Increase in unearned premiums

$ 9,546

$ 8,355

$ 18,208

$ 16,332

(733)

(227)

(1,174)

(410)

8,813

8,128

17,034

15,922

884

827

1,747

1,688

(33)

30

854

(928)

Total revenues

9,664

8,985

19,635

16,682

Expenses

5,006

6,577

10,059

11,062

185

223

352

1,698

1,593

3,363

3,208

775

727

1,519

1,468

122

128

244

260

(777)

^[1]

58

(1,267)

113

Income (loss) before income tax

73

72

145

Total expenses

7,082

9,378

14,415

16,608

2,582

(393)

5,220

74

Income tax expense (benefit) (includes $(6), $(2), $(2), and $(42) on unrealized gains and losses reclassified from AOCI)

317

(62)

655

153

Unrealized appreciation (depreciation)

2,265

(331)

4,565

(79)

Other comprehensive income (loss)

706

3,248

(1,587)

769

Reclassification adjustment for net realized (gains) losses included in net income (loss)

(12)

33

(36)

352

Unrealized appreciation (Depreciation) after reclassification adjustment

694

3,281

(1,623)

1,121

Change in:

Cumulative foreign currency translation adjustment

308

445

330

(414)

Postretirement benefit liability adjustment

(9)

(22)

(37)

(36)

Other comprehensive income (loss), before income tax

993

3,704

(1,330)

671

Income tax (expense) benefit related to OCI items

(129)

(513)

283

(192)

Other comprehensive income (loss)

864

3,191

(1,047)

479

Comprehensive income

$ 3,129

$ 2,860

$ 3,518

$ 400

Earnings per share

Basic earnings (loss) per share

$ 5.09

$ (0.73)

$ 10.20

$ (0.17)

Diluted earnings (loss) per share

$ 5.06

$ (0.73)

$ 10.13

$ (0.17)

[1]	Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.

Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Total net realized gains (losses) reclassified from AOCI	$ 12	$ (33)	$ 36	$ (352)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (6)	$ (2)	$ (2)	$ (42)

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Common shares in treasury [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance	AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]	Cumulative Foreign Currency Translation Adjustment [Member]	Postretirement Benefit Liability Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance - beginning of period at Dec. 31, 2019		$ 11,121	$ (3,754)	$ 11,203	$ 36,142	$ (72)	$ 36,070	$ 2,543	$ (1,939)	$ 15
Common Shares repurchased			(326)
Net shares redeemed under employee share-based compensation plans			214	(189)
Exercise of stock options				(29)
Share-based compensation expense				124
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings				(693)
Net income (loss)	$ (79)				(79)
Funding of dividends declared from Additional paid-in capital					693
Dividends declared on Common Shares					(693)
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $(107), $(522), $294 and $(198)								571
Amounts reclassified from AOCI, net of income tax expense of $(6), $(2), $(2), $(42)								310
Change in period, net of income tax (expense) benefit of $(113), $(524), $292 and $(240)								881
Change in period, net of income tax (expense) benefit of $(18), $6, $(16) and $40									(374)
Change in period, net of income tax benefit of $2, $5, $7 and $8										(28)
Balance - end of period at Jun. 30, 2020	54,760	11,121	(3,866)	10,416	35,991			3,424	(2,313)	(13)	$ 1,098
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	(42)							(42)
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax								(240)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax								(198)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax									40
Pension liability adjustment, Change in period, income tax (expense) benefit										8
Balance - beginning of period at Mar. 31, 2020		11,121	(3,872)	10,710	36,322	0	36,322	667	(2,764)	4
Common Shares repurchased			0
Net shares redeemed under employee share-based compensation plans			6	7
Exercise of stock options				(3)
Share-based compensation expense				55
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings				(353)
Net income (loss)	(331)				(331)
Funding of dividends declared from Additional paid-in capital					353
Dividends declared on Common Shares					(353)
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $(107), $(522), $294 and $(198)								2,726
Amounts reclassified from AOCI, net of income tax expense of $(6), $(2), $(2), $(42)								31
Change in period, net of income tax (expense) benefit of $(113), $(524), $292 and $(240)								2,757
Change in period, net of income tax (expense) benefit of $(18), $6, $(16) and $40									451
Change in period, net of income tax benefit of $2, $5, $7 and $8										(17)
Balance - end of period at Jun. 30, 2020	54,760	11,121	(3,866)	10,416	35,991			3,424	(2,313)	(13)	1,098
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	(2)							(2)
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax								(524)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax								(522)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax									6
Pension liability adjustment, Change in period, income tax (expense) benefit										5
Balance - beginning of period at Dec. 31, 2020	59,441	11,064	(3,644)	9,815	39,337	0	39,337	4,673	(1,637)	(167)
Common Shares repurchased			(2,440)
Net shares redeemed under employee share-based compensation plans			312	(182)
Exercise of stock options				(30)
Share-based compensation expense				147
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings				(704)
Net income (loss)	4,565				4,565
Funding of dividends declared from Additional paid-in capital					704
Dividends declared on Common Shares					(704)
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $(107), $(522), $294 and $(198)								(1,293)
Amounts reclassified from AOCI, net of income tax expense of $(6), $(2), $(2), $(42)								(38)
Change in period, net of income tax (expense) benefit of $(113), $(524), $292 and $(240)								(1,331)
Change in period, net of income tax (expense) benefit of $(18), $6, $(16) and $40									314
Change in period, net of income tax benefit of $2, $5, $7 and $8										(30)
Balance - end of period at Jun. 30, 2021	60,062	11,064	(5,772)	9,046	43,902			3,342	(1,323)	(197)	1,822
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (2)							(2)
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax								292
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax								294
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax									(16)
Pension liability adjustment, Change in period, income tax (expense) benefit										7
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Balance - beginning of period at Mar. 31, 2021		11,064	(3,901)	9,318	41,637	$ 0	$ 41,637	2,761	(1,613)	(190)
Common Shares repurchased			(1,921)
Net shares redeemed under employee share-based compensation plans			50	5
Exercise of stock options				(6)
Share-based compensation expense				81
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings				(352)
Net income (loss)	$ 2,265				2,265
Funding of dividends declared from Additional paid-in capital					352
Dividends declared on Common Shares					(352)
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $(107), $(522), $294 and $(198)								599
Amounts reclassified from AOCI, net of income tax expense of $(6), $(2), $(2), $(42)								(18)
Change in period, net of income tax (expense) benefit of $(113), $(524), $292 and $(240)								581
Change in period, net of income tax (expense) benefit of $(18), $6, $(16) and $40									290
Change in period, net of income tax benefit of $2, $5, $7 and $8										(7)
Balance - end of period at Jun. 30, 2021	60,062	$ 11,064	$ (5,772)	$ 9,046	$ 43,902			3,342	(1,323)	(197)	$ 1,822
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (6)							(6)
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax								(113)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax								$ (107)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax									$ (18)
Pension liability adjustment, Change in period, income tax (expense) benefit										$ 2

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 4,565	$ (79)
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	(854)	928
Amortization of premiums/discounts on fixed maturities	147	192
Amortization of purchased intangibles	145	145
Deferred income taxes	(28)	(302)
Unpaid losses and loss expenses	2,165	3,172
Unearned premiums	1,533	538
Future policy benefits	110	87
Insurance and reinsurance balances payable	796	118
Accounts payable, accrued expenses, and other liabilities	(630)	(304)
Income taxes payable	50	2
Insurance and reinsurance balances receivable	(1,180)	(645)
Reinsurance recoverable	(47)	(71)
Deferred policy acquisition costs	(198)	(62)
Other	(1,347)	(22)
Net cash flows from operating activities	5,227	3,697
Cash flows from investing activities
Purchases of fixed maturities available for sale	(15,217)	(13,058)
Purchases of fixed maturities held to maturity	(211)	(42)
Purchases of equity securities	(642)	(2,824)
Sales of fixed maturities available for sale	3,469	7,734
Sales of equity securities	614	1,353
Maturities and redemptions of fixed maturities available for sale	9,410	5,220
Maturities and redemptions of fixed maturities held to maturity	1,163	642
Net change in short-term investments	(120)	173
Net derivative instruments settlements	(87)	(18)
Private equity contribution	(873)	(546)
Private equity distribution	640	443
Payment, including deposit, for Huatai Group Interest	(65)	(1,550)
Other	(106)	(221)
Net cash flows used for investing activities	(2,025)	(2,694)
Cash flows from financing activities
Dividends paid on Common Shares	(703)	(678)
Common Shares repurchased	(2,440)	(333)
Proceeds from issuance of repurchase agreements	550	1,402
Repayment of repurchase agreements	(550)	(1,402)
Proceeds from share-based compensation plans	178	74
Policyholder contract deposits and other	268	215
Policyholder contract withdrawals and other	(245)	(173)
Proceeds from (Payments for) Other Financing Activities	(80)	(3)
Net cash flows used for financing activities	(3,022)	(898)
Effect of foreign currency rate changes on cash and restricted cash	(18)	(42)
Net increase (decrease) in cash and restricted cash	162	63
Cash and restricted cash - beginning of period	1,836	1,646
Cash and restricted cash - end of period	1,998	1,709
Supplemental cash flow information
Taxes paid	631	442
Interest paid	$ 271	$ 286

General

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 12 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Form 10-K.

b) Restricted cash

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

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


	June 30		December 31
(in millions of U.S. dollars)	2021		2020
Cash	$	1,843	$	1,747
Restricted cash	155		89
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	1,998	$	1,836

c) Goodwill

During the six months ended June 30, 2021, Goodwill increased $106 million, reflecting the impact of foreign exchange.

d) Accounting guidance not yet adopted

Targeted Improvements to the Accounting for Long-Duration Contracts

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

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions 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), approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and approximately 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 600 branches and 17 million customers in China. In November 2020, we completed the purchase of an incremental 0.9 percent ownership interest in Huatai Group for approximately $65 million, which was paid in January 2021. As of June 30, 2021, Chubb's aggregate ownership interest in Huatai Group was approximately 47.1 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. In 2019, Chubb entered into an agreement to acquire an additional 7.1 percent ownership interest in Huatai Group. The purchase of the additional 7.1 percent ownership interest is contingent upon important conditions. Upon completion of the 7.1 percent purchase, Chubb is expected to obtain majority ownership of Huatai Group and control of Huatai. At that time, Chubb is expected to apply consolidation accounting and discontinue the application of the equity method of accounting.

Investments

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

a) Fixed maturities


June 30, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,349	$	—	$	134	$	(5)	$	2,478
Non-U.S.	25,269		(5)		1,296		(148)		26,412
Corporate and asset-backed securities	35,916		(6)		1,779		(114)		37,575
Mortgage-backed securities	18,851		—		752		(50)		19,553
Municipal	5,880		—		267		(2)		6,145
	$	88,265	$	(11)	$	4,228	$	(319)	$	92,163
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value

Held to maturity
U.S. Treasury / Agency	$	1,041	$	—	$	1,041	$	41	$	—	$	1,082
Non-U.S.	1,285		(5)		1,280		86		—		1,366
Corporate and asset-backed securities	2,117		(30)		2,087		227		—		2,314
Mortgage-backed securities	1,782		(1)		1,781		111		—		1,892
Municipal	4,485		(1)		4,484		205		—		4,689
	$	10,710	$	(37)	$	10,673	$	670	$	—	$	11,343


December 31, 2020	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,471	$	—	$	199	$	—	$	2,670
Non-U.S.	24,594		(6)		1,808		(42)		26,354
Corporate and asset-backed securities	34,095		(14)		2,322		(72)		36,331
Mortgage-backed securities	17,456		—		1,022		(8)		18,470
Municipal	6,572		—		304		(2)		6,874
	$	85,188	$	(20)	$	5,655	$	(124)	$	90,699
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value

Held to maturity
U.S. Treasury / Agency	$	1,392	$	—	$	1,392	$	60	$	—	$	1,452
Non-U.S.	1,295		(7)		1,288		118		(1)		1,405
Corporate and asset-backed securities	2,185		(35)		2,150		288		—		2,438
Mortgage-backed securities	2,000		(1)		1,999		148		(1)		2,146
Municipal	4,825		(1)		4,824		245		—		5,069
	$	11,697	$	(44)	$	11,653	$	859	$	(2)	$	12,510

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


	June 30, 2021				December 31, 2020
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	2,268	21	%	$	2,511	22	%
AA	5,544		52	%	6,193		53	%
A	2,027		19	%	2,138		18	%
BBB	842		8	%	826		7	%
BB	28		—	%	28		—	%
Other	1		—	%	1		—	%
Total	$	10,710	100	%	$	11,697	100	%

The following table presents fixed maturities by contractual maturity:


			June 30				December 31
			2021				2020
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available for sale
Due in 1 year or less	$	4,536	$	4,536	$	4,760	$	4,760
Due after 1 year through 5 years	26,142		26,142		26,227		26,227
Due after 5 years through 10 years	27,953		27,953		27,232		27,232
Due after 10 years	13,979		13,979		14,010		14,010
	72,610		72,610		72,229		72,229
Mortgage-backed securities	19,553		19,553		18,470		18,470
	$	92,163	$	92,163	$	90,699	$	90,699
Held to maturity
Due in 1 year or less	$	880	$	887	$	1,231	$	1,240
Due after 1 year through 5 years	3,579		3,716		3,592		3,760
Due after 5 years through 10 years	2,734		2,887		3,029		3,228
Due after 10 years	1,699		1,961		1,802		2,136
	8,892		9,451		9,654		10,364
Mortgage-backed securities	1,781		1,892		1,999		2,146
	$	10,673	$	11,343	$	11,653	$	12,510

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 June 30, 2021 comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

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


	0 – 12 Months				Over 12 Months				Total
June 30, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	203	$	(5)	$	—	$	—	$	203	$	(5)
Non-U.S.	4,325		(122)		610		(21)		4,935		(143)
Corporate and asset-backed securities	4,940		(87)		589		(14)		5,529		(101)
Mortgage-backed securities	5,127		(49)		36		(1)		5,163		(50)
Municipal	90		(1)		8		(1)		98		(2)
Total AFS fixed maturities	$	14,685	$	(264)	$	1,243	$	(37)	$	15,928	$	(301)


	0 – 12 Months				Over 12 Months				Total
December 31, 2020	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

Non-U.S.	$	1,628	$	(35)	$	114	$	(5)	$	1,742	$	(40)
Corporate and asset-backed securities	2,212		(33)		593		(14)		2,805		(47)
Mortgage-backed securities	875		(6)		35		(2)		910		(8)
Municipal	40		(1)		16		(1)		56		(2)
Total AFS fixed maturities	$	4,755	$	(75)	$	758	$	(22)	$	5,513	$	(97)

c) Net realized gains (losses)

The following table presents the components of Net realized gains (losses):


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Fixed maturities:



Gross realized gains	$	56	$	68	$	93	$	145
Gross realized losses	(53)		(174)		(72)		(299)
Net (provision for) recovery of expected credit losses	10		104		16		(46)
Impairment (1)	(1)		(31)		(1)		(152)
Total fixed maturities	$	12	$	(33)	$	36	$	(352)
Equity securities	150		148		517		119

Other investments	62		(107)		100		(102)
Foreign exchange losses	(97)		(61)		(21)		(129)
Investment and embedded derivative instruments	(91)		14		18		29
Fair value adjustments on insurance derivative	(8)		213		311		(472)
S&P futures	(64)		(103)		(108)		22
Other derivative instruments	3		(1)		2		(3)
Other	—		(40)		(1)		(40)
Net realized gains (losses) (pre-tax)	$	(33)	$	30	$	854	$	(928)

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

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


							Three Months Ended
							June 30
	2021						2020
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	150	$	62	$	212	$	148	$	(107)	$	41
Less: Net gains recognized from sales of securities	45		—		45		187		—		187
Unrealized gains (losses) recognized for securities still held at reporting date	$	105	$	62	$	167	$	(39)	$	(107)	$	(146)


							Six Months Ended
							June 30
	2021						2020
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	517	$	100	$	617	$	119	$	(102)	$	17
Less: Net gains recognized from sales of securities	90		—		90		163		—		163
Unrealized gains (losses) recognized for securities still held at reporting date	$	427	$	100	$	527	$	(44)	$	(102)	$	(146)

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	15	$	176	$	20	$	—
Impact of adoption of new accounting guidance	—		—		—		25
Provision for expected credit loss	1		29		5		178
Initial allowance for purchased securities with credit deterioration	—		3		—		5
Write-offs charged against the expected credit loss	—		(5)		—		(5)

Recovery of expected credit loss	(5)		(134)		(14)		(134)
Valuation allowance for expected credit losses - end of period	$	11	$	69	$	11	$	69
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	43	$	45	$	44	$	—
Impact of adoption of new accounting guidance	—		—		—		44
Provision for expected credit loss	—		6		—		7


Recovery of expected credit loss	(6)		—		(7)		—
Valuation allowance for expected credit losses - end of period	$	37	$	51	$	37	$	51

d) 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:


				June 30				December 31
	Expected Liquidation Period of Underlying Assets			2021				2020
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	957	$	350	$	673	$	237
Real Assets	2 to 11 Years	1,014		781		805		598
Distressed	2 to 8 Years	486		875		358		970
Private Credit	3 to 8 Years	87		276		88		270
Traditional	2 to 14 Years	5,365		5,679		4,519		1,125
Vintage	1 to 2 Years	70		—		73		—
Investment funds	Not Applicable	274		—		254		—
		$	8,253	$	7,961	$	6,770	$	3,200

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


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

Investment funds 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) Restricted assets

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

June 30, 2021 and December 31, 2020 are investments, primarily fixed maturities, totaling $18.7 billion and $19.6 billion, respectively, and cash of $155 million and $89 million, respectively.

The following table presents the components of restricted assets:


	June 30		December 31
(in millions of U.S. dollars)	2021		2020
Trust funds	$	11,545	$	12,305
Deposits with U.S. regulatory authorities	2,431		2,438
Deposits with non-U.S. regulatory authorities	2,801		2,905
Assets pledged under repurchase agreements	1,465		1,462
Other pledged assets	605		584
Total	$	18,847	$	19,694

Fair value measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair value measurements

a) Fair value hierarchy

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

The three levels of the hierarchy are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;

•Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as

interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and

•Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants

would use in pricing an asset or liability.

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

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with 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 net asset values or equivalent (NAV) and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities, classified within Level 1 and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities. Other investments for which pricing is unobservable are classified within Level 3.

Securities lending collateral

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

Investment derivative instruments

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

Other derivative instruments

We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in 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. GLB’s 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


June 30, 2021	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	1,975	$	503	$	—	$	2,478
Non-U.S.	—		25,770		642		26,412
Corporate and asset-backed securities	—		35,887		1,688		37,575
Mortgage-backed securities	—		19,506		47		19,553
Municipal	—		6,145		—		6,145
	1,975		87,811		2,377		92,163
Equity securities	4,529		—		78		4,607
Short-term investments	3,132		1,335		3		4,470
Other investments (1)	417		470		10		897
Securities lending collateral	—		2,369		—		2,369
Investment derivative instruments	55		—		—		55
Other derivative instruments	10		—		—		10
Separate account assets	5,014		113		—		5,127
Total assets measured at fair value (1)	$	15,132	$	92,098	$	2,468	$	109,698
Liabilities:
Investment derivative instruments	$	94	$	—	$	—	$	94
Other derivative instruments	12		—		—		12
GLB (2)	—		—		760		760
Total liabilities measured at fair value	$	106	$	—	$	760	$	866

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $8,253 million, policy loans of $237 million and other investments of $70 million at June 30, 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.


December 31, 2020	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,148	$	522	$	—	$	2,670
Non-U.S.	—		25,808		546		26,354
Corporate and asset-backed securities	—		34,758		1,573		36,331
Mortgage-backed securities	—		18,410		60		18,470
Municipal	—		6,874		—		6,874
	2,148		86,372		2,179		90,699
Equity securities	3,954		—		73		4,027
Short-term investments	2,866		1,474		5		4,345
Other investments (1)	434		438		10		882
Securities lending collateral	—		1,844		—		1,844
Investment derivative instruments	35		—		—		35
Separate account assets	4,264		124		—		4,388
Total assets measured at fair value (1)	$	13,701	$	90,252	$	2,267	$	106,220
Liabilities:
Investment derivative instruments	$	52	$	—	$	—	$	52
Other derivative instruments	17		—		—		17
GLB (2)	—		—		1,089		1,089
Total liabilities measured at fair value	$	69	$	—	$	1,089	$	1,158

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $6,770 million, policy loans of $233 million and other investments of $60 million at December 31, 2020 measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Level 3 financial instruments

The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).

(in millions of U.S. dollars, except for percentages)

Fair Value

Valuation
Technique

Significant
Unobservable Inputs

Ranges

Weighted Average (1)

June 30, 2021

December 31, 2020

GLB (1)

$

760

$

1,089

Actuarial model

Lapse rate

3% – 34%

4.7

%

Annuitization rate

0% – 100%

3.3

%

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

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

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

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

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For the three and six months ended June 30, 2021 and 2020, no material refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2020 Form 10-K.

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):


	Assets															Liabilities
Three Months Ended June 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	650	$	1,612	$	51		$	75		$	1		$	10			$	760
Transfers into Level 3	—		29		—			—			—			—				—
Transfers out of Level 3	(10)		(3)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	5		6		—			—			—			—				—
Net Realized Gains/Losses	3		6		—			5			—			—				8
Purchases	54		240		1			4			2			—				—
Sales	(9)		(50)		(1)			(6)			—			—				—
Settlements	(51)		(152)		(4)			—			—			—				—
Other	—		—		—			—			—			—				(8)
Balance, end of period	$	642	$	1,688	$	47		$	78		$	3		$	10			$	760
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	6	$	—		$	4		$	—		$	—			$	8
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	7	$	6	$	—		$	—		$	—		$	—			$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


		Assets														Liabilities
Three Months Ended June 30, 2020 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments		Other investments			GLB (1)
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	465		$	1,502		$	60	$	67	$	1	$	10		$	1,591

Transfers out of Level 3		(13)			(71)			—		—		—		—			—
Change in Net Unrealized Gains/ Losses in OCI		(6)			1			—		(1)		—		—			—

Net Realized Gains/Losses		(1)			(13)			—		(1)		—		—			(213)

Purchases		67			83			—		8		1		—			—
Sales		(16)			(48)			—		(9)		—		—			—
Settlements		(27)			(85)			—		—		—		—			—
Other		—			—			—		—		—		—			(6)
Balance, end of period		$	469		$	1,369		$	60	$	64	$	2	$	10		$	1,372
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date		$	—		$	5		$	—	$	1	$	—	$	—		$	(213)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date		$	(5)		$	7		$	—	$	—	$	—	$	—		$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


	Assets															Liabilities
Six Months Ended June 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	546	$	1,573	$	60		$	73		$	5		$	10			$	1,089
Transfers into Level 3	—		46		—			—			—			—				—
Transfers out of Level 3	(10)		(3)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	13		12		—			—			—			—				—
Net Realized Gains/Losses	3		3		—			7			—			—				(311)
Purchases	175		409		1			7			3			—				—
Sales	(16)		(75)		(1)			(9)			—			—				—
Settlements	(69)		(277)		(13)			—			(5)			—				—
Other	—		—		—			—			—			—				(18)
Balance, end of period	$	642	$	1,688	$	47		$	78		$	3		$	10			$	760
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	3	$	—		$	6		$	—		$	—			$	(311)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	17	$	17	$	—		$	—		$	—		$	—			$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


	Assets															Liabilities
Six Months Ended June 30, 2020 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	449	$	1,451	$	60		$	69		$	6		$	10			$	897
Transfers into Level 3	—		91		—			—			—			—				—
Transfers out of Level 3	(16)		(72)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	(20)		(44)		—			—			—			—				—
Net Realized Gains/Losses	(3)		(26)		—			(3)			—			—				472
Purchases	149		222		—			11			2			—				—
Sales	(62)		(67)		—			(13)			—			—				—
Settlements	(28)		(186)		—			—			(6)			—				—
Other	—		—		—			—			—			—				3
Balance, end of period	$	469	$	1,369	$	60		$	64		$	2		$	10			$	1,372
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	(9)	$	—		$	(1)		$	—		$	—			$	472
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	(20)	$	(37)	$	—		$	—		$	—		$	—			$	—

(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. Refer to the 2020 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

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


June 30, 2021	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,029	$	53	$	—	$	1,082	$	1,041
Non-U.S.	—		1,366		—		1,366		1,280
Corporate and asset-backed securities	—		2,314		—		2,314		2,087
Mortgage-backed securities	—		1,892		—		1,892		1,781
Municipal	—		4,689		—		4,689		4,484
Total assets	$	1,029	$	10,314	$	—	$	11,343	$	10,673
Liabilities:
Repurchase agreements	$	—	$	1,405	$	—	$	1,405	$	1,405

Long-term debt	—		16,822		—		16,822		14,954
Trust preferred securities	—		467		—		467		308
Total liabilities	$	—	$	18,694	$	—	$	18,694	$	16,667


December 31, 2020	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,395	$	57	$	—	$	1,452	$	1,392
Non-U.S.	—		1,405		—		1,405		1,288
Corporate and asset-backed securities	—		2,438		—		2,438		2,150
Mortgage-backed securities	—		2,146		—		2,146		1,999
Municipal	—		5,069		—		5,069		4,824
Total assets	$	1,395	$	11,115	$	—	$	12,510	$	11,653
Liabilities:
Repurchase agreements	$	—	$	1,405	$	—	$	1,405	$	1,405

Long-term debt	—		17,487		—		17,487		14,948
Trust preferred securities	—		473		—		473		308
Total liabilities	$	—	$	19,365	$	—	$	19,365	$	16,661

Liability for Claims and Claims Adjustment Expense [Abstract]

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

+ References + Details

Reinsurance (Notes)

6 Months Ended

Jun. 30, 2021

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance


	June 30, 2021				December 31, 2020
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	14,721	$	265	$	14,647	$	257
Reinsurance recoverable on paid losses and loss expenses	1,004		57		945		57
Reinsurance recoverable on losses and loss expenses	$	15,725	$	322	$	15,592	$	314
Reinsurance recoverable on policy benefits	$	203	$	4	$	206	$	5

(1)Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses was primarily due to unfavorable prior period development in certain lines.

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


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2021		2020
Valuation allowance for uncollectible reinsurance - beginning of period	$	314	$	316
Provision for uncollectible reinsurance	9		5
Write-offs charged against the valuation allowance	(1)		(19)
Foreign exchange revaluation	—		1

Valuation allowance for uncollectible reinsurance - end of period	$	322	$	303

For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2020 Form 10-K.

Unpaid losses and loss expenses

6 Months Ended

Jun. 30, 2021

Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]

Unpaid losses and loss expenses

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


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2021		2020
Gross unpaid losses and loss expenses – beginning of period	$	67,811	$	62,690
Reinsurance recoverable on unpaid losses – beginning of period (1)	(14,647)		(14,181)
Net unpaid losses and loss expenses – beginning of period	53,164		48,509


Net losses and loss expenses incurred in respect of losses occurring in:
Current year	10,546		11,111
Prior years (2)	(487)		(49)
Total	10,059		11,062
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,355		2,263
Prior years	5,531		5,842
Total	7,886		8,105
Foreign currency revaluation and other	231		(128)
Net unpaid losses and loss expenses – end of period	55,568		51,338
Reinsurance recoverable on unpaid losses (1)	14,721		14,361
Gross unpaid losses and loss expenses – end of period	$	70,289	$	65,699

(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 $27 million and $6 million for the six months ended June 30, 2021 and 2020, respectively.

Gross and net unpaid losses and loss expenses increased $2,478 million and $2,404 million, respectively, for the six months ended June 30, 2021, reflecting an increase in underlying exposure due to premium growth partially offset by favorable prior period development.

Prior Period Development

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

The following table summarizes (favorable) and adverse PPD by segment.


	Three Months Ended June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2021
North America Commercial P&C Insurance	$	(96)	$	(60)	$	(156)	$	(142)	$	(141)	$	(283)
North America Personal P&C Insurance	—		(44)		(44)		—		(84)		(84)
North America Agricultural Insurance	—		—		—		—		(2)		(2)
Overseas General Insurance	5		(161)		(156)		5		(186)		(181)
Global Reinsurance	(22)		22		—		(22)		15		(7)
Corporate	88		—		88		97		—		97
Total	$	(25)	$	(243)	$	(268)	$	(62)	$	(398)	$	(460)
2020
North America Commercial P&C Insurance	$	(141)	$	(5)	$	(146)	$	(184)	$	(67)	$	(251)
North America Personal P&C Insurance	—		(1)		(1)		—		—		—
North America Agricultural Insurance	—		—		—		—		(14)		(14)
Overseas General Insurance	(1)		(35)		(36)		(1)		(39)		(40)
Global Reinsurance	(19)		3		(16)		(19)		(4)		(23)
Corporate	274		—		274		285		—		285
Total	$	113	$	(38)	$	75	$	81	$	(124)	$	(43)

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

2021

For the three months ended June 30, 2021, net favorable PPD was $156 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•Net favorable development of $96 million in long-tail business, primarily from:

•Net favorable development of $137 million in our workers’ compensation lines. This included favorable development of $36 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2020 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. The remaining overall favorable development was mainly in accident years 2016 and prior, driven by lower than expected loss experience and related updates to loss development factors;

•Net favorable development of $45 million in general liability portfolios, driven by lower than expected paid and reported case incurred activity in accident years 2017 and prior, partly offset by higher than expected reported case incurred activity in accident years 2018 and 2019;

•Net adverse development of $76 million in commercial automobile liability, driven by adverse reported loss experience, mainly impacting accident years 2017 and 2019; and

•Net adverse development of $27 million in high deductible general liability coverages, driven by higher than expected loss severities, mainly impacting accident years 2016 through 2020, partly offset by favorable loss development in older accident years.

•Net favorable development of $60 million in short-tail business, primarily from:

•Net favorable development of $41 million in surety, $35 million of which was due to lower than expected COVID-19 claim activity in accident year 2020; and

•The remaining favorable development is predominantly driven by automobile, which experienced lower than expected claim development related to physical damage coverages in the 2020 accident year.

For the six months ended June 30, 2021, net favorable PPD was $283 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•Net favorable development of $142 million in long-tail business, primarily from:

•Net favorable development of $158 million in workers’ compensation lines, mainly due to the same factors experienced for the three months ended June 30, 2021, as described above;

•Net favorable development of $51 million in professional liability (errors & omissions and cyber), driven by accident years 2016 and 2017, from lower than expected emergence, partly offset by higher than expected development in accident year 2019;

•Net favorable development of $40 million in voluntary environmental lines, driven by accident years 2017 and prior, from lower than expected emergence, partly offset by higher than expected development in accident year 2019;

•Net favorable development of $37 million in general liability portfolios, driven by lower than expected paid and reported case incurred activity in accident years 2017 and prior, partly offset by higher than expected reported case incurred activity in accident years 2018 and 2019;

•Net adverse development of $26 million in high deductible general liability coverages, as described above;

•Net adverse development of $43 million in excess and umbrella portfolios, with accident years 2016 through 2019 experiencing higher than expected reported development, partly offset by lower than expected emergence in accident years 2015 and prior; and

•Net adverse development of $74 million in commercial automobile liability, due to the same factors experienced for the three months ended June 30, 2021.

•Net favorable development of $141 million in short-tail business, primarily from:

•Net favorable development of $89 million in surety, mainly in accident years 2018 through 2020, driven by lower than expected loss emergence;

•Net favorable development of $46 million in accident & health, driven by accident years 2019 and 2020, where loss emergence was lower than expected;

•Net favorable development of $29 million in property and marine coverages in accident year 2020, driven by lower than expected loss development; and

•Net adverse development of $41 million in first-party cyber risk, driven by accident years 2019 and 2020, which experienced higher than expected loss development as well as heightened frequency and severity.

2020

For the three months ended June 30, 2020, net favorable PPD was $146 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•Net favorable development of $141 million in long-tail business, primarily from:

•Net favorable development of $152 million in our workers’ compensation lines. This included favorable development of $62 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2019 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. This development in accident year 2019 was partially offset by some higher than expected activity from other claims. The remaining overall favorable development was mainly in accident years 2015 and prior, driven by lower than expected loss experience and related updates to loss development factors;

•Net favorable development of $59 million in general liability portfolios, mainly driven by lower than expected paid and reported loss experience in accident years 2016 and prior, partly offset by some adverse emergence in accident years 2017 through 2019;

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

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

For the six months ended June 30, 2020, net favorable PPD was $251 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•Net favorable development of $184 million in long-tail business, primarily from:

•Net favorable development of $182 million in workers’ compensation lines, mainly due to the same factors experienced for the three months ended June 30, 2020, as described above;

•Net favorable development of $66 million in professional liability (errors & omissions and cyber), in accident years 2016 and prior, due to lower than expected emergence;

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

•Net favorable development of $36 million in general liability coverages, mainly due to the same factors experienced for the three months ended June 30, 2020, as described above, as well as adverse wholesale general liability results, driven by higher than expected reported loss emergence in accident years 2014 through 2019;

•Net adverse development of $75 million in commercial automobile liability, due to the same factors experienced for the three months ended June 30, 2020, as described above;

•Net adverse development of $40 million in excess and umbrella portfolios, with accident years 2015 through 2019 experiencing higher than expected reported development, partially offset by lower than expected emergence in accident years 2014 and prior; and

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

•Net favorable development of $67 million in short-tail business, primarily from:

•Net favorable development of $37 million, in accident & health, mainly in accident years 2018 and 2019, driven by lower than expected paid loss emergence; and

•Net favorable development of $31 million in surety, driven by accident year 2018, where loss emergence was lower than expected.

North America Personal P&C Insurance

2021

For the three months ended June 30, 2021, net favorable PPD was $44 million, driven by favorable development of $43 million in automobile, predominantly from better than expected frequency results in accident year 2020 for physical damage coverages. For the six months ended June 30, 2021 net favorable PPD was $84 million, driven by the $43 million in automobile described above along with better than expected non-catastrophe loss development in accident year 2020 for homeowners and valuables.

North America Agricultural Insurance

2020

Prior period development in this segment mainly relates to our Multiple Peril Crop Insurance (MPCI) business and was favorable due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2020 results based on 2019 crop year).

Overseas General Insurance

2021

For the three months ended June 30, 2021, net favorable PPD was $156 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

•Net favorable development of $161 million in short-tail business, primarily from:

•Net favorable development of $50 million, in property lines in accident years 2019 and 2020, including a $21 million favorable reduction in COVID-19 estimates in accident year 2020. The remaining favorable development was across most regions in accident years 2019 and 2020;

•Net favorable development of $49 million, in accident and health lines, mainly due to favorable loss development across all regions in accident years 2019 and 2020; and

•Net favorable development of $31 million in marine lines in accident years 2018 through 2020, driven by favorable loss development, specific claim reductions, and salvage and subrogation recoveries in Continental Europe and Asia Pacific.

For the six months ended June 30, 2021, net favorable PPD was $181 million, primarily from:

•Net favorable development of $186 million in short-tail business, primarily from:

•Net favorable development of $58 million in property lines, net favorable development of $55 million in accident and health lines, and net favorable development of $35 million in marine, due to the same factors experienced for the three months ended June 30, 2021.

2020

For the three and six months ended June 30, 2020, net favorable PPD was $36 million and $40 million, respectively, which was the net result of several underlying favorable and adverse movements, including $19 million and $22 million, respectively, in marine lines across all regions mainly in accident years 2017 and 2018, and favorable case-specific settlements in accident years 2014 and prior.

Global Reinsurance

2020

For the three and six months ended June 30, 2020, net favorable PPD was $16 million and $23 million, respectively, which was the net result of several underlying favorable and adverse movements, none of which is significant individually or in the aggregate.

Corporate

2021

For the three and six months ended June 30, 2021, net adverse development was $88 million and $97 million, respectively, driven by adverse development of $68 million for molestation claims.The remainder of the adverse development was driven by increased claim costs on non-A&E runoff workers’ compensation exposures, and charges relating to run-off operating expenses incurred.

2020

For the three and six months ended June 30, 2020, net adverse development was $274 million and $285 million, respectively, driven by adverse development of $254 million for U.S. child molestation claims, predominantly reviver statute-related. The remainder of the adverse development ($20 million and $31 million, respectively) was driven by increased claim costs on a limited number of non-A&E run-off casualty and workers’ compensation exposures, and charges relating to unallocated loss adjustment expenses due to run-off operating expenses.

Commitments, contingencies, and guarantees

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments, contingencies, and guarantees

a) Derivative instruments

Foreign currency management

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

Derivative instruments employed

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

Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs, principally GMIB, associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument 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.

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

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


				June 30, 2021								December 31, 2020
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision			Fair Value					Notional Value/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivative instruments:
Foreign currency forward contracts	OA / (AP)	$	19	$	(57)	$	4,384		$	22		$	(49)	$	2,807
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	36		(37)		12,543			13			(3)		1,749
Convertible securities (1)	FM AFS / ES	12		—		13			9			—		11
		$	67	$	(94)	$	16,940		$	44		$	(52)	$	4,567
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(12)	$	818		$	—		$	(17)	$	709
Other	OA / (AP)	10		—		175			—			—		16
		$	10	$	(12)	$	993		$	—		$	(17)	$	725
GLB (3)	(AP)	$	—	$	(760)	$	1,423		$	—		$	(1,089)	$	1,658

(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 June 30, 2021 and December 31, 2020, net derivative liabilities of $37 million and $30 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(6)	$	10	$	(22)	$	53

All other futures contracts, options, and equities	(86)		3		39		(24)
Convertible securities (1)	1		1		1		—

Total investment and embedded derivative instruments	$	(91)	$	14	$	18	$	29
GLB and other derivative instruments:
GLB	$	(8)	$	213	$	311	$	(472)
Futures contracts on equities (2)	(64)		(103)		(108)		22
Other	3		(1)		2		(3)
Total GLB and other derivative instruments	$	(69)	$	109	$	205	$	(453)
	$	(160)	$	123	$	223	$	(424)

(1)Includes embedded derivatives.

(2)Related to GMDB and GLB book of business.

b) Derivative instrument objectives

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in 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, expected volatility, time to expiration, and supply and demand.

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

Interest rate swaps

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

Cross-currency swaps

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

Other

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

(iii) Convertible security investments

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

(iv) TBA

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

(v) GLB

Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. 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).

c) Securities lending and secured borrowings

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

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


	Remaining contractual maturity

	June 30, 2021		December 31, 2020
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	1,179	$	551
U.S. Treasury / Agency	147		148
Non-U.S.	885		1,032
Corporate and asset-backed securities	9		30
Mortgage-backed securities	1		4

Equity securities	148		79

	$	2,369	$	1,844
Gross amount of recognized liability for securities lending payable	$	2,369	$	1,844

At June 30, 2021 and December 31, 2020, our repurchase agreement obligations of $1,405 million 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
	June 30, 2021								December 31, 2020
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	16	$	—	$	—	$	16	$	—	$	4	$	4
U.S. Treasury / Agency	4		—		104		108		—		106		106


Mortgage-backed securities	367		488		486		1,341		481		871		1,352
	$	387	$	488	$	590	$	1,465	$	481	$	981	$	1,462
Gross amount of recognized liabilities for repurchase agreements							$	1,405					$	1,405
Difference (1)							$	60					$	57

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

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

d) Fixed maturities

At June 30, 2021, we have commitments to purchase fixed income securities of $877 million over the next several years.

e) Other investments

At June 30, 2021, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $8.0 billion. In connection with these investments, we have commitments that may require funding of up to $8.0 billion over the next several years. At December 31, 2020, these investments had a carrying value of $6.5 billion with a commitment that may require funding of up to $3.2 billion.

f) Income taxes

At June 30, 2021, $60 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

g) Legal proceedings

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

h) Leases

At June 30, 2021 and December 31, 2020, the right-of-use asset was $429 million and $473 million, respectively, recorded within Other assets on the Consolidated balance sheets and the lease liability was $468 million and $517 million, respectively, which was 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.

Shareholders' equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At June 30, 2021, our Common Shares had a par value of CHF 24.15 per share.

At our May 2021 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.20 per share, expected to be paid in four quarterly installments of $0.80 per share after the 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 2022 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2020 and 2019 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.12 per share and $3.00 per share, respectively, which were paid in four quarterly installments of $0.78 per share and $0.75 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

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


	Three Months Ended						Six Months Ended
	June 30						June 30
	2021			2020			2021			2020
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.71	$	0.80	0.75	$	0.78	1.41	$	1.58	1.47	$	1.53

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and 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. During the six months ended June 30, 2021, 14,465,400 shares were repurchased and 2,449,988 net shares were issued under employee share-based compensation plans. At June 30, 2021, 38,888,051 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

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

In February 2021, the Board approved an increase to the November 2020 share repurchase program of $1.0 billion to a total of $2.5 billion, effective through December 31, 2021. Subsequently, on July 19, 2021, the Board authorized a one-time incremental share repurchase program of up to $5.0 billion through June 30, 2022. The $2.5 billion share repurchase authorization will be used prior to the $5.0 billion share repurchase authorization.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				Six Months Ended				July 1, 2021 through July 28, 2021
			June 30				June 30
(in millions of U.S. dollars, except share data)	2021		2020		2021		2020
Number of shares repurchased	11,355,400		—		14,465,400		2,266,150		—
Cost of shares repurchased	$	1,921	$	—	$	2,440	$	326	$	—
Repurchase authorization remaining at end of period	$	65	$	1,124	$	65	$	1,124	$	5,065

Share-based compensation	6 Months Ended
Share-based compensation	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 25, 2021, Chubb granted 1,790,057 stock options with a weighted-average grant date fair value of $33.05 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 25, 2021, Chubb granted 848,762 service-based restricted stock awards, 324,142 service-based restricted stock units, and 284,766 performance-based stock awards to employees and officers with a grant date fair value of $164.94 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting. 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, the number of Common Shares available for delivery increased by 13.4 million. This is in addition to any shares that remain available for delivery since the initial establishment of the 2016 LTIP, plus any shares covered by outstanding awards granted under the ACE Limited 2004 Long-Term Incentive Plan that are forfeited, expired or canceled after the effective date of the Amended 2016 LTIP.

Postretirement benefits

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income (loss) in the Consolidated statements of operations were as follows:


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2021				2020				2021		2020
Three Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	1	$	—	$	1	$	—	$	—
Non-service cost (benefit):
Interest cost	17		4		25		5		—		—
Expected return on plan assets	(63)		(11)		(56)		(11)		—		(1)
Amortization of net actuarial loss	—		1		—		1		—		—
Amortization of prior service cost	—		—		—		—		(6)		(20)

Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(46)		(6)		(30)		(5)		(6)		(21)
Net periodic benefit cost (benefit)	$	(46)	$	(5)	$	(30)	$	(4)	$	(6)	$	(21)


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2021				2020				2021		2020
Six Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	2	$	—	$	—
Non-service cost (benefit):
Interest cost	35		9		50		11		—		1
Expected return on plan assets	(127)		(22)		(112)		(21)		—		(2)
Amortization of net actuarial loss	—		2		—		1		—		—
Amortization of prior service cost	—		—		—		—		(26)		(40)

Settlements	—		—		2		—		—		—
Total non-service cost (benefit)	(92)		(11)		(60)		(9)		(26)		(41)
Net periodic benefit cost (benefit)	$	(92)	$	(9)	$	(60)	$	(7)	$	(26)	$	(41)

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


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended June 30	2021		2020		2021		2020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	1		1		—		—
Total service cost	1		1		—		—
Non-service cost (benefit):
Losses and loss expenses	(4)		(3)		(1)		(2)
Administrative expenses	(48)		(32)		(5)		(19)
Total non-service cost (benefit)	(52)		(35)		(6)		(21)
Net periodic benefit cost (benefit)	$	(51)	$	(34)	$	(6)	$	(21)


	Pension Benefit Plans				Other Postretirement Benefit Plans
Six Months Ended June 30	2021		2020		2021		2020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		2		—		—
Total service cost	2		2		—		—
Non-service cost (benefit):
Losses and loss expenses	(9)		(6)		(3)		(4)
Administrative expenses	(94)		(63)		(23)		(37)
Total non-service cost (benefit)	(103)		(69)		(26)		(41)
Net periodic benefit cost (benefit)	$	(101)	$	(67)	$	(26)	$	(41)

Other Income and Expenses

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure

Other income and expense


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Equity in net income (loss) of partially-owned entities (1)	$	774	$	(73)	$	1,271	$	(44)
Gains (losses) from fair value changes in separate account assets (2)	15		40		19		(16)
Federal excise and capital taxes	(5)		(6)		(10)		(12)

Other	(7)		(19)		(13)		(41)
Total	$	777	$	(58)	$	1,267	$	(113)

(1) Principally comprises our share of operating income and mark-to-market gains on private equities where we hold more than three percent. Also includes net income from our investment in Huatai of $49 million and $98 million for the three and six months ended June 30, 2021, respectively, compared to $31 million and $49 million, respectively, for the prior year periods.

(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.

Segment information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures.

Management uses underwriting income (loss) as the 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. Our main measure of segment performance is Segment income (loss), which also includes Net investment income (loss), Other (income) expense, and 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. 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 gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities. The gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits.

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

The following tables present the Statement of Operations by segment:


For the Three Months Ended June 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	4,285	$	1,363	$	512	$	2,497	$	274	$	615	$	—	$	—	$	9,546
Net premiums earned	3,803		1,224		410		2,579		192		605		—		—		8,813
Losses and loss expenses	2,426		676		331		1,186		110		185		89		3		5,006
Policy benefits	—		—		—		—		—		170		—		15		185
Policy acquisition costs	489		245		27		699		47		191		—		—		1,698
Administrative expenses	245		67		3		279		10		83		88		—		775
Underwriting income (loss)	643		236		49		415		25		(24)		(177)		(18)		1,149
Net investment income (loss)	535		64		8		149		81		101		(15)		(39)		884
Other (income) expense(1)	14		(5)		—		2		—		(26)		(708)		(54)		(777)
Amortization expense of purchased intangibles	—		3		6		13		—		1		50		—		73
Segment income	$	1,164	$	302	$	51	$	549	$	106	$	102	$	466	$	(3)	$	2,737
Net realized gains (losses)													(36)		3		(33)
Interest expense													122		—		122
Income tax expense													317		—		317
Net income (loss)													$	(9)	$	—	$	2,265

(1)Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.


For the Three Months Ended June 30, 2020 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	3,720	$	1,327	$	461	$	2,021	$	207	$	619	$	—	$	—	$	8,355
Net premiums earned	3,595		1,192		376		2,194		163		608		—		—		8,128
Losses and loss expenses	3,498		762		313		1,485		73		171		276		(1)		6,577
Policy benefits	—		—		—		—		—		183		—		40		223
Policy acquisition costs	471		231		29		624		42		196		—		—		1,593
Administrative expenses	249		66		3		241		9		82		77		—		727
Underwriting income (loss)	(623)		133		31		(156)		39		(24)		(353)		(39)		(992)
Net investment income (loss)	509		65		7		121		60		95		(22)		(8)		827
Other (income) expense	6		1		1		5		1		(17)		109		(48)		58
Amortization expense of purchased intangibles	—		3		6		11		—		1		51		—		72
Segment income (loss)	$	(120)	$	194	$	31	$	(51)	$	98	$	87	$	(535)	$	1	$	(295)
Net realized gains (losses)													31		(1)		30
Interest expense													128		—		128
Income tax benefit													(62)		—		(62)
Net loss													$	(570)	$	—	$	(331)


For the Six Months Ended June 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	7,949	$	2,461	$	695	$	5,387	$	481	$	1,235	$	—	$	—	$	18,208
Net premiums earned	7,477		2,408		520		5,057		372		1,200		—		—		17,034
Losses and loss expenses	4,986		1,495		416		2,449		230		383		98		2		10,059
Policy benefits	—		—		—		—		—		333		—		19		352
Policy acquisition costs	1,003		492		39		1,367		92		370		—		—		3,363
Administrative expenses	499		127		6		545		18		165		159		—		1,519
Underwriting income (loss)	989		294		59		696		32		(51)		(257)		(21)		1,741
Net investment income (loss)	1,075		129		15		290		151		199		(32)		(80)		1,747
Other (income) expense	16		(4)		—		3		—		(60)		(1,123)		(99)		(1,267)
Amortization expense of purchased intangibles	—		6		13		25		—		2		99		—		145
Segment income	$	2,048	$	421	$	61	$	958	$	183	$	206	$	735	$	(2)	$	4,610
Net realized gains (losses)													852		2		854
Interest expense													244		—		244
Income tax expense													655		—		655
Net income													$	688	$	—	$	4,565


For the Six Months Ended June 30, 2020 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	6,972	$	2,434	$	618	$	4,619	$	425	$	1,264	$	—	$	—	$	16,332
Net premiums earned	6,971		2,392		470		4,501		349		1,239		—		—		15,922
Losses and loss expenses	5,679		1,445		378		2,743		160		373		287		(3)		11,062
Policy benefits	—		—		—		—		—		368		—		(16)		352
Policy acquisition costs	963		476		40		1,266		87		376		—		—		3,208
Administrative expenses	508		134		7		499		19		158		143		—		1,468
Underwriting income (loss)	(179)		337		45		(7)		83		(36)		(430)		19		(168)
Net investment income (loss)	1,034		131		16		266		129		190		(46)		(32)		1,688
Other (income) expense	12		3		1		9		1		(29)		132		(16)		113
Amortization expense of purchased intangibles	—		6		13		23		—		2		101		—		145
Segment income (loss)	$	843	$	459	$	47	$	227	$	211	$	181	$	(709)	$	3	$	1,262
Net realized gains (losses)													(925)		(3)		(928)
Interest expense													260		—		260
Income tax expense													153		—		153
Net loss													$	(2,047)	$	—	$	(79)

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 entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Earnings per share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings per share


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share and per share data)	2021		2020		2021		2020
Numerator:
Net income (loss)	$	2,265	$	(331)	$	4,565	$	(79)
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	445,094,678		451,402,807		447,802,079		451,635,733
Denominator for diluted earnings per share:
Share-based compensation plans (1)	2,857,242		—		2,900,440		—
Weighted-average shares outstanding and assumed conversions	447,951,920		451,402,807		450,702,519		451,635,733
Basic earnings (loss) per share	$	5.09	$	(0.73)	$	10.20	$	(0.17)
Diluted earnings (loss) per share	$	5.06	$	(0.73)	$	10.13	$	(0.17)
Potential anti-dilutive share conversions	1,777,555		8,378,447		1,879,882		6,583,319

(1)For the three and six months ended June 30, 2020, weighted-average shares outstanding used in calculating diluted loss per share excludes the effect of dilutive securities of 1,395,951 and 2,044,144 shares, respectively. In periods where a net loss is recognized, inclusion of incremental dilution is anti-dilutive.

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods.

General (Policies)

6 Months Ended

Jun. 30, 2021

Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 12 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Form 10-K.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted cash

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

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


	June 30		December 31
(in millions of U.S. dollars)	2021		2020
Cash	$	1,843	$	1,747
Restricted cash	155		89
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	1,998	$	1,836

Accounting guidance not yet adopted

Targeted Improvements to the Accounting for Long-Duration Contracts

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

Fair value measurements Fair Value Measurement Policy (Policies)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: •Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; •Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and •Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability.

General General (Tables)

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]

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


	June 30		December 31
(in millions of U.S. dollars)	2021		2020
Cash	$	1,843	$	1,747
Restricted cash	155		89
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	1,998	$	1,836

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities


June 30, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,349	$	—	$	134	$	(5)	$	2,478
Non-U.S.	25,269		(5)		1,296		(148)		26,412
Corporate and asset-backed securities	35,916		(6)		1,779		(114)		37,575
Mortgage-backed securities	18,851		—		752		(50)		19,553
Municipal	5,880		—		267		(2)		6,145
	$	88,265	$	(11)	$	4,228	$	(319)	$	92,163
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value

Held to maturity
U.S. Treasury / Agency	$	1,041	$	—	$	1,041	$	41	$	—	$	1,082
Non-U.S.	1,285		(5)		1,280		86		—		1,366
Corporate and asset-backed securities	2,117		(30)		2,087		227		—		2,314
Mortgage-backed securities	1,782		(1)		1,781		111		—		1,892
Municipal	4,485		(1)		4,484		205		—		4,689
	$	10,710	$	(37)	$	10,673	$	670	$	—	$	11,343


December 31, 2020	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,471	$	—	$	199	$	—	$	2,670
Non-U.S.	24,594		(6)		1,808		(42)		26,354
Corporate and asset-backed securities	34,095		(14)		2,322		(72)		36,331
Mortgage-backed securities	17,456		—		1,022		(8)		18,470
Municipal	6,572		—		304		(2)		6,874
	$	85,188	$	(20)	$	5,655	$	(124)	$	90,699
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value

Held to maturity
U.S. Treasury / Agency	$	1,392	$	—	$	1,392	$	60	$	—	$	1,452
Non-U.S.	1,295		(7)		1,288		118		(1)		1,405
Corporate and asset-backed securities	2,185		(35)		2,150		288		—		2,438
Mortgage-backed securities	2,000		(1)		1,999		148		(1)		2,146
Municipal	4,825		(1)		4,824		245		—		5,069
	$	11,697	$	(44)	$	11,653	$	859	$	(2)	$	12,510

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities


June 30, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,349	$	—	$	134	$	(5)	$	2,478
Non-U.S.	25,269		(5)		1,296		(148)		26,412
Corporate and asset-backed securities	35,916		(6)		1,779		(114)		37,575
Mortgage-backed securities	18,851		—		752		(50)		19,553
Municipal	5,880		—		267		(2)		6,145
	$	88,265	$	(11)	$	4,228	$	(319)	$	92,163
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value

Held to maturity
U.S. Treasury / Agency	$	1,041	$	—	$	1,041	$	41	$	—	$	1,082
Non-U.S.	1,285		(5)		1,280		86		—		1,366
Corporate and asset-backed securities	2,117		(30)		2,087		227		—		2,314
Mortgage-backed securities	1,782		(1)		1,781		111		—		1,892
Municipal	4,485		(1)		4,484		205		—		4,689
	$	10,710	$	(37)	$	10,673	$	670	$	—	$	11,343


December 31, 2020	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,471	$	—	$	199	$	—	$	2,670
Non-U.S.	24,594		(6)		1,808		(42)		26,354
Corporate and asset-backed securities	34,095		(14)		2,322		(72)		36,331
Mortgage-backed securities	17,456		—		1,022		(8)		18,470
Municipal	6,572		—		304		(2)		6,874
	$	85,188	$	(20)	$	5,655	$	(124)	$	90,699
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value

Held to maturity
U.S. Treasury / Agency	$	1,392	$	—	$	1,392	$	60	$	—	$	1,452
Non-U.S.	1,295		(7)		1,288		118		(1)		1,405
Corporate and asset-backed securities	2,185		(35)		2,150		288		—		2,438
Mortgage-backed securities	2,000		(1)		1,999		148		(1)		2,146
Municipal	4,825		(1)		4,824		245		—		5,069
	$	11,697	$	(44)	$	11,653	$	859	$	(2)	$	12,510

Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]

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


	June 30, 2021				December 31, 2020
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	2,268	21	%	$	2,511	22	%
AA	5,544		52	%	6,193		53	%
A	2,027		19	%	2,138		18	%
BBB	842		8	%	826		7	%
BB	28		—	%	28		—	%
Other	1		—	%	1		—	%
Total	$	10,710	100	%	$	11,697	100	%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:


			June 30				December 31
			2021				2020
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available for sale
Due in 1 year or less	$	4,536	$	4,536	$	4,760	$	4,760
Due after 1 year through 5 years	26,142		26,142		26,227		26,227
Due after 5 years through 10 years	27,953		27,953		27,232		27,232
Due after 10 years	13,979		13,979		14,010		14,010
	72,610		72,610		72,229		72,229
Mortgage-backed securities	19,553		19,553		18,470		18,470
	$	92,163	$	92,163	$	90,699	$	90,699
Held to maturity
Due in 1 year or less	$	880	$	887	$	1,231	$	1,240
Due after 1 year through 5 years	3,579		3,716		3,592		3,760
Due after 5 years through 10 years	2,734		2,887		3,029		3,228
Due after 10 years	1,699		1,961		1,802		2,136
	8,892		9,451		9,654		10,364
Mortgage-backed securities	1,781		1,892		1,999		2,146
	$	10,673	$	11,343	$	11,653	$	12,510

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


	0 – 12 Months				Over 12 Months				Total
June 30, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	203	$	(5)	$	—	$	—	$	203	$	(5)
Non-U.S.	4,325		(122)		610		(21)		4,935		(143)
Corporate and asset-backed securities	4,940		(87)		589		(14)		5,529		(101)
Mortgage-backed securities	5,127		(49)		36		(1)		5,163		(50)
Municipal	90		(1)		8		(1)		98		(2)
Total AFS fixed maturities	$	14,685	$	(264)	$	1,243	$	(37)	$	15,928	$	(301)


	0 – 12 Months				Over 12 Months				Total
December 31, 2020	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

Non-U.S.	$	1,628	$	(35)	$	114	$	(5)	$	1,742	$	(40)
Corporate and asset-backed securities	2,212		(33)		593		(14)		2,805		(47)
Mortgage-backed securities	875		(6)		35		(2)		910		(8)
Municipal	40		(1)		16		(1)		56		(2)
Total AFS fixed maturities	$	4,755	$	(75)	$	758	$	(22)	$	5,513	$	(97)

Schedule of Realized Gain (Loss)

The following table presents the components of Net realized gains (losses):


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Fixed maturities:



Gross realized gains	$	56	$	68	$	93	$	145
Gross realized losses	(53)		(174)		(72)		(299)
Net (provision for) recovery of expected credit losses	10		104		16		(46)
Impairment (1)	(1)		(31)		(1)		(152)
Total fixed maturities	$	12	$	(33)	$	36	$	(352)
Equity securities	150		148		517		119

Other investments	62		(107)		100		(102)
Foreign exchange losses	(97)		(61)		(21)		(129)
Investment and embedded derivative instruments	(91)		14		18		29
Fair value adjustments on insurance derivative	(8)		213		311		(472)
S&P futures	(64)		(103)		(108)		22
Other derivative instruments	3		(1)		2		(3)
Other	—		(40)		(1)		(40)
Net realized gains (losses) (pre-tax)	$	(33)	$	30	$	854	$	(928)

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

Gain (Loss) on Securities [Table Text Block]

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


							Three Months Ended
							June 30
	2021						2020
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	150	$	62	$	212	$	148	$	(107)	$	41
Less: Net gains recognized from sales of securities	45		—		45		187		—		187
Unrealized gains (losses) recognized for securities still held at reporting date	$	105	$	62	$	167	$	(39)	$	(107)	$	(146)


							Six Months Ended
							June 30
	2021						2020
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	517	$	100	$	617	$	119	$	(102)	$	17
Less: Net gains recognized from sales of securities	90		—		90		163		—		163
Unrealized gains (losses) recognized for securities still held at reporting date	$	427	$	100	$	527	$	(44)	$	(102)	$	(146)

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:


	June 30		December 31
(in millions of U.S. dollars)	2021		2020
Trust funds	$	11,545	$	12,305
Deposits with U.S. regulatory authorities	2,431		2,438
Deposits with non-U.S. regulatory authorities	2,801		2,905
Assets pledged under repurchase agreements	1,465		1,462
Other pledged assets	605		584
Total	$	18,847	$	19,694

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	15	$	176	$	20	$	—
Impact of adoption of new accounting guidance	—		—		—		25
Provision for expected credit loss	1		29		5		178
Initial allowance for purchased securities with credit deterioration	—		3		—		5
Write-offs charged against the expected credit loss	—		(5)		—		(5)

Recovery of expected credit loss	(5)		(134)		(14)		(134)
Valuation allowance for expected credit losses - end of period	$	11	$	69	$	11	$	69
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	43	$	45	$	44	$	—
Impact of adoption of new accounting guidance	—		—		—		44
Provision for expected credit loss	—		6		—		7


Recovery of expected credit loss	(6)		—		(7)		—
Valuation allowance for expected credit losses - end of period	$	37	$	51	$	37	$	51

Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	15	$	176	$	20	$	—
Impact of adoption of new accounting guidance	—		—		—		25
Provision for expected credit loss	1		29		5		178
Initial allowance for purchased securities with credit deterioration	—		3		—		5
Write-offs charged against the expected credit loss	—		(5)		—		(5)

Recovery of expected credit loss	(5)		(134)		(14)		(134)
Valuation allowance for expected credit losses - end of period	$	11	$	69	$	11	$	69
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	43	$	45	$	44	$	—
Impact of adoption of new accounting guidance	—		—		—		44
Provision for expected credit loss	—		6		—		7


Recovery of expected credit loss	(6)		—		(7)		—
Valuation allowance for expected credit losses - end of period	$	37	$	51	$	37	$	51

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]


				June 30				December 31
	Expected Liquidation Period of Underlying Assets			2021				2020
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	957	$	350	$	673	$	237
Real Assets	2 to 11 Years	1,014		781		805		598
Distressed	2 to 8 Years	486		875		358		970
Private Credit	3 to 8 Years	87		276		88		270
Traditional	2 to 14 Years	5,365		5,679		4,519		1,125
Vintage	1 to 2 Years	70		—		73		—
Investment funds	Not Applicable	274		—		254		—
		$	8,253	$	7,961	$	6,770	$	3,200

Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2021

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


June 30, 2021	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	1,975	$	503	$	—	$	2,478
Non-U.S.	—		25,770		642		26,412
Corporate and asset-backed securities	—		35,887		1,688		37,575
Mortgage-backed securities	—		19,506		47		19,553
Municipal	—		6,145		—		6,145
	1,975		87,811		2,377		92,163
Equity securities	4,529		—		78		4,607
Short-term investments	3,132		1,335		3		4,470
Other investments (1)	417		470		10		897
Securities lending collateral	—		2,369		—		2,369
Investment derivative instruments	55		—		—		55
Other derivative instruments	10		—		—		10
Separate account assets	5,014		113		—		5,127
Total assets measured at fair value (1)	$	15,132	$	92,098	$	2,468	$	109,698
Liabilities:
Investment derivative instruments	$	94	$	—	$	—	$	94
Other derivative instruments	12		—		—		12
GLB (2)	—		—		760		760
Total liabilities measured at fair value	$	106	$	—	$	760	$	866

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $8,253 million, policy loans of $237 million and other investments of $70 million at June 30, 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.


December 31, 2020	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,148	$	522	$	—	$	2,670
Non-U.S.	—		25,808		546		26,354
Corporate and asset-backed securities	—		34,758		1,573		36,331
Mortgage-backed securities	—		18,410		60		18,470
Municipal	—		6,874		—		6,874
	2,148		86,372		2,179		90,699
Equity securities	3,954		—		73		4,027
Short-term investments	2,866		1,474		5		4,345
Other investments (1)	434		438		10		882
Securities lending collateral	—		1,844		—		1,844
Investment derivative instruments	35		—		—		35
Separate account assets	4,264		124		—		4,388
Total assets measured at fair value (1)	$	13,701	$	90,252	$	2,267	$	106,220
Liabilities:
Investment derivative instruments	$	52	$	—	$	—	$	52
Other derivative instruments	17		—		—		17
GLB (2)	—		—		1,089		1,089
Total liabilities measured at fair value	$	69	$	—	$	1,089	$	1,158

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $6,770 million, policy loans of $233 million and other investments of $60 million at December 31, 2020 measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations

The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).

(in millions of U.S. dollars, except for percentages)

Fair Value

Valuation
Technique

Significant
Unobservable Inputs

Ranges

Weighted Average (1)

June 30, 2021

December 31, 2020

GLB (1)

$

760

$

1,089

Actuarial model

Lapse rate

3% – 34%

4.7

%

Annuitization rate

0% – 100%

3.3

%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):


	Assets															Liabilities
Three Months Ended June 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	650	$	1,612	$	51		$	75		$	1		$	10			$	760
Transfers into Level 3	—		29		—			—			—			—				—
Transfers out of Level 3	(10)		(3)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	5		6		—			—			—			—				—
Net Realized Gains/Losses	3		6		—			5			—			—				8
Purchases	54		240		1			4			2			—				—
Sales	(9)		(50)		(1)			(6)			—			—				—
Settlements	(51)		(152)		(4)			—			—			—				—
Other	—		—		—			—			—			—				(8)
Balance, end of period	$	642	$	1,688	$	47		$	78		$	3		$	10			$	760
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	6	$	—		$	4		$	—		$	—			$	8
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	7	$	6	$	—		$	—		$	—		$	—			$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


		Assets														Liabilities
Three Months Ended June 30, 2020 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments		Other investments			GLB (1)
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	465		$	1,502		$	60	$	67	$	1	$	10		$	1,591

Transfers out of Level 3		(13)			(71)			—		—		—		—			—
Change in Net Unrealized Gains/ Losses in OCI		(6)			1			—		(1)		—		—			—

Net Realized Gains/Losses		(1)			(13)			—		(1)		—		—			(213)

Purchases		67			83			—		8		1		—			—
Sales		(16)			(48)			—		(9)		—		—			—
Settlements		(27)			(85)			—		—		—		—			—
Other		—			—			—		—		—		—			(6)
Balance, end of period		$	469		$	1,369		$	60	$	64	$	2	$	10		$	1,372
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date		$	—		$	5		$	—	$	1	$	—	$	—		$	(213)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date		$	(5)		$	7		$	—	$	—	$	—	$	—		$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


	Assets															Liabilities
Six Months Ended June 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	546	$	1,573	$	60		$	73		$	5		$	10			$	1,089
Transfers into Level 3	—		46		—			—			—			—				—
Transfers out of Level 3	(10)		(3)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	13		12		—			—			—			—				—
Net Realized Gains/Losses	3		3		—			7			—			—				(311)
Purchases	175		409		1			7			3			—				—
Sales	(16)		(75)		(1)			(9)			—			—				—
Settlements	(69)		(277)		(13)			—			(5)			—				—
Other	—		—		—			—			—			—				(18)
Balance, end of period	$	642	$	1,688	$	47		$	78		$	3		$	10			$	760
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	3	$	—		$	6		$	—		$	—			$	(311)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	17	$	17	$	—		$	—		$	—		$	—			$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


	Assets															Liabilities
Six Months Ended June 30, 2020 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	449	$	1,451	$	60		$	69		$	6		$	10			$	897
Transfers into Level 3	—		91		—			—			—			—				—
Transfers out of Level 3	(16)		(72)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	(20)		(44)		—			—			—			—				—
Net Realized Gains/Losses	(3)		(26)		—			(3)			—			—				472
Purchases	149		222		—			11			2			—				—
Sales	(62)		(67)		—			(13)			—			—				—
Settlements	(28)		(186)		—			—			(6)			—				—
Other	—		—		—			—			—			—				3
Balance, end of period	$	469	$	1,369	$	60		$	64		$	2		$	10			$	1,372
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	(9)	$	—		$	(1)		$	—		$	—			$	472
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	(20)	$	(37)	$	—		$	—		$	—		$	—			$	—

(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 [Table Text Block]

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):


	Assets															Liabilities
Three Months Ended June 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	650	$	1,612	$	51		$	75		$	1		$	10			$	760
Transfers into Level 3	—		29		—			—			—			—				—
Transfers out of Level 3	(10)		(3)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	5		6		—			—			—			—				—
Net Realized Gains/Losses	3		6		—			5			—			—				8
Purchases	54		240		1			4			2			—				—
Sales	(9)		(50)		(1)			(6)			—			—				—
Settlements	(51)		(152)		(4)			—			—			—				—
Other	—		—		—			—			—			—				(8)
Balance, end of period	$	642	$	1,688	$	47		$	78		$	3		$	10			$	760
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	6	$	—		$	4		$	—		$	—			$	8
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	7	$	6	$	—		$	—		$	—		$	—			$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


		Assets														Liabilities
Three Months Ended June 30, 2020 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments		Other investments			GLB (1)
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	465		$	1,502		$	60	$	67	$	1	$	10		$	1,591

Transfers out of Level 3		(13)			(71)			—		—		—		—			—
Change in Net Unrealized Gains/ Losses in OCI		(6)			1			—		(1)		—		—			—

Net Realized Gains/Losses		(1)			(13)			—		(1)		—		—			(213)

Purchases		67			83			—		8		1		—			—
Sales		(16)			(48)			—		(9)		—		—			—
Settlements		(27)			(85)			—		—		—		—			—
Other		—			—			—		—		—		—			(6)
Balance, end of period		$	469		$	1,369		$	60	$	64	$	2	$	10		$	1,372
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date		$	—		$	5		$	—	$	1	$	—	$	—		$	(213)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date		$	(5)		$	7		$	—	$	—	$	—	$	—		$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


	Assets															Liabilities
Six Months Ended June 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	546	$	1,573	$	60		$	73		$	5		$	10			$	1,089
Transfers into Level 3	—		46		—			—			—			—				—
Transfers out of Level 3	(10)		(3)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	13		12		—			—			—			—				—
Net Realized Gains/Losses	3		3		—			7			—			—				(311)
Purchases	175		409		1			7			3			—				—
Sales	(16)		(75)		(1)			(9)			—			—				—
Settlements	(69)		(277)		(13)			—			(5)			—				—
Other	—		—		—			—			—			—				(18)
Balance, end of period	$	642	$	1,688	$	47		$	78		$	3		$	10			$	760
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	3	$	—		$	6		$	—		$	—			$	(311)
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	17	$	17	$	—		$	—		$	—		$	—			$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.


	Assets															Liabilities
Six Months Ended June 30, 2020 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments			Other investments				GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	449	$	1,451	$	60		$	69		$	6		$	10			$	897
Transfers into Level 3	—		91		—			—			—			—				—
Transfers out of Level 3	(16)		(72)		—			—			—			—				—
Change in Net Unrealized Gains/Losses in OCI	(20)		(44)		—			—			—			—				—
Net Realized Gains/Losses	(3)		(26)		—			(3)			—			—				472
Purchases	149		222		—			11			2			—				—
Sales	(62)		(67)		—			(13)			—			—				—
Settlements	(28)		(186)		—			—			(6)			—				—
Other	—		—		—			—			—			—				3
Balance, end of period	$	469	$	1,369	$	60		$	64		$	2		$	10			$	1,372
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—	$	(9)	$	—		$	(1)		$	—		$	—			$	472
Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date	$	(20)	$	(37)	$	—		$	—		$	—		$	—			$	—

(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

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


June 30, 2021	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,029	$	53	$	—	$	1,082	$	1,041
Non-U.S.	—		1,366		—		1,366		1,280
Corporate and asset-backed securities	—		2,314		—		2,314		2,087
Mortgage-backed securities	—		1,892		—		1,892		1,781
Municipal	—		4,689		—		4,689		4,484
Total assets	$	1,029	$	10,314	$	—	$	11,343	$	10,673
Liabilities:
Repurchase agreements	$	—	$	1,405	$	—	$	1,405	$	1,405

Long-term debt	—		16,822		—		16,822		14,954
Trust preferred securities	—		467		—		467		308
Total liabilities	$	—	$	18,694	$	—	$	18,694	$	16,667


December 31, 2020	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,395	$	57	$	—	$	1,452	$	1,392
Non-U.S.	—		1,405		—		1,405		1,288
Corporate and asset-backed securities	—		2,438		—		2,438		2,150
Mortgage-backed securities	—		2,146		—		2,146		1,999
Municipal	—		5,069		—		5,069		4,824
Total assets	$	1,395	$	11,115	$	—	$	12,510	$	11,653
Liabilities:
Repurchase agreements	$	—	$	1,405	$	—	$	1,405	$	1,405

Long-term debt	—		17,487		—		17,487		14,948
Trust preferred securities	—		473		—		473		308
Total liabilities	$	—	$	19,365	$	—	$	19,365	$	16,661

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2021

Reinsurance Disclosures [Abstract]

schedule of reinsurance recoverable on ceded insurance


	June 30, 2021				December 31, 2020
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	14,721	$	265	$	14,647	$	257
Reinsurance recoverable on paid losses and loss expenses	1,004		57		945		57
Reinsurance recoverable on losses and loss expenses	$	15,725	$	322	$	15,592	$	314
Reinsurance recoverable on policy benefits	$	203	$	4	$	206	$	5

(1)Net of valuation allowance for uncollectible reinsurance.

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

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


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2021		2020
Valuation allowance for uncollectible reinsurance - beginning of period	$	314	$	316
Provision for uncollectible reinsurance	9		5
Write-offs charged against the valuation allowance	(1)		(19)
Foreign exchange revaluation	—		1

Valuation allowance for uncollectible reinsurance - end of period	$	322	$	303

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

6 Months Ended

Jun. 30, 2021

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

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


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2021		2020
Gross unpaid losses and loss expenses – beginning of period	$	67,811	$	62,690
Reinsurance recoverable on unpaid losses – beginning of period (1)	(14,647)		(14,181)
Net unpaid losses and loss expenses – beginning of period	53,164		48,509


Net losses and loss expenses incurred in respect of losses occurring in:
Current year	10,546		11,111
Prior years (2)	(487)		(49)
Total	10,059		11,062
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,355		2,263
Prior years	5,531		5,842
Total	7,886		8,105
Foreign currency revaluation and other	231		(128)
Net unpaid losses and loss expenses – end of period	55,568		51,338
Reinsurance recoverable on unpaid losses (1)	14,721		14,361
Gross unpaid losses and loss expenses – end of period	$	70,289	$	65,699

(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 $27 million and $6 million for the six months ended June 30, 2021 and 2020, respectively.

Prior Period Development, by Segment [Table Text Block]

The following table summarizes (favorable) and adverse PPD by segment.


	Three Months Ended June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2021
North America Commercial P&C Insurance	$	(96)	$	(60)	$	(156)	$	(142)	$	(141)	$	(283)
North America Personal P&C Insurance	—		(44)		(44)		—		(84)		(84)
North America Agricultural Insurance	—		—		—		—		(2)		(2)
Overseas General Insurance	5		(161)		(156)		5		(186)		(181)
Global Reinsurance	(22)		22		—		(22)		15		(7)
Corporate	88		—		88		97		—		97
Total	$	(25)	$	(243)	$	(268)	$	(62)	$	(398)	$	(460)
2020
North America Commercial P&C Insurance	$	(141)	$	(5)	$	(146)	$	(184)	$	(67)	$	(251)
North America Personal P&C Insurance	—		(1)		(1)		—		—		—
North America Agricultural Insurance	—		—		—		—		(14)		(14)
Overseas General Insurance	(1)		(35)		(36)		(1)		(39)		(40)
Global Reinsurance	(19)		3		(16)		(19)		(4)		(23)
Corporate	274		—		274		285		—		285
Total	$	113	$	(38)	$	75	$	81	$	(124)	$	(43)

Commitments, contingencies, and guarantees (Tables)

6 Months Ended

Jun. 30, 2021

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:


				June 30, 2021								December 31, 2020
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision			Fair Value					Notional Value/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivative instruments:
Foreign currency forward contracts	OA / (AP)	$	19	$	(57)	$	4,384		$	22		$	(49)	$	2,807
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	36		(37)		12,543			13			(3)		1,749
Convertible securities (1)	FM AFS / ES	12		—		13			9			—		11
		$	67	$	(94)	$	16,940		$	44		$	(52)	$	4,567
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(12)	$	818		$	—		$	(17)	$	709
Other	OA / (AP)	10		—		175			—			—		16
		$	10	$	(12)	$	993		$	—		$	(17)	$	725
GLB (3)	(AP)	$	—	$	(760)	$	1,423		$	—		$	(1,089)	$	1,658

(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.

Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(6)	$	10	$	(22)	$	53

All other futures contracts, options, and equities	(86)		3		39		(24)
Convertible securities (1)	1		1		1		—

Total investment and embedded derivative instruments	$	(91)	$	14	$	18	$	29
GLB and other derivative instruments:
GLB	$	(8)	$	213	$	311	$	(472)
Futures contracts on equities (2)	(64)		(103)		(108)		22
Other	3		(1)		2		(3)
Total GLB and other derivative instruments	$	(69)	$	109	$	205	$	(453)
	$	(160)	$	123	$	223	$	(424)

(1)Includes embedded derivatives.

(2)Related to GMDB and GLB book of business.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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


	Remaining contractual maturity

	June 30, 2021		December 31, 2020
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	1,179	$	551
U.S. Treasury / Agency	147		148
Non-U.S.	885		1,032
Corporate and asset-backed securities	9		30
Mortgage-backed securities	1		4

Equity securities	148		79

	$	2,369	$	1,844
Gross amount of recognized liability for securities lending payable	$	2,369	$	1,844

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
	June 30, 2021								December 31, 2020
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	16	$	—	$	—	$	16	$	—	$	4	$	4
U.S. Treasury / Agency	4		—		104		108		—		106		106


Mortgage-backed securities	367		488		486		1,341		481		871		1,352
	$	387	$	488	$	590	$	1,465	$	481	$	981	$	1,462
Gross amount of recognized liabilities for repurchase agreements							$	1,405					$	1,405
Difference (1)							$	60					$	57

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

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Dividends Declared

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


	Three Months Ended						Six Months Ended
	June 30						June 30
	2021			2020			2021			2020
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.71	$	0.80	0.75	$	0.78	1.41	$	1.58	1.47	$	1.53

Share Repurchase Program [Table Text Block]

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				Six Months Ended				July 1, 2021 through July 28, 2021
			June 30				June 30
(in millions of U.S. dollars, except share data)	2021		2020		2021		2020
Number of shares repurchased	11,355,400		—		14,465,400		2,266,150		—
Cost of shares repurchased	$	1,921	$	—	$	2,440	$	326	$	—
Repurchase authorization remaining at end of period	$	65	$	1,124	$	65	$	1,124	$	5,065

Postretirement benefits (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income (loss) in the Consolidated statements of operations were as follows:


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2021				2020				2021		2020
Three Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	1	$	—	$	1	$	—	$	—
Non-service cost (benefit):
Interest cost	17		4		25		5		—		—
Expected return on plan assets	(63)		(11)		(56)		(11)		—		(1)
Amortization of net actuarial loss	—		1		—		1		—		—
Amortization of prior service cost	—		—		—		—		(6)		(20)

Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(46)		(6)		(30)		(5)		(6)		(21)
Net periodic benefit cost (benefit)	$	(46)	$	(5)	$	(30)	$	(4)	$	(6)	$	(21)


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2021				2020				2021		2020
Six Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	2	$	—	$	—
Non-service cost (benefit):
Interest cost	35		9		50		11		—		1
Expected return on plan assets	(127)		(22)		(112)		(21)		—		(2)
Amortization of net actuarial loss	—		2		—		1		—		—
Amortization of prior service cost	—		—		—		—		(26)		(40)

Settlements	—		—		2		—		—		—
Total non-service cost (benefit)	(92)		(11)		(60)		(9)		(26)		(41)
Net periodic benefit cost (benefit)	$	(92)	$	(9)	$	(60)	$	(7)	$	(26)	$	(41)

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


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended June 30	2021		2020		2021		2020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	1		1		—		—
Total service cost	1		1		—		—
Non-service cost (benefit):
Losses and loss expenses	(4)		(3)		(1)		(2)
Administrative expenses	(48)		(32)		(5)		(19)
Total non-service cost (benefit)	(52)		(35)		(6)		(21)
Net periodic benefit cost (benefit)	$	(51)	$	(34)	$	(6)	$	(21)


	Pension Benefit Plans				Other Postretirement Benefit Plans
Six Months Ended June 30	2021		2020		2021		2020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		2		—		—
Total service cost	2		2		—		—
Non-service cost (benefit):
Losses and loss expenses	(9)		(6)		(3)		(4)
Administrative expenses	(94)		(63)		(23)		(37)
Total non-service cost (benefit)	(103)		(69)		(26)		(41)
Net periodic benefit cost (benefit)	$	(101)	$	(67)	$	(26)	$	(41)

Other Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2021		2020		2021		2020
Equity in net income (loss) of partially-owned entities (1)	$	774	$	(73)	$	1,271	$	(44)
Gains (losses) from fair value changes in separate account assets (2)	15		40		19		(16)
Federal excise and capital taxes	(5)		(6)		(10)		(12)

Other	(7)		(19)		(13)		(41)
Total	$	777	$	(58)	$	1,267	$	(113)

(1) Principally comprises our share of operating income and mark-to-market gains on private equities where we hold more than three percent. Also includes net income from our investment in Huatai of $49 million and $98 million for the three and six months ended June 30, 2021, respectively, compared to $31 million and $49 million, respectively, for the prior year periods.

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

Segment information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Operations By Segment

The following tables present the Statement of Operations by segment:


For the Three Months Ended June 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	4,285	$	1,363	$	512	$	2,497	$	274	$	615	$	—	$	—	$	9,546
Net premiums earned	3,803		1,224		410		2,579		192		605		—		—		8,813
Losses and loss expenses	2,426		676		331		1,186		110		185		89		3		5,006
Policy benefits	—		—		—		—		—		170		—		15		185
Policy acquisition costs	489		245		27		699		47		191		—		—		1,698
Administrative expenses	245		67		3		279		10		83		88		—		775
Underwriting income (loss)	643		236		49		415		25		(24)		(177)		(18)		1,149
Net investment income (loss)	535		64		8		149		81		101		(15)		(39)		884
Other (income) expense(1)	14		(5)		—		2		—		(26)		(708)		(54)		(777)
Amortization expense of purchased intangibles	—		3		6		13		—		1		50		—		73
Segment income	$	1,164	$	302	$	51	$	549	$	106	$	102	$	466	$	(3)	$	2,737
Net realized gains (losses)													(36)		3		(33)
Interest expense													122		—		122
Income tax expense													317		—		317
Net income (loss)													$	(9)	$	—	$	2,265

(1)Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.


For the Three Months Ended June 30, 2020 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	3,720	$	1,327	$	461	$	2,021	$	207	$	619	$	—	$	—	$	8,355
Net premiums earned	3,595		1,192		376		2,194		163		608		—		—		8,128
Losses and loss expenses	3,498		762		313		1,485		73		171		276		(1)		6,577
Policy benefits	—		—		—		—		—		183		—		40		223
Policy acquisition costs	471		231		29		624		42		196		—		—		1,593
Administrative expenses	249		66		3		241		9		82		77		—		727
Underwriting income (loss)	(623)		133		31		(156)		39		(24)		(353)		(39)		(992)
Net investment income (loss)	509		65		7		121		60		95		(22)		(8)		827
Other (income) expense	6		1		1		5		1		(17)		109		(48)		58
Amortization expense of purchased intangibles	—		3		6		11		—		1		51		—		72
Segment income (loss)	$	(120)	$	194	$	31	$	(51)	$	98	$	87	$	(535)	$	1	$	(295)
Net realized gains (losses)													31		(1)		30
Interest expense													128		—		128
Income tax benefit													(62)		—		(62)
Net loss													$	(570)	$	—	$	(331)


For the Six Months Ended June 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	7,949	$	2,461	$	695	$	5,387	$	481	$	1,235	$	—	$	—	$	18,208
Net premiums earned	7,477		2,408		520		5,057		372		1,200		—		—		17,034
Losses and loss expenses	4,986		1,495		416		2,449		230		383		98		2		10,059
Policy benefits	—		—		—		—		—		333		—		19		352
Policy acquisition costs	1,003		492		39		1,367		92		370		—		—		3,363
Administrative expenses	499		127		6		545		18		165		159		—		1,519
Underwriting income (loss)	989		294		59		696		32		(51)		(257)		(21)		1,741
Net investment income (loss)	1,075		129		15		290		151		199		(32)		(80)		1,747
Other (income) expense	16		(4)		—		3		—		(60)		(1,123)		(99)		(1,267)
Amortization expense of purchased intangibles	—		6		13		25		—		2		99		—		145
Segment income	$	2,048	$	421	$	61	$	958	$	183	$	206	$	735	$	(2)	$	4,610
Net realized gains (losses)													852		2		854
Interest expense													244		—		244
Income tax expense													655		—		655
Net income													$	688	$	—	$	4,565


For the Six Months Ended June 30, 2020 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	6,972	$	2,434	$	618	$	4,619	$	425	$	1,264	$	—	$	—	$	16,332
Net premiums earned	6,971		2,392		470		4,501		349		1,239		—		—		15,922
Losses and loss expenses	5,679		1,445		378		2,743		160		373		287		(3)		11,062
Policy benefits	—		—		—		—		—		368		—		(16)		352
Policy acquisition costs	963		476		40		1,266		87		376		—		—		3,208
Administrative expenses	508		134		7		499		19		158		143		—		1,468
Underwriting income (loss)	(179)		337		45		(7)		83		(36)		(430)		19		(168)
Net investment income (loss)	1,034		131		16		266		129		190		(46)		(32)		1,688
Other (income) expense	12		3		1		9		1		(29)		132		(16)		113
Amortization expense of purchased intangibles	—		6		13		23		—		2		101		—		145
Segment income (loss)	$	843	$	459	$	47	$	227	$	211	$	181	$	(709)	$	3	$	1,262
Net realized gains (losses)													(925)		(3)		(928)
Interest expense													260		—		260
Income tax expense													153		—		153
Net loss													$	(2,047)	$	—	$	(79)

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share, Basic And Diluted


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share and per share data)	2021		2020		2021		2020
Numerator:
Net income (loss)	$	2,265	$	(331)	$	4,565	$	(79)
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	445,094,678		451,402,807		447,802,079		451,635,733
Denominator for diluted earnings per share:
Share-based compensation plans (1)	2,857,242		—		2,900,440		—
Weighted-average shares outstanding and assumed conversions	447,951,920		451,402,807		450,702,519		451,635,733
Basic earnings (loss) per share	$	5.09	$	(0.73)	$	10.20	$	(0.17)
Diluted earnings (loss) per share	$	5.06	$	(0.73)	$	10.13	$	(0.17)
Potential anti-dilutive share conversions	1,777,555		8,378,447		1,879,882		6,583,319

(1)For the three and six months ended June 30, 2020, weighted-average shares outstanding used in calculating diluted loss per share excludes the effect of dilutive securities of 1,395,951 and 2,044,144 shares, respectively. In periods where a net loss is recognized, inclusion of incremental dilution is anti-dilutive.

General Schedule of Cash and Cash Equivalent (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash	$ 1,843	$ 1,747
Restricted cash	155	89
Total cash and restricted cash shown in the Consolidated statement of cash flows	$ 1,998	$ 1,836	$ 1,709	$ 1,646

General Goodwill (Details) $ in Millions	6 Months Ended
General Goodwill (Details) $ in Millions	Jun. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Period Increase (Decrease)	$ 106

General Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ (60,062)		$ (59,441)	$ (54,760)
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ (43,902)	$ (41,637)	(39,337)	$ (35,991)	$ (36,322)	$ (36,142)
Retained Earnings [Member] \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax		$ 0	$ 0		$ 0	$ 72

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Acquisitions Investments (Details) - Huatai Group [Member] - CHINA - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2019
Investment Holdings [Line Items]
Equity Method Investment, Ownership Percentage	47.10%
Equity method investment, additional 7.1 percentage agreed on		7.10%
Equity method investment, incremental 0.9 percent obtained	0.90%
Purchase of incremental ownership interest	$ 65

Investments (Narrative) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Line Items]
Restricted assets in fixed maturities and short-term investments	$ 18,700	$ 19,600
Restricted assets in cash	$ 155	$ 89

Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 88,265		$ 85,188
Debt Securities, Available-for-sale, Allowance for Credit Loss	(11)	$ (15)	(20)	$ (69)	$ (176)	$ 0
Available for Sale, Gross Unrealized Appreciation	4,228		5,655
Available for Sale, Gross Unrealized Depreciation	(319)		(124)
Available for sale, Fair Value	92,163		90,699
U.S. Treasury / Agency
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,349		2,471
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Available for Sale, Gross Unrealized Appreciation	134		199
Available for Sale, Gross Unrealized Depreciation	(5)		0
Available for sale, Fair Value	2,478		2,670
Non-U.S.
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	25,269		24,594
Debt Securities, Available-for-sale, Allowance for Credit Loss	(5)		(6)
Available for Sale, Gross Unrealized Appreciation	1,296		1,808
Available for Sale, Gross Unrealized Depreciation	(148)		(42)
Available for sale, Fair Value	26,412		26,354
Corporate and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	35,916		34,095
Debt Securities, Available-for-sale, Allowance for Credit Loss	(6)		(14)
Available for Sale, Gross Unrealized Appreciation	1,779		2,322
Available for Sale, Gross Unrealized Depreciation	(114)		(72)
Available for sale, Fair Value	37,575		36,331
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	18,851		17,456
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Available for Sale, Gross Unrealized Appreciation	752		1,022
Available for Sale, Gross Unrealized Depreciation	(50)		(8)
Available for sale, Fair Value	19,553		18,470
Municipal
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	5,880		6,572
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Available for Sale, Gross Unrealized Appreciation	267		304
Available for Sale, Gross Unrealized Depreciation	(2)		(2)
Available for sale, Fair Value	$ 6,145		$ 6,874

Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	$ 10,710		$ 11,697
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(37)	$ (43)	(44)	$ (51)	$ (45)	$ 0
Debt securities, held to maturity, net carrying value	10,673		11,653
Held-to-maturity, Gross Unrealized Appreciation	670		859
Held-to-maturity, Gross Unrealized Depreciation	0		(2)
Held to maturity, at Fair Value	11,343		12,510
U.S. Treasury / Agency
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,041		1,392
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0		0
Debt securities, held to maturity, net carrying value	1,041		1,392
Held-to-maturity, Gross Unrealized Appreciation	41		60
Held-to-maturity, Gross Unrealized Depreciation	0		0
Held to maturity, at Fair Value	1,082		1,452
Non-U.S.
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,285		1,295
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(5)		(7)
Debt securities, held to maturity, net carrying value	1,280		1,288
Held-to-maturity, Gross Unrealized Appreciation	86		118
Held-to-maturity, Gross Unrealized Depreciation	0		(1)
Held to maturity, at Fair Value	1,366		1,405
Corporate and asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	2,117		2,185
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(30)		(35)
Debt securities, held to maturity, net carrying value	2,087		2,150
Held-to-maturity, Gross Unrealized Appreciation	227		288
Held-to-maturity, Gross Unrealized Depreciation	0		0
Held to maturity, at Fair Value	2,314		2,438
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,782		2,000
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(1)		(1)
Debt securities, held to maturity, net carrying value	1,781		1,999
Held-to-maturity, Gross Unrealized Appreciation	111		148
Held-to-maturity, Gross Unrealized Depreciation	0		(1)
Held to maturity, at Fair Value	1,892		2,146
Municipal
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	4,485		4,825
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(1)		(1)
Debt securities, held to maturity, net carrying value	4,484		4,824
Held-to-maturity, Gross Unrealized Appreciation	205		245
Held-to-maturity, Gross Unrealized Depreciation	0		0
Held to maturity, at Fair Value	$ 4,689		$ 5,069

Investments (held-to-maturity credit quality indicator) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 10,710	$ 11,697
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	$ 2,268	$ 2,511
Fixed Maturities Percent of Total Amortized cost	21.00%	22.00%
Standard & Poor's, AA Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 5,544	$ 6,193
Fixed Maturities Percent of Total Amortized cost	52.00%	53.00%
Standard & Poor's, A Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 2,027	$ 2,138
Fixed Maturities Percent of Total Amortized cost	19.00%	18.00%
Standard & Poor's, BBB Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 842	$ 826
Fixed Maturities Percent of Total Amortized cost	8.00%	7.00%
Standard & Poor's, BB Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 28	$ 28
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	$ 1	$ 1
Fixed Maturities Percent of Total Amortized cost	0.00%	0.00%

Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available for sale, Due in 1 year or less, Fair Value	$ 4,536	$ 4,760
Available for sale, Due after 1 year through 5 years, Fair Value	26,142	26,227
Available for sale, Due after 5 years through 10 years, Fair Value	27,953	27,232
Available for sale, Due after 10 years, Fair Value	13,979	14,010
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	72,610	72,229
Available for sale, Mortgage backed securities, Fair Value	19,553	18,470
Available for sale, Fair Value	92,163	90,699
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value	880	1,231
Held to maturity, Due in 1 year or less, Fair Value	887	1,240
Held-to-maturity, after one through five years, net carrying value	3,579	3,592
Held to maturity, Due after 1 year through 5, Fair Value	3,716	3,760
Held-to-maturity, after 5 through 10 years, net carrying value	2,734	3,029
Held to maturity, Due after 5 years through 10 years, Fair Value	2,887	3,228
Held-to-maturity, after 10 years, net carrying value	1,699	1,802
Held to maturity, Due after 10 years, Fair Value	1,961	2,136
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value	8,892	9,654
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value	9,451	10,364
Held-to-maturity, MBS, net carrying value	1,781	1,999
Held to maturity, Mortgage backed securities, Fair Value	1,892	2,146
Debt securities, held to maturity, net carrying value	10,673	11,653
Held to maturity, Fair Value	$ 11,343	$ 12,510

Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 14,685	$ 4,755
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(264)	(75)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,243	758
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(37)	(22)
Debt Securities, Available-for-sale, Unrealized Loss Position	15,928	5,513
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(301)	(97)
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	203
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-sale, Unrealized Loss Position	203
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(5)
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	4,325	1,628
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(122)	(35)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	610	114
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(21)	(5)
Debt Securities, Available-for-sale, Unrealized Loss Position	4,935	1,742
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(143)	(40)
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	4,940	2,212
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(87)	(33)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	589	593
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(14)	(14)
Debt Securities, Available-for-sale, Unrealized Loss Position	5,529	2,805
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(101)	(47)
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	5,127	875
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(49)	(6)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	36	35
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1)	(2)
Debt Securities, Available-for-sale, Unrealized Loss Position	5,163	910
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(50)	(8)
Municipal
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	90	40
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1)	(1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	8	16
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1)	(1)
Debt Securities, Available-for-sale, Unrealized Loss Position	98	56
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (2)	$ (2)

Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Insurance Derivatives, Changes in Fair Value, Gain (Loss)

$ (33)

$ 30

$ 854

$ (928)

Foreign exchange gains

(97)

(61)

(21)

(129)

(8)

213

311

(472)

Fixed Maturities [Member]

(160)

123

223

(424)

Other

0

(40)

(1)

(40)

Debt Securities, Available-for-sale, Realized Gain

56

68

93

145

Debt Securities, Available-for-sale, Realized Loss

(53)

(174)

(72)

(299)

Debt Securities, Allowance for Credit Loss, Period Increase (Decrease)

10

104

16

(46)

Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell

(1)

^[1]

(31)

^[1]

(1)

^[1]

(152)

Debt Securities, Available-for-sale, Realized Gain (Loss)

12

(33)

36

(352)

Equity Securities [Member]

Equity Securities, FV-NI, Realized Gain (Loss)

150

148

517

119

Other Investments [Member]

Other derivative instruments

62

(107)

100

(102)

Investment and embedded derivative instruments

3

(1)

2

(3)

S&P put options and futures

(91)

14

18

29

Accounting Standards Update 2016-13 [Member]

(64)

(103)

(108)

22

Debt Securities, Allowance for Credit Loss, Period Increase (Decrease)

$ 1

$ 29

$ 5

$ 178

[1]	Relates to certain securities we intended to sell and securities written to market entering default.

Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (Loss) on Securities [Line Items]
Realized Investment Gains (Losses)	$ (33)	$ 30	$ 854	$ (928)
Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	150	148	517	119
Less: Net gains (losses) recognized from sales of securities	45	187	90	163
Unrealized gains (losses) recognized for securities still held at reporting date	105	(39)	427	(44)
Other Investments [Member]
Gain (Loss) on Securities [Line Items]
Realized Investment Gains (Losses)	62	(107)	100	(102)
Less: Net gains (losses) recognized from sales of securities	0	0	0	0
Unrealized gains (losses) recognized for securities still held at reporting date	62	(107)	100	(102)
Equity securities and other investments [Member]
Gain (Loss) on Securities [Line Items]
Realized Investment Gains (Losses)	212	41	617	17
Less: Net gains (losses) recognized from sales of securities	45	187	90	163
Unrealized gains (losses) recognized for securities still held at reporting date	$ 167	$ (146)	$ 527	$ (146)

Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 11	$ 69	$ 11	$ 69	$ 15		$ 20	$ 176		$ 0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	3	0	5
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery	(5)	(134)	(14)	(134)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	0	(5)	0	(5)
Accounting Standards Update 2016-13 [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-sale, Allowance for Credit Loss						$ 0			$ 25
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	$ 1	$ 29	$ 5	$ 178

Investments (Rollforward of expected credit losses HTM) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Debt Securities, Held-to-maturity, Allowance for Credit Loss	$ 37	$ 51	$ 37	$ 51	$ 43	$ 44	$ 45		$ 0
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery	(6)	0	(7)	0
Accounting Standards Update 2016-13 [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Debt Securities, Held-to-maturity, Allowance for Credit Loss								$ 44
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease)	$ 0	$ 6	$ 0	$ 7

Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
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	$ 7,961	$ 3,200
Alternative Investment	8,253	6,770
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	350	237
Alternative Investment	957	673
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	781	598
Alternative Investment	1,014	805
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	875	970
Alternative Investment	486	358
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	276	270
Alternative Investment	87	88
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	5,679	1,125
Alternative Investment	5,365	4,519
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	70	73
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	$ 274	$ 254
Minimum [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| 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	11 years	11 years
Maximum [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| 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

Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Trust funds	$ 11,545	$ 12,305
Deposits with U.S. regulatory authorities	2,431	2,438
Deposits With Non United States Regulatory Authorities	2,801	2,905
Assets pledged under repurchase agreements	1,465	1,462
Other pledged assets	605	584
Total restricted assets	$ 18,847	$ 19,694

Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($)
$ in Millions

Jun. 30, 2021

Dec. 31, 2020

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

$ 92,163

$ 90,699

4,607

4,027

4,470

4,345

9,457

7,945

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

2,369

1,844

U.S. Treasury / Agency

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

2,478

2,670

Non-U.S.

Corporate and asset-backed securities

26,412

26,354

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Mortgage-backed securities

37,575

36,331

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

19,553

18,470

Municipal

Fair Value, Recurring [Member] | Level 1

6,145

6,874

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

1,975

2,148

4,529

3,954

3,132

2,866

417

434

^[1]

0

55

35

10

5,014

4,264

15,132

^[2]

13,701

^[1]

94

52

Fair Value, Recurring [Member] | Level 1 | U.S. Treasury / Agency

12

17

106

69

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 1 | Non-U.S.

1,975

2,148

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 1 | Corporate and asset-backed securities

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 1 | Mortgage-backed securities

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 1 | Municipal

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 1 | GLB

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross

0

^[3]

Fair Value, Recurring [Member] | Level 2

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

87,811

86,372

0

1,335

1,474

470

438

^[1]

2,369

1,844

0

0

113

124

92,098

^[2]

90,252

^[1]

0

Fair Value, Recurring [Member] | Level 2 | U.S. Treasury / Agency

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 2 | Non-U.S.

503

522

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 2 | Corporate and asset-backed securities

25,770

25,808

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 2 | Mortgage-backed securities

35,887

34,758

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 2 | Municipal

19,506

18,410

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 2 | GLB

6,145

6,874

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross

0

^[3]

Fair Value, Recurring [Member] | Level 3

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

2,377

2,179

78

73

3

5

10

^[1]

0

0

0

0

2,468

^[2]

2,267

^[1]

0

Fair Value, Recurring [Member] | Level 3 | U.S. Treasury / Agency

0

760

1,089

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 3 | Non-U.S.

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 3 | Corporate and asset-backed securities

642

546

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 3 | Mortgage-backed securities

1,688

1,573

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 3 | Municipal

47

60

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Level 3 | GLB

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross

760

1,089

^[3]

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member]

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

92,163

90,699

4,607

4,027

4,470

4,345

897

882

^[1]

2,369

1,844

55

35

10

5,127

4,388

109,698

^[2]

106,220

^[1]

94

52

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury / Agency

12

17

866

1,158

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Non-U.S.

2,478

2,670

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate and asset-backed securities

26,412

26,354

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities

37,575

36,331

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Municipal

19,553

18,470

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | GLB

6,145

6,874

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross

760

1,089

^[3]

Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

8,253

6,770

Policy Loans [Member]

Other Investments [Member]

237

233

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 70

$ 60

[1]	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $6,770 million, policy loans of $233 million and other investments of $60 million at December 31, 2020 measured using NAV as a practical expedient.
[2]	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $8,253 million, policy loans of $237 million and other investments of $70 million at June 30, 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.

Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2021

Dec. 31, 2020

^[2]

Fair Value Measurements, Valuation Processes, Description

Actuarial model

Weighted Average [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate

^[1]

4.70%

Significant Unobservable Inputs Annuitization Rate

^[1]

3.30%

Minimum [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate

3.00%

Significant Unobservable Inputs Annuitization Rate

0.00%

Maximum [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate

34.00%

Significant Unobservable Inputs Annuitization Rate

100.00%

Level 3 | Fair Value, Recurring [Member] | GLB

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross

$ 760

$ 1,089

[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.

Fair Value Measurements (Assets and Liabilities, Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - Level 3 - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Equity Securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 75

$ 67

$ 73

$ 69

0

Change in Net Unrealized Gains (Losses) included in OCI, Assets

0

0

(1)

0

5

(1)

7

(3)

4

8

7

11

(6)

(9)

(13)

0

0

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

78

64

78

64

4

1

6

(1)

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets

0

Short-term Investments [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

1

5

6

0

Change in Net Unrealized Gains (Losses) included in OCI, Assets

0

0

0

2

1

3

2

0

0

(5)

(6)

0

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

3

2

3

2

0

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets

0

Other Investments [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

10

0

Change in Net Unrealized Gains (Losses) included in OCI, Assets

0

0

0

0

0

0

0

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

10

0

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets

0

Available-for-sale Securities [Member] | Non-U.S.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

650

465

546

449

0

Change in Net Unrealized Gains (Losses) included in OCI, Assets

(10)

(13)

(10)

(16)

5

(6)

13

(20)

3

(1)

3

(3)

54

67

175

149

(9)

(16)

(62)

(51)

(27)

(69)

(28)

0

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

642

469

642

469

0

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets

7

(5)

17

(20)

Available-for-sale Securities [Member] | Corporate and asset-backed securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

1,612

1,502

1,573

1,451

29

46

91

Change in Net Unrealized Gains (Losses) included in OCI, Assets

(3)

(71)

(3)

(72)

6

(1)

12

(44)

6

(13)

3

(26)

240

83

409

222

(50)

(48)

(75)

(67)

(152)

(85)

(277)

(186)

0

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

1,688

1,369

1,688

1,369

6

5

3

(9)

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets

6

7

17

(37)

Available-for-sale Securities [Member] | Mortgage-backed securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

51

60

0

Change in Net Unrealized Gains (Losses) included in OCI, Assets

0

0

0

1

0

1

0

(1)

0

(1)

0

(4)

0

(13)

0

0

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

47

60

47

60

0

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets

0

Guaranteed Minimum Income Benefit [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance - Beginning of Period, Liabilities

760

^[1]

1,591

^[2]

1,089

897

Transfers into level 3, liability

0

Transfers out of Level 3, Liabilities

0

Change in Net Unrealized Gains (losses) included in OCI, Liabilities

0

Net Realized Gains/(Losses), Liabilities

8

^[1]

(213)

^[2]

(311)

472

Purchases, Liabilities

0

Sales, Liabilities

0

Settlements, Liabilities

0

Other, Liabilities

(8)

(6)

(18)

3

Balance - End of Period, Liabilities

760

^[1]

1,372

^[2]

760

^[1]

1,372

^[2]

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

8

^[1]

(213)

^[2]

(311)

472

Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Liabilities

$ 0

[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.

Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	$ 11,343	$ 12,510
Debt Securities, Held-to-maturity	10,710	11,697
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,405	1,405
Long-term debt	14,954	14,948
Total liabilities	137,112	131,333
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,029	1,395
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	10,314	11,115
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,405	1,405
Long-term Debt, Fair Value	16,822	17,487
Trust preferred securities	467	473
Total liabilities	18,694	19,365
Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,405	1,405
Long-term Debt, Fair Value	16,822	17,487
Trust preferred securities	467	473
Total liabilities	18,694	19,365
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	10,673	11,653
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,405	1,405
Trust preferred securities	308	308
Long-term debt	14,954	14,948
Total liabilities	16,667	16,661
U.S. Treasury / Agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,082	1,452
Debt Securities, Held-to-maturity	1,041	1,392
U.S. Treasury / Agency \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,029	1,395
U.S. Treasury / Agency \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	53	57
U.S. Treasury / Agency \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
U.S. Treasury / Agency \| Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,041	1,392
Non-U.S.
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,366	1,405
Debt Securities, Held-to-maturity	1,285	1,295
Non-U.S. \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Non-U.S. \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,366	1,405
Non-U.S. \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Non-U.S. \| Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,280	1,288
Corporate and asset-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	2,314	2,438
Debt Securities, Held-to-maturity	2,117	2,185
Corporate and asset-backed securities \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Corporate and asset-backed securities \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	2,314	2,438
Corporate and asset-backed securities \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Corporate and asset-backed securities \| Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	2,087	2,150
Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,892	2,146
Debt Securities, Held-to-maturity	1,782	2,000
Mortgage-backed securities \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Mortgage-backed securities \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,892	2,146
Mortgage-backed securities \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Mortgage-backed securities \| Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,781	1,999
Municipal
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	4,689	5,069
Debt Securities, Held-to-maturity	4,485	4,825
Municipal \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Municipal \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	4,689	5,069
Municipal \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Municipal \| Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	$ 4,484	$ 4,824

Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions

Jun. 30, 2021

Dec. 31, 2020

Jun. 30, 2020

Dec. 31, 2019

Ceded Credit Risk [Line Items]

Reinsurance Recoverable for Unpaid Claims and Claims Adjustments

$ 14,721

^[1]

$ 14,647

$ 14,361

^[1]

$ 14,181

Reinsurance Recoverable for Paid Claims and Claims Adjustments

1,004

945

Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $322 and $314

15,725

15,592

Reinsurance recoverable on policy benefits

203

206

Reinsurance Recoverables on Unpaid Losses, Allowance

265

257

Reinsurance Recoverables on Paid Losses, Allowance

57

Reinsurance Recoverable, Allowance for Credit Loss

322

314

$ 303

$ 316

Reinsurance Recoverables on Future Policy Benefits, Allowance

$ 4

$ 5

[1]	Net of valuation allowance for uncollectible reinsurance.

Reinsurance (Details) - USD ($) $ in Millions	6 Months Ended
Reinsurance (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverable, Allowance for Credit Loss, Beginning of period	$ 314	$ 316
Reinsurance Recoverable, Credit Loss Expense (Reversal)	9	5
Reinsurance, Loss on Uncollectible Accounts in Period, Amount	(1)	(19)
Reinsurance Recoverable, Allowance for Credit Loss, Other	0	1
Reinsurance Recoverable, Allowance for Credit Loss, end of period	$ 322	$ 303

Unpaid losses and loss expenses (RF) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Unpaid Losses and Loss Expenses [Roll Forward]

Gross unpaid losses and loss expenses – beginning of period

$ 67,811

$ 62,690

Reinsurance recoverable on unpaid losses – beginning of period (1)

(14,647)

(14,181)

Net unpaid losses and loss expenses – beginning of period

53,164

48,509

Current Year Claims and Claims Adjustment Expense

10,546

11,111

Prior Year Claims and Claims Adjustment Expense

^[1]

(487)

(49)

Total, Incurred

10,059

11,062

Net loss and loss expenses paid, Current Year

2,355

2,263

Net loss and loss expenses paid, Prior Years

5,531

5,842

Total, Paid

7,886

8,105

Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other

231

(128)

Net unpaid losses and loss expenses – end of period

55,568

51,338

Reinsurance recoverable on unpaid losses (1)

^[2]

14,721

14,361

Gross unpaid losses and loss expenses – end of period

70,289

65,699

prior period development, net adjustments

27

$ 6

Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross

2,478

Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease)

$ 2,404

[1]	Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $27 million and $6 million for the six months ended June 30, 2021 and 2020, respectively.
[2]	Net of valuation allowance for uncollectible reinsurance.

Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (268)	$ 75	$ (460)	$ (43)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(156)	(146)	(283)	(251)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(44)	(1)	(84)	0
North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(2)	(14)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(156)	(36)	(181)	(40)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(16)	(7)	(23)
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	88	274	97	285
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(243)	(38)	(398)	(124)
Short Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(60)	(5)	(141)	(67)
Short Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(44)	(1)	(84)	0
Short Tail [Member] \| North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(2)	(14)
Short Tail [Member] \| Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(161)	(35)	(186)	(39)
Short Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	22	3	15	(4)
Short Tail [Member] \| Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(25)	113	(62)	81
Long Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(96)	(141)	(142)	(184)
Long Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member] \| North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member] \| Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	5	(1)	5	(1)
Long Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(22)	(19)	(22)	(19)
Long Tail [Member] \| Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 88	$ 274	$ 97	$ 285

Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (268)	$ 75	$ (460)	$ (43)
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(25)	113	(62)	81
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(243)	(38)	(398)	(124)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(156)	(146)	(283)	(251)
North America Commercial P&C Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(96)	(141)	(142)	(184)
North America Commercial P&C Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(60)	(5)	(141)	(67)
North America Commercial P&C Insurance [Member] \| General Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(36)
North America Commercial P&C Insurance [Member] \| Surety Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(41)
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	(137)	(152)	(158)	(182)
North America Commercial P&C Insurance [Member] \| Other [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		5		5
North America Commercial P&C Insurance [Member] \| Auto Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			74
North America Commercial P&C Insurance [Member] \| Accident years 2015 to 2019 [Member] \| Commercial Excess and Umbrella [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				40
North America Commercial P&C Insurance [Member] \| Accident years 2015 to 2019 [Member] \| Auto Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		75		75
North America Commercial P&C Insurance [Member] \| Accident years 2016 and prior [Member] \| Professional Malpractice Liability Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(66)
North America Commercial P&C Insurance [Member] \| Accident years 2016 and prior [Member] \| Environmental lines [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(43)
North America Commercial P&C Insurance [Member] \| Accident years 2016 and prior [Member] \| General Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(59)
North America Commercial P&C Insurance [Member] \| Accident Years 2016 - 2019 [Member] \| Commercial Excess and Umbrella [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			43
North America Commercial P&C Insurance [Member] \| Accident year 2017 and prior [Member] \| General Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(37)
North America Commercial P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2018 [Member] \| Surety Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(31)
North America Commercial P&C Insurance [Member] \| Accident years 2018 - 2019 [Member] \| Accident and Health Insurance Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(37)
North America Commercial P&C Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2019 [Member] \| Workers' Compensation Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(62)
North America Commercial P&C Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2020 \| Surety Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(35)
North America Commercial P&C Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2020 \| Workers' Compensation Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(36)
North America Commercial P&C Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2020 \| Property and Inland Marine [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(29)
North America Commercial P&C Insurance [Member] \| Accident Years 2019 - 2020 \| Professional Malpractice Liability Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			41
North America Commercial P&C Insurance [Member] \| Accident Years 2019 - 2020 \| Accident and Health Insurance Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(46)
North America Commercial P&C Insurance [Member] \| Accident years 2018 - 2020 [Member] \| Surety Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(89)
North America Commercial P&C Insurance [Member] \| Accident years 2017 and prior \| Environmental lines [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(40)
North America Commercial P&C Insurance [Member] \| Accident years 2017 and prior \| General Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(45)
North America Commercial P&C Insurance [Member] \| Accident years 2016 to 2020 \| General Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	27		26
North America Commercial P&C Insurance [Member] \| Accident years 2016 and 2017 \| Professional Malpractice Liability Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(51)
North America Commercial P&C Insurance [Member] \| Accident years 2017 and 2019 \| Auto Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	76
North America Agricultural Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(2)	(14)
North America Agricultural Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
North America Agricultural Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(2)	(14)
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	88	274	97	285
Corporate Segment [Member] \| Discontinued Operations [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		20		31
Corporate Segment [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	88	274	97	285
Corporate Segment [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Corporate Segment [Member] \| Other [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			68	254
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(156)	(36)	(181)	(40)
Overseas General Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	5	(1)	5	(1)
Overseas General Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(161)	(35)	(186)	(39)
Overseas General Insurance [Member] \| Marine [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(19)		(22)
Overseas General Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2020 \| Property, Liability and Casualty Insurance Product Line \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(21)
Overseas General Insurance [Member] \| Accident Years 2019 - 2020 \| Accident and Health Insurance Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(49)		(55)
Overseas General Insurance [Member] \| Accident Years 2019 - 2020 \| Property, Liability and Casualty Insurance Product Line \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(50)		(58)
Overseas General Insurance [Member] \| Accident years 2018 - 2020 \| Marine [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(31)		(35)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(44)	(1)	(84)	0
North America Personal P&C Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
North America Personal P&C Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(44)	(1)	(84)	0
North America Personal P&C Insurance [Member] \| Auto Liability [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(43)		(43)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(16)	(7)	(23)
Global Reinsurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(22)	(19)	(22)	(19)
Global Reinsurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 22	$ 3	$ 15	$ (4)

Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial Instruments Owned and Pledged as Collateral [Line Items]
Derivative liability subject to a master netting agreement	$ 37	$ 30
Repurchase agreements	1,405	1,405
Purchase Commitment, Remaining Minimum Amount Committed	877
Carrying value of limited partnerships and partially-owned investment companies included in other investments	8,000	6,500
Funding commitments relating to limited partnerships and partially-owned investment companies	8,000	3,200
Unrecognized tax benefits	60
Operating Lease, Right-of-Use Asset	429	473
Operating Lease, Liability	$ 468	$ 517

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

Jun. 30, 2021

Dec. 31, 2020

Foreign currency forward contracts

Options/Futures contracts on notes, bonds, and equities

$ 4,384

$ 2,807

12,543

1,749

Convertible securities

Total investment and embedded derivative instruments

^[1]

13

11

67

44

(94)

(52)

Futures contracts on equities

16,940

4,567

^[2]

818

709

Other

Other Derivative Instruments [Member]

175

16

Guaranteed Minimum Income Benefit [Member]

993

725

^[3]

0

Other Assets [Member] | Foreign currency forward contracts

^[3]

1,423

1,658

Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities

19

22

Other Assets [Member] | Futures contracts on equities

36

13

Other Assets [Member] | Other

^[2]

0

Other Assets [Member] | Other Derivative Instruments [Member]

10

0

Fixed Maturities [Member] | Convertible securities

10

0

Equity Securities [Member] | Convertible securities

^[1]

12

9

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts

^[1]

0

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities

(57)

(49)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities

(37)

(3)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other

^[2]

(12)

(17)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member]

0

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Guaranteed Minimum Income Benefit [Member]

(12)

(17)

Derivative Instruments, Gain (Loss) [Line Items]

^[3]

$ (760)

$ (1,089)

[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.

Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Foreign currency forward contracts

$ (160)

$ 123

$ 223

$ (424)

Derivative Instruments, Gain (Loss) [Line Items]

All Other Futures Contracts, Options and equities [Member]

(6)

10

(22)

53

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Line Items]

(86)

3

39

(24)

Convertible securities

Total investment and embedded derivative instruments

^[1]

1

0

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Line Items]

(91)

14

18

29

GLB

Futures contracts on equities

(8)

213

311

(472)

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Line Items]

^[2]

(64)

(103)

(108)

22

Other

Guaranteed Living Benefit And Other Derivative Instruments [Member]

3

(1)

2

(3)

Derivative Instruments, Gain (Loss) [Line Items]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

$ (69)

$ 109

$ 205

$ (453)

[1]	Includes embedded derivatives.
[2]	Related to GMDB and GLB book of business.

Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 2,369	$ 1,844
Securities lending payable	2,369	1,844
Cash [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	1,179	551
U.S. Treasury / Agency \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	147	148
Foreign [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	885	1,032
Corporate and asset-backed securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	9	30
Mortgage-backed securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	1	4
Equity Securities [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 148	$ 79

Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions

Jun. 30, 2021

Dec. 31, 2020

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

$ 1,465

$ 1,462

Repurchase agreements

1,405

Cash [Member]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

16

4

U.S. Treasury / Agency

Mortgage-backed securities

108

106

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Repurchase Agreements [Member]

1,341

1,352

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Secured Borrowings, Gross, Difference, Amount

^[1]

60

57

Maturity Less than 30 Days [Member]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | Cash [Member]

387

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | U.S. Treasury / Agency

16

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | Mortgage-backed securities

4

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member]

367

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | Cash [Member]

488

481

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | U.S. Treasury / Agency

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | Mortgage-backed securities

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member]

488

481

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | Cash [Member]

590

981

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency

0

4

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | Mortgage-backed securities

104

106

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Income (Loss) from Equity Method Investments

$ 486

$ 871

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

Shareholders' equity (Details)	6 Months Ended
Shareholders' equity (Details)	Jun. 30, 2021 SFr / shares shares	May 20, 2021 $ / shares	Dec. 31, 2020 SFr / shares shares	May 20, 2020 $ / shares	May 31, 2019 $ / shares
Stockholders' Equity Note [Abstract]
Common Shares, par value \| SFr / shares	SFr 24.15		SFr 24.15
Common Shares in treasury, shares \| shares	38,888,051		26,872,639
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures \| shares	2,449,988
Common Stock, Dividend Rate Approved \| $ / shares		$ 0.80		$ 0.78	$ 0.75
Annual dividend per share approved by shareholders \| $ / shares		$ 3.20		$ 3.12	$ 3.00

Shareholders' equity Dividends Declared (Details)	3 Months Ended				6 Months Ended
Shareholders' equity Dividends Declared (Details)	Jun. 30, 2021 SFr / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2020 SFr / shares	Jun. 30, 2020 $ / shares	Jun. 30, 2021 SFr / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2020 SFr / shares	Jun. 30, 2020 $ / shares
United States of America, Dollars
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared \| $ / shares		$ 0.80		$ 0.78		$ 1.58		$ 1.53
Switzerland, Francs
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared \| SFr / shares	SFr 0.71		SFr 0.75		SFr 1.41		SFr 1.47

Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 28, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 19, 2021	Feb. 01, 2021	Nov. 19, 2020	Nov. 21, 2019
Nov 2019 Stock Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount									$ 1,500
Number of shares repurchased			0		2,266,150
Cost of shares repurchased			$ 0		$ 326
Repurchase authorization remaining at end of period			$ 1,124		$ 1,124
Nov 2020 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount							$ 2,500	$ 1,500
Number of shares repurchased		11,355,400		14,465,400
Cost of shares repurchased		$ 1,921		$ 2,440
Repurchase authorization remaining at end of period		$ 65		$ 65
CB_Increase(Decrease)StockRepurchaseProgramAuthorizedAmount							$ 1,000
Subsequent Event [Member] \| Nov 2020 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	0
Cost of shares repurchased	$ 0
Subsequent Event [Member] \| July 2021 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount						$ 5,000
Repurchase authorization remaining at end of period	$ 5,065

Share-Based Compensation (Detail) - $ / shares		6 Months Ended
Share-Based Compensation (Detail) - $ / shares	Feb. 25, 2021	Jun. 30, 2021
Chubb Limited Amended 2016 Long-Term Incentive Plan \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		13,400,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period		3 years
Award term period in years		10 years
Stock options granted	1,790,057
Weighted-average grant date fair value for stock options granted	$ 33.05
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	848,762
Grant date fair value of awards except for options granted to employees and officers of the company	$ 164.94
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Restricted stock awards granted to employees and officers of the company	284,766
Grant date fair value of awards except for options granted to employees and officers of the company	$ 164.94
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	324,142
Grant date fair value of awards except for options granted to employees and officers of the company	$ 164.94

Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 1	$ 1	$ 2	$ 2
Non-service (benefit) cost	(52)	(35)	(103)	(69)
Net periodic benefit cost (benefit)	(51)	(34)	(101)	(67)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Interest cost	0	0	0	1
Expected return on plan assets	0	(1)	0	(2)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	0
Amortization of prior service cost	(6)	(20)	(26)	(40)
Settlements	0	0	0	0
Non-service (benefit) cost	(6)	(21)	(26)	(41)
Net periodic benefit cost (benefit)	(6)	(21)	(26)	(41)
Losses and loss expenses \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	(4)	(3)	(9)	(6)
Losses and loss expenses \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	(1)	(2)	(3)	(4)
Administrative Expense \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	1	1	2	2
Non-service (benefit) cost	(48)	(32)	(94)	(63)
Administrative Expense \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	(5)	(19)	(23)	(37)
Foreign Plan [Member] \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	1	1	2	2
Interest cost	4	5	9	11
Expected return on plan assets	(11)	(11)	(22)	(21)
Defined Benefit Plan, Amortization of Gain (Loss)	1	1	2	1
Amortization of prior service cost	0	0	0	0
Settlements	0	0	0	0
Non-service (benefit) cost	(6)	(5)	(11)	(9)
Net periodic benefit cost (benefit)	(5)	(4)	(9)	(7)
UNITED STATES \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Interest cost	17	25	35	50
Expected return on plan assets	(63)	(56)	(127)	(112)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	0
Amortization of prior service cost	0	0	0	0
Settlements	0	1	0	2
Non-service (benefit) cost	(46)	(30)	(92)	(60)
Net periodic benefit cost (benefit)	$ (46)	$ (30)	$ (92)	$ (60)

Other Income and Expenses (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

^[1]

$ 774

$ (73)

$ 1,271

$ (44)

Gains Losses On Fair Value Changes In Separate Account Assets

^[2]

15

40

19

(16)

Excise and Sales Taxes

(5)

(6)

(10)

(12)

Other Nonoperating Expense

(7)

(19)

(13)

(41)

Other Nonoperating Income (Expense)

777

(58)

1,267

(113)

Huatai Group [Member]

Income (Loss) from Equity Method Investments

$ 49

$ 31

$ 98

$ 49

[1]	Principally comprises our share of operating income and mark-to-market gains on private equities where we hold more than three percent. Also includes net income from our investment in Huatai of $49 million and $98 million for the three and six months ended June 30, 2021, respectively, compared to $31 million and $49 million, respectively, for the prior year periods.
[2]	Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Segment information Segment Information (narrative Detail (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

$ 160

$ (123)

$ (223)

$ 424

Gains(Losses) On Fair Value Changes In Separate Account Assets

884

827

1,747

1,688

^[1]

(15)

(40)

(19)

16

North America Agricultural Insurance [Member]

8

7

15

16

Segment Life [Member]

$ 101

$ 95

$ 199

$ 190

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

Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

$ 9,546

$ 8,355

$ 18,208

$ 16,332

8,813

8,128

17,034

15,922

5,006

6,577

10,059

11,062

185

223

352

1,698

1,593

3,363

3,208

775

727

1,519

1,468

1,149

(992)

1,741

(168)

884

827

1,747

1,688

(777)

^[1]

58

(1,267)

113

73

72

145

2,737

(295)

4,610

1,262

(33)

30

854

(928)

122

128

244

260

Income tax expense

317

(62)

655

153

Segment Reconciling Items

2,265

(331)

4,565

(79)

0

0

3

(1)

2

(3)

15

40

19

(16)

0

0

(18)

(39)

(21)

19

(39)

(8)

(80)

(32)

(54)

^[1]

(48)

(99)

(16)

0

(3)

1

(2)

3

3

(1)

2

(3)

0

Income tax expense

0

North America Commercial P&C Insurance [Member]

0

4,285

3,720

7,949

6,972

3,803

3,595

7,477

6,971

2,426

3,498

4,986

5,679

0

489

471

1,003

963

245

249

499

508

643

(623)

989

(179)

535

509

1,075

1,034

14

^[1]

6

16

12

0

North America Personal P&C Insurance [Member]

1,164

(120)

2,048

843

1,363

1,327

2,461

2,434

1,224

1,192

2,408

2,392

676

762

1,495

1,445

0

245

231

492

476

67

66

127

134

236

133

294

337

64

65

129

131

(5)

^[1]

1

(4)

3

3

6

North America Agricultural Insurance [Member]

302

194

421

459

512

461

695

618

410

376

520

470

331

313

416

378

0

27

29

39

40

3

6

7

49

31

59

45

8

7

15

16

0

^[1]

1

0

1

6

13

Overseas General Insurance [Member]

51

31

61

47

2,497

2,021

5,387

4,619

2,579

2,194

5,057

4,501

1,186

1,485

2,449

2,743

0

699

624

1,367

1,266

279

241

545

499

415

(156)

696

(7)

149

121

290

266

2

^[1]

5

3

9

13

11

25

23

Global Reinsurance [Member]

549

(51)

958

227

274

207

481

425

192

163

372

349

110

73

230

160

0

47

42

92

87

10

9

18

19

25

39

32

83

81

60

151

129

0

^[1]

1

0

1

0

106

98

183

211

Life Insurance [Member]

615

619

1,235

1,264

605

608

1,200

1,239

185

171

383

373

170

183

333

368

191

196

370

376

83

82

165

158

(24)

(51)

(36)

101

95

199

190

(26)

^[1]

(17)

(60)

(29)

1

2

Corporate Segment [Member]

102

87

206

181

0

0

89

276

98

287

0

0

88

77

159

143

(177)

(353)

(257)

(430)

(15)

(22)

(32)

(46)

(708)

^[1]

109

(1,123)

132

50

51

99

101

466

(535)

735

(709)

(36)

31

852

(925)

122

128

244

260

Income tax expense

317

(62)

655

153

$ (9)

$ (570)

$ 688

$ (2,047)

[1]	Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 2,265	$ (331)	$ 4,565	$ (79)
Weighted-average shares outstanding	445,094,678	451,402,807	447,802,079	451,635,733
Share-based compensation plans	2,857,242	1,395,951	2,900,440	2,044,144
Weighted-average shares outstanding and assumed conversions	447,951,920	451,402,807	450,702,519	451,635,733
Basic earnings (loss) per share (US$ per share)	$ 5.09	$ (0.73)	$ 10.20	$ (0.17)
Diluted earnings (loss) per share (US$ per share)	$ 5.06	$ (0.73)	$ 10.13	$ (0.17)
Potential anti-dilutive share conversions	1,777,555	8,378,447	1,879,882	6,583,319

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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