Statement of Financial Position (Parentheticals) $ in Millions |
Mar. 31, 2022
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
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Statement of Financial Position [Abstract] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 27 | $ 14 |
Available for sale, at amortized cost | 91,526 | 90,493 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 34 | 35 |
Held to maturity, Fair Value | 9,888 | 10,647 |
short-term investments amortized cost | 3,408 | 3,147 |
Premium Receivable, Allowance for Credit Loss | 50 | 46 |
Reinsurance Recoverable, Allowance for Credit Loss | $ 329 | $ 329 |
Common Shares, shares issued | shares | 459,555,714 | 474,021,114 |
Common Shares, shares outstanding | shares | 423,675,327 | 426,572,612 |
Common Shares in treasury, shares | shares | 35,880,387 | 47,448,502 |
Consolidated Statements Of Operations and Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2022 |
Mar. 31, 2021 |
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Revenues | ||
Net premiums written | $ 9,199 | $ 8,662 |
Increase in unearned premiums | (453) | (441) |
Net premiums earned | 8,746 | 8,221 |
Net investment income | 822 | 863 |
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 101 | 887 |
Total revenues | 9,669 | 9,971 |
Expenses | ||
Losses and loss expenses | 4,787 | 5,053 |
Policy benefits | 145 | 167 |
Policy acquisition costs | 1,737 | 1,665 |
Administrative expenses | 778 | 744 |
Interest expense | 132 | 122 |
Other (income) expense | (310) | (490) |
Amortization of purchased intangibles | 71 | 72 |
Total expenses | 7,340 | 7,333 |
Income before income tax | 2,329 | 2,638 |
Income tax expense (includes $(22) and $4 on unrealized gains and losses reclassified from AOCI) | 355 | 338 |
Net income | 1,974 | 2,300 |
Other comprehensive loss | ||
Unrealized depreciation | (4,788) | (2,293) |
Reclassification adjustment for net realized (gains) losses included in net income | 136 | (24) |
Unrealized appreciation (depreciation) after reclassification adjustment | (4,652) | (2,317) |
Change in: | ||
Cumulative foreign currency translation adjustment | 67 | 22 |
Postretirement benefit liability adjustment | 19 | (28) |
Other comprehensive loss, before income tax | (4,566) | (2,323) |
Income tax benefit related to OCI items | 812 | 412 |
Other comprehensive loss | (3,754) | (1,911) |
Comprehensive income (loss) | $ (1,780) | $ 389 |
Earnings per share | ||
Basic earnings per share | $ 4.64 | $ 5.10 |
Diluted earnings per share | $ 4.59 | $ 5.07 |
Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Income Statement [Abstract] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ (22) | $ 4 |
Total net realized gains (losses) reclassified from AOCI | $ (136) | $ 24 |
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Common shares in treasury [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] |
Cumulative Foreign Currency Translation Adjustment [Member] |
Postretirement Benefit Liability Adjustment [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
---|---|---|---|---|---|---|---|---|---|
Balance - beginning of period at Dec. 31, 2020 | $ 11,064 | $ (3,644) | $ 9,815 | $ 39,337 | $ 4,673 | $ (1,637) | $ (167) | ||
Common Shares repurchased | (519) | ||||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | 0 | 0 | ||||||
Net shares redeemed under employee share-based compensation plans | 262 | (187) | |||||||
Exercise of stock options | (24) | ||||||||
Share-based compensation expense | 66 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (352) | ||||||||
Net income (loss) | $ 2,300 | 2,300 | |||||||
Funding of dividends declared from Additional paid-in capital | 352 | ||||||||
Dividends declared on Common Shares | (352) | ||||||||
Change in period, before reclassification from AOCI, net of income tax benefit of $834 and $401 | (1,892) | ||||||||
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(22) and $4 | (20) | ||||||||
Change in period, net of income tax benefit of $812 and $405 | (1,912) | ||||||||
Change in period, net of income tax benefit of $4 and $2 | 24 | ||||||||
Change in period, net of income tax (expense) benefit of $(4) and $5 | (23) | ||||||||
Balance - end of period at Mar. 31, 2021 | 59,076 | 11,064 | (3,901) | 9,318 | 41,637 | 2,761 | (1,613) | (190) | $ 958 |
Balance - beginning of period at Dec. 31, 2021 | 59,714 | 10,985 | (7,464) | 8,478 | 47,365 | 2,256 | (2,146) | 240 | |
Common Shares repurchased | (1,001) | ||||||||
Treasury Stock, Retired, Cost Method, Amount | (319) | 2,510 | (2,191) | ||||||
Net shares redeemed under employee share-based compensation plans | 255 | (199) | |||||||
Exercise of stock options | (21) | ||||||||
Share-based compensation expense | 70 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (340) | ||||||||
Net income (loss) | 1,974 | 1,974 | |||||||
Funding of dividends declared from Additional paid-in capital | 340 | ||||||||
Dividends declared on Common Shares | (340) | ||||||||
Change in period, before reclassification from AOCI, net of income tax benefit of $834 and $401 | (3,954) | ||||||||
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(22) and $4 | 114 | ||||||||
Change in period, net of income tax benefit of $812 and $405 | (3,840) | ||||||||
Change in period, net of income tax benefit of $4 and $2 | 71 | ||||||||
Change in period, net of income tax (expense) benefit of $(4) and $5 | 15 | ||||||||
Balance - end of period at Mar. 31, 2022 | $ 56,698 | $ 10,666 | $ (5,700) | $ 7,988 | $ 47,148 | $ (1,584) | $ (2,075) | $ 255 | $ (3,404) |
Statement of Shareholders' Equity (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Statement of Stockholders' Equity [Abstract] | ||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax | $ 834 | $ 401 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (22) | 4 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 812 | 405 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 4 | 2 |
Pension liability adjustment, Change in period, income tax (expense) benefit | $ (4) | $ 5 |
Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Cash flows from operating activities | ||||
Net income (loss) | $ 1,974 | $ 2,300 | ||
Adjustments to reconcile net income to net cash flows from operating activities | ||||
Net realized (gains) losses | (101) | (887) | ||
Amortization of premiums/discounts on fixed maturities | 91 | 76 | ||
Amortization of purchased intangibles | 71 | 72 | ||
Deferred income taxes | 93 | 0 | ||
Unpaid losses and loss expenses | 957 | 1,368 | ||
Unearned premiums | 502 | 503 | ||
Future policy benefits | 36 | 47 | ||
Insurance and reinsurance balances payable | 147 | (36) | ||
Accounts payable, accrued expenses, and other liabilities | (338) | (663) | ||
Income taxes payable | 128 | 101 | ||
Insurance and reinsurance balances receivable | (125) | (209) | ||
Reinsurance recoverable | (456) | (290) | ||
Deferred policy acquisition costs | (96) | (81) | ||
Income (Loss) from Equity Method Investments | [1] | (361) | (497) | |
Other | (82) | 301 | ||
Net cash flows from operating activities | 2,440 | 2,105 | ||
Cash flows from investing activities | ||||
Purchases of fixed maturities available for sale | (5,933) | (7,738) | ||
Purchases of fixed maturities held to maturity | (143) | (102) | ||
Purchases of equity securities | (380) | (351) | ||
Sales of fixed maturities available for sale | 1,838 | 1,343 | ||
Sales of equity securities | 1,110 | 351 | ||
Maturities and redemptions of fixed maturities available for sale | 3,003 | 4,289 | ||
Maturities and redemptions of fixed maturities held to maturity | 398 | 604 | ||
Net change in short-term investments | (267) | 595 | ||
Net derivative instruments settlements | 74 | 87 | ||
Private equity contribution | (669) | (427) | ||
Private equity distribution | 207 | 206 | ||
Payment, including deposit, for Huatai Group Interest | (113) | (65) | ||
Other | (120) | (44) | ||
Net cash flows used for investing activities | (995) | (1,252) | ||
Cash flows from financing activities | ||||
Dividends paid on Common Shares | (341) | (352) | ||
Common Shares repurchased | (1,001) | (519) | ||
Proceeds from issuance of repurchase agreements | 146 | 450 | ||
Repayment of repurchase agreements | (146) | (450) | ||
Proceeds from share-based compensation plans | 114 | 115 | ||
Policyholder contract deposits and other | 118 | 133 | ||
Policyholder contract withdrawals and other | (111) | (124) | ||
Payment, Tax Withholding, Share-based Payment Arrangement | (81) | (65) | ||
Net cash flows used for financing activities | (1,302) | (812) | ||
Effect of foreign currency rate changes on cash and restricted cash | (40) | (36) | ||
Net increase (decrease) in cash and restricted cash | 103 | 5 | ||
Cash and restricted cash - beginning of period | 1,811 | 1,836 | ||
Cash and restricted cash - end of period | 1,914 | 1,841 | ||
Supplemental cash flow information | ||||
Taxes paid | 132 | 236 | ||
Interest paid | $ 85 | $ 90 | ||
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General |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General | General a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 12 for additional information. The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Form 10-K. b) Restricted cash Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
c) Goodwill During the three months ended March 31, 2022, Goodwill increased $31 million, primarily reflecting the impact of foreign exchange. d) Accounting guidance not yet adopted Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
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Acquisitions |
3 Months Ended |
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Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Cigna’s Life and Accident and Health (A&H) Insurance Business in Asia-Pacific Markets On October 7, 2021, we entered into a definitive agreement to acquire the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets, for approximately $5.72 billion in cash, subject to certain post-closing purchase adjustments. The transaction is expected to be completed in 2022. The timing of completion is subject to required regulatory approvals and customary closing conditions. Huatai Group Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and approximately 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 600 branches and approximately 19 million customers in China. As of March 31, 2022, Chubb's aggregate ownership interest in Huatai Group was approximately 47.3 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations. During 2021, Chubb entered into agreements with several counterparties to purchase incremental ownership interests in Huatai Group totaling approximately 31.8 percent for approximately $2.2 billion. In connection with these agreements, Chubb paid approximately $1.1 billion in deposits. In January 2022, we paid $113 million relating to these agreements. Chubb entered into an agreement to acquire an approximate 7.1 percent ownership interest in Huatai Group for approximately $0.5 billion, which was paid as a deposit in 2020. The purchase of the additional ownership interests is contingent upon important conditions. As Chubb’s ownership interest increases, we will continue to evaluate the appropriateness of consolidation accounting in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, and other applicable regulations.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | 3. Investments a) Fixed maturities
The following table presents the amortized cost of our HTM securities according to S&P rating:
The following table presents fixed maturities by contractual maturity:
Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. b) Gross unrealized loss Fixed maturities in an unrealized loss position at March 31, 2022 and December 31, 2021 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 3 in the 2021 Form 10-K for further information on factors considered in the evaluation of expected credit losses. The following tables present, for Available for Sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position:
c) Net realized gains (losses) The following table presents the components of Net realized gains (losses):
(1)Relates to certain securities we intended to sell and securities written to market entering default. (2)Other realized losses include impairment of assets related to Chubb's Russian entities. Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
d) Alternative investments Alternative investments include partially-owned investment companies, investment funds, and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:
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 funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers. e) Restricted assets Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March 31, 2022 and December 31, 2021 are investments, primarily fixed maturities, totaling $15,954 million and $17,092 million, respectively, and cash of $180 million and $152 million, respectively. The following table presents the components of restricted assets:
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Fair value measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | Fair value measurements a) Fair value hierarchy Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: •Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; •Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and •Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement. We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy. Fixed maturities We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications or pricing models, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market based inputs (i.e., stale pricing) and may require the use of models to be priced. The lack of market based inputs may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. Equity securities Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3. Short-term investments Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity, and as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3. Other investments Fair values for the majority of Other investments including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective NAV and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities, classified within Level 1 and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities. Securities lending collateral The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets. Investment derivative instruments Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Other derivative instruments We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in future policy benefit reserves for our guaranteed minimum death benefits (GMDB) and an increase in the fair value liability for our guaranteed living benefits (GLB) reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Separate account assets Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets. Separate account assets are recorded in Other assets in the Consolidated balance sheets. Guaranteed living benefits The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLBs are recorded in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,947 million, policy loans of $244 million and other investments of $51 million at March 31, 2022 measured using NAV as a practical expedient. (2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient. (2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Level 3 financial instruments The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable. A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For the three months ended March 31, 2022 and 2021, no material refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2021 Form 10-K. The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. b) Financial instruments disclosed, but not measured, at fair value Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below. The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2021 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:
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Reinsurance (Notes) |
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Reinsurance Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance [Text Block] | Reinsurance Reinsurance recoverable on ceded reinsurance
(1)Net of valuation allowance for uncollectible reinsurance. The increase in reinsurance recoverable on losses and loss expenses was primarily due to unfavorable prior period development in certain lines and higher underlying ceded exposures due to premium growth. The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2021 Form 10-K.
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Unpaid losses and loss expenses |
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Liability for Claims and Claims Adjustment Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Unpaid losses and loss expenses The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
(1) Net of valuation allowance for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $165 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. Gross and net unpaid losses and loss expenses increased $901 million and $439 million, respectively, for the three months ended March 31, 2022, driven by an increase in underlying exposure due to premium growth, partially offset by catastrophe loss payments, favorable prior period development, and crop activity. Prior Period Development Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment.
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 2022 For the three months ended March 31, 2022, net favorable PPD was $108 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 $20 million in long-tail business, primarily from: •Net favorable development of $38 million in workers’ compensation, mainly in accident years 2017 and prior, which were impacted by lower than expected loss emergence and related updates to loss development patterns; •Net favorable development of $38 million in personal casualty business, mainly in accident years 2020 and 2021, which had lower than expected reported loss emergence and lower than expected loss frequency; and •Net adverse development of $60 million in excess and umbrella portfolios, in accident years 2019 and prior, driven by higher than expected loss emergence. •Net favorable development of $88 million in short-tail business, primarily from: •Net favorable development of $76 million in A&H, in accident years 2020 and 2021, driven by lower than expected loss emergence; •Net favorable development of $38 million in surety, mainly in accident year 2020, driven by lower than expected loss emergence; and •Net adverse development of $21 million in small commercial property lines, mainly in accident year 2021, driven by higher than expected loss emergence. 2021 For the three months ended March 31, 2021, net favorable PPD was $127 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 $46 million in long-tail business, primarily from: •Net favorable development of $51 million in financial lines (errors & omissions and third-party cyber risk), in accident years 2016 and 2017, from lower than expected loss emergence, partly offset by higher than expected development in accident year 2019; •Net favorable development of $35 million in voluntary environmental lines, in accident years 2017 and prior, from lower than expected loss emergence, partly offset by higher than expected development in accident year 2019; and •Net adverse development of $57 million in excess and umbrella portfolios, with accident years 2015 through 2019 continuing to experience higher than expected loss development, partly offset by favorable development in accident years 2014 and prior. •Net favorable development of $81 million in short-tail business, primarily from: •Net favorable development of $49 million in surety, mainly in accident years 2018 and 2019, driven by lower than expected loss emergence; •Net favorable development of $48 million in A&H, in accident years 2019 and 2020, where loss emergence was lower than expected; •Net favorable development of $25 million in property and marine coverages in accident year 2020, driven by lower than expected non-catastrophe loss development; and •Net adverse development of $41 million in first-party cyber risk, in accident years 2019 and 2020, which experienced higher than expected loss development as well as heightened frequency and severity. North America Personal P&C Insurance 2022 For the three months ended March 31, 2022, net favorable PPD was $51 million, in accident year 2021, which experienced better than expected loss emergence in homeowners. 2021 For the three months ended March 31, 2021, net favorable PPD was $40 million, in accident year 2020, which experienced better than expected non-catastrophe loss emergence in homeowners and valuables. North America Agricultural Insurance 2022 For the three months ended March 31, 2022, net favorable PPD was $26 million, mainly due to better than expected crop yield results related to the 2021 crop year. Overseas General Insurance 2022 For the three months ended March 31, 2022, net favorable PPD was $60 million, across short-tail lines, mainly in accident years 2020 and 2021, primarily from: •Net favorable development of $24 million in property lines driven by favorable loss emergence in Continental Europe; and •Net favorable development of $22 million in A&H lines driven by favorable loss developments across all regions. 2021 For the three months ended March 31, 2021, net favorable PPD was $25 million, which reflects favorable loss experience across several lines, mainly in accident year 2020, none of which were significant individually or in the aggregate.
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments, contingencies, and guarantees | Commitments, contingencies, and guarantees a) Derivative instruments Foreign currency management As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. We do not hedge our net asset non-U.S. dollar capital positions; however, we do consider economic hedging for planned cross border transactions. Derivative instruments employed Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives. Investment derivative instruments are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP); convertible bonds are recorded in Fixed maturities available for sale (FM AFS); and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities. Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs, principally GMIB, associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument and is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB book of business. All derivative instruments are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. None of the derivative instruments are designated as hedges for accounting purposes. The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
(1)Includes fair value of embedded derivatives. (2)Related to GMDB and GLB book of business. (3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. At March 31, 2022 and December 31, 2021, net derivative liabilities of $107 million and $123 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
(1)Includes embedded derivatives. (2)Related to GMDB and GLB book of business. b) Derivative instrument objectives (i) Foreign currency exposure management A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above. (ii) Duration management and market exposure Futures Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed. Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in future policy benefit reserves for GMDB and an increase in the fair value liability for GLB reinsurance business. Options An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above. The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand. The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines. Other Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices. (iii) Convertible security investments A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature. (iv) TBA By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy. (v) GLB Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. The GLB is accounted for as a derivative and is recorded at fair value. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable. To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the GLB liability and the exchange-traded equity futures are included in Net realized gains (losses). 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:
At March 31, 2022 and December 31, 2021, our repurchase agreement obligations of $1,406 million were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets. The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction. d) Fixed maturities At March 31, 2022, we have commitments to purchase fixed income securities of $622 million over the next several years. e) Other investments At March 31, 2022, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $10.7 billion. In connection with these investments, we have commitments that may require funding of up to $7.2 billion over the next several years. At December 31, 2021, these investments had a carrying value of $9.8 billion with a commitment that may require funding of up to $7.2 billion. f) Income taxes At March 31, 2022, $64 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012. g) Legal proceedings Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations. h) Lease commitments At March 31, 2022, and December 31, 2021, the right-of-use asset was $437 million and $445 million, respectively, recorded within and the lease liability was $470 million and $484 million, respectively, recorded within on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.
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Shareholders' equity |
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Shareholders' equity | Shareholders’ equity All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2022, our Common Shares had a par value of CHF 24.15 per share. At our May 2021 and 2020 annual general meeting, our shareholders approved annual dividends for the following year of up to $3.20 per share and $3.12 per share, respectively, which were paid in four quarterly installments of $0.80 per share and $0.78 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment. Dividend distributions per Common Share for the three months ended March 31, 2022 and 2021 were $0.80 (CHF 0.74) and $0.78 (CHF 0.70), respectively. Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. During the three months ended March 31, 2022, 4,869,900 shares were repurchased, 14,465,400 shares were canceled, and 1,972,615 net shares were issued under employee share-based compensation plans. At March 31, 2022, 35,880,387 Common Shares remain in treasury. Chubb Limited securities repurchase authorizations The Board has authorized share repurchase programs as follows: •$1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021; •$1.0 billion increase to the November 2020 share repurchase program to a total of $2.5 billion in February 2021, effective through December 31, 2021; and •One-time incremental share repurchase program of $5.0 billion of Chubb Common Shares from July 19, 2021 through June 30, 2022. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
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Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensationThe Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 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 24, 2022, Chubb granted 1,702,679 stock options with a weighted-average grant date fair value of $35.21 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.The Amended 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. 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 principally granted at market close price on the grant date. On February 24, 2022, Chubb granted 809,644 service-based restricted stock awards, 295,195 service-based restricted stock units, and 294,229 performance-based stock awards to employees and officers with a grant date fair value of $199.03 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting. |
Postretirement benefits |
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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:
The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
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Other Income and Other Expense Disclosure | Other income and expense
(1) Equity in net income of partially-owned entities includes $40 million and $49 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three months ended March 31, 2022 and 2021, respectively. (2) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Other income and expense includes equity in net income of partially-owned entities, which includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information | Segment information Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. Management uses underwriting income (loss) as the basis for segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Segment income (loss) includes underwriting income (loss), net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes amortization of purchased intangibles acquired by the segment. We determined that this definition of segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include: •Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to losses and loss expenses. •Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits. •Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income for segment reporting purposes. The following tables present the Statement of Operations by segment:
Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Future policy benefits, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
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Earnings per share |
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Earnings per share | Earnings per share
Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 12 to the Consolidated Financial Statements of our 2021 Form 10-K for additional information on stock options.
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of presentation | Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 12 for additional information. The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Form 10-K.
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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:
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Accounting guidance not yet adopted | Accounting guidance not yet adopted Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
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Fair value measurements Fair Value Measurement Policy (Policies) |
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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.
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General General (Tables) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities |
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Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities |
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Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block] | The following table presents the amortized cost of our HTM securities according to S&P rating:
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Schedule Of Fixed Maturities By Contractual Maturity | The following table presents fixed maturities by contractual maturity:
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Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position | The following tables present, for Available for Sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position:
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Schedule of Realized Gain (Loss) | The following table presents the components of Net realized gains (losses):
(1)Relates to certain securities we intended to sell and securities written to market entering default. (2)Other realized losses include impairment of assets related to Chubb's Russian entities.
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Gain (Loss) on Securities [Table Text Block] | Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
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Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] | The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
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Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block] | The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
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Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] |
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Schedule Of Components Of Restricted Assets | The following table presents the components of restricted assets:
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Fair value measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,947 million, policy loans of $244 million and other investments of $51 million at March 31, 2022 measured using NAV as a practical expedient. (2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient. (2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
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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).
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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):
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
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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):
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
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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:
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Reinsurance (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reinsurance Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
schedule of reinsurance recoverable on ceded insurance |
(1)Net of valuation allowance for uncollectible reinsurance.
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Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block] | The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
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Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables) |
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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:
(1) Net of valuation allowance for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $165 million and $4 million for the three months ended March 31, 2022 and 2021, respectively.
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Prior Period Development, by Segment [Table Text Block] | The following table summarizes (favorable) and adverse PPD by segment.
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Commitments, contingencies, and guarantees (Tables) |
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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:
(1)Includes fair value of embedded derivatives. (2)Related to GMDB and GLB book of business. (3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
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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:
(1)Includes embedded derivatives. (2)Related to GMDB and GLB book of business.
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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:
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
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Shareholders' Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Repurchase Program [Table Text Block] | The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
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Postretirement benefits (Tables) |
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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:
The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
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Other Income and Expenses (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) |
(1) Equity in net income of partially-owned entities includes $40 million and $49 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three months ended March 31, 2022 and 2021, respectively. (2) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
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Segment information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations By Segment | The following tables present the Statement of Operations by segment:
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Earnings per share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted |
|
General Schedule of Cash and Cash Equivalent (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Cash and Cash Equivalents [Line Items] | ||||
Cash | $ 1,734 | $ 1,659 | ||
Restricted cash | 180 | 152 | ||
Total cash and restricted cash shown in the Consolidated statement of cash flows | $ 1,914 | $ 1,811 | $ 1,841 | $ 1,836 |
General Goodwill (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Period Increase (Decrease) | $ 31 |
General Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect on Retained Earnings, Net of Tax | $ (56,698) | $ (59,714) | $ (59,076) | |
Retained Earnings [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect on Retained Earnings, Net of Tax | $ (47,148) | $ (47,365) | $ (41,637) | $ (39,337) |
Acquisitions Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Oct. 07, 2021 |
|
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Asia Pacific | ||||
Investment Holdings [Line Items] | ||||
BusinessAcquisitionCostOfAcquiredEntityExpectedCashConsideration [Member] | $ 5,720 | |||
Huatai Group [Member] | CHINA | ||||
Investment Holdings [Line Items] | ||||
Equity method investment, additional 31.8 percent agreed on | 31.80% | |||
Purchase of incremental ownership interest | $ 2,200 | |||
Deposits Assets | $ 1,100 | |||
Payment to acquire additional ownership interest in equity method investment | $ 113 | $ 500 | ||
Equity method investment, additional 7.1 percentage agreed on | 7.10% | |||
Huatai Group [Member] | CHINA | Direct ownership | ||||
Investment Holdings [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 47.30% |
Investments (Narrative) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments [Line Items] | ||
Restricted assets in fixed maturities and short-term investments | $ 15,954 | $ 17,092 |
Restricted assets in cash | $ 180 | $ 152 |
Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | $ 91,526 | $ 90,493 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | (27) | (14) | $ (15) | $ (20) |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 910 | 3,220 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax | (2,930) | (591) | ||
Available for sale, Fair Value | 89,479 | 93,108 | ||
U.S. Treasury / Agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 2,111 | 2,111 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31 | 109 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax | (40) | (6) | ||
Available for sale, Fair Value | 2,102 | 2,214 | ||
Non-U.S. | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 25,304 | 25,156 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | (16) | (8) | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 380 | 953 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax | (884) | (272) | ||
Available for sale, Fair Value | 24,784 | 25,829 | ||
Corporate and asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 38,469 | 37,844 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | (11) | (6) | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 360 | 1,410 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax | (1,149) | (185) | ||
Available for sale, Fair Value | 37,669 | 39,063 | ||
Mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 20,511 | 20,080 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 90 | 532 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax | (796) | (123) | ||
Available for sale, Fair Value | 19,805 | 20,489 | ||
Municipal | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 5,131 | 5,302 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 49 | 216 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax | (61) | (5) | ||
Available for sale, Fair Value | $ 5,119 | $ 5,513 |
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-maturity | $ 9,852 | $ 10,153 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (34) | (35) | $ (43) | $ (44) |
Debt securities, held to maturity, net carrying value | 9,818 | 10,118 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 119 | 533 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (49) | (4) | ||
Held to maturity, at Fair Value | 9,888 | 10,647 | ||
U.S. Treasury / Agency | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-maturity | 1,180 | 1,213 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | ||
Debt securities, held to maturity, net carrying value | 1,180 | 1,213 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 12 | 34 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (18) | (3) | ||
Held to maturity, at Fair Value | 1,174 | 1,244 | ||
Non-U.S. | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-maturity | 1,185 | 1,201 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (5) | (5) | ||
Debt securities, held to maturity, net carrying value | 1,180 | 1,196 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 19 | 66 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (8) | 0 | ||
Held to maturity, at Fair Value | 1,191 | 1,262 | ||
Corporate and asset-backed securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-maturity | 1,913 | 2,032 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (28) | (28) | ||
Debt securities, held to maturity, net carrying value | 1,885 | 2,004 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 56 | 197 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (6) | 0 | ||
Held to maturity, at Fair Value | 1,935 | 2,201 | ||
Mortgage-backed securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-maturity | 1,689 | 1,731 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | (1) | ||
Debt securities, held to maturity, net carrying value | 1,689 | 1,730 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 8 | 74 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (13) | (1) | ||
Held to maturity, at Fair Value | 1,684 | 1,803 | ||
Municipal | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-maturity | 3,885 | 3,976 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (1) | (1) | ||
Debt securities, held to maturity, net carrying value | 3,884 | 3,975 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 24 | 162 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (4) | 0 | ||
Held to maturity, at Fair Value | $ 3,904 | $ 4,137 |
Investments (held-to-maturity credit quality indicator) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 9,852 | $ 10,153 |
Fixed Maturities Percent of Total Amortized cost | 100.00% | 100.00% |
Standard & Poor's, AAA Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 2,021 | $ 2,089 |
Fixed Maturities Percent of Total Amortized cost | 21.00% | 21.00% |
Standard & Poor's, AA Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 5,210 | $ 5,303 |
Fixed Maturities Percent of Total Amortized cost | 52.00% | 52.00% |
Standard & Poor's, A Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 1,922 | $ 1,964 |
Fixed Maturities Percent of Total Amortized cost | 20.00% | 19.00% |
Standard & Poor's, BBB Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 676 | $ 773 |
Fixed Maturities Percent of Total Amortized cost | 7.00% | 8.00% |
Standard & Poor's, BB Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 23 | $ 23 |
Fixed Maturities Percent of Total Amortized cost | 0.00% | 0.00% |
Other [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 0 | $ 1 |
Fixed Maturities Percent of Total Amortized cost | 0.00% | 0.00% |
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value | $ 4,393 | $ 4,498 |
Available for sale, Due after 1 year through 5 years, Fair Value & Net Carrying Value | 25,136 | 25,542 |
Available for sale, Due after 5 years through 10 years, Fair Value & Net Carrying Value | 27,033 | 28,207 |
Available for sale, Due after 10 years, Fair Value & Net Carrying Value | 13,112 | 14,372 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 69,674 | 72,619 |
Available for sale, Mortgage backed securities, Fair Value & Net Carrying Value | 19,805 | 20,489 |
Available for sale, Fair Value | 89,479 | 93,108 |
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value | 871 | 888 |
Held to maturity, Due in 1 year or less, Fair Value | 872 | 894 |
Held-to-maturity, after one through five years, net carrying value | 3,754 | 3,744 |
Held to maturity, Due after 1 year through 5, Fair Value | 3,742 | 3,846 |
Held-to-maturity, after 5 through 10 years, net carrying value | 2,004 | 2,242 |
Held to maturity, Due after 5 years through 10 years, Fair Value | 2,015 | 2,349 |
Held-to-maturity, after 10 years, net carrying value | 1,500 | 1,514 |
Held to maturity, Due after 10 years, Fair Value | 1,575 | 1,755 |
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value | 8,129 | 8,388 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 8,204 | 8,844 |
Held-to-maturity, MBS, net carrying value | 1,689 | 1,730 |
Held to maturity, Mortgage backed securities, Fair Value | 1,684 | 1,803 |
Debt securities, held to maturity, net carrying value | 9,818 | 10,118 |
Held to maturity, Fair Value | $ 9,888 | $ 10,647 |
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 49,564 | $ 25,041 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,244) | (465) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 6,129 | 2,159 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (598) | (104) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 55,693 | 27,200 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,842) | (569) |
U.S. Treasury / Agency | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 946 | 363 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31) | (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 98 | 70 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9) | (3) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,044 | 433 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (40) | (6) |
Non-U.S. | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 12,654 | 6,917 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (608) | (196) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,385 | 1,093 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (222) | (62) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 15,039 | 8,010 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (830) | (258) |
Corporate and asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 21,082 | 9,449 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (899) | (145) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,041 | 806 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (216) | (32) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 23,123 | 10,255 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,115) | (177) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 13,657 | 8,086 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (646) | (116) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,589 | 190 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (150) | (7) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 15,246 | 8,276 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (796) | (123) |
Municipal | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,225 | 226 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (60) | (5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 16 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,241 | 226 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (61) | $ (5) |
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
||||||
Gain (Loss) on Securities [Line Items] | |||||||
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) | $ 17 | $ 4 | |||||
Debt Securities, Available-for-sale, Gain (Loss), Total | (136) | 24 | |||||
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 101 | 887 | |||||
Foreign exchange | 75 | 76 | |||||
Fair Value on Insurance Derivatives | 35 | 319 | |||||
Gain (Loss) on Derivative | 125 | 383 | |||||
Other | (74) | [1] | (1) | ||||
Fixed Maturities [Member] | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Debt Securities, Available-for-sale, Realized Gain | 39 | 37 | |||||
Debt Securities, Available-for-sale, Realized Loss | (127) | (19) | |||||
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) | (12) | 6 | |||||
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell | (36) | [2] | 0 | ||||
Equity Securities [Member] | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Equity Securities, FV-NI, Realized Gain (Loss) | 56 | 367 | |||||
Other Investments [Member] | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 55 | 38 | |||||
Other derivative instruments | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Gain (Loss) on Derivative | 1 | (1) | |||||
Investment and embedded derivative instruments | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Gain (Loss) on Derivative | 47 | 109 | |||||
S&P put options and futures | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Gain (Loss) on Derivative | $ 42 | $ (44) | |||||
|
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Gain (Loss) on Securities [Line Items] | ||
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | $ 101 | $ 887 |
Equity Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Equity Securities, FV-NI, Realized Gain (Loss) | 56 | 367 |
Less: Net gains (losses) recognized from sales of securities | 255 | 45 |
Unrealized gains (losses) recognized for securities still held at reporting date | (199) | 322 |
Other Investments [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 55 | 38 |
Less: Net gains (losses) recognized from sales of securities | 0 | 0 |
Unrealized gains (losses) recognized for securities still held at reporting date | 55 | 38 |
Equity securities and other investments [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 111 | 405 |
Less: Net gains (losses) recognized from sales of securities | 255 | 45 |
Unrealized gains (losses) recognized for securities still held at reporting date | $ (144) | $ 360 |
Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 27 | $ 15 | $ 14 | $ 20 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 17 | 4 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery | $ (4) | $ (9) |
Investments (Rollforward of expected credit losses HTM) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 34 | $ 43 | $ 35 | $ 44 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery | $ (1) | $ (1) |
Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 7,209 | $ 7,153 |
Alternative Investment | 10,947 | 10,108 |
Financial [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 153 | 267 |
Alternative Investment | 1,146 | 1,096 |
Real Estate Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 735 | 766 |
Alternative Investment | 1,544 | 1,193 |
Distressed Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 920 | 641 |
Alternative Investment | 886 | 753 |
Private Credit Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 280 | 279 |
Alternative Investment | 84 | 84 |
Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 5,121 | 5,200 |
Alternative Investment | 6,928 | 6,647 |
Vintage Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Alternative Investment | 65 | 68 |
Investment Funds Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 0 | 0 |
Alternative Investment | $ 294 | $ 267 |
Minimum [Member] | Financial [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Minimum [Member] | Real Estate Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Minimum [Member] | Distressed Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Minimum [Member] | Private Credit Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 3 years | 3 years |
Minimum [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Minimum [Member] | Vintage Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 1 year | 1 year |
Maximum [Member] | Financial [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 10 years | 10 years |
Maximum [Member] | Real Estate Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 13 years | 13 years |
Maximum [Member] | Distressed Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 8 years | 8 years |
Maximum [Member] | Private Credit Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 8 years | 8 years |
Maximum [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 14 years | 14 years |
Maximum [Member] | Vintage Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Assets Held-in-trust | $ 8,785 | $ 9,915 |
Restricted Assets Deposits With Non United States Regulatory Authorities | 2,370 | 2,402 |
Deposits With Non United States Regulatory Authorities | 2,802 | 2,873 |
Assets pledged under repurchase agreements | 1,443 | 1,420 |
Other Restricted Assets, Current | 734 | 634 |
Total restricted assets | $ 16,134 | $ 17,244 |
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | $ 89,479 | $ 93,108 | ||||||||||
Equity securities, at fair value | 3,596 | 4,782 | ||||||||||
Short-term investments, at fair value (amortized cost – $3,408 and $3,147) | 3,407 | 3,146 | ||||||||||
Other investments, at fair value | 11,947 | 11,169 | ||||||||||
Securities lending collateral | 1,800 | 1,831 | ||||||||||
U.S. Treasury / Agency | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 2,102 | 2,214 | ||||||||||
Non-U.S. | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 24,784 | 25,829 | ||||||||||
Corporate and asset-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 37,669 | 39,063 | ||||||||||
Mortgage-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 19,805 | 20,489 | ||||||||||
Municipal | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 5,119 | 5,513 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 1,562 | 1,680 | ||||||||||
Equity securities, at fair value | 3,514 | 4,705 | ||||||||||
Short-term investments, at fair value (amortized cost – $3,408 and $3,147) | 1,954 | 1,744 | ||||||||||
Other investments, at fair value | 253 | [1] | 286 | [2] | ||||||||
Securities lending collateral | 0 | 0 | ||||||||||
Investment derivative instruments, assets | 163 | 58 | ||||||||||
Other Derivative Instruments Fair Value | 3 | |||||||||||
Separate Account Asset | 5,468 | 5,461 | ||||||||||
Total assets measured at fair value | 12,917 | [1] | 13,934 | [2] | ||||||||
Investment derivative instruments, liabilities | 212 | 166 | ||||||||||
Other derivative instruments, liability | 63 | 16 | ||||||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 275 | 182 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | U.S. Treasury / Agency | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 1,562 | 1,680 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | Non-U.S. | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | Corporate and asset-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | Mortgage-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | Municipal | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 1 | GLB | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | [3] | 0 | [4] | ||||||||
Fair Value, Recurring [Member] | Level 2 | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 85,050 | 88,720 | ||||||||||
Equity securities, at fair value | 0 | 0 | ||||||||||
Short-term investments, at fair value (amortized cost – $3,408 and $3,147) | 1,449 | 1,395 | ||||||||||
Other investments, at fair value | 452 | [1] | 481 | [2] | ||||||||
Securities lending collateral | 1,800 | 1,831 | ||||||||||
Investment derivative instruments, assets | 0 | 0 | ||||||||||
Other Derivative Instruments Fair Value | 0 | |||||||||||
Separate Account Asset | 92 | 99 | ||||||||||
Total assets measured at fair value | 88,843 | [1] | 92,526 | [2] | ||||||||
Investment derivative instruments, liabilities | 0 | 0 | ||||||||||
Other derivative instruments, liability | 0 | 0 | ||||||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 2 | U.S. Treasury / Agency | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 540 | 534 | ||||||||||
Fair Value, Recurring [Member] | Level 2 | Non-U.S. | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 24,166 | 25,196 | ||||||||||
Fair Value, Recurring [Member] | Level 2 | Corporate and asset-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 35,440 | 37,014 | ||||||||||
Fair Value, Recurring [Member] | Level 2 | Mortgage-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 19,785 | 20,463 | ||||||||||
Fair Value, Recurring [Member] | Level 2 | Municipal | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 5,119 | 5,513 | ||||||||||
Fair Value, Recurring [Member] | Level 2 | GLB | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | [3] | 0 | [4] | ||||||||
Fair Value, Recurring [Member] | Level 3 | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 2,867 | 2,708 | ||||||||||
Equity securities, at fair value | 82 | 77 | ||||||||||
Short-term investments, at fair value (amortized cost – $3,408 and $3,147) | 4 | 7 | ||||||||||
Other investments, at fair value | 0 | [1] | 0 | [2] | ||||||||
Securities lending collateral | 0 | 0 | ||||||||||
Investment derivative instruments, assets | 0 | 0 | ||||||||||
Other Derivative Instruments Fair Value | 0 | |||||||||||
Separate Account Asset | 0 | 0 | ||||||||||
Total assets measured at fair value | 2,953 | [1] | 2,792 | [2] | ||||||||
Investment derivative instruments, liabilities | 0 | 0 | ||||||||||
Other derivative instruments, liability | 0 | 0 | ||||||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 696 | 745 | ||||||||||
Fair Value, Recurring [Member] | Level 3 | U.S. Treasury / Agency | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 3 | Non-U.S. | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 618 | 633 | ||||||||||
Fair Value, Recurring [Member] | Level 3 | Corporate and asset-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 2,229 | 2,049 | ||||||||||
Fair Value, Recurring [Member] | Level 3 | Mortgage-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 20 | 26 | ||||||||||
Fair Value, Recurring [Member] | Level 3 | Municipal | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 0 | 0 | ||||||||||
Fair Value, Recurring [Member] | Level 3 | GLB | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 696 | [3] | 745 | [4] | ||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 89,479 | 93,108 | ||||||||||
Equity securities, at fair value | 3,596 | 4,782 | ||||||||||
Short-term investments, at fair value (amortized cost – $3,408 and $3,147) | 3,407 | 3,146 | ||||||||||
Other investments, at fair value | 705 | [1] | 767 | [2] | ||||||||
Securities lending collateral | 1,800 | 1,831 | ||||||||||
Investment derivative instruments, assets | 163 | 58 | ||||||||||
Other Derivative Instruments Fair Value | 3 | |||||||||||
Separate Account Asset | 5,560 | 5,560 | ||||||||||
Total assets measured at fair value | 104,713 | [1] | 109,252 | [2] | ||||||||
Investment derivative instruments, liabilities | 212 | 166 | ||||||||||
Other derivative instruments, liability | 63 | 16 | ||||||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 971 | 927 | ||||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury / Agency | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 2,102 | 2,214 | ||||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Non-U.S. | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 24,784 | 25,829 | ||||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate and asset-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 37,669 | 39,063 | ||||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 19,805 | 20,489 | ||||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Municipal | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Available for sale, Fair Value | 5,119 | 5,513 | ||||||||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | GLB | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 696 | [3] | 745 | [4] | ||||||||
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Other investments, at fair value | 10,947 | 10,108 | ||||||||||
Policy Loans [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Other investments, at fair value | 244 | 243 | ||||||||||
Other Investments [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||||||||||||
Other investments, at fair value | $ 51 | $ 51 | ||||||||||
|
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
[3] | ||||||||
Weighted Average [Member] | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 4.40% | ||||||||
Significant Unobservable Inputs Annuitization Rate | [1] | 3.70% | ||||||||
Minimum [Member] | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | 3.00% | |||||||||
Significant Unobservable Inputs Annuitization Rate | 0.00% | |||||||||
Maximum [Member] | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | 31.00% | |||||||||
Significant Unobservable Inputs Annuitization Rate | 100.00% | |||||||||
Level 3 | Fair Value, Recurring [Member] | GLB | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | $ 696 | [2] | $ 745 | |||||||
|
Fair Value Measurements (Assets and Liabilities, Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - Level 3 - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||||
Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance- Beginning of Period, Assets | $ 77 | $ 73 | ||||||
Transfers Into Level 3, Asset | 1 | 0 | ||||||
Transfers out of Level 3, Assets | 0 | |||||||
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | 0 | ||||||
Net Realized Gains/ (Losses), Assets | 4 | 2 | ||||||
Purchases, Assets | 3 | 3 | ||||||
Sales, Assets | (3) | (3) | ||||||
Settlements, Assets | 0 | 0 | ||||||
Other, Assets | 0 | 0 | ||||||
Balance-End of Period, Assets | 82 | 75 | ||||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 4 | 2 | ||||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | 0 | ||||||
Short-term Investments [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance- Beginning of Period, Assets | 7 | 5 | ||||||
Transfers Into Level 3, Asset | 0 | 0 | ||||||
Transfers out of Level 3, Assets | 0 | |||||||
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | 0 | ||||||
Net Realized Gains/ (Losses), Assets | 0 | 0 | ||||||
Purchases, Assets | 2 | 1 | ||||||
Sales, Assets | 0 | 0 | ||||||
Settlements, Assets | (5) | (5) | ||||||
Other, Assets | 0 | 0 | ||||||
Balance-End of Period, Assets | 4 | 1 | ||||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 0 | 0 | ||||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | 0 | ||||||
Other Investments [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance- Beginning of Period, Assets | 10 | |||||||
Transfers Into Level 3, Asset | 0 | |||||||
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | |||||||
Net Realized Gains/ (Losses), Assets | 0 | |||||||
Purchases, Assets | 0 | |||||||
Sales, Assets | 0 | |||||||
Settlements, Assets | 0 | |||||||
Other, Assets | 0 | |||||||
Balance-End of Period, Assets | 10 | |||||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 0 | |||||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | |||||||
Available-for-sale Securities [Member] | Non-U.S. | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance- Beginning of Period, Assets | 633 | 546 | ||||||
Transfers Into Level 3, Asset | 18 | 0 | ||||||
Transfers out of Level 3, Assets | (23) | |||||||
Change in Net Unrealized Gains (Losses) included in OCI, Assets | (13) | 8 | ||||||
Net Realized Gains/ (Losses), Assets | (2) | 0 | ||||||
Purchases, Assets | 43 | 121 | ||||||
Sales, Assets | (6) | (7) | ||||||
Settlements, Assets | (32) | (18) | ||||||
Other, Assets | 0 | 0 | ||||||
Balance-End of Period, Assets | 618 | 650 | ||||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | (2) | 0 | ||||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | (13) | 10 | ||||||
Available-for-sale Securities [Member] | Corporate and asset-backed securities | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance- Beginning of Period, Assets | 2,049 | 1,573 | ||||||
Transfers Into Level 3, Asset | 29 | 17 | ||||||
Transfers out of Level 3, Assets | (50) | |||||||
Change in Net Unrealized Gains (Losses) included in OCI, Assets | (22) | 6 | ||||||
Net Realized Gains/ (Losses), Assets | 0 | (3) | ||||||
Purchases, Assets | 315 | 169 | ||||||
Sales, Assets | (27) | (25) | ||||||
Settlements, Assets | (65) | (125) | ||||||
Other, Assets | 0 | 0 | ||||||
Balance-End of Period, Assets | 2,229 | 1,612 | ||||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 0 | (3) | ||||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | (22) | 11 | ||||||
Available-for-sale Securities [Member] | Mortgage-backed securities | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance- Beginning of Period, Assets | 26 | 60 | ||||||
Transfers Into Level 3, Asset | 0 | 0 | ||||||
Transfers out of Level 3, Assets | (5) | |||||||
Change in Net Unrealized Gains (Losses) included in OCI, Assets | 0 | 0 | ||||||
Net Realized Gains/ (Losses), Assets | 0 | 0 | ||||||
Purchases, Assets | 0 | 0 | ||||||
Sales, Assets | 0 | 0 | ||||||
Settlements, Assets | (1) | (9) | ||||||
Other, Assets | 0 | 0 | ||||||
Balance-End of Period, Assets | 20 | 51 | ||||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets | 0 | 0 | ||||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets | 0 | 0 | ||||||
Guaranteed Minimum Income Benefit [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Balance - Beginning of Period, Liabilities | 745 | [1] | 1,089 | [2] | ||||
Transfers into level 3, liability | 0 | 0 | ||||||
Transfers out of Level 3, Liabilities | 0 | |||||||
Change in Net Unrealized Gains (losses) included in OCI, Liabilities | 0 | 0 | ||||||
Net Realized Gains/(Losses), Liabilities | (35) | [1] | (319) | [2] | ||||
Purchases, Liabilities | 0 | 0 | ||||||
Sales, Liabilities | 0 | 0 | ||||||
Settlements, Liabilities | 0 | 0 | ||||||
Other, Liabilities | (14) | [1] | (10) | [2] | ||||
Balance - End of Period, Liabilities | 696 | [1] | 760 | [2] | ||||
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Liabilities | (35) | [1] | (319) | [2] | ||||
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Liabilities | $ 0 | $ 0 | ||||||
|
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | $ 9,888 | $ 10,647 |
Debt Securities, Held-to-maturity | 9,852 | 10,153 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,406 | 1,406 |
Short-term debt | 1,474 | 999 |
Long-term debt | 14,585 | 15,169 |
Total liabilities | 141,292 | 140,340 |
Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,126 | 1,192 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Trust preferred securities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 8,762 | 9,455 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,406 | 1,406 |
Short-term Debt, Fair Value | 1,484 | 1,019 |
Long-term Debt, Fair Value | 14,702 | 16,848 |
Trust preferred securities | 425 | 460 |
Total liabilities | 18,017 | 19,733 |
Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Trust preferred securities | 0 | 0 |
Total liabilities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,406 | 1,406 |
Short-term Debt, Fair Value | 1,484 | 1,019 |
Long-term Debt, Fair Value | 14,702 | 16,848 |
Trust preferred securities | 425 | 460 |
Total liabilities | 18,017 | 19,733 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 9,818 | 10,118 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Repurchase agreements | 1,406 | 1,406 |
Short-term debt | 1,474 | 999 |
Long-term debt | 14,585 | 15,169 |
Trust preferred securities | 308 | 308 |
Total liabilities | 17,773 | 17,882 |
U.S. Treasury / Agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,174 | 1,244 |
Debt Securities, Held-to-maturity | 1,180 | 1,213 |
U.S. Treasury / Agency | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,126 | 1,192 |
U.S. Treasury / Agency | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 48 | 52 |
U.S. Treasury / Agency | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
U.S. Treasury / Agency | Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 1,180 | 1,213 |
Non-U.S. | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,191 | 1,262 |
Debt Securities, Held-to-maturity | 1,185 | 1,201 |
Non-U.S. | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Non-U.S. | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,191 | 1,262 |
Non-U.S. | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Non-U.S. | Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 1,180 | 1,196 |
Corporate and asset-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,935 | 2,201 |
Debt Securities, Held-to-maturity | 1,913 | 2,032 |
Corporate and asset-backed securities | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Corporate and asset-backed securities | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,935 | 2,201 |
Corporate and asset-backed securities | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Corporate and asset-backed securities | Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 1,885 | 2,004 |
Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,684 | 1,803 |
Debt Securities, Held-to-maturity | 1,689 | 1,731 |
Mortgage-backed securities | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Mortgage-backed securities | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 1,684 | 1,803 |
Mortgage-backed securities | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Mortgage-backed securities | Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | 1,689 | 1,730 |
Municipal | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 3,904 | 4,137 |
Debt Securities, Held-to-maturity | 3,885 | 3,976 |
Municipal | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Municipal | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 3,904 | 4,137 |
Municipal | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held to maturity, Fair Value | 0 | 0 |
Municipal | Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt Securities, Held-to-maturity | $ 3,884 | $ 3,975 |
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|---|---|
Reinsurance Disclosures [Abstract] | ||||||
Reinsurance recoverable on unpaid losses and loss expenses | [1] | $ 16,646 | $ 16,184 | $ 14,860 | $ 14,647 | |
Reinsurance Recoverables on Unpaid Losses, Allowance | 276 | 271 | ||||
Reinsurance recoverable on paid losses and loss expenses | [1] | 1,115 | 1,182 | |||
Reinsurance Recoverables on Paid Losses, Allowance | 53 | 58 | ||||
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $329 and $329 | [1] | 17,761 | 17,366 | |||
Reinsurance Recoverable, Allowance for Credit Loss, Total | 329 | 329 | $ 317 | $ 314 | ||
Reinsurance recoverable on policy benefits | [1] | 208 | 213 | |||
Reinsurance Recoverables on Future Policy Benefits, Allowance | $ 4 | $ 4 | ||||
|
Reinsurance, Allowance (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Reinsurance Disclosures [Abstract] | ||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning of period | $ 329 | $ 314 |
Provision for uncollectible reinsurance | 3 | 3 |
Write-offs charged against the valuation allowance | (4) | 0 |
Foreign exchange revaluation | 1 | 0 |
Reinsurance Recoverable, Allowance for Credit Loss, end of period | $ 329 | $ 317 |
Unpaid losses and loss expenses (RF) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Unpaid Losses and Loss Expenses [Roll Forward] | ||||||
Gross unpaid losses and loss expenses – beginning of period | $ 72,943 | $ 67,811 | ||||
Reinsurance recoverable on unpaid losses – beginning of period (1) | [1] | (16,184) | (14,647) | |||
Net unpaid losses and loss expenses – beginning of period | 56,759 | 53,164 | ||||
Current Year Claims and Claims Adjustment Expense | 5,192 | 5,249 | ||||
Prior Year Claims and Claims Adjustment Expense | [2] | (405) | (196) | |||
Total, Incurred | 4,787 | 5,053 | ||||
Net loss and loss expenses paid, Current Year | 792 | 732 | ||||
Net loss and loss expenses paid, Prior Years | 3,569 | 3,161 | ||||
Total, Paid | 4,361 | 3,893 | ||||
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other | 13 | 71 | ||||
Net unpaid losses and loss expenses – end of period | 57,198 | 54,395 | ||||
Reinsurance recoverable on unpaid losses (1) | [1] | 16,646 | 14,860 | |||
Gross unpaid losses and loss expenses – end of period | 73,844 | 69,255 | ||||
prior period development, net adjustments | 165 | $ 4 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross | 901 | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 439 | |||||
|
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ (240) | $ (192) |
North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (108) | (127) |
North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (51) | (40) |
North American Agriculture Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (26) | (2) |
Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (60) | (25) |
Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (3) | (7) |
Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 8 | 9 |
Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (228) | (155) |
Short Tail [Member] | North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (88) | (81) |
Short Tail [Member] | North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (51) | (40) |
Short Tail [Member] | North American Agriculture Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (26) | (2) |
Short Tail [Member] | Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (60) | (25) |
Short Tail [Member] | Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (3) | (7) |
Short Tail [Member] | Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (12) | (37) |
Long Tail [Member] | North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (20) | (46) |
Long Tail [Member] | North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | North American Agriculture Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ 8 | $ 9 |
Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ (240) | $ (192) |
Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (12) | (37) |
Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (228) | (155) |
North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (108) | (127) |
North America Commercial P&C Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (20) | (46) |
North America Commercial P&C Insurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (88) | (81) |
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2019 [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 Contract, Accident Year 2020 | Surety Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (38) | |
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Property and Inland Marine [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (25) | |
North America Commercial P&C Insurance [Member] | Accident Years 2019 - 2020 | First Party Cyber risk [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 41 | |
North America Commercial P&C Insurance [Member] | Accident Years 2019 - 2020 | Accident and Health Insurance Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (48) | |
North America Commercial P&C Insurance [Member] | Accident years 2017 and prior | Environmental lines [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (35) | |
North America Commercial P&C Insurance [Member] | Accident years 2017 and prior | Workers' Compensation Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (38) | |
North America Commercial P&C Insurance [Member] | Accident years 2019 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 60 | |
North America Commercial P&C Insurance [Member] | Accident years 2020 and 2021 [Member] | Accident and Health Insurance Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (76) | |
North America Commercial P&C Insurance [Member] | Accident years 2020 and 2021 [Member] | Property and Casualty, Personal Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (38) | |
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2021 [Member] | Property, Liability and Casualty Insurance Product Line | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 21 | |
North America Commercial P&C Insurance [Member] | Accident years 2016 and 2017 | Professional Malpractice Liability Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (51) | |
North America Commercial P&C Insurance [Member] | Accident years 2015 to 2019 [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 57 | |
North America Agricultural Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (26) | (2) |
North America Agricultural Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
North America Agricultural Insurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (26) | (2) |
North America Agricultural Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2021 [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (26) | |
Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 8 | 9 |
Corporate Segment [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 8 | 9 |
Corporate Segment [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (60) | (25) |
Overseas General Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Overseas General Insurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (60) | (25) |
Overseas General Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (25) | |
Overseas General Insurance [Member] | Accident years 2020 and 2021 [Member] | Accident and Health Insurance Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (22) | |
Overseas General Insurance [Member] | Accident years 2020 and 2021 [Member] | Property, Liability and Casualty Insurance Product Line | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (24) | |
North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (51) | (40) |
North America Personal P&C Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
North America Personal P&C Insurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (51) | (40) |
North America Personal P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (40) | |
North America Personal P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2021 [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (51) | |
Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (3) | (7) |
Global Reinsurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Global Reinsurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ (3) | $ (7) |
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Derivative liability subject to a master netting agreement | $ 107 | $ 123 |
Repurchase agreements | 1,406 | 1,406 |
Purchase Commitment, Remaining Minimum Amount Committed | 622 | |
Carrying value of limited partnerships and partially-owned investment companies included in other investments | 10,700 | 9,800 |
Funding commitments relating to limited partnerships and partially-owned investment companies | 7,200 | 7,200 |
Unrecognized tax benefits | 64 | |
Operating Lease, Right-of-Use Asset | 437 | 445 |
Operating Lease, Liability | $ 470 | $ 484 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||||||
---|---|---|---|---|---|---|---|---|
Foreign currency forward contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 7,478 | $ 6,182 | ||||||
Options/Futures contracts on notes, bonds, and equities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 9,282 | 12,944 | ||||||
Convertible securities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | [1] | 19 | 12 | |||||
Total investment and embedded derivative instruments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 179 | 69 | ||||||
Fair Value, Liability | (212) | (166) | ||||||
Derivative, Notional Amount | 16,779 | 19,138 | ||||||
Futures contracts on equities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | [2] | 814 | 905 | |||||
Other | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 79 | 3 | ||||||
Other Derivative Instruments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 893 | 908 | ||||||
Guaranteed Minimum Income Benefit [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [3] | 0 | 0 | |||||
Derivative, Notional Amount | [3] | 1,558 | 1,432 | |||||
Other Assets [Member] | Foreign currency forward contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 58 | 25 | ||||||
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 105 | 33 | ||||||
Other Assets [Member] | Futures contracts on equities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | 0 | |||||
Other Assets [Member] | Other | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 3 | 0 | ||||||
Other Assets [Member] | Other Derivative Instruments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 3 | 0 | ||||||
Fixed Maturities [Member] | Convertible securities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 16 | 11 | |||||
Equity Securities [Member] | Convertible securities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | [1] | 0 | 0 | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | (154) | (139) | ||||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | (58) | (27) | ||||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | [2] | (63) | (16) | |||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | 0 | 0 | ||||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | (63) | (16) | ||||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Guaranteed Minimum Income Benefit [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair Value, Liability | [3] | $ (696) | $ (745) | |||||
|
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | $ 125 | $ 383 | ||||
Foreign currency forward contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | (54) | (16) | ||||
All Other Futures Contracts, Options and equities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | 102 | 125 | ||||
Convertible securities | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | [1] | (1) | 0 | |||
Total investment and embedded derivative instruments | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | 47 | 109 | ||||
GLB | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | 35 | 319 | ||||
Futures contracts on equities | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | [2] | 42 | (44) | |||
Other | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | 1 | (1) | ||||
Guaranteed Living Benefit And Other Derivative Instruments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivative | $ 78 | $ 274 | ||||
|
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 1,800 | $ 1,831 |
Securities lending payable | 1,800 | 1,831 |
Cash [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 1,000 | 931 |
U.S. Treasury / Agency | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 106 | 128 |
Foreign [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 663 | 752 |
Corporate and asset-backed securities | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 23 | 12 |
Mortgage-backed securities | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 0 | 1 |
Equity Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 8 | $ 7 |
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | $ 1,443 | $ 1,420 | ||
Repurchase agreements | 1,406 | 1,406 | ||
Cash [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 43 | 29 | ||
U.S. Treasury / Agency | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 102 | 103 | ||
Mortgage-backed securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 1,298 | 1,288 | ||
Repurchase Agreements [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Secured Borrowings, Gross, Difference, Amount | [1] | 37 | 14 | |
Maturity Less than 30 Days [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 401 | |||
Maturity Less than 30 Days [Member] | Cash [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 43 | |||
Maturity Less than 30 Days [Member] | U.S. Treasury / Agency | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 0 | |||
Maturity Less than 30 Days [Member] | Mortgage-backed securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 358 | |||
Maturity 30 to 90 Days [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 466 | 103 | ||
Maturity 30 to 90 Days [Member] | Cash [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 0 | 0 | ||
Maturity 30 to 90 Days [Member] | U.S. Treasury / Agency | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 0 | 103 | ||
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 466 | 0 | ||
Maturity Greater than 90 Days [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 576 | 1,317 | ||
Maturity Greater than 90 Days [Member] | Cash [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 0 | 29 | ||
Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | 102 | 0 | ||
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Assets pledged under repurchase agreements | $ 474 | $ 1,288 | ||
|
Shareholders' equity (Details) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 17, 2022
shares
|
Mar. 31, 2022
SFr / shares
shares
|
Mar. 31, 2021
shares
|
Dec. 31, 2021
SFr / shares
shares
|
May 20, 2021
$ / shares
|
May 20, 2020
$ / shares
|
|
Stockholders' Equity Note [Abstract] | ||||||
Common Shares, par value | SFr / shares | SFr 24.15 | SFr 24.15 | ||||
Common Shares in treasury, shares | 35,880,387 | 47,448,502 | ||||
Treasury Stock, Shares, Retired | 14,465,400 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,972,615 | |||||
Common Stock, Dividend Rate Approved | $ / shares | $ 0.80 | $ 0.78 | ||||
Annual dividend per share approved by shareholders | $ / shares | $ 3.20 | $ 3.12 | ||||
Nov 2020 Stock Repurchase Plan | ||||||
Stockholders' Equity Note [Abstract] | ||||||
Number of shares repurchased | 3,110,000 |
Shareholders' equity Dividends Declared (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022
$ / shares
|
Mar. 31, 2022
SFr / shares
|
Mar. 31, 2021
$ / shares
|
Mar. 31, 2021
SFr / shares
|
|
United States of America, Dollars | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.80 | $ 0.78 | ||
Switzerland, Francs | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | SFr / shares | SFr 0.74 | SFr 0.70 |
Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 28, 2022 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Jul. 19, 2021 |
Feb. 01, 2021 |
Nov. 19, 2020 |
|
Nov 2020 Stock Repurchase Plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,500 | $ 1,500 | ||||
Number of shares repurchased | 3,110,000 | |||||
Cost of shares repurchased | $ 519 | |||||
Repurchase authorization remaining at end of period | $ 1,982 | |||||
CB_Increase(Decrease)StockRepurchaseProgramAuthorizedAmount | $ 1,000 | |||||
July 2021 Stock Repurchase Plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||||
Number of shares repurchased | 4,869,900 | |||||
Cost of shares repurchased | $ 1,001 | |||||
Repurchase authorization remaining at end of period | $ 1,648 | |||||
Subsequent Event [Member] | July 2021 Stock Repurchase Plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of shares repurchased | 115,000 | |||||
Cost of shares repurchased | $ 24 | |||||
Repurchase authorization remaining at end of period | $ 1,624 |
Share-Based Compensation (Detail) - $ / shares |
3 Months Ended | |
---|---|---|
Feb. 24, 2022 |
Mar. 31, 2022 |
|
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |
Award term period in years | 10 years | |
Stock options granted | 1,702,679 | |
Weighted-average grant date fair value for stock options granted | $ 35.21 | |
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 | 809,644 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 199.03 | |
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 | 294,229 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 199.03 | |
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 | 295,195 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 199.03 |
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | $ 1 | $ 1 |
Non-service (benefit) cost | (55) | (51) |
Net periodic benefit cost (benefit) | (54) | (50) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 |
Amortization of prior service cost | 0 | (20) |
Settlements | 0 | 0 |
Non-service (benefit) cost | 0 | (20) |
Net periodic benefit cost (benefit) | 0 | (20) |
Losses and loss expenses | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Non-service (benefit) cost | (5) | (5) |
Losses and loss expenses | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Non-service (benefit) cost | 0 | (2) |
Administrative Expense | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 1 | 1 |
Non-service (benefit) cost | (50) | (46) |
Administrative Expense | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Non-service (benefit) cost | 0 | (18) |
Foreign Plan [Member] | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 1 | 1 |
Interest cost | 6 | 5 |
Expected return on plan assets | (11) | (11) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 1 |
Amortization of prior service cost | 0 | 0 |
Settlements | 0 | 0 |
Non-service (benefit) cost | (5) | (5) |
Net periodic benefit cost (benefit) | (4) | (4) |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Interest cost | 21 | 18 |
Expected return on plan assets | (71) | (64) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Settlements | 0 | 0 |
Non-service (benefit) cost | (50) | (46) |
Net periodic benefit cost (benefit) | $ (50) | $ (46) |
Other Income and Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Income (Loss) from Equity Method Investments | [1] | $ 361 | $ 497 | |||
Gains Losses On Fair Value Changes In Separate Account Assets | [2] | (31) | 4 | |||
Excise and Sales Taxes | (4) | (5) | ||||
Other Nonoperating Expense | (16) | (6) | ||||
Other Nonoperating Income (Expense) | 310 | 490 | ||||
Huatai Group [Member] | ||||||
Income (Loss) from Equity Method Investments | $ 40 | $ 49 | ||||
|
Segment Information (Operations By Segment) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Segment Reporting Information [Line Items] | ||
Net premiums written | $ 9,199 | $ 8,662 |
Net premiums earned | 8,746 | 8,221 |
Losses and loss expenses | 4,787 | 5,053 |
Policy benefits | 145 | 167 |
Policy acquisition costs | 1,737 | 1,665 |
Administrative expenses | 778 | 744 |
Underwriting income (loss) | 1,299 | 592 |
Net investment income (loss) | 822 | 863 |
Other (income) expense | (310) | (490) |
Amortization of purchased intangibles | 71 | 72 |
Segment Income (loss) | 2,360 | 1,873 |
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 101 | 887 |
Interest expense | 132 | 122 |
Income tax expense | 355 | 338 |
Net income (loss) | 1,974 | 2,300 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 0 | 0 |
Net premiums earned | 0 | 0 |
Losses and loss expenses | 1 | (1) |
Policy benefits | (31) | 4 |
Policy acquisition costs | 0 | 0 |
Administrative expenses | 0 | 0 |
Underwriting income (loss) | 30 | (3) |
Net investment income (loss) | (63) | (41) |
Other (income) expense | (32) | (45) |
Amortization of purchased intangibles | 0 | 0 |
Segment Income (loss) | (1) | 1 |
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 1 | (1) |
Interest expense | 0 | 0 |
Income tax expense | 0 | 0 |
Net income (loss) | 0 | 0 |
North America Commercial P&C Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 4,039 | 3,664 |
Net premiums earned | 4,114 | 3,674 |
Losses and loss expenses | 2,497 | 2,560 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 573 | 514 |
Administrative expenses | 265 | 254 |
Underwriting income (loss) | 779 | 346 |
Net investment income (loss) | 489 | 540 |
Other (income) expense | 6 | 2 |
Amortization of purchased intangibles | 0 | 0 |
Segment Income (loss) | 1,262 | 884 |
North America Personal P&C Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 1,180 | 1,098 |
Net premiums earned | 1,247 | 1,184 |
Losses and loss expenses | 713 | 819 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 260 | 247 |
Administrative expenses | 69 | 60 |
Underwriting income (loss) | 205 | 58 |
Net investment income (loss) | 59 | 65 |
Other (income) expense | 1 | 1 |
Amortization of purchased intangibles | 2 | 3 |
Segment Income (loss) | 261 | 119 |
North America Agricultural Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 62 | 183 |
Net premiums earned | (29) | 110 |
Losses and loss expenses | (92) | 85 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 12 | 12 |
Administrative expenses | (1) | 3 |
Underwriting income (loss) | 52 | 10 |
Net investment income (loss) | 7 | 7 |
Other (income) expense | 0 | 0 |
Amortization of purchased intangibles | 7 | 7 |
Segment Income (loss) | 52 | 10 |
Overseas General Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 3,079 | 2,890 |
Net premiums earned | 2,628 | 2,478 |
Losses and loss expenses | 1,389 | 1,263 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 679 | 668 |
Administrative expenses | 269 | 266 |
Underwriting income (loss) | 291 | 281 |
Net investment income (loss) | 147 | 141 |
Other (income) expense | 2 | 1 |
Amortization of purchased intangibles | 14 | 12 |
Segment Income (loss) | 422 | 409 |
Global Reinsurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 253 | 207 |
Net premiums earned | 235 | 180 |
Losses and loss expenses | 115 | 120 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 62 | 45 |
Administrative expenses | 9 | 8 |
Underwriting income (loss) | 49 | 7 |
Net investment income (loss) | 85 | 70 |
Other (income) expense | 0 | 0 |
Amortization of purchased intangibles | 0 | 0 |
Segment Income (loss) | 134 | 77 |
Life Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 586 | 620 |
Net premiums earned | 551 | 595 |
Losses and loss expenses | 154 | 198 |
Policy benefits | 176 | 163 |
Policy acquisition costs | 151 | 179 |
Administrative expenses | 84 | 82 |
Underwriting income (loss) | (14) | (27) |
Net investment income (loss) | 103 | 98 |
Other (income) expense | (28) | (34) |
Amortization of purchased intangibles | 2 | 1 |
Segment Income (loss) | 115 | 104 |
Segment Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 0 | 0 |
Net premiums earned | 0 | 0 |
Losses and loss expenses | 10 | 9 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 0 | 0 |
Administrative expenses | 83 | 71 |
Underwriting income (loss) | (93) | (80) |
Net investment income (loss) | (5) | (17) |
Other (income) expense | (259) | (415) |
Amortization of purchased intangibles | 46 | 49 |
Segment Income (loss) | 115 | 269 |
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 100 | 888 |
Interest expense | 132 | 122 |
Income tax expense | 355 | 338 |
Net income (loss) | $ (272) | $ 697 |
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 1,974 | $ 2,300 |
Weighted-average shares outstanding | 425,805,105 | 450,539,568 |
Share-based compensation plans | 3,985,729 | 2,795,971 |
Weighted-average shares outstanding and assumed conversions | 429,790,834 | 453,335,539 |
Basic earnings (loss) per share (US$ per share) | $ 4.64 | $ 5.10 |
Diluted earnings (loss) per share (US$ per share) | $ 4.59 | $ 5.07 |
Potential anti-dilutive share conversions | 681,032 | 1,952,612 |