a) Fixed maturities



June 30, 2019	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
Available for sale
U.S. Treasury and agency	$	3,545	$	97	$	(2	)	$	3,640	$	—
Foreign	21,777		942		(71		)	22,648		—
Corporate securities	28,940		891		(97		)	29,734		(6		)
Mortgage-backed securities	17,597		398		(29		)	17,966		(1		)
States, municipalities, and political subdivisions	8,260		176		(14		)	8,422		—
	$	80,119	$	2,504	$	(213	)	$	82,410	$	(7	)
Held to maturity
U.S. Treasury and agency	$	1,167	$	27	$	(1	)	$	1,193	$	—
Foreign	1,465		59		(1		)	1,523		—
Corporate securities	2,457		79		(9		)	2,527		—
Mortgage-backed securities	2,442		60		—			2,502		—
States, municipalities, and political subdivisions	5,307		127		(2		)	5,432		—
	$	12,838	$	352	$	(13	)	$	13,177	$	—



December 31, 2018	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
Available for sale
U.S. Treasury and agency	$	4,158	$	30	$	(43	)	$	4,145	$	—
Foreign	21,370		395		(349		)	21,416		—
Corporate securities	27,183		150		(750		)	26,583		(6		)
Mortgage-backed securities	15,758		66		(284		)	15,540		(1		)
States, municipalities, and political subdivisions	10,854		49		(117		)	10,786		—
	$	79,323	$	690	$	(1,543	)	$	78,470	$	(7	)
Held to maturity
U.S. Treasury and agency	$	1,185	$	8	$	(11	)	$	1,182	$	—
Foreign	1,549		11		(18		)	1,542		—
Corporate securities	2,601		11		(104		)	2,508		—
Mortgage-backed securities	2,524		5		(43		)	2,486		—
States, municipalities, and political subdivisions	5,576		16		(51		)	5,541		—
	$	13,435	$	51	$	(227	)	$	13,259	$	—

As discussed in Note 2 b), if a credit loss is incurred on an impaired fixed maturity, an OTTI is considered to have occurred and the portion of the impairment not related to credit losses (non-credit OTTI) is recognized in OCI. Included in the “OTTI Recognized in AOCI” columns above are the cumulative amounts of non-credit OTTI recognized in OCI adjusted for subsequent sales, maturities, and redemptions. OTTI recognized in AOCI does not include the impact of subsequent changes in fair value of the related securities. In periods subsequent to a recognition of OTTI in OCI, changes in the fair value of the related fixed maturities are reflected in Net unrealized appreciation on investments in the Consolidated statements of shareholders’ equity. For the three and six months ended June 30, 2019, $7 million and $16 million, respectively, of net unrealized appreciation related to such securities are included in OCI. For the three and six months ended June 30, 2018, nil and $4 million,

respectively, of net unrealized depreciation related to such securities are included in OCI. At June 30, 2019 and December 31, 2018, AOCI included cumulative net unrealized appreciation of $3 million and $1 million, respectively, related to securities remaining in the investment portfolio for which a non-credit OTTI was recognized.

Mortgage-backed securities (MBS) issued by U.S. government agencies are combined with all other to be announced mortgage-backed securities (TBAs) held (refer to Note 6 b) (iv)) and are included in the category, “Mortgage-backed securities”. Approximately 82 percent and 81 percent of the total mortgage-backed securities at June 30, 2019 and December 31, 2018, respectively, are represented by investments in U.S. government agency bonds. The remainder of the mortgage exposure consists of collateralized mortgage obligations and non-government mortgage-backed securities, the majority of which provide a planned structure for principal and interest payments and carry a rating of AAA by the major credit rating agencies.

The following table presents fixed maturities by contractual maturity:



			June 30				December 31
			2019				2018
(in millions of U.S. dollars)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Due in 1 year or less	$	3,613	$	3,630	$	3,569	$	3,568
Due after 1 year through 5 years	26,776		27,281		27,134		27,005
Due after 5 years through 10 years	22,957		23,711		24,095		23,543
Due after 10 years	9,176		9,822		8,767		8,814
	62,522		64,444		63,565		62,930
Mortgage-backed securities	17,597		17,966		15,758		15,540
	$	80,119	$	82,410	$	79,323	$	78,470
Held to maturity
Due in 1 year or less	$	545	$	548	$	536	$	537
Due after 1 year through 5 years	3,267		3,315		3,122		3,106
Due after 5 years through 10 years	4,082		4,192		4,468		4,407
Due after 10 years	2,502		2,620		2,785		2,723
	10,396		10,675		10,911		10,773
Mortgage-backed securities	2,442		2,502		2,524		2,486
	$	12,838	$	13,177	$	13,435	$	13,259

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

b) Net realized gains (losses)

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

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

Evaluation of potential credit losses related to fixed maturities

We review each fixed maturity in an unrealized loss position to assess whether the security is a candidate for credit loss. Specifically, we consider credit rating, market price, and issuer-specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities, for which we determine that credit loss is

likely, are subjected to further analysis to estimate the credit loss recognized in Net income, if any. In general, credit loss recognized in Net income equals the difference between the security’s amortized cost and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security. All significant assumptions used in determining credit losses are subject to change as market conditions evolve.

Corporate securities

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

For the three and six months ended June 30, 2019, credit losses recognized in Net income for corporate securities were $8 million and $14 million, respectively. For both the three and six months ended June 30, 2018, credit losses recognized in Net income for corporate securities were $1 million.

Mortgage-backed securities

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

For the three and six months ended June 30, 2019 and 2018, there were no credit losses recognized in Net income for mortgage-backed securities.

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



	Three Months Ended						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2019			2018			2019			2018
Fixed maturities:
OTTI on fixed maturities, gross	$	(14	)	$	(4	)	$	(27	)	$	(5	)
OTTI on fixed maturities recognized in OCI (pre-tax)	1			—			1			—
OTTI on fixed maturities, net	(13		)	(4		)	(26		)	(5		)
Gross realized gains excluding OTTI	56			99			83			165
Gross realized losses excluding OTTI	(31		)	(176		)	(89		)	(264		)
Total fixed maturities	12			(81		)	(32		)	(104		)
Equity securities	5			(2		)	63			(13		)
Other investments	30			(11		)	(14		)	18
Foreign exchange gains (losses)	(11		)	140			2			63
Investment and embedded derivative instruments	(181		)	24			(311		)	41
Fair value adjustments on insurance derivative	(65		)	41			49			79
S&P futures	(20		)	(44		)	(83		)	(22		)
Other derivative instruments	7			8			6			10
Other	—			(57		)	—			(56		)
Net realized gains (losses) (pre-tax)	$	(223	)	$	18		$	(320	)	$	16

Other net realized gains (losses) for the three and six months ended June 30, 2018 included a $36 million loss from the extinguishment of debt related to the redemption of the $1.0 billion 6.375 percent unsecured junior subordinated capital securities and a $22 million loss related to lease impairments.

The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI:



	Three Months Ended					Six Months Ended
	June 30					June 30
(in millions of U.S. dollars)	2019			2018		2019			2018
Balance of credit losses related to securities still held – beginning of period	$	32		$	15	$	34		$	22
Additions where no OTTI was previously recorded	5			1		11			1
Additions where an OTTI was previously recorded	3			—		3			—
Reductions for securities sold during the period	(10		)	—		(18		)	(7		)
Balance of credit losses related to securities still held – end of period	$	30		$	16	$	30		$	16

c) Equity securities and Other investments

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



								Three Months Ended
								June 30
	2019							2018
(in millions of U.S. dollars)	Equity Securities			Other Investments		Total		Equity Securities			Other Investments			Total
Net gains (losses) recognized during the period	$	5		$	30	$	35	$	(2	)	$	(11	)	$	(13	)
Less: Net gains (losses) recognized from sales of securities	32			—		32		5			—			5
Unrealized gains (losses) recognized for securities still held at reporting date	$	(27	)	$	30	$	3	$	(7	)	$	(11	)	$	(18	)



								Six Months Ended
								June 30
	2019							2018
(in millions of U.S. dollars)	Equity Securities		Other Investments			Total		Equity Securities			Other Investments		Total
Net gains (losses) recognized during the period	$	63	$	(14	)	$	49	$	(13	)	$	18	$	5
Less: Net gains (losses) recognized from sales of securities	33		(2		)	31		15			—		15
Unrealized gains (losses) recognized for securities still held at reporting date	$	30	$	(12	)	$	18	$	(28	)	$	18	$	(10	)

d) Gross unrealized loss

At June 30, 2019, there were 5,202 fixed maturities out of a total of 30,289 fixed maturities in an unrealized loss position. The largest single unrealized loss in the fixed maturities was $3 million. Fixed maturities in an unrealized loss position at June 30, 2019, comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:



	0 – 12 Months					Over 12 Months					Total
June 30, 2019	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
U.S. Treasury and agency	$	41	$	—		$	836	$	(3	)	$	877	$	(3	)
Foreign	946		(14		)	2,042		(58		)	2,988		(72		)
Corporate securities	2,617		(49		)	1,834		(57		)	4,451		(106		)
Mortgage-backed securities	289		(1		)	2,779		(28		)	3,068		(29		)
States, municipalities, and political subdivisions	61		—			1,467		(16		)	1,528		(16		)
Total fixed maturities	$	3,954	$	(64	)	$	8,958	$	(162	)	$	12,912	$	(226	)



	0 – 12 Months					Over 12 Months					Total
December 31, 2018	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
U.S. Treasury and agency	$	523	$	(4	)	$	2,859	$	(50	)	$	3,382	$	(54	)
Foreign	6,764		(208		)	5,349		(159		)	12,113		(367		)
Corporate securities	16,538		(599		)	4,873		(255		)	21,411		(854		)
Mortgage-backed securities	6,103		(98		)	6,913		(229		)	13,016		(327		)
States, municipalities, and political subdivisions	5,024		(44		)	7,768		(124		)	12,792		(168		)
Total fixed maturities	$	34,952	$	(953	)	$	27,762	$	(817	)	$	62,714	$	(1,770	)

e) Investments in partially-owned insurance companies

On May 31, 2019, we completed the purchase of an additional ownership in Huatai Insurance Group Company Limited ("Huatai Group") of approximately 6.2 percent for $329 million. We increased our aggregate ownership interest in Huatai Group to approximately 26.2 percent. We continue to apply the equity method of accounting to our investment in Huatai Group by recording our share of net income or loss in Other (income) expense in the Consolidated statements of operations. With our increased ownership interest, Huatai Group becomes the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture.

f) 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, 2019 and December 31, 2018 are investments, primarily fixed maturities, totaling $22.2 billion and $21.0 billion, respectively, and cash of $98 million and $93 million, respectively.

The following table presents the components of restricted assets:



	June 30		December 31
(in millions of U.S. dollars)	2019		2018
Trust funds	$	14,517	$	13,988
Deposits with U.S. regulatory authorities	2,920		2,405
Deposits with non-U.S. regulatory authorities	2,861		2,531
Assets pledged under repurchase agreements	1,470		1,468
Other pledged assets	519		692
Total	$	22,287	$	21,084

Fair value measurements

6 Months Ended

Jun. 30, 2019

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

Equity securities

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

Short-term investments

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

approaching maturity and, as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3.

Other investments

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

Securities lending collateral

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

Investment derivative instruments

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

Other derivative instruments

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

Separate account assets

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

Guaranteed living benefits

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

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

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

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

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. For the three and six months ended June 30, 2019 and 2018, no material technical refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 3 to the Consolidated Financial Statements of our 2018 Form 10-K.

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



June 30, 2019	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities available for sale
U.S. Treasury and agency	$	2,934	$	706	$	—	$	3,640
Foreign	—		22,277		371		22,648
Corporate securities	—		28,375		1,359		29,734
Mortgage-backed securities	—		17,890		76		17,966
States, municipalities, and political subdivisions	—		8,422		—		8,422
	2,934		77,670		1,806		82,410
Equity securities	659		—		56		715
Short-term investments	2,360		1,444		4		3,808
Other investments ⁽¹⁾	414		353		11		778
Securities lending collateral	—		1,727		—		1,727
Investment derivative instruments	15		—		—		15
Other derivative instruments	15		—		—		15
Separate account assets	3,109		137		—		3,246
Total assets measured at fair value ⁽¹⁾	$	9,506	$	81,331	$	1,877	$	92,714
Liabilities:
Investment derivative instruments	$	60	$	104	$	—	$	164
Other derivative instruments	10		—		—		10
GLB ⁽²⁾	—		—		403		403
Total liabilities measured at fair value	$	70	$	104	$	403	$	577


⁽¹⁾	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,860 million and other investments of $89 million at June 30, 2019 measured using NAV as a practical expedient.


⁽²⁾	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.



December 31, 2018	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities available for sale
U.S. Treasury and agency	$	3,400	$	745	$	—	$	4,145
Foreign	—		21,071		345		21,416
Corporate securities	—		25,284		1,299		26,583
Mortgage-backed securities	—		15,479		61		15,540
States, municipalities, and political subdivisions	—		10,786		—		10,786
	3,400		73,365		1,705		78,470
Equity securities	713		—		57		770
Short-term investments	1,575		1,440		1		3,016
Other investments ⁽¹⁾	381		303		11		695
Securities lending collateral	—		1,926		—		1,926
Investment derivative instruments	28		—		—		28
Other derivative instruments	25		—		—		25
Separate account assets	2,686		137		—		2,823
Total assets measured at fair value ⁽¹⁾	$	8,808	$	77,171	$	1,774	$	87,753
Liabilities:
Investment derivative instruments	$	38	$	115	$	—	$	153
GLB ⁽²⁾	—		—		452		452
Total liabilities measured at fair value	$	38	$	115	$	452	$	605


⁽¹⁾	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.


⁽²⁾	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.

Fair value of alternative investments

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



				June 30				December 31
	Expected Liquidation Period of Underlying Assets			2019				2018
(in millions of U.S. dollars)	Expected Liquidation Period of Underlying Assets	Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	575	$	375	$	596	$	193
Real Assets	2 to 11 Years	776		542		704		362
Distressed	2 to 7 Years	267		93		296		105
Private Credit	3 to 8 Years	116		269		147		310
Traditional	2 to 14 Years	2,741		2,257		2,362		2,735
Vintage	1 to 2 Years	122		39		56		—
Investment funds	Not Applicable	263		—		83		—
		$	4,860	$	3,575	$	4,244	$	3,705

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



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

Investment funds

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

Level 3 financial instruments

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

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

Fair Value

Valuation

Technique

Significant

Unobservable Inputs

Ranges

June 30, 2019

December 31, 2018

GLB ⁽¹⁾

$

403

$

452

Actuarial model

Lapse rate

3% – 32%

Annuitization rate

0% – 42%


⁽¹⁾	Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.

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



	Assets																Liabilities
Three Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments		Other investments			GLB ⁽¹⁾
June 30, 2019	Foreign			Corporate securities			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities			MBS
Balance – beginning of period	$	360		$	1,342		$	78		$	55		$	—	$	11		$	338
Transfers into Level 3	—			10			—			—			—		—			—
Transfers out of Level 3	—			—			—			—			—		—			—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	—			1			—			1			—		—			—
Net Realized Gains/Losses	—			(1		)	—			(1		)	—		—			65
Purchases	43			121			—			5			4		—			—
Sales	(14		)	(36		)	(1		)	(4		)	—		—			—
Settlements	(18		)	(78		)	(1		)	—			—		—			—
Balance – end of period	$	371		$	1,359		$	76		$	56		$	4	$	11		$	403
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	(1	)	$	—		$	(1	)	$	—	$	—		$	65

⁽¹⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $741 million at March 31, 2019, which includes a fair value derivative adjustment of $403 million and $338 million, respectively.



	Assets																				Liabilities
Three Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			Other derivative instruments		GLB ⁽²⁾
June 30, 2018	Foreign			Corporate securities ⁽¹⁾			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities ⁽¹⁾			MBS
Balance – beginning of period	$	176		$	1,073		$	83		$	64		$	12		$	270		$	2	$	167
Transfers into Level 3	—			6			—			—			—			—			—		—
Transfers out of Level 3	—			—			—			—			—			—			—		—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	(7		)	(9		)	—			—			—			—			—		—
Net Realized Gains/Losses	—			2			—			(3		)	—			1			—		(42		)
Purchases	95			217			—			3			1			16			—		—
Sales	(11		)	(45		)	—			(5		)	—			—			—		—
Settlements	(1		)	(63		)	(1		)	—			(1		)	(23		)	—		—
Balance – end of period	$	252		$	1,181		$	82		$	59		$	12		$	264		$	2	$	125
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	—		$	—		$	(3	)	$	—		$	1		$	—	$	(42	)


⁽¹⁾	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $529 million at March 31, 2018, which includes a fair value derivative adjustment of $125 million and $167 million, respectively.



	Assets																	Liabilities
Six Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			GLB ⁽¹⁾
June 30, 2019	Foreign			Corporate securities			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities			MBS
Balance – beginning of period	$	345		$	1,299		$	61		$	57		$	1		$	11		$	452
Transfers into Level 3	3			15			—			—			—			—			—
Transfers out of Level 3	(15		)	—			—			—			—			—			—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	6			5			—			2			—			—			—
Net Realized Gains/Losses	(1		)	—			—			(3		)	—			—			(49		)
Purchases	96			249			18			14			4						—
Sales	(19		)	(73		)	(1		)	(14		)	—			—			—
Settlements	(44		)	(136		)	(2		)	—			(1		)	—			—
Balance – end of period	$	371		$	1,359		$	76		$	56		$	4		$	11		$	403
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	(1	)	$	—		$	(2	)	$	—		$	—		$	(49	)

⁽¹⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $403 million and $452 million, respectively.



	Assets																				Liabilities
Six Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			Other derivative instruments		GLB ⁽²⁾
June 30, 2018	Foreign			Corporate securities ⁽¹⁾			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities ⁽¹⁾			MBS
Balance – beginning of period	$	93		$	1,037		$	78		$	44		$	—		$	263		$	2	$	204
Transfers into Level 3	7			6			1			—			5			—			—		—
Transfers out of Level 3	—			(10		)	—			—			—			—			—		—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	2			(12		)	—			1			—			2			—		—
Net Realized Gains/Losses	—			2			—			(1		)	—			1			—		(79		)
Purchases	182			356			4			20			9			30			—		—
Sales	(30		)	(96		)	—			(5		)	—			—			—		—
Settlements	(2		)	(102		)	(1		)	—			(2		)	(32		)	—		—
Balance – end of period	$	252		$	1,181		$	82		$	59		$	12		$	264		$	2	$	125
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	—		$	—		$	(1	)	$	—		$	1		$	—	$	(79	)


⁽¹⁾	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $125 million and $204 million, respectively.

b) Financial instruments disclosed, but not measured, at fair value

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

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

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

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



June 30, 2019	Fair Value								Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total		Carrying Value
Assets:
Fixed maturities held to maturity
U.S. Treasury and agency	$	1,138	$	55	$	—	$	1,193	$	1,167
Foreign	—		1,523		—		1,523		1,465
Corporate securities	—		2,494		33		2,527		2,457
Mortgage-backed securities	—		2,502		—		2,502		2,442
States, municipalities, and political subdivisions	—		5,432		—		5,432		5,307
Total assets	$	1,138	$	12,006	$	33	$	13,177	$	12,838
Liabilities:
Repurchase agreements	$	—	$	1,416	$	—	$	1,416	$	1,416
Short-term debt	—		9		—		9		9
Long-term debt	—		14,541		—		14,541		13,371
Trust preferred securities	—		439		—		439		308
Total liabilities	$	—	$	16,405	$	—	$	16,405	$	15,104



December 31, 2018	Fair Value								Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total		Carrying Value
Assets:
Fixed maturities held to maturity
U.S. Treasury and agency	$	1,128	$	54	$	—	$	1,182	$	1,185
Foreign	—		1,542		—		1,542		1,549
Corporate securities	—		2,477		31		2,508		2,601
Mortgage-backed securities	—		2,486		—		2,486		2,524
States, municipalities, and political subdivisions	—		5,541		—		5,541		5,576
Total assets	$	1,128	$	12,100	$	31	$	13,259	$	13,435
Liabilities:
Repurchase agreements	$	—	$	1,418	$	—	$	1,418	$	1,418
Short-term debt	—		516		—		516		509
Long-term debt	—		12,181		—		12,181		12,087
Trust preferred securities	—		409		—		409		308
Total liabilities	$	—	$	14,524	$	—	$	14,524	$	14,322

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

Unpaid losses and loss expenses

6 Months Ended

Jun. 30, 2019

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)	2019			2018
Gross unpaid losses and loss expenses – beginning of period	$	62,960		$	63,179
Reinsurance recoverable on unpaid losses - beginning of period ⁽¹⁾	(14,689		)	(14,014		)
Net unpaid losses and loss expenses – beginning of period	48,271			49,165
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	9,224			9,026
Prior years ⁽²⁾	(411		)	(437		)
Total	8,813			8,589
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,288			2,346
Prior years	5,823			6,269
Total	8,111			8,615
Foreign currency revaluation and other	(1		)	(96		)
Net unpaid losses and loss expenses – end of period	48,972			49,043
Reinsurance recoverable on unpaid losses ⁽¹⁾	14,233			13,735
Gross unpaid losses and loss expenses – end of period	$	63,205		$	62,778


⁽¹⁾	Net of provision for uncollectible reinsurance.


⁽²⁾	Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $19 million and $37 million for the six months ended June 30, 2019 and 2018, respectively.

Gross and net unpaid losses and loss expenses increased $245 million and $701 million, respectively, for the six months ended June 30, 2019, reflecting an increase in the underlying reserves, 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
2019
North America Commercial P&C Insurance	$	(206	)	$	21		$	(185	)	$	(271	)	$	(45	)	$	(316	)
North America Personal P&C Insurance	—			(16		)	(16		)	—			(26		)	(26		)
North America Agricultural Insurance	—			—			—			—			(61		)	(61		)
Overseas General Insurance	—			(20		)	(20		)	—			(24		)	(24		)
Global Reinsurance	(33		)	33			—			(34		)	26			(8		)
Corporate	33			—			33			43			—			43
Total	$	(206	)	$	18		$	(188	)	$	(262	)	$	(130	)	$	(392	)
2018
North America Commercial P&C Insurance	$	(104	)	$	(51	)	$	(155	)	$	(96	)	$	(160	)	$	(256	)
North America Personal P&C Insurance	—			7			7			—			1			1
North America Agricultural Insurance	—			—			—			—			(76		)	(76		)
Overseas General Insurance	(2		)	(70		)	(72		)	(2		)	(92		)	(94		)
Global Reinsurance	(30		)	14			(16		)	(30		)	—			(30		)
Corporate	45			—			45			55			—			55
Total	$	(91	)	$	(100	)	$	(191	)	$	(73	)	$	(327	)	$	(400	)

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

North America Commercial P&C Insurance

2019

For the three months ended June 30, 2019, net favorable PPD was $185 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 $206 million in long-tail business, primarily from:

•

Net favorable development of $163 million in our workers’ compensation lines. This included favorable development of $61 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2018 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 2018 was partially offset by some higher than expected activity from other claims and from involuntary pools. The remaining overall favorable development was mainly in accident years 2014 and prior, driven by lower than expected loss experience and related updates to loss development factors;


•	Net favorable development of $50 million in our general liability portfolios, mainly driven by lower than expected paid and reported loss experience in accident years 2015 and prior, partly offset by adverse developments in more recent accident years; and


•	Net adverse development of $25 million in automobile liability, driven by adverse paid and reported loss experience mainly in accident years 2014 through 2018.


•	Net adverse development of $21 million in short-tail business, which was the result of several adverse movements, in lines such as automobile physical damage and involuntary pools, none of which were significant individually or in the aggregate, mainly impacting accident year 2018.

For the six months ended June 30, 2019, net favorable PPD was $316 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 $271 million in long-tail business, primarily from:


•	Net favorable development of $200 million in our workers’ compensation lines, mainly due to the same factors experienced for the three months ended June 30, 2019, as described above;


•	Net favorable development of $54 million in professional liability (errors & omissions and cyber), mainly in the 2015 and prior accident years where case activity was less than expected, partially offset by adverse development in the 2016 accident year, which was driven by several large adverse claim developments;


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


•	Net adverse development of $31 million in automobile liability, mainly due to the same factors experienced for the three months ended June 30, 2019, as described above.


•	Net favorable development of $45 million in short-tail business, primarily from favorable development of $49 million in surety business, mainly in the 2017 accident year, driven by lower than expected reported loss activity.

2018

For the three months ended June 30, 2018, net favorable PPD was $155 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 $104 million in long-tail business, primarily from:

•

Net favorable development of $118 million in our workers’ compensation lines with favorable development of $56 million in the 2017 accident year mainly related to our annual assessment of multi-claimant events including industrial accidents. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. The remaining favorable development is mainly in accident years 2011 and prior, and was principally due to lower than expected loss experience; and


•	Net adverse development of $14 million, mainly in our automobile liability, commercial-multi peril (CMP) liability, products and general liability lines, driven by adverse paid and reported loss activity relative to prior expectations in accident years 2015 through 2017, partly offset by favorable emergence in older accident years.


•	Net favorable development of $51 million in short-tail business, primarily from:


•	Net favorable development of $40 million in our commercial property and marine businesses due to favorable claim development on the 2017 natural catastrophes.

For the six months ended June 30, 2018, net favorable PPD was $256 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 $138 million in our workers’ compensation lines mainly due to the same factors experienced for the three months ended June 30, 2018, as described above;

•

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


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


•	Net adverse development of $74 million, mainly in our automobile liability, commercial-multi peril (CMP) liability, products and general liability lines, due to the same factors experienced for the three months ended June 30, 2018, as described above.


•	Net favorable development of $160 million in short-tail business, primarily from:


•	Net favorable development of $115 million in our commercial property and marine businesses due to favorable claim development on the 2017 natural catastrophes; and


•	Net favorable development of $45 million in other short-tail business, including $19 million in surety and also including several smaller net favorable movements from lower than expected case activity in other classes, such as accident and commercial automobile physical damage, none of which were significant individually or in the aggregate.

North America Personal P&C Insurance

2019

For the three months ended June 30, 2019, net favorable PPD was $16 million, which was the net result of several underlying favorable and adverse movements predominantly in the automobile and recreational marine lines.

For the six months ended June 30, 2019, net favorable PPD was $26 million due to the same factors experienced for the three months ended June 30, 2019 as described above and favorable claim development on homeowners and valuables lines in the 2017 and 2018 accidents years. In total, there was favorable claim development of $134 million on the 2017 and 2018 natural catastrophes, offset by net adverse development of $108 million mainly from elevated non-catastrophe activity in homeowners and valuables in the 2018 accident year.

2018

For the three and six months ended June 30, 2018, net adverse PPD was $7 million and $1 million, respectively, which were the net results of some modest net adverse and favorable movements by class and accident year, including favorable development of $5 million and $11 million, respectively, on the 2017 natural catastrophes.

North America Agricultural Insurance

There was no PPD in both the three months ended June 30, 2019 and 2018.

For the six months ended June 30, 2019 and 2018, net favorable PPD was $61 million and $76 million, respectively. Actual claim development relates to our Multiple Peril Crop Insurance (MPCI) business and was favorable due to better than expected crop yield results in certain states at the prior year-end period (i.e., 2019 results based on crop yield results at year-end 2018).

Overseas General Insurance

2019

For the three and six months ended June 30, 2019, net favorable PPD was $20 million and $24 million, respectively, principally driven by favorable development of $27 million and $31 million, respectively, in accident and health business, mainly due to favorable loss development in Continental Europe and Latin America in accident years 2015 through 2018.

2018

For the three months ended June 30, 2018, net favorable PPD was $72 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 $2 million in long-tail business.


•	Net favorable development of $70 million in short-tail business, primarily from:


•	Net favorable development of $40 million in property and marine (excluding technical lines), primarily in accident years 2014 through 2016, driven mainly by favorable loss emergence across all regions, including favorable claim-specific loss settlements; and


•	Net favorable development of $30 million, including $17 million in personal business and $16 million in A&H business.

For the six months ended June 30, 2018, net favorable PPD was $94 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 $2 million in long-tail business.


•	Net favorable development of $92 million in short-tail business, due primarily to the same factors experienced for the three months ended June 30, 2018 as described above, and due to $12 million of favorable claim development on the 2017 natural catastrophes.

Global Reinsurance

2019

For the three months ended June 30, 2019, net PPD was nil, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:


•	Net favorable development of $33 million in long-tail business, primarily from our casualty and automobile lines, primarily impacting treaty years 2013 and prior, principally resulting from lower than expected loss emergence.


•	Net adverse development of $33 million in short-tail business, which included $32 million of adverse development primarily on 2017 and 2018 natural catastrophe events.

For the six months ended June 30, 2019, net favorable PPD was $8 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:


•	Net favorable development of $34 million in long-tail business, primarily from our casualty and automobile lines, due to the same factors experienced for the three months ended June 30, 2019, as described above.


•	Net adverse development of $26 million in short-tail business, which included $37 million of adverse development primarily on 2017 and 2018 natural catastrophe events.

2018

For the three months ended June 30, 2018, net favorable PPD was $16 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 $30 million in long-tail business, primarily from $32 million favorable development in our casualty and professional liability lines, primarily impacting treaty years 2013 and prior, principally resulting from lower than expected loss emergence.


•	Net adverse development of $14 million in short-tail business, which included $9 million of adverse claim development on the 2017 natural catastrophes.

For the six months ended June 30, 2018, net favorable PPD was $30 million, which was the net result of several underlying favorable and adverse movements, primarily from long-tail business lines discussed above, and in short-tail business due to $1 million of net favorable claim development on the 2017 natural catastrophes.

Corporate

2019

For the three and six months ended June 30, 2019, net adverse development was $33 million and $43 million, respectively, from the non A&E run-off casualty exposures, including workers' compensation, driven by increased claim costs and net adverse settlements on a limited number of claims. The net adverse development also included charges relating to unallocated loss adjustment expenses due to run-off operating expenses of $9 million and $19 million, respectively.

2018

For the three and six months ended June 30, 2018, net adverse development was $45 million and $55 million, respectively, from the non A&E run-off casualty exposures, driven by recent net adverse settlements on a limited number of claims and reinsurance collection activity. The net adverse development also included charges relating to unallocated loss adjustment expenses due to run-off operating expenses of $10 million and $20 million, respectively.

Debt	6 Months Ended
Debt	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt On June 18, 2019, Chubb INA Holdings Inc. (Chubb INA) issued €575 million ($650 million based on the foreign exchange rate at the date of issuance) of 0.875 percent Euro denominated senior notes due June 2027 and €575 million ($650 million based on the foreign exchange rate at the date of issuance) of 1.4 percent Euro denominated senior notes due June 2031. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.20 percent for the senior notes due 2027 and 0.25 percent for the senior notes due 2031). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund. These senior unsecured notes are guaranteed on a senior basis by Chubb and they rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. Chubb INA's $500 million of 5.9 percent senior notes due June 2019 were paid upon maturity.

Commitments, contingencies, and guarantees

6 Months Ended

Jun. 30, 2019

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. Benefit reserves in respect of GLBs are classified as Future policy benefits (FPB) while the fair value derivative adjustment is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB books of business.

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

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



				June 30, 2019							December 31, 2018
	Consolidated Balance Sheet Location	Fair Value					Notional Value/ Payment Provision		Fair Value					Notional Value/ Payment Provision
(in millions of U.S. dollars)	Consolidated Balance Sheet Location	Derivative Asset		Derivative (Liability)			Notional Value/ Payment Provision		Derivative Asset		Derivative (Liability)			Notional Value/ Payment Provision
Investment and embedded derivative instruments:
Foreign currency forward contracts	OA / (AP)	$	12	$	(49	)	$	2,752	$	15	$	(19	)	$	2,185
Cross-currency swaps	OA / (AP)	—		—			—		—		—			45
Interest rate swaps	OA / (AP)	—		(104		)	2,000		—		(115		)	5,250
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	3		(11		)	829		13		(19		)	1,046
Convertible securities ⁽¹⁾	FM AFS / ES	6		—			9		9		—			11
TBAs	FM AFS	—		—			—		6		—			6
		$	21	$	(164	)	$	5,590	$	43	$	(153	)	$	8,543
Other derivative instruments:
Futures contracts on equities⁽²⁾	OA / (AP)	$	—	$	(10	)	$	560	$	23	$	—		$	507
Other	OA / (AP)	15		—			207		2		—			74
		$	15	$	(10	)	$	767	$	25	$	—		$	581
GLB ⁽³⁾	(AP) / (FPB)	$	—	$	(815	)	$	1,537	$	—	$	(861	)	$	1,750


⁽¹⁾	Includes fair value of embedded derivatives.


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


⁽³⁾	Includes both future policy benefits reserves and fair value derivative adjustment. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

At June 30, 2019 and December 31, 2018, derivative liabilities of $140 million and $95 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

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



	Three Months Ended						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2019			2018			2019			2018
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(22	)	$	3		$	(37	)	$	7
Interest rate swaps	(135		)	—			(215		)	—
All other futures contracts, options, and equities	(25		)	21			(61		)	34
Convertible securities ⁽¹⁾	1			—			2			—
Total investment and embedded derivative instruments	$	(181	)	$	24		$	(311	)	$	41
GLB and other derivative instruments:
GLB ⁽²⁾	$	(65	)	$	41		$	49		$	79
Futures contracts on equities ⁽³⁾	(20		)	(44		)	(83		)	(22		)
Other	7			8			6			10
Total GLB and other derivative instruments	$	(78	)	$	5		$	(28	)	$	67
	$	(259	)	$	29		$	(339	)	$	108


⁽¹⁾	Includes embedded derivatives.


⁽²⁾	Excludes foreign exchange gains (losses) related to GLB.


⁽³⁾	Related to GMDB and GLB blocks of business.

b) Derivative instrument objectives

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

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

Options

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

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

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

Interest rate swaps

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

Cross-currency swaps

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

Other

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

(iii) Convertible security investments

A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment

portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA

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

(v) GLB

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

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

c) Securities lending and secured borrowings

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

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



	Remaining contractual maturity
	June 30		December 31
	2019		2018
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	583	$	756
U.S. Treasury and agency	117		64
Foreign	700		795
Corporate securities	50		15
Mortgage-backed securities	51		45
Equity securities	226		251
	$	1,727	$	1,926
Gross amount of recognized liability for securities lending payable	$	1,727	$	1,926

At June 30, 2019 and December 31, 2018, our repurchase agreement obligations of $1,416 million and $1,418 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

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



	Remaining contractual maturity
	June 30, 2019						December 31, 2018
	Up to 30 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)	Up to 30 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
Collateral pledged under repurchase agreements:
Cash	$	5	$	—	$	5	$	—	$	—	$	—
U.S. Treasury and agency	4		106		110		—		259		259
Mortgage-backed securities	406		949		1,355		496		713		1,209
	$	415	$	1,055	$	1,470	$	496	$	972	$	1,468
Gross amount of recognized liabilities for repurchase agreements					$	1,416					$	1,418
Difference ⁽¹⁾					$	54					$	50


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

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

d) Fixed maturities

At June 30, 2019, we have commitments to purchase fixed income securities of $904 million over the next several years.

e) Other investments

At June 30, 2019, included in Other investments in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $4.6 billion. In connection with these investments, we have commitments that may require funding of up to $3.6 billion over the next several years.

f) Income Taxes

At June 30, 2019, $14 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010.

g) Legal proceedings

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

h) Leases

At June 30, 2019, the right-of-use asset was $601 million recorded within Other assets, and the lease liability was $642 million, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance

sheet. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease.

Share-based compensation	6 Months Ended
Share-based compensation	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 28, 2019, Chubb granted 2,073,712 stock options with a weighted-average grant date fair value of $18.79 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 28, 2019, Chubb granted 1,078,247 service-based restricted stock awards, 357,463 service-based restricted stock units, and 212,059 performance-based stock awards to employees and officers with a grant date fair value of $133.90 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

Shareholders' equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value reduction) or from legal reserves, must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At June 30, 2019, our Common Shares had a par value of CHF 24.15 per share.

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

At our May 2019 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.00 per share, expected to be paid in four quarterly installments of $0.75 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board will determine the record and payment dates at which the annual dividend may be paid until the date of the 2020 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

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



	Three Months Ended						Six Months Ended
	June 30						June 30
	2019			2018			2019			2018
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.75	$	0.75	0.73	$	0.73	1.47	$	1.48	1.39	$	1.44

Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At June 30, 2019, 23,706,045 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans.

Chubb Limited securities repurchase authorization

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

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



	Three Months Ended June 30				Six Months Ended June 30				July 1, 2019 through July 30, 2019
(in millions of U.S. dollars, except share data)	2019		2018		2019		2018		July 1, 2019 through July 30, 2019
Number of shares repurchased	2,584,466		2,443,855		5,338,220		2,443,855		730,417
Cost of shares repurchased	$	376	$	324	$	743	$	324	$	110
Repurchase authorization remaining at end of period	$	736	$	676	$	736	$	676	$	626

Postretirement benefits

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Postretirement benefits

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



	Pension Benefit Plans												Other Postretirement Benefit Plans
	2019						2018						2019			2018
Three Months Ended June 30	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
(in millions of U.S. dollars)	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost	$	13		$	2		$	15		$	3		$	—		$	—
Non-service cost:
Interest cost	29			7			27			7			1			1
Expected return on plan assets	(48		)	(11		)	(53		)	(13		)	(1		)	(1		)
Amortization of net actuarial loss	—			1			—			—			—			—
Amortization of prior service cost	—			—			—			—			(20		)	(22		)
Curtailments	—			—			—			—			—			(1		)
Settlements	—			—			1			—			—			—
Total non-service (benefit) cost	(19		)	(3		)	(25		)	(6		)	(20		)	(23		)
Net periodic (benefit) cost	$	(6	)	$	(1	)	$	(10	)	$	(3	)	$	(20	)	$	(23	)



	Pension Benefit Plans												Other Postretirement Benefit Plans
	2019						2018						2019			2018
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)	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost	$	25		$	5		$	29		$	6		$	—		$	—
Non-service cost:
Interest cost	59			14			53			14			2			2
Expected return on plan assets	(95		)	(22		)	(106		)	(26		)	(2		)	(2		)
Amortization of net actuarial loss	—			1			—			—			—			—
Amortization of prior service cost	—			—			—			—			(40		)	(43		)
Curtailments	—			—			—			—			—			(1		)
Settlements	—			—			1			—			—			—
Total non-service (benefit) cost	(36		)	(7		)	(52		)	(12		)	(40		)	(44		)
Net periodic (benefit) cost	$	(11	)	$	(2	)	$	(23	)	$	(6	)	$	(40	)	$	(44	)

The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows:



	Pension Benefit Plans						Other Postretirement Benefit Plans
Three Months Ended June 30	2019			2018			2019			2018
(in millions of U.S. dollars)	2019			2018			2019			2018
Service Cost:
Losses and loss expenses	$	1		$	1		$	—		$	—
Administrative expenses	14			17			—			—
Total service cost	15			18			—			—
Non-service Cost:
Losses and loss expenses	(2		)	(2		)	(2		)	(3		)
Administrative expenses	(20		)	(29		)	(18		)	(20		)
Total non-service (benefit) cost	(22		)	(31		)	(20		)	(23		)
Net periodic (benefit) cost	$	(7	)	$	(13	)	$	(20	)	$	(23	)



	Pension Benefit Plans						Other Postretirement Benefit Plans
Six Months Ended June 30	2019			2018			2019			2018
(in millions of U.S. dollars)	2019			2018			2019			2018
Service Cost:
Losses and loss expenses	$	3		$	3		$	—		$	—
Administrative expenses	27			32			—			—
Total service cost	30			35			—			—
Non-service Cost:
Losses and loss expenses	(4		)	(5		)	(4		)	(4		)
Administrative expenses	(39		)	(59		)	(36		)	(40		)
Total non-service (benefit) cost	(43		)	(64		)	(40		)	(44		)
Net periodic (benefit) cost	$	(13	)	$	(29	)	$	(40	)	$	(44	)

Segment information

6 Months Ended

Jun. 30, 2019

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 loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures.

For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income (loss) as the main measures of segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate Segment income (loss), include Net investment income (loss), Other (income) expense, and Amortization of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income (loss). For example, for the three months ended June 30, 2019, underwriting income in our North America Agricultural Insurance segment was $38 million. This amount includes $7 million of realized gains related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below.

For the Life Insurance segment, management includes Net investment income and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income. For example, for the three months ended June 30, 2019, Life Insurance underwriting income of $87 million includes Net investment income of $97 million and losses from fair value changes in separate account assets of $3 million. The losses from fair value changes in separate account assets are reported in Other (income) expense in the table below.

The following tables present the Statement of Operations by segment:



For the Three Months Ended June 30, 2019 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance			Life Insurance			Corporate			Chubb Consolidated



Net premiums written	$	3,534	$	1,309	$	466	$	2,258	$	197		$	579		$	—		$	8,343
Net premiums earned	3,390		1,168		378		2,225		159			571			—			7,891
Losses and loss expenses	2,214		747		316		1,125		90			189			34			4,715
Policy benefits	—		—		—		—		—			161			—			161
Policy acquisition costs	459		237		27		629		42			150			—			1,544
Administrative expenses	259		71		4		265		7			78			74			758
Underwriting income (loss)	458		113		31		206		20			(7		)	(108		)	713
Net investment income (loss)	521		64		4		151		55			97			(33		)	859
Other (income) expense	2		1		1		3		(15		)	(7		)	(215		)	(230		)
Amortization expense of purchased intangibles	—		3		7		12		—			1			54			77
Segment income	$	977	$	173	$	27	$	342	$	90		$	96		$	20		$	1,725
Net realized gains (losses) including OTTI															(223		)	(223		)
Interest expense															140			140
Chubb integration expenses															4			4
Income tax expense															208			208
Net income (loss)															$	(555	)	$	1,150



For the Three Months Ended June 30, 2018 (in millions of U.S. dollars)	North America Commercial P&C Insurance			North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance			Global Reinsurance			Life Insurance		Corporate			Chubb Consolidated



Net premiums written	$	3,331		$	1,335	$	388	$	2,199		$	197		$	565	$	—		$	8,015
Net premiums earned	3,277			1,156		351		2,161			167			552		—			7,664
Losses and loss expenses	2,084			728		289		1,071			83			184		48			4,487
Policy benefits	—			—		—		—			—			150		—			150
Policy acquisition costs	448			228		26		584			40			138		—			1,464
Administrative expenses	253			68		1		266			9			80		70			747
Underwriting income (loss)	492			132		35		240			35			—		(118		)	816
Net investment income (loss)	510			59		6		155			65			85		(52		)	828
Other (income) expense	(13		)	1		1		(12		)	(6		)	8		(94		)	(115		)
Amortization expense of purchased intangibles	—			3		7		11			—			—		64			85
Segment income (loss)	$	1,015		$	187	$	33	$	396		$	106		$	77	$	(140	)	$	1,674
Net realized gains (losses) including OTTI																18			18
Interest expense																167			167
Chubb integration expenses																13			13
Income tax expense																218			218
Net income (loss)																$	(520	)	$	1,294



For the Six Months Ended June 30, 2019 (in millions of U.S. dollars)	North America Commercial P&C Insurance			North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance			Life Insurance			Corporate			Chubb Consolidated



Net premiums written	$	6,485		$	2,365	$	596	$	4,653	$	399		$	1,158		$	—		$	15,656
Net premiums earned	6,475			2,322		433		4,339		327			1,132			—			15,028
Losses and loss expenses	4,187			1,504		289		2,231		166			391			45			8,813
Policy benefits	—			—		—		—		—			357			—			357
Policy acquisition costs	918			468		34		1,225		85			278			—			3,008
Administrative expenses	499			139		5		514		17			157			137			1,468
Underwriting income (loss)	871			211		105		369		59			(51		)	(182		)	1,382
Net investment income (loss)	1,031			128		14		295		111			186			(70		)	1,695
Other (income) expense	(3		)	1		1		7		(24		)	(47		)	(204		)	(269		)
Amortization expense of purchased intangibles	—			6		14		23		—			1			109			153
Segment income (loss)	$	1,905		$	332	$	104	$	634	$	194		$	181		$	(157	)	$	3,193
Net realized gains (losses) including OTTI																(320		)	(320		)
Interest expense																280			280
Chubb integration expenses																7			7
Income tax expense																396			396
Net income (loss)																$	(1,160	)	$	2,190



For the Six Months Ended June 30, 2018 (in millions of U.S. dollars)	North America Commercial P&C Insurance			North America Personal P&C Insurance		North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Life Insurance			Corporate			Chubb Consolidated



Net premiums written	$	6,143		$	2,383	$	496		$	4,583		$	390		$	1,124		$	—		$	15,119
Net premiums earned	6,306			2,296		394			4,268			335			1,092			—			14,691
Losses and loss expenses	3,992			1,614		236			2,149			150			389			59			8,589
Policy benefits	—			—		—			—			—			301			—			301
Policy acquisition costs	920			465		25			1,172			80			266			—			2,928
Administrative expenses	484			133		(2		)	505			19			158			142			1,439
Underwriting income (loss)	910			84		135			442			86			(22		)	(201		)	1,434
Net investment income (loss)	1,013			118		13			306			129			168			(113		)	1,634
Other (income) expense	(19		)	1		1			(5		)	(13		)	4			(131		)	(162		)
Amortization expense of purchased intangibles	—			6		14			21			—			1			128			170
Segment income (loss)	$	1,942		$	195	$	133		$	732		$	228		$	141		$	(311	)	$	3,060
Net realized gains (losses) including OTTI																		16			16
Interest expense																		324			324
Chubb integration expenses																		23			23
Income tax expense																		353			353
Net income (loss)																		$	(995	)	$	2,376

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

Earnings per share

6 Months Ended

Jun. 30, 2019

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)	2019		2018		2019		2018
Numerator:
Net income	$	1,150	$	1,294	$	2,190	$	2,376
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	457,224,455		465,276,597		458,010,447		465,488,724
Denominator for diluted earnings per share:
Share-based compensation plans	2,945,237		3,103,727		2,863,109		3,489,013
Weighted-average shares outstanding and assumed conversions	460,169,692		468,380,324		460,873,556		468,977,737
Basic earnings per share	$	2.52	$	2.78	$	4.78	$	5.10
Diluted earnings per share	$	2.50	$	2.76	$	4.75	$	5.07
Potential anti-dilutive share conversions	2,660,925		3,814,491		5,037,959		3,305,735

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

Information provided in connection with outstanding debt of subsidiaries

6 Months Ended

Jun. 30, 2019

Disclosure Text Block Supplement [Abstract]

Information provided in connection with outstanding debt of subsidiaries

The following tables present condensed consolidating financial information at June 30, 2019 and December 31, 2018, and for the three and six months ended June 30, 2019 and 2018 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis.

Condensed Consolidating Balance Sheet at June 30, 2019



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	235	$	105,504		$	—		$	105,739
Cash ⁽¹⁾	1		1		1,625			(357		)	1,270
Restricted cash	—		—		98			—			98
Insurance and reinsurance balances receivable	—		—		12,735			(1,800		)	10,935
Reinsurance recoverable on losses and loss expenses	—		—		25,297			(9,852		)	15,445
Reinsurance recoverable on policy benefits	—		—		297			(96		)	201
Value of business acquired	—		—		280			—			280
Goodwill and other intangible assets	—		—		21,566			—			21,566
Investments in subsidiaries	47,983		51,972		—			(99,955		)	—
Due from subsidiaries and affiliates, net	6,289		—		(61		)	(6,228		)	—
Other assets	5		449		20,266			(1,738		)	18,982
Total assets	$	54,278	$	52,657	$	187,607		$	(120,026	)	$	174,516
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,693		$	(9,488	)	$	63,205
Unearned premiums	—		—		17,624			(1,221		)	16,403
Future policy benefits	—		—		5,664			(96		)	5,568
Due to subsidiaries and affiliates, net	—		6,228		—			(6,228		)	—
Affiliated notional cash pooling programs ⁽¹⁾	177		180		—			(357		)	—
Repurchase agreements	—		—		1,416			—			1,416
Short-term debt	—		—		9			—			9
Long-term debt	—		13,370		1			—			13,371
Trust preferred securities	—		308		—			—			308
Other liabilities	299		1,774		21,042			(2,681		)	20,434
Total liabilities	476		21,860		118,449			(20,071		)	120,714
Total shareholders’ equity	53,802		30,797		69,158			(99,955		)	53,802
Total liabilities and shareholders’ equity	$	54,278	$	52,657	$	187,607		$	(120,026	)	$	174,516

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Balance Sheet at December 31, 2018



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries		Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	214	$	100,754	$	—		$	100,968
Cash ⁽¹⁾	1		2		1,896		(652		)	1,247
Restricted cash	—		—		93		—			93
Insurance and reinsurance balances receivable	—		—		11,861		(1,786		)	10,075
Reinsurance recoverable on losses and loss expenses	—		—		26,422		(10,429		)	15,993
Reinsurance recoverable on policy benefits	—		—		306		(104		)	202
Value of business acquired	—		—		295		—			295
Goodwill and other intangible assets	—		—		21,414		—			21,414
Investments in subsidiaries	43,531		50,209		—		(93,740		)	—
Due from subsidiaries and affiliates, net	7,074		—		598		(7,672		)	—
Other assets	3		1,007		18,102		(1,628		)	17,484
Total assets	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,857	$	(9,897	)	$	62,960
Unearned premiums	—		—		16,611		(1,079		)	15,532
Future policy benefits	—		—		5,610		(104		)	5,506
Due to subsidiaries and affiliates, net	—		7,672		—		(7,672		)	—
Affiliated notional cash pooling programs ⁽¹⁾	35		617		—		(652		)	—
Repurchase agreements	—		—		1,418		—			1,418
Short-term debt	—		500		9		—			509
Long-term debt	—		12,086		1		—			12,087
Trust preferred securities	—		308		—		—			308
Other liabilities	262		2,545		19,199		(2,867		)	19,139
Total liabilities	297		23,728		115,705		(22,271		)	117,459
Total shareholders’ equity	50,312		27,704		66,036		(93,740		)	50,312
Total liabilities and shareholders’ equity	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771

⁽¹⁾

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

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended June 30, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	8,343		$	—		$	8,343
Net premiums earned	—			—			7,891			—			7,891
Net investment income	1			(6		)	864			—			859
Equity in earnings of subsidiaries	1,104			762			—			(1,866		)	—
Net realized gains (losses) including OTTI	4			(21		)	(206		)	—			(223		)
Losses and loss expenses	—			—			4,715			—			4,715
Policy benefits	—			—			161			—			161
Policy acquisition costs and administrative expenses	22			(5		)	2,285			—			2,302
Interest (income) expense	(62		)	180			22			—			140
Other (income) expense	(6		)	1			(225		)	—			(230		)
Amortization of purchased intangibles	—			—			77			—			77
Chubb integration expenses	—			—			4			—			4
Income tax expense (benefit)	5			(45		)	248			—			208
Net income	$	1,150		$	604		$	1,262		$	(1,866	)	$	1,150
Comprehensive income	$	2,059		$	1,397		$	2,181		$	(3,578	)	$	2,059

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended June 30, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	8,015		$	—		$	8,015
Net premiums earned	—			—			7,664			—			7,664
Net investment income	1			5			822			—			828
Equity in earnings of subsidiaries	1,241			454			—			(1,695		)	—
Net realized gains (losses) including OTTI	2			73			(57		)	—			18
Losses and loss expenses	—			—			4,487			—			4,487
Policy benefits	—			—			150			—			150
Policy acquisition costs and administrative expenses	23			19			2,169			—			2,211
Interest (income) expense	(76		)	204			39			—			167
Other (income) expense	(4		)	8			(119		)	—			(115		)
Amortization of purchased intangibles	—			—			85			—			85
Chubb integration expenses	2			—			11			—			13
Income tax expense (benefit)	5			(36		)	249			—			218
Net income	$	1,294		$	337		$	1,358		$	(1,695	)	$	1,294
Comprehensive income (loss)	$	277		$	(462	)	$	352		$	110		$	277

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Six Months Ended June 30, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	15,656		$	—		$	15,656
Net premiums earned	—			—			15,028			—			15,028
Net investment income	2			(10		)	1,703			—			1,695
Equity in earnings of subsidiaries	2,094			1,521			—			(3,615		)	—
Net realized gains (losses) including OTTI	5			(34		)	(291		)	—			(320		)
Losses and loss expenses	—			—			8,813			—			8,813
Policy benefits	—			—			357			—			357
Policy acquisition costs and administrative expenses	42			(20		)	4,454			—			4,476
Interest (income) expense	(128		)	365			43			—			280
Other (income) expense	(12		)	4			(261		)	—			(269		)
Amortization of purchased intangibles	—			—			153			—			153
Chubb integration expenses	—			2			5			—			7
Income tax expense (benefit)	9			(87		)	474			—			396
Net income	$	2,190		$	1,213		$	2,402		$	(3,615	)	$	2,190
Comprehensive income	$	4,777		$	3,338		$	4,969		$	(8,307	)	$	4,777

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Six Months Ended June 30, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	15,119		$	—		$	15,119
Net premiums earned	—			—			14,691			—			14,691
Net investment income	3			9			1,622			—			1,634
Equity in earnings of subsidiaries	2,263			1,339			—			(3,602		)	—
Net realized gains (losses) including OTTI	—			49			(33		)	—			16
Losses and loss expenses	—			—			8,589			—			8,589
Policy benefits	—			—			301			—			301
Policy acquisition costs and administrative expenses	41			41			4,285			—			4,367
Interest (income) expense	(156		)	413			67			—			324
Other (income) expense	(9		)	16			(169		)	—			(162		)
Amortization of purchased intangibles	—			—			170			—			170
Chubb integration expenses	4			1			18			—			23
Income tax expense (benefit)	10			(95		)	438			—			353
Net income	$	2,376		$	1,021		$	2,581		$	(3,602	)	$	2,376
Comprehensive income (loss)	$	730		$	(246	)	$	966		$	(720	)	$	730

Condensed Consolidating Statement of Cash Flows



Six Months Ended June 30, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	323		$	1,302		$	2,943		$	(1,860	)	$	2,708
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(5		)	(12,561		)	—			(12,566		)
Purchases of fixed maturities held to maturity	—			—			(73		)	—			(73		)
Purchases of equity securities	—			—			(147		)	—			(147		)
Sales of fixed maturities available for sale	—			—			7,838			—			7,838
Sales of equity securities	—			—			266			—			266
Maturities and redemptions of fixed maturities available for sale	—			16			3,947			—			3,963
Maturities and redemptions of fixed maturities held to maturity	—			—			598			—			598
Net change in short-term investments	—			(11		)	(752		)	—			(763		)
Net derivative instruments settlements	—			(35		)	(501		)	—			(536		)
Private equity contributions	—			—			(920		)	—			(920		)
Private equity distributions	—			—			780			—			780
Capital contribution	(600		)	(110		)	—			710			—
Other	—			(12		)	(715		)	—			(727		)
Net cash flows used for investing activities	(600		)	(157		)	(2,240		)	710			(2,287		)
Cash flows from financing activities
Dividends paid on Common Shares	(671		)	—			—			—			(671		)
Common Shares repurchased	—			—			(741		)	—			(741		)
Proceeds from issuance of long-term debt	—			1,289			—			—			1,289
Repayment of long-term debt	—			(500		)	—			—			(500		)
Proceeds from issuance of repurchase agreements	—			—			1,984			—			1,984
Repayment of repurchase agreements	—			—			(1,986		)	—			(1,986		)
Proceeds from share-based compensation plans	—			—			95			—			95
Dividend to parent company	—			—			(1,860		)	1,860			—
Advances (to) from affiliates	801			(1,498		)	697			—			—
Capital contribution	—			—			710			(710		)	—
Net proceeds from (payments to) affiliated notional cash pooling programs ⁽¹⁾	142			(437		)	—			295			—
Policyholder contract deposits	—			—			237			—			237
Policyholder contract withdrawals	—			—			(138		)	—			(138		)
Net cash flows from (used for) financing activities	272			(1,146		)	(1,002		)	1,445			(431		)
Effect of foreign currency rate changes on cash and restricted cash	5			—			33			—			38
Net increase (decrease) in cash and restricted cash	—			(1		)	(266		)	295			28
Cash and restricted cash – beginning of period ⁽¹⁾	1			2			1,989			(652		)	1,340
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	1		$	1,723		$	(357	)	$	1,368

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows



Six Months Ended June 30, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	43		$	3,042		$	2,187		$	(3,075	)	$	2,197
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(22		)	(12,275		)	—			(12,297		)
Purchases of fixed maturities held to maturity	—			—			(337		)	—			(337		)
Purchases of equity securities	—			—			(85		)	—			(85		)
Sales of fixed maturities available for sale	—			—			6,858			—			6,858
Sales of equity securities	—			—			83			—			83
Maturities and redemptions of fixed maturities available for sale	—			14			3,906			—			3,920
Maturities and redemptions of fixed maturities held to maturity	—			—			732			—			732
Net change in short-term investments	—			6			395			—			401
Net derivative instruments settlements	—			(8		)	13			—			5
Private equity contributions	—			—			(813		)	—			(813		)
Private equity distributions	—			—			413			—			413
Capital contribution	(750		)	(3,500		)	—			4,250			—
Other	—			(7		)	(133		)	—			(140		)
Net cash flows used for investing activities	(750		)	(3,517		)	(1,243		)	4,250			(1,260		)
Cash flows from financing activities
Dividends paid on Common Shares	(661		)	—			—			—			(661		)
Common Shares repurchased	—			—			(347		)	—			(347		)
Proceeds from issuance of long-term debt	—			2,171			—			—			2,171
Repayment of long-term debt	—			(1,900		)	—			—			(1,900		)
Proceeds from issuance of repurchase agreements	—			—			1,014			—			1,014
Repayment of repurchase agreements	—			—			(1,009		)	—			(1,009		)
Proceeds from share-based compensation plans	—			—			60			—			60
Dividend to parent company	—			—			(3,075		)	3,075			—
Advances (to) from affiliates	963			(518		)	(445		)	—			—
Capital contribution	—			—			4,250			(4,250		)	—
Net proceeds from affiliated notional cash pooling programs ⁽¹⁾	403			722			—			(1,125		)	—
Policyholder contract deposits	—			—			192			—			192
Policyholder contract withdrawals	—			—			(169		)	—			(169		)
Net cash flows from (used for) financing activities	705			475			471			(2,300		)	(649		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			(38		)	—			(38		)
Net increase (decrease) in cash and restricted cash	(2		)	—			1,377			(1,125		)	250
Cash and restricted cash – beginning of period ⁽¹⁾	3			1			962			(115		)	851
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	1		$	2,339		$	(1,240	)	$	1,101

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

General (Policies)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

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

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

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

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

Restricted cash

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

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



	June 30		December 31
(in millions of U.S. dollars)	2019		2018
Cash	$	1,270	$	1,247
Restricted cash	98		93
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	1,368	$	1,340

Accounting guidance adopted in 2019

Premium Amortization on Purchased Callable Debt Securities

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

Lease Accounting

Effective for the quarter ended March 31, 2019, we adopted new lease accounting guidance and elected to utilize a modified retrospective approach which allowed us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings for 2019, with no adjustment to prior periods presented. The cumulative effect adjustment to the opening balance of retained earnings was zero. Our leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. The adoption of the updated guidance resulted in recognizing a right-of-use asset, which was recorded within Other assets, and a lease liability, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheet as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The adoption of the new guidance did not have a material effect on our results of operations, financial condition or liquidity. Refer to Note 6 h) for additional information on leases.

Accounting guidance not yet adopted

Refer to the 2018 Form 10-K for information on accounting guidance not yet adopted.

Fair value measurements Fair Value Measurement Policy (Policies)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement, Policy [Policy Text Block]

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

The three levels of the hierarchy are as follows:


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


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

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


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

would use in pricing an asset or liability.

General General (Tables)

6 Months Ended

Jun. 30, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]

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



	June 30		December 31
(in millions of U.S. dollars)	2019		2018
Cash	$	1,270	$	1,247
Restricted cash	98		93
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	1,368	$	1,340

Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI



June 30, 2019	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
Available for sale
U.S. Treasury and agency	$	3,545	$	97	$	(2	)	$	3,640	$	—
Foreign	21,777		942		(71		)	22,648		—
Corporate securities	28,940		891		(97		)	29,734		(6		)
Mortgage-backed securities	17,597		398		(29		)	17,966		(1		)
States, municipalities, and political subdivisions	8,260		176		(14		)	8,422		—
	$	80,119	$	2,504	$	(213	)	$	82,410	$	(7	)
Held to maturity
U.S. Treasury and agency	$	1,167	$	27	$	(1	)	$	1,193	$	—
Foreign	1,465		59		(1		)	1,523		—
Corporate securities	2,457		79		(9		)	2,527		—
Mortgage-backed securities	2,442		60		—			2,502		—
States, municipalities, and political subdivisions	5,307		127		(2		)	5,432		—
	$	12,838	$	352	$	(13	)	$	13,177	$	—



December 31, 2018	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
Available for sale
U.S. Treasury and agency	$	4,158	$	30	$	(43	)	$	4,145	$	—
Foreign	21,370		395		(349		)	21,416		—
Corporate securities	27,183		150		(750		)	26,583		(6		)
Mortgage-backed securities	15,758		66		(284		)	15,540		(1		)
States, municipalities, and political subdivisions	10,854		49		(117		)	10,786		—
	$	79,323	$	690	$	(1,543	)	$	78,470	$	(7	)
Held to maturity
U.S. Treasury and agency	$	1,185	$	8	$	(11	)	$	1,182	$	—
Foreign	1,549		11		(18		)	1,542		—
Corporate securities	2,601		11		(104		)	2,508		—
Mortgage-backed securities	2,524		5		(43		)	2,486		—
States, municipalities, and political subdivisions	5,576		16		(51		)	5,541		—
	$	13,435	$	51	$	(227	)	$	13,259	$	—

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



June 30, 2019	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
Available for sale
U.S. Treasury and agency	$	3,545	$	97	$	(2	)	$	3,640	$	—
Foreign	21,777		942		(71		)	22,648		—
Corporate securities	28,940		891		(97		)	29,734		(6		)
Mortgage-backed securities	17,597		398		(29		)	17,966		(1		)
States, municipalities, and political subdivisions	8,260		176		(14		)	8,422		—
	$	80,119	$	2,504	$	(213	)	$	82,410	$	(7	)
Held to maturity
U.S. Treasury and agency	$	1,167	$	27	$	(1	)	$	1,193	$	—
Foreign	1,465		59		(1		)	1,523		—
Corporate securities	2,457		79		(9		)	2,527		—
Mortgage-backed securities	2,442		60		—			2,502		—
States, municipalities, and political subdivisions	5,307		127		(2		)	5,432		—
	$	12,838	$	352	$	(13	)	$	13,177	$	—



December 31, 2018	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
(in millions of U.S. dollars)	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Fair Value		OTTI Recognized in AOCI
Available for sale
U.S. Treasury and agency	$	4,158	$	30	$	(43	)	$	4,145	$	—
Foreign	21,370		395		(349		)	21,416		—
Corporate securities	27,183		150		(750		)	26,583		(6		)
Mortgage-backed securities	15,758		66		(284		)	15,540		(1		)
States, municipalities, and political subdivisions	10,854		49		(117		)	10,786		—
	$	79,323	$	690	$	(1,543	)	$	78,470	$	(7	)
Held to maturity
U.S. Treasury and agency	$	1,185	$	8	$	(11	)	$	1,182	$	—
Foreign	1,549		11		(18		)	1,542		—
Corporate securities	2,601		11		(104		)	2,508		—
Mortgage-backed securities	2,524		5		(43		)	2,486		—
States, municipalities, and political subdivisions	5,576		16		(51		)	5,541		—
	$	13,435	$	51	$	(227	)	$	13,259	$	—

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:



			June 30				December 31
			2019				2018
(in millions of U.S. dollars)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Due in 1 year or less	$	3,613	$	3,630	$	3,569	$	3,568
Due after 1 year through 5 years	26,776		27,281		27,134		27,005
Due after 5 years through 10 years	22,957		23,711		24,095		23,543
Due after 10 years	9,176		9,822		8,767		8,814
	62,522		64,444		63,565		62,930
Mortgage-backed securities	17,597		17,966		15,758		15,540
	$	80,119	$	82,410	$	79,323	$	78,470
Held to maturity
Due in 1 year or less	$	545	$	548	$	536	$	537
Due after 1 year through 5 years	3,267		3,315		3,122		3,106
Due after 5 years through 10 years	4,082		4,192		4,468		4,407
Due after 10 years	2,502		2,620		2,785		2,723
	10,396		10,675		10,911		10,773
Mortgage-backed securities	2,442		2,502		2,524		2,486
	$	12,838	$	13,177	$	13,435	$	13,259

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)	2019			2018			2019			2018
Fixed maturities:
OTTI on fixed maturities, gross	$	(14	)	$	(4	)	$	(27	)	$	(5	)
OTTI on fixed maturities recognized in OCI (pre-tax)	1			—			1			—
OTTI on fixed maturities, net	(13		)	(4		)	(26		)	(5		)
Gross realized gains excluding OTTI	56			99			83			165
Gross realized losses excluding OTTI	(31		)	(176		)	(89		)	(264		)
Total fixed maturities	12			(81		)	(32		)	(104		)
Equity securities	5			(2		)	63			(13		)
Other investments	30			(11		)	(14		)	18
Foreign exchange gains (losses)	(11		)	140			2			63
Investment and embedded derivative instruments	(181		)	24			(311		)	41
Fair value adjustments on insurance derivative	(65		)	41			49			79
S&P futures	(20		)	(44		)	(83		)	(22		)
Other derivative instruments	7			8			6			10
Other	—			(57		)	—			(56		)
Net realized gains (losses) (pre-tax)	$	(223	)	$	18		$	(320	)	$	16

Schedule Of Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which A Portion Of OTTI Was Recognized In OCI

The following table presents a roll-forward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recognized in OCI:



	Three Months Ended					Six Months Ended
	June 30					June 30
(in millions of U.S. dollars)	2019			2018		2019			2018
Balance of credit losses related to securities still held – beginning of period	$	32		$	15	$	34		$	22
Additions where no OTTI was previously recorded	5			1		11			1
Additions where an OTTI was previously recorded	3			—		3			—
Reductions for securities sold during the period	(10		)	—		(18		)	(7		)
Balance of credit losses related to securities still held – end of period	$	30		$	16	$	30		$	16

Gain (Loss) on Securities [Table Text Block]

equity securities and other investments, including both sales of securities and unrealized gains and losses from changes in fair value:



								Three Months Ended
								June 30
	2019							2018
(in millions of U.S. dollars)	Equity Securities			Other Investments		Total		Equity Securities			Other Investments			Total
Net gains (losses) recognized during the period	$	5		$	30	$	35	$	(2	)	$	(11	)	$	(13	)
Less: Net gains (losses) recognized from sales of securities	32			—		32		5			—			5
Unrealized gains (losses) recognized for securities still held at reporting date	$	(27	)	$	30	$	3	$	(7	)	$	(11	)	$	(18	)



								Six Months Ended
								June 30
	2019							2018
(in millions of U.S. dollars)	Equity Securities		Other Investments			Total		Equity Securities			Other Investments		Total
Net gains (losses) recognized during the period	$	63	$	(14	)	$	49	$	(13	)	$	18	$	5
Less: Net gains (losses) recognized from sales of securities	33		(2		)	31		15			—		15
Unrealized gains (losses) recognized for securities still held at reporting date	$	30	$	(12	)	$	18	$	(28	)	$	18	$	(10	)

Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position

The following tables present, for all securities in an unrealized loss position (including securities on loan), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:



	0 – 12 Months					Over 12 Months					Total
June 30, 2019	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
U.S. Treasury and agency	$	41	$	—		$	836	$	(3	)	$	877	$	(3	)
Foreign	946		(14		)	2,042		(58		)	2,988		(72		)
Corporate securities	2,617		(49		)	1,834		(57		)	4,451		(106		)
Mortgage-backed securities	289		(1		)	2,779		(28		)	3,068		(29		)
States, municipalities, and political subdivisions	61		—			1,467		(16		)	1,528		(16		)
Total fixed maturities	$	3,954	$	(64	)	$	8,958	$	(162	)	$	12,912	$	(226	)



	0 – 12 Months					Over 12 Months					Total
December 31, 2018	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
U.S. Treasury and agency	$	523	$	(4	)	$	2,859	$	(50	)	$	3,382	$	(54	)
Foreign	6,764		(208		)	5,349		(159		)	12,113		(367		)
Corporate securities	16,538		(599		)	4,873		(255		)	21,411		(854		)
Mortgage-backed securities	6,103		(98		)	6,913		(229		)	13,016		(327		)
States, municipalities, and political subdivisions	5,024		(44		)	7,768		(124		)	12,792		(168		)
Total fixed maturities	$	34,952	$	(953	)	$	27,762	$	(817	)	$	62,714	$	(1,770	)

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:



	June 30		December 31
(in millions of U.S. dollars)	2019		2018
Trust funds	$	14,517	$	13,988
Deposits with U.S. regulatory authorities	2,920		2,405
Deposits with non-U.S. regulatory authorities	2,861		2,531
Assets pledged under repurchase agreements	1,470		1,468
Other pledged assets	519		692
Total	$	22,287	$	21,084

Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Financial Instruments Measured At Fair Value On A Recurring Basis

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



June 30, 2019	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities available for sale
U.S. Treasury and agency	$	2,934	$	706	$	—	$	3,640
Foreign	—		22,277		371		22,648
Corporate securities	—		28,375		1,359		29,734
Mortgage-backed securities	—		17,890		76		17,966
States, municipalities, and political subdivisions	—		8,422		—		8,422
	2,934		77,670		1,806		82,410
Equity securities	659		—		56		715
Short-term investments	2,360		1,444		4		3,808
Other investments ⁽¹⁾	414		353		11		778
Securities lending collateral	—		1,727		—		1,727
Investment derivative instruments	15		—		—		15
Other derivative instruments	15		—		—		15
Separate account assets	3,109		137		—		3,246
Total assets measured at fair value ⁽¹⁾	$	9,506	$	81,331	$	1,877	$	92,714
Liabilities:
Investment derivative instruments	$	60	$	104	$	—	$	164
Other derivative instruments	10		—		—		10
GLB ⁽²⁾	—		—		403		403
Total liabilities measured at fair value	$	70	$	104	$	403	$	577


⁽¹⁾	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,860 million and other investments of $89 million at June 30, 2019 measured using NAV as a practical expedient.


⁽²⁾	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.



December 31, 2018	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities available for sale
U.S. Treasury and agency	$	3,400	$	745	$	—	$	4,145
Foreign	—		21,071		345		21,416
Corporate securities	—		25,284		1,299		26,583
Mortgage-backed securities	—		15,479		61		15,540
States, municipalities, and political subdivisions	—		10,786		—		10,786
	3,400		73,365		1,705		78,470
Equity securities	713		—		57		770
Short-term investments	1,575		1,440		1		3,016
Other investments ⁽¹⁾	381		303		11		695
Securities lending collateral	—		1,926		—		1,926
Investment derivative instruments	28		—		—		28
Other derivative instruments	25		—		—		25
Separate account assets	2,686		137		—		2,823
Total assets measured at fair value ⁽¹⁾	$	8,808	$	77,171	$	1,774	$	87,753
Liabilities:
Investment derivative instruments	$	38	$	115	$	—	$	153
GLB ⁽²⁾	—		—		452		452
Total liabilities measured at fair value	$	38	$	115	$	452	$	605


⁽¹⁾	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.

Fair Value And Maximum Future Funding Commitments Related To Investments

The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:



				June 30				December 31
	Expected Liquidation Period of Underlying Assets			2019				2018
(in millions of U.S. dollars)	Expected Liquidation Period of Underlying Assets	Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	575	$	375	$	596	$	193
Real Assets	2 to 11 Years	776		542		704		362
Distressed	2 to 7 Years	267		93		296		105
Private Credit	3 to 8 Years	116		269		147		310
Traditional	2 to 14 Years	2,741		2,257		2,362		2,735
Vintage	1 to 2 Years	122		39		56		—
Investment funds	Not Applicable	263		—		83		—
		$	4,860	$	3,575	$	4,244	$	3,705

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations

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

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

Fair Value

Valuation

Technique

Significant

Unobservable Inputs

Ranges

June 30, 2019

December 31, 2018

GLB ⁽¹⁾

$

403

$

452

Actuarial model

Lapse rate

3% – 32%

Annuitization rate

0% – 42%

⁽¹⁾

Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.

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

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



	Assets																Liabilities
Three Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments		Other investments			GLB ⁽¹⁾
June 30, 2019	Foreign			Corporate securities			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities			MBS
Balance – beginning of period	$	360		$	1,342		$	78		$	55		$	—	$	11		$	338
Transfers into Level 3	—			10			—			—			—		—			—
Transfers out of Level 3	—			—			—			—			—		—			—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	—			1			—			1			—		—			—
Net Realized Gains/Losses	—			(1		)	—			(1		)	—		—			65
Purchases	43			121			—			5			4		—			—
Sales	(14		)	(36		)	(1		)	(4		)	—		—			—
Settlements	(18		)	(78		)	(1		)	—			—		—			—
Balance – end of period	$	371		$	1,359		$	76		$	56		$	4	$	11		$	403
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	(1	)	$	—		$	(1	)	$	—	$	—		$	65

⁽¹⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $741 million at March 31, 2019, which includes a fair value derivative adjustment of $403 million and $338 million, respectively.



	Assets																				Liabilities
Three Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			Other derivative instruments		GLB ⁽²⁾
June 30, 2018	Foreign			Corporate securities ⁽¹⁾			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities ⁽¹⁾			MBS
Balance – beginning of period	$	176		$	1,073		$	83		$	64		$	12		$	270		$	2	$	167
Transfers into Level 3	—			6			—			—			—			—			—		—
Transfers out of Level 3	—			—			—			—			—			—			—		—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	(7		)	(9		)	—			—			—			—			—		—
Net Realized Gains/Losses	—			2			—			(3		)	—			1			—		(42		)
Purchases	95			217			—			3			1			16			—		—
Sales	(11		)	(45		)	—			(5		)	—			—			—		—
Settlements	(1		)	(63		)	(1		)	—			(1		)	(23		)	—		—
Balance – end of period	$	252		$	1,181		$	82		$	59		$	12		$	264		$	2	$	125
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	—		$	—		$	(3	)	$	—		$	1		$	—	$	(42	)


⁽¹⁾	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $529 million at March 31, 2018, which includes a fair value derivative adjustment of $125 million and $167 million, respectively.



	Assets																	Liabilities
Six Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			GLB ⁽¹⁾
June 30, 2019	Foreign			Corporate securities			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities			MBS
Balance – beginning of period	$	345		$	1,299		$	61		$	57		$	1		$	11		$	452
Transfers into Level 3	3			15			—			—			—			—			—
Transfers out of Level 3	(15		)	—			—			—			—			—			—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	6			5			—			2			—			—			—
Net Realized Gains/Losses	(1		)	—			—			(3		)	—			—			(49		)
Purchases	96			249			18			14			4						—
Sales	(19		)	(73		)	(1		)	(14		)	—			—			—
Settlements	(44		)	(136		)	(2		)	—			(1		)	—			—
Balance – end of period	$	371		$	1,359		$	76		$	56		$	4		$	11		$	403
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	(1	)	$	—		$	(2	)	$	—		$	—		$	(49	)

⁽¹⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $403 million and $452 million, respectively.



	Assets																				Liabilities
Six Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			Other derivative instruments		GLB ⁽²⁾
June 30, 2018	Foreign			Corporate securities ⁽¹⁾			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities ⁽¹⁾			MBS
Balance – beginning of period	$	93		$	1,037		$	78		$	44		$	—		$	263		$	2	$	204
Transfers into Level 3	7			6			1			—			5			—			—		—
Transfers out of Level 3	—			(10		)	—			—			—			—			—		—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	2			(12		)	—			1			—			2			—		—
Net Realized Gains/Losses	—			2			—			(1		)	—			1			—		(79		)
Purchases	182			356			4			20			9			30			—		—
Sales	(30		)	(96		)	—			(5		)	—			—			—		—
Settlements	(2		)	(102		)	(1		)	—			(2		)	(32		)	—		—
Balance – end of period	$	252		$	1,181		$	82		$	59		$	12		$	264		$	2	$	125
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	—		$	—		$	(1	)	$	—		$	1		$	—	$	(79	)


⁽¹⁾	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $125 million and $204 million, respectively.

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

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



	Assets																Liabilities
Three Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments		Other investments			GLB ⁽¹⁾
June 30, 2019	Foreign			Corporate securities			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities			MBS
Balance – beginning of period	$	360		$	1,342		$	78		$	55		$	—	$	11		$	338
Transfers into Level 3	—			10			—			—			—		—			—
Transfers out of Level 3	—			—			—			—			—		—			—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	—			1			—			1			—		—			—
Net Realized Gains/Losses	—			(1		)	—			(1		)	—		—			65
Purchases	43			121			—			5			4		—			—
Sales	(14		)	(36		)	(1		)	(4		)	—		—			—
Settlements	(18		)	(78		)	(1		)	—			—		—			—
Balance – end of period	$	371		$	1,359		$	76		$	56		$	4	$	11		$	403
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	(1	)	$	—		$	(1	)	$	—	$	—		$	65

⁽¹⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $741 million at March 31, 2019, which includes a fair value derivative adjustment of $403 million and $338 million, respectively.



	Assets																				Liabilities
Three Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			Other derivative instruments		GLB ⁽²⁾
June 30, 2018	Foreign			Corporate securities ⁽¹⁾			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities ⁽¹⁾			MBS
Balance – beginning of period	$	176		$	1,073		$	83		$	64		$	12		$	270		$	2	$	167
Transfers into Level 3	—			6			—			—			—			—			—		—
Transfers out of Level 3	—			—			—			—			—			—			—		—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	(7		)	(9		)	—			—			—			—			—		—
Net Realized Gains/Losses	—			2			—			(3		)	—			1			—		(42		)
Purchases	95			217			—			3			1			16			—		—
Sales	(11		)	(45		)	—			(5		)	—			—			—		—
Settlements	(1		)	(63		)	(1		)	—			(1		)	(23		)	—		—
Balance – end of period	$	252		$	1,181		$	82		$	59		$	12		$	264		$	2	$	125
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	—		$	—		$	(3	)	$	—		$	1		$	—	$	(42	)


⁽¹⁾	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $529 million at March 31, 2018, which includes a fair value derivative adjustment of $125 million and $167 million, respectively.



	Assets																	Liabilities
Six Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			GLB ⁽¹⁾
June 30, 2019	Foreign			Corporate securities			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities			MBS
Balance – beginning of period	$	345		$	1,299		$	61		$	57		$	1		$	11		$	452
Transfers into Level 3	3			15			—			—			—			—			—
Transfers out of Level 3	(15		)	—			—			—			—			—			—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	6			5			—			2			—			—			—
Net Realized Gains/Losses	(1		)	—			—			(3		)	—			—			(49		)
Purchases	96			249			18			14			4						—
Sales	(19		)	(73		)	(1		)	(14		)	—			—			—
Settlements	(44		)	(136		)	(2		)	—			(1		)	—			—
Balance – end of period	$	371		$	1,359		$	76		$	56		$	4		$	11		$	403
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	(1	)	$	—		$	(2	)	$	—		$	—		$	(49	)

⁽¹⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $403 million and $452 million, respectively.



	Assets																				Liabilities
Six Months Ended	Available-for-Sale Debt Securities									Equity securities			Short-term investments			Other investments			Other derivative instruments		GLB ⁽²⁾
June 30, 2018	Foreign			Corporate securities ⁽¹⁾			MBS
(in millions of U.S. dollars)	Foreign			Corporate securities ⁽¹⁾			MBS
Balance – beginning of period	$	93		$	1,037		$	78		$	44		$	—		$	263		$	2	$	204
Transfers into Level 3	7			6			1			—			5			—			—		—
Transfers out of Level 3	—			(10		)	—			—			—			—			—		—
Change in Net Unrealized Gains (Losses) included in OCI, including foreign exchange	2			(12		)	—			1			—			2			—		—
Net Realized Gains/Losses	—			2			—			(1		)	—			1			—		(79		)
Purchases	182			356			4			20			9			30			—		—
Sales	(30		)	(96		)	—			(5		)	—			—			—		—
Settlements	(2		)	(102		)	(1		)	—			(2		)	(32		)	—		—
Balance – end of period	$	252		$	1,181		$	82		$	59		$	12		$	264		$	2	$	125
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date	$	—		$	—		$	—		$	(1	)	$	—		$	1		$	—	$	(79	)


⁽¹⁾	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

⁽²⁾

Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $125 million and $204 million, respectively.

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

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



June 30, 2019	Fair Value								Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total		Carrying Value
Assets:
Fixed maturities held to maturity
U.S. Treasury and agency	$	1,138	$	55	$	—	$	1,193	$	1,167
Foreign	—		1,523		—		1,523		1,465
Corporate securities	—		2,494		33		2,527		2,457
Mortgage-backed securities	—		2,502		—		2,502		2,442
States, municipalities, and political subdivisions	—		5,432		—		5,432		5,307
Total assets	$	1,138	$	12,006	$	33	$	13,177	$	12,838
Liabilities:
Repurchase agreements	$	—	$	1,416	$	—	$	1,416	$	1,416
Short-term debt	—		9		—		9		9
Long-term debt	—		14,541		—		14,541		13,371
Trust preferred securities	—		439		—		439		308
Total liabilities	$	—	$	16,405	$	—	$	16,405	$	15,104



December 31, 2018	Fair Value								Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total		Carrying Value
Assets:
Fixed maturities held to maturity
U.S. Treasury and agency	$	1,128	$	54	$	—	$	1,182	$	1,185
Foreign	—		1,542		—		1,542		1,549
Corporate securities	—		2,477		31		2,508		2,601
Mortgage-backed securities	—		2,486		—		2,486		2,524
States, municipalities, and political subdivisions	—		5,541		—		5,541		5,576
Total assets	$	1,128	$	12,100	$	31	$	13,259	$	13,435
Liabilities:
Repurchase agreements	$	—	$	1,418	$	—	$	1,418	$	1,418
Short-term debt	—		516		—		516		509
Long-term debt	—		12,181		—		12,181		12,087
Trust preferred securities	—		409		—		409		308
Total liabilities	$	—	$	14,524	$	—	$	14,524	$	14,322

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

6 Months Ended

Jun. 30, 2019

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)	2019			2018
Gross unpaid losses and loss expenses – beginning of period	$	62,960		$	63,179
Reinsurance recoverable on unpaid losses - beginning of period ⁽¹⁾	(14,689		)	(14,014		)
Net unpaid losses and loss expenses – beginning of period	48,271			49,165
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	9,224			9,026
Prior years ⁽²⁾	(411		)	(437		)
Total	8,813			8,589
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,288			2,346
Prior years	5,823			6,269
Total	8,111			8,615
Foreign currency revaluation and other	(1		)	(96		)
Net unpaid losses and loss expenses – end of period	48,972			49,043
Reinsurance recoverable on unpaid losses ⁽¹⁾	14,233			13,735
Gross unpaid losses and loss expenses – end of period	$	63,205		$	62,778


⁽¹⁾	Net of provision for uncollectible reinsurance.


⁽²⁾	Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $19 million and $37 million for the six months ended June 30, 2019 and 2018, 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
2019
North America Commercial P&C Insurance	$	(206	)	$	21		$	(185	)	$	(271	)	$	(45	)	$	(316	)
North America Personal P&C Insurance	—			(16		)	(16		)	—			(26		)	(26		)
North America Agricultural Insurance	—			—			—			—			(61		)	(61		)
Overseas General Insurance	—			(20		)	(20		)	—			(24		)	(24		)
Global Reinsurance	(33		)	33			—			(34		)	26			(8		)
Corporate	33			—			33			43			—			43
Total	$	(206	)	$	18		$	(188	)	$	(262	)	$	(130	)	$	(392	)
2018
North America Commercial P&C Insurance	$	(104	)	$	(51	)	$	(155	)	$	(96	)	$	(160	)	$	(256	)
North America Personal P&C Insurance	—			7			7			—			1			1
North America Agricultural Insurance	—			—			—			—			(76		)	(76		)
Overseas General Insurance	(2		)	(70		)	(72		)	(2		)	(92		)	(94		)
Global Reinsurance	(30		)	14			(16		)	(30		)	—			(30		)
Corporate	45			—			45			55			—			55
Total	$	(91	)	$	(100	)	$	(191	)	$	(73	)	$	(327	)	$	(400	)

Commitments, contingencies, and guarantees (Tables)

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments

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



				June 30, 2019							December 31, 2018
	Consolidated Balance Sheet Location	Fair Value					Notional Value/ Payment Provision		Fair Value					Notional Value/ Payment Provision
(in millions of U.S. dollars)	Consolidated Balance Sheet Location	Derivative Asset		Derivative (Liability)			Notional Value/ Payment Provision		Derivative Asset		Derivative (Liability)			Notional Value/ Payment Provision
Investment and embedded derivative instruments:
Foreign currency forward contracts	OA / (AP)	$	12	$	(49	)	$	2,752	$	15	$	(19	)	$	2,185
Cross-currency swaps	OA / (AP)	—		—			—		—		—			45
Interest rate swaps	OA / (AP)	—		(104		)	2,000		—		(115		)	5,250
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	3		(11		)	829		13		(19		)	1,046
Convertible securities ⁽¹⁾	FM AFS / ES	6		—			9		9		—			11
TBAs	FM AFS	—		—			—		6		—			6
		$	21	$	(164	)	$	5,590	$	43	$	(153	)	$	8,543
Other derivative instruments:
Futures contracts on equities⁽²⁾	OA / (AP)	$	—	$	(10	)	$	560	$	23	$	—		$	507
Other	OA / (AP)	15		—			207		2		—			74
		$	15	$	(10	)	$	767	$	25	$	—		$	581
GLB ⁽³⁾	(AP) / (FPB)	$	—	$	(815	)	$	1,537	$	—	$	(861	)	$	1,750


⁽¹⁾	Includes fair value of embedded derivatives.


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

⁽³⁾

Includes both future policy benefits reserves and fair value derivative adjustment. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

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

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



	Three Months Ended						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars)	2019			2018			2019			2018
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(22	)	$	3		$	(37	)	$	7
Interest rate swaps	(135		)	—			(215		)	—
All other futures contracts, options, and equities	(25		)	21			(61		)	34
Convertible securities ⁽¹⁾	1			—			2			—
Total investment and embedded derivative instruments	$	(181	)	$	24		$	(311	)	$	41
GLB and other derivative instruments:
GLB ⁽²⁾	$	(65	)	$	41		$	49		$	79
Futures contracts on equities ⁽³⁾	(20		)	(44		)	(83		)	(22		)
Other	7			8			6			10
Total GLB and other derivative instruments	$	(78	)	$	5		$	(28	)	$	67
	$	(259	)	$	29		$	(339	)	$	108


⁽¹⁾	Includes embedded derivatives.


⁽²⁾	Excludes foreign exchange gains (losses) related to GLB.


⁽³⁾	Related to GMDB and GLB blocks of business.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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



	Remaining contractual maturity
	June 30		December 31
	2019		2018
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	583	$	756
U.S. Treasury and agency	117		64
Foreign	700		795
Corporate securities	50		15
Mortgage-backed securities	51		45
Equity securities	226		251
	$	1,727	$	1,926
Gross amount of recognized liability for securities lending payable	$	1,727	$	1,926

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, 2019						December 31, 2018
	Up to 30 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)	Up to 30 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
Collateral pledged under repurchase agreements:
Cash	$	5	$	—	$	5	$	—	$	—	$	—
U.S. Treasury and agency	4		106		110		—		259		259
Mortgage-backed securities	406		949		1,355		496		713		1,209
	$	415	$	1,055	$	1,470	$	496	$	972	$	1,468
Gross amount of recognized liabilities for repurchase agreements					$	1,416					$	1,418
Difference ⁽¹⁾					$	54					$	50

⁽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, 2019

Stockholders' Equity Note [Abstract]

Dividends Declared [Table Text Block]

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



	Three Months Ended						Six Months Ended
	June 30						June 30
	2019			2018			2019			2018
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.75	$	0.75	0.73	$	0.73	1.47	$	1.48	1.39	$	1.44

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 June 30				Six Months Ended June 30				July 1, 2019 through July 30, 2019
(in millions of U.S. dollars, except share data)	2019		2018		2019		2018		July 1, 2019 through July 30, 2019
Number of shares repurchased	2,584,466		2,443,855		5,338,220		2,443,855		730,417
Cost of shares repurchased	$	376	$	324	$	743	$	324	$	110
Repurchase authorization remaining at end of period	$	736	$	676	$	736	$	676	$	626

Postretirement benefits (Tables)

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

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



	Pension Benefit Plans												Other Postretirement Benefit Plans
	2019						2018						2019			2018
Three Months Ended June 30	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
(in millions of U.S. dollars)	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost	$	13		$	2		$	15		$	3		$	—		$	—
Non-service cost:
Interest cost	29			7			27			7			1			1
Expected return on plan assets	(48		)	(11		)	(53		)	(13		)	(1		)	(1		)
Amortization of net actuarial loss	—			1			—			—			—			—
Amortization of prior service cost	—			—			—			—			(20		)	(22		)
Curtailments	—			—			—			—			—			(1		)
Settlements	—			—			1			—			—			—
Total non-service (benefit) cost	(19		)	(3		)	(25		)	(6		)	(20		)	(23		)
Net periodic (benefit) cost	$	(6	)	$	(1	)	$	(10	)	$	(3	)	$	(20	)	$	(23	)



	Pension Benefit Plans												Other Postretirement Benefit Plans
	2019						2018						2019			2018
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)	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost	$	25		$	5		$	29		$	6		$	—		$	—
Non-service cost:
Interest cost	59			14			53			14			2			2
Expected return on plan assets	(95		)	(22		)	(106		)	(26		)	(2		)	(2		)
Amortization of net actuarial loss	—			1			—			—			—			—
Amortization of prior service cost	—			—			—			—			(40		)	(43		)
Curtailments	—			—			—			—			—			(1		)
Settlements	—			—			1			—			—			—
Total non-service (benefit) cost	(36		)	(7		)	(52		)	(12		)	(40		)	(44		)
Net periodic (benefit) cost	$	(11	)	$	(2	)	$	(23	)	$	(6	)	$	(40	)	$	(44	)

The service and non-service cost components of net periodic (benefit) cost reflected in the Consolidated statements of operations were as follows:



	Pension Benefit Plans						Other Postretirement Benefit Plans
Three Months Ended June 30	2019			2018			2019			2018
(in millions of U.S. dollars)	2019			2018			2019			2018
Service Cost:
Losses and loss expenses	$	1		$	1		$	—		$	—
Administrative expenses	14			17			—			—
Total service cost	15			18			—			—
Non-service Cost:
Losses and loss expenses	(2		)	(2		)	(2		)	(3		)
Administrative expenses	(20		)	(29		)	(18		)	(20		)
Total non-service (benefit) cost	(22		)	(31		)	(20		)	(23		)
Net periodic (benefit) cost	$	(7	)	$	(13	)	$	(20	)	$	(23	)



	Pension Benefit Plans						Other Postretirement Benefit Plans
Six Months Ended June 30	2019			2018			2019			2018
(in millions of U.S. dollars)	2019			2018			2019			2018
Service Cost:
Losses and loss expenses	$	3		$	3		$	—		$	—
Administrative expenses	27			32			—			—
Total service cost	30			35			—			—
Non-service Cost:
Losses and loss expenses	(4		)	(5		)	(4		)	(4		)
Administrative expenses	(39		)	(59		)	(36		)	(40		)
Total non-service (benefit) cost	(43		)	(64		)	(40		)	(44		)
Net periodic (benefit) cost	$	(13	)	$	(29	)	$	(40	)	$	(44	)

Segment information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Operations By Segment

The following tables present the Statement of Operations by segment:



For the Three Months Ended June 30, 2019 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance			Life Insurance			Corporate			Chubb Consolidated



Net premiums written	$	3,534	$	1,309	$	466	$	2,258	$	197		$	579		$	—		$	8,343
Net premiums earned	3,390		1,168		378		2,225		159			571			—			7,891
Losses and loss expenses	2,214		747		316		1,125		90			189			34			4,715
Policy benefits	—		—		—		—		—			161			—			161
Policy acquisition costs	459		237		27		629		42			150			—			1,544
Administrative expenses	259		71		4		265		7			78			74			758
Underwriting income (loss)	458		113		31		206		20			(7		)	(108		)	713
Net investment income (loss)	521		64		4		151		55			97			(33		)	859
Other (income) expense	2		1		1		3		(15		)	(7		)	(215		)	(230		)
Amortization expense of purchased intangibles	—		3		7		12		—			1			54			77
Segment income	$	977	$	173	$	27	$	342	$	90		$	96		$	20		$	1,725
Net realized gains (losses) including OTTI															(223		)	(223		)
Interest expense															140			140
Chubb integration expenses															4			4
Income tax expense															208			208
Net income (loss)															$	(555	)	$	1,150



For the Three Months Ended June 30, 2018 (in millions of U.S. dollars)	North America Commercial P&C Insurance			North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance			Global Reinsurance			Life Insurance		Corporate			Chubb Consolidated



Net premiums written	$	3,331		$	1,335	$	388	$	2,199		$	197		$	565	$	—		$	8,015
Net premiums earned	3,277			1,156		351		2,161			167			552		—			7,664
Losses and loss expenses	2,084			728		289		1,071			83			184		48			4,487
Policy benefits	—			—		—		—			—			150		—			150
Policy acquisition costs	448			228		26		584			40			138		—			1,464
Administrative expenses	253			68		1		266			9			80		70			747
Underwriting income (loss)	492			132		35		240			35			—		(118		)	816
Net investment income (loss)	510			59		6		155			65			85		(52		)	828
Other (income) expense	(13		)	1		1		(12		)	(6		)	8		(94		)	(115		)
Amortization expense of purchased intangibles	—			3		7		11			—			—		64			85
Segment income (loss)	$	1,015		$	187	$	33	$	396		$	106		$	77	$	(140	)	$	1,674
Net realized gains (losses) including OTTI																18			18
Interest expense																167			167
Chubb integration expenses																13			13
Income tax expense																218			218
Net income (loss)																$	(520	)	$	1,294



For the Six Months Ended June 30, 2019 (in millions of U.S. dollars)	North America Commercial P&C Insurance			North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance			Life Insurance			Corporate			Chubb Consolidated



Net premiums written	$	6,485		$	2,365	$	596	$	4,653	$	399		$	1,158		$	—		$	15,656
Net premiums earned	6,475			2,322		433		4,339		327			1,132			—			15,028
Losses and loss expenses	4,187			1,504		289		2,231		166			391			45			8,813
Policy benefits	—			—		—		—		—			357			—			357
Policy acquisition costs	918			468		34		1,225		85			278			—			3,008
Administrative expenses	499			139		5		514		17			157			137			1,468
Underwriting income (loss)	871			211		105		369		59			(51		)	(182		)	1,382
Net investment income (loss)	1,031			128		14		295		111			186			(70		)	1,695
Other (income) expense	(3		)	1		1		7		(24		)	(47		)	(204		)	(269		)
Amortization expense of purchased intangibles	—			6		14		23		—			1			109			153
Segment income (loss)	$	1,905		$	332	$	104	$	634	$	194		$	181		$	(157	)	$	3,193
Net realized gains (losses) including OTTI																(320		)	(320		)
Interest expense																280			280
Chubb integration expenses																7			7
Income tax expense																396			396
Net income (loss)																$	(1,160	)	$	2,190



For the Six Months Ended June 30, 2018 (in millions of U.S. dollars)	North America Commercial P&C Insurance			North America Personal P&C Insurance		North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Life Insurance			Corporate			Chubb Consolidated



Net premiums written	$	6,143		$	2,383	$	496		$	4,583		$	390		$	1,124		$	—		$	15,119
Net premiums earned	6,306			2,296		394			4,268			335			1,092			—			14,691
Losses and loss expenses	3,992			1,614		236			2,149			150			389			59			8,589
Policy benefits	—			—		—			—			—			301			—			301
Policy acquisition costs	920			465		25			1,172			80			266			—			2,928
Administrative expenses	484			133		(2		)	505			19			158			142			1,439
Underwriting income (loss)	910			84		135			442			86			(22		)	(201		)	1,434
Net investment income (loss)	1,013			118		13			306			129			168			(113		)	1,634
Other (income) expense	(19		)	1		1			(5		)	(13		)	4			(131		)	(162		)
Amortization expense of purchased intangibles	—			6		14			21			—			1			128			170
Segment income (loss)	$	1,942		$	195	$	133		$	732		$	228		$	141		$	(311	)	$	3,060
Net realized gains (losses) including OTTI																		16			16
Interest expense																		324			324
Chubb integration expenses																		23			23
Income tax expense																		353			353
Net income (loss)																		$	(995	)	$	2,376

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2019

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)	2019		2018		2019		2018
Numerator:
Net income	$	1,150	$	1,294	$	2,190	$	2,376
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	457,224,455		465,276,597		458,010,447		465,488,724
Denominator for diluted earnings per share:
Share-based compensation plans	2,945,237		3,103,727		2,863,109		3,489,013
Weighted-average shares outstanding and assumed conversions	460,169,692		468,380,324		460,873,556		468,977,737
Basic earnings per share	$	2.52	$	2.78	$	4.78	$	5.10
Diluted earnings per share	$	2.50	$	2.76	$	4.75	$	5.07
Potential anti-dilutive share conversions	2,660,925		3,814,491		5,037,959		3,305,735

Information provided in connection with outstanding debt of subsidiaries (Tables)

6 Months Ended

Jun. 30, 2019

Table Text Block Supplement [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet at June 30, 2019



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	235	$	105,504		$	—		$	105,739
Cash ⁽¹⁾	1		1		1,625			(357		)	1,270
Restricted cash	—		—		98			—			98
Insurance and reinsurance balances receivable	—		—		12,735			(1,800		)	10,935
Reinsurance recoverable on losses and loss expenses	—		—		25,297			(9,852		)	15,445
Reinsurance recoverable on policy benefits	—		—		297			(96		)	201
Value of business acquired	—		—		280			—			280
Goodwill and other intangible assets	—		—		21,566			—			21,566
Investments in subsidiaries	47,983		51,972		—			(99,955		)	—
Due from subsidiaries and affiliates, net	6,289		—		(61		)	(6,228		)	—
Other assets	5		449		20,266			(1,738		)	18,982
Total assets	$	54,278	$	52,657	$	187,607		$	(120,026	)	$	174,516
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,693		$	(9,488	)	$	63,205
Unearned premiums	—		—		17,624			(1,221		)	16,403
Future policy benefits	—		—		5,664			(96		)	5,568
Due to subsidiaries and affiliates, net	—		6,228		—			(6,228		)	—
Affiliated notional cash pooling programs ⁽¹⁾	177		180		—			(357		)	—
Repurchase agreements	—		—		1,416			—			1,416
Short-term debt	—		—		9			—			9
Long-term debt	—		13,370		1			—			13,371
Trust preferred securities	—		308		—			—			308
Other liabilities	299		1,774		21,042			(2,681		)	20,434
Total liabilities	476		21,860		118,449			(20,071		)	120,714
Total shareholders’ equity	53,802		30,797		69,158			(99,955		)	53,802
Total liabilities and shareholders’ equity	$	54,278	$	52,657	$	187,607		$	(120,026	)	$	174,516

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Balance Sheet at December 31, 2018



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries		Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	214	$	100,754	$	—		$	100,968
Cash ⁽¹⁾	1		2		1,896		(652		)	1,247
Restricted cash	—		—		93		—			93
Insurance and reinsurance balances receivable	—		—		11,861		(1,786		)	10,075
Reinsurance recoverable on losses and loss expenses	—		—		26,422		(10,429		)	15,993
Reinsurance recoverable on policy benefits	—		—		306		(104		)	202
Value of business acquired	—		—		295		—			295
Goodwill and other intangible assets	—		—		21,414		—			21,414
Investments in subsidiaries	43,531		50,209		—		(93,740		)	—
Due from subsidiaries and affiliates, net	7,074		—		598		(7,672		)	—
Other assets	3		1,007		18,102		(1,628		)	17,484
Total assets	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,857	$	(9,897	)	$	62,960
Unearned premiums	—		—		16,611		(1,079		)	15,532
Future policy benefits	—		—		5,610		(104		)	5,506
Due to subsidiaries and affiliates, net	—		7,672		—		(7,672		)	—
Affiliated notional cash pooling programs ⁽¹⁾	35		617		—		(652		)	—
Repurchase agreements	—		—		1,418		—			1,418
Short-term debt	—		500		9		—			509
Long-term debt	—		12,086		1		—			12,087
Trust preferred securities	—		308		—		—			308
Other liabilities	262		2,545		19,199		(2,867		)	19,139
Total liabilities	297		23,728		115,705		(22,271		)	117,459
Total shareholders’ equity	50,312		27,704		66,036		(93,740		)	50,312
Total liabilities and shareholders’ equity	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771

⁽¹⁾

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

Condensed Consolidating Statement Of Operations and Comprehensive Income

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended June 30, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	8,343		$	—		$	8,343
Net premiums earned	—			—			7,891			—			7,891
Net investment income	1			(6		)	864			—			859
Equity in earnings of subsidiaries	1,104			762			—			(1,866		)	—
Net realized gains (losses) including OTTI	4			(21		)	(206		)	—			(223		)
Losses and loss expenses	—			—			4,715			—			4,715
Policy benefits	—			—			161			—			161
Policy acquisition costs and administrative expenses	22			(5		)	2,285			—			2,302
Interest (income) expense	(62		)	180			22			—			140
Other (income) expense	(6		)	1			(225		)	—			(230		)
Amortization of purchased intangibles	—			—			77			—			77
Chubb integration expenses	—			—			4			—			4
Income tax expense (benefit)	5			(45		)	248			—			208
Net income	$	1,150		$	604		$	1,262		$	(1,866	)	$	1,150
Comprehensive income	$	2,059		$	1,397		$	2,181		$	(3,578	)	$	2,059

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended June 30, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	8,015		$	—		$	8,015
Net premiums earned	—			—			7,664			—			7,664
Net investment income	1			5			822			—			828
Equity in earnings of subsidiaries	1,241			454			—			(1,695		)	—
Net realized gains (losses) including OTTI	2			73			(57		)	—			18
Losses and loss expenses	—			—			4,487			—			4,487
Policy benefits	—			—			150			—			150
Policy acquisition costs and administrative expenses	23			19			2,169			—			2,211
Interest (income) expense	(76		)	204			39			—			167
Other (income) expense	(4		)	8			(119		)	—			(115		)
Amortization of purchased intangibles	—			—			85			—			85
Chubb integration expenses	2			—			11			—			13
Income tax expense (benefit)	5			(36		)	249			—			218
Net income	$	1,294		$	337		$	1,358		$	(1,695	)	$	1,294
Comprehensive income (loss)	$	277		$	(462	)	$	352		$	110		$	277

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Six Months Ended June 30, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	15,656		$	—		$	15,656
Net premiums earned	—			—			15,028			—			15,028
Net investment income	2			(10		)	1,703			—			1,695
Equity in earnings of subsidiaries	2,094			1,521			—			(3,615		)	—
Net realized gains (losses) including OTTI	5			(34		)	(291		)	—			(320		)
Losses and loss expenses	—			—			8,813			—			8,813
Policy benefits	—			—			357			—			357
Policy acquisition costs and administrative expenses	42			(20		)	4,454			—			4,476
Interest (income) expense	(128		)	365			43			—			280
Other (income) expense	(12		)	4			(261		)	—			(269		)
Amortization of purchased intangibles	—			—			153			—			153
Chubb integration expenses	—			2			5			—			7
Income tax expense (benefit)	9			(87		)	474			—			396
Net income	$	2,190		$	1,213		$	2,402		$	(3,615	)	$	2,190
Comprehensive income	$	4,777		$	3,338		$	4,969		$	(8,307	)	$	4,777

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Six Months Ended June 30, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	15,119		$	—		$	15,119
Net premiums earned	—			—			14,691			—			14,691
Net investment income	3			9			1,622			—			1,634
Equity in earnings of subsidiaries	2,263			1,339			—			(3,602		)	—
Net realized gains (losses) including OTTI	—			49			(33		)	—			16
Losses and loss expenses	—			—			8,589			—			8,589
Policy benefits	—			—			301			—			301
Policy acquisition costs and administrative expenses	41			41			4,285			—			4,367
Interest (income) expense	(156		)	413			67			—			324
Other (income) expense	(9		)	16			(169		)	—			(162		)
Amortization of purchased intangibles	—			—			170			—			170
Chubb integration expenses	4			1			18			—			23
Income tax expense (benefit)	10			(95		)	438			—			353
Net income	$	2,376		$	1,021		$	2,581		$	(3,602	)	$	2,376
Comprehensive income (loss)	$	730		$	(246	)	$	966		$	(720	)	$	730

Condensed Consolidating Statement of Cash Flows



Six Months Ended June 30, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	323		$	1,302		$	2,943		$	(1,860	)	$	2,708
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(5		)	(12,561		)	—			(12,566		)
Purchases of fixed maturities held to maturity	—			—			(73		)	—			(73		)
Purchases of equity securities	—			—			(147		)	—			(147		)
Sales of fixed maturities available for sale	—			—			7,838			—			7,838
Sales of equity securities	—			—			266			—			266
Maturities and redemptions of fixed maturities available for sale	—			16			3,947			—			3,963
Maturities and redemptions of fixed maturities held to maturity	—			—			598			—			598
Net change in short-term investments	—			(11		)	(752		)	—			(763		)
Net derivative instruments settlements	—			(35		)	(501		)	—			(536		)
Private equity contributions	—			—			(920		)	—			(920		)
Private equity distributions	—			—			780			—			780
Capital contribution	(600		)	(110		)	—			710			—
Other	—			(12		)	(715		)	—			(727		)
Net cash flows used for investing activities	(600		)	(157		)	(2,240		)	710			(2,287		)
Cash flows from financing activities
Dividends paid on Common Shares	(671		)	—			—			—			(671		)
Common Shares repurchased	—			—			(741		)	—			(741		)
Proceeds from issuance of long-term debt	—			1,289			—			—			1,289
Repayment of long-term debt	—			(500		)	—			—			(500		)
Proceeds from issuance of repurchase agreements	—			—			1,984			—			1,984
Repayment of repurchase agreements	—			—			(1,986		)	—			(1,986		)
Proceeds from share-based compensation plans	—			—			95			—			95
Dividend to parent company	—			—			(1,860		)	1,860			—
Advances (to) from affiliates	801			(1,498		)	697			—			—
Capital contribution	—			—			710			(710		)	—
Net proceeds from (payments to) affiliated notional cash pooling programs ⁽¹⁾	142			(437		)	—			295			—
Policyholder contract deposits	—			—			237			—			237
Policyholder contract withdrawals	—			—			(138		)	—			(138		)
Net cash flows from (used for) financing activities	272			(1,146		)	(1,002		)	1,445			(431		)
Effect of foreign currency rate changes on cash and restricted cash	5			—			33			—			38
Net increase (decrease) in cash and restricted cash	—			(1		)	(266		)	295			28
Cash and restricted cash – beginning of period ⁽¹⁾	1			2			1,989			(652		)	1,340
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	1		$	1,723		$	(357	)	$	1,368

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows



Six Months Ended June 30, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	43		$	3,042		$	2,187		$	(3,075	)	$	2,197
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(22		)	(12,275		)	—			(12,297		)
Purchases of fixed maturities held to maturity	—			—			(337		)	—			(337		)
Purchases of equity securities	—			—			(85		)	—			(85		)
Sales of fixed maturities available for sale	—			—			6,858			—			6,858
Sales of equity securities	—			—			83			—			83
Maturities and redemptions of fixed maturities available for sale	—			14			3,906			—			3,920
Maturities and redemptions of fixed maturities held to maturity	—			—			732			—			732
Net change in short-term investments	—			6			395			—			401
Net derivative instruments settlements	—			(8		)	13			—			5
Private equity contributions	—			—			(813		)	—			(813		)
Private equity distributions	—			—			413			—			413
Capital contribution	(750		)	(3,500		)	—			4,250			—
Other	—			(7		)	(133		)	—			(140		)
Net cash flows used for investing activities	(750		)	(3,517		)	(1,243		)	4,250			(1,260		)
Cash flows from financing activities
Dividends paid on Common Shares	(661		)	—			—			—			(661		)
Common Shares repurchased	—			—			(347		)	—			(347		)
Proceeds from issuance of long-term debt	—			2,171			—			—			2,171
Repayment of long-term debt	—			(1,900		)	—			—			(1,900		)
Proceeds from issuance of repurchase agreements	—			—			1,014			—			1,014
Repayment of repurchase agreements	—			—			(1,009		)	—			(1,009		)
Proceeds from share-based compensation plans	—			—			60			—			60
Dividend to parent company	—			—			(3,075		)	3,075			—
Advances (to) from affiliates	963			(518		)	(445		)	—			—
Capital contribution	—			—			4,250			(4,250		)	—
Net proceeds from affiliated notional cash pooling programs ⁽¹⁾	403			722			—			(1,125		)	—
Policyholder contract deposits	—			—			192			—			192
Policyholder contract withdrawals	—			—			(169		)	—			(169		)
Net cash flows from (used for) financing activities	705			475			471			(2,300		)	(649		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			(38		)	—			(38		)
Net increase (decrease) in cash and restricted cash	(2		)	—			1,377			(1,125		)	250
Cash and restricted cash – beginning of period ⁽¹⁾	3			1			962			(115		)	851
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	1		$	2,339		$	(1,240	)	$	1,101

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

General Schedule of Cash and Cash Equivalent (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash	$ 1,270	$ 1,247
Restricted cash	98	93
Total cash and restricted cash shown in the Consolidated statement of cash flows	$ 1,368	$ 1,340	$ 1,101	$ 851

General Goodwill (Details) $ in Millions	6 Months Ended
General Goodwill (Details) $ in Millions	Jun. 30, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Period Increase (Decrease)	$ 29

General Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		$ 601
Operating Lease, Liability		$ 642
Accounting Standards Update 2017-08 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 12
Cumulative Effect on Retained Earnings, before Tax	15
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, before Tax	$ 0

Investments (Narrative) (Detail) $ in Millions	3 Months Ended		6 Months Ended
Investments (Narrative) (Detail) $ in Millions	Jun. 30, 2019 USD ($) Security	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) Security	Jun. 30, 2018 USD ($)	May 31, 2019	Dec. 31, 2018 USD ($)
Investment [Line Items]
Equity Method Investment, Ownership Percentage	100.00%		100.00%
Net unrealized appreciation (depreciation) included in OCI	$ 7	$ 0	$ 16	$ (4)
Unrealized appreciation(depreciation) portion of AOCI with OTTI included in AOCI	$ 3		$ 3			$ 1
Percentage of mortgage-backed securities represented by investments in US government agency bonds	82.00%		82.00%			81.00%
Company Assumed Recovery Rate			32.00%
Moodys Historical Mean Recovery Rate			42.00%
Total number of fixed maturities \| Security	30,289		30,289
Number of fixed maturities in an unrealized loss position \| Security	5,202		5,202
Largest single unrealized loss in the fixed maturities	$ 3		$ 3
Restricted assets in fixed maturities and short-term investments	22,200		22,200			$ 21,000
Restricted assets in cash	98		98			$ 93
Operating Lease, Impairment Loss				22
Corporate securities
Investment [Line Items]
Credit losses recognized in net income	8	1	14	1
Mortgage-backed securities
Investment [Line Items]
Credit losses recognized in net income	$ 0	0	$ 0	0
Junior Subordinated Debt [Member] \| Chubb INA Senior Notes Due 2037 [Member]
Investment [Line Items]
Gain (Loss) on Extinguishment of Debt				36
Huatai Insurance Group [Member]
Investment [Line Items]
Equity Method Investment, Ownership Percentage	26.20%		26.20%		6.20%
Payments to Acquire Other Investments			$ 329
Junior Subordinated Debt [Member] \| Chubb INA Capital Securities Due 2067 [Member]
Investment [Line Items]
Debt Instrument, Face Amount		$ 1,000		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage		6.375%		6.375%

Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Available for sale, at amortized cost	$ 80,119	$ 79,323
Available-for-sale,Gross Unrealized Gain	2,504	690
Available-for-sale, Gross Unrealized Depreciation	(213)	(1,543)
Available for sale, Fair Value	82,410	78,470
Available for sale, OTTI recognized in AOCI	(7)	(7)
U.S. Treasury and agency
Debt Securities, Available-for-sale [Line Items]
Available for sale, at amortized cost	3,545	4,158
Available-for-sale,Gross Unrealized Gain	97	30
Available-for-sale, Gross Unrealized Depreciation	(2)	(43)
Available for sale, Fair Value	3,640	4,145
Available for sale, OTTI recognized in AOCI	0	0
Foreign
Debt Securities, Available-for-sale [Line Items]
Available for sale, at amortized cost	21,777	21,370
Available-for-sale,Gross Unrealized Gain	942	395
Available-for-sale, Gross Unrealized Depreciation	(71)	(349)
Available for sale, Fair Value	22,648	21,416
Available for sale, OTTI recognized in AOCI	0	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, at amortized cost	28,940	27,183
Available-for-sale,Gross Unrealized Gain	891	150
Available-for-sale, Gross Unrealized Depreciation	(97)	(750)
Available for sale, Fair Value	29,734	26,583
Available for sale, OTTI recognized in AOCI	(6)	(6)
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, at amortized cost	17,597	15,758
Available-for-sale,Gross Unrealized Gain	398	66
Available-for-sale, Gross Unrealized Depreciation	(29)	(284)
Available for sale, Fair Value	17,966	15,540
Available for sale, OTTI recognized in AOCI	(1)	(1)
States, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Available for sale, at amortized cost	8,260	10,854
Available-for-sale,Gross Unrealized Gain	176	49
Available-for-sale, Gross Unrealized Depreciation	(14)	(117)
Available for sale, Fair Value	8,422	10,786
Available for sale, OTTI recognized in AOCI	$ 0	$ 0

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, 2019	Dec. 31, 2018
Investment [Line Items]
Held to maturity, Amortized Cost	$ 12,838	$ 13,435
Held to maturity, Gross Unrealized Appreciation	352	51
Held to maturity, Gross Unrealized Depreciation	(13)	(227)
Held to maturity, at Fair Value	13,177	13,259
Held to maturity, OTTI recognized in AOCI	0	0
U.S. Treasury and agency
Investment [Line Items]
Held to maturity, Amortized Cost	1,167	1,185
Held to maturity, Gross Unrealized Appreciation	27	8
Held to maturity, Gross Unrealized Depreciation	(1)	(11)
Held to maturity, at Fair Value	1,193	1,182
Held to maturity, OTTI recognized in AOCI	0	0
Foreign
Investment [Line Items]
Held to maturity, Amortized Cost	1,465	1,549
Held to maturity, Gross Unrealized Appreciation	59	11
Held to maturity, Gross Unrealized Depreciation	(1)	(18)
Held to maturity, at Fair Value	1,523	1,542
Held to maturity, OTTI recognized in AOCI	0	0
Corporate securities
Investment [Line Items]
Held to maturity, Amortized Cost	2,457	2,601
Held to maturity, Gross Unrealized Appreciation	79	11
Held to maturity, Gross Unrealized Depreciation	(9)	(104)
Held to maturity, at Fair Value	2,527	2,508
Held to maturity, OTTI recognized in AOCI	0	0
Mortgage-backed securities
Investment [Line Items]
Held to maturity, Amortized Cost	2,442	2,524
Held to maturity, Gross Unrealized Appreciation	60	5
Held to maturity, Gross Unrealized Depreciation	0	(43)
Held to maturity, at Fair Value	2,502	2,486
Held to maturity, OTTI recognized in AOCI	0	0
States, municipalities, and political subdivisions
Investment [Line Items]
Held to maturity, Amortized Cost	5,307	5,576
Held to maturity, Gross Unrealized Appreciation	127	16
Held to maturity, Gross Unrealized Depreciation	(2)	(51)
Held to maturity, at Fair Value	5,432	5,541
Held to maturity, OTTI recognized in AOCI	$ 0	$ 0

Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Available for sale, Due in 1 year or less, Amortized Cost	$ 3,613	$ 3,569
Available for sale, Due after 1 year through 5 years, Amortized Cost	26,776	27,134
Available for sale, Due after 5 years though 10 years, Amortized Cost	22,957	24,095
Available for sale, Due after 10 years, Amortized Cost	9,176	8,767
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	62,522	63,565
Available for sale, Mortgage-backed securities, Amortized Cost	17,597	15,758
Available for sale, at amortized cost	80,119	79,323
Available for sale, Due in 1 year or less, Fair Value	3,630	3,568
Available for sale, Due after 1 year through 5 years, Fair Value	27,281	27,005
Available for sale, Due after 5 years through 10 years, Fair Value	23,711	23,543
Available for sale, Due after 10 years, Fair Value	9,822	8,814
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	64,444	62,930
Available for sale, Mortgage backed securities, Fair Value	17,966	15,540
Available for sale, Fair Value	82,410	78,470
Held to maturity, Due in 1 year or less, Amortized Cost	545	536
Held to maturity, Due after 1 year through 5 years, Amortized Cost	3,267	3,122
Held to maturity, Due after 5 years through 10 years, Amortized Cost	4,082	4,468
Held to maturity, Due after 10 years, Amortized Cost	2,502	2,785
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost	10,396	10,911
Held to maturity, Mortgage backed securities, Amortized Cost	2,442	2,524
Held to maturity, Amortized Cost	12,838	13,435
Held to maturity, Due in 1 year or less, Fair Value	548	537
Held to maturity, Due after 1 year through 5, Fair Value	3,315	3,106
Held to maturity, Due after 5 years through 10 years, Fair Value	4,192	4,407
Held to maturity, Due after 10 years, Fair Value	2,620	2,723
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value	10,675	10,773
Held to maturity, Mortgage backed securities, Fair Value	2,502	2,486
Held to maturity, Fair Value	$ 13,177	$ 13,259

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain (Loss) on Securities [Line Items]
OTTI on fixed maturities, gross and net	$ (14)	$ (4)	$ (27)	$ (5)
Foreign exchange gains (losses)	(11)	140	2	63
Gain (Loss) on Derivative	(259)	29	(339)	108
Fair Value Adjustments On Insurance Derivative Gains Losses	(65)	41	49	79
Net Realized Gains (Losses)	(223)	18	(320)	16
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities	1	0	1	0
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings	(13)	(4)	(26)	(5)
Investment and embedded derivative instruments
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative	(181)	24	(311)	41
S&P put options and futures
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative	(20)	(44)	(83)	(22)
Other derivative instruments
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative	7	8	6	10
Fixed Maturities [Member]
Gain (Loss) on Securities [Line Items]
OTTI on fixed maturities, gross and net	(14)	(4)	(27)	(5)
Debt Securities, Available-for-sale, Realized Gain, Excluding Other-than-temporary Impairment	56	99	83	165
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment	(31)	(176)	(89)	(264)
Debt Securities, Available-for-sale, Realized Gain (Loss)	12	(81)	(32)	(104)
Debt Securities [Member]
Gain (Loss) on Securities [Line Items]
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities	1	0	1	0
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings	(13)	(4)	(26)	(5)
Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	5	(2)	63	(13)
Other Investments [Member]
Gain (Loss) on Securities [Line Items]
Other investments gain (loss)	30	(11)	(14)	18
Other [Member]
Gain (Loss) on Securities [Line Items]
Other	$ 0	$ (57)	$ 0	$ (56)

Investments (Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Roll-Forward Of Pre-Tax Credit Losses Related To Fixed Maturities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income [Roll Forward]
Balance of credit losses related to securities still held – beginning of period	$ 32	$ 15	$ 34	$ 22
Additions where no OTTI was previously recorded	5	1	11	1
Additions where an OTTI was previously recorded	3	0	3	0
Reductions for securities sold during the period	(10)	0	(18)	(7)
Balance of credit losses related to securities still held – end of period	$ 30	$ 16	$ 30	$ 16

Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	$ 5	$ (2)	$ 63	$ (13)
Other Investments [Member]
Gain (Loss) on Securities [Line Items]
Net gains (losses) recognized during the period	30	(11)	(14)	18
Accounting Standards Update 2016-01 [Member] \| Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	5	(2)	63	(13)
Less: Net gains (losses) recognized from sales of securities	32	5	33	15
Unrealized gains (losses) recognized for securities still held at reporting date	(27)	(7)	30	(28)
Accounting Standards Update 2016-01 [Member] \| Other Investments [Member]
Gain (Loss) on Securities [Line Items]
Net gains (losses) recognized during the period	30	(11)	(14)	18
Less: Net gains (losses) recognized from sales of securities	0	0	(2)	0
Unrealized gains (losses) recognized for securities still held at reporting date	30	(11)	(12)	18
Accounting Standards Update 2016-01 [Member] \| Equity securities and other investments [Member]
Gain (Loss) on Securities [Line Items]
Net gains (losses) recognized during the period	35	(13)	49	5
Less: Net gains (losses) recognized from sales of securities	32	5	31	15
Unrealized gains (losses) recognized for securities still held at reporting date	$ 3	$ (18)	$ 18	$ (10)

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, 2019	Dec. 31, 2018
Investment [Line Items]
Fair Value 0-12 months	$ 3,954	$ 34,952
Gross unrealized (loss) 0-12 months	(64)	(953)
Fair Value over 12 months	8,958	27,762
Gross unrealized (loss) over 12 months	(162)	(817)
Fair Value	12,912	62,714
Gross unrealized (loss)	(226)	(1,770)
U.S. Treasury and agency
Investment [Line Items]
Fair Value 0-12 months	41	523
Gross unrealized (loss) 0-12 months	0	(4)
Fair Value over 12 months	836	2,859
Gross unrealized (loss) over 12 months	(3)	(50)
Fair Value	877	3,382
Gross unrealized (loss)	(3)	(54)
Foreign
Investment [Line Items]
Fair Value 0-12 months	946	6,764
Gross unrealized (loss) 0-12 months	(14)	(208)
Fair Value over 12 months	2,042	5,349
Gross unrealized (loss) over 12 months	(58)	(159)
Fair Value	2,988	12,113
Gross unrealized (loss)	(72)	(367)
Corporate securities
Investment [Line Items]
Fair Value 0-12 months	2,617	16,538
Gross unrealized (loss) 0-12 months	(49)	(599)
Fair Value over 12 months	1,834	4,873
Gross unrealized (loss) over 12 months	(57)	(255)
Fair Value	4,451	21,411
Gross unrealized (loss)	(106)	(854)
Mortgage-backed securities
Investment [Line Items]
Fair Value 0-12 months	289	6,103
Gross unrealized (loss) 0-12 months	(1)	(98)
Fair Value over 12 months	2,779	6,913
Gross unrealized (loss) over 12 months	(28)	(229)
Fair Value	3,068	13,016
Gross unrealized (loss)	(29)	(327)
States, municipalities, and political subdivisions
Investment [Line Items]
Fair Value 0-12 months	61	5,024
Gross unrealized (loss) 0-12 months	0	(44)
Fair Value over 12 months	1,467	7,768
Gross unrealized (loss) over 12 months	(16)	(124)
Fair Value	1,528	12,792
Gross unrealized (loss)	$ (16)	$ (168)

Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Trust funds	$ 14,517	$ 13,988
Deposits with U.S. regulatory authorities	2,920	2,405
Deposits with non-U.S. regulatory authorities	2,861	2,531
Assets pledged under repurchase agreements	1,470	1,468
Other pledged assets	519	692
Total restricted assets	$ 22,287	$ 21,084

Fair value measurements Fair Value Measurements (narrative) (Details)	6 Months Ended
	Jun. 30, 2019
Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice Period For Redemption For Alternative Investments Investment Funds	5 days
Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice Period For Redemption For Alternative Investments Investment Funds	120 days

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

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

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

$ 82,410

$ 78,470

715

770

5,968

5,277

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

1,727

1,926

U.S. Treasury and agency

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

3,640

4,145

Foreign

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

22,648

21,416

Corporate securities

Mortgage-backed securities

29,734

26,583

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

States, municipalities, and political subdivisions

17,966

15,540

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

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

8,422

10,786

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

Other Investments [Member]

4,860

4,244

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

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

89

95

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

2,934

3,400

659

713

2,360

1,575

414

^[1]

381

^[2]

0

15

28

15

25

3,109

2,686

9,506

^[1]

8,808

^[2]

60

38

Fair Value, Measurements, Recurring [Member] | Level 1 | U.S. Treasury and agency

10

70

38

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

Fair Value, Measurements, Recurring [Member] | Level 1 | Foreign

2,934

3,400

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

Fair Value, Measurements, Recurring [Member] | Level 1 | Corporate securities

0

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

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

0

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

Fair Value, Measurements, Recurring [Member] | Level 1 | States, municipalities, and political subdivisions

0

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

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

0

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

77,670

73,365

0

1,444

1,440

353

^[1]

303

^[2]

1,727

1,926

0

0

137

81,331

^[1]

77,171

^[2]

104

115

Fair Value, Measurements, Recurring [Member] | Level 2 | U.S. Treasury and agency

0

104

115

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

Fair Value, Measurements, Recurring [Member] | Level 2 | Foreign

706

745

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

Fair Value, Measurements, Recurring [Member] | Level 2 | Corporate securities

22,277

21,071

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

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

28,375

25,284

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

Fair Value, Measurements, Recurring [Member] | Level 2 | States, municipalities, and political subdivisions

17,890

15,479

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

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

8,422

10,786

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

1,806

1,705

56

57

4

1

11

^[1]

11

^[2]

0

0

0

0

1,877

^[1]

1,774

^[2]

0

Fair Value, Measurements, Recurring [Member] | Level 3 | U.S. Treasury and agency

0

403

452

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

Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign

0

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

Fair Value, Measurements, Recurring [Member] | Level 3 | Corporate securities

371

345

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

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

1,359

1,299

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

Fair Value, Measurements, Recurring [Member] | Level 3 | States, municipalities, and political subdivisions

76

61

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

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

0

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

82,410

78,470

715

770

3,808

3,016

778

^[1]

695

^[2]

1,727

1,926

15

28

15

25

3,246

2,823

92,714

^[1]

87,753

^[2]

164

153

Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency

10

577

605

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

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

3,640

4,145

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

Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate securities

22,648

21,416

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

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

29,734

26,583

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

Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions

17,966

15,540

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

8,422

10,786

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

403

$ 338

452

$ 125

$ 167

$ 204

Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member] | Level 1

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

^[3]

0

Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member] | Level 2

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

^[3]

0

Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member] | Level 3

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

^[3]

403

452

Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

^[3]

$ 403

$ 452

[1]	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,860 million and other investments of $89 million at June 30, 2019 measured using NAV as a practical expedient.
[2]	Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,244 million and other investments of $95 million at December 31, 2018 measured using NAV as a practical expedient.
[3]	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.

Fair Value Measurements (Fair Value And Maximum Future Funding Commitments Related To Investments) (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 4,860	$ 4,244
Maximum future funding commitments	3,575	3,705
Financial
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	575	596
Maximum future funding commitments	$ 375	$ 193
Financial \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Financial \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	10 years	10 years
Real Assets
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 776	$ 704
Maximum future funding commitments	$ 542	$ 362
Real Assets \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Real Assets \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	11 years	11 years
Distressed
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 267	$ 296
Maximum future funding commitments	$ 93	$ 105
Distressed \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Distressed \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	7 years	7 years
Private Credit
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 116	$ 147
Maximum future funding commitments	$ 269	$ 310
Private Credit \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years	3 years
Private Credit \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	8 years	8 years
Traditional
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 2,741	$ 2,362
Maximum future funding commitments	$ 2,257	$ 2,735
Traditional \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Traditional \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	14 years	14 years
Vintage
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 122	$ 56
Maximum future funding commitments	$ 39	$ 0
Vintage \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	1 year	1 year
Vintage \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Investment funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Alternative Investment	$ 263	$ 83
Maximum future funding commitments	$ 0	$ 0

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

6 Months Ended

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

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

Fair Value Measurements, Valuation Processes, Description

^[1]

Actuarial model

Minimum [Member]

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

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

^[1]

3.00%

Significant Unobservable Inputs Annuitization Rate

^[1]

0.00%

Maximum [Member]

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

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

^[1]

32.00%

Significant Unobservable Inputs Annuitization Rate

^[1]

42.00%

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

$ 403

$ 338

$ 452

$ 125

$ 167

$ 204

Guaranteed Minimum Income Benefit [Member] | Level 3 | Fair Value, Measurements, Recurring [Member]

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

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value

^[2]

$ 403

$ 452

[1]	Discussion of the most significant inputs used in the fair value measurement of GLB and the sensitivity of those assumptions is included within Note 3 a) Guaranteed living benefits.
[2]	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets.

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

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Foreign

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

$ 360

$ 176

$ 345

$ 93

0

3

7

Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)

0

(15)

0

0

(7)

6

2

0

(1)

0

43

95

96

182

(14)

(11)

(19)

(30)

(18)

(1)

(44)

(2)

Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)

371

252

371

252

0

Corporate securities

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

1,342

1,073

1,299

1,037

10

6

15

6

Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)

0

(10)

1

(9)

5

(12)

(1)

2

0

2

121

217

^[1]

249

356

^[1]

(36)

(45)

(73)

(96)

(78)

(63)

(136)

(102)

Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)

1,359

1,181

1,359

1,181

(1)

0

(1)

0

Mortgage-backed securities

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

78

83

61

78

0

1

Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)

0

0

0

0

18

4

(1)

0

(1)

0

(1)

(2)

(1)

Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)

76

82

76

82

0

Equity Securities [Member]

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

55

64

57

44

0

Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)

0

1

0

2

1

(1)

(3)

(1)

5

3

14

20

(4)

(5)

(14)

(5)

0

Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)

56

59

56

59

(1)

(3)

(2)

(1)

Short-term Investments [Member]

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

0

12

1

0

0

5

Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)

0

0

0

4

1

4

9

0

0

(1)

(2)

Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)

4

12

4

12

0

Other Long-term Investments [Member]

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

11

270

11

263

0

Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss)

0

0

2

0

1

0

1

0

16

30

0

0

(23)

0

(32)

Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)

11

264

11

264

$ 0

$ 1

$ 0

$ 1

[1]	Purchases in Level 3 primarily consist of privately-placed fixed income securities.

Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Mar. 31, 2019

Dec. 31, 2018

Mar. 31, 2018

Dec. 31, 2017

Derivative Financial Instruments, Liabilities [Member] | Level 3

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance - Beginning of Period, Liabilities

$ 2

Transfers into level 3, liability

0

Transfers out of Level 3, Liabilities

0

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

0

Net Realized Gains/Losses, Liabilities

0

Purchases, Liabilities

0

Sales, Liabilities

0

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements

0

Balance - End of Period, Liabilities

2

Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)

0

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

Reported liabilities

$ 815

497

$ 815

497

$ 741

$ 861

$ 529

$ 550

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance - Beginning of Period, Liabilities

338

167

452

204

Balance - End of Period, Liabilities

403

125

403

125

Guaranteed Minimum Income Benefit [Member] | Guarantees [Member] | Level 3

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance - Beginning of Period, Liabilities

338

^[1]

167

^[2]

452

^[3]

204

^[4]

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

65

(42)

(49)

(79)

Purchases, Liabilities

0

Sales, Liabilities

0

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements

0

Balance - End of Period, Liabilities

403

^[1],[3]

125

^[2],[4]

403

^[1],[3]

125

^[2],[4]

Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)

$ 65

$ (42)

$ (49)

$ (79)

[1]	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $741 million at March 31, 2019, which includes a fair value derivative adjustment of $403 million and $338 million, respectively
[2]	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $529 million at March 31, 2018, which includes a fair value derivative adjustment of $125 million and $167 million, respectively.
[3]	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $815 million at June 30, 2019, and $861 million at December 31, 2018, which includes a fair value derivative adjustment of $403 million and $452 million, respectively.
[4]	Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $497 million at June 30, 2018, and $550 million at December 31, 2017, which includes a fair value derivative adjustment of $125 million and $204 million, respectively.

Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	$ 13,177	$ 13,259
Debt Securities, Held-to-maturity	12,838	13,435
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,416	1,418
Short-term debt	9	509
Long-term debt	13,371	12,087
Trust preferred securities	308	308
Total liabilities	120,714	117,459
U.S. Treasury and agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,193	1,182
Debt Securities, Held-to-maturity	1,167	1,185
Foreign
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,523	1,542
Debt Securities, Held-to-maturity	1,465	1,549
Corporate securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	2,527	2,508
Debt Securities, Held-to-maturity	2,457	2,601
Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	2,502	2,486
Debt Securities, Held-to-maturity	2,442	2,524
States, municipalities, and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	5,432	5,541
Debt Securities, Held-to-maturity	5,307	5,576
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,138	1,128
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-term Debt, Fair Value	0	0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Level 1 \| U.S. Treasury and agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,138	1,128
Level 1 \| Foreign
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 1 \| Corporate securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 1 \| Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 1 \| States, municipalities, and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	12,006	12,100
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,416	1,418
Short-term Debt, Fair Value	9	516
Long-term Debt, Fair Value	14,541	12,181
Trust preferred securities	439	409
Total liabilities	16,405	14,524
Level 2 \| U.S. Treasury and agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	55	54
Level 2 \| Foreign
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,523	1,542
Level 2 \| Corporate securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	2,494	2,477
Level 2 \| Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	2,502	2,486
Level 2 \| States, municipalities, and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	5,432	5,541
Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	33	31
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-term Debt, Fair Value	0	0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Level 3 \| U.S. Treasury and agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 3 \| Foreign
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 3 \| Corporate securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	33	31
Level 3 \| Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Level 3 \| States, municipalities, and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	0	0
Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	13,177	13,259
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,416	1,418
Short-term Debt, Fair Value	9	516
Long-term Debt, Fair Value	14,541	12,181
Trust preferred securities	439	409
Total liabilities	16,405	14,524
Estimate of Fair Value Measurement [Member] \| U.S. Treasury and agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,193	1,182
Estimate of Fair Value Measurement [Member] \| Foreign
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	1,523	1,542
Estimate of Fair Value Measurement [Member] \| Corporate securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	2,527	2,508
Estimate of Fair Value Measurement [Member] \| Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	2,502	2,486
Estimate of Fair Value Measurement [Member] \| States, municipalities, and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity, Fair Value	5,432	5,541
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	12,838	13,435
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,416	1,418
Short-term debt	9	509
Long-term debt	13,371	12,087
Trust preferred securities	308	308
Total liabilities	15,104	14,322
Reported Value Measurement [Member] \| U.S. Treasury and agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,167	1,185
Reported Value Measurement [Member] \| Foreign
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,465	1,549
Reported Value Measurement [Member] \| Corporate securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	2,457	2,601
Reported Value Measurement [Member] \| Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	2,442	2,524
Reported Value Measurement [Member] \| States, municipalities, and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	$ 5,307	$ 5,576

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

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Unpaid Losses and Loss Expenses [Roll Forward]

Gross unpaid losses and loss expenses – beginning of period

$ 62,960

$ 63,179

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

^[1]

(14,689)

(14,014)

Net unpaid losses and loss expenses – beginning of period

48,271

49,165

Current Year Claims and Claims Adjustment Expense

9,224

9,026

Prior Year Claims and Claims Adjustment Expense

^[2]

(411)

(437)

Total, Incurred

8,813

8,589

Net loss and loss expenses paid, Current Year

2,288

2,346

Net loss and loss expenses paid, Prior Years

5,823

6,269

Total, Paid

8,111

8,615

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

(1)

(96)

Net unpaid losses and loss expenses – end of period

48,972

49,043

Reinsurance recoverable on unpaid losses (1)

^[1]

14,233

13,735

Gross unpaid losses and loss expenses – end of period

63,205

62,778

prior period development, net adjustments

19

$ 37

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

245

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

$ 701

[1]	Net of provision for uncollectible reinsurance.
[2]	Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $19 million and $37 million for the six months ended June 30, 2019 and 2018, respectively.

Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (188)	$ (191)	$ (392)	$ (400)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(185)	(155)	(316)	(256)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(16)	7	(26)	1
North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(61)	(76)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(20)	(72)	(24)	(94)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(16)	(8)	(30)
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	33	45	43	55
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	18	(100)	(130)	(327)
Short Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	21	(51)	(45)	(160)
Short Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(16)	7	(26)	1
Short Tail [Member] \| North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(61)	(76)
Short Tail [Member] \| Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(20)	(70)	(24)	(92)
Short Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	33	14	26	0
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	(206)	(91)	(262)	(73)
Long Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(206)	(104)	(271)	(96)
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	0	(2)	0	(2)
Long Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(33)	(30)	(34)	(30)
Long Tail [Member] \| Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 33	$ 45	$ 43	$ 55

Unpaid losses and loss expenses Unpaid losses and loss expenses (narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (188)	$ (191)	$ (392)	$ (400)
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(206)	(91)	(262)	(73)
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	18	(100)	(130)	(327)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(185)	(155)	(316)	(256)
North America Commercial P&C Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(206)	(104)	(271)	(96)
North America Commercial P&C Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	21	(51)	(45)	(160)
North America Commercial P&C Insurance [Member] \| North America Workers' Compensation [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(163)	(118)	(200)	(138)
North America Commercial P&C Insurance [Member] \| Auto Liability Excess Lines [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	25	14	31	74
North America Commercial P&C Insurance [Member] \| Other [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(45)
North America Commercial P&C Insurance [Member] \| Surety Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(19)
North America Commercial P&C Insurance [Member] \| Accident Year 2013 and prior [Member] \| Commercial Excess and Umbrella [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(31)
North America Commercial P&C Insurance [Member] \| Accident years 2012 and prior [Member] \| Commercial Excess and Umbrella [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(29)
North America Commercial P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| North America Workers' Compensation [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(56)
North America Commercial P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| Surety Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(49)
North America Commercial P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| Catastrophe [Member] \| Other [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(3)
North America Commercial P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| Catastrophe [Member] \| Commercial Property and Marine [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(40)		(115)
North America Commercial P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2018 [Member] \| North America Workers' Compensation [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(61)
North America Commercial P&C Insurance [Member] \| Accident year 2015 and prior [Member] \| Professional Malpractice Liability Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(54)
North America Commercial P&C Insurance [Member] \| Accident year 2015 and prior [Member] \| General Liability [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(50)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(16)	7	(26)	1
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	(16)	7	(26)	1
North America Personal P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| Catastrophe [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(5)		(11)
North America Personal P&C Insurance [Member] \| Accident years 2017 - 2018 [Member] \| Catastrophe [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(134)
North America Personal P&C Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2018 [Member] \| Homeowners and Valuables [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			108
North America Agricultural Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(61)	(76)
North America Agricultural Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	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	(61)	(76)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(20)	(72)	(24)	(94)
Overseas General Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(2)	0	(2)
Overseas General Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(20)	(70)	(24)	(92)
Overseas General Insurance [Member] \| Personal lines [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(17)
Overseas General Insurance [Member] \| Other [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(30)
Overseas General Insurance [Member] \| Accident and Health Insurance Product Line [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(27)	(16)	(31)
Overseas General Insurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| Catastrophe [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development				(12)
Overseas General Insurance [Member] \| Accident years 2014 and 2016 [Member] \| Property and Inland Marine [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(40)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(16)	(8)	(30)
Global Reinsurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(33)	(30)	(34)	(30)
Global Reinsurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	33	14	26	0
Global Reinsurance [Member] \| Accident Year 2013 and prior [Member] \| Casualty & Professional [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(32)
Global Reinsurance [Member] \| Short-duration Insurance Contracts, Accident Year 2017 [Member] \| Catastrophe [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		9		(1)
Global Reinsurance [Member] \| Accident years 2017 - 2018 [Member] \| Catastrophe [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	32		37
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	33	45	43	55
Corporate Segment [Member] \| Discontinued Operations [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	10	19	20
Corporate Segment [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	33	45	43	55
Corporate Segment [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 0	$ 0	$ 0	$ 0

Debt (Detail) - Senior Notes [Member] € in Millions, $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2019 EUR (€)
INA Senior Note Due June 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 650	€ 575
Debt Instrument, Interest Rate, Stated Percentage	0.875%	0.875%
Make Whole Premium Additional Percent	0.20%	0.20%
INA Senior Note Due June 2031 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 650	€ 575
Debt Instrument, Interest Rate, Stated Percentage	1.40%	1.40%
Make Whole Premium Additional Percent	0.25%	0.25%
INA Senior Note Due June 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500
Debt Instrument, Interest Rate, Stated Percentage	5.90%	5.90%

Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
Derivative liability subject to a master netting agreement	$ 140	$ 95
Repurchase agreements	1,416	$ 1,418
Purchase Commitment, Remaining Minimum Amount Committed	904
Carrying value of limited partnerships and partially-owned investment companies included in other investments	4,600
Funding commitments relating to limited partnerships and partially-owned investment companies	3,600
Unrecognized tax benefits	14
Operating Lease, Right-of-Use Asset	601
Operating Lease, Liability	$ 642

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, 2019

Dec. 31, 2018

Foreign currency forward contracts

$ 2,752

$ 2,185

Cross-currency swaps

Interest Rate Swap [Member]

0

45

Options/Futures contracts on notes, bonds, and equities

2,000

5,250

829

1,046

Convertible securities

^[1]

9

11

To be announced [Member]

Total investment and embedded derivative instruments

0

6

5,590

8,543

Futures contracts on equities

21

43

^[2]

560

507

Other Derivative Instruments [Member]

207

74

767

581

^[3]

1,537

1,750

Other Assets [Member] | Foreign currency forward contracts

^[3]

0

Other Assets [Member] | Cross-currency swaps

12

15

Other Assets [Member] | Interest Rate Swap [Member]

0

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

0

Other Assets [Member] | Futures contracts on equities

3

13

Other Assets [Member] | Other

^[2]

0

23

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

15

2

Fixed Maturities [Member] | Convertible securities

15

25

Fixed Maturities [Member] | To be announced [Member]

^[1]

6

9

0

Equity Securities [Member] | Convertible securities

0

6

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

^[1]

0

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Cross-currency swaps

(49)

(19)

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

0

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

(104)

(115)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Total investment and embedded derivative instruments

(11)

(19)

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

(164)

(153)

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

^[2]

(10)

0

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

0

Balance Sheet Location Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit [Member]

(10)

0

Derivative Instruments, Gain (Loss) [Line Items]

^[3]

$ (815)

$ (861)

[1]	Includes fair value of embedded derivatives.
[2]	Related to GMDB and GLB blocks of business.
[3]	Includes both future policy benefits reserves and fair value derivative adjustment. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

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, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Foreign currency forward contracts

$ (259)

$ 29

$ (339)

$ 108

Derivative Instruments, Gain (Loss) [Line Items]

Interest Rate Swap [Member]

(22)

3

(37)

7

Derivative Instruments, Gain (Loss) [Line Items]

All Other Futures Contracts, Options and equities [Member]

(135)

0

(215)

0

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Line Items]

(25)

21

(61)

34

Convertible securities

Total investment and embedded derivative instruments

1

^[1]

0

2

^[1]

0

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Line Items]

(181)

24

(311)

41

GLB

Futures contracts on equities

^[2]

(65)

41

49

79

Derivative Instruments, Gain (Loss) [Line Items]

^[3]

(20)

(44)

(83)

(22)

Derivative Instruments, Gain (Loss) [Line Items]

Guaranteed Living Benefit And Other Derivative Instruments [Member]

7

8

6

10

Derivative Instruments, Gain (Loss) [Line Items]

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

$ (78)

$ 5

$ (28)

$ 67

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

Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 1,727	$ 1,926
Securities lending payable	1,727	1,926
Cash [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	583	756
U.S. Treasury and agency \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	117	64
Foreign [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	700	795
Corporate securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	50	15
Mortgage-backed securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	51	45
Equity Securities [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 226	$ 251

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

Jun. 30, 2019

Dec. 31, 2018

$ 1,470

$ 1,468

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

1,416

1,418

Cash [Member]

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

5

0

U.S. Treasury and agency

Mortgage-backed securities

110

259

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

Repurchase Agreements [Member]

1,355

1,209

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

Secured Borrowings, Gross, Difference, Amount

^[1]

54

50

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]

415

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

Maturity Less than 30 Days [Member] | U.S. Treasury and agency

5

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 Greater than 90 Days [Member]

406

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

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

1,055

972

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

Maturity Greater than 90 Days [Member] | U.S. Treasury and agency

0

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

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

106

259

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

Maturity 30 to 90 Days [Member]

$ 949

713

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

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

496

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

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

$ 496

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

Share-Based Compensation (Detail) - $ / shares		6 Months Ended
Share-Based Compensation (Detail) - $ / shares	Feb. 28, 2019	Jun. 30, 2019
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	2,073,712
Weighted-average grant date fair value for stock options granted	$ 18.79
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	1,078,247
Grant date fair value of awards except for options granted to employees and officers of the company	$ 133.90
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Restricted stock awards granted to employees and officers of the company	212,059
Grant date fair value of awards except for options granted to employees and officers of the company	$ 133.90
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	357,463
Grant date fair value of awards except for options granted to employees and officers of the company	$ 133.90

Shareholders' equity (Details) - SFr / shares	Jun. 30, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Common Shares, par value	SFr 24.15	SFr 24.15
Common Shares in treasury, shares	23,706,045	20,580,486

Shareholders' equity Dividends Declared (Details)	3 Months Ended				6 Months Ended
Shareholders' equity Dividends Declared (Details)	Jun. 30, 2019 $ / shares	Jun. 30, 2019 SFr / shares	Jun. 30, 2018 $ / shares	Jun. 30, 2018 SFr / shares	Jun. 30, 2019 $ / shares	Jun. 30, 2019 SFr / shares	Jun. 30, 2018 $ / shares	Jun. 30, 2018 SFr / shares	May 16, 2019 $ / shares	May 31, 2018 $ / shares	May 31, 2017 $ / shares
Equity, Class of Treasury Stock [Line Items]
Annual dividend per share approved by shareholders									$ 3.00	$ 2.92	$ 2.84
Common Stock, Dividend Rate Approved									$ 0.75	$ 0.73	$ 0.71
United States of America, Dollars
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.75		$ 0.73		$ 1.48		$ 1.44
Switzerland, Francs
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared \| SFr / shares		SFr 0.75		SFr 0.73		SFr 1.47		SFr 1.39

Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 01, 2018	Dec. 21, 2017
2019 Stock Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount						$ 1,500
Number of shares repurchased		2,584,466		5,338,220
Cost of shares repurchased		$ 376		$ 743
Repurchase authorization remaining at end of period		$ 736		$ 736
2018 Stock Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount							$ 1,000
Number of shares repurchased			2,443,855		2,443,855
Cost of shares repurchased			$ 324		$ 324
Repurchase authorization remaining at end of period			$ 676		$ 676
Subsequent Event [Member] \| 2019 Stock Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	730,417
Cost of shares repurchased	$ 110
Repurchase authorization remaining at end of period	$ 626

Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 15	$ 18	$ 30	$ 35
Non-service (benefit) cost	(22)	(31)	(43)	(64)
Net periodic (benefit) cost	(7)	(13)	(13)	(29)
Pension Plan [Member] \| Non-US [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	3	5	6
Interest cost	7	7	14	14
Expected return on plan assets	(11)	(13)	(22)	(26)
Defined Benefit Plan, Amortization of Loss	1	0	1	0
Amortization of prior service cost	0	0	0	0
Curtailments	0	0	0	0
Settlements	0	0	0	0
Non-service (benefit) cost	(3)	(6)	(7)	(12)
Net periodic (benefit) cost	(1)	(3)	(2)	(6)
Pension Plan [Member] \| UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	13	15	25	29
Interest cost	29	27	59	53
Expected return on plan assets	(48)	(53)	(95)	(106)
Defined Benefit Plan, Amortization of Loss	0	0	0	0
Amortization of prior service cost	0	0	0	0
Curtailments	0	0	0	0
Settlements	0	1	0	1
Non-service (benefit) cost	(19)	(25)	(36)	(52)
Net periodic (benefit) cost	(6)	(10)	(11)	(23)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Interest cost	1	1	2	2
Expected return on plan assets	(1)	(1)	(2)	(2)
Defined Benefit Plan, Amortization of Loss	0	0	0	0
Amortization of prior service cost	(20)	(22)	(40)	(43)
Curtailments	0	(1)	0	(1)
Settlements	0	0	0	0
Non-service (benefit) cost	(20)	(23)	(40)	(44)
Net periodic (benefit) cost	(20)	(23)	(40)	(44)
Losses and loss expenses \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	1	1	3	3
Non-service (benefit) cost	(2)	(2)	(4)	(5)
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	(2)	(3)	(4)	(4)
Administrative Expense \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	14	17	27	32
Non-service (benefit) cost	(20)	(29)	(39)	(59)
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	$ (18)	$ (20)	$ (36)	$ (40)

Segment information Segment Information (narrative Detail (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Gain (Loss) on Derivative	$ (259)	$ 29	$ (339)	$ 108
Net investment income	859	828	1,695	1,634
North America Agricultural Insurance [Member]
Segment Reporting Information [Line Items]
Segment Income Loss Including Gains Losses On Crop Derivatives	38
Gain (Loss) on Derivative	7
Net investment income	4	6	14	13
Segment Life [Member]
Segment Reporting Information [Line Items]
Net investment income	97	$ 85	$ 186	$ 168
Management Underwriting Income (Loss)	87
Gains(Losses) On Fair Value Changes In Separate Account Assets	$ 3

Segment Information (Operations By Segment) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net premiums written	$ 8,343	$ 8,015	$ 15,656	$ 15,119
Net premiums earned	7,891	7,664	15,028	14,691
Losses and loss expenses	4,715	4,487	8,813	8,589
Policy benefits	161	150	357	301
Policy acquisition costs	1,544	1,464	3,008	2,928
Administrative expenses	758	747	1,468	1,439
Underwriting income (loss)	713	816	1,382	1,434
Net investment income (loss)	859	828	1,695	1,634
Other (income) expense	(230)	(115)	(269)	(162)
Amortization of purchased intangibles	77	85	153	170
Segment Income (loss)	1,725	1,674	3,193	3,060
Net Realized Gains Losses	(223)	18	(320)	16
Interest expense	140	167	280	324
Chubb integration expenses	4	13	7	23
Income tax expense	208	218	396	353
Net income	1,150	1,294	2,190	2,376
North America Commercial P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	3,534	3,331	6,485	6,143
Net premiums earned	3,390	3,277	6,475	6,306
Losses and loss expenses	2,214	2,084	4,187	3,992
Policy benefits	0	0	0	0
Policy acquisition costs	459	448	918	920
Administrative expenses	259	253	499	484
Underwriting income (loss)	458	492	871	910
Net investment income (loss)	521	510	1,031	1,013
Other (income) expense	2	(13)	(3)	(19)
Amortization of purchased intangibles	0	0	0	0
Segment Income (loss)	977	1,015	1,905	1,942
North America Personal P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	1,309	1,335	2,365	2,383
Net premiums earned	1,168	1,156	2,322	2,296
Losses and loss expenses	747	728	1,504	1,614
Policy benefits	0	0	0	0
Policy acquisition costs	237	228	468	465
Administrative expenses	71	68	139	133
Underwriting income (loss)	113	132	211	84
Net investment income (loss)	64	59	128	118
Other (income) expense	1	1	1	1
Amortization of purchased intangibles	3	3	6	6
Segment Income (loss)	173	187	332	195
North America Agricultural Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	466	388	596	496
Net premiums earned	378	351	433	394
Losses and loss expenses	316	289	289	236
Policy benefits	0	0	0	0
Policy acquisition costs	27	26	34	25
Administrative expenses	4	1	5	(2)
Underwriting income (loss)	31	35	105	135
Net investment income (loss)	4	6	14	13
Other (income) expense	1	1	1	1
Amortization of purchased intangibles	7	7	14	14
Segment Income (loss)	27	33	104	133
Overseas General Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	2,258	2,199	4,653	4,583
Net premiums earned	2,225	2,161	4,339	4,268
Losses and loss expenses	1,125	1,071	2,231	2,149
Policy benefits	0	0	0	0
Policy acquisition costs	629	584	1,225	1,172
Administrative expenses	265	266	514	505
Underwriting income (loss)	206	240	369	442
Net investment income (loss)	151	155	295	306
Other (income) expense	3	(12)	7	(5)
Amortization of purchased intangibles	12	11	23	21
Segment Income (loss)	342	396	634	732
Global Reinsurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	197	197	399	390
Net premiums earned	159	167	327	335
Losses and loss expenses	90	83	166	150
Policy benefits	0	0	0	0
Policy acquisition costs	42	40	85	80
Administrative expenses	7	9	17	19
Underwriting income (loss)	20	35	59	86
Net investment income (loss)	55	65	111	129
Other (income) expense	(15)	(6)	(24)	(13)
Amortization of purchased intangibles	0	0	0	0
Segment Income (loss)	90	106	194	228
Life Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	579	565	1,158	1,124
Net premiums earned	571	552	1,132	1,092
Losses and loss expenses	189	184	391	389
Policy benefits	161	150	357	301
Policy acquisition costs	150	138	278	266
Administrative expenses	78	80	157	158
Underwriting income (loss)	(7)	0	(51)	(22)
Net investment income (loss)	97	85	186	168
Other (income) expense	(7)	8	(47)	4
Amortization of purchased intangibles	1	0	1	1
Segment Income (loss)	96	77	181	141
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Losses and loss expenses	34	48	45	59
Policy benefits	0	0	0	0
Policy acquisition costs	0	0	0	0
Administrative expenses	74	70	137	142
Underwriting income (loss)	(108)	(118)	(182)	(201)
Net investment income (loss)	(33)	(52)	(70)	(113)
Other (income) expense	(215)	(94)	(204)	(131)
Amortization of purchased intangibles	54	64	109	128
Segment Income (loss)	20	(140)	(157)	(311)
Net Realized Gains Losses	(223)	18	(320)	16
Interest expense	140	167	280	324
Chubb integration expenses	4	13	7	23
Income tax expense	208	218	396	353
Net income	$ (555)	$ (520)	$ (1,160)	$ (995)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 1,150	$ 1,294	$ 2,190	$ 2,376
Weighted-average shares outstanding	457,224,455	465,276,597	458,010,447	465,488,724
Share-based compensation plans	2,945,237	3,103,727	2,863,109	3,489,013
Weighted-average shares outstanding and assumed conversions	460,169,692	468,380,324	460,873,556	468,977,737
Basic earnings per share (US$ per share)	$ 2.52	$ 2.78	$ 4.78	$ 5.10
Diluted earnings per share (US$ per share)	$ 2.50	$ 2.76	$ 4.75	$ 5.07
Potential anti-dilutive share conversions	2,660,925	3,814,491	5,037,959	3,305,735

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Condensed Balance Sheet Statements, Captions [Line Items]

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details)	Jun. 30, 2019
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]
Equity Method Investment, Ownership Percentage	100.00%

Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($)
$ in Millions

Jun. 30, 2019

Dec. 31, 2018

Jun. 30, 2018

Dec. 31, 2017

$ 105,739

$ 100,968

1,270

1,247

98

93

Reinsurance recoverable on losses and loss expenses

10,935

10,075

15,445

15,993

Operating Lease, Right-of-Use Asset

201

202

601

280

295

21,566

21,414

0

0

18,982

17,484

174,516

167,771

63,205

62,960

$ 62,778

$ 63,179

16,403

15,532

5,568

5,506

0

Operating Lease, Liability

0

642

1,416

1,418

9

509

13,371

12,087

308

20,434

19,139

120,714

117,459

53,802

50,312

$ 50,971

Chubb Limited (Parent Guarantor)

174,516

167,771

Condensed Balance Sheet Statements, Captions [Line Items]

0

1

^[1]

1

^[2]

0

Reinsurance recoverable on losses and loss expenses

0

0

0

0

0

47,983

43,531

6,289

7,074

5

3

54,278

50,609

0

0

0

0

177

^[1]

35

^[2]

0

0

0

0

299

262

476

297

53,802

50,312

Chubb INA Holdings Inc (Subsidiary Issuer)

54,278

50,609

Condensed Balance Sheet Statements, Captions [Line Items]

235

214

1

^[1]

2

^[2]

0

Reinsurance recoverable on losses and loss expenses

0

0

0

0

0

51,972

50,209

0

449

1,007

52,657

51,432

0

0

0

6,228

7,672

180

^[1]

617

^[2]

0

0

500

13,370

12,086

308

1,774

2,545

21,860

23,728

30,797

27,704

Other Chubb Limited Subsidiaries

52,657

51,432

Condensed Balance Sheet Statements, Captions [Line Items]

105,504

100,754

1,625

^[1]

1,896

^[2]

98

93

Reinsurance recoverable on losses and loss expenses

12,735

11,861

25,297

26,422

297

306

280

295

21,566

21,414

0

(61)

598

20,266

18,102

187,607

181,741

72,693

72,857

17,624

16,611

5,664

5,610

0

0

^[1]

0

^[2]

1,416

1,418

9

1

0

21,042

19,199

118,449

115,705

69,158

66,036

Consolidating Adjustments and Eliminations

187,607

181,741

Condensed Balance Sheet Statements, Captions [Line Items]

0

(357)

^[1]

(652)

^[2]

0

Reinsurance recoverable on losses and loss expenses

(1,800)

(1,786)

(9,852)

(10,429)

(96)

(104)

0

0

(99,955)

(93,740)

(6,228)

(7,672)

(1,738)

(1,628)

(120,026)

(116,011)

(9,488)

(9,897)

(1,221)

(1,079)

(96)

(104)

(6,228)

(7,672)

(357)

^[1]

(652)

^[2]

0

0

0

0

(2,681)

(2,867)

(20,071)

(22,271)

(99,955)

(93,740)

Condensed Cash Flow Statements, Captions [Line Items]

$ (120,026)

$ (116,011)

[1]

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At June 30, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

[2]

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

Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Statement of Income Captions [Line Items]
Net premiums written	$ 8,343	$ 8,015	$ 15,656	$ 15,119
Net premiums earned	7,891	7,664	15,028	14,691
Net investment income	859	828	1,695	1,634
Equity In Earnings Of Subsidiaries	0	0	0	0
Net Realized Gains Losses	(223)	18	(320)	16
Losses and loss expenses	4,715	4,487	8,813	8,589
Policy benefits	161	150	357	301
Policy acquisition costs and administrative expenses	2,302	2,211	4,476	4,367
Interest (income) expense	140	167	280	324
Other (income) expense	(230)	(115)	(269)	(162)
Amortization of purchased intangibles	77	85	153	170
Chubb integration expenses	4	13	7	23
Income tax expense	208	218	396	353
Net income	1,150	1,294	2,190	2,376
Comprehensive income (loss)	2,059	277	4,777	730
Consolidating Adjustments and Eliminations
Condensed Statement of Income Captions [Line Items]
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity In Earnings Of Subsidiaries	(1,866)	(1,695)	(3,615)	(3,602)
Net Realized Gains Losses	0	0	0	0
Losses and loss expenses	0	0	0	0
Policy benefits	0	0	0	0
Policy acquisition costs and administrative expenses	0	0	0	0
Interest (income) expense	0	0	0	0
Other (income) expense	0	0	0	0
Amortization of purchased intangibles	0	0	0	0
Chubb integration expenses	0	0	0	0
Income tax expense	0	0	0	0
Net income	(1,866)	(1,695)	(3,615)	(3,602)
Comprehensive income (loss)	(3,578)	110	(8,307)	(720)
Chubb Limited (Parent Guarantor)
Condensed Statement of Income Captions [Line Items]
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	1	1	2	3
Equity In Earnings Of Subsidiaries	1,104	1,241	2,094	2,263
Net Realized Gains Losses	4	2	5	0
Losses and loss expenses	0	0	0	0
Policy benefits	0	0	0	0
Policy acquisition costs and administrative expenses	22	23	42	41
Interest (income) expense	(62)	(76)	(128)	(156)
Other (income) expense	(6)	(4)	(12)	(9)
Amortization of purchased intangibles	0	0	0	0
Chubb integration expenses	0	2	0	4
Income tax expense	5	5	9	10
Net income	1,150	1,294	2,190	2,376
Comprehensive income (loss)	2,059	277	4,777	730
Chubb INA Holdings Inc (Subsidiary Issuer)
Condensed Statement of Income Captions [Line Items]
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	(6)	5	(10)	9
Equity In Earnings Of Subsidiaries	762	454	1,521	1,339
Net Realized Gains Losses	(21)	73	(34)	49
Losses and loss expenses	0	0	0	0
Policy benefits	0	0	0	0
Policy acquisition costs and administrative expenses	(5)	19	(20)	41
Interest (income) expense	180	204	365	413
Other (income) expense	1	8	4	16
Amortization of purchased intangibles	0	0	0	0
Chubb integration expenses	0	0	2	1
Income tax expense	(45)	(36)	(87)	(95)
Net income	604	337	1,213	1,021
Comprehensive income (loss)	1,397	(462)	3,338	(246)
Other Chubb Limited Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net premiums written	8,343	8,015	15,656	15,119
Net premiums earned	7,891	7,664	15,028	14,691
Net investment income	864	822	1,703	1,622
Equity In Earnings Of Subsidiaries	0	0	0	0
Net Realized Gains Losses	(206)	(57)	(291)	(33)
Losses and loss expenses	4,715	4,487	8,813	8,589
Policy benefits	161	150	357	301
Policy acquisition costs and administrative expenses	2,285	2,169	4,454	4,285
Interest (income) expense	22	39	43	67
Other (income) expense	(225)	(119)	(261)	(169)
Amortization of purchased intangibles	77	85	153	170
Chubb integration expenses	4	11	5	18
Income tax expense	248	249	474	438
Net income	1,262	1,358	2,402	2,581
Comprehensive income (loss)	$ 2,181	$ 352	$ 4,969	$ 966

Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

$ 2,708

$ 2,197

(12,566)

(12,297)

(73)

(337)

(147)

(85)

Proceeds From Sale Of Available For Sale Securities Debt Condensed

7,832

6,858

7,838

Maturities and redemptions of fixed maturities available for sale

266

83

3,963

3,920

Maturities and redemptions of fixed maturities held to maturity

598

732

(763)

401

(536)

5

(920)

(813)

780

413

0

(727)

(140)

(2,287)

(1,260)

(671)

(661)

(741)

(347)

1,289

2,171

(500)

(1,900)

1,984

1,014

(1,986)

(1,009)

95

60

0

0

Net proceeds from (payments to) affiliated notional cash pooling program

0

0

237

192

(138)

(169)

Effect of foreign currency rate changes on cash and restricted cash

(431)

(649)

38

(38)

Net Increase (Decrease) in cash and restricted cash

28

250

1,340

851

Chubb Limited (Parent Guarantor)

1,368

1,101

Condensed Cash Flow Statements, Captions [Line Items]

323

43

0

0

0

0

Maturities and redemptions of fixed maturities available for sale

0

0

Maturities and redemptions of fixed maturities held to maturity

0

0

0

0

0

(600)

(750)

0

(600)

(750)

(671)

(661)

0

0

0

0

0

0

0

801

963

Net proceeds from (payments to) affiliated notional cash pooling program

0

142

^[1]

403

^[2]

0

0

Effect of foreign currency rate changes on cash and restricted cash

272

705

5

0

Net Increase (Decrease) in cash and restricted cash

0

(2)

1

^[1]

3

^[2]

Chubb INA Holdings Inc (Subsidiary Issuer)

1

^[1]

1

^[2]

Condensed Cash Flow Statements, Captions [Line Items]

1,302

3,042

(5)

(22)

0

0

0

Maturities and redemptions of fixed maturities available for sale

0

16

14

Maturities and redemptions of fixed maturities held to maturity

0

(11)

6

(35)

(8)

0

0

(110)

(3,500)

(12)

(7)

(157)

(3,517)

0

0

1,289

2,171

(500)

(1,900)

0

0

0

0

(1,498)

(518)

Net proceeds from (payments to) affiliated notional cash pooling program

0

(437)

^[1]

722

^[2]

0

0

Effect of foreign currency rate changes on cash and restricted cash

(1,146)

475

0

Net Increase (Decrease) in cash and restricted cash

(1)

0

2

^[1]

1

^[2]

Other Chubb Limited Subsidiaries

1

^[1]

1

^[2]

Condensed Cash Flow Statements, Captions [Line Items]

2,943

2,187

(12,561)

(12,275)

(73)

(337)

(147)

(85)

Proceeds From Sale Of Available For Sale Securities Debt Condensed

6,858

7,838

Maturities and redemptions of fixed maturities available for sale

266

83

3,947

3,906

Maturities and redemptions of fixed maturities held to maturity

598

732

(752)

395

(501)

13

(920)

(813)

780

413

0

(715)

(133)

(2,240)

(1,243)

0

(741)

(347)

0

0

1,984

1,014

(1,986)

(1,009)

95

60

(1,860)

(3,075)

697

(445)

Net proceeds from (payments to) affiliated notional cash pooling program

710

4,250

0

^[1]

0

^[2]

237

192

(138)

(169)

Effect of foreign currency rate changes on cash and restricted cash

(1,002)

471

33

(38)

Net Increase (Decrease) in cash and restricted cash

(266)

1,377

1,989

^[1]

962

^[2]

Consolidation, Eliminations [Member]

1,723

^[1]

2,339

^[2]

Condensed Cash Flow Statements, Captions [Line Items]

(1,860)

(3,075)

0

0

0

Proceeds From Sale Of Available For Sale Securities Debt Condensed

0

0

Maturities and redemptions of fixed maturities available for sale

0

0

Maturities and redemptions of fixed maturities held to maturity

0

0

0

0

0

710

4,250

0

710

4,250

0

0

0

0

0

0

0

1,860

3,075

0

Net proceeds from (payments to) affiliated notional cash pooling program

(710)

(4,250)

295

^[1]

(1,125)

^[2]

0

0

Effect of foreign currency rate changes on cash and restricted cash

1,445

(2,300)

0

Net Increase (Decrease) in cash and restricted cash

295

(1,125)

(652)

^[1]

(115)

^[2]