CHUBB LTD, 10-Q filed on 4/29/2022
Quarterly Report
v3.22.1
Document and Entity Information - SFr / shares
3 Months Ended
Mar. 31, 2022
Apr. 22, 2022
Dec. 31, 2021
Document Type 10-Q    
Document Period End Date Mar. 31, 2022    
Document Quarterly Report true    
Document Transition Report false    
Entity Registrant Name CHUBB LIMITED    
Entity Central Index Key 0000896159    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus Q1    
Entity File Number 1-11778    
Entity Incorporation, State or Country Code V8    
Entity Tax Identification Number 98-0091805    
Entity Address, Address Line One Baerengasse 32    
Entity Address, City or Town Zurich    
Entity Address, Country CH    
Entity Address, Postal Zip Code 8001    
Country Region 41    
City Area Code (0)43    
Local Phone Number 456 76 00    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Shell Company false    
Entity Emerging Growth Company false    
Common Shares, par value SFr 24.15   SFr 24.15
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Common Shares Outstanding   423,711,369  
INA Senior Notes Due March 2038 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038    
Trading Symbol CB/38A    
Security Exchange Name NYSE    
INA Senior Notes Due December 2029 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029    
Trading Symbol CB/29A    
Security Exchange Name NYSE    
INA Senior Notes Due June 2031 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031    
Trading Symbol CB/31    
Security Exchange Name NYSE    
INA Senior Notes Due March 2028 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028    
Trading Symbol CB/28    
Security Exchange Name NYSE    
INA Senior Notes Due June 2027 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027    
Trading Symbol CB/27    
Security Exchange Name NYSE    
INA Senior Notes Due December 2024 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024    
Trading Symbol CB/24A    
Security Exchange Name NYSE    
Common Class A [Member]      
Title of 12(b) Security Common Shares, par value CHF 24.15 per share    
Trading Symbol CB    
Security Exchange Name NYSE    
v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Assets    
Fixed maturities available for sale, at fair value, net of valuation allowance - $27 and $14 (amortized cost – $91,526 and $90,493) $ 89,479 $ 93,108
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $34 and $35 (fair value – $9,888 and $10,647) 9,818 10,118
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
Total investments 118,247 122,323
Cash 1,734 1,659
Restricted cash 180 152
Securities lending collateral 1,800 1,831
Accrued investment income 822 821
Insurance and reinsurance balances receivable, net of valuation allowance - $50 and $46 11,452 11,322
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $329 and $329 [1] 17,761 17,366
Reinsurance recoverable on policy benefits [1] 208 213
Deferred policy acquisition costs 5,587 5,513
Value of business acquired 231 236
Goodwill 15,244 15,213
Other intangible assets 5,399 5,455
Deferred tax assets 333 0
Prepaid reinsurance premiums 3,068 3,028
Investments in partially-owned insurance companies 3,161 3,130
Other assets 12,763 11,792
Total assets 197,990 200,054
Liabilities    
Unpaid losses and loss expenses 73,844 72,943
Unearned premiums 19,586 19,101
Future policy benefits 5,974 5,947
Insurance and reinsurance balances payable 7,401 7,243
Securities lending payable 1,800 1,831
Accounts payable, accrued expenses, and other liabilities 14,914 15,004
Deferred tax liabilities 0 389
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 141,292 140,340
Commitments and contingencies (refer to Note 7)
Shareholders’ equity    
Common Shares (CHF 24.15 par value; 459,555,714 and 474,021,114 shares issued; 423,675,327 and 426,572,612 shares outstanding) 10,666 10,985
Common Shares in treasury (35,880,387 and 47,448,502 shares) (5,700) (7,464)
Additional paid-in capital 7,988 8,478
Retained earnings 47,148 47,365
Accumulated other comprehensive income (loss) (AOCI) (3,404) 350
Total shareholders’ equity 56,698 59,714
Total liabilities and shareholders’ equity $ 197,990 $ 200,054
[1] Net of valuation allowance for uncollectible reinsurance.
v3.22.1
Statement of Financial Position (Parentheticals)
$ in Millions
Mar. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
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
v3.22.1
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
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
v3.22.1
Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
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
v3.22.1
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)
v3.22.1
Statement of Shareholders' Equity (Parentheticals) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
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
v3.22.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
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
[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.
v3.22.1
General
3 Months Ended
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:
March 31December 31
(in millions of U.S. dollars)20222021
Cash$1,734 $1,659 
Restricted cash180 152 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,914 $1,811 

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.
v3.22.1
Acquisitions
3 Months Ended
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.
v3.22.1
Investments
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments
3. Investments

a) Fixed maturities
March 31, 2022Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $ $31 $(40)$2,102 
Non-U.S.25,304 (16)380 (884)24,784 
Corporate and asset-backed securities38,469 (11)360 (1,149)37,669 
Mortgage-backed securities20,511  90 (796)19,805 
Municipal5,131  49 (61)5,119 
$91,526 $(27)$910 $(2,930)$89,479 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,180 $ $1,180 $12 $(18)$1,174 
Non-U.S.1,185 (5)1,180 19 (8)1,191 
Corporate and asset-backed securities1,913 (28)1,885 56 (6)1,935 
Mortgage-backed securities1,689  1,689 8 (13)1,684 
Municipal3,885 (1)3,884 24 (4)3,904 
$9,852 $(34)$9,818 $119 $(49)$9,888 
December 31, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $— $109 $(6)$2,214 
Non-U.S.25,156 (8)953 (272)25,829 
Corporate and asset-backed securities37,844 (6)1,410 (185)39,063 
Mortgage-backed securities20,080 — 532 (123)20,489 
Municipal5,302 — 216 (5)5,513 
$90,493 $(14)$3,220 $(591)$93,108 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,213 $— $1,213 $34 $(3)$1,244 
Non-U.S.1,201 (5)1,196 66 — 1,262 
Corporate and asset-backed securities2,032 (28)2,004 197 — 2,201 
Mortgage-backed securities1,731 (1)1,730 74 (1)1,803 
Municipal3,976 (1)3,975 162 — 4,137 
$10,153 $(35)$10,118 $533 $(4)$10,647 


The following table presents the amortized cost of our HTM securities according to S&P rating:
March 31, 2022December 31, 2021
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost% of Total
AAA$2,021 21 %$2,089 21 %
AA5,210 52 %5,303 52 %
A1,922 20 %1,964 19 %
BBB676 7 %773 %
BB23  %23 — %
Other  %— %
Total$9,852 100 %$10,153 100 %
The following table presents fixed maturities by contractual maturity:
 March 31, 2022December 31, 2021
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$4,393 $4,393 $4,498 $4,498 
Due after 1 year through 5 years25,136 25,136 25,542 25,542 
Due after 5 years through 10 years27,033 27,033 28,207 28,207 
Due after 10 years13,112 13,112 14,372 14,372 
69,674 69,674 72,619 72,619 
Mortgage-backed securities19,805 19,805 20,489 20,489 
$89,479 $89,479 $93,108 $93,108 
Held to maturity
Due in 1 year or less$871 $872 $888 $894 
Due after 1 year through 5 years3,754 3,742 3,744 3,846 
Due after 5 years through 10 years2,004 2,015 2,242 2,349 
Due after 10 years1,500 1,575 1,514 1,755 
8,129 8,204 8,388 8,844 
Mortgage-backed securities1,689 1,684 1,730 1,803 
$9,818 $9,888 $10,118 $10,647 

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

b) Gross unrealized loss
Fixed maturities in an unrealized loss position at 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:
0 – 12 MonthsOver 12 MonthsTotal
March 31, 2022Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$946 $(31)$98 $(9)$1,044 $(40)
Non-U.S.12,654 (608)2,385 (222)15,039 (830)
Corporate and asset-backed securities21,082 (899)2,041 (216)23,123 (1,115)
Mortgage-backed securities13,657 (646)1,589 (150)15,246 (796)
Municipal
1,225 (60)16 (1)1,241 (61)
Total AFS fixed maturities $49,564 $(2,244)$6,129 $(598)$55,693 $(2,842)
0 – 12 MonthsOver 12 MonthsTotal
December 31, 2021Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$363 $(3)$70 $(3)$433 $(6)
Non-U.S.6,917 (196)1,093 (62)8,010 (258)
Corporate and asset-backed securities9,449 (145)806 (32)10,255 (177)
Mortgage-backed securities8,086 (116)190 (7)8,276 (123)
Municipal
226 (5)— — 226 (5)
Total AFS fixed maturities$25,041 $(465)$2,159 $(104)$27,200 $(569)

c) Net realized gains (losses)
The following table presents the components of Net realized gains (losses):
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Fixed maturities:
Gross realized gains$39 $37 
Gross realized losses(127)(19)
Net (provision for) recovery of expected credit losses(12)
Impairment (1)
(36)— 
Total fixed maturities (136)24 
Equity securities56 367 
Other investments55 38 
Foreign exchange75 76 
Investment and embedded derivative instruments47 109 
Fair value adjustments on insurance derivative35 319 
S&P futures42 (44)
Other derivative instruments1 (1)
Other (2)
(74)(1)
Net realized gains (losses) (pre-tax)$101 $887 
(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:
Three Months Ended
March 31
20222021
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains recognized during the period$56 $55 $111 $367 $38 $405 
Less: Net gains recognized from sales of securities255  255 45 — 45 
Unrealized gains (losses) recognized for securities still held at reporting date$(199)$55 $(144)$322 $38 $360 
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Available for sale
Valuation allowance for expected credit losses - beginning of period$14 $20 
Provision for expected credit loss17 
Recovery of expected credit loss(4)(9)
Valuation allowance for expected credit losses - end of period$27 $15 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$35 $44 
Recovery of expected credit loss(1)(1)
Valuation allowance for expected credit losses - end of period$34 $43 

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:
 Expected
Liquidation
Period of Underlying Assets
March 31, 2022December 31, 2021
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,146 $153 $1,096 $267 
Real assets
2 to 13 Years
1,544 735 1,193 766 
Distressed
2 to 8 Years
886 920 753 641 
Private credit
3 to 8 Years
84 280 84 279 
Traditional
2 to 14 Years
6,928 5,121 6,647 5,200 
Vintage
1 to 2 Years
65  68 — 
Investment fundsNot Applicable294  267 — 
$10,947 $7,209 $10,108 $7,153 

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.
Investment Category: Consists of investments in private equity funds:
Financialtargeting financial services companies, such as financial institutions and insurance services worldwide
Real assetstargeting investments related to hard physical assets, such as real estate, infrastructure and natural resources
Distressedtargeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credittargeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditionalemploying traditional private equity investment strategies, such as buyout and growth equity globally
Vintagefunds where the initial fund term has expired
    
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:
March 31December 31
(in millions of U.S. dollars)20222021
Trust funds$8,785 $9,915 
Deposits with U.S. regulatory authorities2,370 2,402 
Deposits with non-U.S. regulatory authorities2,802 2,873 
Assets pledged under repurchase agreements1,443 1,420 
Other pledged assets734 634 
Total$16,134 $17,244 
v3.22.1
Fair value measurements
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
a) Fair value hierarchy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

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

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

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

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

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

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

Securities lending collateral
The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.
Investment 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
March 31, 2022Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,562 $540 $ $2,102 
Non-U.S. 24,166 618 24,784 
Corporate and asset-backed securities 35,440 2,229 37,669 
Mortgage-backed securities 19,785 20 19,805 
Municipal 5,119  5,119 
1,562 85,050 2,867 89,479 
Equity securities3,514  82 3,596 
Short-term investments1,954 1,449 4 3,407 
Other investments (1)
253 452  705 
Securities lending collateral 1,800  1,800 
Investment derivative instruments163   163 
Other derivative instruments3   3 
Separate account assets5,468 92  5,560 
Total assets measured at fair value (1)
$12,917 $88,843 $2,953 $104,713 
Liabilities:
Investment derivative instruments$212 $ $ $212 
Other derivative instruments63   63 
GLB (2)
  696 696 
Total liabilities measured at fair value$275 $ $696 $971 
(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.
 
December 31, 2021Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,680 $534 $— $2,214 
Non-U.S.— 25,196 633 25,829 
Corporate and asset-backed securities— 37,014 2,049 39,063 
Mortgage-backed securities— 20,463 26 20,489 
Municipal— 5,513 — 5,513 
1,680 88,720 2,708 93,108 
Equity securities4,705 — 77 4,782 
Short-term investments1,744 1,395 3,146 
Other investments (1)
286 481 — 767 
Securities lending collateral— 1,831 — 1,831 
Investment derivative instruments58 — — 58 
Separate account assets5,461 99 — 5,560 
Total assets measured at fair value (1)
$13,934 $92,526 $2,792 $109,252 
Liabilities:
Investment derivative instruments$166 $— $— $166 
Other derivative instruments16 — — 16 
GLB (2)
— — 745 745 
Total liabilities measured at fair value$182 $— $745 $927 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Level 3 financial instruments
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair ValueValuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
March 31, 2022December 31, 2021
GLB (1)
$696 $745 Actuarial modelLapse rate
3% – 31%
4.4 %
Annuitization rate
0% – 100%
3.7 %
(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):
AssetsLiabilities
Three Months Ended
March 31, 2022
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$633 $2,049 $26 $77 $7 $745 
Transfers into Level 318 29  1   
Transfers out of Level 3(23)(50)(5)   
Change in Net Unrealized Gains/Losses in OCI(13)(22)    
Net Realized Gains/Losses(2)  4  (35)
Purchases43 315  3 2  
Sales(6)(27) (3)  
Settlements(32)(65)(1) (5) 
Other     (14)
Balance, end of period$618 $2,229 $20 $82 $4 $696 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(2)$ $ $4 $ $(35)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$(13)$(22)$ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
  AssetsLiabilities
Three Months Ended
March 31, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$546 $1,573 $60 $73 $$10 $1,089 
Transfers into Level 3— 17 — — — — — 
Change in Net Unrealized Gains/Losses in OCI— — — — — 
Net Realized Gains/Losses— (3)— — — (319)
Purchases121 169 — — — 
Sales(7)(25)— (3)— — — 
Settlements(18)(125)(9)— (5)— — 
Other— — — — — — (10)
Balance, end of period$650 $1,612 $51 $75 $$10 $760 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$— $(3)$— $$— $— $(319)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$10 $11 $— $— $— $— $— 
(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:
March 31, 2022Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,126 $48 $ $1,174 $1,180 
Non-U.S. 1,191  1,191 1,180 
Corporate and asset-backed securities 1,935  1,935 1,885 
Mortgage-backed securities 1,684  1,684 1,689 
Municipal 3,904  3,904 3,884 
Total assets$1,126 $8,762 $ $9,888 $9,818 
Liabilities:
Repurchase agreements$ $1,406 $ $1,406 $1,406 
Short-term debt 1,484  1,484 1,474 
Long-term debt 14,702  14,702 14,585 
Trust preferred securities 425  425 308 
Total liabilities$ $18,017 $ $18,017 $17,773 

December 31, 2021Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,192 $52 $— $1,244 $1,213 
Non-U.S.— 1,262 — 1,262 1,196 
Corporate and asset-backed securities— 2,201 — 2,201 2,004 
Mortgage-backed securities— 1,803 — 1,803 1,730 
Municipal— 4,137 — 4,137 3,975 
Total assets$1,192 $9,455 $— $10,647 $10,118 
Liabilities:
Repurchase agreements$— $1,406 $— $1,406 $1,406 
Short-term debt— 1,019 — 1,019 999 
Long-term debt— 16,848 — 16,848 15,169 
Trust preferred securities— 460 — 460 308 
Total liabilities$— $19,733 $— $19,733 $17,882 
v3.22.1
Reinsurance (Notes)
3 Months Ended
Mar. 31, 2022
Reinsurance Disclosures [Abstract]  
Reinsurance [Text Block] Reinsurance
Reinsurance recoverable on ceded reinsurance
March 31, 2022December 31, 2021
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$16,646 $276 $16,184 $271 
Reinsurance recoverable on paid losses and loss expenses1,115 53 1,182 58 
Reinsurance recoverable on losses and loss expenses$17,761 $329 $17,366 $329 
Reinsurance recoverable on policy benefits$208 $4 $213 $
(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:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Valuation allowance for uncollectible reinsurance - beginning of period$329 $314 
Provision for uncollectible reinsurance3 
Write-offs charged against the valuation allowance(4)— 
Foreign exchange revaluation1 — 
Valuation allowance for uncollectible reinsurance - end of period$329 $317 
For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2021 Form 10-K.
v3.22.1
Unpaid losses and loss expenses
3 Months Ended
Mar. 31, 2022
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:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Gross unpaid losses and loss expenses – beginning of period$72,943 $67,811 
Reinsurance recoverable on unpaid losses beginning of period (1)
(16,184)(14,647)
Net unpaid losses and loss expenses – beginning of period56,759 53,164 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year5,192 5,249 
Prior years (2)
(405)(196)
Total4,787 5,053 
Net losses and loss expenses paid in respect of losses occurring in:
Current year792 732 
Prior years3,569 3,161 
Total4,361 3,893 
Foreign currency revaluation and other13 71 
Net unpaid losses and loss expenses – end of period57,198 54,395 
Reinsurance recoverable on unpaid losses (1)
16,646 14,860 
Gross unpaid losses and loss expenses – end of period$73,844 $69,255 
(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.
Three Months Ended March 31
(in millions of U.S. dollars)Long-tail    Short-tailTotal
2022
North America Commercial P&C Insurance$(20)$(88)$(108)
North America Personal P&C Insurance (51)(51)
North America Agricultural Insurance (26)(26)
Overseas General Insurance (60)(60)
Global Reinsurance (3)(3)
Corporate8  8 
Total$(12)$(228)$(240)
2021
North America Commercial P&C Insurance$(46)$(81)$(127)
North America Personal P&C Insurance— (40)(40)
North America Agricultural Insurance— (2)(2)
Overseas General Insurance— (25)(25)
Global Reinsurance— (7)(7)
Corporate— 
Total$(37)$(155)$(192)

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.
v3.22.1
Commitments, contingencies, and guarantees
3 Months Ended
Mar. 31, 2022
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:
March 31, 2022December 31, 2021
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
Value/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivative
  instruments:
Foreign currency forward contractsOA / (AP)$58 $(154)$7,478 $25 $(139)$6,182 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)105 (58)9,282 33 (27)12,944 
Convertible securities (1)
FM AFS / ES16  19 11 — 12 
$179 $(212)$16,779 $69 $(166)$19,138 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$ $(63)$814 $— $(16)$905 
OtherOA / (AP)3  79 — — 
$3 $(63)$893 $— $(16)$908 
GLB (3)
(AP)$ $(696)$1,558 $— $(745)$1,432 
(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:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Investment and embedded derivative instruments:
Foreign currency forward contracts$(54)$(16)
All other futures contracts, options, and equities102 125 
Convertible securities (1)
(1)— 
Total investment and embedded derivative instruments$47 $109 
GLB and other derivative instruments:
GLB$35 $319 
Futures contracts on equities (2)
42 (44)
Other1 (1)
Total GLB and other derivative instruments$78 $274 
$125 $383 
(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:
Remaining contractual maturity
March 31, 2022December 31, 2021
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$1,000 $931 
U.S. Treasury / Agency106 128 
Non-U.S.663 752 
Corporate and asset-backed securities23 12 
Mortgage-backed securities 
Equity securities8 
$1,800 $1,831 
Gross amount of recognized liability for securities lending payable$1,800 $1,831 

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:
Remaining contractual maturity
March 31, 2022December 31, 2021
Up to 30 Days30-90 DaysGreater than
90 Days
Total30-90 DaysGreater than
90 Days
Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$43 $ $ $43 $— $29 $29 
U.S. Treasury / Agency  102 102 103 — 103 
Mortgage-backed securities358 466 474 1,298 — 1,288 1,288 
$401 $466 $576 $1,443 $103 $1,317 $1,420 
Gross amount of recognized liabilities for repurchase agreements$1,406 $1,406 
Difference (1)
$37 $14 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

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 Other assets and the lease liability was $470 million and $484 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.
v3.22.1
Shareholders' equity
3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity
All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At 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:
Three Months EndedApril 1, 2022 through April 28, 2022
March 31
(in millions of U.S. dollars, except share data)20222021
Number of shares repurchased4,869,900 3,110,000 115,000 
Cost of shares repurchased$1,001 $519 $24 
Repurchase authorization remaining at end of period$1,648 $1,982 $1,624 
v3.22.1
Share-based compensation
3 Months Ended
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 $199.03 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.
v3.22.1
Postretirement benefits
3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans [Text Block] Postretirement benefits
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2022202120222021
Three Months Ended March 31U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $1 $— $$ $— 
Non-service cost (benefit):
Interest cost21 6 18  — 
Expected return on plan assets(71)(11)(64)(11) — 
Amortization of net actuarial loss  —  — 
Amortization of prior service cost  — —  (20)
Settlements  — —  — 
Total non-service cost (benefit)(50)(5)(46)(5) (20)
Net periodic benefit cost (benefit)$(50)$(4)$(46)$(4)$ $(20)



The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
Three Months Ended March 312022202120222021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $— $ $— 
Administrative expenses1  — 
Total service cost1  — 
Non-service cost (benefit):
Losses and loss expenses(5)(5) (2)
Administrative expenses(50)(46) (18)
Total non-service cost (benefit)(55)(51) (20)
Net periodic benefit cost (benefit)$(54)$(50)$ $(20)
v3.22.1
Other Income and Expenses
3 Months Ended
Mar. 31, 2022
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure Other income and expense
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Equity in net income of partially-owned entities (1)
$361 $497 
Gains (losses) from fair value changes in separate account assets (2)
(31)
Federal excise and capital taxes(4)(5)
Other(16)(6)
Total$310 $490 
(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.
v3.22.1
Segment information
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment information Segment information
Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. 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:
For the Three Months Ended
March 31, 2022
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$4,039 $1,180 $62 $3,079 $253 $586 $ $ $9,199 
Net premiums earned4,114 1,247 (29)2,628 235 551   8,746 
Losses and loss expenses2,497 713 (92)1,389 115 154 10 1 4,787 
Policy benefits     176  (31)145 
Policy acquisition costs573 260 12 679 62 151   1,737 
Administrative expenses265 69 (1)269 9 84 83  778 
Underwriting income (loss)779 205 52 291 49 (14)(93)30 1,299 
Net investment income (loss)489 59 7 147 85 103 (5)(63)822 
Other (income) expense6 1  2  (28)(259)(32)(310)
Amortization expense of
   purchased intangibles
 2 7 14  2 46  71 
Segment income$1,262 $261 $52 $422 $134 $115 $115 $(1)$2,360 
Net realized gains (losses)100 1 101 
Interest expense132  132 
Income tax expense355  355 
Net income (loss)$(272)$ $1,974 

For the Three Months Ended
March 31, 2021
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$3,664 $1,098 $183 $2,890 $207 $620 $— $— $8,662 
Net premiums earned3,674 1,184 110 2,478 180 595 — — 8,221 
Losses and loss expenses2,560 819 85 1,263 120 198 (1)5,053 
Policy benefits— — — — — 163 — 167 
Policy acquisition costs514 247 12 668 45 179 — — 1,665 
Administrative expenses254 60 266 82 71 — 744 
Underwriting income (loss)346 58 10 281 (27)(80)(3)592 
Net investment income (loss)540 65 141 70 98 (17)(41)863 
Other (income) expense— — (34)(415)(45)(490)
Amortization expense of
   purchased intangibles
— 12 — 49 — 72 
Segment income$884 $119 $10 $409 $77 $104 $269 $$1,873 
Net realized gains (losses)888 (1)887 
Interest expense122 — 122 
Income tax expense338 — 338 
Net income$697 $— $2,300 



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.
v3.22.1
Earnings per share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Three Months Ended
March 31
(in millions of U.S. dollars, except share and per share data)20222021
Numerator:
Net income$1,974 $2,300 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding425,805,105 450,539,568 
Denominator for diluted earnings per share:
Share-based compensation plans3,985,729 2,795,971 
Weighted-average shares outstanding and assumed conversions
429,790,834 453,335,539 
Basic earnings per share$4.64 $5.10 
Diluted earnings per share$4.59 $5.07 
Potential anti-dilutive share conversions681,032 1,952,612 

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.
v3.22.1
General (Policies)
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 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.
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:
March 31December 31
(in millions of U.S. dollars)20222021
Cash$1,734 $1,659 
Restricted cash180 152 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,914 $1,811 
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.
v3.22.1
Fair value measurements Fair Value Measurement Policy (Policies)
3 Months Ended
Mar. 31, 2022
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.
v3.22.1
General General (Tables)
3 Months Ended
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:
March 31December 31
(in millions of U.S. dollars)20222021
Cash$1,734 $1,659 
Restricted cash180 152 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,914 $1,811 
v3.22.1
Investments (Tables)
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
March 31, 2022Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $ $31 $(40)$2,102 
Non-U.S.25,304 (16)380 (884)24,784 
Corporate and asset-backed securities38,469 (11)360 (1,149)37,669 
Mortgage-backed securities20,511  90 (796)19,805 
Municipal5,131  49 (61)5,119 
$91,526 $(27)$910 $(2,930)$89,479 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,180 $ $1,180 $12 $(18)$1,174 
Non-U.S.1,185 (5)1,180 19 (8)1,191 
Corporate and asset-backed securities1,913 (28)1,885 56 (6)1,935 
Mortgage-backed securities1,689  1,689 8 (13)1,684 
Municipal3,885 (1)3,884 24 (4)3,904 
$9,852 $(34)$9,818 $119 $(49)$9,888 
December 31, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $— $109 $(6)$2,214 
Non-U.S.25,156 (8)953 (272)25,829 
Corporate and asset-backed securities37,844 (6)1,410 (185)39,063 
Mortgage-backed securities20,080 — 532 (123)20,489 
Municipal5,302 — 216 (5)5,513 
$90,493 $(14)$3,220 $(591)$93,108 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,213 $— $1,213 $34 $(3)$1,244 
Non-U.S.1,201 (5)1,196 66 — 1,262 
Corporate and asset-backed securities2,032 (28)2,004 197 — 2,201 
Mortgage-backed securities1,731 (1)1,730 74 (1)1,803 
Municipal3,976 (1)3,975 162 — 4,137 
$10,153 $(35)$10,118 $533 $(4)$10,647 
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities
March 31, 2022Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $ $31 $(40)$2,102 
Non-U.S.25,304 (16)380 (884)24,784 
Corporate and asset-backed securities38,469 (11)360 (1,149)37,669 
Mortgage-backed securities20,511  90 (796)19,805 
Municipal5,131  49 (61)5,119 
$91,526 $(27)$910 $(2,930)$89,479 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,180 $ $1,180 $12 $(18)$1,174 
Non-U.S.1,185 (5)1,180 19 (8)1,191 
Corporate and asset-backed securities1,913 (28)1,885 56 (6)1,935 
Mortgage-backed securities1,689  1,689 8 (13)1,684 
Municipal3,885 (1)3,884 24 (4)3,904 
$9,852 $(34)$9,818 $119 $(49)$9,888 
December 31, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $— $109 $(6)$2,214 
Non-U.S.25,156 (8)953 (272)25,829 
Corporate and asset-backed securities37,844 (6)1,410 (185)39,063 
Mortgage-backed securities20,080 — 532 (123)20,489 
Municipal5,302 — 216 (5)5,513 
$90,493 $(14)$3,220 $(591)$93,108 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,213 $— $1,213 $34 $(3)$1,244 
Non-U.S.1,201 (5)1,196 66 — 1,262 
Corporate and asset-backed securities2,032 (28)2,004 197 — 2,201 
Mortgage-backed securities1,731 (1)1,730 74 (1)1,803 
Municipal3,976 (1)3,975 162 — 4,137 
$10,153 $(35)$10,118 $533 $(4)$10,647 
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]
The following table presents the amortized cost of our HTM securities according to S&P rating:
March 31, 2022December 31, 2021
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost% of Total
AAA$2,021 21 %$2,089 21 %
AA5,210 52 %5,303 52 %
A1,922 20 %1,964 19 %
BBB676 7 %773 %
BB23  %23 — %
Other  %— %
Total$9,852 100 %$10,153 100 %
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 March 31, 2022December 31, 2021
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$4,393 $4,393 $4,498 $4,498 
Due after 1 year through 5 years25,136 25,136 25,542 25,542 
Due after 5 years through 10 years27,033 27,033 28,207 28,207 
Due after 10 years13,112 13,112 14,372 14,372 
69,674 69,674 72,619 72,619 
Mortgage-backed securities19,805 19,805 20,489 20,489 
$89,479 $89,479 $93,108 $93,108 
Held to maturity
Due in 1 year or less$871 $872 $888 $894 
Due after 1 year through 5 years3,754 3,742 3,744 3,846 
Due after 5 years through 10 years2,004 2,015 2,242 2,349 
Due after 10 years1,500 1,575 1,514 1,755 
8,129 8,204 8,388 8,844 
Mortgage-backed securities1,689 1,684 1,730 1,803 
$9,818 $9,888 $10,118 $10,647 
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for 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:
0 – 12 MonthsOver 12 MonthsTotal
March 31, 2022Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$946 $(31)$98 $(9)$1,044 $(40)
Non-U.S.12,654 (608)2,385 (222)15,039 (830)
Corporate and asset-backed securities21,082 (899)2,041 (216)23,123 (1,115)
Mortgage-backed securities13,657 (646)1,589 (150)15,246 (796)
Municipal
1,225 (60)16 (1)1,241 (61)
Total AFS fixed maturities $49,564 $(2,244)$6,129 $(598)$55,693 $(2,842)
0 – 12 MonthsOver 12 MonthsTotal
December 31, 2021Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$363 $(3)$70 $(3)$433 $(6)
Non-U.S.6,917 (196)1,093 (62)8,010 (258)
Corporate and asset-backed securities9,449 (145)806 (32)10,255 (177)
Mortgage-backed securities8,086 (116)190 (7)8,276 (123)
Municipal
226 (5)— — 226 (5)
Total AFS fixed maturities$25,041 $(465)$2,159 $(104)$27,200 $(569)
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Fixed maturities:
Gross realized gains$39 $37 
Gross realized losses(127)(19)
Net (provision for) recovery of expected credit losses(12)
Impairment (1)
(36)— 
Total fixed maturities (136)24 
Equity securities56 367 
Other investments55 38 
Foreign exchange75 76 
Investment and embedded derivative instruments47 109 
Fair value adjustments on insurance derivative35 319 
S&P futures42 (44)
Other derivative instruments1 (1)
Other (2)
(74)(1)
Net realized gains (losses) (pre-tax)$101 $887 
(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.
Gain (Loss) on Securities [Table Text Block]
Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
March 31
20222021
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains recognized during the period$56 $55 $111 $367 $38 $405 
Less: Net gains recognized from sales of securities255  255 45 — 45 
Unrealized gains (losses) recognized for securities still held at reporting date$(199)$55 $(144)$322 $38 $360 
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Available for sale
Valuation allowance for expected credit losses - beginning of period$14 $20 
Provision for expected credit loss17 
Recovery of expected credit loss(4)(9)
Valuation allowance for expected credit losses - end of period$27 $15 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$35 $44 
Recovery of expected credit loss(1)(1)
Valuation allowance for expected credit losses - end of period$34 $43 
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Available for sale
Valuation allowance for expected credit losses - beginning of period$14 $20 
Provision for expected credit loss17 
Recovery of expected credit loss(4)(9)
Valuation allowance for expected credit losses - end of period$27 $15 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$35 $44 
Recovery of expected credit loss(1)(1)
Valuation allowance for expected credit losses - end of period$34 $43 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
 Expected
Liquidation
Period of Underlying Assets
March 31, 2022December 31, 2021
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,146 $153 $1,096 $267 
Real assets
2 to 13 Years
1,544 735 1,193 766 
Distressed
2 to 8 Years
886 920 753 641 
Private credit
3 to 8 Years
84 280 84 279 
Traditional
2 to 14 Years
6,928 5,121 6,647 5,200 
Vintage
1 to 2 Years
65  68 — 
Investment fundsNot Applicable294  267 — 
$10,947 $7,209 $10,108 $7,153 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
March 31December 31
(in millions of U.S. dollars)20222021
Trust funds$8,785 $9,915 
Deposits with U.S. regulatory authorities2,370 2,402 
Deposits with non-U.S. regulatory authorities2,802 2,873 
Assets pledged under repurchase agreements1,443 1,420 
Other pledged assets734 634 
Total$16,134 $17,244 
v3.22.1
Fair value measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Financial Instruments Measured At Fair Value On A Recurring Basis
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
March 31, 2022Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,562 $540 $ $2,102 
Non-U.S. 24,166 618 24,784 
Corporate and asset-backed securities 35,440 2,229 37,669 
Mortgage-backed securities 19,785 20 19,805 
Municipal 5,119  5,119 
1,562 85,050 2,867 89,479 
Equity securities3,514  82 3,596 
Short-term investments1,954 1,449 4 3,407 
Other investments (1)
253 452  705 
Securities lending collateral 1,800  1,800 
Investment derivative instruments163   163 
Other derivative instruments3   3 
Separate account assets5,468 92  5,560 
Total assets measured at fair value (1)
$12,917 $88,843 $2,953 $104,713 
Liabilities:
Investment derivative instruments$212 $ $ $212 
Other derivative instruments63   63 
GLB (2)
  696 696 
Total liabilities measured at fair value$275 $ $696 $971 
(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.
 
December 31, 2021Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,680 $534 $— $2,214 
Non-U.S.— 25,196 633 25,829 
Corporate and asset-backed securities— 37,014 2,049 39,063 
Mortgage-backed securities— 20,463 26 20,489 
Municipal— 5,513 — 5,513 
1,680 88,720 2,708 93,108 
Equity securities4,705 — 77 4,782 
Short-term investments1,744 1,395 3,146 
Other investments (1)
286 481 — 767 
Securities lending collateral— 1,831 — 1,831 
Investment derivative instruments58 — — 58 
Separate account assets5,461 99 — 5,560 
Total assets measured at fair value (1)
$13,934 $92,526 $2,792 $109,252 
Liabilities:
Investment derivative instruments$166 $— $— $166 
Other derivative instruments16 — — 16 
GLB (2)
— — 745 745 
Total liabilities measured at fair value$182 $— $745 $927 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair ValueValuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
March 31, 2022December 31, 2021
GLB (1)
$696 $745 Actuarial modelLapse rate
3% – 31%
4.4 %
Annuitization rate
0% – 100%
3.7 %
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):
AssetsLiabilities
Three Months Ended
March 31, 2022
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$633 $2,049 $26 $77 $7 $745 
Transfers into Level 318 29  1   
Transfers out of Level 3(23)(50)(5)   
Change in Net Unrealized Gains/Losses in OCI(13)(22)    
Net Realized Gains/Losses(2)  4  (35)
Purchases43 315  3 2  
Sales(6)(27) (3)  
Settlements(32)(65)(1) (5) 
Other     (14)
Balance, end of period$618 $2,229 $20 $82 $4 $696 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(2)$ $ $4 $ $(35)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$(13)$(22)$ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
  AssetsLiabilities
Three Months Ended
March 31, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$546 $1,573 $60 $73 $$10 $1,089 
Transfers into Level 3— 17 — — — — — 
Change in Net Unrealized Gains/Losses in OCI— — — — — 
Net Realized Gains/Losses— (3)— — — (319)
Purchases121 169 — — — 
Sales(7)(25)— (3)— — — 
Settlements(18)(125)(9)— (5)— — 
Other— — — — — — (10)
Balance, end of period$650 $1,612 $51 $75 $$10 $760 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$— $(3)$— $$— $— $(319)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$10 $11 $— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
AssetsLiabilities
Three Months Ended
March 31, 2022
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$633 $2,049 $26 $77 $7 $745 
Transfers into Level 318 29  1   
Transfers out of Level 3(23)(50)(5)   
Change in Net Unrealized Gains/Losses in OCI(13)(22)    
Net Realized Gains/Losses(2)  4  (35)
Purchases43 315  3 2  
Sales(6)(27) (3)  
Settlements(32)(65)(1) (5) 
Other     (14)
Balance, end of period$618 $2,229 $20 $82 $4 $696 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$(2)$ $ $4 $ $(35)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$(13)$(22)$ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
  AssetsLiabilities
Three Months Ended
March 31, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$546 $1,573 $60 $73 $$10 $1,089 
Transfers into Level 3— 17 — — — — — 
Change in Net Unrealized Gains/Losses in OCI— — — — — 
Net Realized Gains/Losses— (3)— — — (319)
Purchases121 169 — — — 
Sales(7)(25)— (3)— — — 
Settlements(18)(125)(9)— (5)— — 
Other— — — — — — (10)
Balance, end of period$650 $1,612 $51 $75 $$10 $760 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date$— $(3)$— $$— $— $(319)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date$10 $11 $— $— $— $— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
March 31, 2022Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,126 $48 $ $1,174 $1,180 
Non-U.S. 1,191  1,191 1,180 
Corporate and asset-backed securities 1,935  1,935 1,885 
Mortgage-backed securities 1,684  1,684 1,689 
Municipal 3,904  3,904 3,884 
Total assets$1,126 $8,762 $ $9,888 $9,818 
Liabilities:
Repurchase agreements$ $1,406 $ $1,406 $1,406 
Short-term debt 1,484  1,484 1,474 
Long-term debt 14,702  14,702 14,585 
Trust preferred securities 425  425 308 
Total liabilities$ $18,017 $ $18,017 $17,773 

December 31, 2021Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,192 $52 $— $1,244 $1,213 
Non-U.S.— 1,262 — 1,262 1,196 
Corporate and asset-backed securities— 2,201 — 2,201 2,004 
Mortgage-backed securities— 1,803 — 1,803 1,730 
Municipal— 4,137 — 4,137 3,975 
Total assets$1,192 $9,455 $— $10,647 $10,118 
Liabilities:
Repurchase agreements$— $1,406 $— $1,406 $1,406 
Short-term debt— 1,019 — 1,019 999 
Long-term debt— 16,848 — 16,848 15,169 
Trust preferred securities— 460 — 460 308 
Total liabilities$— $19,733 $— $19,733 $17,882 
v3.22.1
Reinsurance (Tables)
3 Months Ended
Mar. 31, 2022
Reinsurance Disclosures [Abstract]  
schedule of reinsurance recoverable on ceded insurance
March 31, 2022December 31, 2021
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$16,646 $276 $16,184 $271 
Reinsurance recoverable on paid losses and loss expenses1,115 53 1,182 58 
Reinsurance recoverable on losses and loss expenses$17,761 $329 $17,366 $329 
Reinsurance recoverable on policy benefits$208 $4 $213 $
(1)Net of valuation allowance for uncollectible reinsurance.
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Valuation allowance for uncollectible reinsurance - beginning of period$329 $314 
Provision for uncollectible reinsurance3 
Write-offs charged against the valuation allowance(4)— 
Foreign exchange revaluation1 — 
Valuation allowance for uncollectible reinsurance - end of period$329 $317 
v3.22.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)
3 Months Ended
Mar. 31, 2022
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:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Gross unpaid losses and loss expenses – beginning of period$72,943 $67,811 
Reinsurance recoverable on unpaid losses beginning of period (1)
(16,184)(14,647)
Net unpaid losses and loss expenses – beginning of period56,759 53,164 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year5,192 5,249 
Prior years (2)
(405)(196)
Total4,787 5,053 
Net losses and loss expenses paid in respect of losses occurring in:
Current year792 732 
Prior years3,569 3,161 
Total4,361 3,893 
Foreign currency revaluation and other13 71 
Net unpaid losses and loss expenses – end of period57,198 54,395 
Reinsurance recoverable on unpaid losses (1)
16,646 14,860 
Gross unpaid losses and loss expenses – end of period$73,844 $69,255 
(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 $4 million for the three months ended March 31, 2022 and 2021, respectively.
Prior Period Development, by Segment [Table Text Block]
The following table summarizes (favorable) and adverse PPD by segment.
Three Months Ended March 31
(in millions of U.S. dollars)Long-tail    Short-tailTotal
2022
North America Commercial P&C Insurance$(20)$(88)$(108)
North America Personal P&C Insurance (51)(51)
North America Agricultural Insurance (26)(26)
Overseas General Insurance (60)(60)
Global Reinsurance (3)(3)
Corporate8  8 
Total$(12)$(228)$(240)
2021
North America Commercial P&C Insurance$(46)$(81)$(127)
North America Personal P&C Insurance— (40)(40)
North America Agricultural Insurance— (2)(2)
Overseas General Insurance— (25)(25)
Global Reinsurance— (7)(7)
Corporate— 
Total$(37)$(155)$(192)
v3.22.1
Commitments, contingencies, and guarantees (Tables)
3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
March 31, 2022December 31, 2021
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
Value/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivative
  instruments:
Foreign currency forward contractsOA / (AP)$58 $(154)$7,478 $25 $(139)$6,182 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)105 (58)9,282 33 (27)12,944 
Convertible securities (1)
FM AFS / ES16  19 11 — 12 
$179 $(212)$16,779 $69 $(166)$19,138 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$ $(63)$814 $— $(16)$905 
OtherOA / (AP)3  79 — — 
$3 $(63)$893 $— $(16)$908 
GLB (3)
(AP)$ $(696)$1,558 $— $(745)$1,432 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Investment and embedded derivative instruments:
Foreign currency forward contracts$(54)$(16)
All other futures contracts, options, and equities102 125 
Convertible securities (1)
(1)— 
Total investment and embedded derivative instruments$47 $109 
GLB and other derivative instruments:
GLB$35 $319 
Futures contracts on equities (2)
42 (44)
Other1 (1)
Total GLB and other derivative instruments$78 $274 
$125 $383 
(1)Includes embedded derivatives.
(2)Related to GMDB and GLB book of business.
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
March 31, 2022December 31, 2021
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$1,000 $931 
U.S. Treasury / Agency106 128 
Non-U.S.663 752 
Corporate and asset-backed securities23 12 
Mortgage-backed securities 
Equity securities8 
$1,800 $1,831 
Gross amount of recognized liability for securities lending payable$1,800 $1,831 
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
March 31, 2022December 31, 2021
Up to 30 Days30-90 DaysGreater than
90 Days
Total30-90 DaysGreater than
90 Days
Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$43 $ $ $43 $— $29 $29 
U.S. Treasury / Agency  102 102 103 — 103 
Mortgage-backed securities358 466 474 1,298 — 1,288 1,288 
$401 $466 $576 $1,443 $103 $1,317 $1,420 
Gross amount of recognized liabilities for repurchase agreements$1,406 $1,406 
Difference (1)
$37 $14 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.22.1
Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2022
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:
Three Months EndedApril 1, 2022 through April 28, 2022
March 31
(in millions of U.S. dollars, except share data)20222021
Number of shares repurchased4,869,900 3,110,000 115,000 
Cost of shares repurchased$1,001 $519 $24 
Repurchase authorization remaining at end of period$1,648 $1,982 $1,624 
v3.22.1
Postretirement benefits (Tables)
3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2022202120222021
Three Months Ended March 31U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $1 $— $$ $— 
Non-service cost (benefit):
Interest cost21 6 18  — 
Expected return on plan assets(71)(11)(64)(11) — 
Amortization of net actuarial loss  —  — 
Amortization of prior service cost  — —  (20)
Settlements  — —  — 
Total non-service cost (benefit)(50)(5)(46)(5) (20)
Net periodic benefit cost (benefit)$(50)$(4)$(46)$(4)$ $(20)



The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
Three Months Ended March 312022202120222021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $— $ $— 
Administrative expenses1  — 
Total service cost1  — 
Non-service cost (benefit):
Losses and loss expenses(5)(5) (2)
Administrative expenses(50)(46) (18)
Total non-service cost (benefit)(55)(51) (20)
Net periodic benefit cost (benefit)$(54)$(50)$ $(20)
v3.22.1
Other Income and Expenses (Tables)
3 Months Ended
Mar. 31, 2022
Other Income and Expenses [Abstract]  
Schedule of Other Nonoperating Income (Expense)
Three Months Ended
March 31
(in millions of U.S. dollars)20222021
Equity in net income of partially-owned entities (1)
$361 $497 
Gains (losses) from fair value changes in separate account assets (2)
(31)
Federal excise and capital taxes(4)(5)
Other(16)(6)
Total$310 $490 
(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.
v3.22.1
Segment information (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Operations By Segment
The following tables present the Statement of Operations by segment:
For the Three Months Ended
March 31, 2022
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$4,039 $1,180 $62 $3,079 $253 $586 $ $ $9,199 
Net premiums earned4,114 1,247 (29)2,628 235 551   8,746 
Losses and loss expenses2,497 713 (92)1,389 115 154 10 1 4,787 
Policy benefits     176  (31)145 
Policy acquisition costs573 260 12 679 62 151   1,737 
Administrative expenses265 69 (1)269 9 84 83  778 
Underwriting income (loss)779 205 52 291 49 (14)(93)30 1,299 
Net investment income (loss)489 59 7 147 85 103 (5)(63)822 
Other (income) expense6 1  2  (28)(259)(32)(310)
Amortization expense of
   purchased intangibles
 2 7 14  2 46  71 
Segment income$1,262 $261 $52 $422 $134 $115 $115 $(1)$2,360 
Net realized gains (losses)100 1 101 
Interest expense132  132 
Income tax expense355  355 
Net income (loss)$(272)$ $1,974 

For the Three Months Ended
March 31, 2021
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$3,664 $1,098 $183 $2,890 $207 $620 $— $— $8,662 
Net premiums earned3,674 1,184 110 2,478 180 595 — — 8,221 
Losses and loss expenses2,560 819 85 1,263 120 198 (1)5,053 
Policy benefits— — — — — 163 — 167 
Policy acquisition costs514 247 12 668 45 179 — — 1,665 
Administrative expenses254 60 266 82 71 — 744 
Underwriting income (loss)346 58 10 281 (27)(80)(3)592 
Net investment income (loss)540 65 141 70 98 (17)(41)863 
Other (income) expense— — (34)(415)(45)(490)
Amortization expense of
   purchased intangibles
— 12 — 49 — 72 
Segment income$884 $119 $10 $409 $77 $104 $269 $$1,873 
Net realized gains (losses)888 (1)887 
Interest expense122 — 122 
Income tax expense338 — 338 
Net income$697 $— $2,300 
v3.22.1
Earnings per share (Tables)
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
Three Months Ended
March 31
(in millions of U.S. dollars, except share and per share data)20222021
Numerator:
Net income$1,974 $2,300 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding425,805,105 450,539,568 
Denominator for diluted earnings per share:
Share-based compensation plans3,985,729 2,795,971 
Weighted-average shares outstanding and assumed conversions
429,790,834 453,335,539 
Basic earnings per share$4.64 $5.10 
Diluted earnings per share$4.59 $5.07 
Potential anti-dilutive share conversions681,032 1,952,612 
v3.22.1
General Schedule of Cash and Cash Equivalent (Details) - USD ($)
$ 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
v3.22.1
General Goodwill (Details)
$ in Millions
3 Months Ended
Mar. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Period Increase (Decrease) $ 31
v3.22.1
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)
v3.22.1
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%      
v3.22.1
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
v3.22.1
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    
v3.22.1
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    
v3.22.1
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%
v3.22.1
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
v3.22.1
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)
v3.22.1
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)
[1] Other realized losses include impairment of assets related to Chubb's Russian entities.
[2] Relates to certain securities we intended to sell and securities written to market entering default.
v3.22.1
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
v3.22.1
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)    
v3.22.1
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)    
v3.22.1
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
v3.22.1
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
v3.22.1
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
[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] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021 measured using NAV as a practical expedient.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.22.1
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ 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
[1] The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.22.1
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
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.22.1
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
v3.22.1
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    
[1] Net of valuation allowance for uncollectible reinsurance.
v3.22.1
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
v3.22.1
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  
[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 $4 million for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($)
$ 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
v3.22.1
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)
v3.22.1
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
v3.22.1
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)
[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.
v3.22.1
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
[1] Includes embedded derivatives.
[2] Related to GMDB and GLB book of business.
v3.22.1
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
v3.22.1
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
[1] Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.22.1
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      
v3.22.1
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
v3.22.1
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          
v3.22.1
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  
v3.22.1
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)
v3.22.1
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
[1] Equity in net income of partially-owned entities includes $40 million and $49 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three months ended March 31, 2022 and 2021, respectively.
[2] Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.22.1
Segment Information (Operations By Segment) (Detail) - USD ($)
$ 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
v3.22.1
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