentages. We consolidate the VIEs if we are the primary beneficiary, which is generally when we hold an economic interest of 10 percent or more. The consolidation of VIEs requires us to record 100 percent of both the underlying assets and liabilities of the mutual funds within the Consolidated balance sheets as well as the profit and losses within the Consolidated statements of operations. The relevant amounts attributable to investors other than Chubb are reflected as Noncontrolling interests. Purchases and sales of investments by the consolidated VIEs are reported as operating activities on the Statements of Cash Flows. Where Huatai's ownership in these consolidated investment products is less than 10 percent, we generally would not expect to be the primary beneficiary of these VIEs and would not consolidate. Our economic risk with respect to each investment in a consolidated investment product is limited to our equity ownership and any uncollected management and performance fees. Refer to Note 3 i) for additional information.

h) Derivative instruments

Derivative instruments are carried at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. We participate in these derivative instruments primarily to mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities denominated in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency forward contracts. Refer to Note 14 for additional information.

Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) and changes in fair value of futures contracts on equities related to our variable annuity reinsurance business are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

We also invest in certain derivative instruments that are designated as hedging instruments and qualify for hedge accounting. These derivatives designated as hedging instruments must be highly effective in mitigating the designated changes in fair value or cash flows of the hedged item. We assess at the hedge's inception, and continue to qualitatively assess on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to be highly effective in offsetting changes in the hedged items. Derivatives designated as hedging instruments include cross-currency swaps designated as fair value hedges for foreign currency exposure associated with portions of our euro denominated debt and net investment hedges for foreign currency exposure in the net investments of certain foreign subsidiaries. Refer to Note 14 for additional information.

Changes in fair value of net investment hedges are recorded in Cumulative translation adjustments (CTA) within OCI. Changes in fair value of fair value hedges that principally offset the foreign currency remeasurement on the hedged debt is recorded within Net realized gains (losses) on the Consolidated statement of operations with the remaining change in fair value recorded in Other, within OCI.

i) Cash

We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Actual cash balances are not physically converted and are not commingled between legal entities. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $300 million in the aggregate). Our syndicated letter of credit

facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool.

Restricted cash

Included in Cash is restricted cash of $172 million and $115 million at December 31, 2023 and 2022, respectively. Restricted cash 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.

j) Goodwill and Other intangible assets

Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates it is more likely than not that carrying value exceeds fair value, we quantitatively estimate a reporting unit's fair value.

Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally with an average original useful life of 25 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.

k) Unpaid losses and loss expenses

A liability is established for the estimated unpaid losses and loss expenses under the terms of Chubb's policies and agreements. Similar to premiums that are recognized as revenues over the coverage period of the policy, a liability for unpaid losses and loss expenses is recognized as expense when insured events occur over the coverage period of the policy. This liability includes a provision for both reported claims (case reserves) and incurred but not reported claims (IBNR reserves). IBNR reserve estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The methods of determining such estimates and establishing the resulting liability are reviewed regularly and any adjustments are reflected in income in the period in which they become known. Future developments may result in losses and loss expenses materially greater or less than recorded amounts.

Except for net unpaid loss and loss expense reserves for certain structured settlements for which the timing and amount of future claim payments are reliably determinable and certain reserves for unsettled claims, Chubb does not discount its P&C loss reserves. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

Included in Unpaid losses and loss expenses are liabilities for A&E claims and expenses. These unpaid losses and loss expenses are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to asbestos products and environmental hazards. The estimation of these liabilities is particularly sensitive to changes in the legal environment including specific settlements that may be used as precedents to settle future claims. However, Chubb does not anticipate future changes in laws and regulations in setting its A&E reserve levels.

Also included in Unpaid losses and loss expenses is the fair value adjustment of $62 million and $74 million at December 31, 2023 and 2022, respectively, principally related to Chubb Corp’s historical unpaid losses and loss expenses. The estimated fair value consists of the present value of the expected net unpaid loss and loss adjustment expense payments adjusted for an estimated risk margin. The estimated cash flows are discounted at a risk-free rate. The estimated risk margin varies based on the inherent risks associated with each type of reserve. The fair value is amortized through Amortization of purchased intangibles on the Consolidated statements of operations based on the estimated payout patterns of unpaid loss and loss expenses at the acquisition date.

Our loss reserves are presented net of contractual deductible recoverable amounts due from policyholders. Under the terms of certain high deductible policies which we offer, such as workers’ compensation and general liability, our customers are responsible to reimburse us for an agreed-upon dollar amount per claim. In nearly all cases we are required under such policies to pay covered claims first, and then seek reimbursement for amounts within the applicable deductible from our customers. We generally seek to mitigate this risk through collateral agreements.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premiums from previous accident years.

For purposes of analysis and disclosure, management views prior period development to be changes in the nominal value of loss estimates from period to period, net of premium and profit commission adjustments on loss sensitive contracts. Prior period development generally excludes changes in loss estimates that do not arise from the emergence of claims, such as those related to uncollectible reinsurance, interest, unallocated loss adjustment expenses, or foreign currency. Accordingly, specific items excluded from prior period development include the following: gains/losses related to foreign currency remeasurement; losses recognized from the early termination or commutation of reinsurance agreements that principally relate to the time value of money; changes in the value of reinsurance business assumed reflected in losses incurred but principally related to the time value of money; and losses that arise from changes in estimates of earned premiums from prior accident years. Except for foreign currency remeasurement, which is included in Net realized gains (losses), these items are included in current year losses within Losses and loss expenses on the Consolidated statements of operations.

l) Future policy benefits

For traditional and limited-payment contracts, contracts are grouped into cohorts by coverage type and issue year to determine a liability for future policy benefits. The future policy benefit liability (FPBL) is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders and is accrued as premium revenue is recognized. The valuation of this liability requires management to make estimates and assumptions regarding expenses, mortality, and persistency. Estimates are primarily based on historical experience. Actual results could differ materially from these estimates.

The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, we review our future cash flow assumptions at least annually to determine if the net premium ratio (NPR), the mechanism to record the liability as premium is earned, used to calculate the liability should be changed at that time. We have elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Each quarter, we update the cash flows expected over the entire life of each cohort for actual historical experience and projected future cash flows. These updated cash flows are used to calculate the revised NPR, which is used to derive an updated FPBL as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, but before the updating of cash flow assumptions, to determine the current period change in FPBL. This current period change in the liability is the remeasurement gain or loss and is recorded in Policy benefits in the Consolidated statements of operations. In subsequent periods, the revised NPR is used to record the FPBL until future revisions become required.

For traditional and limited-payment contracts, the discount rate assumption is based on an upper-medium grade fixed-income instrument yield. An equivalent rate is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The discount rate assumption is updated quarterly and used to remeasure the liability at each reporting date, with the resulting change reflected in Other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level, as the basis for a linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Deferred profit liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (DPL) and recorded as a component of Future policy benefits in the Consolidated balance sheets. Net premiums are measured using actual cash flows and future cash flow assumptions consistent with those used in the measurement of the liability for future policy benefits and remeasured quarterly. The DPL is amortized in proportion to the discounted in-force policies. Interest is accreted on the balance of the DPL using the discount rate consistent with the interest accretion on the FPBL. The recalculated DPL, including adjusted amortization through the current period, is compared to the current carrying amount and the difference is recognized as an adjustment to Policy benefits in the Consolidated statements of operations as a remeasurement gain or loss.

m) Market Risk Benefits

Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States, which meet the definition of Market risk benefits (MRB). These reinsurance contracts provide protection to the ceding entity from, and expose us to, other-than-nominal capital market risk. Market risk benefits are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are

recognized in Market risk benefits gains (losses) in the Consolidated statements of operations, except the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income.

We generally receive a monthly premium during the accumulation phase of the covered annuities (in-force) based on a percentage of either the underlying accumulated account values or the underlying accumulated guaranteed values. Depending on an annuitant's age, the accumulation phase can last many years. To limit our exposure under these programs, all reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible.

The guarantees which are payable on death, referred to as guaranteed minimum death benefits (GMDB), principally cover shortfalls between accumulated account value at the time of an annuitant's death and either i) an annuitant's total deposits; ii) an annuitant's total deposits plus a minimum annual return; or iii) the highest accumulated account value attained at any policy anniversary date. In addition, a death benefit may be based on a formula specified in the variable annuity contract that uses a percentage of the growth of the underlying contract value.

Under reinsurance programs covering guaranteed living benefits (GLB), we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income.

n) Separate accounts

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 liabilities primarily represent the policyholders’ account balances in separate account assets and are equal and offsetting to total separate account assets. The assets of each account are legally segregated and are not subject to claims that arise out of any Chubb’s business. Mortality, policy administration and surrender charges assessed against the accounts are included in Net premiums earned on the Consolidated statements of operations. The related investment performance of the separate account assets (including interest, dividends, realized gains and losses, and changes in unrealized gains and losses) generally accrue to the policyholders and are not included in our Consolidated statements of operations. Fees charged against the separate accounts are deferred and recorded within Policyholders’ account balances on the Consolidated balance sheets until they are earned within Net premiums earned on the Consolidated statements of operations. Unearned revenue liabilities pertaining to separate accounts are recorded in Policyholders' account balances on the Consolidated balance sheets. Refer to section o) Policyholders’ account balances, below.

o) Policyholders' account balances

Policyholders' account balances represent a liability for investment contracts sold that do not meet the definition of an insurance contract, and certain of these contracts are sold with a guaranteed rate of return. Consideration received or paid is recorded as a deposit asset or liability in the balance sheet as opposed to recording premiums and losses in the statements of operations. The liability for policyholders' account balances equals accumulated policy account values, which consist of consideration received from the policyholder, plus any credited income, less any relevant charges. Also included within Policyholders' account balances is an unearned revenue liability which represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs.

Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under U.S. GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Policyholders’ account balances in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under U.S. GAAP are reported in Other (income) expense, and the offsetting movements in the liabilities are included in Policy benefits in the Consolidated statements of operations.

p) Property and equipment

Property and equipment used in operations are capitalized and carried at cost less accumulated depreciation and are reported within Other assets in the Consolidated balance sheets. At December 31, 2023, property and equipment totaled $2.9 billion, consisting principally of capitalized software costs of $1.7 billion incurred to develop or obtain computer software for internal use and company-owned facilities of $510 million. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. For capitalized software, the estimated useful life is generally three to five years (for security and analytics systems), but can be as long as 15 years (for systems of record such as our general ledger and processing systems such as our policy administration systems). For company-owned facilities the estimated useful life is 40 years. At December 31, 2022, property and equipment totaled $2.4 billion.

q) Foreign currency remeasurement and translation

The functional currency for each of our foreign operations is generally the currency of the local operating environment. Transactions in currencies other than a foreign operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains and losses are reflected in Net realized gains (losses) in the Consolidated statements of operations. Functional currency assets and liabilities are translated into the reporting currency, U.S. dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of AOCI in Shareholders' equity. Functional statement of operations amounts expressed in functional currencies are translated using average exchange rates.

r) Administrative expenses

Administrative expenses generally include all operating costs other than policy acquisition costs. The North America Commercial P&C Insurance segment manages and uses an in-house third-party claims administrator, ESIS Inc. (ESIS). ESIS performs claims management and risk control services for domestic and international organizations that self-insure P&C exposures as well as internal P&C exposures. The net operating income (loss) of ESIS is included within Administrative expenses in the Consolidated statements of operations and was $(2) million, $12 million, and $25 million for the years ended December 31, 2023, 2022, and 2021, respectively.

s) Asset management and performance fee revenue and expenses

Huatai's asset management companies recognize revenue and expenses from the management of third-party assets which are unrelated to Chubb's core insurance operations. These revenues include management fees, which are recognized in the period in which the services are performed, and asset performance fees, which are recognized to the extent it is probable that a significant reversal will not occur. These fees and expenses are included in Other (income) expense on the Consolidated statements of operations. Refer to Note 18 for additional information.

t) Income taxes

Income taxes have been recorded related to those operations subject to income tax. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the Consolidated Financial Statements and the tax basis of our assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax law or rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to these deferred tax assets will not be realized. The valuation allowance assessment considers tax planning strategies, where appropriate.

We recognize uncertain tax positions that are determined to be more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

u) Earnings per share

Basic earnings per share is calculated using the weighted-average shares outstanding, including participating securities with non-forfeitable rights to dividends such as unvested restricted stock. All potentially dilutive securities, including stock options are excluded from the basic earnings per share calculation. In calculating diluted earnings per share, the weighted-average shares outstanding is increased to include all potentially dilutive securities. Basic and diluted earnings per share are calculated by dividing Net income attributable to Chubb by the applicable weighted-average number of shares outstanding during the year.

v) Share-based compensation

Chubb measures and records compensation cost for all share-based payment awards at grant-date fair value. Compensation costs are recognized for vesting of share-based payment awards with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. For retirement-eligible participants, compensation costs for certain share-based payment awards are recognized immediately at the date of grant. Refer to Note 16 for additional information.

w) Cigna integration expenses

Direct costs related to business combinations, principally Cigna's business in Asia, were expensed as incurred. Cigna integration expenses were $69 million and $48 million for the years ended December 31, 2023 and 2022, respectively, and include all internal and external costs directly related to the integration activities, principally of the acquisition of Cigna's business in Asia. These expenses principally consisted of third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition.

x) New accounting pronouncements

Accounting guidance adopted in 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires more frequent updating of assumptions and a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is remeasured using the current discount rate at January 1, 2021 (the transition date) and the impact of the changes are recorded in AOCI and best estimate cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021. We also reclassified changes in our own credit risk on Market risk benefits from Retained earnings to Accumulated other comprehensive income at the transition date.

On January 1, 2023, we recorded a cumulative effect adjustment and increased beginning Retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders' account balances, Separate accounts, and Unearned revenue liabilities, and Note 11 Market risk benefits.

The impact of adoption of the new guidance on our historical financial statements is as follows:


	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	$	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)		302
Deferred policy acquisition costs	5,788		243		6,031
Value of business acquired	3,596		106		3,702

Prepaid reinsurance premiums	3,140		(4)		3,136
Investments in partially-owned insurance companies	2,877		(370)		2,507

Unpaid losses and loss expenses	76,323		(576)		75,747
Unearned premiums	20,360		(647)		19,713

Future policy benefits	10,120		356		10,476
Market risk benefits	—		800		800
Insurance and reinsurance balances payable	7,795		(15)		7,780

Deferred tax liabilities	292		85		377
Retained earnings	48,334		(29)		48,305
Accumulated other comprehensive income (loss)	(10,193)		8		(10,185)

Excluded from the table above is the reclassification of Separate account assets, Separate account liabilities, and Policyholders' account balances as separate line items on the Consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and Separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.


	Twelve Months Ended						Twelve Months Ended
	December 31, 2022						December 31, 2021
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted		As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statements of operations and comprehensive income
Net premiums written	$	41,755	$	(35)	$	41,720	$	37,868	$	(41)	$	37,827
Net premiums earned	40,389		(29)		40,360		36,355		(63)		36,292
Net realized gains (losses)	(965)		(120)		(1,085)		1,152		(122)		1,030
Market risk benefits gains (losses)	—		80		80		—		91		91
Losses and loss expenses	23,342		(770)		22,572		21,980		(950)		21,030
Policy benefits	1,492		822		2,314		699		1,041		1,740
Policy acquisition costs	7,392		(53)		7,339		6,918		(160)		6,758

Other (income) expense	74		15		89		(2,365)		(2)		(2,367)
Income tax expense	1,255		(16)		1,239		1,277		(8)		1,269
Net Income	5,313		(67)		5,246		8,539		(14)		8,525
Other comprehensive income
Change in current discount rate on future policy benefits	—		1,480		1,480		—		387		387
Change in instrument-specific credit risk on market risk benefits	—		33		33		—		27		27
Income tax benefit related to OCI items	1,121		(156)		965		427		(61)		366
Comprehensive income (loss)	(5,230)		1,365		(3,865)		6,020		364		6,384


	Twelve Months Ended						Twelve Months Ended
	December 31, 2022						December 31, 2021
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted		As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statements of cash flows













Net cash flows from operating activities	$	11,243	$	15	$	11,258	$	11,149	$	2	$	11,151





Net cash flows used for financing activities	(5,127)		(15)		(5,142)		(4,409)		(2)		(4,411)

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:


	Life Insurance						Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020 (1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065

Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1) Includes future policy benefits previously included within Unpaid losses and loss expenses on the pre-adoption Consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:


(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1) Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

Accounting guidance not yet adopted

Accounting guidance adopted in 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires more frequent updating of assumptions and a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is remeasured using the current discount rate at January 1, 2021 (the transition date) and the impact of the changes are recorded in AOCI and best estimate cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021. We also reclassified changes in our own credit risk on Market risk benefits from Retained earnings to Accumulated other comprehensive income at the transition date.

On January 1, 2023, we recorded a cumulative effect adjustment and increased beginning Retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders' account balances, Separate accounts, and Unearned revenue liabilities, and Note 11 Market risk benefits.

The impact of adoption of the new guidance on our historical financial statements is as follows:


	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	$	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)		302
Deferred policy acquisition costs	5,788		243		6,031
Value of business acquired	3,596		106		3,702

Prepaid reinsurance premiums	3,140		(4)		3,136
Investments in partially-owned insurance companies	2,877		(370)		2,507

Unpaid losses and loss expenses	76,323		(576)		75,747
Unearned premiums	20,360		(647)		19,713

Future policy benefits	10,120		356		10,476
Market risk benefits	—		800		800
Insurance and reinsurance balances payable	7,795		(15)		7,780

Deferred tax liabilities	292		85		377
Retained earnings	48,334		(29)		48,305
Accumulated other comprehensive income (loss)	(10,193)		8		(10,185)

Excluded from the table above is the reclassification of Separate account assets, Separate account liabilities, and Policyholders' account balances as separate line items on the Consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and Separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.


	Twelve Months Ended						Twelve Months Ended
	December 31, 2022						December 31, 2021
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted		As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statements of operations and comprehensive income
Net premiums written	$	41,755	$	(35)	$	41,720	$	37,868	$	(41)	$	37,827
Net premiums earned	40,389		(29)		40,360		36,355		(63)		36,292
Net realized gains (losses)	(965)		(120)		(1,085)		1,152		(122)		1,030
Market risk benefits gains (losses)	—		80		80		—		91		91
Losses and loss expenses	23,342		(770)		22,572		21,980		(950)		21,030
Policy benefits	1,492		822		2,314		699		1,041		1,740
Policy acquisition costs	7,392		(53)		7,339		6,918		(160)		6,758

Other (income) expense	74		15		89		(2,365)		(2)		(2,367)
Income tax expense	1,255		(16)		1,239		1,277		(8)		1,269
Net Income	5,313		(67)		5,246		8,539		(14)		8,525
Other comprehensive income
Change in current discount rate on future policy benefits	—		1,480		1,480		—		387		387
Change in instrument-specific credit risk on market risk benefits	—		33		33		—		27		27
Income tax benefit related to OCI items	1,121		(156)		965		427		(61)		366
Comprehensive income (loss)	(5,230)		1,365		(3,865)		6,020		364		6,384


	Twelve Months Ended						Twelve Months Ended
	December 31, 2022						December 31, 2021
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted		As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statements of cash flows













Net cash flows from operating activities	$	11,243	$	15	$	11,258	$	11,149	$	2	$	11,151





Net cash flows used for financing activities	(5,127)		(15)		(5,142)		(4,409)		(2)		(4,411)

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:


	Life Insurance						Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020 (1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065

Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1) Includes future policy benefits previously included within Unpaid losses and loss expenses on the pre-adoption Consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:


(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1) Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisitions

Huatai Group

Huatai Insurance Group Co., Ltd. (Huatai Group) is a Chinese financial services holding company and the parent company of, among others, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), Huatai Life Insurance Co., Ltd. (Huatai Life), Huatai Asset Management Co., Ltd., and Huatai Baoxing Fund Management Co., Ltd., of which Huatai Group owns 100 percent, 80 percent, 91 percent, and 85 percent, respectively (collectively, Huatai).

On July 1, 2023, Chubb further advanced our goal of greater product, customer, and geographical diversification by obtaining a controlling interest in our investment in Huatai Group, as we increased ownership interest from approximately 64.2 percent to approximately 69.6 percent. At that time, Chubb discontinued the equity method of accounting and applied consolidation accounting. Accordingly, Chubb remeasured the 64.2 percent equity method investment to its fair value of $4.1 billion as of July 1, 2023, resulting in a one-time realized gain of $763 million after-tax, reflecting the remeasurement of the previously held

equity interest's historical carrying value to fair value. There was also a net realized and unrealized loss of $17 million after-tax reflecting the write-off of AOCI loss balances accumulated while under equity method accounting of $611 million with an offset to realized loss of $628 million.

During the fourth quarter of 2023, we closed on incremental ownership interests of approximately 7.0 percent. We paid $727 million for the additional interests acquired in 2023, part of which was previously paid as a deposit. At December 31, 2023, our ownership interest in Huatai Group was approximately 76.5 percent. In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $559 million. We paid $338 million in cash, $319 million of which was previously paid as a deposit, with the remaining $221 million pending payment. Chubb has outstanding agreements for approximately 0.6 percent of incremental ownership interests, pending completion of certain closing conditions. We have paid deposits of $12 million related to these outstanding agreements, with approximately $24 million remaining to be paid upon closing, based on current exchange rates.

The acquisition of a controlling majority interest in Huatai Group on July 1, 2023 generated $3,394 million of Goodwill, attributable to expected growth and profitability, and $1,655 million of Other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition generated $309 million of Value of business acquired (VOBA). Chubb financed the transaction through available cash on hand. Direct costs related to the acquisition are immaterial, and were expensed as incurred. These include one-time costs that are directly attributable to third-party consulting fees and other professional and legal fees related to the acquisition.

The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed on July 1, 2023. The fair value of assets and liabilities are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation and the fair value of noncontrolling interest through the end of the permissible one-year measurement period.


Preliminary estimate of Huatai Group assets and liabilities consolidated	July 1
(in millions of U.S. dollars)	2023
Assets
Investments and Cash	$	13,346
Accrued investment income	60
Insurance and reinsurance balances receivable	277
Reinsurance recoverable on losses and loss expenses	581
Reinsurance recoverable on future policy benefits	27
Value of business acquired	309
Goodwill and intangible assets	5,049
Other assets	748
Total assets	$	20,397
Liabilities
Unpaid losses and loss expenses	$	831
Unearned premiums	800
Future policy benefits	2,287
Policyholders' account balances	4,014
Insurance and reinsurance balances payable	644
Accounts payable, accrued expenses, and other liabilities	682
Deferred tax liabilities	232
Repurchase agreements	1,269
Total liabilities	$	10,759

Net acquired assets, including goodwill, attributable to Chubb	4,428
Net acquired assets, attributable to noncontrolling interests	5,210
Net acquired assets, including goodwill	$	9,638

Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment. Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate. The following table summarizes the results of the acquired Huatai Group operations since the acquisition date that have been included within our Consolidated statements of operations:


	July 1, 2023 to
(in millions of U.S. dollars)	December 31, 2023
Total revenues	$	739
Net loss	$	(30)
Net loss attributable to Chubb	$	(17)

The preliminary purchase price allocation to intangible assets recorded in connection with the Huatai Group acquisition and their related useful lives at July 1, 2023, are as follows:


(in millions of U.S. dollars)	Amount		Weighted-average useful life
Definite life
Agency distribution relationships	$	332	20 years
Asset management customer contracts	94		16 years
Unearned premium reserves (UPR) intangible asset	95		3 years
Land use rights	569		31 years
Technology	45		6 years
Indefinite life
Trademarks	398		Indefinite
Asset management mutual funds	122		Indefinite
Total identified intangible assets	$	1,655

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.


Pro forma:	For the Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Net premiums earned	$	46,502	$	41,903
Total revenues	$	50,550	$	44,936
Net income	$	8,850	$	5,290
Net income attributable to Chubb	$	8,859	$	5,267

Cigna’s Accident and Health (A&H) and Life Insurance Business in Asian Markets

On July 1, 2022, we completed the acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in several Asian markets. Chubb paid approximately $5.4 billion in cash for the operations, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, collectively referred to as Cigna's business in Asia. This complementary strategic acquisition expands our presence and advances our long-term growth opportunity in Asia. Effective July 1, 2022, the results of operations of this acquired business are reported primarily in our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment.

The acquisition of Cigna's business in Asia generated $1,189 million of goodwill, attributable to expected growth and profitability, and $309 million of other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition of Cigna's business in Asia generated $3,633 million of value of business acquired (VOBA). Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreements that expired at the end of 2022. Direct costs related to the acquisition were expensed as incurred.

The following table summarizes the fair value of the assets acquired and liabilities assumed at July 1, 2022:


Assets acquired and liabilities assumed from Cigna's business in Asia	July 1
(in millions of U.S. dollars)	2022
Assets
Investments and Cash	$	5,281
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	85
Value of business acquired	3,633
Goodwill and intangible assets	1,498
Other assets	651
Total assets	$	11,236
Liabilities
Unpaid losses and loss expenses	$	12
Unearned premiums	61
Future policy benefits	3,856
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	925
Deferred tax liabilities	887
Total liabilities	$	5,856

Net acquired assets, including goodwill	5,380
Total	$	11,236

The following table summarizes the results of the acquired Cigna business in Asia that were included within our Consolidated statements of operations for the year ended December 31, 2022:


	July 1, 2022 to
(in millions of U.S. dollars)	December 31, 2022
Total revenues	$	1,507
Net income	$	140

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.


Pro forma:	For the Year Ended December 31
(in millions of U.S. dollars)	2022		2021
Net premiums earned	$	41,884	$	39,432
Total revenues	$	44,605	$	44,072
Net income	$	5,533	$	8,906

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

a) Transfers of securities

In June 2023, we determined that we no longer have the intent to hold securities in our held to maturity (HTM) portfolio until maturity. As a result, our entire HTM securities portfolio was transferred to the available-for-sale (AFS) portfolio. This decision allowed us to increase our flexibility to execute on our investment strategy and take advantage of the continuing higher reinvestment environment while not making any major change to our current asset allocation. At the time of the transfer on June 30, 2023, these securities had a carrying value of $8.2 billion and a fair value of $7.8 billion, resulting in an increase to Unrealized depreciation in OCI of $428 million, after-tax. This transfer represents a non-cash transaction and does not impact the Consolidated statements of cash flows.

b) Fixed maturities


December 31, 2023	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	3,721	$	—	$	13	$	(144)	$	3,590
Non-U.S.	35,918		(49)		592		(1,297)		35,164
Corporate and asset-backed securities	44,695		(104)		390		(2,151)		42,830
Mortgage-backed securities	23,720		(3)		143		(1,802)		22,058
Municipal	3,074		—		10		(155)		2,929
	$	111,128	$	(156)	$	1,148	$	(5,549)	$	106,571


December 31, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220


December 31, 2022	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439

The following table presents the amortized cost of our HTM securities according to S&P rating:


	December 31, 2022
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total
AAA	$	1,612	18	%
AA	5,023		57	%
A	1,634		18	%
BBB	593		7	%
BB	20		—	%
Other	—		—	%
Total	$	8,882	100	%

The following table presents fixed maturities by contractual maturity:


					December 31
			2023				2022
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,729	$	4,729	$	2,962	$	2,962
Due after 1 year through 5 years	33,573		33,573		24,791		24,791
Due after 5 years through 10 years	28,480		28,480		26,679		26,679
Due after 10 years	17,731		17,731		14,937		14,937
	84,513		84,513		69,369		69,369
Mortgage-backed securities	22,058		22,058		15,851		15,851
	$	106,571	$	106,571	$	85,220	$	85,220
Held to maturity
Due in 1 year or less	$	—	$	—	$	1,015	$	1,003
Due after 1 year through 5 years	—		—		3,658		3,531
Due after 5 years through 10 years	—		—		1,460		1,423
Due after 10 years	—		—		1,260		1,131
	—		—		7,393		7,088
Mortgage-backed securities	—		—		1,455		1,351
	$	—	$	—	$	8,848	$	8,439

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.

c) Gross unrealized loss

Fixed maturities in an unrealized loss position at December 31, 2023 and 2022 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase.

The following tables present, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	0 – 12 Months				Over 12 Months				Total
December 31, 2023	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	463	$	(9)	$	2,504	$	(135)	$	2,967	$	(144)
Non-U.S.	2,464		(43)		15,971		(957)		18,435		(1,000)
Corporate and asset-backed securities	2,866		(51)		20,334		(1,194)		23,200		(1,245)
Mortgage-backed securities	1,659		(58)		13,831		(1,706)		15,490		(1,764)
Municipal	1,117		(15)		1,310		(137)		2,427		(152)
Total AFS fixed maturities	$	8,569	$	(176)	$	53,950	$	(4,129)	$	62,519	$	(4,305)


	0 – 12 Months				Over 12 Months				Total
December 31, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)

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


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	169	$	14

Provision for expected credit loss	214		237


Write-offs charged against the expected credit loss	(5)		—
Recovery of expected credit loss	(222)		(82)
Valuation allowance for expected credit losses - end of period	$	156	$	169
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	35

Provision for expected credit loss	—		2


Recovery of expected credit loss	(34)		(3)
Valuation allowance for expected credit losses - end of period	$	—	$	34
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	—	$	—
Provision for expected credit loss	4		—
Valuation allowance for expected credit losses - end of period	$	4	$	—

d) Net realized gains (losses)

The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Fixed maturities:
Gross realized gains	$	208	$	619	$	142
Gross realized losses	(656)		(1,379)		(123)
Other Investments - Fixed maturities	(12)		—		—
Net (provision for) recovery of expected credit losses	43		(154)		14
Impairment (1)	(64)		(135)		(30)
Total fixed maturities	(481)		(1,049)		3
Equity securities	(38)		(230)		662
Private equities (less than 3 percent ownership)	70		(31)		111

Foreign exchange	(183)		397		340
Investment and embedded derivative instruments	(53)		(43)		(72)


Other derivative instruments	(10)		(11)		(8)
Other	88		(118)		(6)
Net realized gains (losses) (pre-tax)	$	(607)	$	(1,085)	$	1,030

Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale	$	3,563	$	(10,583)	$	(2,901)
Fixed maturities held to maturity	(125)		(15)		(18)

Other	10		20		(19)
Income tax (expense) benefit	(328)		1,043		521
Change in net unrealized appreciation (depreciation) on investments (after-tax)	$	3,120	$	(9,535)	$	(2,417)

(1)Relates to certain securities we intended to sell and securities written to market entering default.

Realized gains and losses from Other investments, Equity securities and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:


	Year Ended December 31, 2023
(in millions of U.S. dollars)	Other Investments		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	(12)	$	(38)	$	70	$	20
Less: Net gains (losses) recognized from sales of securities	—		(68)		—		(68)
Unrealized gains (losses) recognized for securities still held at reporting date	$	(12)	$	30	$	70	$	88


	Year Ended December 31, 2022
(in millions of U.S. dollars)	Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	(230)	$	(31)	$	(261)
Less: Net gains (losses) recognized from sales of securities	409		—		409
Unrealized gains (losses) recognized for securities still held at reporting date	$	(639)	$	(31)	$	(670)


	Year Ended December 31, 2021
(in millions of U.S. dollars)	Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	662	$	111	$	773
Less: Net gains (losses) recognized from sales of securities	157		—		157
Unrealized gains (losses) recognized for securities still held at reporting date	$	505	$	111	$	616

e) Other investments


	December 31
(in millions of U.S. dollars)	2023		2022





Fixed maturities - Consolidated Investment Products (1)	$	3,773	$	—
Life insurance policies	463		399
Policy loans	651		343
Non-qualified separate account assets (2)	258		223
Other	382		376
Total	$	5,527	$	1,341

(1)Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.

(2)Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under U.S. GAAP.

Private equities

Private equities include investment funds and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:


						December 31
		2023				2022
(in millions of U.S. dollars)	Expected Liquidation Period of Underlying Assets	Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,241	$	364	$	1,074	$	505
Real assets	2 to 13 Years	2,137		445		2,166		681
Distressed	2 to 8 Years	1,206		936		1,048		755
Private credit	3 to 8 Years	331		298		215		429
Traditional	2 to 14 Years	8,873		4,167		7,424		5,025
Vintage	1 to 3 Years	72		—		55		—
Investment funds	Not Applicable	218		—		373		—
		$	14,078	$	6,210	$	12,355	$	7,395

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.


Investment Category						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

Included in private equities are 174 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio.

Investment funds employ various investment strategies such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

f) Investments in partially-owned insurance companies

The following table presents Investments in partially-owned insurance companies:



	December 31, 2023						December 31, 2022
(in millions of U.S. dollars, except for percentages)	Carrying Value		Goodwill		Direct Ownership Percentage		Carrying Value		Goodwill		Direct Ownership Percentage		Domicile
Huatai Group	$	—	$	—	—	%	$	2,490	$	1,247	47	%	China
Huatai Life Insurance Company	—		—		—	%	215		65		20	%	China
Freisenbruch-Meyer	12		3		40	%	11		3		40	%	Bermuda
Chubb Arabia Cooperative Insurance Company	28		—		30	%	24		—		30	%	Saudi Arabia
ABR Reinsurance Ltd.	151		—		19	%	137		—		19	%	Bermuda

Total	$	191	$	3			$	2,877	$	1,315

Effective July 1, 2023, Huatai Group and Huatai Life Insurance Company are no longer classified as partially-owned insurance companies when Chubb obtained a controlling interest and applied consolidation accounting. Refer to Note 2 for additional information.

g) Net investment income


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Fixed maturities (1)	$	4,619	$	3,594	$	3,300
Short-term investments	199		81		35
Other interest income	69		42		11
Equity securities	119		99		150
Private equities (less than 3 percent ownership)	55		63		94
Other investments	71		41		53
Gross investment income (1)	5,132		3,920		3,643
Investment expenses	(195)		(178)		(187)
Net investment income (1)	$	4,937	$	3,742	$	3,456
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(21)	$	(41)	$	(84)

h) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets are investments, primarily fixed maturities, totaling $18,242 million and $15,721 million, and cash of $172 million and $115 million, at December 31, 2023 and 2022, respectively.

The following table presents the components of restricted assets:


			December 31
(in millions of U.S. dollars)	2023		2022
Trust funds	$	8,482	$	8,120
Deposits with U.S. regulatory authorities	2,544		2,345
Deposits with non-U.S. regulatory authorities	3,584		2,959
Assets pledged under repurchase agreements	2,924		1,527
Other pledged assets	880		885
Total	$	18,414	$	15,836

i) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered Variable interest entities (VIEs). We have determined that we are the primary beneficiary and consolidate these investment products (CIP) if we hold at least 10 percent ownership. Refer to Note 1 g) for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

Unconsolidated VIEs

We do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. At December 31, 2023, the carrying value of these investments was $153 million and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities.

Variable Interest Entity Disclosure

Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.

Fair value measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 U.S. GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities

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

Equity securities

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

Short-term investments

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

Private equities

Fair values for Private equities including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective NAV and are excluded from the fair value hierarchy table below.

Other investments

Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under U.S. 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 principally include fixed maturities carried at fair value with changes in fair value recorded through the Consolidated statements of operations. These fixed maturities principally relate to the acquired Huatai investment portfolio and are classified within Level 2. Also included are life insurance policies collateralizing investments held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans. These policies are carried at cash surrender value and are classified in the valuation hierarchy within Level 2.

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 derivatives

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

Derivatives designated as hedging instruments

Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments

We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected market risk benefits (MRB) claims, and therefore an increase in MRB reserves. 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 principally 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.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


December 31, 2023	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency	$	2,911	$	679	$	—	$	3,590
Non-U.S.	—		34,472		692		35,164
Corporate and asset-backed securities	—		40,208		2,622		42,830
Mortgage-backed securities	—		22,051		7		22,058
Municipal	—		2,929		—		2,929
	2,911		100,339		3,321		106,571
Equity securities	3,368		—		87		3,455
Short-term investments	1,915		2,633		3		4,551
Other investments (1)	589		4,236		—		4,825
Securities lending collateral	—		1,299		—		1,299
Investment derivatives	54		—		—		54
Derivatives designated as hedging instruments	—		136		—		136

Separate account assets	5,482		91		—		5,573
Total assets measured at fair value (1) (2)	$	14,319	$	108,734	$	3,411	$	126,464
Liabilities:
Investment derivatives	$	136	$	—	$	—	$	136
Derivatives designated as hedging instruments	—		128		—		128
Other derivative instruments	37		5		—		42
Market risk benefits (3)	—		—		771		771
Total liabilities measured at fair value	$	173	$	133	$	771	$	1,077

(1)Excluded from the table above are other investments of $702 million, principally policy loans at December 31, 2023 measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $14,078 million at December 31, 2023 measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.


December 31, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency	$	2,100	$	526	$	—	$	2,626
Non-U.S.	—		25,344		564		25,908
Corporate and asset-backed securities	—		34,506		2,449		36,955
Mortgage-backed securities	—		15,840		11		15,851
Municipal	—		3,880		—		3,880
	2,100		80,096		3,024		85,220
Equity securities	737		—		90		827
Short-term investments	3,108		1,849		3		4,960
Other investments (1)	552		399		—		951
Securities lending collateral	—		1,523		—		1,523
Investment derivative instruments	82		—		—		82
Derivatives designated as hedging instruments	—		17		—		17
Other derivative instruments	33		—		—		33
Separate account assets	5,101		89		—		5,190
Total assets measured at fair value (1) (2)	$	11,713	$	83,973	$	3,117	$	98,803
Liabilities:
Investment derivatives	$	139	$	—	$	—	$	139
Derivatives designated as hedging instruments	—		53		—		53
Market risk benefits (3)	—		—		800		800
Total liabilities measured at fair value	$	139	$	53	$	800	$	992

(1)Excluded from the table above are other investments of $390 million, principally policy loans at December 31, 2022 measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $12,355 million at December 31, 2022 measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.

Level 3 financial instruments

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). Excluded from the following tables is the reconciliation of Market risk benefits, refer to Note 11 for additional information:


	Available-for-Sale Debt Securities						Equity securities		Short-term investments
Year Ended December 31, 2023	Non-U.S.		Corporate and asset-backed securities		Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year	$	564	$	2,449	$	11	$	90	$	3
Transfers into Level 3	21		30		—		—		—
Transfers out of Level 3	(22)		(26)		(15)		—		—
Change in Net Unrealized Gains (Losses) in OCI	13		28		—		—		(1)
Net Realized Gains (Losses)	(4)		(17)		—		(7)		(1)
Purchases	258		681		15		24		5
Sales	(82)		(81)		—		(20)		(3)
Settlements	(56)		(442)		(4)		—		—

Balance, end of year	$	692	$	2,622	$	7	$	87	$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(5)	$	—	$	(7)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	7	$	12	$	—	$	—	$	—


	Available-for-Sale Debt Securities						Equity securities		Short-term investments
Year Ended December 31, 2022	Non-U.S.		Corporate and asset-backed securities		Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year	$	633	$	2,049	$	26	$	77	$	7
Transfers into Level 3	23		47		—		1		—
Transfers out of Level 3	(23)		(97)		(9)		—		—
Change in Net Unrealized Gains (Losses) in OCI	(53)		(80)		—		—		—
Net Realized Gains (Losses)	(6)		(14)		—		15		(2)
Purchases	156		921		4		9		3
Sales	(59)		(85)		—		(12)		—
Settlements	(107)		(292)		(10)		—		(5)

Balance, end of year	$	564	$	2,449	$	11	$	90	$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(2)	$	(9)	$	—	$	14	$	(1)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	(53)	$	(84)	$	—	$	—	$	—


	Available-for-Sale Debt Securities								Short-term investments
Year Ended December 31, 2021	Non-U.S.		Corporate and asset-backed securities		Mortgage-backed securities		Equity securities				Other investments
(in millions of U.S. dollars)
Balance, beginning of year	$	546	$	1,573	$	60	$	73	$	5	$	10
Transfers into Level 3	24		91		—		—		—		—
Transfers out of Level 3	(11)		(76)		(18)		—		—		(10)
Change in Net Unrealized Gains (Losses) in OCI	(30)		15		—		—		(1)		—
Net Realized Gains (Losses)	(1)		(2)		—		8		—		—
Purchases	275		1,154		18		21		9		—
Sales	(48)		(99)		(1)		(25)		—		—
Settlements	(122)		(607)		(33)		—		(6)		—

Balance, end of year	$	633	$	2,049	$	26	$	77	$	7	$	—
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	3	$	—	$	5	$	—	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	(25)	$	17	$	—	$	—	$	—	$	—

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.

Private debt held-for-investment

The fair value of Private debt held-for-investment is derived using a discounted cash flow approach, which includes an evaluation of forecasted contractual cash flows and yield curve information, among other loan characteristics and assumptions. These assumptions are derived from internal and third-party sources. Since the valuation is derived from model-based techniques, Private debt held-for-investment is classified within Level 3 of the valuation hierarchy.

Investments in partially-owned insurance companies

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

Short- and long-term debt, repurchase agreements, and trust preferred securities

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

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:


December 31, 2023	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,560	$	2,560	$	2,553
Total assets	$	—	$	—	$	2,560	$	2,560	$	2,553
Liabilities:
Repurchase agreements	$	—	$	2,833	$	—	$	2,833	$	2,833
Short-term debt	—		1,431		—		1,431		1,460
Long-term debt	—		11,924		—		11,924		13,035
Trust preferred securities	—		365		—		365		308
Total liabilities	$	—	$	16,553	$	—	$	16,553	$	17,636


December 31, 2022	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,299	$	71	$	—	$	1,370	$	1,417
Non-U.S.	—		1,054		—		1,054		1,136
Corporate and asset-backed securities	—		1,580		—		1,580		1,705
Mortgage-backed securities	—		1,351		—		1,351		1,455
Municipal	—		3,084		—		3,084		3,135
Total assets	$	1,299	$	7,140	$	—	$	8,439	$	8,848
Liabilities:
Repurchase agreements	$	—	$	1,419	$	—	$	1,419	$	1,419
Short-term debt	—		473		—		473		475
Long-term debt	—		12,495		—		12,495		14,402
Trust preferred securities	—		383		—		383		308
Total liabilities	$	—	$	14,770	$	—	$	14,770	$	16,604

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

a) Consolidated reinsurance

Chubb purchases reinsurance to manage various exposures including catastrophe risks. Although reinsurance agreements contractually obligate Chubb's reinsurers to reimburse it for the agreed-upon portion of its gross paid losses, they do not discharge Chubb's primary liability. The amounts for net premiums written and net premiums earned in the Consolidated statements of operations are net of reinsurance. The following table presents direct, assumed, and ceded premiums:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Premiums written
Direct	$	52,969	$	47,511	$	42,811
Assumed	4,557		4,467		3,928
Ceded	(10,165)		(10,258)		(8,912)
Net	$	47,361	$	41,720	$	37,827
Premiums earned
Direct	$	51,582	$	46,160	$	41,116
Assumed	4,289		4,395		3,609
Ceded	(10,159)		(10,195)		(8,433)
Net	$	45,712	$	40,360	$	36,292

Ceded losses and loss expenses incurred were $7.2 billion, $6.9 billion, and $5.9 billion for the years ended December 31, 2023, 2022, and 2021, respectively.

b) Reinsurance recoverable on ceded reinsurance


	December 31, 2023				December 31, 2022
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	17,884	$	285	$	17,086	$	289
Reinsurance recoverable on paid losses and loss expenses	2,068		82		1,773		62
Reinsurance recoverable on losses and loss expenses	$	19,952	$	367	$	18,859	$	351
Reinsurance recoverable on policy benefits	$	280	$	—	$	302	$	4

(1) Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses in 2023 was primarily due to the consolidation of Huatai Group and prior period development in certain lines.

The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Valuation allowance for uncollectible reinsurance - beginning of period	$	351	$	329
Provision for uncollectible reinsurance	47		43
Write-offs charged against the valuation allowance	(32)		(19)
Foreign exchange revaluation	1		(2)
Valuation allowance for uncollectible reinsurance - end of period	$	367	$	351

The following tables present a listing, at December 31, 2023, of the categories of Chubb's reinsurers:


December 31, 2023	Gross Reinsurance Recoverable on Losses and Loss Expenses		Valuation allowance for Uncollectible Reinsurance		% of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages)
Categories
Largest reinsurers	$	10,993	$	117	1.1	%
Other reinsurers rated A- or better	4,898		57		1.2	%
Other reinsurers rated lower than A- or not rated	455		56		12.3	%
Pools	441		14		3.2	%
Structured settlements	493		11		2.2	%
Captives	2,653		16		0.6	%
Other	386		96		24.9	%
Total	$	20,319	$	367	1.8	%


Largest Reinsurers
ABR Reinsurance Capital Holdings	Lloyd's of London	Renaissance Re Holdings Ltd
Berkshire Hathaway Insurance Group	Munich Re Group	Swiss Re Group
HDI Group (Hannover Re)	PartnerRe Group


Categories of Chubb's reinsurers						Comprises:
Largest reinsurers						• All groups of reinsurers or captives where the gross recoverable exceeds one percent of Total Chubb shareholders' equity.
Other reinsurers rated A- or better						• All reinsurers rated A- or better that were not included in the largest reinsurer category.
Other reinsurers rated lower than A- or not rated						• All reinsurers rated lower than A- or not rated that were not included in the largest reinsurer category.
Pools						• Related to Chubb's voluntary pool participation and Chubb's mandatory pool participation required by law in certain states.
Structured settlements						• Annuities purchased from life insurance companies to settle claims. Since we retain ultimate liability in the event that the life company fails to pay, we reflect the amounts as both a liability and a recoverable/receivable for U.S. GAAP purposes.
Captives						• Companies established and owned by our insurance clients to assume a significant portion of their direct insurance risk from Chubb; structured to allow clients to self-insure a portion of their reinsurance risk. It generally is our policy to obtain collateral equal to expected losses. Where appropriate, exceptions are granted but only with review and approval at a senior officer level. Excludes captives included in the largest reinsurer category.
Other						• Amounts recoverable that are in dispute or are from companies that are in supervision, rehabilitation, or liquidation.

The valuation allowance for uncollectible reinsurance is principally based on an analysis of the credit quality of the reinsurer and collateral balances. We establish the valuation allowance for uncollectible reinsurance for the Other category based on a case-by-case analysis of individual situations including the merits of the underlying matter, credit and collateral analysis, and consideration.

Deferred acquisition costs

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred acquisition costs

Deferred acquisition costs comprise capitalized costs on short-duration contracts of $3,346 million, $2,877 million, and $2,718 million; and long-duration contracts of $3,806 million, $3,154 million, and $2,970 million at December 31, 2023, 2022, and 2021, respectively.

The following tables present a roll-forward of deferred acquisitions costs on long-duration contracts included in the Life Insurance segment:


	Year Ended December 31, 2023

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	324	$	639	$	392	$	891	$	268	$	2,514
Capitalizations	176		129		159		564		36		1,064
Amortization expense	(100)		(80)		(23)		(137)		(29)		(369)

Other (including foreign exchange)	2		(14)		6		(17)		(1)		(24)
Balance – end of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185
Overseas General Insurance segment excluded from table											621
Total deferred acquisition costs on long-duration contracts											$	3,806


	Year Ended December 31, 2022

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	250	$	631	$	330	$	730	$	263	$	2,204
Capitalizations	147		118		86		268		48		667
Amortization expense	(81)		(64)		(18)		(93)		(31)		(287)

Other (including foreign exchange)	8		(46)		(6)		(14)		(12)		(70)
Balance – end of period	$	324	$	639	$	392	$	891	$	268	$	2,514
Overseas General Insurance segment excluded from table											640
Total deferred acquisition costs on long-duration contracts											$	3,154


	Year Ended December 31, 2021

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	125	$	557	$	299	$	733	$	220	$	1,934
Capitalizations	178		143		52		98		71		542
Amortization expense	(47)		(61)		(18)		(98)		(26)		(250)

Other (including foreign exchange)	(6)		(8)		(3)		(3)		(2)		(22)
Balance – end of period	$	250	$	631	$	330	$	730	$	263	$	2,204
Overseas General Insurance segment excluded from table											766
Total deferred acquisition costs on long-duration contracts											$	2,970

Goodwill, Other intangible assets, and Value of business acquired

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill, Value of business acquired, and Other intangible assets

Goodwill

The following table presents a roll-forward of Goodwill by segment:


(in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Chubb Consolidated
Balance at December 31, 2021	$	6,972	$	2,240	$	134	$	4,653	$	371	$	843	$	15,213
Acquisition of Cigna's business in Asia	—		—		—		90		—		1,101		1,191
Foreign exchange revaluation and other	(27)		(10)		—		(138)		—		(1)		(176)
Balance at December 31, 2022	$	6,945	$	2,230	$	134	$	4,605	$	371	$	1,943	$	16,228

Purchase price adjustments	—		—		—		8		—		(10)		(2)
Consolidation of Huatai Group	—		—		—		562		—		2,832		3,394
Foreign exchange revaluation and other	1		1		—		87		—		(23)		66
Balance at December 31, 2023 (1)	$	6,946	$	2,231	$	134	$	5,262	$	371	$	4,742	$	19,686

(1)At December 31, 2023, Goodwill from Huatai Group includes approximately $759 million attributable to noncontrolling interests.

Value of business acquired (VOBA)

The following table presents a roll-forward of VOBA:


			Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance, beginning of year	$	3,702	$	235	$	263
Acquisition of Cigna's business in Asia	—		3,633		—
Consolidation of Huatai Group	309		—		—
Amortization of VOBA (1)	(281)		(149)		(23)
Foreign exchange revaluation and other	(56)		(17)		(5)
Balance, end of year	$	3,674	$	3,702	$	235

(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

The following table presents, as of December 31, 2023, the expected estimated pre-tax amortization expense related to VOBA at current foreign currency exchange rates, for the next five years:


For the Years Ending December 31	Total amortization of VOBA
(in millions of U.S. dollars)
2024	$	266
2025	227
2026	199
2027	180
2028	163
Total	$	1,035

Other intangible assets

Other intangible assets that are subject to amortization principally relate to agency distribution relationships and renewal rights and other intangible assets that are not subject to amortization principally relate to trademarks. For more information on Other intangible assets related to the consolidation of Huatai, refer to Note 2.


	December 31
(in millions of U.S. dollars)	2023		2022
Subject to amortization	$	3,267	$	2,459
Not subject to amortization	3,508		2,982
Total	$	6,775	$	5,441

Amortization expense related to purchased intangibles was $310 million, $285 million, and $287 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table presents, as of December 31, 2023, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years:


For the Years Ending December 31
(in millions of U.S. dollars)	Total amortization of purchased intangibles		Amortization of Huatai UPR intangible asset (1)		Amortization of Huatai land use rights (2)		Total amortization
2024	$	312	$	30	$	12	$	354
2025	287		16		12		315
2026	269		7		12		288
2027	250		3		12		265
2028	240		—		13		253
Total	$	1,358	$	56	$	61	$	1,475

Unpaid losses and loss expenses

12 Months Ended

Dec. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Unpaid Losses and Loss Expenses

Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2023, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Gross unpaid losses and loss expenses, beginning of year	$	75,747	$	72,330	$	67,192
Reinsurance recoverable on unpaid losses (1)	(17,086)		(16,132)		(14,576)
Net unpaid losses and loss expenses, beginning of year	58,661		56,198		52,616


Net losses and loss expenses incurred in respect of losses occurring in:
Current year	24,956		23,680		21,986
Prior years (2)	(856)		(1,108)		(956)
Total	24,100		22,572		21,030
Net losses and loss expenses paid in respect of losses occurring in:
Current year	8,248		7,331		6,900
Prior years	12,763		12,206		10,048
Total	21,011		19,537		16,948
Consolidation of Huatai Group	405		—		—
Foreign currency revaluation and other	83		(572)		(500)
Net unpaid losses and loss expenses, end of year	62,238		58,661		56,198
Reinsurance recoverable on unpaid losses (1)	17,884		17,086		16,132
Gross unpaid losses and loss expenses, end of year	$	80,122	$	75,747	$	72,330

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $83 million, $232 million, and $30 million for 2023, 2022, and 2021, respectively.

The increase in gross and net unpaid losses and loss expense in 2023 reflects underlying exposure growth and the consolidation of Huatai, partially offset by favorable prior period development. The increase in gross and net unpaid losses and loss expense in 2022 is due to an increase in underlying exposure due to premium growth, increased loss severity trends and net catastrophe losses, partially offset by favorable prior period development, and favorable foreign exchange movement.

The loss development tables under section c) below, present Chubb’s historical incurred and paid claims development by broad product line through December 31, 2023, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information.

Recent period inflation is higher than the levels underlying our loss development triangles. To account for this, our loss estimates for a number of product lines include explicit adjustments by accident year for the potential increase in ultimate claim severity.

The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:


Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)	December 31, 2023
Presented in the loss development tables:
North America Commercial P&C Insurance — Workers' Compensation	$	10,159
North America Commercial P&C Insurance — Liability	21,092
North America Commercial P&C Insurance — Other Casualty	2,596
North America Commercial P&C Insurance — Non-Casualty	3,203
North America Personal P&C Insurance	3,550
Overseas General Insurance — Casualty	8,157
Overseas General Insurance — Non-Casualty	3,515
Global Reinsurance — Casualty	1,240
Global Reinsurance — Non-Casualty	411
Excluded from the loss development tables:
Other	6,286
Net unpaid loss and allocated loss adjustment expense	60,209
Ceded unpaid loss and allocated loss adjustment expense:
North America Commercial P&C Insurance — Workers' Compensation	1,190
North America Commercial P&C Insurance — Liability	7,427
North America Commercial P&C Insurance — Other Casualty	1,064
North America Commercial P&C Insurance — Non-Casualty	1,673
North America Personal P&C Insurance	577
Overseas General Insurance — Casualty	2,527
Overseas General Insurance — Non-Casualty	1,736
Global Reinsurance — Casualty	80
Global Reinsurance — Non-Casualty	101
Other	1,781
Ceded unpaid loss and allocated loss adjustment expense	18,156

Unpaid unallocated loss adjustment expenses	1,757
Unpaid losses and loss expenses	$	80,122

Business excluded from the loss development tables

“Other” shown in the reconciliation table comprises businesses excluded from the loss development tables:

•Corporate segment business, which includes run-off liabilities such as asbestos, environmental, and molestation and other mass tort exposures and which impact accident years older than those shown in the loss development tables;

•North America Agricultural Insurance segment business, which is short-tailed with the majority of the liabilities expected to be resolved in the ensuing twelve months; and

•Certain subsets of our business due to data limitations or unsuitability to the loss development table presentation, including:

•Various loss portfolio transfers; by convention, all premium and losses associated with these transactions are recorded to the policy period of the transaction, even though the accident dates of the claims covered may be a decade or more in the past. We also underwrite certain high attachment, high limit, multiple-line and excess of aggregate coverages for large commercial clients. Changes in incurred loss and cash flow patterns are volatile and sufficiently different from those of typical insureds. This category includes the Alternative Risk Solutions business within the North America Commercial P&C Insurance segment;

•2015 and prior paid history on a subset of previously acquired international businesses, within the Overseas General Insurance segment, due to limitations on the data prior to the acquisition;

•Huatai P&C business and International A&H lines, where incurred loss development is shorter-tailed than the majority of the liabilities in the Overseas General segment and reported claims are high frequency and low severity in nature;

•Purchase accounting adjustments related to unpaid losses and loss expenses for Chubb Corp;

•Reinsurance recoverable bad debt; and

•Balances with insufficient detail.

a) Description of Reserving Methodologies

Our recorded reserves represent management's best estimate of the provision for unpaid claims as of the balance sheet date. The process of establishing loss and loss expense reserves can be complex and is subject to considerable uncertainty as it requires the use of estimates and judgments based on circumstances underlying the insured loss at the date of accrual. The reserves for our various product lines each require different qualitative and quantitative assumptions and judgments to be made. Management's best estimate is developed after collaboration with actuarial, underwriting, claims, legal, and finance departments and culminates with the input of reserve committees. Each business unit reserve committee includes the participation of the relevant parties from actuarial, finance, claims, and unit senior management and has the responsibility for finalizing, recommending and approving the estimate to be used as management's best estimate. Reserves are further reviewed by Chubb's Chief Actuary and senior management. The objective of such a process is to determine a single estimate that we believe represents a better estimate than any other and which is viewed by management to be the best estimate of ultimate loss settlements. This estimate is based on a combination of exposure and experience-based actuarial methods (described below) and other considerations such as claims reviews, reinsurance recovery assumptions and/or input from other knowledgeable parties such as underwriting. Exposure-based methods are most commonly used on relatively immature origin years (i.e., the year in which the losses were incurred — “accident year” or “report year”), while experience-based methods provide a view based on the projection of loss experience that has emerged as of the valuation date. Greater reliance is placed upon experience-based methods as the pool of emerging loss experience grows and where it is deemed sufficiently credible and reliable as the basis for the estimate. In comparing the held reserve for any given origin year to the actuarial projections, judgment is required as to the credibility, uncertainty and inherent limitations of applying actuarial techniques to historical data to project future loss experience. Examples of factors that impact such judgments include, but are not limited to, the following:

•nature and complexity of underlying coverage provided and net limits of exposure provided;

•segmentation of data to provide sufficient homogeneity and credibility for loss projection methods;

•extent of credible internal historical loss data and reliance upon industry information as required;

•historical variability of actual loss emergence compared with expected loss emergence;

•reported and projected loss trends;

•extent of emerged loss experience relative to the remaining expected period of loss emergence;

•rate monitor information for new and renewal business;

•changes in claims handling practice;

•inflation;

•the legal environment;

•facts and circumstances of large claims;

•terms and conditions of the contracts sold to our insured parties;

•impact of applicable reinsurance recoveries; and

•nature and extent of underlying assumptions.

We have actuarial staff within each of our business units who analyze loss reserves (including loss expenses) and regularly project estimates of ultimate losses and the corresponding indications of the required IBNR reserve. Our reserving approach is a comprehensive ground-up process using data at a detailed level that reflects the specific types and coverages of the diverse products written by our various operations. The data presented in this disclosure was prepared on a more aggregated basis and with a focus on changes in incurred loss estimates over time as well as associated cash flows. We note that data prepared on this basis may not demonstrate the full spectrum of characteristics that are evident in the more detailed level studied internally.

We perform an actuarial reserve review for each product line at least once a year. For most product lines, one or more standard actuarial reserving methods may be used to determine estimates of ultimate losses and loss expenses, and from these estimates, a single actuarial central estimate is selected. The actuarial central estimate is an input to the reserve committee process described above. For the few product lines that do not lend themselves to standard actuarial reserving methods, appropriate techniques are applied to produce the actuarial central estimates. For example, run-off asbestos and environmental liability estimates are better suited to the application of account-specific exposure-based analyses to best evaluate their associated aggregate reserve levels.

b) Standard actuarial reserving methods

The judgments involved in projecting the ultimate losses include the use and interpretation of various standard actuarial reserving methods that place reliance on the extrapolation of actual historical data, loss development patterns, industry data, and other benchmarks as appropriate.

Standard actuarial reserving methods include, but are not limited to, expected loss ratio, paid and reported loss development, and Bornhuetter-Ferguson methods. A general description of these methods is provided below. In addition to these standard methods, depending upon the product line characteristics and available data, we may use other recognized actuarial methods and approaches. Implicit in the standard actuarial methods that we generally utilize is the need for two fundamental assumptions: first, the pattern by which losses are expected to emerge over time for each origin year, and second, the expected loss ratio for each origin year.

The expected loss ratio for any particular origin year is selected after consideration of a number of factors, including historical loss ratios adjusted for rate changes, premium and loss trends, industry benchmarks, the results of policy level loss modeling at the time of underwriting, and/or other more subjective considerations for the product line (e.g., terms and conditions) and external environment as noted above. The expected loss ratio for a given origin year is initially established at the start of the origin year as part of the planning process. This analysis is performed in conjunction with underwriters and management. The expected loss ratio method arrives at an ultimate loss estimate by multiplying the expected ultimate loss ratio by the corresponding premium base. This method is most commonly used as the basis for the actuarial central estimate for immature origin periods on product lines where the actual paid or reported loss experience is not yet deemed sufficiently credible to serve as the principal basis for the selection of ultimate losses. The expected loss ratio for a given origin year may be modified over time if the underlying assumptions differ from the original assumptions (e.g., the assessment of prior year loss ratios, loss trend, rate changes, actual claims, or other information).

Our selected paid and reported development patterns provide a benchmark against which the actual emerging loss experience can be monitored. Where possible, development patterns are selected based on historical loss emergence by origin year. For product lines where the historical data is viewed to have low statistical credibility, the selected development patterns also reflect relevant industry benchmarks and/or experience from similar product lines written elsewhere within Chubb. This most commonly occurs for relatively new product lines that have limited historical data or for high severity/low frequency portfolios where our historical experience exhibits considerable volatility and/or lacks credibility. The paid and reported loss development methods convert the selected loss emergence pattern to a set of multiplicative factors which are then applied to actual paid or reported losses to arrive at an estimate of ultimate losses for each period. Due to their multiplicative nature, the paid and reported loss development methods will leverage differences between actual and expected loss emergence. These methods tend to be utilized for more mature origin periods and for those portfolios where the loss emergence has been relatively consistent over time.

The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the loss development method, where the loss development method is given more weight as the origin year matures. This approach allows a logical transition between the expected loss ratio method which is generally utilized at earlier maturities and the loss development methods which are typically utilized at later maturities. We usually apply this method using reported loss data although paid data may also be used.

Short-tail business

Short-tail business generally describes product lines for which losses are typically known and paid shortly after the loss occurs. This would include, for example, most property, personal accident, and automobile physical damage policies that we write. Due to the short reporting and development pattern for these product lines, the uncertainty associated with our estimate of ultimate losses for any particular accident period diminishes relatively quickly as actual loss experience emerges. We typically assign credibility to methods that incorporate actual loss emergence, such as the paid and reported loss development and Bornhuetter-Ferguson methods, sooner than would be the case for long-tail lines at a similar stage of development for a given origin year. The reserving process for short-tail losses arising from catastrophic events typically involves an assessment by the claims department, in conjunction with underwriters and actuaries, of our exposure and estimated losses immediately following an event and then subsequent revisions of the estimated losses as our insureds provide updated actual loss information.

Long-tail business

Long-tail business describes lines of business for which specific losses may not be known/reported for some period and for which claims can take significant time to settle/close. This includes most casualty lines such as general liability, D&O, and workers' compensation. There are various factors contributing to the uncertainty and volatility of long-tail business, including the indirect impact of COVID-19 that has changed loss reporting and development patterns. In addition, uncertain future inflationary trends, changes in future legal environments, and the potential impact of major claims, such as molestation claims including the Boy Scouts of America (BSA) agreement-in-principle, added to the uncertainty and volatility in the long-tail business. Other factors are:

•The nature and complexity of underlying coverage provided and net limits of exposure provided;

•Our historical loss data and experience is sometimes too immature and lacking in credibility to rely upon for reserving purposes. Where this is the case, in our reserve analysis we may utilize industry loss ratios or industry benchmark development patterns that we believe reflect the nature and coverage of the underwritten business and its future development, where available. For such product lines, actual loss experience may differ from industry loss statistics as well as loss experience for previous underwriting years;

•The difficulty in estimating loss trends, claims inflation (e.g., medical and judicial) and underlying economic conditions;

•The need for professional judgment to estimate loss development patterns beyond that represented by historical data using supplemental internal or industry data, extrapolation, or a blend of both;

•The need to address shifts in business mix or volume over time when applying historical paid and reported loss development patterns from older origin years to more recent origin years. For example, changes over time in the processes and procedures for establishing case reserves can distort reported loss development patterns or changes in ceded reinsurance structures by origin year can alter the development of paid and reported losses;

•Loss reserve analyses typically require loss or other data be grouped by common characteristics in some manner. If data from two combined lines of business exhibit different characteristics, such as loss payment patterns, the credibility of the reserve estimate could be affected. Additionally, since casualty lines of business can have significant intricacies in the terms and conditions afforded to the insured, there is an inherent risk as to the homogeneity of the underlying data used in performing reserve analyses; and

•The applicability of the price change data used to estimate ultimate loss ratios for most recent origin years.

As described above, various factors are considered when determining appropriate data, assumptions, and methods used to establish the loss reserve estimates for long-tail product lines. These factors may also vary by origin year for given product lines. The derivation of loss development patterns from data and the selection of a tail factor to project ultimate losses from actual loss emergence require considerable judgment, particularly with respect to the extent to which historical loss experience is relied upon to support changes in key reserving assumptions.

c) Loss Development Tables

The tables were designed to present business with similar risk characteristics which exhibit like development patterns and generally similar trends, in order to provide insight into the nature, amount, timing and uncertainty of cash flows related to our claims liabilities.

Each table follows a similar format and reflects the following:

•The incurred loss triangle includes both reported case reserves and IBNR liabilities.

•Both the incurred and paid loss triangles include allocated loss adjustment expense (i.e., defense and investigative costs particular to individual claims) but exclude unallocated loss adjustment expense (i.e., the costs associated with internal claims staff and third-party administrators).

•The amounts in both triangles for the years ended December 31, 2014, to December 31, 2022, and average historical claim duration as of December 31, 2023, are presented as supplementary information.

•All data presented in the triangles is net of reinsurance recoverables.

•The IBNR reserves shown to the right of each incurred loss development exhibit reflect the net IBNR recorded as of December 31, 2023.

•The tables are presented retrospectively with respect to acquisitions where these are material and doing so is practicable. Most notably, the Chubb Corp acquisition is presented retrospectively. The unaudited consolidated data is presented solely for informational purposes and is not necessarily indicative of the consolidated data that might have been observed had the transactions been completed prior to the date indicated.

Historical dollar amounts are presented in this footnote on a constant-dollar basis, which is achieved by assuming constant foreign exchange rates for all periods in the loss triangles, translating prior period amounts using the same local currency exchange rates as the current year end. The impact of this conversion is to show the change between periods exclusive of the effect of fluctuations in exchange rates, which would otherwise distort the change in incurred loss and cash flow patterns shown. The change in incurred loss shown will differ from other U.S. GAAP disclosures of incurred prior period reserve development amounts, which include the effect of fluctuations in exchanges rates.

We provided guidance above on key assumptions that should be considered when reviewing this disclosure and information relating to how loss reserve estimates are developed. We believe the information provided in the “Loss Development Tables” section of the disclosure is of limited use for independent analysis or application of standard actuarial estimations.

Cumulative Number of Reported Claims

Reported claim counts, on a cumulative basis, are provided to the far right of each incurred loss development table. In our North America segments, we generally consider a reported claim to be one claim per coverage per claimant. In our Overseas General Insurance segment, we generally consider a reported claim to be on a per occurrence basis. Global Reinsurance segment’s portfolio comprises a mix of proportional and non-proportional treaties. The proportional treaties are reported on a bulk basis and do not lend themselves to meaningful claim count data. As such, we do not provide claim count information for our Global Reinsurance segment.

We exclude claims closed without payment. Claims are counted on a direct basis without consideration of ceded reinsurance. Use of the presented claim counts in analysis of company experience has significant limitations, including:

•Claims for certain events and/or product lines, such as portions of our A&H business, are not reported on an individual basis, but rather in bulk and thus not available for inclusion in this disclosure.

•Each segment typically has a mixture of primary and excess experience which has shifted over time.

•Captive business, especially in Workers' Compensation and Liability, largely represents fronted business where our net exposure to loss is minimal; however, since the claim count is based on direct claims, there is a mismatch between direct claims and net loss dollars, the extent of which varies by accident year.

Reported claim counts include open claims which have case reserves but exclude claims that have been incurred but not reported. As such the reported claims are not consistent with the incurred losses in the triangle, which include incurred but not reported losses. One can calculate reported losses by subtracting incurred but not reported losses from incurred losses in the triangle. Reported claim counts are also inconsistent with losses in the paid loss triangle, since reported counts would include claims with case reserves but no payments to date.

North America Commercial P&C Insurance — Workers' Compensation — Long-tail

This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-66.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,207	$	1,201		$	1,217	$	1,215	$	1,163	$	1,100	$	1,073	$	1,037	$	1,007	$	983	$	236	45
2015			1,282			1,259		1,276		1,279		1,217		1,154		1,128		1,092		1,057		286		50
2016						1,366		1,361		1,383		1,378		1,269		1,206		1,177		1,162		354		51
2017								1,412		1,380		1,399		1,393		1,376		1,176		1,121		402		50
2018										1,359		1,361		1,380		1,385		1,384		1,221		435		51
2019												1,391		1,384		1,400		1,409		1,406		611		48
2020														1,367		1,388		1,409		1,408		756		31
2021																1,348		1,330		1,372		708		35
2022																		1,344		1,407		835		38
2023																				1,371		992		33
Total																				$	12,508


Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	113	$	295		$	410	$	484	$	532	$	566	$	599	$	617	$	634	$	649
2015			116			301		418		501		564		606		628		645		665
2016						122		326		452		529		584		621		653		683
2017								120		313		437		516		564		601		626
2018										130		329		451		528		597		641
2019												143		341		467		575		640
2020														111		282		390		466
2021																120		331		458
2022																		131		332
2023																				129
Total																				$	5,289


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	2,940
Accident years 2014 - 2023 from tables above	7,219
All Accident years	$	10,159


North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(113)
Accident years 2014 - 2023 from tables above	(191)
All Accident years	$	(304)



Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	10	%	16	%	10	%	7	%	5	%	3	%	3	%	2	%	2	%	2	%

North America Commercial P&C Insurance — Liability — Long-tail

This line consists of primary and excess general liability exposures, medical liability, and professional lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	3,528	$	3,578		$	3,667	$	3,710	$	3,649	$	3,463	$	3,340	$	3,192	$	3,142	$	3,134	$	237	24
2015			3,552			3,701		3,810		3,967		3,934		3,727		3,701		3,569		3,613		358		27
2016						3,527		3,588		3,685		3,797		3,793		3,765		3,756		3,660		375		27
2017								3,316		3,491		3,573		3,623		3,545		3,434		3,492		603		26
2018										3,368		3,485		3,688		3,820		3,900		3,915		672		28
2019												3,446		3,620		3,858		4,050		4,057		1,135		29
2020														4,102		3,826		3,919		3,976		1,630		24
2021																4,315		4,349		4,441		2,589		25
2022																		4,561		4,567		3,371		25
2023																				4,703		4,181		26
Total																				$	39,558


North America Commercial P&C Insurance — Liability — Long-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	164	$	679		$	1,248	$	1,801	$	2,199	$	2,439	$	2,580	$	2,669	$	2,753	$	2,802
2015			138			604		1,203		1,852		2,287		2,527		2,743		2,921		3,079
2016						171		662		1,334		1,973		2,332		2,593		2,820		2,982
2017								161		616		1,160		1,698		2,000		2,322		2,627
2018										189		753		1,301		1,773		2,335		2,782
2019												175		669		1,245		1,888		2,387
2020														152		589		1,148		1,697
2021																174		609		1,200
2022																		144		649
2023																				197
Total																				$	20,402


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	1,936
Accident years 2014 - 2023 from tables above	19,156
All Accident years	$	21,092


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	47
Accident years 2014 - 2023 from tables above	175
All Accident years	$	222


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	4	%	13	%	15	%	16	%	12	%	8	%	6	%	4	%	4	%	2	%

North America Commercial P&C Insurance — Other Casualty — Long-tail

This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	594	$	582		$	580	$	595	$	554	$	538	$	538	$	530	$	526	$	530	$	9	17
2015			486			469		500		514		457		454		462		457		456		18		15
2016						503		501		527		523		480		479		469		473		20		16
2017								531		565		577		616		604		590		602		16		17
2018										535		563		574		579		575		606		9		17
2019												606		636		686		744		756		40		17
2020														640		633		657		638		156		11
2021																675		710		747		254		13
2022																		782		801		367		14
2023																				844		631		11
Total																				$	6,453


Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	80	$	220		$	317	$	391	$	454	$	473	$	500	$	508	$	513	$	517
2015			47			137		214		304		370		394		411		423		431
2016						52		145		246		323		374		398		424		437
2017								66		175		312		381		446		496		539
2018										74		169		270		365		472		532
2019												70		189		318		465		619
2020														54		156		273		401
2021																60		176		293
2022																		82		235
2023																				81
Total																				$	4,085


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	228
Accident years 2014 - 2023 from tables above	2,368
All Accident years	$	2,596


North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(6)
Accident years 2014 - 2023 from tables above	99
All Accident years	$	93



Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	10	%	18	%	18	%	17	%	15	%	7	%	6	%	2	%	1	%	1	%

North America Commercial P&C Insurance — Non-Casualty — Short-tail

This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety, and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was impacted by natural catastrophes mainly in the 2017 and 2018 accident years, and in accident year 2020 by direct COVID.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,635	$	1,655		$	1,573	$	1,552	$	1,543	$	1,544	$	1,552	$	1,545	$	1,544	$	1,554	$	—	483
2015			1,731			1,740		1,645		1,633		1,600		1,585		1,587		1,592		1,589		2		545
2016						1,904		1,884		1,794		1,775		1,811		1,824		1,820		1,822		23		650
2017								2,699		2,603		2,503		2,520		2,512		2,522		2,508		43		764
2018										2,047		2,234		2,169		2,161		2,170		2,160		11		904
2019												2,046		2,031		1,954		1,944		1,921		13		1,044
2020														3,140		2,942		2,726		2,685		62		1,126
2021																2,941		2,824		2,628		158		863
2022																		3,048		2,946		371		897
2023																				3,072		1,351		756
Total																				$	22,885


Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	816	$	1,368		$	1,478	$	1,499	$	1,525	$	1,540	$	1,547	$	1,552	$	1,552	$	1,551
2015			724			1,339		1,484		1,552		1,567		1,570		1,583		1,582		1,583
2016						844		1,499		1,650		1,726		1,754		1,778		1,789		1,790
2017								977		2,083		2,301		2,392		2,406		2,430		2,449
2018										1,025		1,821		2,012		2,068		2,113		2,137
2019												1,028		1,672		1,800		1,856		1,883
2020														1,390		2,260		2,466		2,545
2021																1,085		2,100		2,322
2022																		1,050		2,190
2023																				1,219
Total																				$	19,669


North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(13)
Accident years 2014 - 2023 from tables above	3,216
All Accident years	$	3,203


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(4)
Accident years 2014 - 2023 from tables above	(377)
All Accident years	$	(381)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	44	%	37	%	8	%	3	%	1	%	1	%	1	%	—	%	—	%	—	%

North America Personal P&C Insurance — Short-tail

Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in the 2017 and 2018 accident years.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	2,198	$	2,199		$	2,186	$	2,139	$	2,153	$	2,140	$	2,135	$	2,134	$	2,133	$	2,130	$	6	144
2015			2,488			2,543		2,553		2,536		2,556		2,562		2,559		2,561		2,558		5		148
2016						2,433		2,529		2,538		2,476		2,464		2,458		2,466		2,467		10		154
2017								3,028		3,062		2,995		2,991		2,992		3,001		3,011		20		163
2018										3,002		3,030		3,095		3,110		3,131		3,120		45		170
2019												2,949		2,985		2,986		2,978		2,957		48		157
2020														2,922		2,627		2,626		2,582		96		123
2021																3,027		2,877		2,964		209		131
2022																		3,102		2,955		414		119
2023																				3,406		1,480		93
Total																				$	28,150


North America Personal P&C Insurance — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,306	$	1,759		$	1,919	$	2,028	$	2,073	$	2,100	$	2,109	$	2,116	$	2,119	$	2,121
2015			1,495			2,078		2,264		2,385		2,472		2,501		2,526		2,535		2,542
2016						1,449		2,046		2,205		2,308		2,364		2,391		2,422		2,440
2017								1,694		2,514		2,662		2,793		2,864		2,930		2,971
2018										1,922		2,542		2,699		2,857		2,971		3,037
2019												1,664		2,431		2,611		2,718		2,823
2020														1,331		1,990		2,223		2,363
2021																1,583		2,368		2,582
2022																		1,411		2,278
2023																				1,490
Total																				$	24,647


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	47
Accident years 2014 - 2023 from tables above	3,503
All Accident years	$	3,550


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	3
Accident years 2014 - 2023 from tables above	(131)
All Accident years	$	(128)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	55	%	25	%	7	%	5	%	3	%	2	%	1	%	—	%	—	%	—	%

Overseas General Insurance — Casualty — Long-tail

This product line comprises D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 46 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprises a mix of primary and excess businesses.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,196	$	1,264		$	1,271	$	1,290	$	1,210	$	1,129	$	1,093	$	1,103	$	1,106	$	1,089	$	46	38
2015			1,118			1,209		1,239		1,262		1,244		1,186		1,171		1,187		1,186		97		40
2016						1,150		1,246		1,311		1,338		1,328		1,337		1,271		1,283		93		42
2017								1,140		1,237		1,284		1,331		1,296		1,331		1,296		151		43
2018										1,236		1,286		1,346		1,389		1,345		1,323		202		44
2019												1,307		1,373		1,395		1,382		1,336		311		42
2020														1,684		1,606		1,523		1,535		765		35
2021																1,619		1,668		1,691		987		36
2022																		1,760		1,808		1,217		36
2023																				1,908		1,606		32
Total																				$	14,455


Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	105	$	275		$	444	$	571	$	681	$	761	$	823	$	865	$	894	$	934
2015			80			267		465		637		753		830		906		938		969
2016						120		306		505		648		766		857		979		1,003
2017								91		299		499		653		812		940		995
2018										105		312		470		608		727		881
2019												118		316		444		648		729
2020														102		273		429		530
2021																111		271		434
2022																		83		284
2023																				79
Total																				$	6,838


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	540
Accident years 2014 - 2023 from tables above	7,617
All Accident years	$	8,157


Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(22)
Accident years 2014 - 2023 from tables above	(26)
All Accident years	$	(48)



Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	7	%	13	%	13	%	11	%	9	%	9	%	6	%	3	%	3	%	4	%

Overseas General Insurance — Non-Casualty — Short-tail

This product line is comprised of commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, Asia Pacific and Japan), personal cell phones, personal residential (including high net worth), energy, and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes mainly in the 2017, 2018, and 2022 accident years. For the Chubb Overseas General non-casualty book, Europe, exclusive of Lloyd's market, makes up about one third, Latin America makes up about one quarter, and Asia makes up about one fifth.


Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves		Reported Claims (in thousands)
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,764	$	1,828		$	1,775	$	1,763	$	1,729	$	1,719	$	1,712	$	1,706	$	1,698	$	1,693	$	3	533
2015			1,855			1,973		1,947		1,916		1,900		1,892		1,874		1,875		1,870		8		556
2016						1,959		1,955		1,942		1,921		1,926		1,957		1,955		1,943		29		568
2017								2,114		2,157		2,145		2,126		2,151		2,149		2,115		(6)		577
2018										2,068		2,156		2,119		2,093		2,062		2,051		42		613
2019												2,100		2,119		2,059		2,047		2,043		(12)		632
2020														2,437		2,301		2,171		2,116		87		534
2021																2,524		2,437		2,322		60		542
2022																		2,800		2,777		168		614
2023																				2,995		901		594
Total																				$	21,925


Overseas General Insurance — Non-Casualty — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	721	$	1,359		$	1,560	$	1,619	$	1,649	$	1,662	$	1,677	$	1,684	$	1,678	$	1,680
2015			812			1,469		1,691		1,769		1,790		1,819		1,836		1,839		1,839
2016						966		1,592		1,779		1,847		1,872		1,881		1,887		1,890
2017								1,010		1,772		1,940		2,013		2,055		2,114		2,091
2018										960		1,664		1,858		1,924		1,940		1,950
2019												1,019		1,674		1,861		1,926		1,959
2020														1,036		1,646		1,792		1,908
2021																982		1,750		2,025
2022																		1,168		2,088
2023																				1,119
Total																				$	18,549


(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	139
Accident years 2014 - 2023 from tables above	3,376
All Accident years	$	3,515


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(4)
Accident years 2014 - 2023 from tables above	(264)
All Accident years	$	(268)


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	45	%	33	%	10	%	4	%	1	%	1	%	—	%	—	%	—	%	—	%

Global Reinsurance

Chubb analyzes its Global Reinsurance business on a treaty year basis rather than on an accident year basis. Treaty year data was converted to an accident year basis for the purposes of this disclosure. Mix shifts are an important consideration in these product line groupings. As proportional business and excess of loss business have different earning and loss reporting and payment patterns, this change in mix will affect the cash flow patterns across the accident years. In addition, the shift from excess to proportional business over time will make the cash flow patterns of older and more recent years difficult to compare. In general, the proportional business will pay out more quickly than the excess of loss business, as such, using older years development patterns may overstate the ultimate loss estimates in more recent years.

Global Reinsurance — Casualty — Long-tail

This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile.


Global Reinsurance — Casualty — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31						As of December 31 2023
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	330	$	331		$	336	$	339	$	340	$	344	$	327	$	327	$	326	$	326	$	6
2015			281			286		296		297		305		301		305		308		307		9
2016						219		223		231		230		239		239		244		250		11
2017								209		211		216		213		214		214		221		6
2018										239		242		249		245		248		255		9
2019												233		242		237		236		233		20
2020														242		246		237		237		42
2021																278		282		286		105
2022																		294		296		155
2023																				274		211
Total																				$	2,685


Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	91	$	183		$	216	$	247	$	263	$	274	$	284	$	293	$	298	$	304
2015			89			158		190		215		230		247		264		273		281
2016						57		112		141		157		173		190		206		217
2017								46		99		120		138		153		173		185
2018										40		94		123		146		168		194
2019												39		89		115		138		161
2020														41		98		123		147
2021																35		86		119
2022																		39		86
2023																				30
Total																				$	1,724


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	279
Accident years 2014 - 2023 from tables above	961
All Accident years	$	1,240


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	(16)
Accident years 2014 - 2023 from tables above	22
All Accident years	$	6


Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	19	%	22	%	11	%	9	%	7	%	7	%	5	%	3	%	2	%	2	%

Global Reinsurance — Non-Casualty — Short-tail

This product line includes property, property catastrophe, marine, credit/surety, mortgage, A&H and energy. This product line is impacted by natural catastrophes, particularly in the 2017, 2018, 2020, 2021, and 2022 accident years. Of the non-catastrophe book, the mixture of business varies by year with approximately 87 percent of loss on proportional treaties in treaty year 2014 and after. This percentage has increased over time with the proportion being approximately 77 percent for treaty years 2014-2017 growing to an average of 93 percent for treaty years 2018 to 2023, with the remainder being written on an excess of loss basis.


Net Incurred Loss and Allocated Loss Adjustment Expenses																						As of December 31 2023
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited																	Net IBNR Reserves
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	158	$	174		$	173	$	176	$	174	$	173	$	172	$	170	$	169	$	169	$	1
2015			144			152		158		158		151		156		154		154		154		1
2016						177		182		185		187		184		181		181		181		1
2017								395		421		451		449		453		455		454		7
2018										278		286		288		284		289		282		2
2019												130		129		125		120		116		3
2020														209		253		277		279		22
2021																340		351		354		23
2022																		346		311		69
2023																				181		109
Total																				$	2,481


Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
																Years Ended December 31
(in millions of U.S. dollars)					Unaudited
Accident Year	2014		2015			2016		2017		2018		2019		2020		2021		2022		2023
2014	$	63	$	124		$	146	$	156	$	161	$	163	$	165	$	165	$	166	$	166
2015			56			102		130		140		144		148		150		150		151
2016						56		129		156		166		172		175		176		177
2017								191		321		400		413		426		433		439
2018										94		248		264		267		272		274
2019												35		80		94		102		104
2020														62		177		215		232
2021																158		277		307
2022																		74		195
2023																				36
Total																				$	2,081


Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	11
Accident years 2014 - 2023 from tables above	400
All Accident years	$	411


Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)	December 31, 2023
Accident years prior to 2014	$	—
Accident years 2014 - 2023 from tables above	(42)
All Accident years	$	(42)



Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2023 (Unaudited)
Age in Years	1		2		3		4		5		6		7		8		9		10
Percentage	33	%	40	%	14	%	5	%	3	%	2	%	1	%	—	%	—	%	—	%

Prior Period Development — Supplementary Information

The following table presents a reconciliation of the loss development triangles above to prior period development:


	Components of PPD
Year Ended December 31, 2023 (in millions of U.S. dollars) (favorable)/unfavorable	2014 - 2022 accident years (implied PPD per loss triangles)		Accident years prior to 2014		Other (1)			PPD on loss reserves		RIPs, Expense adjustments, and earned premiums			Total
North America Commercial P&C Insurance
Long-tail	$	83	$	(72)	$	(187)		$	(176)	$	90		$	(86)
Short-tail	(377)		(4)		(35)			(416)		8			(408)
	(294)		(76)		(222)		(2)	(592)		98		(3)	(494)
North America Personal P&C Insurance (Short-tail)	(131)		3		(4)			(132)		(2)			(134)
Overseas General Insurance
Long-tail	(26)		(22)		(2)			(50)		—			(50)
Short-tail	(264)		(4)		(58)			(326)		—			(326)
	(290)		(26)		(60)		(4)	(376)		—			(376)
Global Reinsurance
Long-tail	22		(16)		1			7		—			7
Short-tail	(42)		—		—			(42)		7			(35)
	(20)		(16)		1			(35)		7			(28)
Subtotal	$	(735)	$	(115)	$	(285)		$	(1,135)	$	103		$	(1,032)
North America Agricultural Insurance (Short-tail)								$	(24)	$	6		$	(18)
Corporate (Long-tail)								277		—			277
Consolidated PPD								$	(882)	$	109		$	(773)

(1) Other includes the impact of foreign exchange.

(2) Includes favorable development of $88 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $92 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.

(3) Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.

(4) Includes favorable development of $56 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.

Prior Period Development

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 financial lines; 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:


Years Ended December 31 (in millions of U.S. dollars, except for percentages)	Long-tail		Short-tail		Total		% of beginning net unpaid reserves (1)
2023
North America Commercial P&C Insurance	$	(86)	$	(408)	$	(494)	0.8	%
North America Personal P&C Insurance	—		(134)		(134)		0.2	%
North America Agricultural Insurance	—		(18)		(18)		—	%
Overseas General Insurance	(50)		(326)		(376)		0.6	%
Global Reinsurance	7		(35)		(28)		—	%
Corporate	277		—		277		0.5	%
Total	$	148	$	(921)	$	(773)	1.3	%
2022
North America Commercial P&C Insurance	$	(229)	$	(333)	$	(562)	1.0	%
North America Personal P&C Insurance	—		(186)		(186)		0.3	%
North America Agricultural Insurance	—		(61)		(61)		0.1	%
Overseas General Insurance	(65)		(383)		(448)		0.8	%
Global Reinsurance	(7)		29		22		—	%
Corporate	359		—		359		0.6	%
Total	$	58	$	(934)	$	(876)	1.6	%
2021
North America Commercial P&C Insurance	$	(482)	$	(280)	$	(762)	1.4	%
North America Personal P&C Insurance	—		(305)		(305)		0.6	%
North America Agricultural Insurance	—		10		10		—	%
Overseas General Insurance	(106)		(335)		(441)		0.8	%
Global Reinsurance	(25)		28		3		—	%
Corporate	569		—		569		1.1	%
Total	$	(44)	$	(882)	$	(926)	1.8	%

(1) Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.

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.

Net favorable development in 2023 included $387 million in workers' compensation lines, $248 million in commercial property and marine lines, and $101 million in surety, all mainly driven by lower than expected loss emergence. The favorable development was partially offset by adverse development of $193 million in commercial excess and umbrella lines and $129 million in commercial auto liability, both driven by higher than expected loss emergence.

Net favorable development in 2022 included $496 million in workers' compensation from lower than expected loss emergence, updates to loss development factors, and our annual assessment of multi-claimant events, including industrial accidents. The favorable development was partially offset by net adverse development of $177 million in commercial auto liability, driven by adverse reported loss experience and explicit recognition of anticipated increases in claim severity trend, $96 million from commercial umbrella/excess portfolios, driven by higher than expected loss emergence and increases in our claims severity trend assumptions, and $82 million from medical risk where reported loss activity was higher than expected, driven by claim severity

increases and large loss activity. Net favorable development on our short-tail businesses primarily included $206 million from property and marine portfolios, where paid and reported loss activity for the most recent accident years was lower than expected.

Net favorable development of $762 million in 2021 represented 1.4 percent of the beginning consolidated net unpaid losses and loss expense reserves.

North America Personal P&C Insurance.

Net favorable development in 2023 included $244 million in homeowners and valuables lines, mainly due to lower than expected loss emergence in accident year 2022, partially offset by net adverse development on reported losses of $145 million in personal excess liability in recent accident years.

Net favorable development in 2022 primarily included favorable development in the homeowners and valuables lines of business, driven by lower than expected claims reserve development.

Net favorable development of $305 million in 2021 represented 0.6 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Overseas General Insurance.

Net favorable development in 2023 included $253 million in property and marine lines, mainly in accident years 2020 through 2022, driven by favorable loss development across all regions, favorable catastrophe development in recent accident years, and specific case reductions. Net favorable development also included $77 million in professional lines, including cyber, driven by favorable loss development in the U.K. and Europe regions.

Net favorable development in 2022 included $105 million in A&H lines, driven by favorable loss development in the Asia Pacific, U.K., and Europe regions. Net favorable development also included $100 million in property lines, driven by favorable loss development across most regions, favorable catastrophe development in recent accident years, specific case reductions, and salvage and subrogation recoveries.

Net favorable development of $441 million in 2021 represented 0.8 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Corporate.

Net adverse development in 2023, 2022, and 2021, included adverse development for asbestos claims of $99 million, $61 million, and $52 million, respectively, and molestation claims of $49 million, $155 million, and $417 million, respectively. The $417 million adverse development in 2021 was primarily driven by a settlement-in-principle with the BSA regarding molestation claims. Refer to the Molestation claims section below for further information. Net adverse development for all years also included adverse development for environmental liabilities and other exposures.

Molestation claims

Chubb's exposure to molestation claims principally arises out of liabilities acquired when it purchased CIGNA's P&C business in 1999, and Chubb Corp in 2016. The vast majority of the current liability relates to exposure from "reviver" legislation in certain states that allow civil claims relating to molestation to be asserted against policyholders that would otherwise be barred by statutes of limitations. These exposures are predominantly included in our inactive run-off operations included in Corporate with an immaterial amount in the North America Commercial P&C segment.

In December 2021, Chubb reached an agreement-in-principle regarding the bankruptcy of the Boy Scouts of America (BSA). Under this agreement, which remains contingent upon final court approval on appeal, our inactive run-off company, Century Indemnity Company, and certain active Chubb companies obtained a broad release for all Chubb companies from BSA-related abuse claims for $800 million. This agreement was approved by the bankruptcy court in the third quarter of 2022. In the first quarter of 2023, the District Court issued an order approving the Boy Scouts of America (BSA) bankruptcy plan in full. We paid $800 million per the agreement, with $300 million paid in 2022, and the remaining $500 million paid in 2023.

Asbestos and environmental (A&E)

Chubb's exposure to A&E claims principally arises out of liabilities acquired when it purchased Westchester Specialty in 1998, CIGNA's P&C business in 1999, and Chubb Corp in 2016. The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the valuation allowance for uncollectible paid and unpaid reinsurance recoverables:


	Asbestos				Environmental				Total
(in millions of U.S. dollars)	Gross		Net		Gross		Net		Gross		Net
Balance at December 31, 2020	$	1,351	$	873	$	517	$	379	$	1,868	$	1,252
Incurred activity	96		64		52		40		148		104		(1)
Paid activity	(221)		(137)		(167)		(117)		(388)		(254)
Balance at December 31, 2021	1,226		800		402		302		1,628		1,102
Incurred activity	87		55		125		77		212		132		(1)
Paid activity	(215)		(152)		(115)		(69)		(330)		(221)
Balance at December 31, 2022	1,098		703		412		310		1,510		1,013
Incurred activity	180		120		88		63		268		183		(1)
Paid activity	(258)		(169)		(105)		(82)		(363)		(251)
Balance at December 31, 2023	$	1,020	$	654	$	395	$	291	$	1,415	$	945

(1) Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).

The A&E net loss reserves including allocated loss expense reserves and valuation allowance for uncollectible reinsurance at December 31, 2023 and 2022, shown in the table above is comprised of:


	December 31
(in millions of U.S. dollars)	2023		2022
Brandywine operations	$	570	$	602
Westchester Specialty	89		98
Chubb Corp	241		266
Other, mainly Overseas General Insurance	45		47
Total	$	945	$	1,013

Brandywine Run-off entities – The Restructuring Plan and uncertainties relating to Chubb's ultimate Brandywine exposure

In 1996, the Pennsylvania Insurance Commissioner approved a plan to restructure INA Financial Corporation and its subsidiaries (the Restructuring) which included the division of Insurance Company of North America (INA) into two separate corporations:

(1) An active insurance company that retained the INA name and continued to write P&C business; and

(2) An inactive run-off company, now called Century Indemnity Company (Century).

As a result of the division, predominantly all A&E and certain other liabilities of INA were ascribed to Century and extinguished, as a matter of Pennsylvania law, as liabilities of INA.

As part of the Restructuring, most A&E liabilities of various U.S. affiliates of INA were reinsured to Century. Century and certain other run-off companies having A&E and other liabilities were contributed to Brandywine Holdings.

The U.S.-based Chubb INA companies assumed two contractual obligations in respect of the Brandywine operations in connection with the Restructuring: a surplus maintenance obligation in the form of the excess of loss (XOL) agreement and a dividend retention fund obligation.

XOL Agreement

In 1996, in connection with the Restructuring, a Chubb INA insurance subsidiary provided reinsurance coverage to Century in the amount of $800 million under an Aggregate Excess of Loss Reinsurance Agreement (XOL Agreement), triggerable if the statutory capital and surplus of Century falls below $25 million or if Century lacks liquid assets with which to pay claims as they become due.

Dividend Retention Fund

INA Financial Corporation established and funded a dividend retention fund (the Dividend Retention Fund) consisting of $50 million plus investment earnings. The full balance of the Dividend Retention Fund was contributed to Century as of December 31, 2002. Under the Restructuring Order, while any obligation to maintain the Dividend Retention Fund is in effect, to the extent dividends are paid by INA Holdings Corporation to its parent, INA Financial Corporation, and to the extent INA Financial Corporation then pays such dividends to INA Corporation, a portion of those dividends must be withheld to replenish the principal of the Dividend Retention Fund to $50 million. In 2023 and 2022, $75 million was withheld from such dividends and deposited into the Dividend Retention Fund as a result of dividends paid up to the INA Corporation. Pursuant to a 2011 amendment to the Restructuring Order, capital contributions from the Dividend Retention Fund to Century are not required until the XOL Agreement has less than $200 million of capacity remaining on an incurred basis for statutory reporting purposes. The amount of the required capital contribution shall be the lesser of the amount necessary to restore the XOL Agreement remaining capacity to $200 million or the Dividend Retention Fund balance. In 2023 and 2022, capital contributions of $75 million and $106 million were made, respectively, from the Dividend Retention Fund to Century. The Dividend Retention Fund may not be terminated without prior written approval from the Pennsylvania Insurance Commissioner.

In 2004, Chubb INA contributed $100 million to Century in exchange for a surplus note. After giving effect to the surplus note, contributions from the Dividend Retention Fund, results from operations and other items impacting statutory surplus, the statutory surplus of Century at December 31, 2023, was $25 million and $712 million in statutory-basis losses have been ceded to the XOL Agreement on an inception-to-date basis. The XOL Agreement statutory-basis remaining limit at December 31, 2023, is $88 million. Century reports the amount ceded under the XOL Agreement in accordance with statutory accounting principles, which differ from U.S. GAAP by, among other things, allowing Century to discount its liabilities, including certain asbestos related and environmental pollution liabilities and Century's reinsurance payable to active companies. For U.S. GAAP reporting purposes, intercompany reinsurance recoverables related to the XOL are eliminated upon consolidation.

While Chubb believes it has no legal obligation to fund Century losses above the XOL limit of coverage, Chubb's consolidated results would nevertheless continue to include any losses above the limit of coverage for so long as the Brandywine companies remain consolidated subsidiaries of Chubb.

Certain active Chubb companies are primarily liable for asbestos, environmental, and other exposures that they have reinsured to Century. Accordingly, if Century were to become insolvent and placed into rehabilitation or liquidation, some or all of the recoverables due to these active Chubb companies from Century could become uncollectible. At December 31, 2023 and 2022, the aggregate reinsurance recoverables owed by Century to certain active Chubb companies were approximately $1.8 billion and $1.9 billion, respectively, on an undiscounted basis. Chubb believes the active company intercompany reinsurance recoverables, which relate to direct liabilities payable over many years, are not impaired. At December 31, 2023 and 2022, Century's carried gross reserves (including reserves assumed from the active Chubb companies) were $1.7 billion and $2.1 billion, respectively. Changes in laws and regulations may have an adverse effect on Century's reserves; for example, the enactment of "reviver" statutes relating to claims of sexual molestation may give rise to additional claims that would have been barred by the statutes of limitations in effect at the time of the alleged molestation. Should Century's loss reserves experience adverse development, as a result of such changes or otherwise, in the future and should Century be placed into rehabilitation or liquidation, the reinsurance recoverables due from Century to certain active Chubb companies would be payable only after the payment in full of certain expenses and liabilities, including administrative expenses and direct policy liabilities. Thus, the intercompany reinsurance recoverables would be at risk to the extent of the shortage of assets remaining to pay these recoverables.

Westchester Specialty – impact of NICO contracts on Chubb’s run-off entities

As part of the Westchester Specialty acquisition in 1998, NICO provided a 75 percent pro-rata share of $1.0 billion of reinsurance protection on losses and loss adjustment expenses incurred on or before December 31, 1996, in excess of a retention of $721 million. At December 31, 2023, the remaining unused incurred limit under the Westchester NICO agreement was $337 million.

Future policy benefits

12 Months Ended

Dec. 31, 2023

Liability for Future Policy Benefits Activity [Abstract]

Liability for future policy benefits

Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:


Present Value of Expected Net Premiums	For the Year Ended December 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,806	$	2,308	$	10,711	$	42	$	14,867
Beginning balance at original discount rate	1,867		2,361		11,258		43		15,529
Effect of changes in cash flow assumptions	22		40		(820)		2		(756)
Effect of actual variances from expected experience	(9)		88		(84)		—		(5)
Adjusted beginning of period balance	1,880		2,489		10,354		45		14,768
Consolidation of Huatai Group	3		1,690		145		12		1,850
Issuances	190		318		1,653		9		2,170
Interest accrual	71		87		531		2		691
Net premiums collected (1)	(255)		(585)		(1,457)		(23)		(2,320)
Other (including foreign exchange)	103		(54)		(534)		19		(466)
Ending balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in discount rate assumptions	(402)		5		(260)		—		(657)
Balance – end of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	For the Year Ended December 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,321	$	5,696	$	15,038	$	269	$	23,324
Beginning balance at original discount rate	2,447		5,874		15,855		280		24,456
Effect of changes in cash flow assumptions	15		44		(858)		4		(795)
Effect of actual variances from expected experience	(4)		98		(78)		(1)		15
Adjusted beginning of period balance	2,458		6,016		14,919		283		23,676
Consolidation of Huatai Group	17		3,659		163		233		4,072
Issuances	190		318		1,653		9		2,170
Interest accrual	90		252		672		9		1,023
Benefits payments	(238)		(333)		(1,551)		(13)		(2,135)
Other (including foreign exchange)	232		79		(785)		(29)		(503)
Ending balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in discount rate assumptions	(495)		72		(421)		3		(841)
Balance – end of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462


Liability for Future Policy Benefits, Life Insurance Segment	December 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	664	$	6,113	$	4,218	$	431	$	11,426
Deferred profit liability	267		804		165		17		1,253
Net liability for future policy benefits, before reinsurance recoverable	931		6,917		4,383		448		12,679
Less: Reinsurance recoverable on future policy benefits	82		45		106		—		233
Net liability for future policy benefits, after reinsurance recoverable	$	849	$	6,872	$	4,277	$	448	$	12,446


Weighted average duration (years)	10.5		25.8		10.4		15.0		19.4


Present Value of Expected Net Premiums	For the Year Ended December 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	422	$	1,343	$	2,520	$	30	$	4,315
Beginning balance at original discount rate	397		1,245		2,323		28		3,993
Effect of changes in cash flow assumptions	35		3		(25)		—		13
Effect of actual variances from expected experience	(35)		69		(129)		—		(95)
Adjusted beginning of period balance	397		1,317		2,169		28		3,911
Acquisition of Cigna	1,361		1,082		9,105		23		11,571
Issuances	169		230		639		6		1,044
Interest accrual	71		55		309		1		436
Net premiums collected (1)	(185)		(273)		(859)		(15)		(1,332)
Other (including foreign exchange)	54		(50)		(105)		—		(101)
Ending balance at original discount rate	1,867		2,361		11,258		43		15,529
Effect of changes in discount rate assumptions	(61)		(53)		(547)		(1)		(662)
Balance – end of period	$	1,806	$	2,308	$	10,711	$	42	14,867

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	For the Year Ended December 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	832	$	4,493	$	4,935	$	127	$	10,387
Beginning balance at original discount rate	775		3,540		4,585		119		9,019
Effect of changes in cash flow assumptions	34		5		(37)		15		17
Effect of actual variances from expected experience	(36)		72		(138)		—		(102)
Adjusted beginning of period balance	773		3,617		4,410		134		8,934
Acquisition of Cigna	1,593		2,278		11,441		135		15,447
Issuances	169		230		639		6		1,044
Interest accrual	83		176		401		4		664
Benefits payments	(176)		(248)		(855)		(6)		(1,285)
Other (including foreign exchange)	5		(179)		(181)		7		(348)
Ending balance at original discount rate	2,447		5,874		15,855		280		24,456
Effect of changes in discount rate assumptions	(126)		(178)		(817)		(11)		(1,132)
Balance – end of period	$	2,321	$	5,696	$	15,038	$	269	$	23,324


Liability for Future Policy Benefits, Life Insurance Segment	December 31, 2022
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	515	$	3,388	$	4,327	$	227	$	8,457
Deferred profit liability	201		531		126		11		869
Net liability for future policy benefits, before reinsurance recoverable	716		3,919		4,453		238		9,326
Less: Reinsurance recoverable on future policy benefits	93		49		109		—		251
Net liability for future policy benefits, after reinsurance recoverable	$	623	$	3,870	$	4,344	$	238	$	9,075


Weighted average duration (years)	9.2		25.1		10.7		14.0		17.5


Present Value of Expected Net Premiums	For the Year Ended December 31, 2021
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	371	$	1,395	$	2,782	$	35	$	4,583
Beginning balance at original discount rate	322		1,201		2,398		32		3,953
Effect of changes in cash flow assumptions	(4)		(24)		(4)		(1)		(33)
Effect of actual variances from expected experience	(82)		2		(89)		—		(169)
Adjusted beginning of period balance	236		1,179		2,305		31		3,751
Issuances	183		229		135		6		553
Interest accrual	97		51		164		—		312
Net premiums collected (1)	(107)		(161)		(270)		(5)		(543)
Other (including foreign exchange)	(12)		(53)		(11)		(4)		(80)
Ending balance at original discount rate	397		1,245		2,323		28		3,993
Effect of changes in discount rate assumptions	25		98		197		2		322
Balance – end of period	$	422	$	1,343	$	2,520	$	30	4,315

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	For the Year Ended December 31, 2021
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	739	$	4,886	$	5,351	$	124	$	11,100
Beginning balance at original discount rate	630		3,503		4,668		104		8,905
Effect of changes in cash flow assumptions	(7)		(24)		(4)		(1)		(36)
Effect of actual variances from expected experience	(73)		(2)		(90)		(1)		(166)
Adjusted beginning of period balance	550		3,477		4,574		102		8,703
Issuances	183		229		135		6		553
Interest accrual	105		152		221		2		480
Benefits payments	(102)		(174)		(337)		—		(613)
Other (including foreign exchange)	39		(144)		(8)		9		(104)
Ending balance at original discount rate	775		3,540		4,585		119		9,019
Effect of changes in discount rate assumptions	57		953		350		8		1,368
Balance – end of period	$	832	$	4,493	$	4,935	$	127	$	10,387


Liability for Future Policy Benefits, Life Insurance Segment	December 31, 2021
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	410	$	3,150	$	2,415	$	97	$	6,072
Deferred profit liability	128		387		94		4		613
Net liability for future policy benefits, before reinsurance recoverable	538		3,537		2,509		101		6,685
Less: Reinsurance recoverable on future policy benefits	119		51		40		—		210
Net liability for future policy benefits, after reinsurance recoverable	$	419	$	3,486	$	2,469	$	101	$	6,475


Weighted average duration (years)	10.6		21.5		10.5		26.3		17.1

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.


	December 31		December 31		December 31
(in millions of U.S. dollars)	2023		2022		2021
Net liability for future policy benefits, Life Insurance segment	$	11,426	$	8,457	$	6,072
Other (1)	1,209		1,150		1,152
Deferred profit liability	1,253		869		613
Liability for future policy benefits, per consolidated balance sheet	13,888		10,476		7,837

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:


	December 31		December 31		December 31
(in millions of U.S. dollars)	2023		2022		2021

Term Life
Undiscounted expected future benefit payments	$	4,073	$	3,914	$	1,163
Undiscounted expected future gross premiums	7,075		6,823		1,334
Discounted expected future benefit payments	2,254		2,321		832
Discounted expected future gross premiums	4,703		4,555		1,041
Whole Life
Undiscounted expected future benefit payments	23,990		16,224		9,898
Undiscounted expected future gross premiums	9,469		6,912		3,583
Discounted expected future benefit payments	10,063		5,696		4,493
Discounted expected future gross premiums	7,658		5,398		2,656
A&H
Undiscounted expected future benefit payments	25,118		25,617		6,271
Undiscounted expected future gross premiums	36,869		37,765		9,029
Discounted expected future benefit payments	14,650		15,038		4,935
Discounted expected future gross premiums	22,150		22,111		6,457
Other
Undiscounted expected future benefit payments	862		407		114
Undiscounted expected future gross premiums	115		115		45
Discounted expected future benefit payments	495		269		127
Discounted expected future gross premiums	$	103	$	100	$	38

The following table presents the amount of revenue and interest recognized in the Consolidated statement of operations for the Life Insurance segment:


	Gross Premiums or Assessments						Interest Accretion
	For the Years Ended						For the Years Ended
	December 31						December 31
(in millions of U.S. dollars)	2023		2022		2021		2023		2022		2021
Life Insurance
Term Life	$	641	$	472	$	375	$	19	$	12	$	8
Whole Life	1,259		651		390		165		121		101
A&H	2,918		1,875		1,068		141		92		57
Other	28		17		10		7		3		2


Total	$	4,846	$	3,015	$	1,843	$	332	$	228	$	168

The following table presents the weighted-average interest rates for the Life Insurance segment:


	Interest Accretion Rate							Current Discount Rate
	December 31							December 31
	2023		2022		2022	2021		2023		2022		2021
Life Insurance
Term Life	2.8	%	2.5	%		2.4	%	5.2	%	5.6	%	2.4	%
Whole Life	3.2	%	3.9	%		4.3	%	4.6	%	5.4	%	4.2	%
A&H	3.7	%	3.6	%		4.0	%	6.2	%	6.3	%	3.5	%
Other	2.6	%	3.7	%		3.4	%	4.1	%	5.6	%	2.7	%

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:


	For the Year Ended December 31, 2023
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,199	$	—	$	1,374	$	2,573
Consolidation of Huatai Group	602		2,325		1,087		4,014

Premiums received	268		133		231		632
Policy charges (1)	(132)		—		(10)		(142)
Surrenders and withdrawals	(115)		(19)		(192)		(326)
Benefit payments (4)	(12)		(58)		(62)		(132)

Interest credited	43		31		39		113
Other (including foreign exchange)	23		(1)		35		57
Balance – end of period	$	1,876	$	2,411	$	2,502	$	6,789
Unearned revenue liability							673
Policyholders' account liability, per consolidated balance sheet							$	7,462

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Other primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.


	For the Year Ended December 31, 2022
(in millions of U.S. dollars)	Universal Life		Other (2)		Total
Balance – beginning of period	$	875	$	1,388	$	2,263
Acquisition of Cigna	348		7		355

Premiums received	232		101		333
Policy charges (1)	(136)		(15)		(151)
Surrenders and withdrawals	(50)		(84)		(134)
Benefit payments (3)	(6)		(27)		(33)

Interest credited	27		20		47
Other (including foreign exchange)	(91)		(16)		(107)
Balance – end of period	$	1,199	$	1,374	$	2,573
Unearned revenue liability					567
Policyholders' account liability, per consolidated balance sheet					$	3,140

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Other primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(3)Includes benefit payments upon maturity as well as death benefits.


	For the Year Ended December 31, 2021
(in millions of U.S. dollars)	Universal Life		Other (2)		Total
Balance – beginning of period	$	813	$	1,352	$	2,165

Premiums received	228		120		348
Policy charges (1)	(138)		(18)		(156)
Surrenders and withdrawals	(51)		(66)		(117)
Benefit payments (3)	(17)		(26)		(43)

Interest credited	27		22		49
Other (including foreign exchange)	13		4		17
Balance – end of period	$	875	$	1,388	$	2,263
Unearned revenue liability					503
Policyholders' account liability, per consolidated balance sheet					$	2,766

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Other primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(3)Includes benefit payments upon maturity as well as death benefits.



	December 31
	2023									2022						2021
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.0		%	2.6		%	1.9		%	2.5		%	1.7		%	3.4		%	1.9		%
Net amount at risk (1)	$	11,828		$	—		$	559		$	11,472		$	182		$	10,749		$	180
Cash Surrender Value	$	1,628		$	1,526		$	2,192		$	1,001		$	1,257		$	680		$	1,247

(1)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life


	December 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	475	$	—	$	29	$	36	$	540
2.01% – 4.00%	82		319		894		19		1,314
Greater than 4.00%	22		—		—		—		22
Total	$	579	$	319	$	923	$	55	$	1,876


	December 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	451	$	—	$	37	$	5	$	493
2.01% – 4.00%	77		343		261		—		681
Greater than 4.00%	25		—		—		—		25
Total	$	553	$	343	$	298	$	5	$	1,199


	December 31, 2021
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	166	$	—	$	42	$	4	$	212
2.01% – 4.00%	66		386		175		—		627
Greater than 4.00%	36		—		—		—		36
Total	$	268	$	386	$	217	$	4	$	875

Annuities


	December 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	723	$	—	$	1,579	$	—	$	2,302
2.01% – 4.00%	109		—		—		—		109

Total	$	832	$	—	$	1,579	$	—	$	2,411

Other policyholders' account balances


	December 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	782	$	—	$	228	$	546	$	1,556
2.01% – 4.00%	373		540		28		—		941
Greater than 4.00%	5		—		—		—		5
Total	$	1,160	$	540	$	256	$	546	$	2,502


	December 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	534	$	—	$	217	$	196	$	947
2.01% – 4.00%	382		41		—		—		423
Greater than 4.00%	4		—		—		—		4
Total	$	920	$	41	$	217	$	196	$	1,374


	December 31, 2021
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	525	$	—	$	234	$	220	$	979
2.01% – 4.00%	171		201		32		—		404
Greater than 4.00%	5		—		—		—		5
Total	$	701	$	201	$	266	$	220	$	1,388

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:


	December 31
(in millions of U.S. dollars)	2023		2022		2021
Cash and cash equivalents	$	65	$	141	$	165

Mutual funds	5,417		4,960		5,296

Fixed maturities	91		89		99

Total	$	5,573	$	5,190	$	5,560

The following table presents a roll-forward of separate account liabilities:


	For the Years Ended
	December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance – beginning of period	$	5,190	$	5,560	$	4,488
Acquisition of Cigna	—		301		—
Premiums and deposits	995		1,453		2,086
Policy charges	(138)		(127)		(128)
Surrenders and withdrawals	(601)		(503)		(720)
Benefit payments	(381)		(381)		(318)
Investment performance	611		(848)		312

Other (including foreign exchange)	(103)		(265)		(160)
Balance – end of period	$	5,573	$	5,190	$	5,560
Cash surrender value (1)	$	5,398	$	4,989	$	5,309

(1) Cash surrender value represents the amount of the contract holder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	For the Years Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance – beginning of period	$	567	$	503	$	393
Deferred revenue	134		142		144
Amortization	(67)		(50)		(38)

Other (including foreign exchange)	39		(28)		4
Balance – end of period	$	673	$	567	$	503

Market risk benefits

12 Months Ended

Dec. 31, 2023

Market Risk Benefit [Abstract]

Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:


	For the Years Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance – beginning of period	$	800	$	812	$	1,163
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	776		755		1,079



Interest rate changes	26		(568)		(157)
Effect of changes in equity markets	(195)		513		(223)
Effect of changes in volatilities	20		27		(65)
Actual policyholder behavior different from expected behavior	18		(13)		42
Effect of changes in future expected policyholder behavior	89		40		24

Effect of timing and all other	15		22		55
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	749	$	776	$	755
Effect of changes in the instrument-specific credit risk	22		24		57
Balance – end of period	$	771	$	800	$	812
Weighted-average age of policyholders (years)	74		73		72
Net amount at risk (1)	$	1,872	$	2,508	$	1,759

(1)The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB gains (losses) of $(334) million, $106 million, and $(232) million for the years ended December 31, 2023, 2022, and 2021, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

In the third quarter of 2023, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business.

•As annuitization and partial withdrawal experience continued to emerge, we refined our assumptions for an additional year of data. The annuitization assumption updates included treaty-based and age-based behavior, as well as a refresh of our annuitization rates which depend on the value of the guarantees. These refinements resulted in a net increase of approximately $92 million to the MRB fair value, recognized as a Market risk benefits loss.

•We also refined our lapse and mortality assumptions based on additional emerging experience. The changes had an insignificant impact on the MRB fair value.

For MRB, Chubb estimates fair value using an internal valuation model which includes 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. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

December 31, 2023

December 31, 2022

December 31, 2021

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 30.0%

4.0

%

0.5% – 30.4%

3.5

%

0.5% – 31.5%

4.8

%

Annuitization rate

0% – 100%

4.5

%

0% – 100%

4.4

%

0% – 100%

3.6

%

(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB 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. In general, the base lapse function assumes low lapse rates during the surrender charge period, followed by a "spike" lapse rate in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate, typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. All GLB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GLB annuitization rates will be higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GLB annuitization rates increase as policyholders get older. In addition, it is also assumed that GLB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GLB) in comparison to all subsequent years. Chubb does not yet have fully credible annuitization experience for all clients.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities.

Taxation

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxation

Under Swiss law through December 31, 2023, a resident company is subject to income tax at the federal, cantonal, and communal levels that is levied on net worldwide income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Furthermore, participation relief (i.e., tax relief) is granted to Chubb Limited at the federal, cantonal, and communal level for qualifying dividend income. Chubb Limited is subject to an annual cantonal and communal capital tax on the taxable equity of Chubb Limited in Switzerland.

Chubb has two Swiss operating subsidiaries, an insurance company, Chubb Insurance (Switzerland) Limited and a reinsurance company, Chubb Reinsurance (Switzerland) Limited. Both are subject to federal, cantonal, and communal income tax and to annual cantonal and communal capital tax.

Under Bermuda law, Chubb Limited and its Bermuda subsidiaries are not required to pay any taxes on income or capital gains. However, on December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act of 2023 which established a 15 percent income tax on net taxable income of Bermuda entities effective January 1, 2025. Chubb's Bermuda subsidiaries will pay taxes on their income beginning in 2025.

Income from Chubb's operations at Lloyd's is subject to United Kingdom (U.K.) corporation income taxes. Lloyd's is required to pay U.S. income tax on U.S. connected income written by Lloyd's syndicates. Lloyd's has a closing agreement with the Internal Revenue Service (IRS) whereby the amount of tax due on this business is calculated by Lloyd's and remitted directly to the IRS. These amounts are then charged to the accounts of Chubb's Corporate Members in proportion to their participation in the relevant syndicates. Chubb's Corporate Members are subject to this arrangement but, as U.K. domiciled companies, will receive

U.K. corporation tax credits for any U.S. income tax incurred up to the value of the equivalent U.K. corporation income tax charge on this income.

Chubb Group Holdings and its respective subsidiaries are subject to income taxes imposed by U.S. authorities and file a consolidated U.S. Federal income tax return. Should Chubb Group Holdings pay a dividend to Chubb Limited, withholding taxes would apply. Currently, however, no withholding taxes are accrued with respect to such un-remitted earnings as management has no intention of remitting these earnings. Similarly, no taxes have been provided on the un-remitted earnings of certain foreign subsidiaries (Chubb Life Insurance Hong Kong and Chubb Life Insurance Korea Company Ltd.) as management has no intention of remitting these earnings. Finally, we have made a partial reinvestment assertion on historical earnings for LINA Life Insurance Company of Korea and Huatai Insurance Group Co., Ltd. The cumulative amount that would be subject to withholding tax, if distributed, as well as the determination of the associated tax liability are not practicable to compute; however, such amount would be material.

Certain international operations of Chubb are also subject to income taxes imposed by the jurisdictions in which they operate. Chubb's domestic operations are in Switzerland, the jurisdiction where we are legally organized, incorporated, and registered.

The following table presents pre-tax income and the related provision for income taxes:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Pre-tax income:
Switzerland	$	44	$	234	$	349
Outside Switzerland	9,482		6,251		9,445
Total pre-tax income	$	9,526	$	6,485	$	9,794
Provision for income taxes
Current tax expense:
Switzerland	$	25	$	15	$	65
Outside Switzerland	1,570		1,066		1,294
Total current tax expense	1,595		1,081		1,359
Deferred tax expense (benefit):
Switzerland	(63)		34		(15)
Outside Switzerland	(1,021)		124		(75)
Total deferred tax expense (benefit)	(1,084)		158		(90)
Provision for income taxes	$	511	$	1,239	$	1,269

The most significant jurisdictions contributing to the overall taxation of Chubb are calculated using the following rates in 2023: Switzerland 19.7 percent, U.S. 21.0 percent, U.K. 23.5 percent, and Bermuda 0.0 percent.

The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Expected tax provision at Swiss statutory tax rate	$	1,872	$	1,274	$	1,929
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate	(389)		(243)		(743)
Bermuda tax law enactment	(1,135)		—		—
Net withholding taxes	15		75		78
Other	148		133		5
Provision for income taxes	$	511	$	1,239	$	1,269

The following table presents the components of net deferred tax assets and liabilities:


	December 31
(in millions of U.S. dollars)	2023		2022
Deferred tax assets:
Loss reserve discount	$	1,643	$	1,048
Unearned premiums reserve	678		424
Foreign tax credits	19		76

Loss carry-forwards	149		104



Investments	—		62
Unrealized depreciation on investments	662		1,387

Depreciation	37		126
Other	147		85
Total deferred tax assets	3,335		3,312
Valuation allowance	716		916
Deferred tax assets, net of valuation allowance	2,619		2,396
Deferred tax liabilities:
Deferred policy acquisition costs	675		311
Other intangible assets, including VOBA	1,444		2,213
Un-remitted foreign earnings	176		249
Investments	138		—




Total deferred tax liabilities	2,433		2,773

Net deferred tax assets (liabilities)	$	186	$	(377)

The valuation allowance of $716 million and $916 million at December 31, 2023 and 2022, respectively, reflects management's assessment, based on available information, that it is more likely than not that a portion of the deferred tax assets will not be realized due to the inability of certain subsidiaries to generate sufficient taxable income. Adjustments to the valuation allowance are made when there is a change in management's assessment of the amount of deferred tax assets that are realizable.

For the year ended December 31, 2023, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $441 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize these losses, we considered realized gains, carryback capacity and available tax planning strategies.

At December 31, 2023, Chubb has net operating loss carry-forwards of $497 million which, if unused, will expire starting in 2024, and a U.S. life capital loss carry-forward of $25 million which, if unused, will expire starting in 2028.

The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Balance, beginning of year	$	67	$	64

Additions based on tax positions related to prior years	9		4

Reductions for settlements with taxing authorities	(3)		(1)

Balance, end of year	$	73	$	67

At December 31, 2023 and 2022, the gross unrecognized tax benefits of $73 million and $67 million, respectively, can be reduced by $19 million and $21 million, respectively, associated with foreign tax credits. The net amounts of $54 million and $46 million at December 31, 2023 and 2022, respectively, if recognized, would favorably affect the effective tax rate. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change further resulting

from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations.

Chubb recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in Income tax expense in the Consolidated statements of operations. Tax-related interest expense and penalties reported in the Consolidated statements of operations were $7 million, $4 million, and $1 million at December 31, 2023, 2022, and 2021, respectively. Liabilities for tax-related interest and penalties in our Consolidated balance sheets were $25 million and $18 million at December 31, 2023 and 2022, respectively.

In March 2017, the IRS commenced its field examination of Chubb Group Holdings’ U.S. Federal income tax returns for 2014 and 2015 which is still ongoing. In July 2020, the IRS commenced its field examination of Chubb Group Holdings' U.S. Federal income tax returns for 2016, 2017 and 2018 which is also still ongoing. No material adjustments have been proposed by the IRS for any year under examination. As a multinational company, we also have examinations under way in non-US jurisdictions. With few exceptions, Chubb is no longer subject to income tax examinations for years prior to 2012.

The following table summarizes tax years open for examination by major income tax jurisdiction:


At December 31, 2023
Australia	2017	-	2023
Brazil	2017	-	2023
Canada	2012	-	2023
China	2020	-	2023
France	2021	-	2023
Germany	2016	-	2023
Italy	2019	-	2023
Korea	2018	-	2023
Mexico	2016	-	2023
Spain	2012	-	2023
Switzerland	2019	-	2023
United Kingdom	2015	-	2023
United States	2014	-	2023

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt


	December 31		December 31
(in millions of U.S. dollars)	2023		2022		Early Redemption Option
Repurchase agreements
Repurchase agreements (weighted average interest rate of 5.4% in 2023 and 3.9% in 2022)	$	1,824	$	1,419	None
Repurchase agreements – VIEs (1) (weighted average interest rate of 4.9% in 2023)	1,009		—		None
Total repurchase agreements	$	2,833	$	1,419
Short-term debt
Chubb INA:
$475 million 2.7% senior notes due March 2023	$	—	$	475	Make-whole premium plus 10 bps
$700 million 3.35% senior notes due May 2024	700		—		Make-whole premium plus 15 bps
€700 million 0.3% senior notes due December 2024	760		—		Make-whole premium plus 15 bps
Total short-term debt	$	1,460	$	475
Long-term debt
Chubb INA:
$700 million 3.35% senior notes due May 2024	$	—	$	699	Make-whole premium plus 15 bps
€700 million 0.3% senior notes due December 2024	—		742		Make-whole premium plus 15 bps
$800 million 3.15% senior notes due March 2025	799		798		Make-whole premium plus 15 bps
$1,500 million 3.35% senior notes due May 2026	1,497		1,496		Make-whole premium plus 20 bps
€575 million 0.875% senior notes due June 2027	623		609		Make-whole premium plus 20 bps
€900 million 1.55% senior notes due March 2028	974		952		Make-whole premium plus 15 bps
$100 million 8.875% debentures due August 2029	100		100		None
€700 million 0.875% senior notes due December 2029	758		740		Make-whole premium plus 20 bps
$1,000 million 1.375% senior notes due September 2030	994		993		Make-whole premium plus 15 bps
€575 million 1.4% senior notes due June 2031	621		606		Make-whole premium plus 25 bps
$200 million 6.8% debentures due November 2031	230		234		Make-whole premium plus 25 bps
$300 million 6.7% senior notes due May 2036	298		298		Make-whole premium plus 20 bps
$800 million 6.0% senior notes due May 2037	918		927		Make-whole premium plus 20 bps
€900 million 2.5% senior notes due March 2038	971		949		Make-whole premium plus 25 bps
$600 million 6.5% senior notes due May 2038	718		726		Make-whole premium plus 30 bps
$475 million 4.15% senior notes due March 2043	471		471		Make-whole premium plus 15 bps
$1,500 million 4.35% senior notes due November 2045	1,486		1,485		Make-whole premium plus 25 bps
$600 million 2.85% senior notes due December 2051	593		593		Make-whole premium plus 15 bps
$1,000 million 3.05% senior notes due December 2061	984		984		Make-whole premium plus 20 bps
Total long-term debt	$	13,035	$	14,402
Trust preferred securities
Chubb INA capital securities due April 2030	$	308	$	308	Redemption prices (2)

(1)Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.

(2)Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030

a) Repurchase agreements

Chubb has executed repurchase agreements with certain counterparties under which Chubb agreed to sell securities and repurchase them at a future date for a predetermined price.

On July 1, 2023, Chubb assumed approximately $1.3 billion of repurchase agreements from Huatai Group upon obtaining a controlling interest and applying consolidation accounting. Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, consolidated investment products that are considered VIEs. Under the consolidation of VIEs, the underlying assets and liabilities of these sponsored investment products are recorded at 100 percent within the Consolidated balance sheets, with the relevant amounts attributable to investors other than Chubb reflected as Noncontrolling interests. At December 31, 2023, approximately $1.0 billion of repurchase agreements were from VIEs. Refer to Note 1 g) to the Consolidated Financial Statements for additional information.

b) Short-term debt

Short-term debt comprises the current maturities of our long-term debt instruments described below. These short-term debt instruments were reclassified from long-term debt and are reflected in the table above.

c) Long-term debt

With the exception of the $100 million of 8.875 percent debentures due August 2029, which do not have an early redemption option, the senior notes in the table above are redeemable at any time at Chubb INA's option subject to a “make-whole” premium plus additional basis points as defined in the table above. A "make-whole" premium is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. These debt securities are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.

The senior notes and debentures do not have the benefit of any sinking fund, are guaranteed on a senior basis by Chubb Limited, and rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

d) Trust preferred securities

In March 2000, ACE Capital Trust II, a Delaware statutory business trust, publicly issued $300 million of 9.7 percent Capital Securities (the Capital Securities) due to mature in April 2030. At the same time, Chubb INA purchased $9.2 million of common securities of ACE Capital Trust II. The sole assets of ACE Capital Trust II consist of $309 million principal amount of 9.7 percent Junior Subordinated Deferrable Interest Debentures (the Subordinated Debentures) issued by Chubb INA due to mature in April 2030.

Distributions on the Capital Securities are payable semi-annually and may be deferred for up to ten consecutive semi-annual periods (but no later than April 1, 2030). Any deferred payments would accrue interest compounded semi-annually if Chubb INA defers interest on the Subordinated Debentures. Interest on the Subordinated Debentures is payable semi-annually. Chubb INA may defer such interest payments (but no later than April 1, 2030), with such deferred payments accruing interest compounded semi-annually. The Capital Securities and the ACE Capital Trust II Common Securities will be redeemed upon repayment of the Subordinated Debentures.

Chubb Limited has guaranteed, on a subordinated basis, Chubb INA's obligations under the Subordinated Debentures, and distributions and other payments due on the Capital Securities. These guarantees, when taken together with Chubb's obligations under expense agreements entered into with ACE Capital Trust II, provide a full and unconditional guarantee of amounts due on the Capital Securities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments, contingencies, and guarantees

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments, contingencies, and guarantees

a) Derivative instruments

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

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.

The following table presents the balance sheet location, fair value of derivative instruments in an asset or (liability) position, and notional value/payment provision of our derivative instruments:


		December 31, 2023							December 31, 2022
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision			Fair Value					Notional Value/ Payment Provision
		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
(in millions of U.S. dollars)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	27	$	(94)	$	3,662		$	64		$	(115)	$	4,134



Options/Futures contracts on notes and bonds	OA / (AP)	27		(42)		2,062			18			(24)		1,511

Convertible securities (1)	FM AFS / ES	56		—		64			30			—		37

		$	110	$	(136)	$	5,788		$	112		$	(139)	$	5,682
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(37)	$	1,157		$	33		$	—	$	939


Other	OA / (AP)	—		(5)		217			—			—		—
		$	—	$	(42)	$	1,374		$	33		$	—	$	939
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	126	$	—	$	1,631		$	17		$	—	$	1,595
Cross-currency swaps - net investment hedges	OA / (AP)	10		(128)		1,619			—			(53)		1,604
		$	136	$	(128)	$	3,250		$	17		$	(53)	$	3,199

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At December 31, 2023 and 2022, net derivative liabilities of $115 million and $60 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge for foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Cross-currency swaps - fair value hedges

In September 2022, Chubb entered into certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.5 billion, or approximately $1.6 billion at December 31, 2023, of our euro denominated debt by converting cash flows back into the U.S. dollar.

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows:


	Year Ended December 31
(pre-tax, in millions of U.S. dollars)	2023		2022
Gain recognized in OCI	$	101	$	17
Net realized gain reclassified from OCI	50		105
Interest expense reclassified from OCI	(16)		(5)
OCI gain (loss) after reclassifications	$	67	$	(83)

(ii) Cross-currency swaps - net investment hedges

In September 2022, Chubb entered into certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, and Swiss franc. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity. The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion is reclassified to Interest expense as follows:


	Year Ended December 31
(pre-tax, in millions of U.S. dollars)	2023		2022
Loss recognized in OCI	$	(58)	$	(53)
Interest income reclassified from OCI	13		4
OCI loss after reclassifications	$	(71)	$	(57)

c) Derivative instruments not designated as hedges

Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(50)	$	(339)	$	(62)

All other futures contracts, options, and equities	(2)		297		(10)
Convertible securities (1)	(1)		(1)		—
Total investment and embedded derivative instruments	$	(53)	$	(43)	$	(72)
Other derivative instruments:
Futures contracts on equities (2)	(189)		187		(202)

Other	(10)		(11)		(8)
Total other derivative instruments	$	(199)	$	176	$	(210)
	$	(252)	$	133	$	(282)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

Options

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

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

Other

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

(iii) Convertible security investments

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

(iv) TBA

By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) Futures contracts on equities

Under the MRB 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. We may recognize a loss for 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). 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 MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

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

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


	Remaining contractual maturity
	December 31, 2023		December 31, 2022
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	555	$	820
U.S. Treasury / Agency	33		72
Non-U.S.	621		604
Corporate and asset-backed securities	57		27

Municipal	6		—
Equity securities	27		—

	$	1,299	$	1,523
Gross amount of recognized liability for securities lending payable	$	1,299	$	1,523

At December 31, 2023 and 2022, our repurchase agreement obligations of $2,833 million and $1,419 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 or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:


			Remaining contractual maturity
	December 31, 2023								December 31, 2022
	Up to 30 Days		30-90 Days		Greater than 90 Days				Up to 30 Days		30-90 Days		Total
(in millions of U.S. dollars)							Total
Collateral pledged under repurchase agreements:
Cash	$	—	$	33	$	1	$	34	$	12	$	—	$	12
Non-U.S.	1,355		—		—		1,355		—		—		—
U.S. Treasury / Agency	—		105		—		105		—		101		101

Mortgage-backed securities	—		913		517		1,430		921		493		1,414


	$	1,355	$	1,051	$	518	$	2,924	$	933	$	594	$	1,527
Gross amount of recognized liabilities for repurchase agreements							$	2,833					$	1,419
Difference (1)							$	91					$	108

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

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

e) Concentrations of credit risk

Our investment portfolio is managed following prudent standards of diversification. Specific provisions limit the allowable holdings of a single issue and issuer. We believe that there are no significant concentrations of credit risk associated with our investments. Our three largest corporate exposures by issuer at December 31, 2023, were Bank of America Corp, Morgan Stanley, and JPMorgan Chase & Co. Our largest exposure by industry at December 31, 2023, was financial services.

We market our insurance and reinsurance worldwide primarily through insurance and reinsurance brokers. We assume a degree of credit risk associated with brokers with whom we transact business. Marsh & McLennan Companies, Inc. generated or placed approximately 11 percent, 11 percent, and 12 percent of our gross premiums written for the years ended December 31, 2023, 2022, and 2021, respectively. This entity is a large, well-established company, and there are no indications that it is financially troubled at December 31, 2023. No other broker or one insured accounted for more than 10 percent of our gross premiums written for these years.

f) Fixed maturities

At December 31, 2023 and 2022, commitments to purchase fixed income securities over the next several years were approximately $1.0 billion and $770 million, respectively.

g) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of 13.9 billion at December 31, 2023. In connection with these investments, we have commitments that may require funding of up to $6.2 billion over the next several years. At December 31, 2022, these investments had a carrying value of $12.0 billion with commitments that could have required funding of up to $7.4 billion.

h) Letters of credit

We have access to capital markets and to credit facilities with letter of credit capacity of $4.0 billion, $3.0 billion of which can be used for revolving credit. Our existing credit facilities have remaining terms expiring through October 2027. Our LOC usage was $948 million and $1.4 billion at December 31, 2023 and 2022, respectively.

i) Legal proceedings

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

j) Lease commitments

At December 31, 2023 and 2022, the right-of-use asset was $784 million and $607 million, respectively, recorded within Other assets, and the lease liability was $832 million and $633 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates. As of December 31, 2023, the weighted average remaining lease term and weighted average discount rate for the operating leases was 11.8 years and 4.6 percent, respectively. Rent expense was $181 million, $161 million, and $149 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Future minimum lease payments under the operating leases are expected to be as follows:


For the years ending December 31
(in millions of U.S. dollars)
Undiscounted cash flows:
2024	$	166
2025	141
2026	117
2027	88
2028	65
Thereafter	618
Total undiscounted lease payments	$	1,195
Less: Present value adjustment	363
Net lease liabilities reported as of December 31, 2023	$	832

As of December 31, 2023, we entered into a separate lease for office space that is not yet recorded on our Consolidated balance sheet and is not included in the total obligations referenced above. The lease is expected to commence in December 2024 with an initial term of approximately 23 years. Total cash requirements are estimated at approximately $621 million over the term of the lease.

Shareholders' equity note

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

a) Common Shares

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, we are generally prohibited from issuing Common Shares below their par value. If there were a need to raise common equity at a time when the trading price of Chubb's Common Shares is below par value, we would need in advance to obtain shareholder approval to decrease the par value of the Common Shares. At our May 2023 annual general meeting, our shareholders approved the reduction of share capital by reducing par value from CHF 24.15 per share to CHF 0.50 per share and thereby increasing capital contribution reserves.

Dividend approval

At our May 2023 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.44 per share, expected to be paid in four quarterly installments of $0.86 per share after the annual general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of the 2024 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.86 per share, have been distributed by the Board as expected.

At our May 2022 and 2021 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.32 per share and $3.20 per share, respectively, which were paid in four quarterly installments of $0.83 per share and $0.80 per share, respectively, at dates determined by the Board after the annual general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions

Under Swiss corporate law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. We issue dividends without subjecting them to withholding tax by way of distributions from capital contribution reserves and payment out of free reserves.

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


	Year Ended December 31
		2023			2022			2021
	CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	3.05	$	3.41	3.11	$	3.29	2.88	$	3.18

b) Shares issued, outstanding, authorized, and conditional


	Year Ended December 31
	2023	2022	2021
Common Shares authorized and issued, beginning of year	446,376,614	474,021,114	477,605,264
Cancellation of treasury shares	(14,925,028)	(27,644,500)	(3,584,150)
Common Shares authorized and issued, end of year	431,451,586	446,376,614	474,021,114
Common Shares in treasury, beginning of year (at cost)	(31,781,758)	(47,448,502)	(26,872,639)
Net shares issued under employee share-based compensation plans	2,500,381	2,947,272	3,484,487
Shares repurchased	(11,825,600)	(14,925,028)	(27,644,500)
Cancellation of treasury shares	14,925,028	27,644,500	3,584,150
Common Shares in treasury, end of year (at cost)	(26,181,949)	(31,781,758)	(47,448,502)
Common Shares outstanding, end of year	405,269,637	414,594,856	426,572,612

Increases in Common Shares in treasury are due to open market repurchases of Common Shares, the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock, and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2023 annual general

meeting, our shareholders approved the cancellation of 14,925,028 shares purchased under our share repurchase programs during 2022. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 22, 2023. At our May 2022 annual general meeting, our shareholders approved the cancellation of 13,179,100 shares purchased under our share repurchase program during the last six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2022. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. At our May 2021 annual general meeting, our shareholders approved the cancellation of 3,584,150 shares purchased under our share repurchase program during 2020. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2021.

Authorized share capital for general purposes under Swiss law

In accordance with Swiss law, the Board has shareholder-approved authority as set forth in the Articles of Association to increase Chubb's share capital from time to time until May 19, 2024, by the issuance for general purposes of up to 200,000,000 fully paid up Common Shares, with a par value equal to the par value of Chubb's Common Shares as set forth in the Articles of Association at the time of any such issuance. Any such increases would be subject to Swiss rules and procedure.

Conditional share capital for bonds and similar debt instruments

Chubb's share capital may be increased through the issuance of a maximum of 33,000,000 fully paid up Common Shares (with a par value of CHF 0.50 as of December 31, 2023) through the exercise of conversion and/or option or warrant rights granted in connection with bonds, notes, or similar instruments, issued or to be issued by Chubb, including convertible debt instruments.

Conditional share capital for employee benefit plans

Chubb's share capital may be increased through the issuance of a maximum of 25,410,929 fully paid up Common Shares (with a par value of CHF 0.50 as of December 31, 2023) in connection with the exercise of option rights granted to any employee of Chubb, director or other person providing services to Chubb.

c) Chubb Limited securities repurchases

From time to time, we repurchase shares as part of our capital management program and to partially offset potential dilution from the exercise of stock options and the granting of restricted stock under share-based compensation plans. The Board has authorized share repurchase programs as follows:

•$1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021;

•$1.0 billion increase to the November 2020 share repurchase program to a total of $2.5 billion in February 2021, effective through December 31, 2021;

•One-time incremental share repurchase program of $5.0 billion of Chubb Common Shares from July 19, 2021 through June 30, 2022;

•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023; and

•$5.0 billion of Chubb Common Shares effective July 1, 2023 with no expiration date.

Share repurchases may be in the open market, in privately negotiated transactions, block trades, accelerated repurchases and through option or other forward transactions. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Year Ended December 31						January 1, 2024 through
(in millions of U.S. dollars, except share data)	2023		2022		2021		February 22, 2024
Number of shares repurchased	11,825,600		14,925,028		27,644,500		269,450
Cost of shares repurchased	$	2,478	$	3,014	$	4,861	$	67

d) General restrictions

The holders of the Common Shares are entitled to receive dividends as approved by the shareholders. Holders of Common Shares are allowed one vote per share provided that, if the controlled shares of any shareholder constitute ten percent or more of the outstanding Common Shares of Chubb, only a fraction of the vote will be allowed so as not to exceed ten percent in

aggregate. Entry of acquirers of Common Shares as shareholders with voting rights in the share register may be refused if it would confer voting rights with respect to ten percent or more of the registered share capital recorded in the commercial register.

e) Accumulated other comprehensive income (loss)

The following table presents changes in accumulated other comprehensive income (loss):



			As Adjusted
	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of year, net of tax	$	(7,279)	$	2,256	$	4,673
Change in year, before reclassification from AOCI (before tax)	2,948		(11,627)		(2,935)
Amounts reclassified from AOCI (before tax)	500		1,049		(3)
Change in year, before tax	3,448		(10,578)		(2,938)
Income tax (expense) benefit	(328)		1,043		521
Total other comprehensive income (loss)	3,120		(9,535)		(2,417)
Noncontrolling interests, net of tax	18		—		—
Balance – end of year, net of tax	(4,177)		(7,279)		2,256
Current discount rate on liability for future policy benefits
Balance – beginning of year, net of tax	(75)		(1,399)		—
Cumulative effect of adoption of accounting guidance	—		—		(1,725)
Balance – beginning of year, net of tax, as adjusted	(75)		(1,399)		(1,725)
Change in year, before tax	84		1,480		387
Income tax (expense) benefit	16		(156)		(61)
Total other comprehensive income	100		1,324		326
Noncontrolling interests, net of tax	(26)		—		—
Balance – end of year, net of tax	51		(75)		(1,399)
Instrument-specific credit risk on market risk benefits
Balance – beginning of year, net of tax	(24)		(57)		—
Cumulative effect of adoption of accounting guidance	—		—		(84)
Balance – beginning of year, net of tax, as adjusted	(24)		(57)		(84)
Change in year, before and net of tax	2		33		27
Total other comprehensive income	2		33		27
Noncontrolling interests, net of tax	—		—		—
Balance – end of year, net of tax	(22)		(24)		(57)
Cumulative foreign currency translation adjustment
Balance – beginning of year, net of tax	(2,966)		(2,114)		(1,637)
Cumulative effect of adoption of accounting guidance	—		—		7
Balance – beginning of year, net of tax, as adjusted	(2,966)		(2,114)		(1,630)
Change in year, before reclassification from AOCI (before tax)	—		(907)		(505)
Amounts reclassified from AOCI (before tax)	(13)		(4)		—
Change in year, before tax	(13)		(911)		(505)
Income tax benefit	27		59		21



					As Adjusted
	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Accumulated other comprehensive income (loss) (AOCI) - continued
Total other comprehensive income (loss)	14		(852)		(484)
Noncontrolling interests, net of tax	(7)		—		—
Balance – end of year, net of tax	(2,945)		(2,966)		(2,114)
Fair value hedging instruments
Balance – beginning of year, net of tax	(66)		—		—
Change in year, before reclassification from AOCI (before tax)	101		17		—
Amounts reclassified from AOCI (before tax)	(34)		(100)		—
Change in year, before tax	67		(83)		—
Income tax (expense) benefit	(14)		17		—
Total other comprehensive income (loss)	53		(66)		—
Noncontrolling interests, net of tax	—		—		—
Balance – end of year, net of tax	(13)		(66)		—
Postretirement benefit liability adjustment
Balance – beginning of year, net of tax	225		240		(167)
Change in year, before tax	90		(17)		522
Income tax (expense) benefit	(18)		2		(115)
Total other comprehensive income (loss)	72		(15)		407
Noncontrolling interests, net of tax	—		—		—
Balance – end of year, net of tax	297		225		240
Accumulated other comprehensive loss	$	(6,809)	$	(10,185)	$	(1,074)

The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:


							Consolidated Statement of Operations Location
	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Fixed maturities available-for-sale	$	(500)	$	(1,049)	$	3	Net realized gains (losses)
Income tax benefit	62		170		6		Income tax expense
	$	(438)	$	(879)	$	9	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	13	$	4	$	—	Interest expense
Income tax expense	(3)		(1)		—		Income tax expense
	$	10	$	3	$	—	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	50	$	105	$	—	Net realized gains (losses)
Cross-currency swaps	(16)		(5)		—		Interest expense
Income tax expense	(7)		(21)		—		Income tax expense
	$	27	$	79	$	—	Net income
Total amounts reclassified from AOCI	$	(401)	$	(797)	$	9

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based compensation

Chubb has share-based compensation plans which currently provide the Board the ability to grant awards of stock options, restricted stock, and restricted stock units to its employees and members of the Board.

In May 2021, our shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP). Under the Amended 2016 LTIP, Common Shares of Chubb are authorized to be issued pursuant to awards, including stock options, stock appreciation rights, performance shares, performance units, restricted stock, and restricted stock units.

Chubb principally issues restricted stock grants and stock options on a graded vesting schedule, with equal percentages of the award subject to vesting over a number of years (typically three or four). Chubb recognizes compensation cost for vesting of restricted stock and stock option grants with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in-substance, multiple awards. We incorporate an estimate of future forfeitures in determining compensation cost for both grants of restricted stock and stock options.

In addition, Chubb grants performance-based restricted stock to certain executives that vest based on certain performance criteria as compared to a defined group of peer companies. Performance-based stock awards comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both Chubb tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to our peer group. Premium awards are subject to an additional vesting provision based on total shareholder return (TSR) compared to our peer group. Shares representing target awards and premium awards are issued when the awards are approved and are subject to forfeiture if applicable performance criteria are not met at the end of the 3-year performance period.

Under the Amended 2016 LTIP, 32,900,000 Common Shares are authorized to be issued (which includes all shares available for delivery since the establishment of the Chubb Limited 2016 Long-Term Incentive Plan in 2016). This is in addition to any shares subject to awards outstanding under the ACE Limited 2004 Long-Term Incentive Plan (2004 LTIP) immediately prior to the effective date of the Amended 2016 LTIP that are forfeited, expired or canceled after such effective date without delivery of shares (or which result in forfeiture of shares back to Chubb). At December 31, 2023, a total of 12,533,303 shares remain available for future issuance under the Amended 2016 LTIP, which includes shares forfeited, expired or canceled relating to grants under the 2004 LTIP.

Under the Employee Stock Purchase Plan (ESPP), 6,500,000 shares are authorized to be issued. At December 31, 2023, a total of 509,568 shares remain available for issuance under the ESPP.

Chubb generally issues Common Shares for the exercise of stock options, restricted stock, and purchases under the ESPP from Common Shares in treasury.

The following table presents pre-tax and after-tax share-based compensation expense:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Stock options and shares issued under ESPP:
Pre-tax	$	71	$	60	$	55
After-tax (1)	$	56	$	38	$	36
Restricted stock:
Pre-tax	$	253	$	230	$	210
After-tax (1)	$	202	$	179	$	164

(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million, $29 million, and $19 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Unrecognized compensation expense related to the unvested portion of Chubb's employee share-based awards of restricted stock, restricted stock units, and stock options was $350 million at December 31, 2023 and is expected to be recognized over a weighted-average period of approximately 1.5 years.

Stock options

Both incentive and non-qualified stock options are principally granted at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options vest in equal annual installments over the respective vesting period, which is also the requisite service period.

Chubb's 2023 share-based compensation expense includes a portion of the cost related to the 2020 through 2023 stock option grants. Stock option fair value was estimated on the grant date using the Black-Scholes option-pricing model that uses the weighted-average assumptions noted below:


	Year Ended December 31
	2023		2022		2021
Dividend yield	1.7	%	1.7	%	1.9	%
Expected volatility	23.0	%	20.1	%	26.0	%
Risk-free interest rate	4.1	%	1.9	%	1.0	%
Expected life	5.7 years		5.8 years		5.8 years

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time from grant to exercise date) is estimated using the historical exercise behavior of employees. The expected volatility is calculated as a blend of (a) historical volatility based on daily closing prices over a period equal to the expected life assumption and (b) implied volatility derived from Chubb's publicly traded options.

The following table presents a roll-forward of Chubb's stock options:


(Intrinsic Value in millions of U.S. dollars)	Number of Options	Weighted-Average Exercise Price		Weighted-Average Fair Value		Total Intrinsic Value
Options outstanding, December 31, 2020	11,478,183	$	125.09
Granted	1,805,234	$	164.89	$	33.05
Exercised	(2,284,795)	$	112.12			$	140
Forfeited and expired	(236,135)	$	150.16
Options outstanding, December 31, 2021	10,762,487	$	133.94
Granted	1,731,904	$	198.36	$	35.46
Exercised	(1,878,147)	$	117.83			$	163
Forfeited and expired	(205,966)	$	171.45
Options outstanding, December 31, 2022	10,410,278	$	146.81
Granted	1,540,002	$	208.60	$	51.32
Exercised	(1,249,350)	$	127.45			$	107
Forfeited and expired	(220,046)	$	191.57
Options outstanding, December 31, 2023	10,480,884	$	157.24			$	721
Options exercisable, December 31, 2023	7,497,652	$	141.08			$	637

The weighted-average remaining contractual term was 5.6 years for stock options outstanding and 4.4 years for stock options exercisable at December 31, 2023. Cash received from the exercise of stock options for the year ended December 31, 2023 was $158 million.

Restricted stock and restricted stock units

Grants of restricted stock and restricted stock units awarded under the Amended 2016 LTIP typically have a 4-year vesting period, subject to vesting as to one-quarter of the award each anniversary of grant. Restricted stock and restricted stock units are principally granted at market close price on the day of grant. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

Chubb also grants restricted stock awards to non-management directors which vest at the following year's annual general meeting.

Chubb's 2023 share-based compensation expense includes a portion of the cost related to the restricted stock granted in the years 2019 through 2023.

The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 12,994 restricted stock awards, 13,440 restricted stock awards, and 15,586 restricted stock awards that were granted to non-management directors during the years ended December 31, 2023, 2022, and 2021, respectively:


	Service-based Restricted Stock Awards and Restricted Stock Units			Performance-based Restricted Stock Awards and Restricted Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Shares	Weighted-Average Grant-Date Fair Value
Unvested restricted stock, December 31, 2020	3,263,295	$	142.32	572,318	$	142.38
Granted	1,288,042	$	165.32	294,315	$	164.75
Vested	(1,283,185)	$	140.62	(169,442)	$	143.07
Forfeited	(216,341)	$	150.19	—	$	—
Unvested restricted stock, December 31, 2021	3,051,811	$	152.19	697,191	$	151.74
Granted	1,193,016	$	199.18	296,944	$	199.09
Vested	(1,191,452)	$	148.18	(199,343)	$	133.90
Forfeited	(199,505)	$	168.12	—	$	—
Unvested restricted stock, December 31, 2022	2,853,870	$	172.39	794,792	$	173.83
Granted	1,166,706	$	208.07	407,825	$	208.60
Vested	(1,142,911)	$	161.88	(203,533)	$	150.11
Forfeited	(203,850)	$	186.58	—	$	—
Unvested restricted stock, December 31, 2023	2,673,815	$	191.35	999,084	$	192.85

Prior to 2009, legacy ACE granted restricted stock units with a 1-year vesting period to non-management directors. Delivery of Common Shares on account of these restricted stock units to non-management directors is deferred until after the date of the non-management directors' termination from the Board. Legacy Chubb Corp historically allowed directors and certain key employees of Chubb Corp and its subsidiaries to defer a portion of their compensation earned with respect to services performed in the form of deferred stock units. In addition, legacy Chubb Corp provided supplemental retirement benefits for certain employees through its Defined Contribution Excess Benefit Plan in the form of deferred shares of stock. The minimum vesting period under these legacy Chubb Corp deferred plans was 1-year and the maximum was 3-years. Employees and directors had the option to elect to receive their awards at a future specified date or upon their termination of service with Chubb. At December 31, 2023, there were 100,965 deferred restricted stock units.

ESPP

The ESPP gives participating employees the right to purchase Common Shares through payroll deductions during consecutive subscription periods at a purchase price of 85 percent of the fair value of a Common Share on the exercise date (Purchase Price). Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant's compensation or $25,000, whichever is less. The ESPP has two six-month subscription periods each year, the first of which runs between January 1 and June 30 and the second of which runs between July 1 and December 31. The amounts collected from participants during a subscription period are used on the exercise date to purchase full shares of Common Shares. An exercise date is generally the last trading day of a subscription period. The number of shares purchased is equal to the total amount, at the exercise date, collected from the participants through payroll deductions for that subscription period, divided by the Purchase Price, rounded down to the next full share. Participants may withdraw from an offering before the exercise date and obtain a refund of amounts withheld through payroll deductions. Pursuant to the provisions

of the ESPP, during the years ended December 31, 2023, 2022, and 2021, employees paid $54 million, $48 million, and $47 million to purchase 305,604 shares, 271,650 shares, and 315,405 shares, respectively.

Postretirement benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Postretirement benefits

Chubb provides postretirement benefits to eligible employees and their dependents through various defined contribution plans sponsored by Chubb. In addition, for certain employees, Chubb sponsors other postretirement benefit plans, and prior to 2020, Chubb sponsored defined benefit pension plans.

Defined contribution plans (including 401(k))

Under these plans, employees' contributions may be supplemented by Chubb matching contributions based on the level of employee contribution. These contributions are invested at the election of each employee in one or more of several investment portfolios offered by a third-party investment advisor. Expenses for these plans totaled $283 million, $230 million, and $214 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Defined benefit pension plans

We maintain non-contributory defined benefit pension plans that cover certain employees located in the U.S., U.K., Canada, and various other statutorily required countries. We account for pension benefits using the accrual method. Benefits under these plans are based on employees' years of service and compensation during final years of service. All underlying plans are subject to periodic actuarial valuations by qualified actuarial firms using actuarial models to calculate the expense and liability for each plan. We use December 31 as the measurement date for our defined benefit pension plans.

Under the Chubb Corp plans, prior to 2001, benefits were generally based on an employee’s years of service and average compensation during the last five years of employment. Effective January 1, 2001, the formula for providing pension benefits was changed from the final average pay formula to a cash balance formula. Under the cash balance formula, a notional account is established for each employee, which is credited semi-annually with an amount equal to a percentage of eligible compensation based on age and years of service plus interest based on the account balance. Chubb Corp employees hired prior to 2001 will generally be eligible to receive vested benefits based on the higher of the final average pay or cash balance formulas.

Other postretirement benefit plans

Our assumption of Chubb Corp's other postretirement benefit plans, principally healthcare and life insurance, covers retired employees, their beneficiaries, and covered dependents. Healthcare coverage is contributory. Retiree contributions vary based upon the retiree’s age, type of coverage, and years of service requirements. Life insurance coverage is non-contributory. Chubb funds a portion of the healthcare benefits obligation where such funding can be accomplished on a tax-effective basis. Benefits are paid as covered expenses are incurred. We use December 31 as the measurement date for our postretirement benefit plans.

Amendments to U.S. qualified and excess pension plans and U.S. retiree healthcare plan

In 2016, we harmonized and amended several of our U.S. retirement programs to create a unified retirement savings program. In 2020, we transitioned from a traditional defined benefit pension program that had been in effect for certain employees to a defined contribution program. Additionally, after 2025, we plan to eliminate a subsidized U.S. retiree healthcare and life insurance plan that is currently in place for certain employees. Both amendments required a remeasurement of the plan assets and benefit obligations with updated assumptions, including discount rates and the expected return on assets. The amendment of the retiree healthcare plan resulted in a reduction in the obligation of $383 million, of which $410 million was amortized as a reduction to expense as it relates to benefits already accrued. As of June 2021, the amendment of the retiree healthcare plan was fully amortized. For the year ended December 31, 2021, $26 million was amortized as a reduction to expense.

Obligations and funded status

The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2023 and 2022 was as follows:


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2023				2022				2023		2022
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year	$	2,781	$	697	$	3,732	$	1,122	$	43	$	62

Service cost	—		7		—		4		—		1
Interest cost	138		36		85		23		2		1
Actuarial loss (gain)	82		29		(890)		(391)		2		(4)
Benefits paid	(168)		(38)		(146)		(28)		(12)		(16)

Curtailments	—		—		—		—		—		—
Settlements	—		(5)		—		—		—		—
Foreign currency revaluation and other	—		17		—		(33)		1		(1)
Benefit obligation, end of year	$	2,833	$	743	$	2,781	$	697	$	36	$	43
Plan assets at fair value, beginning of year	$	3,316	$	938	$	4,151	$	1,318	$	81	$	119

Actual return on plan assets	417		57		(692)		(285)		4		(2)
Employer contributions	24		15		3		8		1		1
Benefits paid	(168)		(38)		(146)		(28)		(17)		(37)
Settlements	—		(8)		—		—		—		—
Foreign currency revaluation and other	—		22		—		(75)		—		—
Plan assets at fair value, end of year	$	3,589	$	986	$	3,316	$	938	$	69	$	81
Funded status at end of year	$	756	$	243	$	535	$	241	$	33	$	38
Amounts recognized in the Consolidated balance sheets:
Assets	$	801	$	300	$	601	$	290	$	54	$	56
Liabilities	(45)		(57)		(66)		(49)		(21)		(18)
Total	$	756	$	243	$	535	$	241	$	33	$	38
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)	$	(404)	$	29	$	(290)	$	7	$	(10)	$	(12)
Prior service cost (benefit)	—		8		—		8		(4)		(4)
Total	$	(404)	$	37	$	(290)	$	15	$	(14)	$	(16)

For the U.S. pension plans, the $82 million actuarial loss and $890 million actuarial gain experienced in 2023 and 2022, respectively, were principally driven by the change in discount rates. In addition, for the non-U.S. pension plans, the $29 million actuarial loss and $391 million actuarial gain experienced in 2023 and 2022, respectively, were principally driven by the change in discount rates.

The accumulated benefit obligation for the pension benefit plans was $3.5 billion and $3.4 billion at December 31, 2023 and 2022, respectively. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the pension (projected) benefit obligation in the table above in that the accumulated benefit obligation includes no assumptions regarding future compensation levels.

Chubb’s funding policy is to contribute amounts that meet regulatory requirements plus additional amounts determined based on actuarial valuations, market conditions and other factors. All benefit plans satisfy minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA).

The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2023 and 2022:


	2023				2022
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	45	$	101	$	66	$	87
Fair value of plan assets	—		44		—		38
Net funded status	$	(45)	$	(57)	$	(66)	$	(49)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	$	45	$	73	$	66	$	61
Fair value of plan assets	$	—	$	40	$	—	$	30

For other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets, the accumulated benefit obligation was $21 million and $18 million at December 31, 2023 and 2022, respectively. These plans have no plan assets.

At December 31, 2023, we estimate that we will contribute $15 million to the pension plans and $1 million to the other postretirement benefits plan in 2024. The estimate is subject to change due to contribution decisions that are affected by various factors including our liquidity, market performance, and management discretion.

At December 31, 2023, our estimated expected future benefit payments are as follows:


	Pension Benefit Plans				Other Postretirement Benefit Plans
For the years ending December 31	U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
2024	$	175	$	38	$	11
2025	181		36		6
2026	185		35		1
2027	188		37		1
2028	191		39		1
2029-2033	976		233		6

The weighted-average assumptions used to determine the projected benefit obligation were as follows:


	Pension Benefit Plans
	U.S. Plans		Non-U.S. Plans		Other Postretirement Benefit Plans

December 31, 2023
Discount rate	4.98	%	5.03	%	6.01	%
Rate of compensation increase (1)	N/A		3.73	%	N/A
Interest crediting rate	4.55	%
December 31, 2022
Discount rate	5.22	%	5.27	%	5.83	%
Rate of compensation increase (1)	N/A		3.98	%	N/A
Interest crediting rate	4.32	%

(1) For the U.S. Pension Plans, benefit accruals were frozen as of December 31, 2019.

The projected benefit cash flows were discounted using the corresponding spot rates derived from a yield curve, which resulted in a single discount rate that would produce the same liability at the respective measurement dates. The same process was applied to service cost cash flows to determine the discount rate associated with the service cost. In general, the discount rates for the non-U.S. plans were developed using a similar methodology by using country-specific yield curves.

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:


	Pension Benefit Plans												Other Postretirement Benefit Plans
	U.S. Plans						Non-U.S. Plans
Year Ended December 31	2023		2022		2021		2023		2022		2021		2023		2022		2021
(in millions of U.S. dollars)
Costs reflected in Net income, pre-tax:
Service cost	$	—	$	—	$	—	$	7	$	4	$	4	$	—	$	1	$	1
Non-service cost (benefit):
Interest cost	138		85		70		36		23		19		2		1		1
Expected return on plan assets	(225)		(283)		(255)		(51)		(43)		(44)		(3)		(1)		(1)
Amortization of net actuarial (gain) loss	—		—		—		—		—		4		(1)		—		—
Amortization of prior service cost (benefit)	—		—		—		1		—		—		—		—		(26)
Curtailments	—		—		—		—		—		—		—		—		—
Settlements	3		—		3		4		—		—		—		—		—
Total non-service cost (benefit)	(84)		(198)		(182)		(10)		(20)		(21)		(2)		—		(26)
Net periodic benefit cost (benefit)	$	(84)	$	(198)	$	(182)	$	(3)	$	(16)	$	(17)	$	(2)	$	1	$	(25)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)	$	(111)	$	85	$	(450)	$	22	$	(67)	$	(86)	$	2	$	(1)	$	(5)
Prior service cost (benefit)	—		—		—		—		—		—		—		—		—
Amortization of net actuarial gain (loss)	—		—		—		—		—		(4)		1		—		—
Amortization of prior service benefit	—		—		—		—		—		—		—		—		26
Curtailments	—		—		—		—		—		—		—		—		—
Settlements	(3)		—		(3)		(1)		—		—		—		—		—
Total decrease (increase) in other comprehensive income (loss), pre-tax	$	(114)	$	85	$	(453)	$	21	$	(67)	$	(90)	$	3	$	(1)	$	21

The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:


	Pension Benefit Plans						Other Postretirement Benefit Plans
Year Ended December 31	2023		2022		2021		2023		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—	$	—	$	—
Administrative expenses	7		4		4		—		1		1
Total service cost	7		4		4		—		1		1
Non-service cost (benefit):
Losses and loss expenses	(9)		(20)		(18)		—		—		(3)
Administrative expenses	(85)		(198)		(185)		(2)		—		(23)
Total non-service cost (benefit)	(94)		(218)		(203)		(2)		—		(26)
Net periodic benefit cost (benefit)	$	(87)	$	(214)	$	(199)	$	(2)	$	1	$	(25)

The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:


	Pension Benefit Plans
	U.S. Plans		Non-U.S. Plans		Other Postretirement Benefit Plans
Year Ended December 31
2023
Discount rate in effect for determining service cost	N/A		6.57	%	5.67	%
Discount rate in effect for determining interest cost	5.13	%	5.28	%	5.84	%
Rate of compensation increase	N/A		3.98	%	N/A
Expected long-term rate of return on plan assets	7.00	%	5.42	%	4.00	%
Interest crediting rate	4.32	%	N/A		N/A
2022
Discount rate in effect for determining service cost	N/A		7.23	%	3.22	%
Discount rate in effect for determining interest cost	2.34	%	2.13	%	1.89	%
Rate of compensation increase	N/A		3.63	%	N/A
Expected long-term rate of return on plan assets	7.00	%	3.44	%	1.00	%
Interest crediting rate	4.10	%	N/A		N/A
2021
Discount rate in effect for determining service cost	N/A		5.58	%	2.53	%
Discount rate in effect for determining interest cost	1.81	%	1.57	%	1.23	%
Rate of compensation increase	N/A		3.24	%	N/A
Expected long-term rate of return on plan assets	7.00	%	3.37	%	1.00	%
Interest crediting rate	4.10	%	N/A		N/A

The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Healthcare cost trend rate	5.57	%	5.72	%	5.59	%	5.08	%	5.28	%	5.26	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00	%	4.00	%	4.50	%	4.08	%	4.04	%	4.00	%
Year that the rate reaches the ultimate trend rate	2046		2046		2038		2040		2040		2040

Plan Assets

The long-term objective of the pension plan is to provide sufficient funding to cover expected benefit obligations, while assuming a prudent level of portfolio risk. The assets of the pension plan are invested, either directly or through pooled funds, in a diversified portfolio of predominately equity securities and fixed maturities. We seek to obtain a rate of return that over time equals or exceeds the returns of the broad markets in which the plan assets are invested. The target allocation of U.S. plan assets is 55 percent to 65 percent invested in equity securities (including certain other investments measured using NAV), with the remainder primarily invested in fixed maturities. The target allocation of non-U.S. plans varies by country, but the plan assets are principally invested in fixed maturities. We rebalance our pension assets to the target allocation as market conditions permit. We determined the expected long-term rate of return assumption for each asset class based on an analysis of the historical returns and the expectations for future returns. The expected long-term rate of return for the portfolio is a weighted aggregation of the expected returns for each asset class.

In order to minimize risk, the Plan maintains a listing of permissible and prohibited investments. In addition, the Plan has certain concentration limits and investment quality requirements imposed on permissible investments options. Investment risk is measured and monitored on an ongoing basis.

The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 4 to the Consolidated Financial Statements.


December 31, 2023	Pension Benefit Plans
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
U.S. Plans:
Short-term investments	$	45	$	—	$	—	$	45
U.S. Treasury / Agency	470		86		—		556
Non-U.S. and corporate bonds	—		637		—		637
Municipal	—		6		—		6
Equity securities	1,466		—		—		1,466
Investment derivative instruments	5		—		—		5
Total U.S. Plan assets (1)	$	1,986	$	729	$	—	$	2,715
Non-U.S. Plans:
Short-term investments	$	7	$	—	$	—	$	7
Non-U.S. and corporate bonds	—		457		—		457
Equity securities	63		211		4		278
Total Non-U.S. Plan assets (1)	$	70	$	668	$	4	$	742

(1)Excluded from the table above are $634 million and $227 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $224 million and $17 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $16 million in cash and accrued income related to the U.S. Plans.


December 31, 2022	Pension Benefit Plans
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
U.S. Plans:
Short-term investments	$	42	$	—	$	—	$	42
U.S. Treasury / Agency	431		110		—		541
Non-U.S. and corporate bonds	—		627		—		627
Municipal	—		5		—		5
Equity securities	1,321		—		—		1,321
Investment derivative instruments	4		—		—		4
Total U.S. Plan assets (1)	$	1,798	$	742	$	—	$	2,540
Non-U.S. Plans:
Short-term investments	$	10	$	—	$	—	$	10
Non-U.S. and corporate bonds	—		454		—		454
Equity securities	107		146		4		257
Total Non-U.S. Plan assets (1)	$	117	$	600	$	4	$	721

(1)Excluded from the table above are $538 million and $201 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $233 million and $16 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans.

At December 31, 2023, the other postretirement benefit plan had $69 million of plan assets, of which $34 million of fixed maturities were categorized as Level 2, and $35 million of other investments were measured using NAV as a practical expedient. At December 31, 2022, the other postretirement benefit plan had $81 million of plan assets, of which $50 million of fixed maturities were categorized as Level 2, and $31 million of other investments were measured using NAV as a practical expedient.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Other income and expense

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other (income) expense

Other income and expense


					As Adjusted
	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Equity in net income (loss) of partially-owned entities	$	867	$	1	$	2,435
Gains (losses) from fair value changes in separate account assets (1)	(45)		(42)		(8)
Asset management and performance fee revenue	136		—		—
Asset management and performance fee expense	(75)		—		—
Federal excise and capital taxes	(24)		(21)		(19)
Other	(23)		(27)		(41)
Total	$	836	$	(89)	$	2,367

(1) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP.

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $434 million, $(219) million, and $2,004 million for the years ended December 31, 2023, 2022, and 2021, respectively.

In addition, this line item includes net income attributable to our investment in Huatai under the equity method of accounting comprising income (expense) of $36 million through June 30, 2023, and $(11) million and $235 million for the years ended December 31, 2022 and 2021, respectively. Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results.

Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.

Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed, and for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.

Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

Segment information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

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. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Effective July 1, 2023, the results of Huatai’s life and asset management businesses, included within the Life Insurance segment, and the results of Huatai’s P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatai’s results prior to July 1, 2023 were included net within Other (income) expense based on our ownership interest as required under equity method accounting. Effective July 1, 2022, the results of the acquired Cigna's business in Asia are included in our Life Insurance segment and, to a lesser extent, Overseas General Insurance segment according to the nature of the business written. Results for the years ended December 31, 2022 and 2021 are adjusted to reflect the adoption of LDTI. Refer to Note 1 x) for additional information.

•The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts; Commercial Insurance, including Small Commercial Insurance; Chubb Bermuda, our high excess business; and Westchester, our wholesale and specialty division. These divisions write a variety of coverages, including property, casualty, workers’ compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, excess casualty, and A&H insurance.

•The North America Personal P&C Insurance segment comprises the business written by Chubb Personal Risk Services division, which includes high net worth personal lines business, with operations in the U.S. and Canada. This segment provides affluent and high net worth individuals and families with homeowners, high value automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, and recreational marine insurance and services.

•The North America Agricultural Insurance segment includes the business written by Rain and Hail Insurance Service, Inc. in the U.S. and Canada, which provides comprehensive multiple peril crop insurance (MPCI) and crop-hail insurance, and Chubb Agribusiness, which offers farm and ranch property as well as specialty P&C coverages, including commercial agriculture products.

•The Overseas General Insurance segment includes the business written by two Chubb divisions that provides both commercial and consumer P&C insurance and services in the 51 countries and territories outside of North America where the company operates. Chubb International, our retail division, provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. CGM provides commercial P&C excess and surplus lines wholesale business primarily through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction, as well as group A&H and traditional and specialty personal lines.

•The Global Reinsurance segment includes the reinsurance business written by Chubb Tempest Re, comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Chubb Tempest Re provides a broad range of traditional and specialty reinsurance coverages to a diverse array of primary P&C companies, including small, mid-sized, and multinational ceding companies.

•The Life Insurance segment includes our international life operations (Chubb Life), which includes individual life and group benefit insurance primarily in Asia and Latin America. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life insurance business of Combined Insurance.

Corporate primarily includes the results of all run-off A&E exposures, run-off Brandywine business, Westchester specialty operations for 1996 and prior years, and certain other run-off exposures, including molestation claims. In addition, Corporate includes the results of our non-insurance companies including Chubb Limited, Chubb Group Management and Holdings Ltd., and Chubb INA Holdings Inc. Effective July 1, 2023, the results of Huatai Group’s non-insurance operations, comprising real estate and holding company activity, are included in Corporate. Our exposure to A&E and molestation claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1999, and Chubb Corp in 2016.

Management uses Underwriting income (loss) as the basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Segment income (loss) includes Underwriting income (loss), Net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes Amortization of purchased intangibles acquired by the segment. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefit gains (losses), Interest expense, Cigna integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Cigna integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore are excluded from our definition of Segment income (loss).

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

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

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to Policy benefits.

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

The following tables present the Statement of Operations by segment:


For the Year Ended December 31, 2023 (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		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	19,237	$	5,878	$	3,188	$	12,575	$	1,018	$	5,465	$	—	$	—	$	47,361
Net premiums earned	18,416		5,536		3,169		12,231		962		5,398		—		—		45,712
Losses and loss expenses	11,256		3,511		2,874		5,643		426		114		281		(5)		24,100
Policy benefits	—		—		—		457		—		3,216		—		(45)		3,628
Policy acquisition costs	2,515		1,128		150		3,113		264		1,089		—		—		8,259
Administrative expenses	1,250		329		(1)		1,219		37		771		402		—		4,007
Underwriting income (loss)	3,395		568		146		1,799		235		208		(683)		50		5,718
Net investment income	3,017		358		63		895		208		756		25		(385)		4,937
Other (income) expense	22		3		1		(25)		(2)		(115)		(380)		(340)		(836)
Amortization expense of purchased intangibles	—		9		25		70		—		30		176		—		310
Segment income (loss)	$	6,390	$	914	$	183	$	2,649	$	445	$	1,049	$	(454)	$	5	$	11,181
Net realized gains (losses)													(602)		(5)		(607)
Market risk benefits gains (losses)													(307)		—		(307)
Interest expense													672		—		672
Cigna integration expenses													69		—		69
Income tax expense													511		—		511
Net income (loss)													$	(2,615)	$	—	$	9,015
Net loss attributable to noncontrolling interests													(13)		—		(13)
Net income (loss) attributable to Chubb													$	(2,602)	$	—	$	9,028


For the Year Ended December 31, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	17,889	$	5,313	$	2,907	$	11,060	$	943	$	3,608	$	—	$	—	$	41,720
Net premiums earned	17,107		5,180		2,838		10,803		922		3,510		—		—		40,360
Losses and loss expenses	10,828		3,186		2,557		4,894		670		85		363		(11)		22,572
Policy benefits	—		—		—		358		—		1,998		—		(42)		2,314
Policy acquisition costs	2,313		1,057		126		2,818		240		785		—		—		7,339
Administrative expenses	1,113		291		(10)		1,070		36		510		385		—		3,395
Underwriting income (loss)	2,853		646		165		1,663		(24)		132		(748)		53		4,740
Net investment income	2,247		283		36		626		281		509		—		(240)		3,742
Other (income) expense	17		4		1		2		1		(30)		292		(198)		89
Amortization expense of purchased intangibles	—		10		26		57		—		10		182		—		285
Segment income (loss)	$	5,083	$	915	$	174	$	2,230	$	256	$	661	$	(1,222)	$	11	$	8,108
Net realized gains (losses)													(1,074)		(11)		(1,085)
Market risk benefits gains (losses)													80		—		80
Interest expense													570		—		570
Cigna integration expenses													48		—		48
Income tax expense													1,239		—		1,239
Net income (loss)													$	(4,073)	$	—	$	5,246


For the Year Ended December 31, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	16,415	$	5,002	$	2,388	$	10,713	$	873	$	2,436	$	—	$	—	$	37,827
Net premiums earned	15,461		4,915		2,338		10,441		798		2,339		—		—		36,292
Losses and loss expenses	10,015		2,924		1,962		4,783		632		150		572		(8)		21,030
Policy benefits	—		—		—		360		—		1,388		—		(8)		1,740
Policy acquisition costs	2,082		1,001		124		2,799		200		552		—		—		6,758
Administrative expenses	1,052		276		(3)		1,078		35		332		365		—		3,135
Underwriting income (loss)	2,312		714		255		1,421		(69)		(83)		(937)		16		3,629
Net investment income	2,078		249		28		597		331		407		(55)		(179)		3,456
Other (income) expense	31		(2)		1		—		—		(108)		(2,118)		(171)		(2,367)
Amortization expense of purchased intangibles	—		10		26		48		—		5		198		—		287
Segment income	$	4,359	$	955	$	256	$	1,970	$	262	$	427	$	928	$	8	$	9,165
Net realized gains (losses)													1,038		(8)		1,030
Market risk benefits gains (losses)													91		—		91
Interest expense													492		—		492

Income tax expense													1,269		—		1,269
Net income													$	296	$	—	$	8,525

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

The following table presents net premiums earned for each segment by line of business:


	For the Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
North America Commercial P&C Insurance
Property & other short-tail lines	$	3,985	$	3,383	$	2,942
Casualty & all other	13,764		13,056		11,905
A&H	667		668		614
Total North America Commercial P&C Insurance	18,416		17,107		15,461
North America Personal P&C Insurance
Personal automobile	859		811		781
Personal homeowners	3,833		3,557		3,384
Personal other	844		812		750
Total North America Personal P&C Insurance	5,536		5,180		4,915
North America Agricultural Insurance	3,169		2,838		2,338
Overseas General Insurance
Property & other short-tail lines	3,831		3,382		3,105
Casualty & all other	3,526		3,232		3,114
Personal lines	2,405		2,020		2,109
A&H	2,469		2,169		2,113
Total Overseas General Insurance	12,231		10,803		10,441
Global Reinsurance
Property	331		211		151
Property catastrophe	159		208		190
Casualty & all other	472		503		457
Total Global Reinsurance	962		922		798
Life Insurance
Life	2,301		1,455		1,257
A&H	3,097		2,055		1,082
Total Life Insurance	5,398		3,510		2,339
Total net premiums earned	$	45,712	$	40,360	$	36,292

The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:


	North America		Europe (1)		Asia Pacific / Japan (2)		Latin America
2023	65	%	11	%	18	%	6	%
2022	69	%	11	%	14	%	6	%
2021	70	%	12	%	12	%	6	%

(1) Europe includes Middle East and Africa regions.

(2) 2023 includes the consolidated results of Huatai Group effective July 1, 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per share


			As Adjusted
	Year Ended December 31
(in millions of U.S. dollars, except share and per share data)	2023		2022		2021
Numerator:
Net income	$	9,015	$	5,246	$	8,525
Net loss attributable to noncontrolling interests	(13)		—		—
Net income attributable to Chubb	$	9,028	$	5,246	$	8,525
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding	410,845,263		419,779,847		439,968,422
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans	3,357,305		3,747,597		3,228,856
Weighted-average shares outstanding and assumed conversions	414,202,568		423,527,444		443,197,278
Basic earnings per share attributable to Chubb	$	21.97	$	12.50	$	19.38
Diluted earnings per share attributable to Chubb	$	21.80	$	12.39	$	19.24
Potential anti-dilutive share conversions	2,385,099		1,467,840		1,532,066

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 for additional information on stock options.

Related party transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

ABR Re

At December 31, 2023, we owned 18.7 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. and warrants to acquire 0.5 percent of additional equity. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. serves as an investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re. In connection with this arrangement with BlackRock, Inc., we recorded income of $8 million, $7 million, and $11 million in 2023, 2022, and 2021, respectively, which is recorded in Other (income) expense on the Consolidated statements of operations.

ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissions.

Transactions generated under ABR Re agreements were as follows:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Consolidated statements of operations
Ceded premiums written	$	441	$	507	$	442
Commissions received	$	119	$	138	$	133

Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses	$	1,241	$	1,050
Ceded reinsurance premium payable	$	40	$	110

Aquiline Capital Partners LLC

Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chief executive officer is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2023, Chubb has approximately $182 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds are as follows:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Consolidated statements of operations
Other income (expense)	$	36	$	8	$	68
Consolidated balance sheets
Private equities	$	368	$	271

Starr Indemnity & Liability Company and its affiliates (collectively, Starr)

We had previously entered into agency, claims services, and underwriting services with Starr, the Chairman of which is related to a member of our senior management team. The Board has reviewed and approved these arrangements with Starr. A number of our agreements with Starr were terminated effective as of April 2023. However, Starr continues to provide certain services to Chubb, including claims administration, in respect of insurance policies placed prior to the termination, pursuant to the terms of the applicable agreements. Under the agency agreement, we secured the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranged for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr was the underwriter of insurance policies on our behalf and we agreed to reinsure such policies to Starr under quota share reinsurance agreements. Transactions generated under Starr agreements were as follows:


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Consolidated statement of operations
Gross premiums written	$	216	$	618	$	592
Ceded premiums written	$	115	$	353	$	321
Commissions paid	$	38	$	122	$	114
Commissions received	$	26	$	79	$	73
Losses and loss expenses	$	180	$	225	$	157
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses	$	503	$	541
Ceded reinsurance premium payable	$	44	$	96

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Statutory Financial Information

12 Months Ended

Dec. 31, 2023

Statutory Financial Information [Abstract]

Statutory financial information

Our subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators. Statutory accounting differs from U.S. GAAP in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items. Some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements. In some jurisdictions, we must obtain licenses issued by governmental authorities to conduct local insurance business. These licenses may be subject to reserves and minimum capital and solvency tests. Jurisdictions may impose fines, censure, and/or criminal sanctions for violation of regulatory requirements. The 2023 amounts below are based on estimates.

Chubb's insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. These regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the local insurance regulatory authorities. The amount of dividends available to be paid in 2024 without prior approval totals $7.4 billion.

The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2023, 2022, and 2021. The minimum amounts of statutory capital and surplus necessary to satisfy regulatory requirements was $41.0 billion and $36.9 billion for December 31, 2023 and 2022, respectively. These minimum regulatory capital requirements were significantly lower than the corresponding amounts required by the rating agencies which review Chubb’s insurance and reinsurance subsidiaries.

The following tables present the combined statutory capital and surplus and statutory net income (loss) of our Property and casualty and Life subsidiaries:


	December 31
(in millions of U.S. dollars)	2023		2022
Statutory capital and surplus
Property and casualty	$	45,271	$	40,824
Life	$	7,278	$	4,834



	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Statutory net income (loss)
Property and casualty	$	8,699	$	4,028	$	7,983
Life	$	459	$	1,425	$	424

Several insurance subsidiaries follow accounting practices prescribed or permitted by the jurisdiction of domicile that differ from the applicable local statutory practice. The application of prescribed or permitted accounting practices does not have a material impact on Chubb's statutory surplus and income. As prescribed by the Restructuring discussed previously in Note 8, certain of our U.S. subsidiaries discount certain A&E liabilities, which increased statutory capital and surplus by approximately $115 million and $120 million at December 31, 2023 and 2022, respectively.

Federal Insurance Company (Federal), a direct subsidiary of Chubb INA Holdings Inc., has a permitted practice granted by the Indiana Department of Insurance that relates to its investment in a foreign affiliate. Under Statement of Statutory Accounting Principles No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, in order for a reporting entity to admit its investments in foreign subsidiaries and affiliates, audited financial statements of the subsidiary or affiliate must be obtained to support the carrying value. Such financial statements must be prepared in accordance with U.S. GAAP, or alternatively, in accordance with the local statutory requirements in the subsidiary’s or affiliate’s country of domicile, with an audited footnote reconciliation of net income and shareholder’s equity as reported to a U.S. GAAP basis. With the explicit permission of the Indiana Department of Insurance, Federal obtains audited financial statements for its admitted foreign affiliate, which had an aggregate carrying value of approximately $71 million and $79 million at December 31, 2023 and 2022, respectively, prepared in accordance with their respective local statutory requirements and supplemented with a separate unaudited reconciliation of shareholder’s equity as reported to a U.S. GAAP basis.

Schedule I

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I: SUMMARY OF INVESTEMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES


December 31, 2023 (in millions of U.S. dollars)	Cost or Amortized Cost, Net (1)		Fair Value		Amount at Which Shown in the Balance Sheet
Short-term investments	$	4,551	$	4,551	$	4,551
Fixed maturities available-for-sale
U.S. Treasury / Agency	3,721		3,590		3,590
Non-U.S.	35,869		35,164		35,164
Corporate and asset-backed securities	44,591		42,830		42,830
Mortgage-backed securities	23,717		22,058		22,058
Municipal	3,074		2,929		2,929
Total fixed maturities available-for-sale	110,972		106,571		106,571







Private debt held-for-investment	2,553		2,560		2,553
Equity securities
Industrial, miscellaneous, and all other	3,455		3,455		3,455
Private equities (2)	13,710		13,710		13,710
Other investments	5,527		5,527		5,527
Total investments - other than investments in related parties	$	140,768	$	136,374	$	136,367

(1) Net of valuation allowance for expected credit losses.

(2) Excludes $368 million of related party investments.

Schedule II

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (Parent Company Only)


			As Adjusted
	December 31		December 31
(in millions of U.S. dollars)	2023		2022
Assets
Investments in subsidiaries and affiliates on equity basis	$	59,952	$	50,372
Total investments	59,952		50,372
Cash	77		40
Due from subsidiaries and affiliates, net	717		959
Other assets	12		16
Total assets	$	60,758	$	51,387
Liabilities

Affiliated notional cash pooling programs	$	594	$	252
Accounts payable, accrued expenses, and other liabilities	657		616
Total liabilities	1,251		868
Shareholders' equity
Common Shares	241		10,346
Common Shares in treasury	(4,400)		(5,113)
Additional paid-in capital	15,665		7,166
Retained earnings	54,810		48,305
Accumulated other comprehensive income (loss)	(6,809)		(10,185)
Total Chubb shareholders' equity	59,507		50,519
Total liabilities and shareholders' equity	$	60,758	$	51,387

The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF OPERATIONS (Parent Company Only)


For the years ended December 31, 2023, 2022, and 2021			As Adjusted
(in millions of U.S. dollars)	2023		2022		2021
Revenues
Net investment income (loss) (1)	$	(21)	$	83	$	96
Equity in net income of subsidiaries and affiliates	9,065		5,256		8,500
Total revenues	9,044		5,339		8,596
Expenses
Administrative and other (income) expense	72		65		56
Cigna integration expenses	—		10		—
Income tax (benefit) expense	(56)		18		15
Total expenses	16		93		71
Net income attributable to Chubb	$	9,028	$	5,246	$	8,525
Comprehensive income (loss) attributable to Chubb	$	12,404	$	(3,865)	$	6,384

(1) Includes net investment income, interest income, and net realized gains (losses).

The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.

STATEMENTS OF CASH FLOWS (Parent Company Only)


For the years ended December 31, 2023, 2022, and 2021			As Adjusted
(in millions of U.S. dollars)	2023		2022		2021
Net cash flows from operating activities (1)	$	3,273	$	7,831	$	4,167
Cash flows from investing activities
Capital contribution	—		(4,046)		—

Net cash flows used for investing activities	—		(4,046)		—
Cash flows from financing activities
Dividends paid on Common Shares	(1,394)		(1,375)		(1,401)
Common Shares repurchased	(2,411)		(2,894)		(4,861)
Repayment of intercompany loans	231		279		2,003
Net proceeds from affiliated notional cash pooling programs (2)	342		245		8
Net cash flows used for financing activities	(3,232)		(3,745)		(4,251)
Effect of foreign currency rate changes on cash	(4)		(1)		1
Net increase (decrease) in cash	37		39		(83)
Cash – beginning of year	40		1		84
Cash – end of year	$	77	$	40	$	1

(1) Includes cash dividends received from subsidiaries of $3.3 billion, $7.7 billion, and $3.7 billion in 2023, 2022, and 2021, respectively.

(2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 i) for additional information.

The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.

Schedule IV

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE


Premiums Earned
For the years ended December 31, 2023, 2022, and 2021 (in millions of U.S. dollars, except for percentages)	Direct Amount		Ceded To Other Companies		Assumed From Other Companies		Net Amount		Percentage of Amount Assumed to Net
2023
Life insurance face amount in force	$	248,973	$	55,665	$	5,408	$	198,716	3	%
Premiums:
Property and casualty	$	42,598	$	9,549	$	4,129	$	37,178	11	%
Accident and health	6,580		446		99		6,233		2	%
Life	2,404		164		61		2,301		3	%
Total	$	51,582	$	10,159	$	4,289	$	45,712	9	%
2022 - As Adjusted
Life insurance face amount in force	$	215,759	$	50,105	$	7,242	$	172,896	4	%
Premiums:
Property and casualty	$	39,449	$	9,678	$	4,242	$	34,013	12	%
Accident and health	5,206		411		97		4,892		2	%
Life	1,505		106		56		1,455		4	%
Total	$	46,160	$	10,195	$	4,395	$	40,360	11	%
2021 - As Adjusted
Life insurance face amount in force	$	139,856	$	34,545	$	7,680	$	112,991	7	%
Premiums:
Property and casualty	$	35,767	$	7,982	$	3,441	$	31,226	11	%
Accident and health	4,062		362		109		3,809		3	%
Life	1,287		89		59		1,257		5	%
Total	$	41,116	$	8,433	$	3,609	$	36,292	10	%

Schedule VI

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS


As of and for the years ended December 31, 2023, 2022, and 2021 (in millions of U.S. dollars)
	Deferred Policy Acquisition Costs		Net Reserves for Unpaid Losses and Loss Expenses		Unearned Premiums		Net Premiums Earned		Net Investment Income		Net Losses and Loss Expenses Incurred Related to					Amortization of Deferred Policy Acquisition Costs		Net Paid Losses and Loss Expenses		Net Premiums Written
												Current Year		Prior Year
2023	$	3,346	$	62,238	$	22,051	$	40,314	$	4,181		$	24,956	$	(856)	$	7,391	$	21,011	$	41,896
2022 - As Adjusted	$	2,877	$	58,661	$	19,713	$	36,850	$	3,233		$	23,680	$	(1,108)	$	6,480	$	19,537	$	38,112
2021 - As Adjusted	$	2,718	$	56,198	$	18,496	$	33,953	$	3,049		$	21,986	$	(956)	$	5,945	$	16,948	$	35,391

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to Chubb	$ 9,028	$ 5,246	$ 8,525

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
John J. Lupica [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 20, 2023, John J. Lupica, Vice Chairman, Chubb Group, and President, North America Insurance, adopted a "Rule 10b5-1 trading arrangement" as defined under Item 408 of SEC Regulation S-K. The trading arrangement provides for (i) the sale of up to 8,985 shares of Chubb's common stock and (ii) the potential exercise of 25,479 stock options expiring December 20, 2025, and the associated sale of up to 25,479 shares of Chubb's common stock. The arrangement is scheduled to expire on December 20, 2025, subject to earlier termination in accordance with its terms, or upon the completion of all authorized transactions under the plan.
Name	John J. Lupica
Title	Vice Chairman, Chubb Group, and President, North America Insurance
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 20, 2023
Aggregate Available	8,985	8,985
John J. Lupica Options expiring December 20, 2025 [Abstract] \| John J. Lupica [Member]
Trading Arrangements, by Individual
Aggregate Available	25,479	25,479
John J. Lupica Common Stock From Option Exercise Expiring December 20 2025 [Member] \| John J. Lupica [Member]
Trading Arrangements, by Individual
Aggregate Available	25,479	25,479

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 19 for additional information.

The accompanying Consolidated Financial Statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the consolidated financial statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 76.5 percent. Refer to Note 2 for additional information on the acquisition of Huatai Group. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated Financial Statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include:

•unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures;

•future policy benefits reserves;

•the valuation of value of business acquired (VOBA);

•the assessment of risk transfer for certain structured insurance and reinsurance contracts;

•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;

•the valuation of the investment portfolio and assessment of valuation allowance for expected credit losses;

•the valuation of deferred income taxes;

•the valuation and amortization of purchased intangibles; and

•the assessment of goodwill for impairment.

Premiums

Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term.

For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the

unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period.

Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period.

Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are recognized in relation to insurance in force resulting in the recognition of profit over the life of the contracts.

Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method.

Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one to three years.

Deferred policy acquisition costs (DAC)