CHUBB LTD, 10-K filed on 2/24/2023
Annual Report
v3.22.4
Document and Entity Information
$ in Billions
 12 Months Ended
Dec. 31, 2022
SFr / shares
Feb. 17, 2023
shares
Jun. 30, 2022
USD ($)
Dec. 31, 2021
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 24.15     SFr 24.15
Entity Common Stock, Shares Outstanding | shares   413,506,316    
ICFR Auditor Attestation Flag true      
Document Type 10-K      
Document Period End Date Dec. 31, 2022      
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 2022      
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 | $     $ 82  
v3.22.4
Document and Entity Information - Registered securities pursuant to Section 12b
 12 Months Ended
Dec. 31, 2022
Common Class A [Member]  
Title of 12(b) Security Common Shares, par value CHF 24.15 per share
Trading Symbol CB
Security Exchange Name NYSE
INA Senior Notes Due December 2024 [Member]  
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024
Trading Symbol CB/24A
Security Exchange Name NYSE
INA Senior Notes Due June 2027 [Member]  
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027
Trading Symbol CB/27
Security Exchange Name NYSE
INA Senior Notes Due March 2028 [Member]  
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028
Trading Symbol CB/28
Security Exchange Name NYSE
INA Senior Notes Due December 2029 [Member]  
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029
Trading Symbol CB/29A
Security Exchange Name NYSE
INA Senior Notes Due June 2031 [Member]  
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031
Trading Symbol CB/31
Security Exchange Name NYSE
INA Senior Notes Due March 2038 [Member]  
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038
Trading Symbol CB/38A
Security Exchange Name NYSE
v3.22.4
Auditor Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Philadelphia, PA
Auditor Firm ID 238
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets    
Fixed maturities available for sale, at fair value, net of valuation allowance - $169 and $14 (amortized cost – $93,355 and $90,493) $ 85,220 $ 93,108
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $34 and $35 (fair value – $8,439 and $10,647) 8,848 10,118
Equity securities, at fair value 827 4,782
Short-term investments, at fair value (amortized cost – $4,962 and $3,147) 4,960 3,146
Other investments, at fair value 13,696 11,169
Total investments 113,551 122,323
Cash 2,012 1,659
Restricted cash 115 152
Securities lending collateral 1,523 1,831
Accrued investment income 941 821
Insurance and reinsurance balances receivable, net of valuation allowance - $52 and $46 11,933 11,322
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $351 and $329 [1] 18,901 17,366
Reinsurance recoverable on policy benefits [1] 303 213
Deferred policy acquisition costs 5,788 5,513
Value of business acquired 3,596 236
Goodwill 16,287 15,213
Other intangible assets 5,441 5,455
Prepaid reinsurance premiums 3,140 3,028
Investments in partially-owned insurance companies 2,877 3,130
Other assets 12,736 11,792
Total assets 199,144 200,054
Liabilities    
Unpaid losses and loss expenses 76,323 72,943
Unearned premiums 20,360 19,101
Future policy benefits 10,120 5,947
Insurance and reinsurance balances payable 7,795 7,243
Securities lending payable 1,523 1,831
Accounts payable, accrued expenses, and other liabilities 15,587 15,004
Deferred tax liabilities 292 389
Repurchase agreements 1,419 1,406
Short-term debt 475 999
Long-term debt 14,402 15,169
Trust preferred securities 308 308
Total liabilities 148,604 140,340
Commitments and contingencies (refer to Note 10)
Shareholders' equity    
Common Shares (CHF 24.15 par value; 446,376,614 and 474,021,114 shares issued; 414,594,856 and 426,572,612 shares outstanding) 10,346 10,985
Common Shares in treasury (31,781,758 and 47,448,502 shares) (5,113) (7,464)
Additional paid-in capital 7,166 8,478
Retained earnings 48,334 47,365
Accumulated other comprehensive income (loss) (AOCI) (10,193) 350
Total shareholders’ equity 50,540 59,714
Total liabilities and shareholders’ equity $ 199,144 $ 200,054
[1] Net of valuation allowance for uncollectible reinsurance.
v3.22.4
Consolidated Balance Sheets (Parentheticals)
$ in Millions
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Statement of Financial Position [Abstract]    
Fixed maturities, available-for-sale, valuation allowance $ 169 $ 14
Fixed maturities, available-for-sale, at amortized cost 93,355 90,493
Fixed maturities, held-to-maturity, valuation allowance 34 35
Fixed maturities, held-to-maturity, fair value 8,439 10,647
Short-term investments amortized cost 4,962 3,147
Premium Receivable, Allowance for Credit Loss 52 46
Valuation allowance for uncollectible reinsurance $ 351 $ 329
Common Shares, shares issued | shares 446,376,614 474,021,114
Common Shares, shares outstanding | shares 414,594,856 426,572,612
Treasury Stock, Shares | shares 31,781,758 47,448,502
v3.22.4
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Net premiums written $ 41,755 $ 37,868 $ 33,820
Increase in unearned premiums (1,366) (1,513) (703)
Net premiums earned 40,389 36,355 33,117
Net investment income 3,742 3,456 3,375
Net realized gains (losses) (965) 1,152 (498)
Total revenues 43,166 40,963 35,994
Expenses      
Losses and loss expenses 23,342 21,980 21,710
Policy benefits 1,492 699 784
Policy acquisition costs 7,392 6,918 6,547
Administrative expenses 3,395 3,136 2,979
Interest expense 570 492 516
Other (income) expense 74 (2,365) (994)
Amortization of purchased intangibles 285 287 290
Cigna integration expenses 48 0 0
Total expenses 36,598 31,147 31,832
Income before income tax 6,568 9,816 4,162
Income tax expense 1,255 1,277 629
Net income 5,313 8,539 3,533
Other comprehensive income (loss):      
Change in unrealized appreciation (depreciation) (10,578) (2,938) 2,592
Change in cumulative foreign currency translation adjustment (986) (530) 306
Change in other, including postretirement benefit liability adjustment (100) 522 (232)
Other comprehensive income (loss), before income tax (11,664) (2,946) 2,666
Income tax (expense) benefit related to OCI items 1,121 427 (416)
Other comprehensive income (loss) (10,543) (2,519) 2,250
Comprehensive income (loss) $ (5,230) $ 6,020 $ 5,783
Earnings per share      
Basic earnings per share $ 12.66 $ 19.41 $ 7.82
Diluted earnings per share $ 12.55 $ 19.27 $ 7.79
v3.22.4
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Shares
Common Shares in Treasury
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]
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Cumulative Translation Adjustment
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income
Balance – beginning of year, net of tax at Dec. 31, 2019   $ 11,121 $ (3,754) $ 11,203 $ 36,142 $ (72) $ 36,070 $ 2,543 $ (1,939) $ 15 $ 619
Treasury Stock, Retired, Cost Method, Amount   (57) 323   (266)            
Common Shares repurchased     (516)                
Net shares issued under employee share-based compensation plans     303 (195)              
Stock Issued During Period, Value, Stock Options Exercised       (50)              
Share-based compensation expense       255              
FundingDividendsDeclaredToRetainedEarnings       (1,398)              
Net income $ 3,533       3,533            
Funding Dividends Declared From Additional Paid In Capital         1,398            
Dividends declared on Common Shares         (1,398)            
Other Comprehensive Income (Loss), Net of Tax 2,250                   2,250
Balance – end of year, net of tax at Dec. 31, 2020 59,441 11,064 (3,644) 9,815 39,337 0 39,337 4,673 (1,637) (167) 2,869
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              
FundingDividendsDeclaredToRetainedEarnings       (1,392)              
Net income 8,539       8,539            
Funding Dividends Declared From Additional Paid In Capital         1,392            
Dividends declared on Common Shares         (1,392)            
Other Comprehensive Income (Loss), Net of Tax (2,519)                   (2,519)
Balance – end of year, net of tax at Dec. 31, 2021 59,714 10,985 (7,464) 8,478 47,365 $ 0 $ 47,365 2,256 (2,146) 240 350
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              
FundingDividendsDeclaredToRetainedEarnings       (1,379)              
Net income 5,313       5,313            
Funding Dividends Declared From Additional Paid In Capital         1,379            
Dividends declared on Common Shares         (1,379)            
Other Comprehensive Income (Loss), Net of Tax (10,543)                   (10,543)
Balance – end of year, net of tax at Dec. 31, 2022 $ 50,540 $ 10,346 $ (5,113) $ 7,166 $ 48,334     $ (7,279) $ (3,073) $ 225 $ (10,193)
v3.22.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 5,313 $ 8,539 $ 3,533
Adjustments to reconcile net income to net cash flows from operating activities      
Net Realized Gains Losses 965 (1,152) 498
Accretion (Amortization) of Discounts and Premiums, Investments 189 332 367
Amortization of purchased intangibles 285 287 290
Deferred income taxes 132 (74) (333)
Equity in net income of subsidiaries and affiliates [1] (16) (2,433) (1,019)
Unpaid losses and loss expenses 4,222 5,791 4,664
Unearned premiums 1,477 1,857 846
Future policy benefits 464 239 236
Insurance and reinsurance balances payable 461 582 535
Accounts payable, accrued expenses, and other liabilities 223 536 (98)
Income taxes payable (149) 48 46
Insurance and reinsurance balances receivable (696) (984) (114)
Reinsurance recoverable (1,776) (1,953) (336)
Deferred policy acquisition costs (328) (247) (89)
Other 477 (219) 759
Net Cash Provided by (Used in) Operating Activities, Total 11,243 11,149 9,785
Cash flows from investing activities      
Purchases of fixed maturities available for sale (27,844) (30,222) (26,298)
Purchases of fixed maturities held to maturity (618) (594) (202)
Purchases of equity securities (895) (1,167) (6,419)
Sales of fixed maturities available for sale 16,855 6,596 11,377
Sales of equity securities 4,615 1,018 3,880
Maturities and redemptions of fixed maturities available for sale 9,415 17,361 12,450
Maturities and redemptions of fixed maturities held to maturity 1,712 1,964 995
Net change in short-term investments (1,452) 1,175 (81)
Net derivative instruments settlements (84) (219) (113)
Private equity contributions (2,649) (2,471) (1,924)
Private equity distributions 1,017 1,421 907
Acquisition of subsidiaries (net of cash acquired of $366, nil, and nil) (4,982) 0 0
Payment, including deposit, for Huatai Group Interest (184) (1,184) (1,623)
Other (560) (337) (470)
Net Cash Provided by (Used in) Investing Activities (5,654) (6,659) (7,521)
Cash flows from financing activities      
Dividends paid on Common Shares (1,375) (1,401) (1,388)
Common Shares repurchased (2,894) (4,861) (523)
Proceeds from issuance of long-term debt 0 1,576 988
Proceeds from issuance of repurchase agreements 4,510 1,858 2,354
Repayments of Long-term Debt (1,000) 0 (1,301)
Repayment of repurchase agreements (4,508) (1,858) (2,354)
Proceeds from share-based compensation plans 264 300 145
Policyholder contract deposits 496 512 470
Policyholder contract withdrawals (519) (454) (386)
Tax withholding payments for share-based compensation plans (101) (81) (87)
Net cash flows (used for) from financing activities (5,127) (4,409) (2,082)
Effect of foreign currency rate changes on cash and restricted cash (146) (106) 8
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 316 (25) 190
Cash and restricted cash - beginning of year 1,811 1,836 1,646
Cash and restricted cash - end of year 2,127 1,811 1,836
Supplemental cash flow information      
Taxes paid 1,242 1,298 902
Interest paid $ 552 $ 492 $ 524
[1] Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.
v3.22.4
Statement of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]      
Cash Acquired from Acquisition $ 366 $ 0 $ 0
v3.22.4
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of significant accounting policies 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 15 for additional information.

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

The preparation of financial statements in conformity with 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;
•amortization of deferred policy acquisition costs and value of business acquired (VOBA);
•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;
•the assessment of risk transfer for certain structured insurance and reinsurance contracts;
•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 matched with income to result 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 as described below in Note 1 l).

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 and value of business acquired
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. A VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts in a business combination and represents the present value of estimated net cash flows for the contracts in force at the acquisition date. Acquisition costs and VOBA, collectively policy acquisition costs, are deferred and amortized. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations. Policy acquisition costs on P&C contracts are generally amortized ratably over the period in which premiums are earned. Policy acquisition costs on traditional long-duration contracts are amortized over the estimated life of the contracts, generally in proportion to premium revenue recognized based upon the same assumptions used in estimating the liability for future policy benefits. For non-traditional long-duration contracts, we amortize policy acquisition costs over the expected life of the contracts in proportion to expected gross profits. The effect of changes in estimates of expected gross profits is reflected in the period the estimates are revised. 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.
Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral, principally related to long-duration A&H business produced by the Overseas General Insurance segment, which are deferred and recognized as a component of Policy acquisition costs. For individual direct-response marketing campaigns that we can demonstrate have specifically resulted in incremental sales to customers and such sales have probable future economic benefits, incremental costs directly related to the marketing campaigns are capitalized as Deferred policy acquisition costs. Deferred policy acquisition costs, including deferred marketing costs, are reviewed regularly for recoverability from future income, including investment income, and amortized in proportion to premium revenue recognized, primarily over a ten-year period. The expected economic future benefit period is based upon the same assumptions used in estimating the liability for future policy benefits. The expected future benefit period is evaluated periodically based on historical results and adjusted prospectively. The amount of deferred marketing costs reported in Deferred policy acquisition costs in the Consolidated balance sheets was $243 million and $189 million at December 31, 2022 and 2021, respectively. Amortization expense for deferred marketing costs was $121 million, $85 million, and $99 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for deferred policy acquisition costs and VOBA. Refer to the Note 1 t) for additional information.

d) 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. Deposit accounting requires that consideration received or paid be recorded in the balance sheet as opposed to recording premiums written or losses incurred in the statement of operations. Non-refundable fees on deposit contracts are earned based on the terms of the contract described below in Note 1 l).
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 i) 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.
e) Investments
Fixed maturities, equity securities, and short-term investments
Fixed maturities are classified as either available for sale or held to maturity.
•Available for sale (AFS) portfolio is 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.
•Held to maturity (HTM) portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost, net of a valuation allowance for credit losses.

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.

In addition, net investment income includes the amortization of the fair value adjustment related to the acquired invested assets of Cigna's business in Asia and the Chubb Corp. At December 31, 2022, the remaining balance of this fair value adjustment was $211 million which is expected to accrete as a net benefit over the next eleven years; however, the estimate could vary based on current market conditions, bond calls, and the duration of the acquired investment portfolio. In addition, sales of these acquired fixed maturities would also reduce the fair value adjustment balance. 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 current expected credit losses (CECL) for all HTM securities each quarter. U.S. treasury and agency securities and U.S. government agency mortgage-backed securities are assumed to have no risk of non-payment and therefore are excluded from the CECL evaluation. The remaining HTM securities are evaluated for potential credit loss on a collective pool basis. We elected to pool HTM securities by 1) external credit rating and 2) time to maturity (duration). These characteristics are the most representative of similar risk characteristics within our portfolio. Chubb pools HTM securities and calculates an expected credit loss for each pool using Moody’s corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. The multiplier is based on the leading economic index and will adjust the average default frequency for a forward-looking economic outlook. Management monitors the credit quality of HTM securities through the review of external credit ratings on a quarterly basis.

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.
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.

Other investments
Other investments principally comprise investment funds, limited partnerships, partially-owned investment companies, life insurance policies, policy loans, and non-qualified separate account assets.

Investment funds and limited partnerships
Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence are accounted for as follows. Generally, we own less than three percent of the investee’s shares.
•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
•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 GAAP. The underlying securities are recorded on a trade date basis and 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 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 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 fair value of the securities on loan is included in fixed maturities and equity securities in the Consolidated balance sheets. 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 and equity securities. 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.

f) 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 in two principal ways:

(i) To sell protection to customers as an insurance or reinsurance contract that meets the definition of a derivative for accounting purposes. This category principally comprised our GLB contracts; and
(ii) 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 10 for additional information.
Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) in the Consolidated statements of operations.

Additionally, certain derivative instruments 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 10 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.

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

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
December 31
(in millions of U.S. dollars)202220212020
Cash$2,012 $1,659 $1,747 
Restricted cash115 152 89 
Total cash and restricted cash shown in the Consolidated statements of cash flows$2,127 $1,811 $1,836 

h) 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. Goodwill recorded in connection with investments in partially-owned insurance companies is recorded in Investments in partially-owned insurance companies and is also measured for impairment annually.

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.
i) Unpaid losses and loss expenses
A liability is established for the estimated unpaid losses and loss expenses under the terms of, and with respect to, 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 $74 million and $90 million at December 31, 2022 and 2021, 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 through the year 2032, 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.

j) Future policy benefits
The valuation of long-duration contract reserves requires management to make estimates and assumptions regarding expenses, mortality, persistency, and investment yields. Estimates are primarily based on historical experience and include a margin for adverse deviation. Interest rates used in calculating reserves range from less than 1.0 percent to 9.0 percent at both December 31, 2022 and 2021. Actual results could differ materially from these estimates. Management monitors actual experience and where circumstances warrant, will revise assumptions and the related reserve estimates. Revisions are recorded in the period they are determined.
Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Future policy benefits in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under 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.

Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for future policy benefits. Refer to the Note 1 t) for additional information.

k) Assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts
Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States. 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. Liabilities for GMDBs are based on cumulative assessments or premiums to date multiplied by a benefit ratio that is determined by estimating the present value of benefit payments and related adjustment expenses divided by the present value of cumulative assessment or expected premiums during the contract period.  

Under reinsurance programs covering GLBs, 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. Our GLB reinsurance products meet the definition of a derivative for accounting purposes and are carried at fair value with changes in fair value recognized in Realized gains (losses) in the Consolidated statements of operations. Refer to Note 10 a) for additional information.

Effective on January 1, 2023, we adopted new accounting guidance issued by the FASB for long-duration contracts that affects the accounting for GMDB and GLB contracts. Refer to the Note 1 t) for additional information.

l) Deposit assets and liabilities
Deposit assets arise from ceded reinsurance contracts purchased that do not transfer significant underwriting or timing risk. Deposit liabilities include reinsurance deposit liabilities and contract holder deposit funds. The reinsurance deposit liabilities arise from contracts sold for which there is not a significant transfer of risk. Contract holder deposit funds 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. Under deposit accounting, 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.

Interest income on deposit assets, representing the consideration received or to be received in excess of cash payments related to the deposit contract, is earned based on an effective yield calculation. The calculation of the effective yield is based on the amount and timing of actual cash flows at the balance sheet date and the estimated amount and timing of future cash flows. The effective yield is recalculated periodically to reflect revised estimates of cash flows. When a change in the actual or estimated cash flows occurs, the resulting change to the carrying amount of the deposit asset is reported as income or expense. Deposit assets of $96 million and $101 million at December 31, 2022 and 2021, respectively, are reflected in Other assets in the Consolidated balance sheets and the accretion of deposit assets related to interest pursuant to the effective yield calculation is reflected in Net investment income in the Consolidated statements of operations.

Deposit liabilities include reinsurance deposit liabilities of $70 million and $74 million at December 31, 2022 and 2021, respectively and contract holder deposit funds of $2.5 billion and $2.2 billion at December 31, 2022 and 2021, respectively. Deposit liabilities are reflected in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. At contract inception, the deposit liability equals net cash received. An accretion rate is established based on actuarial estimates
whereby the deposit liability is increased to the estimated amount payable over the contract term. The deposit accretion rate is the rate of return required to fund expected future payment obligations. We periodically reassess the estimated ultimate liability and related expected rate of return. Changes to the deposit liability are generally reflected through Interest expense to reflect the cumulative effect of the period the contract has been in force, and by an adjustment to the future accretion rate of the liability over the remaining estimated contract term.

The liability for contract holder deposit funds equals accumulated policy account values, which consist of the deposit payments plus credited interest less withdrawals and amounts assessed through the end of the period.

m) 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, 2022, property and equipment totaled $2.4 billion, consisting principally of capitalized software costs of $1.6 billion incurred to develop or obtain computer software for internal use and company-owned facilities of $253 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, but can be as long as 15 years and for company-owned facilities the estimated useful life is 40 years. At December 31, 2021, property and equipment totaled $2.0 billion. 

n) 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.

o) 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 of ESIS is included within Administrative expenses in the Consolidated statements of operations and were $12 million, $25 million, and $18 million for the years ended December 31, 2022, 2021, and 2020, respectively.

p) 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.

q) 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 by the applicable weighted-average number of shares outstanding during the year.
r) 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 12 for additional information.

s) Cigna integration expenses
Direct costs related to the acquisition of Cigna's business in Asia were expensed as incurred. Cigna integration expenses were $48 million for the year ended December 31, 2022 and include all internal and external costs directly related to the integration activities 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.

t) New accounting pronouncements

Accounting guidance adopted in 2023
Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require updating of assumptions at least annually, updating to then-current discount rates quarterly using a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for market risk benefits, simplified amortization of deferred acquisition costs and VOBA, and enhanced disclosures. We adopted the standard effective January 1, 2023, under the modified retrospective method.

The most significant impact of the standard relates to our accounting for future policy benefits. Cash flow assumptions used to measure the liability for certain future policy benefits are to be reviewed and, if necessary, updated for both changes in future assumptions and actual experience at least annually. Additionally, the discount rate assumption used to measure the liability for certain future policy benefits is required to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through Other Comprehensive Income. Further, the amortization of deferred acquisition costs and VOBA will be required to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. We previously amortized deferred acquisition costs and VOBA using models linked to revenue or profit of the related insurance contracts.

Upon adoption on January 1, 2023, we will record a cumulative effect adjustment and decrease January 1, 2021 beginning Shareholders' equity by approximately $1.8 billion after-tax. However, adoption of this guidance is expected to have an immaterial impact to Shareholders' equity at December 31, 2022.
Accounting guidance not yet adopted
Accounting guidance adopted in 2023
Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require updating of assumptions at least annually, updating to then-current discount rates quarterly using a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for market risk benefits, simplified amortization of deferred acquisition costs and VOBA, and enhanced disclosures. We adopted the standard effective January 1, 2023, under the modified retrospective method.

The most significant impact of the standard relates to our accounting for future policy benefits. Cash flow assumptions used to measure the liability for certain future policy benefits are to be reviewed and, if necessary, updated for both changes in future assumptions and actual experience at least annually. Additionally, the discount rate assumption used to measure the liability for certain future policy benefits is required to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through Other Comprehensive Income. Further, the amortization of deferred acquisition costs and VOBA will be required to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. We previously amortized deferred acquisition costs and VOBA using models linked to revenue or profit of the related insurance contracts.

Upon adoption on January 1, 2023, we will record a cumulative effect adjustment and decrease January 1, 2021 beginning Shareholders' equity by approximately $1.8 billion after-tax. However, adoption of this guidance is expected to have an immaterial impact to Shareholders' equity at December 31, 2022.
v3.22.4
Acquisitions
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures [Text Block] Acquisitions
Cigna’s Accident and Health (A&H) and Life Insurance Business in Asia-Pacific 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 consolidated financial statements include the results of Cigna's business in Asia from July 1, 2022. The acquisition of Cigna's business in Asia generated $1,250 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 $3,503 million of value of business acquired (VOBA). Refer to Note 6 for more information. Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreements that expired at the end of 2022.

The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further
adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows.

Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in AsiaJuly 1
(in millions of U.S. dollars)2022
Assets
Investments and Cash$5,275 
Accrued investment income33 
Insurance and reinsurance balances receivable52 
Reinsurance recoverable on losses and loss expenses3 
Reinsurance recoverable on future policy benefits82 
Value of business acquired3,503 
Goodwill and intangible assets1,559 
Other assets649 
Total assets$11,156 
Liabilities
Unpaid losses and loss expenses$12 
Unearned premiums59 
Future policy benefits3,817 
Insurance and reinsurance balances payable115 
Accounts payable, accrued expenses, and other liabilities924 
Deferred tax liabilities870 
Total liabilities$5,797 
Net acquired assets, including goodwill5,359 
Total$11,156 

Direct costs related to the acquisition were expensed as incurred. Cigna integration expenses were $48 million for the year ended December 31, 2022, which include one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition.

The following table summarizes the results of the acquired Cigna's A&H and Life business operations since the acquisition date that have been included within our Consolidated statements of operations.

July 1, 2022 to
(in millions of U.S. dollars)December 31, 2022
Total revenues$1,507 
Net income$148 

The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows:

(in millions of U.S. dollars)AmountWeighted-average useful life
Definite life
  Agency distribution relationships and renewal rights$230 
22 years
  Unearned premium reserves (UPR) intangible asset9 
1 year
Indefinite life
  Trademarks70 Indefinite
Total identified intangible assets$309 
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, for each of the respective periods. 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, except per share data)20222021
Net premiums earned$41,913 $39,495 
Total revenues$44,673 $44,166 
Net income$5,503 $8,921 

Huatai Group
Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 700 branches and approximately 19 million customers in China.

As of December 31, 2022, Chubb's aggregate ownership interest in Huatai Group was 47.3 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations.

During 2021, Chubb entered into agreements with several counterparties to purchase incremental ownership interests in Huatai Group totaling 31.8 percent for approximately $2 billion. In connection with these agreements, Chubb paid net deposits of $1.1 billion in 2021 and $184 million in 2022. Chubb entered into an agreement to acquire a 7.05 percent ownership interest in Huatai Group for approximately $0.5 billion, which was paid as a deposit in 2020. Completion of all such transactions would result in approximately 86.1 percent ownership in Huatai Group.
In 2022, we received regulatory approval to increase our ownership in Huatai Group to 83.2 percent and, in January 2023, we completed transactions that increased our ownership interest to approximately 64.2 percent. The acquisition of the remaining additional 22.0 percent in incremental ownership interests is pending completion of certain closing conditions, of which approximately 3.0 percent also requires regulatory approval.
v3.22.4
Investments
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
a) Fixed maturities

December 31, 2022Amortized
Cost		Valuation AllowanceGross Unrealized AppreciationGross Unrealized DepreciationFair 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 securities40,547 (107)49 (3,534)36,955 
Mortgage-backed securities17,871 (3)4 (2,021)15,851 
Municipal4,081 — 8 (209)3,880 
$93,355 $(169)$174 $(8,140)$85,220 
Amortized CostValuation AllowanceNet Carrying ValueGross Unrealized AppreciationGross Unrealized DepreciationFair
Value
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 securities1,733 (28)1,705 1 (126)1,580 
Mortgage-backed securities1,456 (1)1,455 — (104)1,351 
Municipal3,136 (1)3,135 1 (52)3,084 
$8,882 $(34)$8,848 $3 $(412)$8,439 


December 31, 2021Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross Unrealized DepreciationFair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $— $109 $(6)$2,214 
Non-U.S.25,156 (8)953 (272)25,829 
Corporate and asset-backed securities37,844 (6)1,410 (185)39,063 
Mortgage-backed securities20,080 — 532 (123)20,489 
Municipal5,302 — 216 (5)5,513 
$90,493 $(14)$3,220 $(591)$93,108 
Amortized CostValuation AllowanceNet Carrying ValueGross Unrealized AppreciationGross Unrealized DepreciationFair Value
Held to maturity
U.S. Treasury / Agency$1,213 $— $1,213 $34 $(3)$1,244 
Non-U.S.1,201 (5)1,196 66 — 1,262 
Corporate and asset-backed securities2,032 (28)2,004 197 — 2,201 
Mortgage-backed securities1,731 (1)1,730 74 (1)1,803 
Municipal3,976 (1)3,975 162 — 4,137 
$10,153 $(35)$10,118 $533 $(4)$10,647 
The following table presents the amortized cost of our HTM securities according to S&P rating:

December 31
20222021
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost % of Total
AAA$1,612 18 %$2,089 21 %
AA5,023 57 %5,303 52 %
A1,634 18 %1,964 19 %
BBB593 7 %773 8 %
BB20 — %23 — %
Other— — %1 — %
Total$8,882 100 %$10,153 100 %


The following table presents fixed maturities by contractual maturity:

December 31
20222021 
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$2,962 $2,962 $4,498 $4,498 
Due after 1 year through 5 years24,791 24,791 25,542 25,542 
Due after 5 years through 10 years26,679 26,679 28,207 28,207 
Due after 10 years14,937 14,937 14,372 14,372 
69,369 69,369 72,619 72,619 
Mortgage-backed securities15,851 15,851 20,489 20,489 
$85,220 $85,220 $93,108 $93,108 
Held to maturity
Due in 1 year or less$1,015 $1,003 $888 $894 
Due after 1 year through 5 years3,658 3,531 3,744 3,846 
Due after 5 years through 10 years1,460 1,423 2,242 2,349 
Due after 10 years1,260 1,131 1,514 1,755 
7,393 7,088 8,388 8,844 
Mortgage-backed securities1,455 1,351 1,730 1,803 
$8,848 $8,439 $10,118 $10,647 

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. 
b) Gross unrealized loss
Fixed maturities in an unrealized loss position at December 31, 2022 and 2021 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 MonthsOver 12 MonthsTotal
December 31, 2022Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
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 securities25,687 (1,793)4,190 (552)29,877 (2,345)
Mortgage-backed securities10,561 (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)

 0 – 12 MonthsOver 12 MonthsTotal
December 31, 2021Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$363 $(3)$70 $(3)$433 $(6)
Non-U.S.6,917 (196)1,093 (62)8,010 (258)
Corporate and asset-backed securities9,449 (145)806 (32)10,255 (177)
Mortgage-backed securities8,086 (116)190 (7)8,276 (123)
Municipal
226 (5)— — 226 (5)
Total AFS fixed maturities$25,041 $(465)$2,159 $(104)$27,200 $(569)


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)20222021
Available for sale
Valuation allowance for expected credit losses - beginning of period$14 $20 
Provision for expected credit loss237 14 
Recovery of expected credit loss(82)(20)
Valuation allowance for expected credit losses - end of period$169 $14 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$35 $44 
Provision for expected credit loss2 1 
Recovery of expected credit loss(3)(10)
Valuation allowance for expected credit losses - end of period$34 $35 
c) 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)202220212020
Fixed maturities:
Gross realized gains$619 $142 $244 
Gross realized losses(1,379)(123)(366)
Net (provision for) recovery of expected credit losses(154)14 11 
Impairment (1)
(135)(30)(170)
Total fixed maturities(1,049)3 (281)
Equity securities(230)662 586 
Other investments (31)111 (32)
Foreign exchange393 348 (483)
Investment and embedded derivative instruments(43)(72)81 
Fair value adjustments on insurance derivative(63)316 (202)
S&P futures187 (202)(108)
Other derivative instruments(11)(8)1 
Other(118)(6)(60)
Net realized gains (losses) (pre-tax)$(965)$1,152 $(498)
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available for sale$(10,583)$(2,901)$2,628 
Fixed maturities held to maturity(15)(18)(24)
Other20 (19)(12)
Income tax (expense) benefit1,043 521 (462)
Change in net unrealized appreciation (depreciation) on investments (after-tax)
$(9,535)$(2,417)$2,130 
(1)Relates to certain securities we intended to sell and securities written to market entering default.

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

Year Ended December 31
202220212020
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$(230)$(31)$(261)$662 $111 $773 $586 $(32)$554 
Less: Net gains recognized from sales of securities409 — 409 157 — 157 455 — 455 
Unrealized gains (losses) recognized for securities still held at reporting date$(639)$(31)$(670)$505 $111 $616 $131 $(32)$99 
d) Other investments
December 31
(in millions of U.S. dollars)20222021
Alternative investments:
Partially-owned investment companies$10,527 $9,210 
Limited partnerships1,455 631 
Investment funds373 267 
Alternative investments12,355 10,108 
Life insurance policies399 481 
Policy loans343 243 
Non-qualified separate account assets (1)
223 278 
Other376 59 
Total$13,696 $11,169 
(1)Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP.

Alternative investments
Alternative investments include partially-owned investment companies, 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 of alternative investments: 
December 31
 20222021
(in millions of U.S. dollars)Expected Liquidation
Period of Underlying Assets		Fair ValueMaximum
Future Funding
Commitments		Fair ValueMaximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,074 $505 $1,096 $267 
Real assets
2 to 13 Years
2,166 681 1,193 766 
Distressed
2 to 8 Years
1,048 755 753 641 
Private credit
3 to 8 Years
215 429 84 279 
Traditional
2 to 14 Years
7,424 5,025 6,647 5,200 
Vintage
1 to 2 Years
55 — 68 — 
Investment fundsNot Applicable373 — 267 — 
$12,355 $7,395 $10,108 $7,153 

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 CategoryConsists of investments in private equity funds:
Financialtargeting financial services companies, such as financial institutions and insurance services worldwide
Real assetstargeting investments related to hard physical assets, such as real estate, infrastructure and natural resources
Distressedtargeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credittargeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditionalemploying traditional private equity investment strategies such as buyout and growth equity globally
Vintagefunds where the initial fund term has expired
Included in partially-owned investment companies and limited partnerships are 168 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.

e) Investments in partially-owned insurance companies
The following table presents Investments in partially-owned insurance companies:
December 31, 2022December 31, 2021
(in millions of U.S. dollars, except for percentages)Carrying ValueGoodwillDirect Ownership PercentageCarrying ValueGoodwillDirect Ownership PercentageDomicile
Huatai Group$2,490 $1,247 47 %$2,698 $1,355 47 %China
Huatai Life Insurance Company215 65 20 %253 71 20 %China
Freisenbruch-Meyer11 3 40 %10 3 40 %Bermuda
Chubb Arabia Cooperative Insurance Company24 — 30 %23 — 30 %Saudi Arabia
Russian Reinsurance Company— — 23 %4 — 23 %Russia
ABR Reinsurance Ltd.137 — 19 %142 — 17 %Bermuda
Total$2,877 $1,315 $3,130 $1,429 

Chubb’s aggregate direct and indirect ownership in Huatai Life is 57.7 percent, comprising 20 percent direct and 37.7 percent indirect ownership interest at December 31, 2022. The table above excludes the 16.9 percent of additional ownership in Huatai Group that was acquired in January 2023 and 22.0 percent that is pending completion of certain closing conditions. Refer to Note 2 for additional information.
f) Net investment income
Year Ended December 31
(in millions of U.S. dollars)2022 2021 2020 
Fixed maturities (1)
$3,594 $3,300 $3,321 
Short-term investments81 35 48 
Other interest income 42 11 19 
Equity securities99 150 81 
Other investments104 147 82 
Gross investment income (1)
3,920 3,643 3,551 
Investment expenses(178)(187)(176)
Net investment income (1)
$3,742 $3,456 $3,375 
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$(41)$(84)$(116)

g) 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 $15,721 million and $17,092 million, and cash of $115 million and $152 million, at December 31, 2022 and 2021, respectively.
The following table presents the components of restricted assets: 
December 31
(in millions of U.S. dollars)20222021
Trust funds$8,120 $9,915 
Deposits with U.S. regulatory authorities2,345 2,402 
Deposits with non-U.S. regulatory authorities2,959 2,873 
Assets pledged under repurchase agreements1,527 1,420 
Other pledged assets885 634 
Total$15,836 $17,244 
v3.22.4
Fair value measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
a) Fair value hierarchy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.
 
The three levels of the hierarchy are as follows:

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

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

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

Fixed maturities
We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications 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.

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

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

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

Guaranteed living benefits
The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLBs are recorded in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties
contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy 
December 31, 2022Level 1Level 2Level 3Total
(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 securities737 — 90 827 
Short-term investments3,108 1,849 3 4,960 
Other investments (1)
552 399 — 951 
Securities lending collateral— 1,523 — 1,523 
Investment derivatives82 — — 82 
Derivatives designated as hedging instruments — 17 — 17 
Other derivative instruments33 — — 33 
Separate account assets5,101 89 — 5,190 
Total assets measured at fair value (1)
$11,713 $83,973 $3,117 $98,803 
Liabilities:
Investment derivatives$139 $— $— $139 
Derivatives designated as hedging instruments— 53 — 53 
GLB (2)
— — 736 736 
Total liabilities measured at fair value$139 $53 $736 $928 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

 
December 31, 2021Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,680 $534 $— $2,214 
Non-U.S.— 25,196 633 25,829 
Corporate and asset-backed securities— 37,014 2,049 39,063 
Mortgage-backed securities— 20,463 26 20,489 
Municipal— 5,513 — 5,513 
1,680 88,720 2,708 93,108 
Equity securities4,705 — 77 4,782 
Short-term investments1,744 1,395 7 3,146 
Other investments (1)
286 481 — 767 
Securities lending collateral— 1,831 — 1,831 
Investment derivatives58 — — 58 
Separate account assets5,461 99 — 5,560 
Total assets measured at fair value (1)
$13,934 $92,526 $2,792 $109,252 
Liabilities:
Investment derivatives$166 $— $— $166 
Other derivative instruments16 — — 16 
GLB (2)
— — 745 745 
Total liabilities measured at fair value$182 $— $745 $927 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Level 3 financial instruments
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair Value at December 31 2022Valuation
Technique		Significant
Unobservable Inputs		Ranges
Weighted Average (1)
GLB (1)
$736 Actuarial modelLapse rate
3% - 30%
3.6 %
Annuitization rate
0% - 100%
4.4 %
(1)The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.

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

The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.
The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established 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. In the third quarter of 2022, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. As a result, we refined our policyholder behavior assumptions (mainly those relating to annuitizations and partial withdrawals). This refinement increased the fair value of GLB liabilities, and resulted in a realized loss of approximately $40 million. During the year ended December 31, 2022, we also made routine model refinements to the internal valuation model which had an insignificant impact on net income.
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): 
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
GLB (1)
Year Ended December 31, 2022Non-U.S.Corporate and asset-backed securitiesMortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$633 $2,049 $26 $77 $7 $745 
Transfers into Level 323 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)63 
Purchases156 921 4 9 3 — 
Sales(59)(85)— (12)— — 
Settlements(107)(292)(10)— (5)— 
Other— — — — — (72)
Balance, end of year$564 $2,449 $11 $90 $3 $736 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$(2)$(9)$— $14 $(1)$63 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date
$(53)$(84)$— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2021Non-U.S.Corporate and asset-backed securities Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year
$546 $1,573 $60 $73 $5 $10 $1,089 
Transfers into Level 324 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 — — (316)
Purchases
275 1,154 18 21 9 — — 
Sales(48)(99)(1)(25)— — — 
Settlements(122)(607)(33)— (6)— — 
Other— — — — — — (28)
Balance, end of year$633 $2,049 $26 $77 $7 $— $745 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $3 $— $5 $— $— $(316)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$(25)$17 $— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesShort-term investments
GLB (1)
Year Ended December 31, 2020Non-U.S.Corporate and asset-backed securitiesMortgage-backed securitiesEquity
securities		Other
investments
(in millions of U.S. dollars)
Balance, beginning of year$449 $1,451 $60 $69 $6 $10 $897 
Transfers into Level 3— 134 — — — — — 
Transfers out of Level 3(16)(73)(1)(3)— — — 
Change in Net Unrealized Gains/Losses in OCI19 (8)— — — — — 
Net Realized Gains/Losses(1)(30)— 1 (1)— 202 
Purchases
274 708 2 23 14 — — 
Sales(122)(186)— (17)(2)— — 
Settlements(57)(423)(1)— (12)— — 
Other— — — — — — (10)
Balance, end of year$546 $1,573 $60 $73 $5 $10 $1,089 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$— $(5)$— $4 $— $— $202 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$16 $(6)$— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
b) Financial instruments disclosed, but not measured, at fair value
Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

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

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

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

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
December 31, 2022Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
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 
December 31, 2021Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,192 $52 $— $1,244 $1,213 
Non-U.S.— 1,262 — 1,262 1,196 
Corporate and asset-backed securities— 2,201 — 2,201 2,004 
Mortgage-backed securities— 1,803 — 1,803 1,730 
Municipal— 4,137 — 4,137 3,975 
Total assets$1,192 $9,455 $— $10,647 $10,118 
Liabilities:
Repurchase agreements$— $1,406 $— $1,406 $1,406 
Short-term debt— 1,019 — 1,019 999 
Long-term debt— 16,848 — 16,848 15,169 
Trust preferred securities— 460 — 460 308 
Total liabilities$— $19,733 $— $19,733 $17,882 
v3.22.4
Reinsurance
 12 Months Ended
Dec. 31, 2022
Reinsurance Disclosures [Abstract]  
Reinsurance 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)202220212020
Premiums written
Direct$47,511 $42,811 $37,749 
Assumed4,502 3,969 3,512 
Ceded(10,258)(8,912)(7,441)
Net$41,755 $37,868 $33,820 
Premiums earned
Direct$46,154 $41,138 $37,037 
Assumed4,430 3,650 3,323 
Ceded(10,195)(8,433)(7,243)
Net$40,389 $36,355 $33,117 
Ceded losses and loss expenses incurred were $7.0 billion, $6.1 billion, and $5.0 billion for the years ended December 31, 2022, 2021, and 2020, respectively.
b) Reinsurance recoverable on ceded reinsurance
December 31, 2022December 31, 2021
(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$17,128 $289 $16,184 $271 
Reinsurance recoverable on paid losses and loss expenses1,773 62 1,182 58 
Reinsurance recoverable on losses and loss expenses$18,901 $351 $17,366 $329 
Reinsurance recoverable on policy benefits$303 $4 $213 $4 
(1)     Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses in 2022 was primarily due to higher underlying ceded exposures reflecting premium growth and prior period development in certain lines, partially offset by foreign currency movement.

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)20222021
Valuation allowance for uncollectible reinsurance - beginning of period$329 $314 
Provision for uncollectible reinsurance43 66 
Write-offs charged against the valuation allowance(19)(50)
Foreign exchange revaluation(2)(1)
Valuation allowance for uncollectible reinsurance - end of period$351 $329 

The following tables present a listing, at December 31, 2022, of the categories of Chubb's reinsurers:
December 31, 2022Gross Reinsurance Recoverable on Losses and Loss ExpensesValuation allowance for Uncollectible Reinsurance% of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages)
Categories
Largest reinsurers$10,826 $114 1.1 %
Other reinsurers rated A- or better4,161 47 1.1 %
Other reinsurers rated lower than A- or not rated443 70 15.8 %
Pools425 14 3.3 %
Structured settlements507 11 2.2 %
Captives2,455 13 0.5 %
Other435 82 18.8 %
Total$19,252 $351 1.8 %

Largest Reinsurers
ABR Reinsurance Capital HoldingsHDI Group (Hannover Re)Partner Re GroupSwiss Re Group
Alleghany CorpLloyd's of LondonRenaissance Re Holdings Ltd
Berkshire Hathaway Insurance GroupMunich Re GroupStarr International Group
Categories of Chubb's reinsurersComprises:
Largest reinsurers
• All groups of reinsurers or captives where the gross recoverable exceeds one percent of Chubb's total 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 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.
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block] Goodwill, Other intangible assets, and Value of business acquired
Goodwill
The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife Insurance Chubb Consolidated
Balance at December 31, 2020$6,972 $2,240 $134 $4,836 $371 $847 $15,400 
Foreign exchange revaluation and other— — — (183)— (4)(187)
Balance at December 31, 2021$6,972 $2,240 $134 $4,653 $371 $843 $15,213 
Acquisition of Cigna's business in Asia— — — 90 — 1,160 1,250 
Foreign exchange revaluation and other(27)(10)— (138)— (1)(176)
Balance at December 31, 2022$6,945 $2,230 $134 $4,605 $371 $2,002 $16,287 

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.
December 31
(in millions of U.S. dollars)20222021
Subject to amortization$2,459 $2,508 
Not subject to amortization2,982 2,947 
Total$5,441 $5,455 
Amortization expense related to purchased intangibles was $285 million, $287 million, and $290 million for the years ended December 31, 2022, 2021, and 2020, respectively. The following table presents, as of December 31, 2022, 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
2023$281 
2024260 
2025242 
2026220 
2027205 
Total$1,208 

VOBA
Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts, and is amortized in relation to the profit emergence of the underlying contracts, in a manner similar to deferred acquisition costs. The VOBA calculation is based on many factors including mortality, morbidity, persistency, investment yields, expenses, and the discount rate, with the discount rate being the most significant factor.

The following table presents a roll-forward of VOBA:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Balance, beginning of year$236 $263 $306 
Acquisition of Cigna's business in Asia3,503 — — 
Amortization of VOBA (1)
(164)(22)(27)
Foreign exchange revaluation and other21 (5)(16)
Balance, end of year$3,596 $236 $263 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

For the year ended December 31, 2022, amortization of VOBA associated with the acquisition of Cigna's business in Asia was $145 million pre-tax.

The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense related to VOBA for the next five years at current foreign currency exchange rates:

For the Years Ending December 31VOBA
(in millions of U.S. dollars)
2023$333 
2024299 
2025270 
2026243 
2027219 
v3.22.4
Unpaid losses and loss expenses
 12 Months Ended
Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Abstract]  
Unpaid Losses and Loss Expenses 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, 2022, 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)202220212020
Gross unpaid losses and loss expenses, beginning of year$72,943 $67,811 $62,690 
Reinsurance recoverable on unpaid losses (1)
(16,184)(14,647)(14,181)
Net unpaid losses and loss expenses, beginning of year56,759 53,164 48,509 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year24,495 22,966 22,124 
Prior years (2)
(1,153)(986)(414)
Total23,342 21,980 21,710 
Net losses and loss expenses paid in respect of losses occurring in:
Current year8,117 7,836 7,782 
Prior years12,206 10,048 9,652 
Total20,323 17,884 17,434 
Foreign currency revaluation and other(583)(501)379 
Net unpaid losses and loss expenses, end of year59,195 56,759 53,164 
Reinsurance recoverable on unpaid losses (1)
17,128 16,184 14,647 
Gross unpaid losses and loss expenses, end of year$76,323 $72,943 $67,811 
(1)     Net of valuation allowance for uncollectible reinsurance.
(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively.

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 increase in gross and net unpaid losses and loss expense in 2021 is due to an increase in underlying exposure due to premium growth, partially offset by favorable prior period development.

The loss development tables under section c) below, present Chubb’s historical incurred and paid claims development by broad product line through December 31, 2022, 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, 2022
Presented in the loss development tables:
  North America Commercial P&C Insurance — Workers' Compensation$9,962 
  North America Commercial P&C Insurance — Liability20,014 
  North America Commercial P&C Insurance — Other Casualty2,530 
  North America Commercial P&C Insurance — Non-Casualty3,253 
  North America Personal P&C Insurance3,225 
  Overseas General Insurance — Casualty7,287 
  Overseas General Insurance — Non-Casualty3,206 
  Global Reinsurance — Casualty1,208 
  Global Reinsurance — Non-Casualty494 
Excluded from the loss development tables:
  Other5,210 
Net unpaid loss and allocated loss adjustment expense56,389 
Ceded unpaid loss and allocated loss adjustment expense:
  North America Commercial P&C Insurance — Workers' Compensation1,274 
  North America Commercial P&C Insurance — Liability6,920 
  North America Commercial P&C Insurance — Other Casualty888 
  North America Commercial P&C Insurance — Non-Casualty1,883 
  North America Personal P&C Insurance530 
  Overseas General Insurance — Casualty2,481 
  Overseas General Insurance — Non-Casualty1,702 
  Global Reinsurance — Casualty55 
  Global Reinsurance — Non-Casualty171 
  Other1,410 
Ceded unpaid loss and allocated loss adjustment expense17,314 
Unpaid loss and loss expense on other than short-duration contracts (1)
943 
Unpaid unallocated loss adjustment expenses1,677 
Unpaid losses and loss expenses$76,323 
(1)     Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves.
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;
◦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, including impact of COVID-19 on adjudication environment;
•inflation;
•the legal environment, including impact of COVID-19 on judicial proceedings;
•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, 2013, to December 31, 2021, and average historical claim duration as of December 31, 2022, 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, 2022.
•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 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-60.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31 As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,109 $1,108 $1,122 $1,127 $1,086 $1,073 $1,037 $1,014 $989 $968 $219 43 
20141,207 1,201 1,217 1,215 1,163 1,100 1,073 1,037 1,007 264 45 
20151,282 1,259 1,276 1,279 1,217 1,154 1,128 1,092 338 50 
20161,366 1,361 1,383 1,378 1,269 1,206 1,177 380 52 
20171,412 1,380 1,399 1,393 1,376 1,176 465 50 
20181,359 1,361 1,380 1,385 1,384 631 51 
20191,391 1,384 1,400 1,409 656 48 
20201,367 1,388 1,409 852 31 
20211,348 1,330 780 37 
20221,344 988 32 
Total$12,296 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$107 $286 $422 $506 $553 $587 $616 $633 $650 $664 
2014113 295 410 484 532 566 599 617 634 
2015116 301 418 501 564 606 628 645 
2016122 326 452 529 584 621 653 
2017120 313 437 516 564 601 
2018130 329 451 528 597 
2019143 341 467 575 
2020111 282 390 
2021120 331 
2022131 
Total$5,221 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$2,887 
Accident years 2013 - 2022 from tables above7,075 
All Accident years$9,962 
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(132)
Accident years 2013 - 2022 from tables above(305)
All Accident years$(437)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %16 %10 %7 %5 %3 %3 %2 %2 %1 %

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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$3,540 $3,534 $3,534 $3,524 $3,422 $3,208 $3,115 $2,958 $2,950 $2,997 $247 25 
20143,528 3,578 3,667 3,710 3,648 3,463 3,340 3,192 3,142 278 24 
20153,552 3,701 3,810 3,966 3,934 3,727 3,700 3,569 390 27 
20163,526 3,587 3,684 3,797 3,792 3,764 3,755 589 27 
20173,315 3,491 3,573 3,623 3,545 3,434 758 26 
20183,367 3,485 3,688 3,820 3,900 1,041 28 
20193,445 3,620 3,858 4,050 1,488 30 
20204,102 3,826 3,919 2,184 24 
20214,315 4,349 3,263 24 
20224,561 4,176 24 
Total$37,676 
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 Year2013201420152016201720182019202020212022
2013$129 $546 $1,189 $1,593 $2,003 $2,228 $2,369 $2,460 $2,520 $2,609 
2014164 678 1,248 1,801 2,199 2,439 2,580 2,669 2,753 
2015138 604 1,203 1,852 2,287 2,527 2,743 2,921 
2016171 662 1,334 1,973 2,331 2,593 2,820 
2017161 616 1,160 1,698 2,000 2,322 
2018189 753 1,301 1,773 2,335 
2019175 669 1,245 1,888 
2020152 589 1,147 
2021174 608 
2022144 
Total$19,547 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$1,885 
Accident years 2013 - 2022 from tables above18,129 
All Accident years$20,014 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$98 
Accident years 2013 - 2022 from tables above145 
All Accident years$243 
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage4 %13 %16 %16 %12 %8 %5 %4 %2 %3 %
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$525 $530 $521 $514 $468 $461 $461 $457 $459 $458 $8 17 
2014594 582 580 595 554 537 538 530 526 6 17 
2015486 469 500 514 457 454 462 457 23 15 
2016503 501 527 523 480 479 469 27 16 
2017531 565 576 616 604 590 36 17 
2018535 563 574 579 575 25 17 
2019605 636 685 743 143 17 
2020640 633 656 265 11 
2021675 709 379 12 
2022782 611 11 
Total$5,965 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$68 $196 $270 $348 $384 $410 $418 $425 $438 $441 
201480 220 317 391 454 472 500 508 513 
201547 137 214 304 370 394 411 423 
201652 145 246 323 374 398 424 
201766 175 312 381 446 496 
201874 169 270 365 472 
201970 189 318 465 
202054 156 273 
202160 176 
202282 
Total$3,765 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$330 
Accident years 2013 - 2022 from tables above2,200 
All Accident years$2,530 
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, 2022
Accident years prior to 2013$56 
Accident years 2013 - 2022 from tables above77 
All Accident years$133 
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage11 %19 %19 %16 %13 %6 %4 %2 %2 %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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,427 $1,417 $1,330 $1,352 $1,333 $1,333 $1,330 $1,337 $1,336 $1,340 $3 455 
20141,639 1,655 1,573 1,552 1,543 1,544 1,552 1,545 1,544 2 483 
20151,730 1,740 1,645 1,633 1,600 1,585 1,587 1,592 1 545 
20161,904 1,884 1,794 1,775 1,811 1,824 1,820 26 650 
20172,699 2,602 2,501 2,517 2,509 2,519 65 764 
20182,047 2,234 2,169 2,161 2,170 35 903 
20192,046 2,031 1,953 1,944 52 1,043 
20203,139 2,942 2,726 105 1,124 
20212,941 2,824 368 857 
20223,048 1,467 751 
Total$21,527 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$647 $1,132 $1,231 $1,278 $1,304 $1,318 $1,326 $1,328 $1,329 $1,338 
2014816 1,368 1,478 1,499 1,525 1,540 1,547 1,552 1,552 
2015724 1,339 1,484 1,552 1,567 1,570 1,583 1,582 
2016844 1,499 1,650 1,726 1,754 1,779 1,790 
2017977 2,083 2,299 2,389 2,403 2,427 
20181,025 1,820 2,012 2,068 2,113 
20191,028 1,672 1,800 1,856 
20201,390 2,260 2,466 
20211,085 2,100 
20221,050 
Total$18,274 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$— 
Accident years 2013 - 2022 from tables above3,253 
All Accident years$3,253 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(11)
Accident years 2013 - 2022 from tables above(319)
All Accident years$(330)

Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %36 %8 %3 %1 %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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,848 $1,876 $1,884 $1,888 $1,912 $1,924 $1,932 $1,935 $1,936 $1,933 $18 132 
20142,198 2,199 2,185 2,139 2,153 2,140 2,134 2,134 2,133 9 144 
20152,487 2,542 2,553 2,536 2,556 2,562 2,559 2,561 12 148 
20162,433 2,529 2,538 2,476 2,464 2,457 2,465 17 154 
20173,027 3,062 2,995 2,991 2,991 3,000 16 163 
20183,001 3,029 3,095 3,110 3,131 93 170 
20192,948 2,985 2,986 2,978 116 156 
20202,922 2,627 2,626 206 123 
20213,027 2,877 245 129 
20223,102 1,217 94 
Total$26,806 
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 Year2013201420152016201720182019202020212022
2013$1,036 $1,494 $1,676 $1,775 $1,831 $1,873 $1,884 $1,906 $1,904 $1,910 
20141,306 1,759 1,919 2,028 2,073 2,100 2,109 2,116 2,119 
20151,495 2,078 2,264 2,385 2,472 2,501 2,526 2,535 
20161,449 2,046 2,205 2,308 2,364 2,391 2,422 
20171,693 2,514 2,661 2,793 2,863 2,930 
20181,922 2,542 2,699 2,857 2,971 
20191,663 2,431 2,610 2,718 
20201,330 1,990 2,223 
20211,583 2,368 
20221,411 
Total$23,607 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$26 
Accident years 2013 - 2022 from tables above3,199 
All Accident years$3,225 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(5)
Accident years 2013 - 2022 from tables above(123)
All Accident years$(128)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage56 %24 %7 %5 %3 %2 %1 %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 45 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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,186 $1,181 $1,174 $1,217 $1,172 $1,139 $1,084 $1,054 $1,074 $1,094 $65 37 
20141,186 1,253 1,261 1,277 1,197 1,118 1,081 1,092 1,096 100 38 
20151,107 1,199 1,226 1,248 1,229 1,172 1,157 1,174 131 40 
20161,138 1,234 1,298 1,327 1,317 1,328 1,263 117 42 
20171,128 1,224 1,271 1,318 1,283 1,319 149 43 
20181,224 1,273 1,332 1,375 1,330 282 43 
20191,295 1,360 1,382 1,373 358 42 
20201,669 1,589 1,509 835 34 
20211,604 1,650 1,111 35 
20221,741 1,475 29 
Total$13,549 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$78 $246 $393 $532 $667 $763 $826 $875 $896 $913 
2014104 273 440 567 675 754 815 857 886 
201579 265 460 631 745 821 895 927 
2016119 303 500 642 760 851 974 
201790 296 494 647 805 931 
2018104 309 465 602 718 
2019116 313 440 642 
2020101 271 425 
2021110 268 
202283 
Total$6,767 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$505 
Accident years 2013 - 2022 from tables above6,782 
All Accident years$7,287 
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$8 
Accident years 2013 - 2022 from tables above(76)
All Accident years$(68)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage7 %14 %13 %12 %10 %8 %7 %4 %2 %2 %
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,656 $1,651 $1,590 $1,545 $1,540 $1,513 $1,501 $1,492 $1,483 $1,481 $12 560 
20141,727 1,790 1,737 1,725 1,691 1,682 1,675 1,669 1,661 5 534 
20151,815 1,932 1,907 1,876 1,860 1,853 1,836 1,835 7 557 
20161,920 1,914 1,901 1,880 1,883 1,913 1,911 35 566 
20172,067 2,107 2,093 2,075 2,099 2,096 23 577 
20182,022 2,107 2,070 2,044 2,013 39 612 
20192,044 2,060 2,000 1,989 (15)631 
20202,378 2,244 2,120 164 533 
20212,462 2,374 241 541 
20222,728 696 597 
Total$20,208 
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 Year2013201420152016201720182019202020212022
2013$643 $1,186 $1,369 $1,399 $1,433 $1,451 $1,458 $1,461 $1,458 $1,458 
2014699 1,327 1,526 1,585 1,614 1,627 1,641 1,648 1,641 
2015789 1,437 1,656 1,732 1,754 1,781 1,798 1,801 
2016938 1,554 1,740 1,807 1,831 1,840 1,845 
2017980 1,726 1,893 1,964 2,004 2,062 
2018930 1,620 1,812 1,878 1,893 
2019979 1,620 1,804 1,869 
20201,003 1,602 1,746 
2021944 1,692 
20221,122 
Total$17,129 
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$127 
Accident years 2013 - 2022 from tables above3,079 
All Accident years$3,206 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(10)
Accident years 2013 - 2022 from tables above(270)
All Accident years$(280)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %34 %10 %3 %1 %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 31As of December 31
 2022
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2013201420152016201720182019202020212022
2013$317 $323 $326 $326 $327 $320 $313 $307 $305 $302 $6 
2014329 330 335 338 339 343 326 326 325 8 
2015280 285 295 296 304 300 304 306 11 
2016218 222 230 229 238 238 243 11 
2017208 210 214 212 213 212 4 
2018237 240 247 243 246 12 
2019232 240 236 235 37 
2020241 245 236 60 
2021277 281 136 
2022293 206 
Total$2,679 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$64 $142 $185 $221 $240 $258 $266 $269 $275 $279 
201491 183 216 247 262 273 283 292 297 
201589 157 189 215 230 247 263 272 
201656 111 140 157 172 189 205 
201746 98 120 137 152 172 
201840 93 122 145 166 
201939 88 114 137 
202041 98 123 
202135 86 
202239 
Total$1,776 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$305 
Accident years 2013 - 2022 from tables above903 
All Accident years$1,208 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(7)
Accident years 2013 - 2022 from tables above(1)
All Accident years$(8)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage20 %23 %11 %9 %6 %6 %4 %2 %2 %1 %
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 85 percent of loss on proportional treaties in treaty year 2013 and after. This percentage has increased over time with the proportion being approximately 79 percent for treaty years 2013-2017 growing to an average of 91 percent for treaty years 2018 to 2022, with the remainder being written on an excess of loss basis.
Net Incurred Loss and Allocated Loss Adjustment ExpensesAs of December 31
 2022
Years Ended December 31
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2013201420152016201720182019202020212022
2013$157 $154 $143 $137 $139 $136 $136 $135 $134 $134 $— 
2014159 175 174 177 175 174 173 172 170 1 
2015144 152 158 158 151 156 154 154 — 
2016176 182 184 187 183 181 181 2 
2017395 421 451 449 453 456 12 
2018279 287 290 286 291 7 
2019132 130 127 121 8 
2020209 253 277 34 
2021340 350 43 
2022346 220 
Total$2,480 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses

Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$45 $100 $118 $127 $130 $132 $133 $134 $134 $134 
201463 125 147 157 162 164 166 166 167 
201556 102 130 140 144 148 150 151 
201656 129 155 166 172 175 176 
2017191 321 400 414 427 433 
201894 250 266 269 273 
201935 81 95 103 
202062 177 215 
2021158 277 
202274 
Total$2,003 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$17 
Accident years 2013 - 2022 from tables above477 
All Accident years$494 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(4)
Accident years 2013 - 2022 from tables above34 
All Accident years$30 
Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage34 %40 %15 %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, 2022 (in millions of U.S. dollars)
(favorable)/unfavorable		2013 - 2021 accident years (implied PPD per loss triangles)Accident years prior to 2013
Other (1)
PPD on loss reserves RIPs, Expense adjustments, and earned premiumsTotal
North America Commercial P&C Insurance
Long-tail$(83)$22 $(253)$(314)$85 $(229)
Short-tail(319)(11)(30)(360)27 (333)
(402)11 (283)(2)(674)112 (3)(562)
North America Personal P&C Insurance (Short-tail)(123)(5)(58)(4)(186)— (186)
Overseas General Insurance
Long-tail(76)8 3 (65)— (65)
Short-tail(270)(10)(103)(383)— (383)
(346)(2)(100)(5)(448)— (448)
Global Reinsurance
Long-tail(1)(7)1 (7)— (7)
Short-tail34 (4)— 30 (1)29 
33 (11)1 23 (1)22 
Subtotal$(838)$(7)$(440)$(1,285)$111 $(1,174)
North America Agricultural Insurance (Short-tail)$(227)$166 $(61)
Corporate (Long-tail)359 — 359 
Consolidated PPD$(1,153)$277 $(876)
(1)        Other includes the impact of foreign exchange.
(2)     Includes favorable development of $161 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $46 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 $48 million relating to the Colorado Wildfire CAT event that began December 30, 2021.
(5)     Includes favorable development of $105 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.
Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:
Years Ended December 31
(in millions of U.S. dollars, except for percentages)		Long-tailShort-tailTotal
% of beginning net unpaid reserves (1)
2022
North America Commercial P&C Insurance$(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 — %
Corporate359 — 359 0.6 %
Total$58 $(934)$(876)1.5 %
2021
North America Commercial P&C Insurance$(482)$(280)$(762)1.4 %
North America Personal P&C Insurance— (305)(305)0.6 %
North America Agricultural Insurance— 10 10 — %
Overseas General Insurance(106)(335)(441)0.8 %
Global Reinsurance(25)28 3 — %
Corporate569 — 569 1.1 %
Total$(44)$(882)$(926)1.7 %
2020
North America Commercial P&C Insurance$(672)$(30)$(702)1.4 %
North America Personal P&C Insurance— 63 63 0.1 %
North America Agricultural Insurance— (10)(10)— %
Overseas General Insurance(49)(101)(150)0.3 %
Global Reinsurance(25)(4)(29)0.1 %
Corporate 433 — 433 0.9 %
Total$(313)$(82)$(395)0.8 %
(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 2022 included $496 million in workers' compensation from lower than expected loss experience, 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 in 2021 included favorable development of $303 million on COVID-19 reserves, including $256 million on management liability portfolios. Total favorable development on management liability portfolios of $278 million,
including the COVID-19 referenced above, was driven by lower than expected claim frequency including securities class actions. Net favorable development also included $260 million in our workers' compensation business, driven by lower than expected loss experience and related improvements to loss development factors, and $164 million in property and marine coverages, driven by lower than expected loss development.

Net favorable development of $702 million in 2020 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 2022 primarily included favorable development in the homeowners and valuables lines of business, driven by lower than expected claims reserve development.

Net favorable development in 2021 included favorable development primarily in the homeowners and valuables lines of business, which experienced better than expected non-catastrophe loss development.

Net adverse development of $63 million in 2020 represented 0.1 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Overseas General Insurance. 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 in 2021 included favorable development of $127 million on COVID-19 reserves, including $104 million impact on financial lines. Net favorable development also included favorable development of $111 million in A&H lines across most regions. The favorable development was partially offset by adverse development of $90 million in D&O on specific claims in Australia and the U.K., and adverse professional indemnity development, including medical malpractice, in various regions.

Net favorable development of $150 million in 2020 represented 0.3 percent of the beginning consolidated net unpaid losses and loss expense reserves.

Corporate. Net adverse development in 2022, 2021, and 2020, included adverse development for molestation claims of $155 million, $417 million, and $254 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 asbestos and environmental liabilities.

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 recently enacted "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 the Corporate segment 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 is contingent on a variety of conditions and court approvals, our inactive run-off company, Century Indemnity Company, and certain active Chubb companies will pay their respective share of $800 million and obtain a broad release for all Chubb companies from BSA-related abuse claims. This liability was included in our Unpaid losses and loss expenses as of December 31, 2021, and is gross of reinsurance recoverable and previously carried reserves, collectively, of $425 million.

In the third quarter of 2022, the bankruptcy court approved the agreement-in-principle regarding the bankruptcy of the Boy Scouts of America (BSA), which will proceed to further approval before the U.S. District Court. Of the $800 million that will be paid per the agreement, $300 million was paid as of December 31, 2022, and the remaining $500 million liability is expected to be 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:
AsbestosEnvironmentalTotal
(in millions of U.S. dollars)GrossNetGrossNetGrossNet
Balance at December 31, 2019$1,459 $916 $529 $410 $1,988 $1,326 
Incurred activity150 90 79 41 229 131 (1)
Paid activity(258)(133)(91)(72)(349)(205)
Balance at December 31, 20201,351 873 517 379 1,868 1,252 
Incurred activity96 64 52 40 148 104 (1)
Paid activity(221)(137)(167)(117)(388)(254)
Balance at December 31, 20211,226 800 402 302 1,628 1,102 
Incurred activity87 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 
(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, 2022 and 2021, shown in the table above is comprised of:
December 31
(in millions of U.S. dollars)20222021
Brandywine operations$602 $646 
Westchester Specialty98 100 
Chubb Corp266 286 
Other, mainly Overseas General Insurance47 70 
Total$1,013 $1,102 

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 2022 and 2021, $75 million and $50 million, respectively, were 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 2022 and 2021, capital contributions of $106 million and $18 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, 2022, was $25 million and $669 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, 2022, is $131 million. Century reports the amount ceded under the XOL Agreement in accordance with statutory accounting principles, which differ from 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 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, 2022 and 2021, the aggregate reinsurance recoverables owed by Century to certain active Chubb companies were approximately $1.9 billion and $1.8 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, 2022 and 2021, Century's carried gross reserves (including reserves assumed from the active Chubb companies) were $2.1 billion and $2.2 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, 2022, the remaining unused incurred limit under the Westchester NICO agreement was $347 million.
v3.22.4
Taxation
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Taxation Taxation
Under Swiss law through December 31, 2022, 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 current Bermuda law, Chubb Limited and its Bermuda subsidiaries are not required to pay any taxes on income or capital gains. If a Bermuda law were enacted that would impose taxes on income or capital gains, Chubb Limited and the Bermuda subsidiaries have received written assurances from the Minister of Finance in Bermuda that would exempt such companies from Bermudian taxation until March 2035.

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 Limited and Chubb Life Insurance Korea Company Ltd.) as management has no intention of remitting these earnings. 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. As a result of Swiss federal tax reform which was effective in 2020, the tax rate changed from 7.83 percent to 21.2 percent. The tax rate further changed to 19.7 percent for 2021 and 2022 due to changes in Cantonal tax rates.
The following table presents pre-tax income and the related provision for income taxes:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Pre-tax income:
      Switzerland$234 $349 $350 
      Outside Switzerland6,334 9,467 3,812 
      Total pre-tax income$6,568 $9,816 $4,162 
Provision for income taxes
Current tax expense:
      Switzerland$15 $65 $52 
      Outside Switzerland1,066 1,294 876 
      Total current tax expense1,081 1,359 928 
Deferred tax expense (benefit):
      Switzerland34 (15)2 
      Outside Switzerland140 (67)(301)
      Total deferred tax expense (benefit)174 (82)(299)
Provision for income taxes$1,255 $1,277 $629 

The most significant jurisdictions contributing to the overall taxation of Chubb are calculated using the following rates in 2022: Switzerland 19.7 percent, U.S. 21.0 percent, U.K. 19.0 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)20222021 2020 
Expected tax provision at Swiss statutory tax rate$1,291 $1,934 $880 
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate(244)(740)(337)
Net withholding taxes75 78 67 
Other133 5 19 
Provision for income taxes$1,255 $1,277 $629 
The following table presents the components of net deferred tax assets and liabilities:
December 31
(in millions of U.S. dollars)2022 2021 
Deferred tax assets:
Loss reserve discount$1,001 $950 
Unearned premiums reserve417 544 
Foreign tax credits76 156 
Loss carry-forwards104 139 
Investments57 — 
Unrealized depreciation on investments1,387 — 
Depreciation126 190 
Other175 296 
Total deferred tax assets 3,343 2,275 
      Valuation allowance91692
      Deferred tax assets, net of valuation allowance2,427 2,183 
Deferred tax liabilities:
Deferred policy acquisition costs276 679 
Other intangible assets, including VOBA2,194 1,268 
Un-remitted foreign earnings249 121 
Investments— 144 
Unrealized appreciation on investments— 360 
Total deferred tax liabilities 2,719 2,572 
Net deferred tax liabilities$(292)$(389)

The valuation allowance of $916 million and $92 million at December 31, 2022 and 2021, 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, 2022, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $815 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 the tax benefit of these losses, we considered realized gains, carryback ability and available tax planning strategies.

At December 31, 2022, Chubb has net operating loss carry-forwards of $346 million which, if unused, will expire starting in 2023, and a foreign tax credit carry-forward in the amount of $76 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)2022 2021 
Balance, beginning of year$64 $76 
Additions based on tax positions related to prior years4 7 
Reductions for settlements with taxing authorities(1)(19)
Balance, end of year$67 $64 

At December 31, 2022 and 2021, the gross unrecognized tax benefits of $67 million and $64 million, respectively, can be reduced by $21 million and $26 million, respectively, associated with foreign tax credits. The net amounts of $46 million and $38 million at December 31, 2022 and 2021, 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 $4 million, $1 million, and $8 million at December 31, 2022, 2021, and 2020, respectively. Liabilities for tax-related interest and penalties in our Consolidated balance sheets were $18 million and $14 million at December 31, 2022 and 2021, 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, 2022
Australia2016-2022
Brazil2016-2022
Canada2012-2022
France 2021-2022
Germany2016-2022
Italy2019-2022
Korea (1)
2017-2022
Mexico2016-2022
Spain2012-2022
Switzerland2018-2022
United Kingdom2015-2022
United States2014-2022
(1)     Includes an examination for a pre-acquisition period subject to indemnification by Cigna Corp.
v3.22.4
Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
December 31December 31
(in millions of U.S. dollars)20222021Early Redemption Option
Repurchase agreements (weighted average interest rate of 3.9% in 2022 and 0.2% in 2021)
$1,419$1,406None
Short-term debt
Chubb INA:
$1,000 million 2.875% senior notes due November 2022
$—$999
Make-whole premium plus 20 bps
$475 million 2.7% senior notes due March 2023
475—
Make-whole premium plus 10 bps
Total short-term debt
$475$999
Long-term debt
Chubb INA:
$475 million 2.7% senior notes due March 2023
$—$474
Make-whole premium plus 10 bps
$700 million 3.35% senior notes due May 2024
699698
Make-whole premium plus 15 bps
€700 million 0.3% senior notes due December 2024
742787
Make-whole premium plus 15 bps
$800 million 3.15% senior notes due March 2025
798798
Make-whole premium plus 15 bps
$1,500 million 3.35% senior notes due May 2026
1,4961,494
Make-whole premium plus 20 bps
€575 million 0.875% senior notes due June 2027
609645
Make-whole premium plus 20 bps
€900 million 1.55% senior notes due March 2028
9521,009
Make-whole premium plus 15 bps
$100 million 8.875% debentures due August 2029
100100None
€700 million 0.875% senior notes due December 2029
740785
Make-whole premium plus 20 bps
$1,000 million 1.375% senior notes due September 2030
993992
Make-whole premium plus 15 bps
€575 million 1.4% senior notes due June 2031
606642
Make-whole premium plus 25 bps
$200 million 6.8% debentures due November 2031
234238
Make-whole premium plus 25 bps
$300 million 6.7% senior notes due May 2036
298298
Make-whole premium plus 20 bps
$800 million 6.0% senior notes due May 2037
927936
Make-whole premium plus 20 bps
€900 million 2.5% senior notes due March 2038
9491,007
Make-whole premium plus 25 bps
$600 million 6.5% senior notes due May 2038
726735
Make-whole premium plus 30 bps
$475 million 4.15% senior notes due March 2043
471470
Make-whole premium plus 15 bps
$1,500 million 4.35% senior notes due November 2045
1,4851,485
Make-whole premium plus 25 bps
$600 million 2.85% senior notes due December 2051
593593
Make-whole premium plus 15 bps
$1,000 million 3.05% senior notes due December 2061
984983
Make-whole premium plus 20 bps
Total long-term debt$14,402$15,169
Trust preferred securities
Chubb INA capital securities due April 2030$308$308
Redemption prices(1)
(1)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.
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 and are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

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.
v3.22.4
Commitments, contingencies, and guarantees
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies, and guarantees 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. Investment derivative instruments 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.

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

The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: 
December 31, 2022December 31, 2021
Consolidated
Balance Sheet
Location		Fair ValueNotional
Value/
Payment
Provision		Fair ValueNotional
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 contractsOA / (AP)$64 $(115)$4,134 $25 $(139)$6,182 
Options/Futures contracts on notes and bondsOA / (AP)18 (24)1,511 33 (27)12,944 
Convertible securities (1)
FM AFS / ES30 — 37 11 — 12 
$112 $(139)$5,682 $69 $(166)$19,138 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$33 $— $939 $— $(16)$905 
OtherOA / (AP)— — — — — 3 
$33 $— $939 $— $(16)$908 
GLB (3)
(AP)$— $(736)$1,979 $— $(745)$1,432 
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedgesOA / (AP)$17 $— $1,595 $— $— $— 
Cross-currency swaps - net investment hedgesOA / (AP)— (53)1,604 — — — 
$17 $(53)$3,199 $— $— $— 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

At December 31, 2022 and 2021, net derivative liabilities of $60 million and $123 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.

(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, 2022, of our euro denominated debt, by converting cash flows back into the U.S dollar.

These fair value hedges are carried at fair value. The hedges are expected to be highly effective, with gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes within Net realized gains (losses). The remaining change in fair value is recorded in Other comprehensive income (OCI), with an immaterial amount recorded in interest expense.

For the year ended December 31, 2022, the fair value hedge was in a net gain position of $17 million, comprising $105 million of net realized gains, $5 million of interest expense, and the remaining change in fair value of $83 million pre-tax of other comprehensive loss recorded within OCI.
(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.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, with an immaterial amount recorded to interest expense. The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

For the year ended December 31, 2022, the net investment hedges were in a loss position of $53 million, comprising $57 million pre-tax of cumulative translation losses recorded in OCI, and $4 million of interest income.

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) in the Consolidated statements of operations. The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Investment and embedded derivative instruments:
Foreign currency forward contracts$(339)$(62)$65 
All other futures contracts, options, and equities297 (10)16 
Convertible securities (1)
(1)— — 
Total investment and embedded derivative instruments$(43)$(72)$81 
GLB and other derivative instruments:
GLB$(63)$316 $(202)
Futures contracts on equities (2)
187 (202)(108)
Other(11)(8)1 
Total GLB and other derivative instruments$113 $106 $(309)
$70 $34 $(228)
(1)Includes embedded derivatives.
(2)Related to GMDB and GLB 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 future policy benefit reserves for GMDB and an increase in the fair value liability for GLB reinsurance business.
Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, 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) GLB
Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. The GLB is accounted for as a derivative and is recorded at fair value. Fair value represents management’s estimate of an exit price and, thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable.

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

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, 2022December 31, 2021
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$820 $931 
U.S. Treasury / Agency72 128 
Non-U.S.604 752 
Corporate and asset-backed securities27 12 
Mortgage-backed securities— 1 
Equity securities— 7 
$1,523 $1,831 
Gross amount of recognized liability for securities lending payable$1,523 $1,831 
At December 31, 2022 and 2021, our repurchase agreement obligations of $1,419 million and $1,406 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
December 31, 2022December 31, 2021
Up to 30 Days30-90 Days30-90 DaysGreater than 90 DaysTotal
(in millions of U.S. dollars)Total
Collateral pledged under repurchase agreements:
Cash$12 $— $12 $— $29 $29 
U.S. Treasury / Agency— 101 101 103 — 103 
Mortgage-backed securities921 493 1,414 — 1,288 1,288 
$933 $594 $1,527 $103 $1,317 $1,420 
Gross amount of recognized liabilities for repurchase agreements$1,419 $1,406 
Difference (1)
$108 $14 
(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, 2022, were Bank of America Corp, JP Morgan Chase & Co., and Morgan Stanley. Our largest exposure by industry at December 31, 2022, 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. Approximately 11 percent of our gross premiums written were generated from or placed by Marsh & McLennan Companies, Inc., for the year ended December 31, 2022, compared to approximately 12 percent for the years ended December 31, 2021 and 2020. This entity is a large, well-established company, and there are no indications that it is financially troubled at December 31, 2022. 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, 2022 and 2021, commitments to purchase fixed income securities over the next several years were $770 million and $771 million, respectively.

g) Other investments
At December 31, 2022, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $12.0 billion. In connection with these investments, we have commitments that may require funding of up to $7.4 billion over the next several years. At December 31, 2021, these investments had a carrying value of $9.8 billion with commitments that may have required funding of up to $7.2 billion.

h) Letters of credit
On October 6, 2022, Chubb entered into a new group syndicated credit facility through 2027, with capacity of $3.0 billion. This facility consolidated our three existing syndicated facilities with capacity of $2.7 billion.

Overall, 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. At December 31, 2022, our LOC usage was $1.4 billion.

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, 2022 and 2021, the right-of-use asset was $607 million and $445 million, respectively, recorded within Other assets, and the lease liability was $633 million and $484 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, 2022, the weighted average remaining lease term and weighted average discount rate for the operating leases was 7.8 years and 3.5 percent, respectively. Rent expense was $161 million, $149 million, and $152 million for the years ended December 31, 2022, 2021, and 2020, 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:
2023$160 
2024123 
202587 
202673 
202750 
Thereafter261 
Total undiscounted lease payments$754 
Less: Present value adjustment121 
Net lease liabilities reported as of December 31, 2022$633 
As of December 31, 2022, we entered into leases for office space that are not yet recorded on our Consolidated balance sheets and are not included in the total obligations referenced above. The leases are expected to commence in 2023 and 2025 with initial terms of approximately 21 years and 23 years, respectively. Total cash requirements are estimated at approximately $1.2 billion over the terms of these two leases.
v3.22.4
Shareholders' equity note
 12 Months Ended
Dec. 31, 2022
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.

Dividend approval
At our May 2022 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.32 per share, expected to be paid in four quarterly installments of $0.83 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 2023 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.83 per share, have been distributed by the Board as expected.

At our May 2021 and 2020 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.20 per share and $3.12 per share, respectively, which were paid in four quarterly installments of $0.80 per share and $0.78 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
202220212020
CHFUSDCHFUSDCHFUSD
Total dividend distributions per common share3.11 $3.29 2.88 $3.18 2.89 $3.09 

b) Shares issued, outstanding, authorized, and conditional
Year Ended December 31
202220212020
Common Shares authorized and issued, beginning of year474,021,114 477,605,264 479,783,864 
Cancellation of treasury shares(27,644,500)(3,584,150)(2,178,600)
Common Shares authorized and issued, end of year446,376,614 474,021,114 477,605,264 
Common Shares in treasury, beginning of year (at cost)(47,448,502)(26,872,639)(27,812,297)
Net shares issued under employee share-based compensation plans2,947,272 3,484,487 2,345,208 
Shares repurchased(14,925,028)(27,644,500)(3,584,150)
Cancellation of treasury shares27,644,500 3,584,150 2,178,600 
Common Shares in treasury, end of year (at cost)(31,781,758)(47,448,502)(26,872,639)
Common Shares outstanding, end of year414,594,856 426,572,612 450,732,625 

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 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. At our May 2020 annual general meeting, our shareholders approved the cancellation of 2,178,600 shares purchased under our share repurchase program during the period beginning September 23, 2019 and ending December 31, 2019. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 3, 2020.

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 24.15 as of December 31, 2022) 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 24.15 as of December 31, 2022) 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 21, 2019 through December 31, 2020;
•$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; and
•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023.


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 31January 1, 2023 through
(in millions of U.S. dollars, except share data)202220212020February 23, 2023
Number of shares repurchased14,925,028 27,644,500 3,584,150 1,633,300 
Cost of shares repurchased$3,014 $4,861 $516 $347 
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):
Year Ended December 31
(in millions of U.S. dollars)202220212020
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of year, net of tax$2,256 $4,673 $2,543 
Change in year, before reclassification from AOCI (before tax)(11,627)(2,935)2,311 
Amounts reclassified from AOCI (before tax)1,049 (3)281 
Change in year, before tax(10,578)(2,938)2,592 
Income tax (expense) benefit1,043 521 (462)
Balance – end of year, net of tax(7,279)2,256 4,673 
Cumulative foreign currency translation adjustment
Balance – beginning of year, net of tax(2,146)(1,637)(1,939)
Change in year, before reclassification from AOCI (before tax)(982)(530)306 
Amounts reclassified from AOCI (before tax)(4)— — 
Change in year, before tax(986)(530)306 
Income tax (expense) benefit59 21 (4)
Balance – end of year, net of tax(3,073)(2,146)(1,637)
Fair value hedging instruments
Balance – beginning of year, net of tax— — — 
Change in year, before reclassification from AOCI (before tax)17 — — 
Amounts reclassified from AOCI (before tax)(100)— — 
Change in year, before tax(83)— — 
Income tax benefit17 — — 
Balance – end of year, net of tax(66)— — 
Postretirement benefit liability adjustment
Balance – beginning of year, net of tax240 (167)15 
Change in year, before tax(17)522 (232)
Income tax (expense) benefit2 (115)50 
Balance – end of year, net of tax225 240 (167)
Accumulated other comprehensive income (loss)$(10,193)$350 $2,869 
The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:
Consolidated Statement of Operations Location
Year Ended December 31
(in millions of U.S. dollars)202220212020
Fixed maturities available for sale$(1,049)$3 $(281)Net realized gains (losses)
Income tax benefit170 6 36 Income tax expense
$(879)$9 $(245)Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps$4 $— $— Interest Expense
Income tax expense(1)— — Income tax expense
$3 $— $— Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps$105 $— $— Net realized gains (losses)
Cross-currency swaps(5)— — Interest Expense
Income tax expense(21)— — Income tax expense
$79 $— $— Net income
Total amounts reclassified from AOCI$(797)$9 $(245)
v3.22.4
Share-based compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based compensation 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 our tangible book value (shareholders' equity less goodwill and intangible assets, 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. Prior to January 2017, performance-based restricted stock awards had a 4-year vesting period with the potential to vest as to a portion each year, and excluded the P&C combined ratio and TSR additional vesting criteria.

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, 2022, a total of 15,223,940 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, 2022, a total of 815,172 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)202220212020
Stock options and shares issued under ESPP:
Pre-tax$60 $55 $45 
After-tax (1)
$38 $36 $38 
Restricted stock:
Pre-tax$230 $210 $210 
After-tax (1)
$179 $164 $164 
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $29 million, $19 million, and $10 million for the years ended December 31, 2022, 2021, and 2020, 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 $313 million at December 31, 2022 and is expected to be recognized over a weighted-average period of approximately 1.4 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 2022 share-based compensation expense includes a portion of the cost related to the 2019 through 2022 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
202220212020
Dividend yield1.7 %1.9 %2.1 %
Expected volatility20.1 %26.0 %18.0 %
Risk-free interest rate1.9 %1.0 %1.2 %
Expected life5.8 years5.8 years5.7 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 OptionsWeighted-Average Exercise PriceWeighted-Average Fair ValueTotal Intrinsic Value
Options outstanding, December 31, 201910,885,257 $116.79 
Granted1,958,279 $150.10 $19.89 
Exercised(1,158,633)$86.90 $76 
Forfeited and expired(206,720)$138.77 
Options outstanding, December 31, 202011,478,183 $125.09 
Granted1,805,234 $164.89 $33.05 
Exercised(2,284,795)$112.12 $140 
Forfeited and expired(236,135)$150.16 
Options outstanding, December 31, 202110,762,487 $133.94 
Granted1,731,904 $198.36 $35.46 
Exercised(1,878,147)$117.83 $163 
Forfeited and expired(205,966)$171.45 
Options outstanding, December 31, 202210,410,278 $146.81 $768 
Options exercisable, December 31, 20227,134,817 $131.90 $633 

The weighted-average remaining contractual term was 5.8 years for stock options outstanding and 4.6 years for stock options exercisable at December 31, 2022. Cash received from the exercise of stock options for the year ended December 31, 2022 was $216 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 2022 share-based compensation expense includes a portion of the cost related to the restricted stock granted in the years 2018 through 2022.
The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 13,440 restricted stock awards, 15,586 restricted stock awards, and 27,679 restricted stock awards that were granted to non-management directors during the years ended December 31, 2022, 2021, and 2020, respectively:
Service-based
Restricted Stock Awards
and Restricted Stock Units		Performance-based
Restricted Stock Awards
and Restricted Stock Units
Number of SharesWeighted-Average
Grant-Date Fair Value		Number of SharesWeighted-Average
Grant-Date Fair Value
Unvested restricted stock, December 31, 20193,294,010 $136.20 876,212 $131.16 
Granted1,425,667 $148.56 186,291 $151.14 
Vested(1,304,308)$134.02 (490,185)$125.66 
Forfeited(152,074)$140.72 — $— 
Unvested restricted stock, December 31, 20203,263,295 $142.32 572,318 $142.38 
Granted1,288,042 $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, 20213,051,811 $152.19 697,191 $151.74 
Granted1,193,016 $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, 20222,853,870 $172.39 794,792 $173.83 

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, 2022, there were 136,216 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, 2022, 2021, and 2020, employees paid $48 million, $47 million, and $45 million to purchase 271,650 shares, 315,405 shares, and 383,751 shares, respectively.
v3.22.4
Postretirement benefits
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Postretirement benefits 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 $230 million, $214 million, and $211 million for the years ended December 31, 2022, 2021, and 2020, 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 years ended December 31, 2021 and 2020, $26 million and $79 million, respectively, were 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, 2022 and 2021 was as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2022202120222021
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year$3,732 $1,122 $3,967 $1,199 $62 $86 
   Service cost— 4 — 4 1 1 
   Interest cost85 23 70 19 1 1 
   Actuarial loss (gain)(890)(391)(161)(47)(4)(10)
   Benefits paid(146)(28)(133)(33)(16)(15)
   Curtailments— — — — — — 
   Settlements— — (11)— — — 
   Foreign currency revaluation and other — (33)— (20)(1)(1)
Benefit obligation, end of year$2,781 $697 $3,732 $1,122 $43 $62 
Plan assets at fair value, beginning of year$4,151 $1,318 $3,739 $1,284 $119 $120 
   Actual return on plan assets(692)(285)543 83 (2)(1)
   Employer contributions3 8 13 8 1 15 
   Benefits paid(146)(28)(133)(33)(37)(15)
   Settlements— — (11)— — — 
   Foreign currency revaluation and other— (75)— (24)— — 
Plan assets at fair value, end of year$3,316 $938 $4,151 $1,318 $81 $119 
Funded status at end of year$535 $241 $419 $196 $38 $57 
Amounts recognized in the Consolidated balance sheets:
Assets$601 $290 $492 $214 $56 $77 
Liabilities(66)(49)(73)(18)(18)(20)
Total$535 $241 $419 $196 $38 $57 
Amounts recognized in Accumulated other comprehensive
income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)$(290)$7 $(375)$73 $(12)$(10)
Prior service cost (benefit)— 8 — 9 (4)(5)
Total$(290)$15 $(375)$82 $(16)$(15)


For the U.S. pension plans, the $890 million and $161 million actuarial gains experienced in 2022 and 2021, respectively, were principally driven by the increase in the discount rate from the respective prior year. In addition, the non-U.S. pension plans experienced an actuarial gain in 2022, which was principally driven by an increase in the discount rate from 2021.
The accumulated benefit obligation for the pension benefit plans was $3.4 billion and $4.8 billion at December 31, 2022 and 2021, 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, 2022 and 2021:
20222021
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$66 $87 $73 $418 
Fair value of plan assets— 38 — 400 
Net funded status$(66)$(49)$(73)$(18)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$66 $61 $73 $380 
Fair value of plan assets$— $30 $— $367 

For other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets, the accumulated benefit obligation was $18 million and $20 million at December 31, 2022 and 2021, respectively. These plans have no plan assets.

At December 31, 2022, we estimate that we will contribute $38 million to the pension plans and $1 million to the other postretirement benefits plan in 2023. 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, 2022, our estimated expected future benefit payments are as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
For the years ending December 31U.S.
Plans		Non-U.S. Plans
(in millions of U.S. dollars)
2023$186 $40 $14 
2024173 32 10 
2025178 34 6 
2026180 34 1 
2027186 36 1 
2028-2032967 216 5 

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, 2022
Discount rate5.22 %5.27 %5.83 %
Rate of compensation increase (1)
N/A3.98 %N/A
Interest crediting rate4.32 %
December 31, 2021
Discount rate2.75 %2.23 %2.06 %
Rate of compensation increase (1)
N/A3.63 %N/A
Interest crediting rate4.10 %
(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 PlansOther Postretirement
Benefit Plans
U.S. PlansNon-U.S. Plans
Year Ended December 31202220212020202220212020202220212020
(in millions of U.S. dollars)
Costs reflected in Net income, pre-tax:
Service cost$— $— $— $4 $4 $4 $1 $1 $1 
Non-service cost (benefit):
Interest cost85 70 99 23 19 22 1 1 2 
Expected return on plan assets(283)(255)(224)(43)(44)(41)(1)(1)(5)
Amortization of net actuarial loss— — — — 4 2 — — — 
Amortization of prior service cost— — — — — — — (26)(83)
Curtailments— — — — — (1)— — — 
Settlements— 3 3 — — — — — — 
Total non-service cost (benefit)(198)(182)(122)(20)(21)(18)— (26)(86)
Net periodic benefit cost (benefit)$(198)$(182)$(122)$(16)$(17)$(14)$1 $(25)$(85)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)$85 $(450)$102 $(67)$(86)$56 $(1)$(5)$(2)
Prior service cost (benefit)— — — — — — — — — 
Amortization of net actuarial loss— — — — (4)(2)— — — 
Amortization of prior service cost— — — — — (1)— 26 83 
Curtailments— — — — — (1)— — — 
Settlements— (3)(3)— — — — — — 
Total decrease (increase) in other comprehensive income (loss), pre-tax$85 $(453)$99 $(67)$(90)$52 $(1)$21 $81 

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 PlansOther Postretirement Benefit Plans
Year Ended December 31202220212020202220212020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$— $— $— $— $— $— 
Administrative expenses4 4 4 1 1 1 
Total service cost4 4 4 1 1 1 
Non-service cost (benefit):
Losses and loss expenses(20)(18)(12)— (3)(9)
Administrative expenses(198)(185)(128)— (23)(77)
Total non-service cost (benefit)(218)(203)(140)— (26)(86)
Net periodic benefit cost (benefit)$(214)$(199)$(136)$1 $(25)$(85)
The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:
Pension Benefit Plans
U.S. PlansNon-U.S. PlansOther Postretirement Benefit Plans
Year Ended December 31
2022
Discount rate in effect for determining service costN/A7.23 %3.22 %
Discount rate in effect for determining interest cost2.34 %2.13 %1.89 %
Rate of compensation increaseN/A3.63 %N/A
Expected long-term rate of return on plan assets7.00 %3.44 %1.00 %
Interest crediting rate4.10 %N/AN/A
2021
Discount rate in effect for determining service costN/A5.58 %2.53 %
Discount rate in effect for determining interest cost1.81 %1.57 %1.23 %
Rate of compensation increaseN/A3.24 %N/A
Expected long-term rate of return on plan assets7.00 %3.37 %1.00 %
Interest crediting rate4.10 %N/AN/A
2020
Discount rate in effect for determining service costN/A6.04 %3.00 %
Discount rate in effect for determining interest cost2.85 %2.24 %2.64 %
Rate of compensation increaseN/A3.26 %N/A
Expected long-term rate of return on plan assets7.00 %3.83 %3.00 %
Interest crediting rate4.10 %N/AN/A

The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:
U.S. PlansNon-U.S. Plans
202220212020202220212020
Healthcare cost trend rate5.72 %5.59 %5.96 %5.28 %5.26 %5.04 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.00 %4.50 %4.50 %4.04 %4.00 %4.00 %
Year that the rate reaches the ultimate trend rate204620382038204020402040

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, 2022Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$42 $— $— $42 
U.S. Treasury / Agency431 110 — 541 
Non-U.S. and corporate bonds— 627 — 627 
Municipal— 5 — 5 
Equity securities1,321 — — 1,321 
Investment derivative instruments4 — — 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 securities107 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, limited partnerships 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.

December 31, 2021Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$33 $— $— $33 
U.S. Treasury / Agency380 92 — 472 
Non-U.S. and corporate bonds— 923 — 923 
Municipal— 4 — 4 
Equity securities1,871 — 1 1,872 
Investment derivative instruments3 — — 3 
Total U.S. Plan assets (1)
$2,287 $1,019 $1 $3,307 
Non-U.S. Plans:
Short-term investments$5 $— $— $5 
Non-U.S. and corporate bonds— 679 — 679 
Equity securities153 291 — 444 
Total Non-U.S. Plan assets (1)
$158 $970 $— $1,128 
(1)Excluded from the table above are $542 million and $175 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $175 million and $15 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $127 million in cash and accrued income related to the U.S. Plans.
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. At December 31, 2021, the other postretirement benefit plan had $119 million of other investments measured using NAV as a practical expedient.
v3.22.4
Other income and expense
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Other (income) expense Other income and expense
Year Ended December 31
(in millions of U.S. dollars)2022 20212020 
Equity in net income of partially-owned entities (1)
$16 $2,433 $1,019 
Gains (losses) from fair value changes in separate account assets (2)
(42)(8)58 
Federal excise and capital taxes(21)(19)(22)
Other(27)(41)(61)
Total$(74)$2,365 $994 
(1)     Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.
(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Other income and expense includes equity in net income of partially-owned entities, which 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) and partially-owned insurance companies. 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 GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. 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.
v3.22.4
Segment information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment information Segment information
Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment results for year ended December 31, 2022, include the results of Cigna's business in Asia from July 1, 2022, which are principally assigned to our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment according to the nature of the business written.

•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, commencing on July 1, 2022, includes the acquired Cigna A&H and life insurance business in Korea, Taiwan, New Zealand, Hong Kong, and Indonesia. 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. 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), interest expense, Cigna integration expenses, and income tax 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 related to the acquisition of Cigna's A&H and Life insurance companies in several Asian markets. 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, 2022 (in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$17,889 $5,313 $2,907 $11,060 $943 $3,643 $— $— $41,755 
Net premiums earned17,107 5,180 2,838 10,803 922 3,539 — — 40,389 
Losses and loss expenses10,828 3,186 2,557 5,252 670 497 363 (11)23,342 
Policy benefits— — — — — 1,534 — (42)1,492 
Policy acquisition costs2,313 1,057 126 2,818 240 838 — — 7,392 
Administrative expenses1,113 291 (10)1,070 36 510 385 — 3,395 
Underwriting income (loss)2,853 646 165 1,663 (24)160 (748)53 4,768 
Net investment income2,247 283 36 626 281 509 — (240)3,742 
Other (income) expense17 4 1 2 1 (45)292 (198)74 
Amortization expense of purchased intangibles— 10 26 57 — 10 182 — 285 
Segment income (loss)$5,083 $915 $174 $2,230 $256 $704 $(1,222)$11 $8,151 
Net realized gains (losses) (954)(11)(965)
Interest expense570 — 570 
Cigna integration expenses48 — 48 
Income tax expense1,255 — 1,255 
Net income (loss)$(4,049)$— $5,313 
For the Year Ended December 31, 2021 (in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$16,415 $5,002 $2,388 $10,713 $873 $2,477 $— $— $37,868 
Net premiums earned15,461 4,915 2,338 10,441 798 2,402 — — 36,355 
Losses and loss expenses10,015 2,924 1,962 5,143 632 740 572 (8)21,980 
Policy benefits— — — — — 707 — (8)699 
Policy acquisition costs2,082 1,001 124 2,799 200 712 — — 6,918 
Administrative expenses1,052 276 (3)1,078 35 333 365 — 3,136 
Underwriting income (loss)2,312 714 255 1,421 (69)(90)(937)16 3,622 
Net investment income (loss)2,078 249 28 597 331 407 (55)(179)3,456 
Other (income) expense31 (2)1 — — (106)(2,118)(171)(2,365)
Amortization expense of purchased intangibles— 10 26 48 — 5 198 — 287 
Segment income$4,359 $955 $256 $1,970 $262 $418 $928 $8 $9,156 
Net realized gains (losses) 1,160 (8)1,152 
Interest expense492 — 492 
Income tax expense1,277 — 1,277 
Net income$319 $— $8,539 
For the Year Ended December 31, 2020 (in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$14,474 $4,920 $1,846 $9,335 $731 $2,514 $— $— $33,820 
Net premiums earned13,964 4,866 1,822 9,285 698 2,482 — — 33,117 
Losses and loss expenses10,129 3,187 1,544 5,255 435 724 435 1 21,710 
Policy benefits— — — — — 726 — 58 784 
Policy acquisition costs1,942 974 123 2,568 174 766 — — 6,547 
Administrative expenses1,006 270 9 1,034 37 320 303 — 2,979 
Underwriting income (loss)887 435 146 428 52 (54)(738)(59)1,097 
Net investment income (loss)2,061 260 30 534 307 385 (87)(115)3,375 
Other (income) expense23 5 1 13 2 (74)(791)(173)(994)
Amortization expense of purchased intangibles
— 11 27 45 — 4 203 — 290 
Segment income (loss)$2,925 $679 $148 $904 $357 $401 $(237)$(1)$5,176 
Net realized gains (losses)(499)1 (498)
Interest expense516 — 516 
Income tax expense629 — 629 
Net income (loss)$(1,881)$— $3,533 
Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Future policy benefits, Reinsurance recoverables, 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)202220212020
North America Commercial P&C Insurance
Property & other short-tail lines$3,383 $2,942 $2,423 
Casualty & all other13,056 11,905 10,812 
A&H668 614 729 
Total North America Commercial P&C Insurance17,107 15,461 13,964 
North America Personal P&C Insurance
Personal automobile811 781 822 
Personal homeowners3,557 3,384 3,327 
Personal other812 750 717 
Total North America Personal P&C Insurance5,180 4,915 4,866 
North America Agricultural Insurance2,838 2,338 1,822 
Overseas General Insurance
Property & other short-tail lines3,382 3,105 2,468 
Casualty & all other3,232 3,114 2,738 
Personal lines2,020 2,109 1,981 
A&H2,169 2,113 2,098 
Total Overseas General Insurance10,803 10,441 9,285 
Global Reinsurance
Property 211 151 104 
Property catastrophe208 190 173 
Casualty & all other503 457 421 
Total Global Reinsurance922 798 698 
Life Insurance
Life1,484 1,320 1,317 
A&H2,055 1,082 1,165 
Total Life Insurance3,539 2,402 2,482 
Total net premiums earned$40,389 $36,355 $33,117 

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 / JapanLatin America
202269 %11 %14 %6 %
202170 %12 %12 %6 %
202070 %11 %12 %7 %
(1)     Europe includes Middle East and Africa regions.
v3.22.4
Earnings per share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Year Ended December 31
(in millions of U.S. dollars, except share and per share data)202220212020
Numerator:
Net income$5,313 $8,539 $3,533 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding419,779,847 439,968,422 451,602,820 
Denominator for diluted earnings per share:
Share-based compensation plans3,747,597 3,228,856 1,838,692 
Weighted-average shares outstanding
      and assumed conversions
423,527,444 443,197,278 453,441,512 
Basic earnings per share$12.66 $19.41 $7.82 
Diluted earnings per share$12.55 $19.27 $7.79 
Potential anti-dilutive share conversions1,467,840 1,532,066 6,811,966 

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 12 for additional information on stock options.
v3.22.4
Related party transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
Starr Indemnity & Liability Company and its affiliates (collectively, Starr)
We have agency, claims services and underwriting services agreements with Starr, the Chairman of which is related to a member of our senior management team. The Board has reviewed and approved our arrangements with Starr. We have agency, claims services and underwriting services agreements with various Starr subsidiaries. Under the agency agreement, we secure 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 arranges for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr underwrites insurance policies on our behalf and we agree to reinsure such policies to Starr under quota share reinsurance agreements.

The agency agreement also contains a profit-sharing arrangement based on loss ratios, triggered if Starr underwrites a minimum of $20 million of annual program business net premiums written on our behalf. No profit share commission has been payable yet under this arrangement. Transactions generated under Starr agreements were as follows:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Consolidated statement of operations
Gross premiums written$618 $592 $507 
Ceded premiums written$353 $321 $253 
Commissions paid$122 $114 $97 
Commissions received$79 $73 $59 
Losses and loss expenses$225 $157 $170 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$541 $516 
Ceded reinsurance premium payable$96 $88 
ABR Re
At December 31, 2022, we own 18.8 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 $7 million, $11 million, and $3 million in 2022, 2021, and 2020, 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)202220212020
Consolidated statements of operations
Ceded premiums written$507 $442 $350 
Commissions received$138 $133 $100 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$1,050 $963 
Ceded reinsurance premium payable$110 $107 
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, 2022, Chubb has approximately $267 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)202220212020
Consolidated statements of operations
Other income (expense)$8 $68 $2 
Consolidated balance sheets
Other investments$271 $245 
v3.22.4
Statutory Financial Information
 12 Months Ended
Dec. 31, 2022
Statutory Financial Information [Abstract]  
Statutory financial information 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 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 2022 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 2023 without prior approval totals $5.7 billion.

The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2022, 2021, and 2020. The minimum amounts of statutory capital and surplus necessary to satisfy regulatory requirements was $36.9 billion and $34.0 billion for December 31, 2022 and 2021, 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)20222021
Statutory capital and surplus
Property and casualty$40,824 $46,662 
Life$4,834 $2,294 

Year Ended December 31
(in millions of U.S. dollars)202220212020
Statutory net income (loss)
Property and casualty$4,028 $7,983 $4,354 
Life $1,425 $424 $(245)

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 7, certain of our U.S. subsidiaries discount certain A&E liabilities, which increased statutory capital and surplus by approximately $120 million and $129 million at December 31, 2022 and 2021, 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 $79 million and $72 million at December 31, 2022 and 2021, 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.
v3.22.4
Schedule I
 12 Months Ended
Dec. 31, 2022
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, 2022
(in millions of U.S. dollars)
Cost or
Amortized Cost, Net (1)
Fair ValueAmount at Which Shown in the Balance Sheet
Fixed maturities available for sale
U.S. Treasury / Agency$2,792 $2,626 $2,626 
Non-U.S.28,005 25,908 25,908 
Corporate and asset-backed securities40,440 36,955 36,955 
Mortgage-backed securities17,868 15,851 15,851 
Municipal4,081 3,880 3,880 
Total fixed maturities available for sale93,186 85,220 85,220 
Fixed maturities held to maturity
U.S. Treasury / Agency1,417 1,370 1,417 
Non-U.S.1,136 1,054 1,136 
Corporate and asset-backed securities1,705 1,580 1,705 
Mortgage-backed securities1,455 1,351 1,455 
Municipal3,135 3,084 3,135 
Total fixed maturities held to maturity8,848 8,439 8,848 
Equity securities
Industrial, miscellaneous, and all other827 827 827 
Short-term investments4,962 4,960 4,960 
Other investments (2)
13,425 13,425 13,425 
Total investments - other than investments in related parties$121,248 $112,871 $113,280 
(1)     Net of valuation allowance for expected credit losses.
(2)     Excludes $271 million of related party investments.
v3.22.4
Schedule II
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (Parent Company Only)
December 31December 31
(in millions of U.S. dollars)20222021
Assets
Investments in subsidiaries and affiliates on equity basis$50,393 $58,850 
Total investments50,393 58,850 
Cash40 1 
Due from subsidiaries and affiliates, net959 1,218 
Other assets16 16 
Total assets$51,408 $60,085 
Liabilities
Affiliated notional cash pooling programs$252 $8 
Accounts payable, accrued expenses, and other liabilities616 363 
Total liabilities868 371 
Shareholders' equity
Common Shares10,346 10,985 
Common Shares in treasury(5,113)(7,464)
Additional paid-in capital7,166 8,478 
Retained earnings48,334 47,365 
Accumulated other comprehensive income(10,193)350 
Total shareholders' equity50,540 59,714 
Total liabilities and shareholders' equity$51,408 $60,085 
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)
Year Ended December 31
(in millions of U.S. dollars)202220212020
Revenues
Investment income (1)
$83 $96 $155 
Equity in net income of subsidiaries and affiliates5,323 8,514 3,457 
Total revenues5,406 8,610 3,612 
Expenses
Administrative and other (income) expense65 56 55 
Cigna integration expenses10 — — 
Income tax expense 18 15 24 
Total expenses93 71 79 
Net income$5,313 $8,539 $3,533 
Comprehensive income (loss)$(5,230)$6,020 $5,783 
(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)
Year Ended December 31
(in millions of U.S. dollars)202220212020
Net cash flows from operating activities (1)
$7,831 $4,167 $1,933 
Cash flows from investing activities
Capital contribution(4,046)$— (1,200)
Other— — (2)
Net cash flows used for investing activities(4,046)$— (1,202)
Cash flows from financing activities
Dividends paid on Common Shares(1,375)(1,401)(1,388)
Common Shares repurchased(2,894)(4,861)(523)
Repayment of intercompany loans279 2,003 1,265 
Net proceeds from affiliated notional cash pooling programs (2)
245 8 — 
Net cash flows used for financing activities(3,745)(4,251)(646)
Effect of foreign currency rate changes on cash and restricted cash(1)1 (3)
Net increase (decrease) in cash and restricted cash39 (83)82 
Cash and restricted cash – beginning of year1 84 2 
Cash and restricted cash – end of year$40 $1 $84 
(1) Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively.
(2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information.
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
v3.22.4
Schedule IV
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
Premiums Earned
For the years ended December 31, 2022, 2021, and 2020
(in millions of U.S. dollars, except for percentages)		Direct AmountCeded To Other CompaniesAssumed From Other CompaniesNet AmountPercentage of Amount Assumed to Net
2022
Property and Casualty$39,449 $9,678 $4,242 $34,013 12 %
Accident and Health5,206 411 97 4,892 2 %
Life1,499 106 91 1,484 6 %
Total$46,154 $10,195 $4,430 $40,389 11 %
2021
Property and Casualty$35,767 $7,982 $3,441 $31,226 11 %
Accident and Health4,062 362 109 3,809 3 %
Life1,309 89 100 1,320 8 %
Total$41,138 $8,433 $3,650 $36,355 10 %
2020
Property and Casualty$31,546 $6,782 $3,044 $27,808 11 %
Accident and Health4,249 368 111 3,992 3 %
Life1,242 93 168 1,317 13 %
Total$37,037 $7,243 $3,323 $33,117 10 %
v3.22.4
Schedule VI
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
As of and for the years ended December 31, 2022, 2021, and 2020
(in millions of U.S. dollars)
Deferred Policy Acquisition CostsNet Reserves for Unpaid Losses and Loss ExpensesUnearned PremiumsNet Premiums EarnedNet Investment IncomeNet Losses and Loss Expenses Incurred Related toAmortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss ExpensesNet Premiums Written
Current YearPrior Year
2022$4,462 $59,195 $20,360 $38,905 $3,381 $24,495 $(1,153)$6,873 $20,323 $40,170 
2021$4,260 $56,759 $19,101 $35,035 $3,133 $22,966 $(986)$6,440 $17,884 $36,474 
2020$4,244 $53,164 $17,652 $31,800 $3,074 $22,124 $(414)$6,076 $17,434 $32,471 
v3.22.4
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 15 for additional information.

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

The preparation of financial statements in conformity with 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;
•amortization of deferred policy acquisition costs and value of business acquired (VOBA);
•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;
•the assessment of risk transfer for certain structured insurance and reinsurance contracts;
•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
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 matched with income to result 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 as described below in Note 1 l).

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 and value of business acquired Deferred policy acquisition costs and value of business acquired
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. A VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts in a business combination and represents the present value of estimated net cash flows for the contracts in force at the acquisition date. Acquisition costs and VOBA, collectively policy acquisition costs, are deferred and amortized. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations. Policy acquisition costs on P&C contracts are generally amortized ratably over the period in which premiums are earned. Policy acquisition costs on traditional long-duration contracts are amortized over the estimated life of the contracts, generally in proportion to premium revenue recognized based upon the same assumptions used in estimating the liability for future policy benefits. For non-traditional long-duration contracts, we amortize policy acquisition costs over the expected life of the contracts in proportion to expected gross profits. The effect of changes in estimates of expected gross profits is reflected in the period the estimates are revised. 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.
Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral, principally related to long-duration A&H business produced by the Overseas General Insurance segment, which are deferred and recognized as a component of Policy acquisition costs. For individual direct-response marketing campaigns that we can demonstrate have specifically resulted in incremental sales to customers and such sales have probable future economic benefits, incremental costs directly related to the marketing campaigns are capitalized as Deferred policy acquisition costs. Deferred policy acquisition costs, including deferred marketing costs, are reviewed regularly for recoverability from future income, including investment income, and amortized in proportion to premium revenue recognized, primarily over a ten-year period. The expected economic future benefit period is based upon the same assumptions used in estimating the liability for future policy benefits. The expected future benefit period is evaluated periodically based on historical results and adjusted prospectively. The amount of deferred marketing costs reported in Deferred policy acquisition costs in the Consolidated balance sheets was $243 million and $189 million at December 31, 2022 and 2021, respectively. Amortization expense for deferred marketing costs was $121 million, $85 million, and $99 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for deferred policy acquisition costs and VOBA. Refer to the Note 1 t) for additional information.
Reinsurance 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. Deposit accounting requires that consideration received or paid be recorded in the balance sheet as opposed to recording premiums written or losses incurred in the statement of operations. Non-refundable fees on deposit contracts are earned based on the terms of the contract described below in Note 1 l).
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 i) 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.
Investments Investments
Fixed maturities, equity securities, and short-term investments
Fixed maturities are classified as either available for sale or held to maturity.
•Available for sale (AFS) portfolio is 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.
•Held to maturity (HTM) portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost, net of a valuation allowance for credit losses.

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.

In addition, net investment income includes the amortization of the fair value adjustment related to the acquired invested assets of Cigna's business in Asia and the Chubb Corp. At December 31, 2022, the remaining balance of this fair value adjustment was $211 million which is expected to accrete as a net benefit over the next eleven years; however, the estimate could vary based on current market conditions, bond calls, and the duration of the acquired investment portfolio. In addition, sales of these acquired fixed maturities would also reduce the fair value adjustment balance. 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 current expected credit losses (CECL) for all HTM securities each quarter. U.S. treasury and agency securities and U.S. government agency mortgage-backed securities are assumed to have no risk of non-payment and therefore are excluded from the CECL evaluation. The remaining HTM securities are evaluated for potential credit loss on a collective pool basis. We elected to pool HTM securities by 1) external credit rating and 2) time to maturity (duration). These characteristics are the most representative of similar risk characteristics within our portfolio. Chubb pools HTM securities and calculates an expected credit loss for each pool using Moody’s corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. The multiplier is based on the leading economic index and will adjust the average default frequency for a forward-looking economic outlook. Management monitors the credit quality of HTM securities through the review of external credit ratings on a quarterly basis.

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.
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.

Other investments
Other investments principally comprise investment funds, limited partnerships, partially-owned investment companies, life insurance policies, policy loans, and non-qualified separate account assets.

Investment funds and limited partnerships
Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence are accounted for as follows. Generally, we own less than three percent of the investee’s shares.
•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
•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 GAAP. The underlying securities are recorded on a trade date basis and 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 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 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 fair value of the securities on loan is included in fixed maturities and equity securities in the Consolidated balance sheets. 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 and equity securities. 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.
Derivatives 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 in two principal ways:

(i) To sell protection to customers as an insurance or reinsurance contract that meets the definition of a derivative for accounting purposes. This category principally comprised our GLB contracts; and
(ii) 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 10 for additional information.
Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) in the Consolidated statements of operations.

Additionally, certain derivative instruments 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 10 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.
Cash 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
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.
Goodwill and other intangible assets 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. Goodwill recorded in connection with investments in partially-owned insurance companies is recorded in Investments in partially-owned insurance companies and is also measured for impairment annually.

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.
i)
Unpaid losses and loss expenses Unpaid losses and loss expenses
A liability is established for the estimated unpaid losses and loss expenses under the terms of, and with respect to, 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 $74 million and $90 million at December 31, 2022 and 2021, 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 through the year 2032, 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.
Future policy benefits Future policy benefits The valuation of long-duration contract reserves requires management to make estimates and assumptions regarding expenses, mortality, persistency, and investment yields. Estimates are primarily based on historical experience and include a margin for adverse deviation. Interest rates used in calculating reserves range from less than 1.0 percent to 9.0 percent at both December 31, 2022 and 2021. Actual results could differ materially from these estimates. Management monitors actual experience and where circumstances warrant, will revise assumptions and the related reserve estimates. Revisions are recorded in the period they are determined.
Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Future policy benefits in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under 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.

Effective on January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for future policy benefits. Refer to the Note 1 t) for additional information.
Assumed reinsurance programs involving minimum benefit guarantees under annuity contracts Assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts
Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States. 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. Liabilities for GMDBs are based on cumulative assessments or premiums to date multiplied by a benefit ratio that is determined by estimating the present value of benefit payments and related adjustment expenses divided by the present value of cumulative assessment or expected premiums during the contract period.  

Under reinsurance programs covering GLBs, 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. Our GLB reinsurance products meet the definition of a derivative for accounting purposes and are carried at fair value with changes in fair value recognized in Realized gains (losses) in the Consolidated statements of operations. Refer to Note 10 a) for additional information.

Effective on January 1, 2023, we adopted new accounting guidance issued by the FASB for long-duration contracts that affects the accounting for GMDB and GLB contracts. Refer to the Note 1 t) for additional information.
Deposit assets and liabilities Deposit assets and liabilities
Deposit assets arise from ceded reinsurance contracts purchased that do not transfer significant underwriting or timing risk. Deposit liabilities include reinsurance deposit liabilities and contract holder deposit funds. The reinsurance deposit liabilities arise from contracts sold for which there is not a significant transfer of risk. Contract holder deposit funds 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. Under deposit accounting, 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.

Interest income on deposit assets, representing the consideration received or to be received in excess of cash payments related to the deposit contract, is earned based on an effective yield calculation. The calculation of the effective yield is based on the amount and timing of actual cash flows at the balance sheet date and the estimated amount and timing of future cash flows. The effective yield is recalculated periodically to reflect revised estimates of cash flows. When a change in the actual or estimated cash flows occurs, the resulting change to the carrying amount of the deposit asset is reported as income or expense. Deposit assets of $96 million and $101 million at December 31, 2022 and 2021, respectively, are reflected in Other assets in the Consolidated balance sheets and the accretion of deposit assets related to interest pursuant to the effective yield calculation is reflected in Net investment income in the Consolidated statements of operations.

Deposit liabilities include reinsurance deposit liabilities of $70 million and $74 million at December 31, 2022 and 2021, respectively and contract holder deposit funds of $2.5 billion and $2.2 billion at December 31, 2022 and 2021, respectively. Deposit liabilities are reflected in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. At contract inception, the deposit liability equals net cash received. An accretion rate is established based on actuarial estimates
whereby the deposit liability is increased to the estimated amount payable over the contract term. The deposit accretion rate is the rate of return required to fund expected future payment obligations. We periodically reassess the estimated ultimate liability and related expected rate of return. Changes to the deposit liability are generally reflected through Interest expense to reflect the cumulative effect of the period the contract has been in force, and by an adjustment to the future accretion rate of the liability over the remaining estimated contract term.

The liability for contract holder deposit funds equals accumulated policy account values, which consist of the deposit payments plus credited interest less withdrawals and amounts assessed through the end of the period.
Property and Equipment, Policy Property and EquipmentProperty 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, 2022, property and equipment totaled $2.4 billion, consisting principally of capitalized software costs of $1.6 billion incurred to develop or obtain computer software for internal use and company-owned facilities of $253 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, but can be as long as 15 years and for company-owned facilities the estimated useful life is 40 years. At December 31, 2021, property and equipment totaled $2.0 billion.
Foreign currency remeasurement and translation Foreign currency remeasurement and translationThe 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.
Administrative expenses Administrative expensesAdministrative 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 of ESIS is included within Administrative expenses in the Consolidated statements of operations and were $12 million, $25 million, and $18 million for the years ended December 31, 2022, 2021, and 2020, respectively.
Income taxes Income taxesIncome 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.
Earnings per share Earnings per shareBasic 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 by the applicable weighted-average number of shares outstanding during the year.
Share-based compensation Share-based compensationChubb 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 12 for additional information.
Cigna integration expenses Cigna integration expensesDirect costs related to the acquisition of Cigna's business in Asia were expensed as incurred. Cigna integration expenses were $48 million for the year ended December 31, 2022 and include all internal and external costs directly related to the integration activities 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.
New accounting pronouncements New accounting pronouncements
Accounting guidance adopted in 2023
Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require updating of assumptions at least annually, updating to then-current discount rates quarterly using a standardized discount rate for non-participating traditional and limited pay insurance contract liabilities, a requirement to use the fair value measurement model for market risk benefits, simplified amortization of deferred acquisition costs and VOBA, and enhanced disclosures. We adopted the standard effective January 1, 2023, under the modified retrospective method.

The most significant impact of the standard relates to our accounting for future policy benefits. Cash flow assumptions used to measure the liability for certain future policy benefits are to be reviewed and, if necessary, updated for both changes in future assumptions and actual experience at least annually. Additionally, the discount rate assumption used to measure the liability for certain future policy benefits is required to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through Other Comprehensive Income. Further, the amortization of deferred acquisition costs and VOBA will be required to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. We previously amortized deferred acquisition costs and VOBA using models linked to revenue or profit of the related insurance contracts.

Upon adoption on January 1, 2023, we will record a cumulative effect adjustment and decrease January 1, 2021 beginning Shareholders' equity by approximately $1.8 billion after-tax. However, adoption of this guidance is expected to have an immaterial impact to Shareholders' equity at December 31, 2022.
v3.22.4
Fair vale measurements (Fair Value Measurement Policy) (Policies)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.
 
The three levels of the hierarchy are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
•Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
•Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.
v3.22.4
Summary of significant accounting policies Summary of Significant Accounting Policies (Tables) (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents [Table Text Block]
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
December 31
(in millions of U.S. dollars)202220212020
Cash$2,012 $1,659 $1,747 
Restricted cash115 152 89 
Total cash and restricted cash shown in the Consolidated statements of cash flows$2,127 $1,811 $1,836 
v3.22.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further
adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows.

Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in AsiaJuly 1
(in millions of U.S. dollars)2022
Assets
Investments and Cash$5,275 
Accrued investment income33 
Insurance and reinsurance balances receivable52 
Reinsurance recoverable on losses and loss expenses3 
Reinsurance recoverable on future policy benefits82 
Value of business acquired3,503 
Goodwill and intangible assets1,559 
Other assets649 
Total assets$11,156 
Liabilities
Unpaid losses and loss expenses$12 
Unearned premiums59 
Future policy benefits3,817 
Insurance and reinsurance balances payable115 
Accounts payable, accrued expenses, and other liabilities924 
Deferred tax liabilities870 
Total liabilities$5,797 
Net acquired assets, including goodwill5,359 
Total$11,156 
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the results of the acquired Cigna's A&H and Life business operations since the acquisition date that have been included within our Consolidated statements of operations.

July 1, 2022 to
(in millions of U.S. dollars)December 31, 2022
Total revenues$1,507 
Net income$148 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows:

(in millions of U.S. dollars)AmountWeighted-average useful life
Definite life
  Agency distribution relationships and renewal rights$230 
22 years
  Unearned premium reserves (UPR) intangible asset9 
1 year
Indefinite life
  Trademarks70 Indefinite
Total identified intangible assets$309 
Business Acquisition, Pro Forma Information
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, for each of the respective periods. 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, except per share data)20222021
Net premiums earned$41,913 $39,495 
Total revenues$44,673 $44,166 
Net income$5,503 $8,921 
v3.22.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
December 31, 2022Amortized
Cost		Valuation AllowanceGross Unrealized AppreciationGross Unrealized DepreciationFair 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 securities40,547 (107)49 (3,534)36,955 
Mortgage-backed securities17,871 (3)4 (2,021)15,851 
Municipal4,081 — 8 (209)3,880 
$93,355 $(169)$174 $(8,140)$85,220 
December 31, 2021Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross Unrealized DepreciationFair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $— $109 $(6)$2,214 
Non-U.S.25,156 (8)953 (272)25,829 
Corporate and asset-backed securities37,844 (6)1,410 (185)39,063 
Mortgage-backed securities20,080 — 532 (123)20,489 
Municipal5,302 — 216 (5)5,513 
$90,493 $(14)$3,220 $(591)$93,108 
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities
Amortized CostValuation AllowanceNet Carrying ValueGross Unrealized AppreciationGross Unrealized DepreciationFair
Value
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 securities1,733 (28)1,705 1 (126)1,580 
Mortgage-backed securities1,456 (1)1,455 — (104)1,351 
Municipal3,136 (1)3,135 1 (52)3,084 
$8,882 $(34)$8,848 $3 $(412)$8,439 
Amortized CostValuation AllowanceNet Carrying ValueGross Unrealized AppreciationGross Unrealized DepreciationFair Value
Held to maturity
U.S. Treasury / Agency$1,213 $— $1,213 $34 $(3)$1,244 
Non-U.S.1,201 (5)1,196 66 — 1,262 
Corporate and asset-backed securities2,032 (28)2,004 197 — 2,201 
Mortgage-backed securities1,731 (1)1,730 74 (1)1,803 
Municipal3,976 (1)3,975 162 — 4,137 
$10,153 $(35)$10,118 $533 $(4)$10,647 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table presents the amortized cost of our HTM securities according to S&P rating:

December 31
20222021
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost % of Total
AAA$1,612 18 %$2,089 21 %
AA5,023 57 %5,303 52 %
A1,634 18 %1,964 19 %
BBB593 7 %773 8 %
BB20 — %23 — %
Other— — %1 — %
Total$8,882 100 %$10,153 100 %
  
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:

December 31
20222021 
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$2,962 $2,962 $4,498 $4,498 
Due after 1 year through 5 years24,791 24,791 25,542 25,542 
Due after 5 years through 10 years26,679 26,679 28,207 28,207 
Due after 10 years14,937 14,937 14,372 14,372 
69,369 69,369 72,619 72,619 
Mortgage-backed securities15,851 15,851 20,489 20,489 
$85,220 $85,220 $93,108 $93,108 
Held to maturity
Due in 1 year or less$1,015 $1,003 $888 $894 
Due after 1 year through 5 years3,658 3,531 3,744 3,846 
Due after 5 years through 10 years1,460 1,423 2,242 2,349 
Due after 10 years1,260 1,131 1,514 1,755 
7,393 7,088 8,388 8,844 
Mortgage-backed securities1,455 1,351 1,730 1,803 
$8,848 $8,439 $10,118 $10,647 
  
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for 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 MonthsOver 12 MonthsTotal
December 31, 2022Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
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 securities25,687 (1,793)4,190 (552)29,877 (2,345)
Mortgage-backed securities10,561 (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)

 0 – 12 MonthsOver 12 MonthsTotal
December 31, 2021Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$363 $(3)$70 $(3)$433 $(6)
Non-U.S.6,917 (196)1,093 (62)8,010 (258)
Corporate and asset-backed securities9,449 (145)806 (32)10,255 (177)
Mortgage-backed securities8,086 (116)190 (7)8,276 (123)
Municipal
226 (5)— — 226 (5)
Total AFS fixed maturities$25,041 $(465)$2,159 $(104)$27,200 $(569)
  
Debt Securities, Available-for-sale, Allowance for Credit Loss
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)20222021
Available for sale
Valuation allowance for expected credit losses - beginning of period$14 $20 
Provision for expected credit loss237 14 
Recovery of expected credit loss(82)(20)
Valuation allowance for expected credit losses - end of period$169 $14 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$35 $44 
Provision for expected credit loss2 1 
Recovery of expected credit loss(3)(10)
Valuation allowance for expected credit losses - end of period$34 $35 
  
Debt Securities, Held-to-maturity, Allowance for Credit Loss
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)20222021
Available for sale
Valuation allowance for expected credit losses - beginning of period$14 $20 
Provision for expected credit loss237 14 
Recovery of expected credit loss(82)(20)
Valuation allowance for expected credit losses - end of period$169 $14 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$35 $44 
Provision for expected credit loss2 1 
Recovery of expected credit loss(3)(10)
Valuation allowance for expected credit losses - end of period$34 $35 
  
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
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)202220212020
Fixed maturities:
Gross realized gains$619 $142 $244 
Gross realized losses(1,379)(123)(366)
Net (provision for) recovery of expected credit losses(154)14 11 
Impairment (1)
(135)(30)(170)
Total fixed maturities(1,049)3 (281)
Equity securities(230)662 586 
Other investments (31)111 (32)
Foreign exchange393 348 (483)
Investment and embedded derivative instruments(43)(72)81 
Fair value adjustments on insurance derivative(63)316 (202)
S&P futures187 (202)(108)
Other derivative instruments(11)(8)1 
Other(118)(6)(60)
Net realized gains (losses) (pre-tax)$(965)$1,152 $(498)
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available for sale$(10,583)$(2,901)$2,628 
Fixed maturities held to maturity(15)(18)(24)
Other20 (19)(12)
Income tax (expense) benefit1,043 521 (462)
Change in net unrealized appreciation (depreciation) on investments (after-tax)
$(9,535)$(2,417)$2,130 
(1)Relates to certain securities we intended to sell and securities written to market entering default.
  
Gain (Loss) on Securities
Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

Year Ended December 31
202220212020
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$(230)$(31)$(261)$662 $111 $773 $586 $(32)$554 
Less: Net gains recognized from sales of securities409 — 409 157 — 157 455 — 455 
Unrealized gains (losses) recognized for securities still held at reporting date$(639)$(31)$(670)$505 $111 $616 $131 $(32)$99 
  
Schedule Of Other Investments
December 31
(in millions of U.S. dollars)20222021
Alternative investments:
Partially-owned investment companies$10,527 $9,210 
Limited partnerships1,455 631 
Investment funds373 267 
Alternative investments12,355 10,108 
Life insurance policies399 481 
Policy loans343 243 
Non-qualified separate account assets (1)
223 278 
Other376 59 
Total$13,696 $11,169 
(1)Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP.
  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: 
December 31
 20222021
(in millions of U.S. dollars)Expected Liquidation
Period of Underlying Assets		Fair ValueMaximum
Future Funding
Commitments		Fair ValueMaximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,074 $505 $1,096 $267 
Real assets
2 to 13 Years
2,166 681 1,193 766 
Distressed
2 to 8 Years
1,048 755 753 641 
Private credit
3 to 8 Years
215 429 84 279 
Traditional
2 to 14 Years
7,424 5,025 6,647 5,200 
Vintage
1 to 2 Years
55 — 68 — 
Investment fundsNot Applicable373 — 267 — 
$12,355 $7,395 $10,108 $7,153 
  
Schedule Of Partially Owned Insurance Companies
The following table presents Investments in partially-owned insurance companies:
December 31, 2022December 31, 2021
(in millions of U.S. dollars, except for percentages)Carrying ValueGoodwillDirect Ownership PercentageCarrying ValueGoodwillDirect Ownership PercentageDomicile
Huatai Group$2,490 $1,247 47 %$2,698 $1,355 47 %China
Huatai Life Insurance Company215 65 20 %253 71 20 %China
Freisenbruch-Meyer11 3 40 %10 3 40 %Bermuda
Chubb Arabia Cooperative Insurance Company24 — 30 %23 — 30 %Saudi Arabia
Russian Reinsurance Company— — 23 %4 — 23 %Russia
ABR Reinsurance Ltd.137 — 19 %142 — 17 %Bermuda
Total$2,877 $1,315 $3,130 $1,429 
  
Schedule Of Sources Of Net Investment Income
Year Ended December 31
(in millions of U.S. dollars)2022 2021 2020 
Fixed maturities (1)
$3,594 $3,300 $3,321 
Short-term investments81 35 48 
Other interest income 42 11 19 
Equity securities99 150 81 
Other investments104 147 82 
Gross investment income (1)
3,920 3,643 3,551 
Investment expenses(178)(187)(176)
Net investment income (1)
$3,742 $3,456 $3,375 
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$(41)$(84)$(116)
  
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets: 
December 31
(in millions of U.S. dollars)20222021
Trust funds$8,120 $9,915 
Deposits with U.S. regulatory authorities2,345 2,402 
Deposits with non-U.S. regulatory authorities2,959 2,873 
Assets pledged under repurchase agreements1,527 1,420 
Other pledged assets885 634 
Total$15,836 $17,244 
  
v3.22.4
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial Instruments Measured At Fair Value On A Recurring Basis
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy 
December 31, 2022Level 1Level 2Level 3Total
(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 securities737 — 90 827 
Short-term investments3,108 1,849 3 4,960 
Other investments (1)
552 399 — 951 
Securities lending collateral— 1,523 — 1,523 
Investment derivatives82 — — 82 
Derivatives designated as hedging instruments — 17 — 17 
Other derivative instruments33 — — 33 
Separate account assets5,101 89 — 5,190 
Total assets measured at fair value (1)
$11,713 $83,973 $3,117 $98,803 
Liabilities:
Investment derivatives$139 $— $— $139 
Derivatives designated as hedging instruments— 53 — 53 
GLB (2)
— — 736 736 
Total liabilities measured at fair value$139 $53 $736 $928 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

 
December 31, 2021Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,680 $534 $— $2,214 
Non-U.S.— 25,196 633 25,829 
Corporate and asset-backed securities— 37,014 2,049 39,063 
Mortgage-backed securities— 20,463 26 20,489 
Municipal— 5,513 — 5,513 
1,680 88,720 2,708 93,108 
Equity securities4,705 — 77 4,782 
Short-term investments1,744 1,395 7 3,146 
Other investments (1)
286 481 — 767 
Securities lending collateral— 1,831 — 1,831 
Investment derivatives58 — — 58 
Separate account assets5,461 99 — 5,560 
Total assets measured at fair value (1)
$13,934 $92,526 $2,792 $109,252 
Liabilities:
Investment derivatives$166 $— $— $166 
Other derivative instruments16 — — 16 
GLB (2)
— — 745 745 
Total liabilities measured at fair value$182 $— $745 $927 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair Value at December 31 2022Valuation
Technique		Significant
Unobservable Inputs		Ranges
Weighted Average (1)
GLB (1)
$736 Actuarial modelLapse rate
3% - 30%
3.6 %
Annuitization rate
0% - 100%
4.4 %
(1)The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): 
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
GLB (1)
Year Ended December 31, 2022Non-U.S.Corporate and asset-backed securitiesMortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$633 $2,049 $26 $77 $7 $745 
Transfers into Level 323 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)63 
Purchases156 921 4 9 3 — 
Sales(59)(85)— (12)— — 
Settlements(107)(292)(10)— (5)— 
Other— — — — — (72)
Balance, end of year$564 $2,449 $11 $90 $3 $736 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$(2)$(9)$— $14 $(1)$63 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date
$(53)$(84)$— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2021Non-U.S.Corporate and asset-backed securities Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year
$546 $1,573 $60 $73 $5 $10 $1,089 
Transfers into Level 324 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 — — (316)
Purchases
275 1,154 18 21 9 — — 
Sales(48)(99)(1)(25)— — — 
Settlements(122)(607)(33)— (6)— — 
Other— — — — — — (28)
Balance, end of year$633 $2,049 $26 $77 $7 $— $745 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $3 $— $5 $— $— $(316)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$(25)$17 $— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesShort-term investments
GLB (1)
Year Ended December 31, 2020Non-U.S.Corporate and asset-backed securitiesMortgage-backed securitiesEquity
securities		Other
investments
(in millions of U.S. dollars)
Balance, beginning of year$449 $1,451 $60 $69 $6 $10 $897 
Transfers into Level 3— 134 — — — — — 
Transfers out of Level 3(16)(73)(1)(3)— — — 
Change in Net Unrealized Gains/Losses in OCI19 (8)— — — — — 
Net Realized Gains/Losses(1)(30)— 1 (1)— 202 
Purchases
274 708 2 23 14 — — 
Sales(122)(186)— (17)(2)— — 
Settlements(57)(423)(1)— (12)— — 
Other— — — — — — (10)
Balance, end of year$546 $1,573 $60 $73 $5 $10 $1,089 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$— $(5)$— $4 $— $— $202 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$16 $(6)$— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): 
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
GLB (1)
Year Ended December 31, 2022Non-U.S.Corporate and asset-backed securitiesMortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$633 $2,049 $26 $77 $7 $745 
Transfers into Level 323 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)63 
Purchases156 921 4 9 3 — 
Sales(59)(85)— (12)— — 
Settlements(107)(292)(10)— (5)— 
Other— — — — — (72)
Balance, end of year$564 $2,449 $11 $90 $3 $736 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$(2)$(9)$— $14 $(1)$63 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date
$(53)$(84)$— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2021Non-U.S.Corporate and asset-backed securities Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year
$546 $1,573 $60 $73 $5 $10 $1,089 
Transfers into Level 324 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 — — (316)
Purchases
275 1,154 18 21 9 — — 
Sales(48)(99)(1)(25)— — — 
Settlements(122)(607)(33)— (6)— — 
Other— — — — — — (28)
Balance, end of year$633 $2,049 $26 $77 $7 $— $745 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $3 $— $5 $— $— $(316)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$(25)$17 $— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesShort-term investments
GLB (1)
Year Ended December 31, 2020Non-U.S.Corporate and asset-backed securitiesMortgage-backed securitiesEquity
securities		Other
investments
(in millions of U.S. dollars)
Balance, beginning of year$449 $1,451 $60 $69 $6 $10 $897 
Transfers into Level 3— 134 — — — — — 
Transfers out of Level 3(16)(73)(1)(3)— — — 
Change in Net Unrealized Gains/Losses in OCI19 (8)— — — — — 
Net Realized Gains/Losses(1)(30)— 1 (1)— 202 
Purchases
274 708 2 23 14 — — 
Sales(122)(186)— (17)(2)— — 
Settlements(57)(423)(1)— (12)— — 
Other— — — — — — (10)
Balance, end of year$546 $1,573 $60 $73 $5 $10 $1,089 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date$— $(5)$— $4 $— $— $202 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$16 $(6)$— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
December 31, 2022Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
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 
December 31, 2021Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,192 $52 $— $1,244 $1,213 
Non-U.S.— 1,262 — 1,262 1,196 
Corporate and asset-backed securities— 2,201 — 2,201 2,004 
Mortgage-backed securities— 1,803 — 1,803 1,730 
Municipal— 4,137 — 4,137 3,975 
Total assets$1,192 $9,455 $— $10,647 $10,118 
Liabilities:
Repurchase agreements$— $1,406 $— $1,406 $1,406 
Short-term debt— 1,019 — 1,019 999 
Long-term debt— 16,848 — 16,848 15,169 
Trust preferred securities— 460 — 460 308 
Total liabilities$— $19,733 $— $19,733 $17,882 
v3.22.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2022
Reinsurance Disclosures [Abstract]  
Schedule of direct, assumed and ceded premiums The following table presents direct, assumed, and ceded premiums:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Premiums written
Direct$47,511 $42,811 $37,749 
Assumed4,502 3,969 3,512 
Ceded(10,258)(8,912)(7,441)
Net$41,755 $37,868 $33,820 
Premiums earned
Direct$46,154 $41,138 $37,037 
Assumed4,430 3,650 3,323 
Ceded(10,195)(8,433)(7,243)
Net$40,389 $36,355 $33,117 
Schedule of Reinsurance Recoverable on Ceded Insurance Reinsurance recoverable on ceded reinsurance
December 31, 2022December 31, 2021
(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$17,128 $289 $16,184 $271 
Reinsurance recoverable on paid losses and loss expenses1,773 62 1,182 58 
Reinsurance recoverable on losses and loss expenses$18,901 $351 $17,366 $329 
Reinsurance recoverable on policy benefits$303 $4 $213 $4 
Reinsurance Recoverable, Allowance for Credit Loss
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)20222021
Valuation allowance for uncollectible reinsurance - beginning of period$329 $314 
Provision for uncollectible reinsurance43 66 
Write-offs charged against the valuation allowance(19)(50)
Foreign exchange revaluation(2)(1)
Valuation allowance for uncollectible reinsurance - end of period$351 $329 
Reinsurance Recoverable, Credit Quality Indicator
The following tables present a listing, at December 31, 2022, of the categories of Chubb's reinsurers:
December 31, 2022Gross Reinsurance Recoverable on Losses and Loss ExpensesValuation allowance for Uncollectible Reinsurance% of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages)
Categories
Largest reinsurers$10,826 $114 1.1 %
Other reinsurers rated A- or better4,161 47 1.1 %
Other reinsurers rated lower than A- or not rated443 70 15.8 %
Pools425 14 3.3 %
Structured settlements507 11 2.2 %
Captives2,455 13 0.5 %
Other435 82 18.8 %
Total$19,252 $351 1.8 %
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill roll-forward by business segment
The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife Insurance Chubb Consolidated
Balance at December 31, 2020$6,972 $2,240 $134 $4,836 $371 $847 $15,400 
Foreign exchange revaluation and other— — — (183)— (4)(187)
Balance at December 31, 2021$6,972 $2,240 $134 $4,653 $371 $843 $15,213 
Acquisition of Cigna's business in Asia— — — 90 — 1,160 1,250 
Foreign exchange revaluation and other(27)(10)— (138)— (1)(176)
Balance at December 31, 2022$6,945 $2,230 $134 $4,605 $371 $2,002 $16,287 
Schedule of Intangible Assets and Goodwill 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.
December 31
(in millions of U.S. dollars)20222021
Subject to amortization$2,459 $2,508 
Not subject to amortization2,982 2,947 
Total$5,441 $5,455 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense The following table presents, as of December 31, 2022, 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
2023$281 
2024260 
2025242 
2026220 
2027205 
Total$1,208 
Schedule of Changes in VOBA
The following table presents a roll-forward of VOBA:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Balance, beginning of year$236 $263 $306 
Acquisition of Cigna's business in Asia3,503 — — 
Amortization of VOBA (1)
(164)(22)(27)
Foreign exchange revaluation and other21 (5)(16)
Balance, end of year$3,596 $236 $263 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
Schedule of expected pre-tax amortization related to VOBA for the next five years
The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense related to VOBA for the next five years at current foreign currency exchange rates:

For the Years Ending December 31VOBA
(in millions of U.S. dollars)
2023$333 
2024299 
2025270 
2026243 
2027219 
v3.22.4
Unpaid losses and loss expenses (Tables)
 12 Months Ended
Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Abstract]  
Schedule Of Unpaid Losses And Loss Expenses Roll Forward
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, 2022, 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)202220212020
Gross unpaid losses and loss expenses, beginning of year$72,943 $67,811 $62,690 
Reinsurance recoverable on unpaid losses (1)
(16,184)(14,647)(14,181)
Net unpaid losses and loss expenses, beginning of year56,759 53,164 48,509 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year24,495 22,966 22,124 
Prior years (2)
(1,153)(986)(414)
Total23,342 21,980 21,710 
Net losses and loss expenses paid in respect of losses occurring in:
Current year8,117 7,836 7,782 
Prior years12,206 10,048 9,652 
Total20,323 17,884 17,434 
Foreign currency revaluation and other(583)(501)379 
Net unpaid losses and loss expenses, end of year59,195 56,759 53,164 
Reinsurance recoverable on unpaid losses (1)
17,128 16,184 14,647 
Gross unpaid losses and loss expenses, end of year$76,323 $72,943 $67,811 
(1)     Net of valuation allowance for uncollectible reinsurance.
(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively.
Reconciliation of Claims Development to Liability [Table Text Block]
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, 2022
Presented in the loss development tables:
  North America Commercial P&C Insurance — Workers' Compensation$9,962 
  North America Commercial P&C Insurance — Liability20,014 
  North America Commercial P&C Insurance — Other Casualty2,530 
  North America Commercial P&C Insurance — Non-Casualty3,253 
  North America Personal P&C Insurance3,225 
  Overseas General Insurance — Casualty7,287 
  Overseas General Insurance — Non-Casualty3,206 
  Global Reinsurance — Casualty1,208 
  Global Reinsurance — Non-Casualty494 
Excluded from the loss development tables:
  Other5,210 
Net unpaid loss and allocated loss adjustment expense56,389 
Ceded unpaid loss and allocated loss adjustment expense:
  North America Commercial P&C Insurance — Workers' Compensation1,274 
  North America Commercial P&C Insurance — Liability6,920 
  North America Commercial P&C Insurance — Other Casualty888 
  North America Commercial P&C Insurance — Non-Casualty1,883 
  North America Personal P&C Insurance530 
  Overseas General Insurance — Casualty2,481 
  Overseas General Insurance — Non-Casualty1,702 
  Global Reinsurance — Casualty55 
  Global Reinsurance — Non-Casualty171 
  Other1,410 
Ceded unpaid loss and allocated loss adjustment expense17,314 
Unpaid loss and loss expense on other than short-duration contracts (1)
943 
Unpaid unallocated loss adjustment expenses1,677 
Unpaid losses and loss expenses$76,323 
(1)     Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves.
Claims Development tables [Table Text Block]
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-60.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31 As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,109 $1,108 $1,122 $1,127 $1,086 $1,073 $1,037 $1,014 $989 $968 $219 43 
20141,207 1,201 1,217 1,215 1,163 1,100 1,073 1,037 1,007 264 45 
20151,282 1,259 1,276 1,279 1,217 1,154 1,128 1,092 338 50 
20161,366 1,361 1,383 1,378 1,269 1,206 1,177 380 52 
20171,412 1,380 1,399 1,393 1,376 1,176 465 50 
20181,359 1,361 1,380 1,385 1,384 631 51 
20191,391 1,384 1,400 1,409 656 48 
20201,367 1,388 1,409 852 31 
20211,348 1,330 780 37 
20221,344 988 32 
Total$12,296 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$107 $286 $422 $506 $553 $587 $616 $633 $650 $664 
2014113 295 410 484 532 566 599 617 634 
2015116 301 418 501 564 606 628 645 
2016122 326 452 529 584 621 653 
2017120 313 437 516 564 601 
2018130 329 451 528 597 
2019143 341 467 575 
2020111 282 390 
2021120 331 
2022131 
Total$5,221 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$2,887 
Accident years 2013 - 2022 from tables above7,075 
All Accident years$9,962 
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$3,540 $3,534 $3,534 $3,524 $3,422 $3,208 $3,115 $2,958 $2,950 $2,997 $247 25 
20143,528 3,578 3,667 3,710 3,648 3,463 3,340 3,192 3,142 278 24 
20153,552 3,701 3,810 3,966 3,934 3,727 3,700 3,569 390 27 
20163,526 3,587 3,684 3,797 3,792 3,764 3,755 589 27 
20173,315 3,491 3,573 3,623 3,545 3,434 758 26 
20183,367 3,485 3,688 3,820 3,900 1,041 28 
20193,445 3,620 3,858 4,050 1,488 30 
20204,102 3,826 3,919 2,184 24 
20214,315 4,349 3,263 24 
20224,561 4,176 24 
Total$37,676 
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 Year2013201420152016201720182019202020212022
2013$129 $546 $1,189 $1,593 $2,003 $2,228 $2,369 $2,460 $2,520 $2,609 
2014164 678 1,248 1,801 2,199 2,439 2,580 2,669 2,753 
2015138 604 1,203 1,852 2,287 2,527 2,743 2,921 
2016171 662 1,334 1,973 2,331 2,593 2,820 
2017161 616 1,160 1,698 2,000 2,322 
2018189 753 1,301 1,773 2,335 
2019175 669 1,245 1,888 
2020152 589 1,147 
2021174 608 
2022144 
Total$19,547 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$1,885 
Accident years 2013 - 2022 from tables above18,129 
All Accident years$20,014 
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$525 $530 $521 $514 $468 $461 $461 $457 $459 $458 $8 17 
2014594 582 580 595 554 537 538 530 526 6 17 
2015486 469 500 514 457 454 462 457 23 15 
2016503 501 527 523 480 479 469 27 16 
2017531 565 576 616 604 590 36 17 
2018535 563 574 579 575 25 17 
2019605 636 685 743 143 17 
2020640 633 656 265 11 
2021675 709 379 12 
2022782 611 11 
Total$5,965 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$68 $196 $270 $348 $384 $410 $418 $425 $438 $441 
201480 220 317 391 454 472 500 508 513 
201547 137 214 304 370 394 411 423 
201652 145 246 323 374 398 424 
201766 175 312 381 446 496 
201874 169 270 365 472 
201970 189 318 465 
202054 156 273 
202160 176 
202282 
Total$3,765 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$330 
Accident years 2013 - 2022 from tables above2,200 
All Accident years$2,530 
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,427 $1,417 $1,330 $1,352 $1,333 $1,333 $1,330 $1,337 $1,336 $1,340 $3 455 
20141,639 1,655 1,573 1,552 1,543 1,544 1,552 1,545 1,544 2 483 
20151,730 1,740 1,645 1,633 1,600 1,585 1,587 1,592 1 545 
20161,904 1,884 1,794 1,775 1,811 1,824 1,820 26 650 
20172,699 2,602 2,501 2,517 2,509 2,519 65 764 
20182,047 2,234 2,169 2,161 2,170 35 903 
20192,046 2,031 1,953 1,944 52 1,043 
20203,139 2,942 2,726 105 1,124 
20212,941 2,824 368 857 
20223,048 1,467 751 
Total$21,527 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$647 $1,132 $1,231 $1,278 $1,304 $1,318 $1,326 $1,328 $1,329 $1,338 
2014816 1,368 1,478 1,499 1,525 1,540 1,547 1,552 1,552 
2015724 1,339 1,484 1,552 1,567 1,570 1,583 1,582 
2016844 1,499 1,650 1,726 1,754 1,779 1,790 
2017977 2,083 2,299 2,389 2,403 2,427 
20181,025 1,820 2,012 2,068 2,113 
20191,028 1,672 1,800 1,856 
20201,390 2,260 2,466 
20211,085 2,100 
20221,050 
Total$18,274 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$— 
Accident years 2013 - 2022 from tables above3,253 
All Accident years$3,253 
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,848 $1,876 $1,884 $1,888 $1,912 $1,924 $1,932 $1,935 $1,936 $1,933 $18 132 
20142,198 2,199 2,185 2,139 2,153 2,140 2,134 2,134 2,133 9 144 
20152,487 2,542 2,553 2,536 2,556 2,562 2,559 2,561 12 148 
20162,433 2,529 2,538 2,476 2,464 2,457 2,465 17 154 
20173,027 3,062 2,995 2,991 2,991 3,000 16 163 
20183,001 3,029 3,095 3,110 3,131 93 170 
20192,948 2,985 2,986 2,978 116 156 
20202,922 2,627 2,626 206 123 
20213,027 2,877 245 129 
20223,102 1,217 94 
Total$26,806 
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 Year2013201420152016201720182019202020212022
2013$1,036 $1,494 $1,676 $1,775 $1,831 $1,873 $1,884 $1,906 $1,904 $1,910 
20141,306 1,759 1,919 2,028 2,073 2,100 2,109 2,116 2,119 
20151,495 2,078 2,264 2,385 2,472 2,501 2,526 2,535 
20161,449 2,046 2,205 2,308 2,364 2,391 2,422 
20171,693 2,514 2,661 2,793 2,863 2,930 
20181,922 2,542 2,699 2,857 2,971 
20191,663 2,431 2,610 2,718 
20201,330 1,990 2,223 
20211,583 2,368 
20221,411 
Total$23,607 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$26 
Accident years 2013 - 2022 from tables above3,199 
All Accident years$3,225 
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 45 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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,186 $1,181 $1,174 $1,217 $1,172 $1,139 $1,084 $1,054 $1,074 $1,094 $65 37 
20141,186 1,253 1,261 1,277 1,197 1,118 1,081 1,092 1,096 100 38 
20151,107 1,199 1,226 1,248 1,229 1,172 1,157 1,174 131 40 
20161,138 1,234 1,298 1,327 1,317 1,328 1,263 117 42 
20171,128 1,224 1,271 1,318 1,283 1,319 149 43 
20181,224 1,273 1,332 1,375 1,330 282 43 
20191,295 1,360 1,382 1,373 358 42 
20201,669 1,589 1,509 835 34 
20211,604 1,650 1,111 35 
20221,741 1,475 29 
Total$13,549 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$78 $246 $393 $532 $667 $763 $826 $875 $896 $913 
2014104 273 440 567 675 754 815 857 886 
201579 265 460 631 745 821 895 927 
2016119 303 500 642 760 851 974 
201790 296 494 647 805 931 
2018104 309 465 602 718 
2019116 313 440 642 
2020101 271 425 
2021110 268 
202283 
Total$6,767 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$505 
Accident years 2013 - 2022 from tables above6,782 
All Accident years$7,287 
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 31As of December 31 2022
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2013201420152016201720182019202020212022
2013$1,656 $1,651 $1,590 $1,545 $1,540 $1,513 $1,501 $1,492 $1,483 $1,481 $12 560 
20141,727 1,790 1,737 1,725 1,691 1,682 1,675 1,669 1,661 5 534 
20151,815 1,932 1,907 1,876 1,860 1,853 1,836 1,835 7 557 
20161,920 1,914 1,901 1,880 1,883 1,913 1,911 35 566 
20172,067 2,107 2,093 2,075 2,099 2,096 23 577 
20182,022 2,107 2,070 2,044 2,013 39 612 
20192,044 2,060 2,000 1,989 (15)631 
20202,378 2,244 2,120 164 533 
20212,462 2,374 241 541 
20222,728 696 597 
Total$20,208 
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 Year2013201420152016201720182019202020212022
2013$643 $1,186 $1,369 $1,399 $1,433 $1,451 $1,458 $1,461 $1,458 $1,458 
2014699 1,327 1,526 1,585 1,614 1,627 1,641 1,648 1,641 
2015789 1,437 1,656 1,732 1,754 1,781 1,798 1,801 
2016938 1,554 1,740 1,807 1,831 1,840 1,845 
2017980 1,726 1,893 1,964 2,004 2,062 
2018930 1,620 1,812 1,878 1,893 
2019979 1,620 1,804 1,869 
20201,003 1,602 1,746 
2021944 1,692 
20221,122 
Total$17,129 
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$127 
Accident years 2013 - 2022 from tables above3,079 
All Accident years$3,206 
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 31As of December 31
 2022
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2013201420152016201720182019202020212022
2013$317 $323 $326 $326 $327 $320 $313 $307 $305 $302 $6 
2014329 330 335 338 339 343 326 326 325 8 
2015280 285 295 296 304 300 304 306 11 
2016218 222 230 229 238 238 243 11 
2017208 210 214 212 213 212 4 
2018237 240 247 243 246 12 
2019232 240 236 235 37 
2020241 245 236 60 
2021277 281 136 
2022293 206 
Total$2,679 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$64 $142 $185 $221 $240 $258 $266 $269 $275 $279 
201491 183 216 247 262 273 283 292 297 
201589 157 189 215 230 247 263 272 
201656 111 140 157 172 189 205 
201746 98 120 137 152 172 
201840 93 122 145 166 
201939 88 114 137 
202041 98 123 
202135 86 
202239 
Total$1,776 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$305 
Accident years 2013 - 2022 from tables above903 
All Accident years$1,208 
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 85 percent of loss on proportional treaties in treaty year 2013 and after. This percentage has increased over time with the proportion being approximately 79 percent for treaty years 2013-2017 growing to an average of 91 percent for treaty years 2018 to 2022, with the remainder being written on an excess of loss basis.
Net Incurred Loss and Allocated Loss Adjustment ExpensesAs of December 31
 2022
Years Ended December 31
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2013201420152016201720182019202020212022
2013$157 $154 $143 $137 $139 $136 $136 $135 $134 $134 $— 
2014159 175 174 177 175 174 173 172 170 1 
2015144 152 158 158 151 156 154 154 — 
2016176 182 184 187 183 181 181 2 
2017395 421 451 449 453 456 12 
2018279 287 290 286 291 7 
2019132 130 127 121 8 
2020209 253 277 34 
2021340 350 43 
2022346 220 
Total$2,480 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses

Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2013201420152016201720182019202020212022
2013$45 $100 $118 $127 $130 $132 $133 $134 $134 $134 
201463 125 147 157 162 164 166 166 167 
201556 102 130 140 144 148 150 151 
201656 129 155 166 172 175 176 
2017191 321 400 414 427 433 
201894 250 266 269 273 
201935 81 95 103 
202062 177 215 
2021158 277 
202274 
Total$2,003 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$17 
Accident years 2013 - 2022 from tables above477 
All Accident years$494 
Supplementary PPD [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(132)
Accident years 2013 - 2022 from tables above(305)
All Accident years$(437)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$98 
Accident years 2013 - 2022 from tables above145 
All Accident years$243 
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, 2022
Accident years prior to 2013$56 
Accident years 2013 - 2022 from tables above77 
All Accident years$133 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(11)
Accident years 2013 - 2022 from tables above(319)
All Accident years$(330)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(5)
Accident years 2013 - 2022 from tables above(123)
All Accident years$(128)
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$8 
Accident years 2013 - 2022 from tables above(76)
All Accident years$(68)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(10)
Accident years 2013 - 2022 from tables above(270)
All Accident years$(280)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(7)
Accident years 2013 - 2022 from tables above(1)
All Accident years$(8)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2022
Accident years prior to 2013$(4)
Accident years 2013 - 2022 from tables above34 
All Accident years$30 
Schedule of Historical Claims [Table Text Block]
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %16 %10 %7 %5 %3 %3 %2 %2 %1 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage4 %13 %16 %16 %12 %8 %5 %4 %2 %3 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage11 %19 %19 %16 %13 %6 %4 %2 %2 %1 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %36 %8 %3 %1 %1 %1 %— %— %1 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage56 %24 %7 %5 %3 %2 %1 %1 %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage7 %14 %13 %12 %10 %8 %7 %4 %2 %2 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %34 %10 %3 %1 %1 %1 %— %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage20 %23 %11 %9 %6 %6 %4 %2 %2 %1 %
Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2022 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage34 %40 %15 %5 %3 %2 %1 %— %— %— %
Supplementary PPD Reconciliation [Table Text Block]
The following table presents a reconciliation of the loss development triangles above to prior period development:
Components of PPD
Year Ended December 31, 2022 (in millions of U.S. dollars)
(favorable)/unfavorable		2013 - 2021 accident years (implied PPD per loss triangles)Accident years prior to 2013
Other (1)
PPD on loss reserves RIPs, Expense adjustments, and earned premiumsTotal
North America Commercial P&C Insurance
Long-tail$(83)$22 $(253)$(314)$85 $(229)
Short-tail(319)(11)(30)(360)27 (333)
(402)11 (283)(2)(674)112 (3)(562)
North America Personal P&C Insurance (Short-tail)(123)(5)(58)(4)(186)— (186)
Overseas General Insurance
Long-tail(76)8 3 (65)— (65)
Short-tail(270)(10)(103)(383)— (383)
(346)(2)(100)(5)(448)— (448)
Global Reinsurance
Long-tail(1)(7)1 (7)— (7)
Short-tail34 (4)— 30 (1)29 
33 (11)1 23 (1)22 
Subtotal$(838)$(7)$(440)$(1,285)$111 $(1,174)
North America Agricultural Insurance (Short-tail)$(227)$166 $(61)
Corporate (Long-tail)359 — 359 
Consolidated PPD$(1,153)$277 $(876)
(1)        Other includes the impact of foreign exchange.
(2)     Includes favorable development of $161 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $46 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 $48 million relating to the Colorado Wildfire CAT event that began December 30, 2021.
(5)     Includes favorable development of $105 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.
Prior Period Development, by Segment [Table Text Block]
Years Ended December 31
(in millions of U.S. dollars, except for percentages)		Long-tailShort-tailTotal
% of beginning net unpaid reserves (1)
2022
North America Commercial P&C Insurance$(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 — %
Corporate359 — 359 0.6 %
Total$58 $(934)$(876)1.5 %
2021
North America Commercial P&C Insurance$(482)$(280)$(762)1.4 %
North America Personal P&C Insurance— (305)(305)0.6 %
North America Agricultural Insurance— 10 10 — %
Overseas General Insurance(106)(335)(441)0.8 %
Global Reinsurance(25)28 3 — %
Corporate569 — 569 1.1 %
Total$(44)$(882)$(926)1.7 %
2020
North America Commercial P&C Insurance$(672)$(30)$(702)1.4 %
North America Personal P&C Insurance— 63 63 0.1 %
North America Agricultural Insurance— (10)(10)— %
Overseas General Insurance(49)(101)(150)0.3 %
Global Reinsurance(25)(4)(29)0.1 %
Corporate 433 — 433 0.9 %
Total$(313)$(82)$(395)0.8 %
(1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.
Schedule Of Asbestos Environmental Loss Roll Forward and by segment 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:
AsbestosEnvironmentalTotal
(in millions of U.S. dollars)GrossNetGrossNetGrossNet
Balance at December 31, 2019$1,459 $916 $529 $410 $1,988 $1,326 
Incurred activity150 90 79 41 229 131 (1)
Paid activity(258)(133)(91)(72)(349)(205)
Balance at December 31, 20201,351 873 517 379 1,868 1,252 
Incurred activity96 64 52 40 148 104 (1)
Paid activity(221)(137)(167)(117)(388)(254)
Balance at December 31, 20211,226 800 402 302 1,628 1,102 
Incurred activity87 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 
(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, 2022 and 2021, shown in the table above is comprised of:
December 31
(in millions of U.S. dollars)20222021
Brandywine operations$602 $646 
Westchester Specialty98 100 
Chubb Corp266 286 
Other, mainly Overseas General Insurance47 70 
Total$1,013 $1,102 
v3.22.4
Taxation (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The following table presents pre-tax income and the related provision for income taxes:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Pre-tax income:
      Switzerland$234 $349 $350 
      Outside Switzerland6,334 9,467 3,812 
      Total pre-tax income$6,568 $9,816 $4,162 
Provision for income taxes
Current tax expense:
      Switzerland$15 $65 $52 
      Outside Switzerland1,066 1,294 876 
      Total current tax expense1,081 1,359 928 
Deferred tax expense (benefit):
      Switzerland34 (15)2 
      Outside Switzerland140 (67)(301)
      Total deferred tax expense (benefit)174 (82)(299)
Provision for income taxes$1,255 $1,277 $629 
Reconciliation schedule of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate
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)20222021 2020 
Expected tax provision at Swiss statutory tax rate$1,291 $1,934 $880 
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate(244)(740)(337)
Net withholding taxes75 78 67 
Other133 5 19 
Provision for income taxes$1,255 $1,277 $629 
Schedule of the components of net deferred tax assets
The following table presents the components of net deferred tax assets and liabilities:
December 31
(in millions of U.S. dollars)2022 2021 
Deferred tax assets:
Loss reserve discount$1,001 $950 
Unearned premiums reserve417 544 
Foreign tax credits76 156 
Loss carry-forwards104 139 
Investments57 — 
Unrealized depreciation on investments1,387 — 
Depreciation126 190 
Other175 296 
Total deferred tax assets 3,343 2,275 
      Valuation allowance91692
      Deferred tax assets, net of valuation allowance2,427 2,183 
Deferred tax liabilities:
Deferred policy acquisition costs276 679 
Other intangible assets, including VOBA2,194 1,268 
Un-remitted foreign earnings249 121 
Investments— 144 
Unrealized appreciation on investments— 360 
Total deferred tax liabilities 2,719 2,572 
Net deferred tax liabilities$(292)$(389)
Reconciliation schedule of unrecognized tax benefits
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)2022 2021 
Balance, beginning of year$64 $76 
Additions based on tax positions related to prior years4 7 
Reductions for settlements with taxing authorities(1)(19)
Balance, end of year$67 $64 
Summary of Income Tax Examinations
The following table summarizes tax years open for examination by major income tax jurisdiction:
At December 31, 2022
Australia2016-2022
Brazil2016-2022
Canada2012-2022
France 2021-2022
Germany2016-2022
Italy2019-2022
Korea (1)
2017-2022
Mexico2016-2022
Spain2012-2022
Switzerland2018-2022
United Kingdom2015-2022
United States2014-2022
(1)     Includes an examination for a pre-acquisition period subject to indemnification by Cigna Corp.
v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of debt outstanding
December 31December 31
(in millions of U.S. dollars)20222021Early Redemption Option
Repurchase agreements (weighted average interest rate of 3.9% in 2022 and 0.2% in 2021)
$1,419$1,406None
Short-term debt
Chubb INA:
$1,000 million 2.875% senior notes due November 2022
$—$999
Make-whole premium plus 20 bps
$475 million 2.7% senior notes due March 2023
475—
Make-whole premium plus 10 bps
Total short-term debt
$475$999
Long-term debt
Chubb INA:
$475 million 2.7% senior notes due March 2023
$—$474
Make-whole premium plus 10 bps
$700 million 3.35% senior notes due May 2024
699698
Make-whole premium plus 15 bps
€700 million 0.3% senior notes due December 2024
742787
Make-whole premium plus 15 bps
$800 million 3.15% senior notes due March 2025
798798
Make-whole premium plus 15 bps
$1,500 million 3.35% senior notes due May 2026
1,4961,494
Make-whole premium plus 20 bps
€575 million 0.875% senior notes due June 2027
609645
Make-whole premium plus 20 bps
€900 million 1.55% senior notes due March 2028
9521,009
Make-whole premium plus 15 bps
$100 million 8.875% debentures due August 2029
100100None
€700 million 0.875% senior notes due December 2029
740785
Make-whole premium plus 20 bps
$1,000 million 1.375% senior notes due September 2030
993992
Make-whole premium plus 15 bps
€575 million 1.4% senior notes due June 2031
606642
Make-whole premium plus 25 bps
$200 million 6.8% debentures due November 2031
234238
Make-whole premium plus 25 bps
$300 million 6.7% senior notes due May 2036
298298
Make-whole premium plus 20 bps
$800 million 6.0% senior notes due May 2037
927936
Make-whole premium plus 20 bps
€900 million 2.5% senior notes due March 2038
9491,007
Make-whole premium plus 25 bps
$600 million 6.5% senior notes due May 2038
726735
Make-whole premium plus 30 bps
$475 million 4.15% senior notes due March 2043
471470
Make-whole premium plus 15 bps
$1,500 million 4.35% senior notes due November 2045
1,4851,485
Make-whole premium plus 25 bps
$600 million 2.85% senior notes due December 2051
593593
Make-whole premium plus 15 bps
$1,000 million 3.05% senior notes due December 2061
984983
Make-whole premium plus 20 bps
Total long-term debt$14,402$15,169
Trust preferred securities
Chubb INA capital securities due April 2030$308$308
Redemption prices(1)
(1)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.
v3.22.4
Commitments, contingencies, and guarantees (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: 
December 31, 2022December 31, 2021
Consolidated
Balance Sheet
Location		Fair ValueNotional
Value/
Payment
Provision		Fair ValueNotional
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 contractsOA / (AP)$64 $(115)$4,134 $25 $(139)$6,182 
Options/Futures contracts on notes and bondsOA / (AP)18 (24)1,511 33 (27)12,944 
Convertible securities (1)
FM AFS / ES30 — 37 11 — 12 
$112 $(139)$5,682 $69 $(166)$19,138 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$33 $— $939 $— $(16)$905 
OtherOA / (AP)— — — — — 3 
$33 $— $939 $— $(16)$908 
GLB (3)
(AP)$— $(736)$1,979 $— $(745)$1,432 
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedgesOA / (AP)$17 $— $1,595 $— $— $— 
Cross-currency swaps - net investment hedgesOA / (AP)— (53)1,604 — — — 
$17 $(53)$3,199 $— $— $— 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Derivative Instruments, Gain (Loss) [Table Text Block] The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Investment and embedded derivative instruments:
Foreign currency forward contracts$(339)$(62)$65 
All other futures contracts, options, and equities297 (10)16 
Convertible securities (1)
(1)— — 
Total investment and embedded derivative instruments$(43)$(72)$81 
GLB and other derivative instruments:
GLB$(63)$316 $(202)
Futures contracts on equities (2)
187 (202)(108)
Other(11)(8)1 
Total GLB and other derivative instruments$113 $106 $(309)
$70 $34 $(228)
(1)Includes embedded derivatives.
(2)Related to GMDB and GLB book of business.
Secured Borrowings Securities Lending Table
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, 2022December 31, 2021
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$820 $931 
U.S. Treasury / Agency72 128 
Non-U.S.604 752 
Corporate and asset-backed securities27 12 
Mortgage-backed securities— 1 
Equity securities— 7 
$1,523 $1,831 
Gross amount of recognized liability for securities lending payable$1,523 $1,831 
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, 2022December 31, 2021
Up to 30 Days30-90 Days30-90 DaysGreater than 90 DaysTotal
(in millions of U.S. dollars)Total
Collateral pledged under repurchase agreements:
Cash$12 $— $12 $— $29 $29 
U.S. Treasury / Agency— 101 101 103 — 103 
Mortgage-backed securities921 493 1,414 — 1,288 1,288 
$933 $594 $1,527 $103 $1,317 $1,420 
Gross amount of recognized liabilities for repurchase agreements$1,419 $1,406 
Difference (1)
$108 $14 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Lessee, Operating Lease, Liability, Maturity
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:
2023$160 
2024123 
202587 
202673 
202750 
Thereafter261 
Total undiscounted lease payments$754 
Less: Present value adjustment121 
Net lease liabilities reported as of December 31, 2022$633 
v3.22.4
Shareholders' equity note (Tables)
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Dividends Declared [Table Text Block]
The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
Year Ended December 31
202220212020
CHFUSDCHFUSDCHFUSD
Total dividend distributions per common share3.11 $3.29 2.88 $3.18 2.89 $3.09 
Schedule of changes in Common Shares issued and outstanding
Year Ended December 31
202220212020
Common Shares authorized and issued, beginning of year474,021,114 477,605,264 479,783,864 
Cancellation of treasury shares(27,644,500)(3,584,150)(2,178,600)
Common Shares authorized and issued, end of year446,376,614 474,021,114 477,605,264 
Common Shares in treasury, beginning of year (at cost)(47,448,502)(26,872,639)(27,812,297)
Net shares issued under employee share-based compensation plans2,947,272 3,484,487 2,345,208 
Shares repurchased(14,925,028)(27,644,500)(3,584,150)
Cancellation of treasury shares27,644,500 3,584,150 2,178,600 
Common Shares in treasury, end of year (at cost)(31,781,758)(47,448,502)(26,872,639)
Common Shares outstanding, end of year414,594,856 426,572,612 450,732,625 
Share Repurchase Program [Table Text Block]
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 31January 1, 2023 through
(in millions of U.S. dollars, except share data)202220212020February 23, 2023
Number of shares repurchased14,925,028 27,644,500 3,584,150 1,633,300 
Cost of shares repurchased$3,014 $4,861 $516 $347 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents changes in accumulated other comprehensive income (loss):
Year Ended December 31
(in millions of U.S. dollars)202220212020
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of year, net of tax$2,256 $4,673 $2,543 
Change in year, before reclassification from AOCI (before tax)(11,627)(2,935)2,311 
Amounts reclassified from AOCI (before tax)1,049 (3)281 
Change in year, before tax(10,578)(2,938)2,592 
Income tax (expense) benefit1,043 521 (462)
Balance – end of year, net of tax(7,279)2,256 4,673 
Cumulative foreign currency translation adjustment
Balance – beginning of year, net of tax(2,146)(1,637)(1,939)
Change in year, before reclassification from AOCI (before tax)(982)(530)306 
Amounts reclassified from AOCI (before tax)(4)— — 
Change in year, before tax(986)(530)306 
Income tax (expense) benefit59 21 (4)
Balance – end of year, net of tax(3,073)(2,146)(1,637)
Fair value hedging instruments
Balance – beginning of year, net of tax— — — 
Change in year, before reclassification from AOCI (before tax)17 — — 
Amounts reclassified from AOCI (before tax)(100)— — 
Change in year, before tax(83)— — 
Income tax benefit17 — — 
Balance – end of year, net of tax(66)— — 
Postretirement benefit liability adjustment
Balance – beginning of year, net of tax240 (167)15 
Change in year, before tax(17)522 (232)
Income tax (expense) benefit2 (115)50 
Balance – end of year, net of tax225 240 (167)
Accumulated other comprehensive income (loss)$(10,193)$350 $2,869 
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:
Consolidated Statement of Operations Location
Year Ended December 31
(in millions of U.S. dollars)202220212020
Fixed maturities available for sale$(1,049)$3 $(281)Net realized gains (losses)
Income tax benefit170 6 36 Income tax expense
$(879)$9 $(245)Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps$4 $— $— Interest Expense
Income tax expense(1)— — Income tax expense
$3 $— $— Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps$105 $— $— Net realized gains (losses)
Cross-currency swaps(5)— — Interest Expense
Income tax expense(21)— — Income tax expense
$79 $— $— Net income
Total amounts reclassified from AOCI$(797)$9 $(245)
v3.22.4
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of pre-tax and after-tax share-based compensation expense
The following table presents pre-tax and after-tax share-based compensation expense:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Stock options and shares issued under ESPP:
Pre-tax$60 $55 $45 
After-tax (1)
$38 $36 $38 
Restricted stock:
Pre-tax$230 $210 $210 
After-tax (1)
$179 $164 $164 
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $29 million, $19 million, and $10 million for the years ended December 31, 2022, 2021, and 2020, respectively.
Schedule of the weighted-average model valuation assumptions
Year Ended December 31
202220212020
Dividend yield1.7 %1.9 %2.1 %
Expected volatility20.1 %26.0 %18.0 %
Risk-free interest rate1.9 %1.0 %1.2 %
Expected life5.8 years5.8 years5.7 years
Rollforward of the company's stock options
The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars)Number of OptionsWeighted-Average Exercise PriceWeighted-Average Fair ValueTotal Intrinsic Value
Options outstanding, December 31, 201910,885,257 $116.79 
Granted1,958,279 $150.10 $19.89 
Exercised(1,158,633)$86.90 $76 
Forfeited and expired(206,720)$138.77 
Options outstanding, December 31, 202011,478,183 $125.09 
Granted1,805,234 $164.89 $33.05 
Exercised(2,284,795)$112.12 $140 
Forfeited and expired(236,135)$150.16 
Options outstanding, December 31, 202110,762,487 $133.94 
Granted1,731,904 $198.36 $35.46 
Exercised(1,878,147)$117.83 $163 
Forfeited and expired(205,966)$171.45 
Options outstanding, December 31, 202210,410,278 $146.81 $768 
Options exercisable, December 31, 20227,134,817 $131.90 $633 
Rollforward of the company's restricted stock
The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 13,440 restricted stock awards, 15,586 restricted stock awards, and 27,679 restricted stock awards that were granted to non-management directors during the years ended December 31, 2022, 2021, and 2020, respectively:
Service-based
Restricted Stock Awards
and Restricted Stock Units		Performance-based
Restricted Stock Awards
and Restricted Stock Units
Number of SharesWeighted-Average
Grant-Date Fair Value		Number of SharesWeighted-Average
Grant-Date Fair Value
Unvested restricted stock, December 31, 20193,294,010 $136.20 876,212 $131.16 
Granted1,425,667 $148.56 186,291 $151.14 
Vested(1,304,308)$134.02 (490,185)$125.66 
Forfeited(152,074)$140.72 — $— 
Unvested restricted stock, December 31, 20203,263,295 $142.32 572,318 $142.38 
Granted1,288,042 $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, 20213,051,811 $152.19 697,191 $151.74 
Granted1,193,016 $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, 20222,853,870 $172.39 794,792 $173.83 
v3.22.4
Postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Funded Status [Table Text Block]
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, 2022 and 2021 was as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2022202120222021
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year$3,732 $1,122 $3,967 $1,199 $62 $86 
   Service cost— 4 — 4 1 1 
   Interest cost85 23 70 19 1 1 
   Actuarial loss (gain)(890)(391)(161)(47)(4)(10)
   Benefits paid(146)(28)(133)(33)(16)(15)
   Curtailments— — — — — — 
   Settlements— — (11)— — — 
   Foreign currency revaluation and other — (33)— (20)(1)(1)
Benefit obligation, end of year$2,781 $697 $3,732 $1,122 $43 $62 
Plan assets at fair value, beginning of year$4,151 $1,318 $3,739 $1,284 $119 $120 
   Actual return on plan assets(692)(285)543 83 (2)(1)
   Employer contributions3 8 13 8 1 15 
   Benefits paid(146)(28)(133)(33)(37)(15)
   Settlements— — (11)— — — 
   Foreign currency revaluation and other— (75)— (24)— — 
Plan assets at fair value, end of year$3,316 $938 $4,151 $1,318 $81 $119 
Funded status at end of year$535 $241 $419 $196 $38 $57 
Amounts recognized in the Consolidated balance sheets:
Assets$601 $290 $492 $214 $56 $77 
Liabilities(66)(49)(73)(18)(18)(20)
Total$535 $241 $419 $196 $38 $57 
Amounts recognized in Accumulated other comprehensive
income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)$(290)$7 $(375)$73 $(12)$(10)
Prior service cost (benefit)— 8 — 9 (4)(5)
Total$(290)$15 $(375)$82 $(16)$(15)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
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, 2022 and 2021 was as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2022202120222021
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year$3,732 $1,122 $3,967 $1,199 $62 $86 
   Service cost— 4 — 4 1 1 
   Interest cost85 23 70 19 1 1 
   Actuarial loss (gain)(890)(391)(161)(47)(4)(10)
   Benefits paid(146)(28)(133)(33)(16)(15)
   Curtailments— — — — — — 
   Settlements— — (11)— — — 
   Foreign currency revaluation and other — (33)— (20)(1)(1)
Benefit obligation, end of year$2,781 $697 $3,732 $1,122 $43 $62 
Plan assets at fair value, beginning of year$4,151 $1,318 $3,739 $1,284 $119 $120 
   Actual return on plan assets(692)(285)543 83 (2)(1)
   Employer contributions3 8 13 8 1 15 
   Benefits paid(146)(28)(133)(33)(37)(15)
   Settlements— — (11)— — — 
   Foreign currency revaluation and other— (75)— (24)— — 
Plan assets at fair value, end of year$3,316 $938 $4,151 $1,318 $81 $119 
Funded status at end of year$535 $241 $419 $196 $38 $57 
Amounts recognized in the Consolidated balance sheets:
Assets$601 $290 $492 $214 $56 $77 
Liabilities(66)(49)(73)(18)(18)(20)
Total$535 $241 $419 $196 $38 $57 
Amounts recognized in Accumulated other comprehensive
income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)$(290)$7 $(375)$73 $(12)$(10)
Prior service cost (benefit)— 8 — 9 (4)(5)
Total$(290)$15 $(375)$82 $(16)$(15)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2022 and 2021:
20222021
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$66 $87 $73 $418 
Fair value of plan assets— 38 — 400 
Net funded status$(66)$(49)$(73)$(18)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$66 $61 $73 $380 
Fair value of plan assets$— $30 $— $367 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2022 and 2021:
20222021
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$66 $87 $73 $418 
Fair value of plan assets— 38 — 400 
Net funded status$(66)$(49)$(73)$(18)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$66 $61 $73 $380 
Fair value of plan assets$— $30 $— $367 
Defined Benefit Plan, Assumptions [Table Text Block]
The weighted-average assumptions used to determine the projected benefit obligation were as follows:
Pension Benefit Plans
U.S.
Plans		Non-U.S.
Plans		Other Postretirement Benefit Plans
December 31, 2022
Discount rate5.22 %5.27 %5.83 %
Rate of compensation increase (1)
N/A3.98 %N/A
Interest crediting rate4.32 %
December 31, 2021
Discount rate2.75 %2.23 %2.06 %
Rate of compensation increase (1)
N/A3.63 %N/A
Interest crediting rate4.10 %
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
U.S. PlansNon-U.S. Plans
Year Ended December 31202220212020202220212020202220212020
(in millions of U.S. dollars)
Costs reflected in Net income, pre-tax:
Service cost$— $— $— $4 $4 $4 $1 $1 $1 
Non-service cost (benefit):
Interest cost85 70 99 23 19 22 1 1 2 
Expected return on plan assets(283)(255)(224)(43)(44)(41)(1)(1)(5)
Amortization of net actuarial loss— — — — 4 2 — — — 
Amortization of prior service cost— — — — — — — (26)(83)
Curtailments— — — — — (1)— — — 
Settlements— 3 3 — — — — — — 
Total non-service cost (benefit)(198)(182)(122)(20)(21)(18)— (26)(86)
Net periodic benefit cost (benefit)$(198)$(182)$(122)$(16)$(17)$(14)$1 $(25)$(85)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)$85 $(450)$102 $(67)$(86)$56 $(1)$(5)$(2)
Prior service cost (benefit)— — — — — — — — — 
Amortization of net actuarial loss— — — — (4)(2)— — — 
Amortization of prior service cost— — — — — (1)— 26 83 
Curtailments— — — — — (1)— — — 
Settlements— (3)(3)— — — — — — 
Total decrease (increase) in other comprehensive income (loss), pre-tax$85 $(453)$99 $(67)$(90)$52 $(1)$21 $81 

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 PlansOther Postretirement Benefit Plans
Year Ended December 31202220212020202220212020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$— $— $— $— $— $— 
Administrative expenses4 4 4 1 1 1 
Total service cost4 4 4 1 1 1 
Non-service cost (benefit):
Losses and loss expenses(20)(18)(12)— (3)(9)
Administrative expenses(198)(185)(128)— (23)(77)
Total non-service cost (benefit)(218)(203)(140)— (26)(86)
Net periodic benefit cost (benefit)$(214)$(199)$(136)$1 $(25)$(85)
Schedule of assumptions used, net periodic benefit costs [Table Text Block]
The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:
Pension Benefit Plans
U.S. PlansNon-U.S. PlansOther Postretirement Benefit Plans
Year Ended December 31
2022
Discount rate in effect for determining service costN/A7.23 %3.22 %
Discount rate in effect for determining interest cost2.34 %2.13 %1.89 %
Rate of compensation increaseN/A3.63 %N/A
Expected long-term rate of return on plan assets7.00 %3.44 %1.00 %
Interest crediting rate4.10 %N/AN/A
2021
Discount rate in effect for determining service costN/A5.58 %2.53 %
Discount rate in effect for determining interest cost1.81 %1.57 %1.23 %
Rate of compensation increaseN/A3.24 %N/A
Expected long-term rate of return on plan assets7.00 %3.37 %1.00 %
Interest crediting rate4.10 %N/AN/A
2020
Discount rate in effect for determining service costN/A6.04 %3.00 %
Discount rate in effect for determining interest cost2.85 %2.24 %2.64 %
Rate of compensation increaseN/A3.26 %N/A
Expected long-term rate of return on plan assets7.00 %3.83 %3.00 %
Interest crediting rate4.10 %N/AN/A
Schedule of Health Care Cost Trend Rates [Table Text Block]
The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:
U.S. PlansNon-U.S. Plans
202220212020202220212020
Healthcare cost trend rate5.72 %5.59 %5.96 %5.28 %5.26 %5.04 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.00 %4.50 %4.50 %4.04 %4.00 %4.00 %
Year that the rate reaches the ultimate trend rate204620382038204020402040
Schedule of Allocation of Plan Assets [Table Text Block]
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, 2022Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$42 $— $— $42 
U.S. Treasury / Agency431 110 — 541 
Non-U.S. and corporate bonds— 627 — 627 
Municipal— 5 — 5 
Equity securities1,321 — — 1,321 
Investment derivative instruments4 — — 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 securities107 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, limited partnerships 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.

December 31, 2021Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$33 $— $— $33 
U.S. Treasury / Agency380 92 — 472 
Non-U.S. and corporate bonds— 923 — 923 
Municipal— 4 — 4 
Equity securities1,871 — 1 1,872 
Investment derivative instruments3 — — 3 
Total U.S. Plan assets (1)
$2,287 $1,019 $1 $3,307 
Non-U.S. Plans:
Short-term investments$5 $— $— $5 
Non-U.S. and corporate bonds— 679 — 679 
Equity securities153 291 — 444 
Total Non-U.S. Plan assets (1)
$158 $970 $— $1,128 
(1)Excluded from the table above are $542 million and $175 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $175 million and $15 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $127 million in cash and accrued income related to the U.S. Plans.
Schedule of expected future benefit payments
At December 31, 2022, our estimated expected future benefit payments are as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
For the years ending December 31U.S.
Plans		Non-U.S. Plans
(in millions of U.S. dollars)
2023$186 $40 $14 
2024173 32 10 
2025178 34 6 
2026180 34 1 
2027186 36 1 
2028-2032967 216 5 
v3.22.4
Other income and expense (Tables)
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Schedule of the components of Other (income) expense
Year Ended December 31
(in millions of U.S. dollars)2022 20212020 
Equity in net income of partially-owned entities (1)
$16 $2,433 $1,019 
Gains (losses) from fair value changes in separate account assets (2)
(42)(8)58 
Federal excise and capital taxes(21)(19)(22)
Other(27)(41)(61)
Total$(74)$2,365 $994 
(1)     Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.
(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.22.4
Segment information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Operations by segment
The following tables present the Statement of Operations by segment:
For the Year Ended December 31, 2022 (in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$17,889 $5,313 $2,907 $11,060 $943 $3,643 $— $— $41,755 
Net premiums earned17,107 5,180 2,838 10,803 922 3,539 — — 40,389 
Losses and loss expenses10,828 3,186 2,557 5,252 670 497 363 (11)23,342 
Policy benefits— — — — — 1,534 — (42)1,492 
Policy acquisition costs2,313 1,057 126 2,818 240 838 — — 7,392 
Administrative expenses1,113 291 (10)1,070 36 510 385 — 3,395 
Underwriting income (loss)2,853 646 165 1,663 (24)160 (748)53 4,768 
Net investment income2,247 283 36 626 281 509 — (240)3,742 
Other (income) expense17 4 1 2 1 (45)292 (198)74 
Amortization expense of purchased intangibles— 10 26 57 — 10 182 — 285 
Segment income (loss)$5,083 $915 $174 $2,230 $256 $704 $(1,222)$11 $8,151 
Net realized gains (losses) (954)(11)(965)
Interest expense570 — 570 
Cigna integration expenses48 — 48 
Income tax expense1,255 — 1,255 
Net income (loss)$(4,049)$— $5,313 
For the Year Ended December 31, 2021 (in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$16,415 $5,002 $2,388 $10,713 $873 $2,477 $— $— $37,868 
Net premiums earned15,461 4,915 2,338 10,441 798 2,402 — — 36,355 
Losses and loss expenses10,015 2,924 1,962 5,143 632 740 572 (8)21,980 
Policy benefits— — — — — 707 — (8)699 
Policy acquisition costs2,082 1,001 124 2,799 200 712 — — 6,918 
Administrative expenses1,052 276 (3)1,078 35 333 365 — 3,136 
Underwriting income (loss)2,312 714 255 1,421 (69)(90)(937)16 3,622 
Net investment income (loss)2,078 249 28 597 331 407 (55)(179)3,456 
Other (income) expense31 (2)1 — — (106)(2,118)(171)(2,365)
Amortization expense of purchased intangibles— 10 26 48 — 5 198 — 287 
Segment income$4,359 $955 $256 $1,970 $262 $418 $928 $8 $9,156 
Net realized gains (losses) 1,160 (8)1,152 
Interest expense492 — 492 
Income tax expense1,277 — 1,277 
Net income$319 $— $8,539 
For the Year Ended December 31, 2020 (in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$14,474 $4,920 $1,846 $9,335 $731 $2,514 $— $— $33,820 
Net premiums earned13,964 4,866 1,822 9,285 698 2,482 — — 33,117 
Losses and loss expenses10,129 3,187 1,544 5,255 435 724 435 1 21,710 
Policy benefits— — — — — 726 — 58 784 
Policy acquisition costs1,942 974 123 2,568 174 766 — — 6,547 
Administrative expenses1,006 270 9 1,034 37 320 303 — 2,979 
Underwriting income (loss)887 435 146 428 52 (54)(738)(59)1,097 
Net investment income (loss)2,061 260 30 534 307 385 (87)(115)3,375 
Other (income) expense23 5 1 13 2 (74)(791)(173)(994)
Amortization expense of purchased intangibles
— 11 27 45 — 4 203 — 290 
Segment income (loss)$2,925 $679 $148 $904 $357 $401 $(237)$(1)$5,176 
Net realized gains (losses)(499)1 (498)
Interest expense516 — 516 
Income tax expense629 — 629 
Net income (loss)$(1,881)$— $3,533 
Net premiums earned by line of business
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)202220212020
North America Commercial P&C Insurance
Property & other short-tail lines$3,383 $2,942 $2,423 
Casualty & all other13,056 11,905 10,812 
A&H668 614 729 
Total North America Commercial P&C Insurance17,107 15,461 13,964 
North America Personal P&C Insurance
Personal automobile811 781 822 
Personal homeowners3,557 3,384 3,327 
Personal other812 750 717 
Total North America Personal P&C Insurance5,180 4,915 4,866 
North America Agricultural Insurance2,838 2,338 1,822 
Overseas General Insurance
Property & other short-tail lines3,382 3,105 2,468 
Casualty & all other3,232 3,114 2,738 
Personal lines2,020 2,109 1,981 
A&H2,169 2,113 2,098 
Total Overseas General Insurance10,803 10,441 9,285 
Global Reinsurance
Property 211 151 104 
Property catastrophe208 190 173 
Casualty & all other503 457 421 
Total Global Reinsurance922 798 698 
Life Insurance
Life1,484 1,320 1,317 
A&H2,055 1,082 1,165 
Total Life Insurance3,539 2,402 2,482 
Total net premiums earned$40,389 $36,355 $33,117 
Net premiums earned by geographic region
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 / JapanLatin America
202269 %11 %14 %6 %
202170 %12 %12 %6 %
202070 %11 %12 %7 %
(1)     Europe includes Middle East and Africa regions.
v3.22.4
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
Year Ended December 31
(in millions of U.S. dollars, except share and per share data)202220212020
Numerator:
Net income$5,313 $8,539 $3,533 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding419,779,847 439,968,422 451,602,820 
Denominator for diluted earnings per share:
Share-based compensation plans3,747,597 3,228,856 1,838,692 
Weighted-average shares outstanding
      and assumed conversions
423,527,444 443,197,278 453,441,512 
Basic earnings per share$12.66 $19.41 $7.82 
Diluted earnings per share$12.55 $19.27 $7.79 
Potential anti-dilutive share conversions1,467,840 1,532,066 6,811,966 
v3.22.4
Related party transactions (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block] No profit share commission has been payable yet under this arrangement. Transactions generated under Starr agreements were as follows:
Year Ended December 31
(in millions of U.S. dollars)202220212020
Consolidated statement of operations
Gross premiums written$618 $592 $507 
Ceded premiums written$353 $321 $253 
Commissions paid$122 $114 $97 
Commissions received$79 $73 $59 
Losses and loss expenses$225 $157 $170 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$541 $516 
Ceded reinsurance premium payable$96 $88 
ABR Re
At December 31, 2022, we own 18.8 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 $7 million, $11 million, and $3 million in 2022, 2021, and 2020, 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)202220212020
Consolidated statements of operations
Ceded premiums written$507 $442 $350 
Commissions received$138 $133 $100 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$1,050 $963 
Ceded reinsurance premium payable$110 $107 
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, 2022, Chubb has approximately $267 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)202220212020
Consolidated statements of operations
Other income (expense)$8 $68 $2 
Consolidated balance sheets
Other investments$271 $245 
v3.22.4
Statutory Financial Information (Tables)
 12 Months Ended
Dec. 31, 2022
Statutory Financial Information [Abstract]  
Schedule of combined statutory capital and surplus and statutory net income (loss)
December 31
(in millions of U.S. dollars)20222021
Statutory capital and surplus
Property and casualty$40,824 $46,662 
Life$4,834 $2,294 

Year Ended December 31
(in millions of U.S. dollars)202220212020
Statutory net income (loss)
Property and casualty$4,028 $7,983 $4,354 
Life $1,425 $424 $(245)
v3.22.4
Schedule II (CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY) (Table)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
BALANCE SHEETS (Parent Company Only)
December 31December 31
(in millions of U.S. dollars)20222021
Assets
Investments in subsidiaries and affiliates on equity basis$50,393 $58,850 
Total investments50,393 58,850 
Cash40 1 
Due from subsidiaries and affiliates, net959 1,218 
Other assets16 16 
Total assets$51,408 $60,085 
Liabilities
Affiliated notional cash pooling programs$252 $8 
Accounts payable, accrued expenses, and other liabilities616 363 
Total liabilities868 371 
Shareholders' equity
Common Shares10,346 10,985 
Common Shares in treasury(5,113)(7,464)
Additional paid-in capital7,166 8,478 
Retained earnings48,334 47,365 
Accumulated other comprehensive income(10,193)350 
Total shareholders' equity50,540 59,714 
Total liabilities and shareholders' equity$51,408 $60,085 
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
Condensed Consolidating Statement Of Operations and Comprehensive Income
STATEMENTS OF OPERATIONS (Parent Company Only)
Year Ended December 31
(in millions of U.S. dollars)202220212020
Revenues
Investment income (1)
$83 $96 $155 
Equity in net income of subsidiaries and affiliates5,323 8,514 3,457 
Total revenues5,406 8,610 3,612 
Expenses
Administrative and other (income) expense65 56 55 
Cigna integration expenses10 — — 
Income tax expense 18 15 24 
Total expenses93 71 79 
Net income$5,313 $8,539 $3,533 
Comprehensive income (loss)$(5,230)$6,020 $5,783 
(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.
Condensed Consolidating Statement of Cash Flows
STATEMENTS OF CASH FLOWS (Parent Company Only)
Year Ended December 31
(in millions of U.S. dollars)202220212020
Net cash flows from operating activities (1)
$7,831 $4,167 $1,933 
Cash flows from investing activities
Capital contribution(4,046)$— (1,200)
Other— — (2)
Net cash flows used for investing activities(4,046)$— (1,202)
Cash flows from financing activities
Dividends paid on Common Shares(1,375)(1,401)(1,388)
Common Shares repurchased(2,894)(4,861)(523)
Repayment of intercompany loans279 2,003 1,265 
Net proceeds from affiliated notional cash pooling programs (2)
245 8 — 
Net cash flows used for financing activities(3,745)(4,251)(646)
Effect of foreign currency rate changes on cash and restricted cash(1)1 (3)
Net increase (decrease) in cash and restricted cash39 (83)82 
Cash and restricted cash – beginning of year1 84 2 
Cash and restricted cash – end of year$40 $1 $84 
(1) Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively.
(2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information.
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
v3.22.4
Schedule IV (SUPPLEMENTARY INFORMATION CONCERNING REINSURANCE) (Tables)
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Schedule IV
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
Premiums Earned
For the years ended December 31, 2022, 2021, and 2020
(in millions of U.S. dollars, except for percentages)		Direct AmountCeded To Other CompaniesAssumed From Other CompaniesNet AmountPercentage of Amount Assumed to Net
2022
Property and Casualty$39,449 $9,678 $4,242 $34,013 12 %
Accident and Health5,206 411 97 4,892 2 %
Life1,499 106 91 1,484 6 %
Total$46,154 $10,195 $4,430 $40,389 11 %
2021
Property and Casualty$35,767 $7,982 $3,441 $31,226 11 %
Accident and Health4,062 362 109 3,809 3 %
Life1,309 89 100 1,320 8 %
Total$41,138 $8,433 $3,650 $36,355 10 %
2020
Property and Casualty$31,546 $6,782 $3,044 $27,808 11 %
Accident and Health4,249 368 111 3,992 3 %
Life1,242 93 168 1,317 13 %
Total$37,037 $7,243 $3,323 $33,117 10 %
v3.22.4
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Table)
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
Schedule VI
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
As of and for the years ended December 31, 2022, 2021, and 2020
(in millions of U.S. dollars)
Deferred Policy Acquisition CostsNet Reserves for Unpaid Losses and Loss ExpensesUnearned PremiumsNet Premiums EarnedNet Investment IncomeNet Losses and Loss Expenses Incurred Related toAmortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss ExpensesNet Premiums Written
Current YearPrior Year
2022$4,462 $59,195 $20,360 $38,905 $3,381 $24,495 $(1,153)$6,873 $20,323 $40,170 
2021$4,260 $56,759 $19,101 $35,035 $3,133 $22,966 $(986)$6,440 $17,884 $36,474 
2020$4,244 $53,164 $17,652 $31,800 $3,074 $22,124 $(414)$6,076 $17,434 $32,471 
v3.22.4
Summary of significant accounting policies (Narrative) (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jul. 01, 2022
Jan. 01, 2021
Summary of significant accounting policies [Line Items]            
Deferred Marketing Costs, Amortization Period   10 years        
Deferred Advertising Costs $ 243 $ 243 $ 189      
Deferred Policy Acquisition Costs, Amortization Expense   $ 7,392 6,918 $ 6,547    
Recoverable from unrated reinsurers, ceded reserve, default factor (percent)   34.00%        
Percentage of fair value of loaned securities   102.00%        
Quality assessment threshold used in goodwill impairment testing   50.00%        
Property, Plant and Equipment, Net 2,400 $ 2,400 2,000      
Net operating results of ESIS included within Administrative expenses   12 25 18    
Cigna integration expenses   48 0 0    
Net income   5,313 8,539 3,533    
Comprehensive Income (Loss), Net of Tax, Attributable to Parent   (5,230) 6,020 5,783    
Deposit liabilities included in Deposit liabilities 70 70 74      
Retained earnings 48,334 48,334 47,365      
Accumulated other comprehensive income (10,193) (10,193) 350      
Stockholders' Equity (50,540) (50,540) (59,714) (59,441)    
Deposit Assets 96 96 101      
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment [Member]            
Summary of significant accounting policies [Line Items]            
Stockholders' Equity           $ 1,800
Cigna's Life Insurance Business in Asian Markets            
Summary of significant accounting policies [Line Items]            
Net income $ 148          
Stockholders' Equity         $ (5,359)  
Cigna's Life Insurance Business in Asian Markets | Debt Securities [Member]            
Summary of significant accounting policies [Line Items]            
Assets, Fair Value Adjustment   $ 211        
Minimum            
Summary of significant accounting policies [Line Items]            
Reinsurance Premiums, Amortization Period   1 year        
Debt Securities, Held-to-Maturity, Accrued Interest, Threshold Period, Writeoff 30 days 30 days        
Liability for Future Policy Benefits, Interest Rate 1.00% 1.00%        
Maximum            
Summary of significant accounting policies [Line Items]            
Reinsurance Premiums, Amortization Period   3 years        
Affiliated notional cash pooling program $ 300 $ 300        
Finite-Lived Intangible Asset, Useful Life   25 years        
Debt Securities, Held-to-Maturity, Accrued Interest, Threshold Period, Writeoff 45 days 45 days        
Liability for Future Policy Benefits, Interest Rate 9.00% 9.00%        
Selling and Marketing Expense [Member]            
Summary of significant accounting policies [Line Items]            
Deferred Policy Acquisition Costs, Amortization Expense   $ 121 85 $ 99    
Fair Value Adjustment to Acquired Loss Reserves [Member] | The Chubb Corporation [Member]            
Summary of significant accounting policies [Line Items]            
Balance of FV adjustment on Unpaid Losses and Loss Expenses $ 74 74 $ 90      
Software Development [Member]            
Summary of significant accounting policies [Line Items]            
Property, Plant and Equipment, Net 1,600 $ 1,600        
Property, Plant and Equipment, Useful Life   15 years        
Software Development [Member] | Minimum            
Summary of significant accounting policies [Line Items]            
Property, Plant and Equipment, Useful Life   3 years        
Software Development [Member] | Maximum            
Summary of significant accounting policies [Line Items]            
Property, Plant and Equipment, Useful Life   5 years        
Building [Member]            
Summary of significant accounting policies [Line Items]            
Property, Plant and Equipment, Net $ 253 $ 253        
Building [Member] | Maximum            
Summary of significant accounting policies [Line Items]            
Property, Plant and Equipment, Useful Life   40 years        
v3.22.4
Summary of significant accounting policies - cash (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]        
Cash $ 2,012 $ 1,659 $ 1,747  
Restricted cash 115 152 89  
Cash and restricted cash 2,127 1,811 $ 1,836 $ 1,646
Borrowings under Guaranteed Investment Agreements $ 2,500 $ 2,200    
v3.22.4
Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 31, 2023
Jul. 01, 2022
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Acquisitions [Line Items]                
Goodwill       $ 16,287 $ 16,287 $ 15,213 $ 15,400  
Other intangible assets       5,441 5,441 5,455    
Value of business acquired       3,596 3,596 236 263 $ 306
Repurchase agreements       1,419 1,419 1,406    
Accrued investment income       941 941 821    
Insurance and reinsurance balances receivable       11,933 11,933 11,322    
Reinsurance recoverable on losses and loss expenses [1]       18,901 18,901 17,366    
Reinsurance recoverable on policy benefits [1]       303 303 213    
Other assets       12,736 12,736 11,792    
Total assets       199,144 199,144 200,054    
Unpaid losses and loss expenses       76,323 76,323 72,943 67,811 $ 62,690
Unearned premiums       20,360 20,360 19,101    
Future policy benefits       10,120 10,120 5,947    
Insurance and reinsurance balances payable       7,795 7,795 7,243    
Accounts payable, accrued expenses, and other liabilities       15,587 15,587 15,004    
Deferred tax liabilities       292 292 389    
Total liabilities       148,604 148,604 140,340    
Stockholders' Equity       50,540 50,540 59,714 59,441  
Liabilities and Equity       199,144 199,144 200,054    
Business Combination, Integration Related Costs         48 0 0  
Revenues         43,166 40,963 35,994  
Net income         5,313 8,539 3,533  
Net premiums earned         40,389 36,355 $ 33,117  
Finite-Lived Intangible Assets [Line Items]                
Finite-lived intangible assets       2,459 2,459 2,508    
Indefinite-lived intangible assets,       2,982 2,982 2,947    
Total identified intangible assets       5,441 $ 5,441 5,455    
Huatai Group [Member]                
Business Acquisitions [Line Items]                
Equity method investment, additional 31.8 percent agreed on         31.80%      
Purchase of incremental ownership interest         $ 2,000      
Deposits Assets       184 $ 184 1,100    
Payment to acquire additional ownership interest in equity method investment     $ 500          
Equity method investment, additional 7.1 percent agreed on     7.05%          
Equity Method Investment, 83.2 percent agreed on         83.20%      
Huatai Group [Member] | Subsequent Event [Member]                
Business Acquisitions [Line Items]                
Equity method investment, additional 22.0 percent agreed on 22.00%              
Equity method investment, outstanding 3.0 percent requiring regulatory approval 3.00%              
Cigna's Life Insurance Business in Asian Markets                
Business Acquisitions [Line Items]                
Business Acquisition, Effective Date of Acquisition   Jul. 01, 2022            
Payments to Acquire Businesses, Gross   $ 5,400            
Goodwill   1,250            
Other intangible assets   309            
Value of business acquired   3,503            
Repurchase agreements   2,000            
Investments and Cash   5,275            
Accrued investment income   33            
Insurance and reinsurance balances receivable   52            
Reinsurance recoverable on losses and loss expenses   3            
Reinsurance recoverable on policy benefits   82            
Goodwill   1,559            
Other assets   649            
Total assets   11,156            
Unpaid losses and loss expenses   12            
Unearned premiums   59            
Future policy benefits   3,817            
Insurance and reinsurance balances payable   115            
Accounts payable, accrued expenses, and other liabilities   924            
Deferred tax liabilities   870            
Total liabilities   5,797            
Stockholders' Equity   5,359            
Liabilities and Equity   11,156            
Revenues       1,507        
Net income       $ 148        
Finite-Lived Intangible Assets [Line Items]                
Total identified intangible assets   309            
Cigna's Life Insurance Business in Asian Markets | Pro Forma                
Business Acquisitions [Line Items]                
Net premiums earned         $ 41,913 39,495    
Business Acquisition, Pro Forma Revenue         44,673 44,166    
Business Acquisition, Pro Forma Net Income (Loss)         $ 5,503 $ 8,921    
Direct Ownership [Member] | Huatai Group [Member]                
Business Acquisitions [Line Items]                
Ownership Percentage       47.30% 47.30%      
Equity method investment, ownership percentage upon completion       86.10% 86.10%      
Direct Ownership [Member] | Huatai Group [Member] | Subsequent Event [Member]                
Business Acquisitions [Line Items]                
Ownership Percentage 64.20%              
Trademarks | Cigna's Life Insurance Business in Asian Markets                
Finite-Lived Intangible Assets [Line Items]                
Indefinite-lived intangible assets,   70            
Agency distribution relationships and renewal rights | Cigna's Life Insurance Business in Asian Markets                
Finite-Lived Intangible Assets [Line Items]                
Finite-lived intangible assets   $ 230            
Finite-lived intangible assets, weighted average useful life   22 years            
Unearned premium reserves intangible asset | Cigna's Life Insurance Business in Asian Markets                
Finite-Lived Intangible Assets [Line Items]                
Finite-lived intangible assets   $ 9            
Finite-lived intangible assets, weighted average useful life   1 year            
[1] Net of valuation allowance for uncollectible reinsurance.
v3.22.4
Investments (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
partnerships
Jan. 31, 2023
Dec. 31, 2021
USD ($)
Investment [Line Items]      
Limited partnerships number | partnerships 168    
Restricted assets in fixed maturities and short-term investments $ 15,721   $ 17,092
Restricted assets in cash $ 115   $ 152
CHINA | Huatai Life Insurance Co. [Member]      
Investment [Line Items]      
Ownership Percentage 20.00%   20.00%
CHINA | Huatai Group [Member]      
Investment [Line Items]      
Ownership Percentage 47.00%   47.00%
Indirect Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member]      
Investment [Line Items]      
Ownership Percentage 37.70%    
Direct Ownership [Member] | Huatai Group [Member]      
Investment [Line Items]      
Ownership Percentage 47.30%    
Direct Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member]      
Investment [Line Items]      
Ownership Percentage 20.00%    
Direct Ownership [Member] | Subsequent Event [Member] | Huatai Group [Member]      
Investment [Line Items]      
Ownership Percentage   64.20%  
v3.22.4
Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost $ 93,355 $ 90,493  
Debt Securities, Available-for-sale, Allowance for Credit Loss (169) (14) $ (20)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 174 3,220  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (8,140) (591)  
Available for sale, Fair Value 85,220 93,108  
U.S. Treasury / Agency      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 2,792 2,111  
Debt Securities, Available-for-sale, Allowance for Credit Loss 0 0  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 5 109  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (171) (6)  
Available for sale, Fair Value 2,626 2,214  
Non-U.S.      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 28,064 25,156  
Debt Securities, Available-for-sale, Allowance for Credit Loss (59) (8)  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 108 953  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (2,205) (272)  
Available for sale, Fair Value 25,908 25,829  
Corporate and asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 40,547 37,844  
Debt Securities, Available-for-sale, Allowance for Credit Loss (107) (6)  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 49 1,410  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (3,534) (185)  
Available for sale, Fair Value 36,955 39,063  
Mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 17,871 20,080  
Debt Securities, Available-for-sale, Allowance for Credit Loss (3) 0  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 4 532  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (2,021) (123)  
Available for sale, Fair Value 15,851 20,489  
Municipal      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 4,081 5,302  
Debt Securities, Available-for-sale, Allowance for Credit Loss 0 0  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 8 216  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (209) (5)  
Available for sale, Fair Value $ 3,880 $ 5,513  
v3.22.4
Investments (Schedule Of Amortized Cost And Fair Value Of Held-to-Maturity Fixed Maturities) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]      
Debt Securities, Held-to-maturity $ 8,882 $ 10,153  
Debt Securities, Held-to-maturity, Allowance for Credit Loss 34 35 $ 44
Debt securities, held to maturity, net carrying value 8,848 10,118  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 3 533  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (412) (4)  
Held to maturity, Fair Value 8,439 10,647  
U.S. Treasury / Agency      
Schedule of Held-to-maturity Securities [Line Items]      
Debt Securities, Held-to-maturity 1,417 1,213  
Debt Securities, Held-to-maturity, Allowance for Credit Loss 0 0  
Debt securities, held to maturity, net carrying value 1,417 1,213  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 1 34  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (48) (3)  
Held to maturity, Fair Value 1,370 1,244  
Non-U.S.      
Schedule of Held-to-maturity Securities [Line Items]      
Debt Securities, Held-to-maturity 1,140 1,201  
Debt Securities, Held-to-maturity, Allowance for Credit Loss 4 5  
Debt securities, held to maturity, net carrying value 1,136 1,196  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 66  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (82) 0  
Held to maturity, Fair Value 1,054 1,262  
Corporate and asset-backed securities      
Schedule of Held-to-maturity Securities [Line Items]      
Debt Securities, Held-to-maturity 1,733 2,032  
Debt Securities, Held-to-maturity, Allowance for Credit Loss 28 28  
Debt securities, held to maturity, net carrying value 1,705 2,004  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 1 197  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (126) 0  
Held to maturity, Fair Value 1,580 2,201  
Mortgage-backed securities      
Schedule of Held-to-maturity Securities [Line Items]      
Debt Securities, Held-to-maturity 1,456 1,731  
Debt Securities, Held-to-maturity, Allowance for Credit Loss 1 1  
Debt securities, held to maturity, net carrying value 1,455 1,730  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 74  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (104) (1)  
Held to maturity, Fair Value 1,351 1,803  
Municipal      
Schedule of Held-to-maturity Securities [Line Items]      
Debt Securities, Held-to-maturity 3,136 3,976  
Debt Securities, Held-to-maturity, Allowance for Credit Loss 1 1  
Debt securities, held to maturity, net carrying value 3,135 3,975  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 1 162  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (52) 0  
Held to maturity, Fair Value $ 3,084 $ 4,137  
v3.22.4
Investments (Held-to-maturity credit quality indicator) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 8,882 $ 10,153
Fixed Maturities Percent of Total Amortized cost 100.00% 100.00%
Standard & Poor's, AAA Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 1,612 $ 2,089
Fixed Maturities Percent of Total Amortized cost 18.00% 21.00%
Standard & Poor's, AA Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 5,023 $ 5,303
Fixed Maturities Percent of Total Amortized cost 57.00% 52.00%
Standard & Poor's, A Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 1,634 $ 1,964
Fixed Maturities Percent of Total Amortized cost 18.00% 19.00%
Standard & Poor's, BBB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 593 $ 773
Fixed Maturities Percent of Total Amortized cost 7.00% 8.00%
Standard & Poor's, BB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 20 $ 23
Fixed Maturities Percent of Total Amortized cost 0.00% 0.00%
Other [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 0 $ 1
Fixed Maturities Percent of Total Amortized cost 0.00% 0.00%
v3.22.4
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value $ 2,962 $ 4,498
Available for sale, Due after 1 year through 5 years, Fair Value & Carrying Value 24,791 25,542
Available for sale, Due after 5 years through 10 years, Fair Value & Carrying Value 26,679 28,207
Available for sale, Due after 10 years, Fair Value & Carrying Value 14,937 14,372
Available for sale, Maturity, Allocated and Single Maturity Date, Fair Value 69,369 72,619
Available for sale, Maturity, Allocated and Single Maturity Date, Amortized Cost   72,619
Available for sale, Mortgage backed securities, Fair Value 15,851 20,489
Available for sale, Mortgage-backed securities, Amortized Cost   20,489
Available for sale, Fair Value 85,220 93,108
Held to maturity, Due in 1 year or less, net carrying value 1,015 888
Held to maturity, maturity, Due after 1 year through 5 years, net carrying value 3,658 3,744
Held to maturity, Due after 5 years through 10 years, net carrying value 1,460 2,242
Held to maturity, Due after 10 years, net carrying value 1,260 1,514
Held-to-maturity, maturity, allocated and single maturity date, net carrying value 7,393 8,388
Held-to-maturity, mortgage-backed securities, net carrying value 1,455 1,730
Debt securities, held to maturity, net carrying value 8,848 10,118
Held to maturity, Due in 1 year or less, Fair Value 1,003 894
Held to maturity, Due after 1 year through 5 years, Fair Value 3,531 3,846
Held to maturity, Due after 5 years through 10 years, Fair Value 1,423 2,349
Held to maturity, Due after 10 years, Fair Value 1,131 1,755
Held to maturity, Maturity, Allocated and Single Maturity Date, Fair Value 7,088 8,844
Held to maturity, Mortgage backed securities, Fair Value 1,351 1,803
Held to maturity, Fair Value $ 8,439 $ 10,647
v3.22.4
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Details) - Fixed maturities - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 57,189 $ 25,041
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (4,115) (465)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 14,991 2,159
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (2,291) (104)
Debt Securities, Available-for-sale, Unrealized Loss Position 72,180 27,200
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (6,406) (569)
U.S. Treasury / Agency    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 2,152 363
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (125) (3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 386 70
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (46) (3)
Debt Securities, Available-for-sale, Unrealized Loss Position 2,538 433
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (171) (6)
Non-U.S.    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 15,538 6,917
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (1,012) (196)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 5,490 1,093
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (704) (62)
Debt Securities, Available-for-sale, Unrealized Loss Position 21,028 8,010
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (1,716) (258)
Corporate and asset-backed securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 25,687 9,449
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (1,793) (145)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 4,190 806
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (552) (32)
Debt Securities, Available-for-sale, Unrealized Loss Position 29,877 10,255
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (2,345) (177)
Mortgage-backed securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 10,561 8,086
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (1,033) (116)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 4,770 190
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (941) (7)
Debt Securities, Available-for-sale, Unrealized Loss Position 15,331 8,276
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (1,974) (123)
Municipal    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 3,251 226
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (152) (5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 155 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (48) 0
Debt Securities, Available-for-sale, Unrealized Loss Position 3,406 226
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (200) $ (5)
v3.22.4
Investments (Rollforward of expected credit losses AFS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]      
Debt Securities, Available-for-sale, Allowance for Credit Loss $ 169 $ 14 $ 20
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) 237 14  
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery (82) (20)  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 174 3,220  
Mortgage-backed securities      
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]      
Debt Securities, Available-for-sale, Allowance for Credit Loss 3 0  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax $ 4 $ 532  
v3.22.4
Investments (Rollforward of expected credit losses HTM) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]      
Debt Securities, Held-to-maturity, Allowance for Credit Loss $ 34 $ 35 $ 44
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) 2 1  
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery $ (3) $ (10)  
v3.22.4
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gain (Loss) on Securities [Line Items]      
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) $ 237 $ 14  
Foreign exchange gains( losses) 393 348 $ (483)
Fair Value adjustment on insurance derivative (63) 316 (202)
Derivative, Gain (Loss) on Derivative, Net 70 34  
Net realized gains (losses) (965) 1,152 (498)
Unrealized Gain (Loss) on Investments (9,535) (2,417) 2,130
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax 1,043 521 (462)
Other derivative instruments      
Gain (Loss) on Securities [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (11) (8) 1
Investment and embedded derivative instruments      
Gain (Loss) on Securities [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (43) (72) 81
S&P Options and Futures      
Gain (Loss) on Securities [Line Items]      
Derivative, Gain (Loss) on Derivative, Net 187 (202) (108)
Fixed Maturities [Member]      
Gain (Loss) on Securities [Line Items]      
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment 619 142 244
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment (1,379) (123) (366)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) (154) 14 11
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell [1] (135) (30) (170)
Debt Securities, Available-for-sale, Realized Gain (Loss) (1,049) 3 (281)
Equity Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) (230) 662 586
Unrealized Gain (Loss) on Investments (639) 505 131
Other Investments      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) (31) 111 (32)
Unrealized Gain (Loss) on Investments (31) 111 (32)
Available-for-sale Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments (10,583) (2,901) 2,628
Fixed maturities held to maturity      
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments (15) (18) (24)
Other [Member]      
Gain (Loss) on Securities [Line Items]      
Gain (Loss) on Sale of Other Investments (118) (6) (60)
Unrealized Gain (Loss) on Investments 20 (19) (12)
Equity securities and other investments [Member]      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) (261) 773 554
Unrealized Gain (Loss) on Investments $ (670) $ 616 $ 99
[1] Relates to certain securities we intended to sell and securities written to market entering default.
v3.22.4
Investments (Schedule of Gains and Losses on Equity and Other Investments) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) $ (965) $ 1,152 $ (498)
Unrealized gains (losses) recognized for securities still held at reporting date (9,535) (2,417) 2,130
Equity Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) (230) 662 586
Less: Net gains recognized from sales of securities 409 157 455
Unrealized gains (losses) recognized for securities still held at reporting date (639) 505 131
Other Investments      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) (31) 111 (32)
Less: Net gains recognized from sales of securities 0 0 0
Unrealized gains (losses) recognized for securities still held at reporting date (31) 111 (32)
Equity securities and other investments [Member]      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) (261) 773 554
Less: Net gains recognized from sales of securities 409 157 455
Unrealized gains (losses) recognized for securities still held at reporting date $ (670) $ 616 $ 99
v3.22.4
Investments (Schedule Of Other Investments) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Other Investment Not Readily Marketable [Line Items]    
Other Investments $ 13,696 $ 11,169
Alternative Investment 12,355 10,108
Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 13,696 11,169
Alternative Investment 12,355 10,108
Partially-owned Investment Companies | Equity Method Investments [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 10,527 9,210
Limited Partner [Member] | Cost-method Investments [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 1,455 631
Investment Funds [Member] | Cost-method Investments [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 373 267
Life [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 399 481
Policy Loans [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments 343 243
Non-qualified separate account assets [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments [1] 223 278
Other [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other Investments $ 376 $ 59
[1] Non-qualified separate account assets are comprised of mutual funds, supported by assets that do not qualify for separate account reporting under GAAP.
v3.22.4
Investments (Entities That Calculate Net Asset Value Per Share) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments $ 7,395 $ 7,153
Alternative Investment 12,355 10,108
Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 505 267
Alternative Investment 1,074 1,096
Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 681 766
Alternative Investment 2,166 1,193
Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 755 641
Alternative Investment 1,048 753
Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 429 279
Alternative Investment 215 84
Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 5,025 5,200
Alternative Investment 7,424 6,647
Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 0 0
Alternative Investment 55 68
Investment Funds Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 0 0
Alternative Investment $ 373 $ 267
Minimum | Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum | Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum | Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum | Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 3 years 3 years
Minimum | Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum | Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 1 year 1 year
Maximum | Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 10 years 10 years
Maximum | Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 13 years 13 years
Maximum | Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 8 years 8 years
Maximum | Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 8 years 8 years
Maximum | Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 14 years 14 years
Maximum | Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
v3.22.4
Investments (Schedule Of Investments In Partially-Owned Insurance Companies) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment [Line Items]          
Carrying Value     $ 2,877 $ 3,130  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     1,315 1,429  
Goodwill     $ 16,287 $ 15,213 $ 15,400
Huatai Group [Member] | Subsequent Event [Member]          
Investment [Line Items]          
Equity method investment, additional 22.0 percent agreed on 22.00%        
CHINA | Huatai Group [Member]          
Investment [Line Items]          
Ownership Percentage     47.00% 47.00%  
CHINA | Huatai Group [Member] | Subsequent Event [Member]          
Investment [Line Items]          
equity method investment, additional 16.9 percentage obtained   16.90%      
CHINA | Huatai Life Insurance Co. [Member]          
Investment [Line Items]          
Ownership Percentage     20.00% 20.00%  
Bermuda | Freisenbruch-Meyer          
Investment [Line Items]          
Ownership Percentage     40.00% 40.00%  
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member]          
Investment [Line Items]          
Ownership Percentage     19.00% 17.00%  
Saudi Arabia | Chubb Arabia Cooperative Insurance Company [Member]          
Investment [Line Items]          
Ownership Percentage     30.00% 30.00%  
Russia | Russian Reinsurance Company          
Investment [Line Items]          
Ownership Percentage     23.00% 23.00%  
Huatai Group [Member] | CHINA          
Investment [Line Items]          
Carrying Value     $ 2,490 $ 2,698  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     1,247 1,355  
Huatai Life Insurance Co. [Member] | CHINA          
Investment [Line Items]          
Carrying Value     215 253  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     65 71  
Freisenbruch-Meyer | Bermuda          
Investment [Line Items]          
Carrying Value     11 10  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     3 3  
Chubb Arabia Cooperative Insurance Company [Member] | Saudi Arabia          
Investment [Line Items]          
Carrying Value     24 23  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     0 0  
Russian Reinsurance Company | Russia          
Investment [Line Items]          
Carrying Value     0 4  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     0 0  
ABR Reinsurance Capital Holdings Ltd. [Member] | Bermuda          
Investment [Line Items]          
Carrying Value     137 142  
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity     $ 0 $ 0  
ABR Reinsurance Capital Holdings Ltd. [Member] | Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member]          
Investment [Line Items]          
Ownership Percentage     18.80%    
Total Direct and Indirect [Member] | CHINA | Huatai Life Insurance Co. [Member]          
Investment [Line Items]          
Ownership Percentage     57.70%    
Direct Ownership [Member] | Huatai Group [Member]          
Investment [Line Items]          
Ownership Percentage     47.30%    
Direct Ownership [Member] | Huatai Group [Member] | Subsequent Event [Member]          
Investment [Line Items]          
Ownership Percentage 64.20%        
Direct Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member]          
Investment [Line Items]          
Ownership Percentage     20.00%    
Indirect Ownership [Member] | CHINA | Huatai Life Insurance Co. [Member]          
Investment [Line Items]          
Ownership Percentage     37.70%    
v3.22.4
Investments (Schedule Of Sources Of Net Investment Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net Investment Income [Line Items]      
Gross investment income $ 3,920 $ 3,643 $ 3,551
Investment expenses (178) (187) (176)
Net investment income 3,742 3,456 3,375
Amortization of Debt Issuance Costs and Discounts (41) (84) (116)
Fixed maturities      
Net Investment Income [Line Items]      
Gross investment income 3,594 3,300 3,321
Short-term investments      
Net Investment Income [Line Items]      
Gross investment income 81 35 48
Other interest income      
Net Investment Income [Line Items]      
Gross investment income 42 11 19
Equity securities      
Net Investment Income [Line Items]      
Gross investment income 99 150 81
Other Investments      
Net Investment Income [Line Items]      
Gross investment income $ 104 $ 147 $ 82
v3.22.4
Investments (Schedule Of Components Of Restricted Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Investment [Line Items]    
Total restricted assets $ 15,836 $ 17,244
Asset Pledged as Collateral without Right    
Investment [Line Items]    
Trust funds 8,120 9,915
Deposits with U.S. regulatory authorities 2,345 2,402
Deposits with non-U.S. regulatory authorities 2,959 2,873
Assets pledged under repurchase agreements 1,527 1,420
Other pledged assets $ 885 $ 634
v3.22.4
Fair Value Measurements (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Guaranteed Minimum Income Benefit | Variable Annuity [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Realized Gains Losses As A Result of Valuation Model Refinement $ 40    
v3.22.4
Fair Value Measurements (Financial Instruments Measured At Fair Value on Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value $ 85,220 $ 93,108
Equity securities, at fair value 827 4,782
Short-term investments 4,960 3,146
Other Investments 13,696 11,169
Securities lending collateral 1,523 1,831
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other Investments 12,355 10,108
Policy Loans [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other Investments 343 243
Other Investments    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other Investments 47 51
U.S. Treasury / Agency    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,626 2,214
Debt Security, Government, Non-US [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,908 25,829
Corporate securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 36,955 39,063
Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 15,851 20,489
States, municipalities, and political subdivisions    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,880 5,513
Level 1 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,100 1,680
Equity securities, at fair value 737 4,705
Short-term investments 3,108 1,744
Other Investments 552 [1] 286 [2]
Securities lending collateral 0 0
Investment derivative instruments, assets 82 58
Derivative Instruments in Hedges, Assets, at Fair Value 0  
Other Derivative Instruments Fair Value 33  
Separate Account Asset 5,101 5,461
Assets, Fair Value Disclosure 11,713 [1] 13,934 [2]
Investment derivative instruments, liability 139 166
Other derivative instruments, liability   16
Derivative Instruments in Hedges, Liabilities, at Fair Value 0  
Liabilities Related to Investment Contracts, Fair Value Disclosure 139 182
Level 1 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 0 [3] 0 [4]
Level 1 | U.S. Treasury / Agency | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,100 1,680
Level 1 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 1 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 1 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 1 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 2 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 80,096 88,720
Equity securities, at fair value 0 0
Short-term investments 1,849 1,395
Other Investments 399 [1] 481 [2]
Securities lending collateral 1,523 1,831
Investment derivative instruments, assets 0 0
Derivative Instruments in Hedges, Assets, at Fair Value 17  
Other Derivative Instruments Fair Value 0  
Separate Account Asset 89 99
Assets, Fair Value Disclosure 83,973 [1] 92,526 [2]
Investment derivative instruments, liability 0 0
Other derivative instruments, liability   0
Derivative Instruments in Hedges, Liabilities, at Fair Value 53  
Liabilities Related to Investment Contracts, Fair Value Disclosure 53 0
Level 2 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 0 [3] 0 [4]
Level 2 | U.S. Treasury / Agency | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 526 534
Level 2 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,344 25,196
Level 2 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 34,506 37,014
Level 2 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 15,840 20,463
Level 2 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,880 5,513
Level 3 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,024 2,708
Equity securities, at fair value 90 77
Short-term investments 3 7
Other Investments 0 [1] 0 [2]
Securities lending collateral 0 0
Investment derivative instruments, assets 0 0
Derivative Instruments in Hedges, Assets, at Fair Value 0  
Other Derivative Instruments Fair Value 0  
Separate Account Asset 0 0
Assets, Fair Value Disclosure 3,117 [1] 2,792 [2]
Investment derivative instruments, liability 0 0
Other derivative instruments, liability   0
Derivative Instruments in Hedges, Liabilities, at Fair Value 0  
Liabilities Related to Investment Contracts, Fair Value Disclosure 736 745
Level 3 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 736 [3],[5] 745 [4]
Level 3 | U.S. Treasury / Agency | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 3 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 564 633
Level 3 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,449 2,049
Level 3 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 11 26
Level 3 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 85,220 93,108
Equity securities, at fair value 827 4,782
Short-term investments 4,960 3,146
Other Investments 951 [1] 767 [2]
Securities lending collateral 1,523 1,831
Investment derivative instruments, assets 82 58
Derivative Instruments in Hedges, Assets, at Fair Value 17  
Other Derivative Instruments Fair Value 33  
Separate Account Asset 5,190 5,560
Assets, Fair Value Disclosure 98,803 [1] 109,252 [2]
Investment derivative instruments, liability 139 166
Other derivative instruments, liability   16
Derivative Instruments in Hedges, Liabilities, at Fair Value 53  
Liabilities Related to Investment Contracts, Fair Value Disclosure 928 927
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 736 [3] 745 [4]
Fair Value, Inputs, Level 1, Level 2, and Level 3 | U.S. Treasury / Agency | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,626 2,214
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,908 25,829
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 36,955 39,063
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 15,851 20,489
Fair Value, Inputs, Level 1, Level 2, and Level 3 | States, municipalities, and political subdivisions | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value $ 3,880 $ 5,513
[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 measured using NAV as a practical expedient
[2] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[5] The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
v3.22.4
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Minimum      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 3.00%    
Annuitization rate 0.00%    
Maximum      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 30.00%    
Annuitization rate 100.00%    
Weighted Average      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 3.60%    
Annuitization rate [1] 4.40%    
Level 3 | Guaranteed Minimum Income Benefit      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues [2] Revenues [3] Revenues [4]
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues [2] Revenues [3] Revenues [4]
Level 3 | Fair Value, Recurring [Member] | Guaranteed Minimum Income Benefit      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross $ 736 [1],[5] $ 745 [6]  
[1] The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[5] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[6] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.22.4
Fair value measurements (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 77 $ 73 $ 69
Transfers into Level 3, assets 1 0 0
Transfers out of Level 3, assets 0 0 (3)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0
Net Realized Gains/Losses, Assets 15 8 1
Purchased, assets 9 21 23
Sales, assets (12) (25) (17)
Settlements, assets 0 0 0
Other, assets 0 0 0
Balance- End of year, assets 90 77 73
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 14 5 4
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 0 0
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 7 5 6
Transfers into Level 3, assets 0 0 0
Transfers out of Level 3, assets 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 (1) 0
Net Realized Gains/Losses, Assets (2) 0 (1)
Purchased, assets 3 9 14
Sales, assets 0 0 (2)
Settlements, assets (5) (6) (12)
Other, assets 0 0 0
Balance- End of year, assets 3 7 5
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (1) 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 0 0
Other investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 0 10 10
Transfers into Level 3, assets   0 0
Transfers out of Level 3, assets   (10) 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets   0 0
Net Realized Gains/Losses, Assets   0 0
Purchased, assets   0 0
Sales, assets   0 0
Settlements, assets   0 0
Other, assets   0 0
Balance- End of year, assets   0 10
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets   0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets   0 0
Available-for-sale Securities [Member] | Non-U.S.      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 633 546 449
Transfers into Level 3, assets 23 24 0
Transfers out of Level 3, assets (23) (11) (16)
Change in Net Unrealized Gains (Losses) included in OCI, Assets (53) (30) 19
Net Realized Gains/Losses, Assets (6) (1) (1)
Purchased, assets 156 275 274
Sales, assets (59) (48) (122)
Settlements, assets (107) (122) (57)
Other, assets 0 0 0
Balance- End of year, assets 564 633 546
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (2) 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets (53) (25) 16
Available-for-sale Securities [Member] | Corporate and asset-backed securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 2,049 1,573 1,451
Transfers into Level 3, assets 47 91 134
Transfers out of Level 3, assets (97) (76) (73)
Change in Net Unrealized Gains (Losses) included in OCI, Assets (80) 15 (8)
Net Realized Gains/Losses, Assets (14) (2) (30)
Purchased, assets 921 1,154 708
Sales, assets (85) (99) (186)
Settlements, assets (292) (607) (423)
Other, assets 0 0 0
Balance- End of year, assets 2,449 2,049 1,573
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (9) 3 (5)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets (84) 17 (6)
Available-for-sale Securities [Member] | Mortgage-backed securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets 26 60 60
Transfers into Level 3, assets 0 0 0
Transfers out of Level 3, assets (9) (18) (1)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0
Net Realized Gains/Losses, Assets 0 0 0
Purchased, assets 4 18 2
Sales, assets 0 (1) 0
Settlements, assets (10) (33) (1)
Other, assets 0 0 0
Balance- End of year, assets 11 26 60
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets $ 0 $ 0 $ 0
v3.22.4
Fair value measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Level 3 - Guaranteed Minimum Income Benefit - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance - Beginning of year, liabilities $ 745 [1] $ 1,089 [2] $ 897 [2]
Transfers Into Level 3, liabilities 0 0 0
Transfers out of Level 3, liabilities 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities 0 0 0
Purchased, liabilities 0 0 0
Sales, liabilities 0 0 0
Settlements, liabilities 0 0 0
Other, liabilities (72) [3] (28) [1] (10) [2]
Balance - End of year, liabilities 736 [3] 745 [1] 1,089 [2]
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI $ 0 $ 0 $ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues [3] Revenues [1] Revenues [2]
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.22.4
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value $ 8,439 $ 10,647
Fixed maturities, held-to-maturity 8,882 10,153
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,406
Short-term debt 475 999
Long-term debt 14,402 15,169
Liabilities 148,604 140,340
Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity 8,848 10,118
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,406
Short-term debt 475 999
Long-term debt 14,402 15,169
Trust preferred securities 308 308
Liabilities 16,604 17,882
Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,299 1,192
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Short-term debt, Fair Value 0 0
Long-term debt, Fair Value 0 0
Trust preferred securities 0 0
Liabilities 0 0
Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 7,140 9,455
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,406
Short-term debt, Fair Value 473 1,019
Long-term debt, Fair Value 12,495 16,848
Trust preferred securities 383 460
Liabilities 14,770 19,733
Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Short-term debt, Fair Value 0 0
Long-term debt, Fair Value 0 0
Trust preferred securities 0 0
Liabilities 0 0
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 8,439 10,647
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,419 1,406
Short-term debt, Fair Value 473 1,019
Long-term debt, Fair Value 12,495 16,848
Trust preferred securities 383 460
Liabilities 14,770 19,733
U.S. Treasury / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,370 1,244
Fixed maturities, held-to-maturity 1,417 1,213
U.S. Treasury / Agency | Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity 1,417 1,213
U.S. Treasury / Agency | Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,299 1,192
U.S. Treasury / Agency | Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 71 52
U.S. Treasury / Agency | Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
U.S. Treasury / Agency | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,370 1,244
Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,054 1,262
Fixed maturities, held-to-maturity 1,140 1,201
Non-U.S. | Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity 1,136 1,196
Non-U.S. | Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Non-U.S. | Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,054 1,262
Non-U.S. | Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Non-U.S. | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,054 1,262
Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,580 2,201
Fixed maturities, held-to-maturity 1,733 2,032
Corporate and asset-backed securities | Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity 1,705 2,004
Corporate and asset-backed securities | Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Corporate and asset-backed securities | Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,580 2,201
Corporate and asset-backed securities | Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Corporate and asset-backed securities | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,580 2,201
Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,351 1,803
Fixed maturities, held-to-maturity 1,456 1,731
Mortgage-backed securities | Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity 1,455 1,730
Mortgage-backed securities | Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Mortgage-backed securities | Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,351 1,803
Mortgage-backed securities | Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Mortgage-backed securities | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 1,351 1,803
Municipal    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 3,084 4,137
Fixed maturities, held-to-maturity 3,136 3,976
Municipal | Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity 3,135 3,975
Municipal | Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Municipal | Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 3,084 4,137
Municipal | Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value 0 0
Municipal | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Fixed maturities, held-to-maturity, fair value $ 3,084 $ 4,137
v3.22.4
Reinsurance (Consolidated Reinsurance) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Premiums written [Abstract]      
Direct $ 47,511 $ 42,811 $ 37,749
Assumed 4,502 3,969 3,512
Ceded (10,258) (8,912) (7,441)
Net 41,755 37,868 33,820
Premiums earned [Abstract]      
Direct 46,154 41,138 37,037
Assumed 4,430 3,650 3,323
Ceded (10,195) (8,433) (7,243)
Net premiums earned 40,389 36,355 33,117
Policyholder Benefits and Claims Incurred, Ceded $ 7,000 $ 6,100 $ 5,000
v3.22.4
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reinsurance Disclosures [Abstract]        
Reinsurance recoverable on unpaid losses and loss expenses [1] $ 17,128 $ 16,184 $ 14,647 $ 14,181
Reinsurance recoverable on unpaid losses and loss expenses, allowance 289 271    
Reinsurance recoverable on paid losses and loss expenses [2] 1,773 1,182    
Reinsurance recoverable on paid losses and loss expenses, allowance 62 58    
Reinsurance recoverable on losses and loss expenses [2] 18,901 17,366    
Reinsurance recoverable on losses and loss expenses, allowance 351 329 $ 314  
Reinsurance recoverable on policy benefits [2] 303 213    
Reinsurance recoverable on policy benefits, allowance $ 4 $ 4    
[1] Net of valuation allowance for uncollectible reinsurance.
[2] Net of valuation allowance for uncollectible reinsurance.
v3.22.4
Reinsurance, Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reinsurance Disclosures [Abstract]      
Valuation allowance for uncollectible reinsurance $ 351 $ 329 $ 314
Provision for uncollectible reinsurance 43 66  
Write-offs charged against the valuation allowance (19) (50)  
Foreign exchange revaluation $ (2) $ (1)  
v3.22.4
Reinsurance (Reinsurance Recoverable by Category and Listing of Largest Reinsurers) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 19,252    
Valuation allowance for Uncollectible Reinsurance $ 351 $ 329 $ 314
% of Gross Reinsurance Recoverable 1.80%    
Largest reinsurers      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 10,826    
Valuation allowance for Uncollectible Reinsurance $ 114    
% of Gross Reinsurance Recoverable 1.10%    
Other reinsurers rated A- or better      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 4,161    
Valuation allowance for Uncollectible Reinsurance $ 47    
% of Gross Reinsurance Recoverable 1.10%    
Other reinsurers rated lower than A- or not rated      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 443    
Valuation allowance for Uncollectible Reinsurance $ 70    
% of Gross Reinsurance Recoverable 15.80%    
Pools      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 425    
Valuation allowance for Uncollectible Reinsurance $ 14    
% of Gross Reinsurance Recoverable 3.30%    
Structured settlements      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 507    
Valuation allowance for Uncollectible Reinsurance $ 11    
% of Gross Reinsurance Recoverable 2.20%    
Captives      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 2,455    
Valuation allowance for Uncollectible Reinsurance $ 13    
% of Gross Reinsurance Recoverable 0.50%    
Other      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 435    
Valuation allowance for Uncollectible Reinsurance $ 82    
% of Gross Reinsurance Recoverable 18.80%    
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of purchased intangibles $ 285 $ 287 $ 290
Present Value of Future Insurance Profit [Line Items]      
Amortization of Value of Business Acquired (VOBA) [1] 164 $ 22 $ 27
Cigna's Life Insurance Business in Asian Markets      
Present Value of Future Insurance Profit [Line Items]      
Amortization of Value of Business Acquired (VOBA) $ 145    
[1] Recognized in Policy acquisition costs in the Consolidated statements of operation
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (Roll-forward of Goodwill by Business Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]    
Balance at beginning of period $ 15,213 $ 15,400
Foreign exchange revaluation and other (176) (187)
Balance at end of period 16,287 15,213
North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Balance at beginning of period 6,972 6,972
Foreign exchange revaluation and other (27) 0
Balance at end of period 6,945 6,972
North America Personal P&C Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 2,240 2,240
Foreign exchange revaluation and other (10) 0
Balance at end of period 2,230 2,240
North America Agricultural Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 134 134
Foreign exchange revaluation and other 0 0
Balance at end of period 134 134
Overseas General Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 4,653 4,836
Foreign exchange revaluation and other (138) (183)
Balance at end of period 4,605 4,653
Global Reinsurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 371 371
Foreign exchange revaluation and other 0 0
Balance at end of period 371 371
Life Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 843 847
Foreign exchange revaluation and other (1) (4)
Balance at end of period 2,002 $ 843
Cigna's Life Insurance Business in Asian Markets    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 1,250  
Cigna's Life Insurance Business in Asian Markets | North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
Cigna's Life Insurance Business in Asian Markets | North America Personal P&C Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
Cigna's Life Insurance Business in Asian Markets | North America Agricultural Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
Cigna's Life Insurance Business in Asian Markets | Overseas General Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 90  
Cigna's Life Insurance Business in Asian Markets | Global Reinsurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
Cigna's Life Insurance Business in Asian Markets | Life Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period $ 1,160  
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (Other Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangible assets subject to amortization $ 2,459 $ 2,508
Intangible assets not subject to amortization 2,982 2,947
Other intangible assets $ 5,441 $ 5,455
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (Estimated Amortization Expense Over Next Five Years) (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2023, Other intangible assets $ 281
2024, Other intangible assets 260
2025, Other intangible assets 242
2026, Other intangible assets 220
2027, Other intangible assets 205
Total, Other intangible assets $ 1,208
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (VOBA) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
VOBA Roll Forward      
VOBA balance, beginning of year $ 236 $ 263 $ 306
Acquisition of Cigna's business in Asia 3,503 0 0
Amortization of Value of Business Acquired (VOBA) [1] (164) (22) (27)
Foreign exchange revaluation and other 21 (5) (16)
VOBA balance, end of year $ 3,596 $ 236 $ 263
[1] Recognized in Policy acquisition costs in the Consolidated statements of operation
v3.22.4
Goodwill, Other intangible assets, and Value of business acquired (Estimated Amortization Expense Related to VOBA Over Next Five Years) (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract]  
2023, VOBA $ 333
2024, VOBA 299
2025, VOBA 270
2026, VOBA 243
2027, VOBA $ 219
v3.22.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Reconciliation of reserve Balances to Liability for Unpaid Loss) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense $ 56,389      
Ceded unpaid loss and allocated loss adjustment expense 17,314      
Unpaid loss and loss expense on other than short-duration contracts [1] 943      
Unpaid unallocated loss adjustment expenses 1,677      
Unpaid losses and loss expenses 76,323 $ 72,943 $ 67,811 $ 62,690
North America Commercial P&C Insurance - Workers' Compensation [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 9,962      
Ceded unpaid loss and allocated loss adjustment expense 1,274      
North America Commercial P&C Insurance - Liability [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 20,014      
Ceded unpaid loss and allocated loss adjustment expense 6,920      
North America Commercial P&C Insurance - Other Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 2,530      
Ceded unpaid loss and allocated loss adjustment expense 888      
North America Commercial P&C Insurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 3,253      
Ceded unpaid loss and allocated loss adjustment expense 1,883      
North America Personal P&C Insurance [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 3,225      
Ceded unpaid loss and allocated loss adjustment expense 530      
Overseas General Insurance - Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 7,287      
Ceded unpaid loss and allocated loss adjustment expense 2,481      
Overseas General Insurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 3,206      
Ceded unpaid loss and allocated loss adjustment expense 1,702      
Global Reinsurance - Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 1,208      
Ceded unpaid loss and allocated loss adjustment expense 55      
Global Reinsurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 494      
Ceded unpaid loss and allocated loss adjustment expense 171      
Other Segments [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 5,210      
Ceded unpaid loss and allocated loss adjustment expense $ 1,410      
[1] Primarily includes the claims reserve of our International A&H business and Life Insurance segment reserves.
v3.22.4
Unpaid losses and loss expenses (Unpaid Losses and Loss Expenses Rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Unpaid Losses and Loss Expenses [Roll Forward]      
Gross unpaid losses and loss expenses, beginning of year $ 72,943 $ 67,811 $ 62,690
Reinsurance recoverable on unpaid losses, beginning of year [1] (16,184) (14,647) (14,181)
Net unpaid losses and loss expenses, beginning of year 56,759 53,164 48,509
Net losses and loss expenses incurred in respect of losses occurring in Current Year 24,495 22,966 22,124
Prior Year Claims and Claims Adjustment Expense [2] (1,153) (986) (414)
Total 23,342 21,980 21,710
Net losses and loss expenses paid in Current Year 8,117 7,836 7,782
Net losses and loss expenses paid in Prior Year 12,206 10,048 9,652
Total 20,323 17,884 17,434
Foreign currency revaluation and other (583) (501) 379
Net unpaid losses and loss expenses, end of year 59,195 56,759 53,164
Reinsurance recoverable on unpaid losses, end of year [1] 17,128 16,184 14,647
Gross unpaid losses and loss expenses, end of year 76,323 72,943 67,811
Prior Period Development, net adjustments $ 277 $ 60 $ 19
[1] Net of valuation allowance for uncollectible reinsurance.
[2] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively.
v3.22.4
Unpaid losses and loss expenses Unpaid Losses and loss expenses, claims development (Cumulative Net incurred Loss and Allocated Loss Adjustment Expense) (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net $ 56,389                  
North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 12,296                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 5,221                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 9,962                  
North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 37,676                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 19,547                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 20,014                  
North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 5,965                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 3,765                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 2,530                  
North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 21,527                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 18,274                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 3,253                  
North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 26,806                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 23,607                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 3,225                  
Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 13,549                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 6,767                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 7,287                  
Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 20,208                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 17,129                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 3,206                  
Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 2,679                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 1,776                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 1,208                  
Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 2,480                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 2,003                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 494                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 968 $ 989 $ 1,014 $ 1,037 $ 1,073 $ 1,086 $ 1,127 $ 1,122 $ 1,108 $ 1,109
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 219                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 664 650 633 616 587 553 506 422 286 107
Cumulative Number of Reported Claims 43,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,997 2,950 2,958 3,115 3,208 3,422 3,524 3,534 3,534 3,540
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 247                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,609 2,520 2,460 2,369 2,228 2,003 1,593 1,189 546 129
Cumulative Number of Reported Claims 25,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 458 459 457 461 461 468 514 521 530 525
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 441 438 425 418 410 384 348 270 196 68
Cumulative Number of Reported Claims 17,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,340 1,336 1,337 1,330 1,333 1,333 1,352 1,330 1,417 1,427
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,338 1,329 1,328 1,326 1,318 1,304 1,278 1,231 1,132 647
Cumulative Number of Reported Claims 455,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,933 1,936 1,935 1,932 1,924 1,912 1,888 1,884 1,876 1,848
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 18                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,910 1,904 1,906 1,884 1,873 1,831 1,775 1,676 1,494 1,036
Cumulative Number of Reported Claims 132,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,094 1,074 1,054 1,084 1,139 1,172 1,217 1,174 1,181 1,186
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 65                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 913 896 875 826 763 667 532 393 246 78
Cumulative Number of Reported Claims 37,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,481 1,483 1,492 1,501 1,513 1,540 1,545 1,590 1,651 1,656
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 12                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,458 1,458 1,461 1,458 1,451 1,433 1,399 1,369 1,186 643
Cumulative Number of Reported Claims 560,000                  
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 302 305 307 313 320 327 326 326 323 317
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 6                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 279 275 269 266 258 240 221 185 142 64
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 134 134 135 136 136 139 137 143 154 157
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 0                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 134 134 134 133 132 130 127 118 100 $ 45
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,007 1,037 1,073 1,100 1,163 1,215 1,217 1,201 1,207  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 264                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 634 617 599 566 532 484 410 295 113  
Cumulative Number of Reported Claims 45,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,142 3,192 3,340 3,463 3,648 3,710 3,667 3,578 3,528  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 278                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,753 2,669 2,580 2,439 2,199 1,801 1,248 678 164  
Cumulative Number of Reported Claims 24,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 526 530 538 537 554 595 580 582 594  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 6                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 513 508 500 472 454 391 317 220 80  
Cumulative Number of Reported Claims 17,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,544 1,545 1,552 1,544 1,543 1,552 1,573 1,655 1,639  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,552 1,552 1,547 1,540 1,525 1,499 1,478 1,368 816  
Cumulative Number of Reported Claims 483,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,133 2,134 2,134 2,140 2,153 2,139 2,185 2,199 2,198  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 9                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,119 2,116 2,109 2,100 2,073 2,028 1,919 1,759 1,306  
Cumulative Number of Reported Claims 144,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,096 1,092 1,081 1,118 1,197 1,277 1,261 1,253 1,186  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 100                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 886 857 815 754 675 567 440 273 104  
Cumulative Number of Reported Claims 38,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,661 1,669 1,675 1,682 1,691 1,725 1,737 1,790 1,727  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 5                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,641 1,648 1,641 1,627 1,614 1,585 1,526 1,327 699  
Cumulative Number of Reported Claims 534,000                  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 325 326 326 343 339 338 335 330 329  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 297 292 283 273 262 247 216 183 91  
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 170 172 173 174 175 177 174 175 159  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 167 166 166 164 162 157 147 125 $ 63  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,092 1,128 1,154 1,217 1,279 1,276 1,259 1,282    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 338                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 645 628 606 564 501 418 301 116    
Cumulative Number of Reported Claims 50,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,569 3,700 3,727 3,934 3,966 3,810 3,701 3,552    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 390                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,921 2,743 2,527 2,287 1,852 1,203 604 138    
Cumulative Number of Reported Claims 27,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 457 462 454 457 514 500 469 486    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 23                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 423 411 394 370 304 214 137 47    
Cumulative Number of Reported Claims 15,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,592 1,587 1,585 1,600 1,633 1,645 1,740 1,730    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,582 1,583 1,570 1,567 1,552 1,484 1,339 724    
Cumulative Number of Reported Claims 545,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,561 2,559 2,562 2,556 2,536 2,553 2,542 2,487    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 12                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,535 2,526 2,501 2,472 2,385 2,264 2,078 1,495    
Cumulative Number of Reported Claims 148,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,174 1,157 1,172 1,229 1,248 1,226 1,199 1,107    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 131                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 927 895 821 745 631 460 265 79    
Cumulative Number of Reported Claims 40,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,835 1,836 1,853 1,860 1,876 1,907 1,932 1,815    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 7                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,801 1,798 1,781 1,754 1,732 1,656 1,437 789    
Cumulative Number of Reported Claims 557,000                  
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 306 304 300 304 296 295 285 280    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 11                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 272 263 247 230 215 189 157 89    
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 154 154 156 151 158 158 152 144    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 0                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 151 150 148 144 140 130 102 $ 56    
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,177 1,206 1,269 1,378 1,383 1,361 1,366      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 380                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 653 621 584 529 452 326 122      
Cumulative Number of Reported Claims 52,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,755 3,764 3,792 3,797 3,684 3,587 3,526      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 589                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,820 2,593 2,331 1,973 1,334 662 171      
Cumulative Number of Reported Claims 27,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 469 479 480 523 527 501 503      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 27                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 424 398 374 323 246 145 52      
Cumulative Number of Reported Claims 16,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,820 1,824 1,811 1,775 1,794 1,884 1,904      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 26                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,790 1,779 1,754 1,726 1,650 1,499 844      
Cumulative Number of Reported Claims 650,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,465 2,457 2,464 2,476 2,538 2,529 2,433      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 17                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,422 2,391 2,364 2,308 2,205 2,046 1,449      
Cumulative Number of Reported Claims 154,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,263 1,328 1,317 1,327 1,298 1,234 1,138      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 117                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 974 851 760 642 500 303 119      
Cumulative Number of Reported Claims 42,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,911 1,913 1,883 1,880 1,901 1,914 1,920      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 35                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,845 1,840 1,831 1,807 1,740 1,554 938      
Cumulative Number of Reported Claims 566,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 243 238 238 229 230 222 218      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 11                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 205 189 172 157 140 111 56      
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 181 181 183 187 184 182 176      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 176 175 172 166 155 129 $ 56      
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,176 1,376 1,393 1,399 1,380 1,412        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 465                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 601 564 516 437 313 120        
Cumulative Number of Reported Claims 50,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,434 3,545 3,623 3,573 3,491 3,315        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 758                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,322 2,000 1,698 1,160 616 161        
Cumulative Number of Reported Claims 26,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 590 604 616 576 565 531        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 36                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 496 446 381 312 175 66        
Cumulative Number of Reported Claims 17,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,519 2,509 2,517 2,501 2,602 2,699        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 65                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,427 2,403 2,389 2,299 2,083 977        
Cumulative Number of Reported Claims 764,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,000 2,991 2,991 2,995 3,062 3,027        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 16                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,930 2,863 2,793 2,661 2,514 1,693        
Cumulative Number of Reported Claims 163,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,319 1,283 1,318 1,271 1,224 1,128        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 149                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 931 805 647 494 296 90        
Cumulative Number of Reported Claims 43,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,096 2,099 2,075 2,093 2,107 2,067        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 23                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,062 2,004 1,964 1,893 1,726 980        
Cumulative Number of Reported Claims 577,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 212 213 212 214 210 208        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 4                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 172 152 137 120 98 46        
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 456 453 449 451 421 395        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 12                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 433 427 414 400 321 $ 191        
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,384 1,385 1,380 1,361 1,359          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 631                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 597 528 451 329 130          
Cumulative Number of Reported Claims 51,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,900 3,820 3,688 3,485 3,367          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,041                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,335 1,773 1,301 753 189          
Cumulative Number of Reported Claims 28,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 575 579 574 563 535          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 25                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 472 365 270 169 74          
Cumulative Number of Reported Claims 17,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,170 2,161 2,169 2,234 2,047          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 35                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,113 2,068 2,012 1,820 1,025          
Cumulative Number of Reported Claims 903,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,131 3,110 3,095 3,029 3,001          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 93                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,971 2,857 2,699 2,542 1,922          
Cumulative Number of Reported Claims 170,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,330 1,375 1,332 1,273 1,224          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 282                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 718 602 465 309 104          
Cumulative Number of Reported Claims 43,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,013 2,044 2,070 2,107 2,022          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 39                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,893 1,878 1,812 1,620 930          
Cumulative Number of Reported Claims 612,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 246 243 247 240 237          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 12                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 166 145 122 93 40          
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 291 286 290 287 279          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 7                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 273 269 266 250 $ 94          
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,409 1,400 1,384 1,391            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 656                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 575 467 341 143            
Cumulative Number of Reported Claims 48,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,050 3,858 3,620 3,445            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,488                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,888 1,245 669 175            
Cumulative Number of Reported Claims 30,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 743 685 636 605            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 143                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 465 318 189 70            
Cumulative Number of Reported Claims 17,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,944 1,953 2,031 2,046            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 52                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,856 1,800 1,672 1,028            
Cumulative Number of Reported Claims 1,043,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,978 2,986 2,985 2,948            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 116                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,718 2,610 2,431 1,663            
Cumulative Number of Reported Claims 156,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,373 1,382 1,360 1,295            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 358                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 642 440 313 116            
Cumulative Number of Reported Claims 42,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,989 2,000 2,060 2,044            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net (15)                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,869 1,804 1,620 979            
Cumulative Number of Reported Claims 631,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 235 236 240 232            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 37                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 137 114 88 39            
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 121 127 130 132            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 103 95 81 $ 35            
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,409 1,388 1,367              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 852                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 390 282 111              
Cumulative Number of Reported Claims 31,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,919 3,826 4,102              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2,184                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,147 589 152              
Cumulative Number of Reported Claims 24,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 656 633 640              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 265                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 273 156 54              
Cumulative Number of Reported Claims 11,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,726 2,942 3,139              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 105                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,466 2,260 1,390              
Cumulative Number of Reported Claims 1,124,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,626 2,627 2,922              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 206                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,223 1,990 1,330              
Cumulative Number of Reported Claims 123,000                  
Short-Duration Insurance Contract, Accident Year 2020 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,509 1,589 1,669              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 835                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 425 271 101              
Cumulative Number of Reported Claims 34,000                  
Short-Duration Insurance Contract, Accident Year 2020 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,120 2,244 2,378              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 164                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,746 1,602 1,003              
Cumulative Number of Reported Claims 533,000                  
Short-Duration Insurance Contract, Accident Year 2020 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 236 245 241              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 60                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 123 98 41              
Short-Duration Insurance Contract, Accident Year 2020 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 277 253 209              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 34                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 215 177 $ 62              
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,330 1,348                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 780                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 331 120                
Cumulative Number of Reported Claims 37,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,349 4,315                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3,263                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 608 174                
Cumulative Number of Reported Claims 24,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 709 675                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 379                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 176 60                
Cumulative Number of Reported Claims 12,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,824 2,941                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 368                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,100 1,085                
Cumulative Number of Reported Claims 857,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,877 3,027                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 245                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,368 1,583                
Cumulative Number of Reported Claims 129,000                  
Short-Duration Insurance Contract, Accident Year 2021 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,650 1,604                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,111                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 268 110                
Cumulative Number of Reported Claims 35,000                  
Short-Duration Insurance Contract, Accident Year 2021 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,374 2,462                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 241                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,692 944                
Cumulative Number of Reported Claims 541,000                  
Short-Duration Insurance Contract, Accident Year 2021 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 281 277                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 136                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 86 35                
Short-Duration Insurance Contract, Accident Year 2021 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 350 340                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 43                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 277 $ 158                
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,344                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 988                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 131                  
Cumulative Number of Reported Claims 32,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,561                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 4,176                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 144                  
Cumulative Number of Reported Claims 24,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 782                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 611                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 82                  
Cumulative Number of Reported Claims 11,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,048                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,467                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,050                  
Cumulative Number of Reported Claims 751,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,102                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,217                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,411                  
Cumulative Number of Reported Claims 94,000                  
Short-Duration Insurance Contract, Accident Year 2022 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,741                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,475                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 83                  
Cumulative Number of Reported Claims 29,000                  
Short-Duration Insurance Contract, Accident Year 2022 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,728                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 696                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,122                  
Cumulative Number of Reported Claims 597,000                  
Short-Duration Insurance Contract, Accident Year 2022 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 293                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 206                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 39                  
Short-Duration Insurance Contract, Accident Year 2022 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 346                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 220                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 74                  
Accident years prior to 2013 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 2,887                  
Accident years prior to 2013 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 1,885                  
Accident years prior to 2013 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 330                  
Accident years prior to 2013 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 0                  
Accident years prior to 2013 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 26                  
Accident years prior to 2013 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 505                  
Accident years prior to 2013 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 127                  
Accident years prior to 2013 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 305                  
Accident years prior to 2013 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 17                  
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 7,075                  
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 18,129                  
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 2,200                  
Accident years 2013 - 2022 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 3,253                  
Accident years 2013 - 2022 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 3,199                  
Accident years 2013 - 2022 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 6,782                  
Accident years 2013 - 2022 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 3,079                  
Accident years 2013 - 2022 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 903                  
Accident years 2013 - 2022 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented $ 477                  
v3.22.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Supplementary PPD) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
North America Commercial P&C Insurance - Workers' Compensation [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD $ (437)
North America Commercial P&C Insurance - Workers' Compensation [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD (132)
North America Commercial P&C Insurance - Workers' Compensation [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD (305)
North America Commercial P&C Insurance - Liability [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 243
North America Commercial P&C Insurance - Liability [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD 98
North America Commercial P&C Insurance - Liability [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD 145
North America Commercial P&C Insurance - Other Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 133
North America Commercial P&C Insurance - Other Casualty [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD 56
North America Commercial P&C Insurance - Other Casualty [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD 77
North America Commercial P&C Insurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (330)
North America Commercial P&C Insurance - Non-Casualty [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD (11)
North America Commercial P&C Insurance - Non-Casualty [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD (319)
North America Personal P&C Insurance [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (128)
North America Personal P&C Insurance [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD (5)
North America Personal P&C Insurance [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD (123)
Overseas General Insurance - Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (68)
Overseas General Insurance - Casualty [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD 8
Overseas General Insurance - Casualty [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD (76)
Overseas General Insurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (280)
Overseas General Insurance - Non-Casualty [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD (10)
Overseas General Insurance - Non-Casualty [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD (270)
Global Reinsurance - Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (8)
Global Reinsurance - Casualty [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD (7)
Global Reinsurance - Casualty [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD (1)
Global Reinsurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 30
Global Reinsurance - Non-Casualty [Member] | Accident years prior to 2013  
Supplementary PPD [Line Items]  
Short-Duration PPD (4)
Global Reinsurance - Non-Casualty [Member] | Accident years 2013 - 2022  
Supplementary PPD [Line Items]  
Short-Duration PPD $ 34
v3.22.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Average Annual Payout) (Details)
Dec. 31, 2022
North America Commercial P&C Insurance - Workers' Compensation [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 1.00%
North America Commercial P&C Insurance - Liability [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 3.00%
North America Commercial P&C Insurance - Other Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 11.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 19.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 19.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 1.00%
North America Commercial P&C Insurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 45.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 36.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 1.00%
North America Personal P&C Insurance [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 56.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 24.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
Overseas General Insurance - Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 14.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 2.00%
Overseas General Insurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 45.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 34.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
Global Reinsurance - Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 20.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 23.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 11.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 1.00%
Global Reinsurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 34.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 40.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 15.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
v3.22.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Supplementary PPD Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense [1] $ (1,153) $ (986) $ (414)
Prior Period Development, net Adjustments 277 60 19
Net Prior Period Development (876) (926) (395)
Alternative Risk Solutions [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 161    
North America Workers' Compensation [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 46    
Colorado Wildfire      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 48    
Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 58 (44) (313)
Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (934) (882) (82)
Segments included in loss triangles [Domain]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (1,285)    
Other PPD adjustments [2] (440)    
Prior Period Development, net Adjustments 111    
Net Prior Period Development (1,174)    
Segments included in loss triangles [Domain] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (7)    
Segments included in loss triangles [Domain] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (838)    
North America Commercial P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (674)    
Other PPD adjustments [2],[3] (283)    
Prior Period Development, net Adjustments [4] 112    
Net Prior Period Development (562) (762) (702)
North America Commercial P&C Insurance [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 11    
North America Commercial P&C Insurance [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (402)    
North America Commercial P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (314)    
Other PPD adjustments [2] (253)    
Prior Period Development, net Adjustments 85    
Net Prior Period Development (229) (482) (672)
North America Commercial P&C Insurance [Member] | Long Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 22    
North America Commercial P&C Insurance [Member] | Long Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (83)    
North America Commercial P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (360)    
Other PPD adjustments [2] (30)    
Prior Period Development, net Adjustments 27    
Net Prior Period Development (333) (280) (30)
North America Commercial P&C Insurance [Member] | Short Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (11)    
North America Commercial P&C Insurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (319)    
North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (186) (305) 63
North America Personal P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
North America Personal P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (186)    
Other PPD adjustments [2],[5] (58)    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (186) (305) 63
North America Personal P&C Insurance [Member] | Short Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (5)    
North America Personal P&C Insurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (123)    
Overseas General Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (448)    
Other PPD adjustments [2],[6] (100)    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (448) (441) (150)
Overseas General Insurance [Member] | International A&H [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 105    
Overseas General Insurance [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (2)    
Overseas General Insurance [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (346)    
Overseas General Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (65)    
Other PPD adjustments [2] 3    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (65) (106) (49)
Overseas General Insurance [Member] | Long Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 8    
Overseas General Insurance [Member] | Long Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (76)    
Overseas General Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (383)    
Other PPD adjustments [2] (103)    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (383) (335) (101)
Overseas General Insurance [Member] | Short Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (10)    
Overseas General Insurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (270)    
Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 23    
Other PPD adjustments [2] 1    
Prior Period Development, net Adjustments (1)    
Net Prior Period Development 22 3 (29)
Global Reinsurance [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (11)    
Global Reinsurance [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 33    
Global Reinsurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (7)    
Other PPD adjustments [2] 1    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (7) (25) (25)
Global Reinsurance [Member] | Long Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (7)    
Global Reinsurance [Member] | Long Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (1)    
Global Reinsurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 30    
Other PPD adjustments [2] 0    
Prior Period Development, net Adjustments (1)    
Net Prior Period Development 29 28 (4)
Global Reinsurance [Member] | Short Tail [Member] | Accident years prior to 2013      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (4)    
Global Reinsurance [Member] | Short Tail [Member] | 2013 - 2021 accident years (implied PPD per loss triangles)      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 34    
North America Agricultural Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (61) 10 (10)
North America Agricultural Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
North America Agricultural Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (227)    
Prior Period Development, net Adjustments 166    
Net Prior Period Development (61) 10 (10)
Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 359 569 433
Corporate Segment [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 359    
Prior Period Development, net Adjustments 0    
Net Prior Period Development 359 569 433
Corporate Segment [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively.
[2] Other includes the impact of foreign exchange.
[3] Includes favorable development of $161 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $46 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.
[4] Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
[5] Includes $48 million relating to the Colorado Wildfire CAT event that began December 30, 2021.
[6] Includes favorable development of $105 million related to International A&H business; the remaining difference relates to a number of other items, none of which are individually material.
v3.22.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (876) $ (926) $ (395)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.50% 1.70% 0.80%
Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 58 $ (44) $ (313)
Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (934) (882) (82)
North America Commercial P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (562) $ (762) $ (702)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.00% 1.40% 1.40%
North America Commercial P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (229) $ (482) $ (672)
North America Commercial P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (333) (280) (30)
North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (186) $ (305) $ 63
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.30% 0.60% 0.10%
North America Personal P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
North America Personal P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (186) (305) 63
North America Agricultural Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (61) $ 10 $ (10)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.00% 0.00%
North America Agricultural Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
North America Agricultural Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (61) 10 (10)
Overseas General Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (448) $ (441) $ (150)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.80% 0.80% 0.30%
Overseas General Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (65) $ (106) $ (49)
Overseas General Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (383) (335) (101)
Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 22 $ 3 $ (29)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.00% 0.00% 0.10%
Global Reinsurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (7) $ (25) $ (25)
Global Reinsurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 29 28 (4)
Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 359 $ 569 $ 433
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.60% 1.10% 0.90%
Corporate Segment [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 359 $ 569 $ 433
Corporate Segment [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
[1] Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.
v3.22.4
Unpaid losses and loss expenses (A&E Loss Roll-forward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (gross) at beginning of year $ 1,628 $ 1,868 $ 1,988
Balance (net) at beginning of year 1,102 1,252 1,326
Incurred activity, gross 212 148 229
Incurred activity, net [1] 132 104 131
Paid activity, gross (330) (388) (349)
Paid activity, net (221) (254) (205)
Balance (gross) at end of year 1,510 1,628 1,868
Balance (net) at end of year 1,013 1,102 1,252
Asbestos Issue [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (gross) at beginning of year 1,226 1,351 1,459
Balance (net) at beginning of year 800 873 916
Incurred activity, gross 87 96 150
Incurred activity, net 55 64 90
Paid activity, gross (215) (221) (258)
Paid activity, net (152) (137) (133)
Balance (gross) at end of year 1,098 1,226 1,351
Balance (net) at end of year 703 800 873
Environmental Issue [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (gross) at beginning of year 402 517 529
Balance (net) at beginning of year 302 379 410
Incurred activity, gross 125 52 79
Incurred activity, net 77 40 41
Paid activity, gross (115) (167) (91)
Paid activity, net (69) (117) (72)
Balance (gross) at end of year 412 402 517
Balance (net) at end of year 310 302 $ 379
Brandywine [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 646    
Balance (net) at end of year 602 646  
Westchester Specialty [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 100    
Balance (net) at end of year 98 100  
Other Segments [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 70    
Balance (net) at end of year 47 70  
The Chubb Corporation [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 286    
Balance (net) at end of year $ 266 $ 286  
[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)
v3.22.4
Unpaid losses and loss expenses (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2004
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (876) $ (926) $ (395)    
Prior Period Development, net Adjustments $ 277 $ 60 $ 19    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.50% 1.70% 0.80%    
Incurred activity $ 23,342 $ 21,980 $ 21,710    
Liability for Claims and Claims Adjustment Expense 76,323 72,943 67,811 $ 62,690  
Net losses and loss expenses paid in Prior Year 12,206 10,048 9,652    
Brandywine Run-off [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Incurred activity 669        
Reinsurance coverage to Century provided by ACE INA under XOL 800        
Statutory capital and surplus 25        
Dividend retention fund established by INA Financial Corporation 50        
Required minimum balance under the dividend retention fund 50        
Contributions to the dividend retention fund 75 50      
Minimum contribution from the dividend retention fund to Century not required for XOL agreement 200        
Dividend Retention Fund Contribution to XOL 106 18      
Aggregate reinsurance balances ceded by active ACE companies to Century 1,900 1,800      
Liability for Claims and Claims Adjustment Expense 2,100 2,200      
Surplus note         $ 100
Century X O L Reinsurance Coverage, Statutory-Basis Remaining Limit $ 131        
Westchester and Brandywine Run-off [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
NICO pro-rata share of reinsurance protection (percent) 75.00%        
NICO retention for losses and loss expenses incurred on or before 12/31/1996 $ 721        
NICO reinsurance protection on losses and loss expenses incurred on or before 12/31/1996, net of retenion 1,000        
NICO reinsurance protection on losses and loss expenses 347        
Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 58 (44) (313)    
Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (934) (882) (82)    
Boy Scouts of America Agreement in Principle [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Liability for Claims and Claims Adjustment Expense 500 800      
Reinsurance Recoverable and Previously Carried Reserves 425        
Net losses and loss expenses paid in Prior Year 300        
North America Commercial P&C Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (562) $ (762) $ (702)    
Prior Period Development, net Adjustments [2] $ 112        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.00% 1.40% 1.40%    
North America Commercial P&C Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (229) $ (482) $ (672)    
Prior Period Development, net Adjustments 85        
North America Commercial P&C Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (333) (280) (30)    
Prior Period Development, net Adjustments 27        
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 96        
North America Commercial P&C Insurance [Member] | Management Liability [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (278)      
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (496)        
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (260)      
North America Commercial P&C Insurance [Member] | Property and Inland Marine          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (206)        
North America Commercial P&C Insurance [Member] | Property and Inland Marine | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (164)      
North America Commercial P&C Insurance [Member] | Auto Liability          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 177        
North America Commercial P&C Insurance [Member] | Medical Portfolios [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 82        
North America Commercial P&C Insurance [Member] | COVID-19 [Member] | Management Liability [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (303)      
North America Commercial P&C Insurance [Member] | COVID-19 [Member] | Management Liability [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (256)      
North America Personal P&C Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (186) $ (305) $ 63    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.30% 0.60% 0.10%    
North America Personal P&C Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 0 $ 0 $ 0    
North America Personal P&C Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (186) (305) 63    
Prior Period Development, net Adjustments 0        
North America Agricultural Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (61) $ 10 $ (10)    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.10% 0.00% 0.00%    
North America Agricultural Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 0 $ 0 $ 0    
North America Agricultural Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (61) 10 (10)    
Prior Period Development, net Adjustments 166        
Overseas General Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (448) $ (441) $ (150)    
Prior Period Development, net Adjustments $ 0        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.80% 0.80% 0.30%    
Overseas General Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (65) $ (106) $ (49)    
Prior Period Development, net Adjustments 0        
Overseas General Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (383) (335) (101)    
Prior Period Development, net Adjustments 0        
Overseas General Insurance [Member] | Financial [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   90      
Overseas General Insurance [Member] | Accident and Health [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (105)        
Overseas General Insurance [Member] | Accident and Health [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (111)      
Overseas General Insurance [Member] | Property and Casualty [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (100)        
Overseas General Insurance [Member] | COVID-19 [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (127)      
Overseas General Insurance [Member] | COVID-19 [Member] | Financial [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development   (104)      
Overseas General Insurance - Casualty [Member] | Europe [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 45.00%        
Global Reinsurance Non-Casualty [Member] | Accident years 2013 and after          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 85.00%        
Global Reinsurance Non-Casualty [Member] | Accident years 2018 to 2022          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 91.00%        
Global Reinsurance Non-Casualty [Member] | Accident years 2013-2017          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 79.00%        
Global Reinsurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 22 $ 3 $ (29)    
Prior Period Development, net Adjustments $ (1)        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.00% 0.00% 0.10%    
Global Reinsurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (7) $ (25) $ (25)    
Prior Period Development, net Adjustments 0        
Global Reinsurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 29 28 (4)    
Prior Period Development, net Adjustments (1)        
Corporate Segment [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 359 $ 569 $ 433    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.60% 1.10% 0.90%    
Corporate Segment [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 359 $ 569 $ 433    
Prior Period Development, net Adjustments 0        
Corporate Segment [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 0 0 0    
Corporate Segment [Member] | Other [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 155 $ 417 $ 254    
[1] Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.
[2] Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
v3.22.4
Taxation (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Examination [Line Items]        
Valuation allowance $ 916 $ 92    
Unrecognized Tax Benefits 67 64 $ 76  
Income Tax Credits and Adjustments 21 26    
Unrecognized tax benefits that would affect the effective tax rate 46 38    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense 4 1 $ 8  
Liabilities recorded for tax-related interest and penalties 18 $ 14    
Investments        
Income Tax Examination [Line Items]        
Valuation allowance 815      
Domestic Tax Authority [Member]        
Income Tax Examination [Line Items]        
Net operating loss carry-forwards $ 346      
Switzerland        
Income Tax Examination [Line Items]        
Applicable income tax rates 19.70% 19.70% 21.20% 7.83%
Foreign Tax Authority [Member]        
Income Tax Examination [Line Items]        
Foreign tax credit carry-forward $ 76      
Bermuda        
Income Tax Examination [Line Items]        
Applicable income tax rates 0.00%      
UNITED STATES        
Income Tax Examination [Line Items]        
Applicable income tax rates 21.00%      
UNITED KINGDOM        
Income Tax Examination [Line Items]        
Applicable income tax rates 19.00%      
v3.22.4
Taxation (Provision For Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 6,568 $ 9,816 $ 4,162
Current tax expense 1,081 1,359 928
Deferred tax expense 174 (82) (299)
Provision for income taxes 1,255 1,277 629
Domestic Tax Authority [Member]      
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Domestic 234 349 350
Current tax expense 15 65 52
Deferred tax expense 34 (15) 2
Foreign Tax Authority [Member]      
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Foreign 6,334 9,467 3,812
Current tax expense 1,066 1,294 876
Deferred tax expense $ 140 $ (67) $ (301)
v3.22.4
Taxation (Reconciliation Of The Difference Between The Provision for Income Taxes and the Expected Tax Provision at Swiss Statutory Income Tax Rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Expected tax provision at Swiss statutory tax rate $ 1,291 $ 1,934 $ 880
Taxes on earnings subject to rate other than Swiss statutory rate (244) (740) (337)
Net withholding taxes 75 78 67
Other 133 5 19
Provision for income taxes $ 1,255 $ 1,277 $ 629
v3.22.4
Taxation (Components Of Net Deferred Tax Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Deferred Tax Assets, Gross [Abstract]    
Loss reserve discount $ 1,001 $ 950
Unearned premiums reserve 417 544
Foreign tax credits 76 156
Loss carry-forwards 104 139
Investments 57 0
Unrealized depreciation on investments 1,387 0
Depreciation 126 190
Other 175 296
Total deferred tax assets 3,343 2,275
Valuation allowance 916 92
Deferred Tax Assets, Net, Total 2,427 2,183
Deferred Tax Liabilities, Gross [Abstract]    
Deferred policy acquisition costs 276 679
Other intangible assets, including VOBA 2,194 1,268
Un-remitted foreign earnings 249 121
Investments 0 144
Unrealized appreciation on investments 0 360
Total deferred tax liabilities 2,719 2,572
Net deferred tax liabilities $ (292) $ (389)
v3.22.4
Taxation (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]    
Balance, beginning of year $ 64 $ 76
Additions based on tax positions related to prior years 4 7
Reductions for settlements with taxing authorities (1) (19)
Balance, end of year $ 67 $ 64
v3.22.4
Taxation Taxation (Summary Of Income Tax Examinations) (Details)
 12 Months Ended
Dec. 31, 2022
Earliest Tax Year [Member] | Switzerland  
Income Tax Examination [Line Items]  
Open Tax Year 2018
Earliest Tax Year [Member] | AUSTRALIA  
Income Tax Examination [Line Items]  
Open Tax Year 2016
Earliest Tax Year [Member] | CANADA  
Income Tax Examination [Line Items]  
Open Tax Year 2012
Earliest Tax Year [Member] | FRANCE  
Income Tax Examination [Line Items]  
Open Tax Year 2021
Earliest Tax Year [Member] | GERMANY  
Income Tax Examination [Line Items]  
Open Tax Year 2016
Earliest Tax Year [Member] | ITALY  
Income Tax Examination [Line Items]  
Open Tax Year 2019
Earliest Tax Year [Member] | MEXICO  
Income Tax Examination [Line Items]  
Open Tax Year 2016
Earliest Tax Year [Member] | SPAIN  
Income Tax Examination [Line Items]  
Open Tax Year 2012
Earliest Tax Year [Member] | UNITED KINGDOM  
Income Tax Examination [Line Items]  
Open Tax Year 2015
Earliest Tax Year [Member] | UNITED STATES  
Income Tax Examination [Line Items]  
Open Tax Year 2014
Earliest Tax Year [Member] | BRAZIL  
Income Tax Examination [Line Items]  
Open Tax Year 2016
Earliest Tax Year [Member] | KOREA, REPUBLIC OF  
Income Tax Examination [Line Items]  
Open Tax Year 2017 [1]
Latest Tax Year [Member] | Switzerland  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | AUSTRALIA  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | CANADA  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | FRANCE  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | GERMANY  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | ITALY  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | MEXICO  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | SPAIN  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | UNITED KINGDOM  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | UNITED STATES  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | BRAZIL  
Income Tax Examination [Line Items]  
Open Tax Year 2022
Latest Tax Year [Member] | KOREA, REPUBLIC OF  
Income Tax Examination [Line Items]  
Open Tax Year 2022 [1]
[1] Includes an examination for a pre-acquisition period subject to indemnification by Cigna Corp
v3.22.4
Debt (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Mar. 31, 2000
Senior Notes | INA Senior Notes Due December 2051 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 600.0  
Long-term debt stated interest rate 2.85%  
Senior Notes | INA Senior Notes Due December 2061 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 1,000.0  
Long-term debt stated interest rate 3.05%  
Trust Preferred Securities | Chubb INA Capital Securities Due 2030 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 309.0 $ 300.0
ACE Capital Trust II common securities purchased   $ 9.2
Long-term debt stated interest rate 9.70% 9.70%
Unsecured Debt | INA Senior Notes Due August 2029 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 100.0  
Long-term debt stated interest rate 8.875%  
v3.22.4
Debt (Schedule of Debt Outstanding) (Details)
€ in Millions, $ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Mar. 31, 2000
USD ($)
Debt Instrument [Line Items]        
Long-term debt $ 14,402   $ 15,169  
Short-term debt 475   999  
Senior Notes | INA Senior Notes Due March 2023 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 475      
Long-term debt stated interest rate 2.70% 2.70%    
Long-term debt $ 0   474  
Make Whole Premium Additional Percent 0.10% 0.10%    
Senior Notes | INA Senior Notes Due May 2024 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 700      
Long-term debt stated interest rate 3.35% 3.35%    
Long-term debt $ 699   698  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due December 2024 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount | €   € 700    
Long-term debt stated interest rate 0.30% 0.30%    
Long-term debt $ 742   787  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due March 2025 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 800      
Long-term debt stated interest rate 3.15% 3.15%    
Long-term debt $ 798   798  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due May 2026 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 1,500      
Long-term debt stated interest rate 3.35% 3.35%    
Long-term debt $ 1,496   1,494  
Make Whole Premium Additional Percent 0.20% 0.20%    
Senior Notes | INA Senior Notes Due June 2027 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount | €   € 575    
Long-term debt stated interest rate 0.875% 0.875%    
Long-term debt $ 609   645  
Make Whole Premium Additional Percent 0.20% 0.20%    
Senior Notes | INA Senior Notes Due March 2028 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount | €   € 900    
Long-term debt stated interest rate 1.55% 1.55%    
Long-term debt $ 952   1,009  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due December 2029 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount | €   € 700    
Long-term debt stated interest rate 0.875% 0.875%    
Long-term debt $ 740   785  
Make Whole Premium Additional Percent 0.20% 0.20%    
Senior Notes | INA Senior Notes Due September 2030 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 1,000      
Long-term debt stated interest rate 1.375% 1.375%    
Long-term debt $ 993   992  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due June 2031 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount | €   € 575    
Long-term debt stated interest rate 1.40% 1.40%    
Long-term debt $ 606   642  
Make Whole Premium Additional Percent 0.25% 0.25%    
Senior Notes | INA Senior Notes Due May 2036 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 300      
Long-term debt stated interest rate 6.70% 6.70%    
Long-term debt $ 298   298  
Make Whole Premium Additional Percent 0.20% 0.20%    
Senior Notes | INA Senior Notes Due May 2037 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 800      
Long-term debt stated interest rate 6.00% 6.00%    
Long-term debt $ 927   936  
Make Whole Premium Additional Percent 0.20% 0.20%    
Senior Notes | INA Senior Notes Due March 2038 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount | €   € 900    
Long-term debt stated interest rate 2.50% 2.50%    
Long-term debt $ 949   1,007  
Make Whole Premium Additional Percent 0.25% 0.25%    
Senior Notes | INA Senior Notes Due May 2038 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 600      
Long-term debt stated interest rate 6.50% 6.50%    
Long-term debt $ 726   735  
Make Whole Premium Additional Percent 0.30% 0.30%    
Senior Notes | INA Senior Notes Due March 2043 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 475      
Long-term debt stated interest rate 4.15% 4.15%    
Long-term debt $ 471   470  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due November 2045 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 1,500      
Long-term debt stated interest rate 4.35% 4.35%    
Long-term debt $ 1,485   1,485  
Make Whole Premium Additional Percent 0.25% 0.25%    
Senior Notes | INA Senior Notes Due December 2051 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 600      
Long-term debt stated interest rate 2.85% 2.85%    
Long-term debt $ 593   593  
Make Whole Premium Additional Percent 0.15% 0.15%    
Senior Notes | INA Senior Notes Due December 2061 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 1,000      
Long-term debt stated interest rate 3.05% 3.05%    
Long-term debt $ 984   983  
Make Whole Premium Additional Percent 0.20% 0.20%    
Trust Preferred Securities | Chubb INA Capital Securities Due 2030 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 309     $ 300
Long-term debt stated interest rate 9.70% 9.70%   9.70%
Trust preferred securities [1] $ 308   308  
Unsecured Debt | INA Senior Notes Due August 2029 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 100      
Long-term debt stated interest rate 8.875% 8.875%    
Long-term debt $ 100   100  
Unsecured Debt | INA Senior Notes Due November 2031 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 200      
Long-term debt stated interest rate 6.80% 6.80%    
Long-term debt $ 234   $ 238  
Make Whole Premium Additional Percent 0.25% 0.25%    
Repurchase agreements        
Debt Instrument [Line Items]        
Weighted average interest rate on short-term debt 3.90% 3.90% 0.20%  
Short-term debt $ 1,419   $ 1,406  
Senior Notes | INA Senior Notes Due November 2022 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 1,000      
Long-term debt stated interest rate 2.875% 2.875%    
Make Whole Premium Additional Percent 0.20% 0.20%    
Short-term debt $ 0   999  
Senior Notes | INA Senior Notes Due March 2023 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 475      
Long-term debt stated interest rate 2.70% 2.70%    
Make Whole Premium Additional Percent 0.10% 0.10%    
Short-term debt $ 475   $ 0  
[1] 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.
v3.22.4
Commitments, contingencies, and guarantees (Narrative) (Detail)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
EUR (€)
Oct. 06, 2022
USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]          
Derivative Liability, Fair Value, Amount Subject to a Master Netting Agreement $ 60 $ 123      
Hedged Liability, Fair Value Hedge 1,600     € 1,500  
Securities Sold under Agreements to Repurchase 1,419 1,406      
Repurchase agreements $ 1,419 $ 1,406      
Concentration Risk Percentage Marsh 11.00% 12.00% 12.00% 11.00%  
Purchase Commitment, Remaining Minimum Amount Committed $ 770 $ 771      
Carrying value of limited partnerships and partially-owned investment companies included in other investments 12,000 9,800      
Funding commitments relating to limited partnerships and partially-owned investment companies 7,400 7,200      
Line of Credit Facility, Maximum Borrowing Capacity 2,700       $ 3,000
Line of Credit Facility, Current Borrowing Capacity 4,000        
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases 3,000        
Operating Lease, Right-of-Use Asset 607 445      
Operating Lease, Liability $ 633 484      
Operating Lease, Weighted Average Remaining Lease Term 7 years 9 months 18 days     7 years 9 months 18 days  
Operating Lease, Weighted Average Discount Rate, Percent 3.50%     3.50%  
Deposit Assets $ 96 $ 101      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]          
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities Other Liabilities   Other Liabilities  
Operating Lease, Cost $ 161 $ 149 $ 152    
Lessee, Lease Not Yet Commenced, Noncurrent Amount 1,200        
Interest expense 570 492 516    
Other Comprehensive Income (Loss), before Tax (11,664) $ (2,946) $ 2,666    
Letter of Credit [Member]          
Financial Instruments Owned and Pledged as Collateral [Line Items]          
Line of Credit Facility, Amount Outstanding 1,400        
Fair Value Hedging          
Financial Instruments Owned and Pledged as Collateral [Line Items]          
OCI, before Reclassifications, Net of Tax, Attributable to Parent 17        
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion 105        
Interest expense 5        
Other Comprehensive Income (Loss), before Tax (83)        
Net Investment Hedging          
Financial Instruments Owned and Pledged as Collateral [Line Items]          
OCI, before Reclassifications, Net of Tax, Attributable to Parent (53)        
Interest expense 4        
Other Comprehensive Income (Loss), before Tax $ (57)        
v3.22.4
Commitments, contingencies, and guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Future policy benefits $ 10,120 $ 5,947
Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 4,134 6,182
Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,511 12,944
Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [1] 37 12
Investment And Embedded Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 5,682 19,138
Derivative Asset, Subject to Master Netting Arrangement, before Offset 112 69
Derivative Liability, Subject to Master Netting Arrangement, before Offset (139) (166)
Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [2] 939 905
Other    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 0 3
Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 939 908
Guaranteed Minimum Income Benefit    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [3] 1,979 1,432
Derivative Asset, Subject to Master Netting Arrangement, before Offset [3] 0 0
Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,595 0
Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,604 0
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 3,199 0
Derivative Asset, Subject to Master Netting Arrangement, before Offset 17 0
Derivative Liability, Subject to Master Netting Arrangement, before Offset (53) 0
Accounts Payable and Accrued Liabilities [Member] | Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset (115) (139)
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset (24) (27)
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset [2] 0 (16)
Accounts Payable and Accrued Liabilities [Member] | Other    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0
Accounts Payable and Accrued Liabilities [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 (16)
Accounts Payable and Accrued Liabilities [Member] | Guaranteed Minimum Income Benefit    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset [3] (736) (745)
Accounts Payable and Accrued Liabilities [Member] | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0
Accounts Payable and Accrued Liabilities [Member] | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset (53) 0
Other Assets [Member] | Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 64 25
Other Assets [Member] | Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 18 33
Other Assets [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset [2] 33 0
Other Assets [Member] | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 0 0
Other Assets [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 33 0
Other Assets [Member] | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 17 0
Other Assets [Member] | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 0 0
Fixed Maturities [Member] | Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset [1] 30 11
Equity Securities [Member] | Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset [1] 0 0
Guaranteed Minimum Income Benefit | Fair Value, Recurring [Member] | Level 3    
Derivatives, Fair Value [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross $ 736 [4],[5] $ 745 [6]
[1] Includes fair value of embedded derivatives.
[2] Related to GMDB and GLB book of business.
[3] Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[5] The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[6] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.22.4
Commitments, contingencies, and guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ 70 $ 34  
DerivativeGainLossStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag     $ (228)
Foreign currency forward contracts [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (339) (62) 65
All Other Futures Contracts And Options [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net 297 (10) 16
Convertible Securities [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [1] (1) 0 0
Investment And Embedded Derivative Instruments [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (43) (72) 81
GLB      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (63) 316 (202)
Futures contracts on equities      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [2] 187 (202) (108)
Other Derivatives      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (11) (8) 1
Guaranteed Living Benefit And Other Derivative Instruments [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ 113 $ 106 $ (309)
[1] Includes embedded derivatives.
[2] Related to GMDB and GLB book of business.
v3.22.4
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 1,523 $ 1,831
Collateral held under securities lending agreements 1,523 1,831
Maturity Overnight [Member] | Cash    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 820 931
Maturity Overnight [Member] | U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 72 128
Maturity Overnight [Member] | Foreign [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 604 752
Maturity Overnight [Member] | Corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 27 12
Maturity Overnight [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 0 1
Maturity Overnight [Member] | Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 0 $ 7
v3.22.4
Commitments, contingencies, and guarantees Commitments, contingencies, and guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 1,419 $ 1,406
Securities Sold under Agreements to Repurchase 1,419 1,406
Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1,527 1,420
Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 12 29
U.S. Treasury / Agency | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 101 103
Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1,414 1,288
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount [1] 108 14
Maturity Less than 30 Days [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 933  
Maturity Less than 30 Days [Member] | Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 12  
Maturity Less than 30 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0  
Maturity Less than 30 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 921  
Maturity 30 to 90 Days [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 594 103
Maturity 30 to 90 Days [Member] | Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0 0
Maturity 30 to 90 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 101 103
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 493 0
Maturity Greater than 90 Days [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   1,317
Maturity Greater than 90 Days [Member] | Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   29
Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   0
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements   $ 1,288
[1] Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.22.4
Commitments, contingencies, and guarantees (Future Minimum Lease Payments) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
2023 $ 160  
2024 123  
2025 87  
2026 73  
2027 50  
Thereafter 261  
Total undiscounted lease payments 754  
Present value adjustment 121  
Operating Lease, Liability $ 633 $ 484
v3.22.4
Shareholders' equity (Detail)
$ / shares in Units, $ in Millions
 12 Months Ended
Aug. 04, 2022
shares
Jan. 17, 2022
shares
Dec. 31, 2022
SFr / shares
shares
Dec. 31, 2021
SFr / shares
shares
Dec. 31, 2020
shares
May 31, 2022
$ / shares
May 19, 2022
USD ($)
Jul. 19, 2021
USD ($)
May 31, 2021
$ / shares
Feb. 01, 2021
USD ($)
Nov. 19, 2020
USD ($)
May 31, 2020
$ / shares
Nov. 21, 2019
USD ($)
Stockholders' Equity Note [Abstract]                          
Common Stock, Dividend Rate Approved | $ / shares           $ 0.83     $ 0.80     $ 0.78  
The number of votes associated with one Common Share     one                    
Annual dividend per share approved by shareholders | $ / shares           $ 3.32     $ 3.20     $ 3.12  
Authorized Share Capital [Line Items]                          
Common Shares, par value | SFr / shares     SFr 24.15 SFr 24.15                  
Treasury Stock, Shares, Retired | shares 13,179,100 14,465,400 27,644,500 3,584,150 2,178,600                
The maximum ownership percentage for voting allowed for any one shareholder     10.00%                    
General Purpose                          
Authorized Share Capital [Line Items]                          
Authorized share capital for future issuance | shares     200,000,000                    
Issuance of Debt                          
Authorized Share Capital [Line Items]                          
Authorized share capital for future issuance | shares     33,000,000                    
Employee Benefit Plans                          
Authorized Share Capital [Line Items]                          
Authorized share capital for future issuance | shares     25,410,929                    
Nov 2019 Stock Repurchase Plan [Member]                          
Authorized Share Capital [Line Items]                          
Stock repurchase program authorized amount                         $ 1,500
Nov 2020 Stock Repurchase Plan [Member]                          
Authorized Share Capital [Line Items]                          
Stock repurchase program authorized amount                   $ 2,500 $ 1,500    
CB_Increase(Decrease)StockRepurchaseProgramAuthorizedAmount                   $ 1,000      
July 2021 Stock Repurchase Plan                          
Authorized Share Capital [Line Items]                          
Stock repurchase program authorized amount               $ 5,000          
2022 Stock Repurchase Plan                          
Authorized Share Capital [Line Items]                          
Stock repurchase program authorized amount             $ 2,500            
v3.22.4
Shareholders' equity Schedule of Dividends Declared (Details)
 12 Months Ended
Dec. 31, 2022
SFr / shares
Dec. 31, 2022
$ / shares
Dec. 31, 2021
SFr / shares
Dec. 31, 2021
$ / shares
Dec. 31, 2020
SFr / shares
Dec. 31, 2020
$ / shares
Switzerland, Francs            
Dividends Declared [Line Items]            
Total dividend distributions per common share | SFr / shares SFr 3.11   SFr 2.88   SFr 2.89  
United States of America, Dollars            
Dividends Declared [Line Items]            
Total dividend distributions per common share | $ / shares   $ 3.29   $ 3.18   $ 3.09
v3.22.4
Shareholders' equity (Rollforward Of Changes In Common Stock Shares Issued And Outstanding) (Details) - shares
 12 Months Ended
Aug. 04, 2022
Jan. 17, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]            
Shares issued, Beginning of year     474,021,114 477,605,264 479,783,864  
Treasury Stock, Shares, Retired (13,179,100) (14,465,400) (27,644,500) (3,584,150) (2,178,600)  
Shares issued, End of year     446,376,614 474,021,114 477,605,264  
Common Shares in treasury, end of year     (31,781,758) (47,448,502) (26,872,639) (27,812,297)
Stock Issued During Period, Shares, New Issues     2,947,272 3,484,487 2,345,208  
Treasury Stock, Shares, Acquired     (14,925,028) (27,644,500) (3,584,150)  
Shares issued and outstanding, end of year     414,594,856 426,572,612 450,732,625  
v3.22.4
Shareholders' equity Repurchase of Common Shares (Details) - USD ($)
$ in Millions
 2 Months Ended 12 Months Ended
Feb. 23, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased   14,925,028 27,644,500 3,584,150
Nov 2019 Stock Repurchase Plan [Member]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased       3,584,150
Common Shares repurchased       $ 516
July 2021 Stock Repurchase Plan        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased     27,644,500  
Common Shares repurchased     $ 4,861  
2022 Stock Repurchase Plan        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased   14,925,028    
Common Shares repurchased   $ 3,014    
Subsequent Event [Member] | 2022 Stock Repurchase Plan        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased 1,633,300      
Common Shares repurchased $ 347      
v3.22.4
Shareholders' equity AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance – beginning of year, net of tax $ 59,714 $ 59,441  
Balance – end of year, net of tax 50,540 59,714 $ 59,441
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance – beginning of year, net of tax 2,256 4,673 2,543
OCI, before Reclassifications, before Tax, Attributable to Parent (11,627) (2,935) 2,311
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 1,049 (3) 281
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent (10,578) (2,938) 2,592
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent 1,043 521 (462)
Balance – end of year, net of tax (7,279) 2,256 4,673
Cumulative Translation Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance – beginning of year, net of tax (2,146) (1,637) (1,939)
OCI, before Reclassifications, before Tax, Attributable to Parent (982) (530) 306
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent (4) 0 0
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent (986) (530) 306
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent 59 21 (4)
Balance – end of year, net of tax (3,073) (2,146) (1,637)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance – beginning of year, net of tax 0 0 0
OCI, before Reclassifications, before Tax, Attributable to Parent 17 0 0
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent (100) 0 0
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent (83) 0 0
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent 17 0 0
Balance – end of year, net of tax (66) 0 0
Accumulated Defined Benefit Plans Adjustment [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance – beginning of year, net of tax 240 (167) 15
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent (17) 522 (232)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent 2 (115) 50
Balance – end of year, net of tax 225 240 (167)
Accumulated Other Comprehensive Income      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance – beginning of year, net of tax 350 2,869 619
Balance – end of year, net of tax $ (10,193) $ 350 $ 2,869
v3.22.4
Shareholders' equity AOCI Reclassifications (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest expense $ 570 $ 492 $ 516
Income tax expense 1,255 1,277 629
Net income 5,313 8,539 3,533
Reclassification out of Accumulated Other Comprehensive Income [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net income (797) 9 (245)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment (1,049) 3 (281)
Income tax expense 170 6 36
Net income (879) 9 (245)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cumulative Translation Adjustment      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest expense 4 0 0
Income tax expense (1) 0 0
Net income 3 0 0
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest expense (5) 0 0
Income tax expense (21) 0 0
Net income 79 0 0
Foreign Currency Transaction Gain (Loss), Realized $ 105 $ 0 $ 0
v3.22.4
Share-based compensation (Narrative) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense related to the unvested share-based awards $ 313,000,000    
Weighted-average expected recognition period for the unrecognized compensation expense 1 year 4 months 24 days    
Weighted average remaining contractual term for stock options outstanding 5 years 9 months 18 days    
Weighted-average remaining contractual term for stock options exercisable 4 years 7 months 6 days    
Cash received from exercise of stock options $ 216,000,000    
Restricted stock awards granted to non-management directors 13,440 15,586 27,679
Amounts paid during period by employees for the purchase of shares under the ESPP $ 48,000,000 $ 47,000,000 $ 45,000,000
Number of shares purchased during period by employees pursuant to the provisions of the ESPP 271,650 315,405 383,751
Discounted purchase price from market price for the ESPP 85.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate for the ESPP 10.00%    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee Stock Purchase Plan Authorized Amount $ 25,000    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 3 years    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 3 years    
Stock option term in years 10 years    
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 4 years    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of deferred restricted stock units 136,216    
ACE Limited 2004 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 1 year    
Chubb Limited 2016 Long-Term Incentive Plan, amended and restated [Member] | Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 4 years    
Legacy Chubb Corp | Restricted Stock Units (RSUs) | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 1 year    
Legacy Chubb Corp | Restricted Stock Units (RSUs) | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 3 years    
Common shares | Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common shares authorized for issuance under plan 6,500,000    
Common Stock, Capital Shares Reserved for Future Issuance 815,172    
Common shares | Chubb Limited 2016 Long-Term Incentive Plan, amended and restated [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common shares authorized for issuance under plan 32,900,000    
Common Stock, Capital Shares Reserved for Future Issuance 15,223,940    
v3.22.4
Share-based compensation (Pre-tax and After-tax Share-based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based Payment Arrangement, Expense, Tax Benefit $ 29 $ 19 $ 10
Restricted stock      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based compensation expense, pre-tax 230 210 210
Share-based compensation expense, after-tax 179 164 164
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based compensation expense, pre-tax 60 55 45
Share-based compensation expense, after-tax [1] $ 38 $ 36 $ 38
[1] The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $29 million, $19 million, and $10 million for the years ended December 31, 2022, 2021, and 2020, respectively.
v3.22.4
Share-based compensation (Weighted Average Assumptions for Option Grants) (Details) - Options
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 1.70% 1.90% 2.10%
Expected volatility 20.10% 26.00% 18.00%
Risk-free interest rate 1.90% 1.00% 1.20%
Expected life 5 years 9 months 18 days 5 years 9 months 18 days 5 years 8 months 12 days
v3.22.4
Share-based compensation (Rollforward Of Company's Stock Options) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Options, Weighted-Average Fair Value and Total Intrinsic Value [Abstract]      
Weighted-average fair value of stock options granted (US$ per share) $ 35.46 $ 33.05 $ 19.89
Total intrinsic value of options exercised $ 163 $ 140 $ 76
Total intrinsic value of options outstanding 768    
Total intrinsic value of options exercisable $ 633    
Number of Options [Roll Forward]      
Number of option outstanding, beginning of period 10,762,487 11,478,183 10,885,257
Number of options granted 1,731,904 1,805,234 1,958,279
Number of options exercised (1,878,147) (2,284,795) (1,158,633)
Number of options forfeited and expired (205,966) (236,135) (206,720)
Number of option outstanding, end of period 10,410,278 10,762,487 11,478,183
Number of options exercisable 7,134,817    
Weighted-Average Exercise Price [Roll Forward]      
Weighted-average exercise price of options outstanding, beginning of period (US$ oer share) $ 133.94 $ 125.09 $ 116.79
Weighted-average exercise price of options granted (US$ per share) 198.36 164.89 150.10
Weighted-average exercise price of options exercised (US$ per share) 117.83 112.12 86.90
Weighted average exercise price of options forfeited (US$ per share) 171.45 150.16 138.77
Weighted-average exercise price of options outstanding, end of period (US$ oer share 146.81 $ 133.94 $ 125.09
Weighted average exercise price of options exercisable (US$ per share) $ 131.90    
v3.22.4
Share-based compensation (Rollforward Of Company's Restricted Stock) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restricted stock      
Number of Restricted Stock [Roll Forward]      
Number of unvested restricted stock, beginning of period 3,051,811 3,263,295 3,294,010
Number of restricted stock, granted 1,193,016 1,288,042 1,425,667
Number of restricted stock, vested and issued (1,191,452) (1,283,185) (1,304,308)
Number of restricted stock, forfeited (199,505) (216,341) (152,074)
Number of unvested restricted stock, end of period 2,853,870 3,051,811 3,263,295
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) $ 152.19 $ 142.32 $ 136.20
Weighted average grant-day fair value of restricted stock, granted (US$ per share) 199.18 165.32 148.56
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) 148.18 140.62 134.02
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) 168.12 150.19 140.72
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) $ 172.39 $ 152.19 $ 142.32
Performance Shares      
Number of Restricted Stock [Roll Forward]      
Number of unvested restricted stock, beginning of period 697,191 572,318 876,212
Number of restricted stock, granted 296,944 294,315 186,291
Number of restricted stock, vested and issued (199,343) (169,442) (490,185)
Number of restricted stock, forfeited 0 0 0
Number of unvested restricted stock, end of period 794,792 697,191 572,318
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) $ 151.74 $ 142.38 $ 131.16
Weighted average grant-day fair value of restricted stock, granted (US$ per share) 199.09 164.75 151.14
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) 133.90 143.07 125.66
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) 0 0 0
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) $ 173.83 $ 151.74 $ 142.38
v3.22.4
Postretirement benefits (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 31, 2016
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]        
Expenses recognized during period under the defined contributions plans   $ 230 $ 214 $ 211
Defined Benefit Plan, Plan Amendment [Abstract]        
Other Investments   13,696 11,169  
Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Accumulated Benefit Obligation   3,400 4,800  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year   38    
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Amount   81 119 120
Actuarial Loss (gain)   (4) (10)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation   18 20  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year   1    
Defined Benefit Plan, Plan Amendment [Abstract]        
(Increase) decrease in other comprehensive income, curtailment   0 0 0
Amortization of Prior Service Cost (Credit)   $ 0 26 83
Defined Benefit Plan, Equity Securities [Member] | Minimum        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage   55.00%    
Defined Benefit Plan, Equity Securities [Member] | Maximum        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage   65.00%    
Level 2 | Fixed Maturities [Member] | Other Postretirement Benefits Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Amount   $ 50    
Other Investments        
Defined Benefit Plan, Plan Amendment [Abstract]        
Other Investments   47 51  
Other Investments | Other Postretirement Benefits Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Amount   31    
UNITED STATES | Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Amount   3,316 4,151 3,739
Actuarial Loss (gain)   (890) (161)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation   66 73  
Defined Benefit Plan, Plan Amendment [Abstract]        
(Increase) decrease in other comprehensive income, curtailment   0 0 0
Amortization of Prior Service Cost (Credit)   0 0 0
UNITED STATES | Postretirement Health Coverage [Member]        
Defined Benefit Plan, Plan Amendment [Abstract]        
Effect of Plan Amendment on Accumulated Benefit Obligation $ 383      
Amortization of Prior Service Cost (Credit)     26 79
UNITED STATES | Postretirement Health Coverage [Member] | Subject to Amortization [Member]        
Defined Benefit Plan, Plan Amendment [Abstract]        
Effect of Plan Amendment on Accumulated Benefit Obligation $ 410      
UNITED STATES | Other Investments | Pension Plan [Member]        
Defined Benefit Plan, Plan Amendment [Abstract]        
Other Investments   538 542  
Non - U.S. | Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Plan Assets, Amount   938 1,318 1,284
Actuarial Loss (gain)   (391) (47)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation   61 380  
Defined Benefit Plan, Plan Amendment [Abstract]        
(Increase) decrease in other comprehensive income, curtailment   0 0 (1)
Amortization of Prior Service Cost (Credit)   0 0 $ 0
Non - U.S. | Other Investments | Pension Plan [Member]        
Defined Benefit Plan, Plan Amendment [Abstract]        
Other Investments   $ 201 $ 175  
v3.22.4
Postretirement benefits Schedule of Net Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Service Cost $ 4 $ 4 $ 4
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 3,732 3,967  
Service Cost 0 0 0
Interest Cost 85 70 99
Actuarial Loss (gain) (890) (161)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (146) (133)  
Curtailments 0 0  
Settlements, Benefit obligations 0 (11)  
Foreign currency revaluation, benefit obligations 0 0  
Benefit Obligation, end of year 2,781 3,732 3,967
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 4,151 3,739  
Actual Return on Plan Assets (692) 543  
Employer Contributions 3 13  
Benefits Paid (146) (133)  
Settlements 0 (11)  
Foreign currency revaluation, Plan Assets 0 0  
Plan assets at fair value, end of year 3,316 4,151 3,739
Defined Benefit Plan, Funded (Unfunded) Status of Plan 535 419  
Assets for Plan Benefits, Defined Benefit Plan 601 492  
Liability, Defined Benefit Plan (66) (73)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position 535 419  
Pension Plan [Member] | Non - U.S.      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 1,122 1,199  
Service Cost 4 4 4
Interest Cost 23 19 22
Actuarial Loss (gain) (391) (47)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (28) (33)  
Curtailments 0 0  
Settlements, Benefit obligations 0 0  
Foreign currency revaluation, benefit obligations (33) (20)  
Benefit Obligation, end of year 697 1,122 1,199
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 1,318 1,284  
Actual Return on Plan Assets (285) 83  
Employer Contributions 8 8  
Benefits Paid (28) (33)  
Settlements 0 0  
Foreign currency revaluation, Plan Assets (75) (24)  
Plan assets at fair value, end of year 938 1,318 1,284
Defined Benefit Plan, Funded (Unfunded) Status of Plan 241 196  
Assets for Plan Benefits, Defined Benefit Plan 290 214  
Liability, Defined Benefit Plan (49) (18)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position 241 196  
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 62 86  
Service Cost 1 1 1
Interest Cost 1 1 2
Actuarial Loss (gain) (4) (10)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (16) (15)  
Curtailments 0 0  
Settlements, Benefit obligations 0 0  
Foreign currency revaluation, benefit obligations (1) (1)  
Benefit Obligation, end of year 43 62 86
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 119 120  
Actual Return on Plan Assets (2) (1)  
Employer Contributions 1 15  
Benefits Paid (37) (15)  
Settlements 0 0  
Foreign currency revaluation, Plan Assets 0 0  
Plan assets at fair value, end of year 81 119 $ 120
Defined Benefit Plan, Funded (Unfunded) Status of Plan 38 57  
Assets for Plan Benefits, Defined Benefit Plan 56 77  
Liability, Defined Benefit Plan (18) (20)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position $ 38 $ 57  
v3.22.4
Postretirement benefits Schedule of amounts recognized in AOCI on a pretax basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) $ (290) $ (375)
Prior Service Cost (benefit) 0 0
Total (290) (375)
Pension Plan [Member] | Non - U.S.    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) 7 73
Prior Service Cost (benefit) 8 9
Total 15 82
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) (12) (10)
Prior Service Cost (benefit) (4) (5)
Total $ (16) $ (15)
v3.22.4
Postretirement benefits Schedule of Benefit Obligation in Excess of FV (Details) - Pension Plan [Member] - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation $ 66 $ 73
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 0 0
Net Funded Status With PBO in Excess Of Plan Assets (66) (73)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 66 73
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets 0 0
Non - U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation 87 418
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 38 400
Net Funded Status With PBO in Excess Of Plan Assets (49) (18)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 61 380
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets $ 30 $ 367
v3.22.4
Postretirement benefits Schedule of assumptions used to determine benefit obligation (Details)
Dec. 31, 2022
Dec. 31, 2021
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 5.83% 2.06%
UNITED STATES | Pension Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 5.22% 2.75%
Interest crediting rate 4.32% 4.10%
Non - U.S. | Pension Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 5.27% 2.23%
Benefit Obligation, Rate of Compensation Increase 3.98% 3.63%
v3.22.4
Postretirement benefits Schedule of net periodic benefit costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost $ 4 $ 4 $ 4
Defined Benefit Plan, Non Service (Benefit) Cost (218) (203) (140)
Net Periodic Benefit Cost (214) (199) (136)
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 1 1 1
Interest Cost 1 1 2
Expected Return on Plan Assets (1) (1) (5)
Amortization of (Gains) Losses 0 0 0
Amortization of Prior Service Cost (Credit) 0 (26) (83)
Recognized Net (Gain) Loss Due to Curtailments 0 0 0
Recognized Net (Gain) Loss Due to Settlements 0 0 0
Defined Benefit Plan, Non Service (Benefit) Cost 0 (26) (86)
Net Periodic Benefit Cost 1 (25) (85)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) (1) (5) (2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0 0 0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 0 0 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 26 83
(Increase) decrease in other comprehensive income, curtailment 0 0 0
(Increase) decrease in other comprehensive income, settlement 0 0 0
Total (increase) decrease in other comprehensive (Income) Loss (1) 21 81
Losses and loss expenses [Member] | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 0 0 0
Defined Benefit Plan, Non Service (Benefit) Cost (20) (18) (12)
Losses and loss expenses [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 0 0 0
Defined Benefit Plan, Non Service (Benefit) Cost 0 (3) (9)
General and Administrative Expense [Member] | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 4 4 4
Defined Benefit Plan, Non Service (Benefit) Cost (198) (185) (128)
General and Administrative Expense [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 1 1 1
Defined Benefit Plan, Non Service (Benefit) Cost 0 (23) (77)
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 0 0 0
Interest Cost 85 70 99
Expected Return on Plan Assets (283) (255) (224)
Amortization of (Gains) Losses 0 0 0
Amortization of Prior Service Cost (Credit) 0 0 0
Recognized Net (Gain) Loss Due to Curtailments 0 0 0
Recognized Net (Gain) Loss Due to Settlements 0 3 3
Defined Benefit Plan, Non Service (Benefit) Cost (198) (182) (122)
Net Periodic Benefit Cost (198) (182) (122)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) 85 (450) 102
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0 0 0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 0 0 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 0 0
(Increase) decrease in other comprehensive income, curtailment 0 0 0
(Increase) decrease in other comprehensive income, settlement 0 (3) (3)
Total (increase) decrease in other comprehensive (Income) Loss 85 (453) 99
Non - U.S. | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 4 4 4
Interest Cost 23 19 22
Expected Return on Plan Assets (43) (44) (41)
Amortization of (Gains) Losses 0 4 2
Amortization of Prior Service Cost (Credit) 0 0 0
Recognized Net (Gain) Loss Due to Curtailments 0 0 (1)
Recognized Net (Gain) Loss Due to Settlements 0 0 0
Defined Benefit Plan, Non Service (Benefit) Cost (20) (21) (18)
Net Periodic Benefit Cost (16) (17) (14)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) (67) (86) 56
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0 0 0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 0 (4) (2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 0 (1)
(Increase) decrease in other comprehensive income, curtailment 0 0 (1)
(Increase) decrease in other comprehensive income, settlement 0 0 0
Total (increase) decrease in other comprehensive (Income) Loss $ (67) $ (90) $ 52
v3.22.4
Postretirement benefits Weighted Average Assumption used to determine the net periodic cost of benefit (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan [Member] | Non - U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Rate of Compensation Increase 3.63% 3.24% 3.26%
Expected Long-term Return on Assets 3.44% 3.37% 3.83%
Pension Plan [Member] | Non - U.S. | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 2.13% 1.57% 2.24%
Pension Plan [Member] | Non - U.S. | Service Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 7.23% 5.58% 6.04%
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Expected Long-term Return on Assets 7.00% 7.00% 7.00%
Interest crediting rate, net periodic benefit costs 4.10% 4.10% 4.10%
Pension Plan [Member] | UNITED STATES | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 2.34% 1.81% 2.85%
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected Long-term Return on Assets 1.00% 1.00% 3.00%
Other Postretirement Benefits Plan [Member] | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 1.89% 1.23% 2.64%
Other Postretirement Benefits Plan [Member] | Service Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 3.22% 2.53% 3.00%
v3.22.4
Postretirement benefits Schedule of Health Care Cost Trend Rates (Details) - Pension Plan [Member]
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
UNITED STATES      
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Health Care Cost Trend Rate 5.72% 5.59% 5.96%
Ultimate Health Care Cost Trend Rate 4.00% 4.50% 4.50%
Year that Rate Reaches Ultimate Trend Rate 2046 2038 2038
Non - U.S.      
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Health Care Cost Trend Rate 5.28% 5.26% 5.04%
Ultimate Health Care Cost Trend Rate 4.04% 4.00% 4.00%
Year that Rate Reaches Ultimate Trend Rate 2040 2040 2040
v3.22.4
Postretirement benefits Schedule of Allocation of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Other Investments $ 13,696 $ 11,169  
Cash 2,012 1,659 $ 1,747
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 81 119 120
Fair Value, Recurring [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 552 [1] 286 [2]  
Fair Value, Recurring [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 399 [1] 481 [2]  
Fair Value, Recurring [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 0 [1] 0 [2]  
Other Investments      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 47 51  
Other Investments | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 31    
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 12,355 10,108  
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 2,540 [3] 3,307 [4]  
Defined Benefit Plan, Plan Assets, Amount 3,316 4,151 3,739
Cash 5 127  
UNITED STATES | Pension Plan [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1,798 [3] 2,287 [4]  
UNITED STATES | Pension Plan [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 742 [3] 1,019 [4]  
UNITED STATES | Pension Plan [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 [3] 1 [4]  
UNITED STATES | Pension Plan [Member] | Short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 42 33  
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 42 33  
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 541 472  
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 431 380  
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 110 92  
UNITED STATES | Pension Plan [Member] | U.S. Treasury / Agency | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 627 923  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 627 923  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 5 4  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 5 4  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1,321 1,872  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1,321 1,871  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 1  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 4 3  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 4 3  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Other Investments | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 538 542  
UNITED STATES | Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 233 175  
Non - U.S. | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 721 [3] 1,128 [4]  
Defined Benefit Plan, Plan Assets, Amount 938 1,318 $ 1,284
Non - U.S. | Pension Plan [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 117 [3] 158 [4]  
Non - U.S. | Pension Plan [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 600 [3] 970 [4]  
Non - U.S. | Pension Plan [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 4 [3] 0 [4]  
Non - U.S. | Pension Plan [Member] | Short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 10 5  
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 10 5  
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 454 679  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 454 679  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 257 444  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 107 153  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 146 291  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 4 0  
Non - U.S. | Other Investments | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments 201 175  
Non - U.S. | Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other Investments $ 16 $ 15  
[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022 measured using NAV as a practical expedient
[2] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
[3] 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, limited partnerships 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.
[4] Excluded from the table above are $542 million and $175 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, limited partnerships of $175 million and $15 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $127 million in cash and accrued income related to the U.S. Plans.
v3.22.4
Postretirement benefits (Schedule of Expected Future Benefit Payments) (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Other Postretirement Benefits Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2023 $ 14
2024 10
2025 6
2026 1
2027 1
2028-2032 5
Non - U.S. | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2023 40
2024 32
2025 34
2026 34
2027 36
2028-2032 216
UNITED STATES | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2023 186
2024 173
2025 178
2026 180
2027 186
2028-2032 $ 967
v3.22.4
Other income and expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity in net income of partially-owned entities [1] $ 16 $ 2,433 $ 1,019
Gains (losses) from fair value changes in separate account assets [2] (42) (8) 58
Federal excise and capital taxes (21) (19) (22)
Other (27) (41) (61)
Total (74) 2,365 994
Unrealized Gain (Loss) on Investments (9,535) (2,417) 2,130
Partially-owned Investment Companies      
Unrealized Gain (Loss) on Investments (219) 2,004 747
Huatai Group [Member]      
Equity in net income of partially-owned entities $ 5 $ 233 $ 167
[1] Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.
[2] Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.22.4
Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Net premiums written $ 41,755 $ 37,868 $ 33,820
Net premiums earned 40,389 36,355 33,117
Losses and loss expenses 23,342 21,980 21,710
Policy benefits 1,492 699 784
Policy acquisition costs 7,392 6,918 6,547
Administrative expenses 3,395 3,136 2,979
Underwriting Income (Loss) 4,768 3,622 1,097
Net investment income 3,742 3,456 3,375
Other (income) expense 74 (2,365) (994)
Amortization of purchased intangibles 285 287 290
Segment income (loss) 8,151 9,156 5,176
Net realized gains (losses) (965) 1,152 (498)
Interest expense 570 492 516
Income tax expense 1,255 1,277 629
Cigna integration expenses 48 0 0
Net income 5,313 8,539 3,533
Segment Reconciling Items [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 0 0 0
Net premiums earned 0 0 0
Losses and loss expenses (11) (8) 1
Policy benefits (42) (8) 58
Policy acquisition costs 0 0 0
Administrative expenses 0 0 0
Underwriting Income (Loss) 53 16 (59)
Net investment income (240) (179) (115)
Other (income) expense (198) (171) (173)
Amortization of purchased intangibles 0 0 0
Segment income (loss) 11 8 (1)
Net realized gains (losses) (11) (8) 1
Interest expense 0 0 0
Income tax expense 0 0 0
Cigna integration expenses 0    
Net income 0 0 0
North America Commercial P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 17,889 16,415 14,474
Net premiums earned 17,107 15,461 13,964
Losses and loss expenses 10,828 10,015 10,129
Policy benefits 0 0 0
Policy acquisition costs 2,313 2,082 1,942
Administrative expenses 1,113 1,052 1,006
Underwriting Income (Loss) 2,853 2,312 887
Net investment income 2,247 2,078 2,061
Other (income) expense 17 31 23
Amortization of purchased intangibles 0 0 0
Segment income (loss) 5,083 4,359 2,925
North America Personal P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 5,313 5,002 4,920
Net premiums earned 5,180 4,915 4,866
Losses and loss expenses 3,186 2,924 3,187
Policy benefits 0 0 0
Policy acquisition costs 1,057 1,001 974
Administrative expenses 291 276 270
Underwriting Income (Loss) 646 714 435
Net investment income 283 249 260
Other (income) expense 4 (2) 5
Amortization of purchased intangibles 10 10 11
Segment income (loss) 915 955 679
North America Agricultural Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 2,907 2,388 1,846
Net premiums earned 2,838 2,338 1,822
Losses and loss expenses 2,557 1,962 1,544
Policy benefits 0 0 0
Policy acquisition costs 126 124 123
Administrative expenses (10) (3) 9
Underwriting Income (Loss) 165 255 146
Net investment income 36 28 30
Other (income) expense 1 1 1
Amortization of purchased intangibles 26 26 27
Segment income (loss) 174 256 148
Overseas General Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 11,060 10,713 9,335
Net premiums earned 10,803 10,441 9,285
Losses and loss expenses 5,252 5,143 5,255
Policy benefits 0 0 0
Policy acquisition costs 2,818 2,799 2,568
Administrative expenses 1,070 1,078 1,034
Underwriting Income (Loss) 1,663 1,421 428
Net investment income 626 597 534
Other (income) expense 2 0 13
Amortization of purchased intangibles 57 48 45
Segment income (loss) 2,230 1,970 904
Global Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 943 873 731
Net premiums earned 922 798 698
Losses and loss expenses 670 632 435
Policy benefits 0 0 0
Policy acquisition costs 240 200 174
Administrative expenses 36 35 37
Underwriting Income (Loss) (24) (69) 52
Net investment income 281 331 307
Other (income) expense 1 0 2
Amortization of purchased intangibles 0 0 0
Segment income (loss) 256 262 357
Life Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 3,643 2,477 2,514
Net premiums earned 3,539 2,402 2,482
Losses and loss expenses 497 740 724
Policy benefits 1,534 707 726
Policy acquisition costs 838 712 766
Administrative expenses 510 333 320
Underwriting Income (Loss) 160 (90) (54)
Net investment income 509 407 385
Other (income) expense (45) (106) (74)
Amortization of purchased intangibles 10 5 4
Segment income (loss) 704 418 401
Corporate and Other      
Segment Reporting Information [Line Items]      
Net premiums written 0 0 0
Net premiums earned 0 0 0
Losses and loss expenses 363 572 435
Policy benefits 0 0 0
Policy acquisition costs 0 0 0
Administrative expenses 385 365 303
Underwriting Income (Loss) (748) (937) (738)
Net investment income 0 (55) (87)
Other (income) expense 292 (2,118) (791)
Amortization of purchased intangibles 182 198 203
Segment income (loss) (1,222) 928 (237)
Net realized gains (losses) (954) 1,160 (499)
Interest expense 570 492 516
Income tax expense 1,255 1,277 629
Cigna integration expenses 48    
Net income $ (4,049) $ 319 $ (1,881)
v3.22.4
Segment Information (Net Premiums Earned For Segment By Product) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Net premiums earned $ 40,389 $ 36,355 $ 33,117
North America Commercial P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 17,107 15,461 13,964
North America Commercial P&C Insurance [Member] | Property and other short-tail [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,383 2,942 2,423
North America Commercial P&C Insurance [Member] | Casualty and all other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 13,056 11,905 10,812
North America Commercial P&C Insurance [Member] | Accident and Health [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 668 614 729
North America Personal P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 5,180 4,915 4,866
North America Personal P&C Insurance [Member] | Personal automobile [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 811 781 822
North America Personal P&C Insurance [Member] | Personal homeowners [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,557 3,384 3,327
North America Personal P&C Insurance [Member] | Personal other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 812 750 717
North America Agricultural Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 2,838 2,338 1,822
Overseas General Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 10,803 10,441 9,285
Overseas General Insurance [Member] | Property and other short-tail [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,382 3,105 2,468
Overseas General Insurance [Member] | Casualty and all other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,232 3,114 2,738
Overseas General Insurance [Member] | Accident and Health [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 2,169 2,113 2,098
Overseas General Insurance [Member] | Personal lines [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 2,020 2,109 1,981
Global Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 922 798 698
Global Reinsurance [Member] | Property and other short-tail [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 211 151 104
Global Reinsurance [Member] | Casualty and all other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 503 457 421
Global Reinsurance [Member] | Property catastrophe [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 208 190 173
Life Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,539 2,402 2,482
Life Insurance [Member] | Accident and Health [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 2,055 1,082 1,165
Life Insurance [Member] | Life [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned $ 1,484 $ 1,320 $ 1,317
v3.22.4
Segment Information (Net Premiums Earned By Geographic Region) (Details) - Geographic Concentration Risk - Revenue Benchmark
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
North America [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 69.00% 70.00% 70.00%
Europe [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage [1] 11.00% 12.00% 11.00%
Asia Pacific and Far East [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 14.00% 12.00% 12.00%
Latin America [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 6.00% 6.00% 7.00%
[1] (1)     Europe includes Middle East and Africa regions.
v3.22.4
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share [Abstract]      
Net income $ 5,313 $ 8,539 $ 3,533
Weighted-average shares outstanding 419,779,847 439,968,422 451,602,820
Share-based compensation plans 3,747,597 3,228,856 1,838,692
Adjusted weighted-average shares outstanding and assumed conversions 423,527,444 443,197,278 453,441,512
Basic earnings per share $ 12.66 $ 19.41 $ 7.82
Diluted earnings per share $ 12.55 $ 19.27 $ 7.79
Potential anti-dilutive share conversions 1,467,840 1,532,066 6,811,966
v3.22.4
Related party transactions (Schedule of related party transactions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]      
Ceded Premiums Written $ 10,258 $ 8,912 $ 7,441
Losses and loss expenses 23,342 21,980 21,710
Insurance and reinsurance balances payable 7,795 7,243  
Other (income) expense 74 (2,365) (994)
Other Investments $ 13,696 $ 11,169  
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member]      
Related Party Transaction [Line Items]      
Ownership Percentage 19.00% 17.00%  
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member] | ABR Reinsurance Capital Holdings Ltd. [Member]      
Related Party Transaction [Line Items]      
Ownership Percentage 18.80%    
Starr Technical Risk Agency and Affiliates [Member]      
Related Party Transaction [Line Items]      
Minimum Amount of Program Business to be Written to Earn Profit Sharing $ 20    
Premiums Written, Gross 618 $ 592 507
Ceded Premiums Written 353 321 253
Paid commissions 122 114 97
Commissions received 79 73 59
Losses and loss expenses 225 157 170
Reinsurance Recoverable on Losses and Loss Expenses 541 516  
Insurance and reinsurance balances payable 96 88  
ABR Reinsurance Capital Holdings Ltd. [Member]      
Related Party Transaction [Line Items]      
Ceded Premiums Written 507 442 350
Commissions received 138 133 100
Reinsurance Recoverable on Losses and Loss Expenses 1,050 963  
Insurance and reinsurance balances payable $ 110 107  
Warrants & Rights Outstanding 0.50%    
BlackRock, Inc.      
Related Party Transaction [Line Items]      
Revenue from Related Parties $ 7 11 3
Aquiline Capital Partners LLC      
Related Party Transaction [Line Items]      
Investment Company, Financial Commitment to Investee, Future Amount 267    
Other (income) expense 8 68 $ 2
Other Investments $ 271 $ 245  
v3.22.4
Statutory Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statutory Accounting Practices [Line Items]      
Dividends available to be paid $ 5,700    
Approximate increase in statutory capital and surplus resulting from discount of certain A&E liabilities 120 $ 129  
Minimum statutory capital and surplus required to satisfy regulatory requirements 36,900 34,000  
Statutory Accounting Practices, Permitted Practice, Amount 79 72  
PropertyAndCasualtySubsidiaries [Member]      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 40,824 46,662  
Statutory net income 4,028 7,983 $ 4,354
LifeSubsidiaries [Member] [Member]      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 4,834 2,294  
Statutory net income $ 1,425 $ 424 $ (245)
v3.22.4
Schedule I (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Other Investments $ 13,696 $ 11,169
Cost or Amortized Cost [1] 121,248  
Fair Value 112,871  
Amount at Which Shown in the Balance Sheet 113,280  
All Related Party [Member]    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Other Investments 271  
Fixed maturities available for sale    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [1] 93,186  
Fair Value 85,220  
Amount at Which Shown in the Balance Sheet 85,220  
Fixed maturities available for sale | U.S. Treasury / Agency    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 2,792  
Fair Value 2,626  
Amount at Which Shown in the Balance Sheet 2,626  
Fixed maturities available for sale | Non-U.S.    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 28,005  
Fair Value 25,908  
Amount at Which Shown in the Balance Sheet 25,908  
Fixed maturities available for sale | Corporate securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 40,440  
Fair Value 36,955  
Amount at Which Shown in the Balance Sheet 36,955  
Fixed maturities available for sale | Mortgage-backed securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 17,868  
Fair Value 15,851  
Amount at Which Shown in the Balance Sheet 15,851  
Fixed maturities available for sale | States, municipalities, and political subdivisions    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 4,081  
Fair Value 3,880  
Amount at Which Shown in the Balance Sheet 3,880  
Fixed maturities held to maturity    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [1] 8,848  
Fair Value 8,439  
Amount at Which Shown in the Balance Sheet 8,848  
Fixed maturities held to maturity | U.S. Treasury / Agency    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 1,417  
Fair Value 1,370  
Amount at Which Shown in the Balance Sheet 1,417  
Fixed maturities held to maturity | Non-U.S.    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 1,136  
Fair Value 1,054  
Amount at Which Shown in the Balance Sheet 1,136  
Fixed maturities held to maturity | Corporate securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 1,705  
Fair Value 1,580  
Amount at Which Shown in the Balance Sheet 1,705  
Fixed maturities held to maturity | Mortgage-backed securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 1,455  
Fair Value 1,351  
Amount at Which Shown in the Balance Sheet 1,455  
Fixed maturities held to maturity | States, municipalities, and political subdivisions    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 3,135  
Fair Value 3,084  
Amount at Which Shown in the Balance Sheet 3,135  
Industrial, miscellaneous, and all others    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 827  
Fair Value 827  
Amount at Which Shown in the Balance Sheet 827  
Short-term investments    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 4,962  
Fair Value 4,960  
Amount at Which Shown in the Balance Sheet 4,960  
Other investments    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [2] 13,425  
Fair Value [2] 13,425  
Amount at Which Shown in the Balance Sheet [2] $ 13,425  
[1] Net of valuation allowance for expected credit losses.
[2] Excludes $271 million of related party investments.
v3.22.4
Schedule II (BALANCE SHEETS - Parent Company Only) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Assets        
Cash $ 2,012 $ 1,659 $ 1,747  
Other assets 12,736 11,792    
Total assets 199,144 200,054    
Liabilities        
Accounts payable, accrued expenses, and other liabilities 15,587 15,004    
Total liabilities 148,604 140,340    
Stockholders' Equity Attributable to Parent [Abstract]        
Common Shares 10,346 10,985    
Common shares in treasury 5,113 7,464    
Additional paid-in capital 7,166 8,478    
Retained earnings 48,334 47,365    
Accumulated other comprehensive income (10,193) 350    
Stockholders' Equity 50,540 59,714 59,441  
Total liabilities and shareholders’ equity 199,144 200,054    
Parent Company Only        
Assets        
Investments in subsidiaries and affiliates on equity basis 50,393 58,850    
Total investments 50,393 58,850    
Cash 40 1 $ 84 $ 2
Due from subsidiaries and affiliates, net 959 1,218    
Other assets 16 16    
Total assets 51,408 60,085    
Liabilities        
Affiliated notional cash pooling program 252 8    
Accounts payable, accrued expenses, and other liabilities 616 363    
Total liabilities 868 371    
Stockholders' Equity Attributable to Parent [Abstract]        
Common Shares 10,346 10,985    
Common shares in treasury 5,113 7,464    
Additional paid-in capital 7,166 8,478    
Retained earnings 48,334 47,365    
Accumulated other comprehensive income (10,193) 350    
Stockholders' Equity 50,540 59,714    
Total liabilities and shareholders’ equity $ 51,408 $ 60,085    
v3.22.4
Schedule II Schedule II (STATEMENTS OF OPERATIONS - Parent Company Only) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]      
Equity in net income of subsidiaries and affiliates [1] $ 16 $ 2,433 $ 1,019
Total revenues 43,166 40,963 35,994
Administrative and other (income) expense 3,395 3,136 2,979
Business Combination, Integration Related Costs 48 0 0
Income tax expense 1,255 1,277 629
Total expenses 36,598 31,147 31,832
Net income 5,313 8,539 3,533
Chubb limited (Parent Guarantor)      
Condensed Financial Statements, Captions [Line Items]      
Investment income, including intercompany interest income [2] 83 96 155
Equity in net income of subsidiaries and affiliates 5,323 8,514 3,457
Total revenues 5,406 8,610 3,612
Administrative and other (income) expense 65 56 55
Business Combination, Integration Related Costs 10 0 0
Income tax expense 18 15 24
Total expenses 93 71 79
Net income 5,313 8,539 3,533
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest $ (5,230) $ 6,020 $ 5,783
[1] Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.
[2] (1) Includes net investment income, interest income, and net realized gains (losses).
v3.22.4
Schedule II (STATEMENTS OF CASH FLOWS - Parent Company Only) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]      
Net Cash Provided by (Used in) Operating Activities, Total $ 11,243 $ 11,149 $ 9,785
Other (560) (337) (470)
Net Cash Provided by (Used in) Investing Activities (5,654) (6,659) (7,521)
Dividends paid on Common Shares (1,375) (1,401) (1,388)
Common Shares repurchased (2,894) (4,861) (523)
Net cash flows (used for) from financing activities (5,127) (4,409) (2,082)
Effect of foreign currency rate changes on cash and restricted cash (146) (106) 8
Net increase (decrease) in cash and restricted cash 316 (25) 190
Cash and restricted cash – beginning of year 1,659 1,747  
Cash and restricted cash – end of year 2,012 1,659 1,747
Chubb limited (Parent Guarantor)      
Condensed Financial Statements, Captions [Line Items]      
Net Cash Provided by (Used in) Operating Activities, Total [1] 7,831 4,167 1,933
Capital contribution (4,046) 0 (1,200)
Other 0 0 (2)
Net Cash Provided by (Used in) Investing Activities (4,046) 0 (1,202)
Dividends paid on Common Shares (1,375) (1,401) (1,388)
Common Shares repurchased (2,894) (4,861) (523)
Repayment of intercompany loans 279 2,003 1,265
Net proceeds from (payments to) affiliated notional cash pooling programs [2] 245 8 0
Net cash flows (used for) from financing activities (3,745) (4,251) (646)
Effect of foreign currency rate changes on cash and restricted cash (1) 1 (3)
Net increase (decrease) in cash and restricted cash 39 (83) 82
Cash and restricted cash – beginning of year 1 84 2
Cash and restricted cash – end of year 40 1 84
Cash dividend paid by Affiliates [1] $ 7,700 $ 3,700 $ 2,000
[1] Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information.
v3.22.4
Schedule IV (SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 46,154 $ 41,138 $ 37,037
Ceded To Other Companies 10,195 8,433 7,243
Assumed From Other Companies 4,430 3,650 3,323
Net Amount $ 40,389 $ 36,355 $ 33,117
Percentage of Amount Assumed to Net 11.00% 10.00% 10.00%
Property and Casualty [Member]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 39,449 $ 35,767 $ 31,546
Ceded To Other Companies 9,678 7,982 6,782
Assumed From Other Companies 4,242 3,441 3,044
Net Amount $ 34,013 $ 31,226 $ 27,808
Percentage of Amount Assumed to Net 12.00% 11.00% 11.00%
Accident and Health [Member]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 5,206 $ 4,062 $ 4,249
Ceded To Other Companies 411 362 368
Assumed From Other Companies 97 109 111
Net Amount $ 4,892 $ 3,809 $ 3,992
Percentage of Amount Assumed to Net 2.00% 3.00% 3.00%
Life [Member]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 1,499 $ 1,309 $ 1,242
Ceded To Other Companies 106 89 93
Assumed From Other Companies 91 100 168
Net Amount $ 1,484 $ 1,320 $ 1,317
Percentage of Amount Assumed to Net 6.00% 8.00% 13.00%
v3.22.4
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]      
Deferred Policy Acquisition Costs $ 4,462 $ 4,260 $ 4,244
Net Reserves for Unpaid Losses 59,195 56,759 53,164
Unearned Premiums 20,360 19,101 17,652
Net Premiums Earned 38,905 35,035 31,800
Net Investment Income 3,381 3,133 3,074
Current Year Claim and Claim Adjustment Expense 24,495 22,966 22,124
Prior Year Claim and Claim Adjustment Expense (1,153) (986) (414)
Net Losses and Loss Expenses Incurred Related to Prior Year [1] (1,153) (986) (414)
Amortization of Deferred Policy Acquisition Costs 6,873 6,440 6,076
Net Paid Losses and Loss Expenses 20,323 17,884 17,434
Net Premiums Written $ 40,170 $ 36,474 $ 32,471
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $277 million, $60 million, and $19 million for 2022, 2021, and 2020, respectively.