Accrued investment income

1,909

1,445

1,196

1,160

Insurance and reinsurance balances receivable, net of valuation allowance – $58 and $59

15,358

14,426

Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $310

^[1]

20,015

19,777

Reinsurance recoverable on policy benefits

^[1]

267

289

Deferred policy acquisition costs

8,775

8,358

Value of business acquired

3,134

3,223

Goodwill

19,716

19,579

Other intangible assets

6,363

6,377

Deferred tax assets

1,798

1,603

Prepaid reinsurance premiums

3,681

3,378

Other assets (includes VIE balances of $32 and $26)

6,285

6,231

8,704

7,503

Total assets

251,752

246,548

Liabilities

Unpaid losses and loss expenses

85,471

84,004

Unearned premiums

24,487

23,504

Future policy benefits

16,690

16,121

Policyholders' account balances

708

607

8,129

8,016

Separate account liabilities

6,285

6,231

Insurance and reinsurance balances payable

8,446

8,121

Repurchase agreements (includes VIE balances of $1,102 and $815)

3,124

2,731

Securities lending payable

1,909

1,445

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $93 and $183)

9,213

10,192

Deferred tax liabilities

1,608

1,584

Short-term debt

0

800

Long-term debt

14,508

14,379

Hybrid debt

419

Total liabilities

180,997

178,154

Commitments and contingencies (refer to Note 11)

Shareholders’ equity

Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 400,748,485 and 400,703,663 shares outstanding)

231

235

Common Shares in treasury (11,358,936 and 18,922,323 shares)

(1,799)

(3,524)

Additional paid-in capital

13,976

14,393

Retained earnings

60,953

61,561

Accumulated other comprehensive income (loss) (AOCI)

(7,635)

(8,644)

Total Chubb shareholders’ equity

65,726

64,021

Noncontrolling interests (includes VIE balances of $4,117 and $3,459)

5,029

4,373

Total shareholders' equity

70,755

68,394

Total liabilities and shareholders’ equity

$ 251,752

$ 246,548

[1]	Net of valuation allowance for uncollectible reinsurance.

Consolidated Balance Sheets (Parentheticals) (Unaudited) $ in Millions	Mar. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares
Statement of Financial Position [Abstract]
Short-term investments, amortized cost	$ 4,434	$ 5,143
Fixed maturities available-for-sale, valuation allowance	63	70
Fixed maturities available-for-sale, amortized cost	114,930	115,083
Private debt held-to-maturity, valuation allowance	3	4
Restricted cash	278	261
Insurance and reinsurance balances receivable, valuation allowance	58	59
Valuation allowance for uncollectible reinsurance	$ 320	$ 310
Common Shares, shares issued \| shares	412,107,421	419,625,986
Common Shares, shares outstanding \| shares	400,748,485	400,703,663
Treasury Stock, Common, Shares \| shares	11,358,936	18,922,323
Short-term investments	$ 4,432	$ 5,142
Equity securities	9,556	9,151
Private equities	15,506	14,769
Other investments	9,224	8,597
Cash, including restricted cash	2,250	2,549
Other assets	8,704	7,503
Repurchase agreements	3,124	2,731
Noncontrolling interests	5,029	4,373
Variable Interest Entity, Primary Beneficiary
Short-term investments	131	57
Equity securities	1,631	1,289
Private equities	22	22
Other investments	5,002	4,538
Cash, including restricted cash	205	114
Other assets	32	26
Repurchase agreements	1,102	815
Other liabilities	93	183
Noncontrolling interests	$ 4,117	$ 3,459

Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Net premiums written	$ 12,646	$ 12,221
Increase in unearned premiums	(646)	(638)
Net premiums earned	12,000	11,583
Net investment income	1,561	1,391
Net realized gains (losses)	(116)	(101)
Market risk benefits gains (losses)	(92)	21
Total revenues	13,353	12,894
Expenses
Losses and loss expenses	6,896	5,727
Policy benefits (includes remeasurement losses of $3 and $19)	1,227	1,180
Policy acquisition costs	2,313	2,207
Administrative expenses	1,080	1,070
Interest expense	181	178
Other (income) expense	(83)	(191)
Amortization of purchased intangibles	75	80
Integration expenses	0	7
Total expenses	11,689	10,258
Income before income tax	1,664	2,636
Income tax expense	321	342
Net income	1,343	2,294
Net income attributable to noncontrolling interests	12	151
Net income attributable to Chubb	1,331	2,143
Other comprehensive income (loss):
Unrealized appreciation (depreciation)	901	(677)
Current discount rate on future policy benefits	(122)	(53)
Instrument-specific credit risk on market risk benefits	4	5
Cumulative foreign currency translation adjustment	359	80
Other, including postretirement benefit liability adjustment	(95)	31
Other comprehensive income (loss), before income tax	1,047	(614)
Income tax (expense) benefit related to OCI items	(43)	9
Other comprehensive income (loss)	1,004	(605)
Comprehensive income	2,347	1,689
Comprehensive income attributable to noncontrolling interests	7	123
Comprehensive income attributable to Chubb	$ 2,340	$ 1,566
Earnings per share
Basic earnings per share attributable to Chubb	$ 3.32	$ 5.28
Diluted earnings per share attributable to Chubb	$ 3.29	$ 5.23

Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock, Common	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent	Noncontrolling Interest
Total shareholders' equity		$ 241	$ (4,400)	$ 15,665	$ 54,810	$ (6,809)		$ 4,184
Treasury Stock, Retired, Cost Method, Amount		0	0		0
Common Shares repurchased			(316)
Net shares issued under employee share-based compensation plans			255
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				(159)
Exercise of stock options				(19)
Share-based compensation expense				82
Adjustments to Additional Paid in Capital, Other				(31)
Funding of dividends declared to Retained earnings				(350)
Net income attributable to Chubb	$ 2,143				2,143
Funding of dividends declared from Additional paid-in capital					350
Dividends declared on Common Shares					(350)
Other Comprehensive Income (Loss), Net of Tax	(605)					(577)
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								(411)
Net income attributable to noncontrolling interests	151							151
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								(28)
Total shareholders' equity	64,431	241	(4,461)	15,188	56,953	(7,386)	$ 60,535	3,896
Noncontrolling interests	4,373
Total shareholders' equity	68,394	235	(3,524)	14,393	61,561	(8,644)		4,373
Balance – beginning of period, net of tax at Dec. 31, 2024	64,021
Treasury Stock, Retired, Cost Method, Amount		(4)	(1,942)		(1,939)
Common Shares repurchased			(385)
Net shares issued under employee share-based compensation plans			168
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				(146)
Exercise of stock options				1
Share-based compensation expense				94
Adjustments to Additional Paid in Capital, Other				0
Funding of dividends declared to Retained earnings				(366)
Net income attributable to Chubb	1,331				1,331
Funding of dividends declared from Additional paid-in capital					366
Dividends declared on Common Shares					(366)
Other Comprehensive Income (Loss), Net of Tax	1,004					1,009
Balance – end of period, net of tax at Mar. 31, 2025	65,726
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								649
Net income attributable to noncontrolling interests	12							12
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								(5)
Noncontrolling interests	5,029
Total shareholders' equity	$ 70,755	$ 231	$ (1,799)	$ 13,976	$ 60,953	$ (7,635)	$ 65,726	$ 5,029

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income	$ 1,343	$ 2,294
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	116	101
Market risk benefits (gains) losses	92	(21)
Amortization of premiums (discounts) on fixed maturities	(100)	(80)
Amortization of purchased intangibles	75	80
Equity in net income (loss) of partially-owned entities	(82)	(184)
Deferred income taxes	(198)	(24)
Unpaid losses and loss expenses	1,182	175
Unearned premiums	868	633
Future policy benefits	440	445
Insurance and reinsurance balances payable	305	155
Accounts payable, accrued expenses, and other liabilities	(567)	(267)
Income taxes	203	257
Insurance and reinsurance balances receivable	(874)	(586)
Reinsurance recoverable	(127)	852
Deferred policy acquisition costs	(428)	(390)
Net sales (purchases) of investments by consolidated investment products	(435)	(404)
Other	(247)	184
Net cash flows from operating activities	1,566	3,220
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(5,894)	(8,617)
Purchases of equity securities	(783)	(752)
Sales of fixed maturities available-for-sale	2,660	4,368
Sales of equity securities	637	520
Maturities and redemptions of fixed maturities available-for-sale	2,902	2,149
Net change in short-term investments	773	(708)
Net derivative instruments settlements	(21)	(17)
Private equity contributions	(879)	(248)
Private equity distributions	222	177
Acquisition of subsidiaries	0	(236)
Cash And Cash Equivalents Increase (Decrease) Due To Consolidation And Deconsolidation Of Investment Products	16	0
Other	(431)	(382)
Net cash flows used for investing activities	(798)	(3,746)
Cash flows from financing activities
Proceeds from issuance of long-term debt	0	996
Dividends paid on Common Shares	(366)	(349)
Common Shares repurchased	(691)	(404)
Repayment of long-term debt	(800)	0
Proceeds from share-based compensation plans	98	163
Policyholder contract deposits	242	336
Policyholder contract withdrawals	(176)	(245)
Third-party capital invested into consolidated investment products	559	509
Third-party capital distributed by consolidated investment products	(242)	(413)
Proceeds from issuance of repurchase agreements	(810)	(1,062)
Repayment of repurchase agreements	(447)	(984)
Other	(112)	(109)
Net cash flows from (used for) financing activities	(1,125)	562
Effect of foreign currency rate changes on cash and restricted cash	58	(6)
Net increase (decrease) in cash and restricted cash	(299)	30
Cash and restricted cash - beginning of period	2,549	2,621
Cash and restricted cash - end of period	2,250	2,651
Supplemental cash flow information
Taxes paid	314	89
Interest paid	$ 146	$ 112

Consolidated Statements of Operations and Comprehensive Income (Parentheticals) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ (3)	$ (19)

General and significant accounting policies	3 Months Ended
General and significant accounting policies	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General and significant accounting policies a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 16 for additional information. The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. 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 2024 Form 10-K. b) Goodwill During the three months ended March 31, 2025, Goodwill increased $137 million, primarily reflecting the impact of foreign exchange. c) New Accounting Pronouncements Accounting guidance not yet adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our 2025 annual reporting. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement. Disaggregation of Income Statement Expenses In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2025
Business Combinations [Abstract]
Acquisitions	Acquisitions Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam On March 3, 2025, we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products. On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand. We expect to complete the acquisition of Liberty Insurance in Vietnam later in 2025 or early 2026, subject to required regulatory approvals and customary closing conditions. The results of operations of these businesses will be reported in our Overseas General Insurance segment. Huatai Group Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of March 31, 2025. In the second quarter of 2025, we closed on incremental ownership interests of approximately 0.6 percent. Chubb has total outstanding agreements for approximately 1.0 percent of incremental ownership interests, pending completion of certain closing conditions.

Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

a) Fixed maturities


March 31, 2025	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,268	$	—	$	17	$	(260)	$	4,025
Non-U.S.	36,574		(22)		810		(1,060)		36,302
Corporate and asset-backed securities	45,105		(41)		309		(2,093)		43,280
Mortgage-backed securities	28,983		—		145		(1,612)		27,516

	$	114,930	$	(63)	$	1,281	$	(5,025)	$	111,123


December 31, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,383	$	—	$	10	$	(323)	$	4,070
Non-U.S.	36,311		(23)		753		(1,203)		35,838
Corporate and asset-backed securities	45,231		(47)		287		(2,264)		43,207
Mortgage-backed securities	29,158		—		69		(1,979)		27,248

	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363

The following table presents fixed maturities by contractual maturity:


	March 31, 2025				December 31, 2024
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,938	$	4,938	$	4,507	$	4,507
Due after 1 year through 5 years	33,342		33,342		33,446		33,446
Due after 5 years through 10 years	27,027		27,027		26,901		26,901
Due after 10 years	18,300		18,300		18,261		18,261
	83,607		83,607		83,115		83,115
Mortgage-backed securities	27,516		27,516		27,248		27,248
	$	111,123	$	111,123	$	110,363	$	110,363

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, 2025, and December 31, 2024, 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 1 f) in the 2024 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 continuously been in an unrealized loss position:


	0 – 12 Months				Over 12 Months				Total
March 31, 2025	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities	$	524	$	(7)	$	2,468	$	(253)	$	2,992	$	(260)
Non-U.S.	5,533		(102)		11,375		(774)		16,908		(876)
Corporate and asset-backed securities	10,320		(177)		12,824		(1,172)		23,144		(1,349)
Mortgage-backed securities	5,493		(48)		11,986		(1,564)		17,479		(1,612)

Total AFS fixed maturities	$	21,870	$	(334)	$	38,653	$	(3,763)	$	60,523	$	(4,097)


	0 – 12 Months				Over 12 Months				Total
December 31, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

U.S. and local government securities	$	767	$	(16)	$	2,489	$	(303)	$	3,256	$	(319)
Non-U.S.	6,630		(138)		12,023		(874)		18,653		(1,012)
Corporate and asset-backed securities	10,069		(194)		13,290		(1,259)		23,359		(1,453)
Mortgage-backed securities	10,490		(170)		11,987		(1,794)		22,477		(1,964)

Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)

At March 31, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $491 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

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)	2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	70	$	156


Provision for expected credit loss	21		31

Write-offs charged against the expected credit loss	—		(5)

Recovery of expected credit loss	(28)		(67)
Valuation allowance for expected credit losses - end of period	$	63	$	115
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	4
Provision for expected credit loss	—		1
Recovery of expected credit loss	(1)		—
Valuation allowance for expected credit losses - end of period	$	3	$	5

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)	2025		2024
Fixed maturities:
Gross realized gains	$	38	$	16
Gross realized losses	(96)		(141)
Other investments - Fixed maturities (2025 includes $(53) million related to investments measured under the fair value option)	(40)		168
Net (provision for) recovery of expected credit losses	8		40
Impairment (1)	(7)		(34)
Total fixed maturities	(97)		49
Equity securities (2025 includes $53 million related to investments measured under the fair value option)	63		3
Private equities (less than 3 percent ownership)	11		31
Foreign exchange	(65)		(131)
Investment and embedded derivative instruments	(23)		(43)
Other derivative instruments	(3)		(2)
Other	(2)		(8)
Net realized gains (losses) (pre-tax)	$	(116)	$	(101)

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

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


											Three Months Ended
													March 31
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	63	$	(40)	$	11	$	34	$	3	$	168	$	31	$	202
Less: Net gains (losses) recognized from sales of securities	(12)		1		—		(11)		(3)		—		—		(3)
Unrealized gains (losses) recognized for securities still held at reporting date	$	75	$	(41)	$	11	$	45	$	6	$	168	$	31	$	205

d) Private equities

Private equities include investment funds, limited partnerships, and partially-owned investment companies 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 for private equities:


	Expected Liquidation Period of Underlying Assets	March 31, 2025				December 31, 2024
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,340	$	250	$	1,265	$	281
Real assets	2 to 13 Years	1,952		487		1,974		547
Distressed	2 to 8 Years	1,249		656		1,257		679
Private credit	3 to 8 Years	315		328		295		285
Traditional	2 to 14 Years	10,336		4,694		9,674		4,650
Vintage	1 to 3 Years	61		—		64		—
Investment funds	Not Applicable	253		—		240		—
		$	15,506	$	6,415	$	14,769	$	6,442

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


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

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets

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

31, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $18,079 million and $17,945 million, respectively, and cash of $278 million and $261 million, respectively.

The following table presents the components of restricted assets:


	March 31		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,273	$	8,170
Assets pledged under repurchase agreements	3,364		2,890
Deposits with U.S. regulatory authorities	2,522		2,487

Deposits with non-U.S. regulatory authorities and other	4,198		4,659

Total	$	18,357	$	18,206

f) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2024 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

Unconsolidated VIEs

We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at March 31, 2025, and December 31, 2024, was $5.0 billion, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at March 31, 2025, and December 31, 2024, was $89 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities on the Consolidated balance sheets.

Fair value measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair value measurements

a) Fair value hierarchy

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

The three levels of the hierarchy are as follows:

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

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

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

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

would use in pricing an asset or liability.

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

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

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


March 31, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,739	$	2,286	$	—	$	4,025
Non-U.S.	—		35,715		587		36,302
Corporate and asset-backed securities	—		40,263		3,017		43,280
Mortgage-backed securities	—		27,516		—		27,516

	1,739		105,780		3,604		111,123
Equity securities (1)	4,412		—		113		4,525
Short-term investments	2,484		1,930		18		4,432
Other investments (2)	577		7,318		—		7,895
Securities lending collateral	—		1,909		—		1,909
Investment derivatives	40		—		—		40
Derivatives designated as hedging instruments	—		132		—		132
Other derivative instruments	5		—		—		5
Separate account assets	6,212		73		—		6,285
Total assets measured at fair value (1)(2)(3)	$	15,469	$	117,142	$	3,735	$	136,346
Liabilities:
Investment derivatives	$	294	$	—	$	—	$	294
Derivatives designated as hedging instruments	—		101		—		101
Other derivative instruments	—		5		—		5
Market risk benefits (4)	—		—		708		708
Total liabilities measured at fair value	$	294	$	106	$	708	$	1,108

(1)Excluded from the table above is a fund of $5,031 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,329 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $15,506 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.


December 31, 2024	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,765	$	2,305	$	—	$	4,070
Non-U.S.	—		35,234		604		35,838
Corporate and asset-backed securities	—		40,316		2,891		43,207
Mortgage-backed securities	—		27,245		3		27,248

	1,765		105,100		3,498		110,363
Equity securities (1)	4,053		—		120		4,173
Short-term investments	3,156		1,972		14		5,142
Other investments (2)	573		6,783		—		7,356
Securities lending collateral	—		1,445		—		1,445
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		146		—		146
Other derivative instruments	35		—		—		35
Separate account assets	6,165		66		—		6,231
Total assets measured at fair value (1)(2)(3)	$	15,788	$	115,512	$	3,632	$	134,932
Liabilities:
Investment derivatives	$	303	$	—	$	—	$	303
Derivatives designated as hedging instruments	—		116		—		116
Other derivative instruments	—		2		—		2
Market risk benefits (4)	—		—		607		607
Total liabilities measured at fair value	$	303	$	118	$	607	$	1,028

(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

Level 3 financial instruments

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).



Three Months Ended March 31, 2025 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	604	$	2,891	$	3		$	120		$	14
Transfers into Level 3	1		24		—			—			—
Transfers out of Level 3	—		(1)		—			—			—
Change in Net Unrealized Gains (Losses) in OCI	20		(4)		—			—			—
Net Realized Gains (Losses)	(6)		(2)		(2)			(5)			—
Purchases	60		219		1			7			5
Sales	(53)		(47)		(2)			(9)			—
Settlements	(39)		(63)		—			—			(1)

Balance, end of period	$	587	$	3,017	$	—		$	113		$	18
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—		$	5		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	14	$	(10)	$	—		$	—		$	—



Three Months Ended March 31, 2024 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			1			—		—		—
Transfers out of Level 3		(4)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		14			6			—		—		—
Net Realized Gains (Losses)		—			—			—		(3)		—

Purchases		72			143			—		18		4
Sales		(20)			(20)			—		(1)		—
Settlements		(37)			(91)			—		—		(2)

Balance, end of period		$	718		$	2,658		$	7	$	101	$	5
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	—		$	—	$	(2)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	13		$	6		$	—	$	—	$	—

Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 10 Market risk benefits. Refer to Note 10 for additional information.

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 Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt.

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


March 31, 2025	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,498	$	2,498	$	2,460
Total assets	$	—	$	—	$	2,498	$	2,498	$	2,460
Liabilities:
Repurchase agreements	$	—	$	3,124	$	—	$	3,124	$	3,124

Long-term debt	—		13,149		—		13,149		14,508
Hybrid debt	—		476		—		476		419
Total liabilities	$	—	$	16,749	$	—	$	16,749	$	18,051


December 31, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,680	$	2,680	$	2,628
Total assets	$	—	$	—	$	2,680	$	2,680	$	2,628
Liabilities:
Repurchase agreements	$	—	$	2,731	$	—	$	2,731	$	2,731
Short-term debt	—		797		—		797		800
Long-term debt	—		12,979		—		12,979		14,379
Hybrid debt	—		479		—		479		419
Total liabilities	$	—	$	16,986	$	—	$	16,986	$	18,329

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

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Deferred Policy Acquisition Costs Disclosures [Abstract]

Reinsurance

3 Months Ended

Mar. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance


	March 31, 2025				December 31, 2024
(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	$	18,081	$	254	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,934		66		2,043		68
Reinsurance recoverable on losses and loss expenses	$	20,015	$	320	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	267	$	—	$	289	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	11		8
Write-offs charged against the valuation allowance	(2)		—
Foreign exchange revaluation	1		—

Valuation allowance for uncollectible reinsurance - end of period	$	320	$	375

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2024 Form 10-K.

Deferred acquisition costs

3 Months Ended

Mar. 31, 2025

Deferred Policy Acquisition Costs

Deferred policy acquisition costs

The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment:


	Three Months Ended March 31, 2025

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	469	$	722	$	870	$	1,681	$	324	$	4,066

Capitalizations	58		38		109		170		40		415
Amortization expense	(36)		(20)		(12)		(54)		(7)		(129)

Other (including foreign exchange)	4		(8)		(4)		(16)		(2)		(26)
Balance – end of period	$	495	$	732	$	963	$	1,781	$	355	$	4,326
Overseas General Insurance segment excluded from table											608
Total deferred policy acquisition costs on long-duration contracts											$	4,934
Deferred policy acquisition costs on short-duration contracts											3,841
Total deferred policy acquisition costs											$	8,775


	Three Months Ended March 31, 2024

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185

Capitalizations	47		33		85		158		16		339
Amortization expense	(28)		(20)		(8)		(41)		(7)		(104)

Other (including foreign exchange)	(8)		1		(3)		3		(2)		(9)
Balance – end of period	$	413	$	688	$	608	$	1,421	$	281	$	3,411
Overseas General Insurance segment excluded from table											616
Total deferred policy acquisition costs on long-duration contracts											$	4,027
Deferred policy acquisition costs on short-duration contracts											3,510
Total deferred policy acquisition costs											$	7,537

Unpaid losses and loss expenses, and Future policy benefits

3 Months Ended

Mar. 31, 2025

Liability for Future Policy Benefits and Unpaid 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)	2025		2024

Gross unpaid losses and loss expenses – beginning of period	$	84,004	$	80,122
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)	(17,734)		(17,884)
Net unpaid losses and loss expenses – beginning of period	66,270		62,238
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	7,133		5,980
Prior years (2)	(237)		(253)
Total	6,896		5,727
Net losses and loss expenses paid in respect of losses occurring in:
Current year	1,305		767
Prior years	4,699		4,055
Total	6,004		4,822
Foreign currency revaluation and other	228		35
Net unpaid losses and loss expenses – end of period	67,390		63,178
Reinsurance recoverable on unpaid losses and loss expenses (1)	18,081		17,163
Gross unpaid losses and loss expenses – end of period	$	85,471	$	80,341

(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, earned premiums, and A&H long-duration lines totaling $(18) million and $46 million for the three months ended March 31, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $1,120 million for the three months ended March 31, 2025, principally reflecting underlying exposure growth and net catastrophe losses, partially offset by the impact of 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-tail		Total
2025
North America Commercial P&C Insurance		$	49	$	(163)	$	(114)
North America Personal P&C Insurance		—		—		—
North America Agricultural Insurance		—		(33)		(33)
Overseas General Insurance		1		(122)		(121)
Global Reinsurance		(5)		5		—
Corporate		13		—		13
Total		$	58	$	(313)	$	(255)
2024
North America Commercial P&C Insurance		$	96	$	(144)	$	(48)
North America Personal P&C Insurance		—		(52)		(52)
North America Agricultural Insurance		—		(28)		(28)
Overseas General Insurance		(1)		(88)		(89)
Global Reinsurance		—		1		1
Corporate		9		—		9
Total		$	104	$	(311)	$	(207)

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

North America Commercial P&C Insurance. Net favorable development for the three months ended March 31, 2025, included $163 million from short-tail lines, primarily from surety, due to lower-than-expected loss development. This favorable development was partially offset by net adverse development of $49 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines.

Net favorable development for the three months ended March 31, 2024, included $144 million from short-tail lines, primarily from surety and property and marine lines due to lower-than-expected loss development. The favorable development was partially offset by net adverse development of $96 million from long-tail lines, primarily in commercial excess and umbrella lines, driven by higher-than-expected loss development.

Overseas General Insurance. Net favorable development for the three months ended March 31, 2025, included a $122 million release from short-tail lines.

Net favorable development for the three months ended March 31, 2024, included $88 million from short-tail lines, primarily from property lines driven by favorable development across all regions, primarily in accident years 2020 through 2023.

Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:


Present Value of Expected Net Premiums	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,523	$	4,405	$	11,626	$	125	$	17,679
Beginning balance at original discount rate	1,819		4,303		11,499		124		17,745
Effect of changes in cash flow assumptions	—		(4)		(5)		—		(9)
Effect of actual variances from expected experience	7		23		(93)		—		(63)
Adjusted beginning of period balance	1,826		4,322		11,401		124		17,673

Issuances	65		288		599		208		1,160
Interest accrual	14		32		133		2		181
Net premiums collected (1)	(59)		(311)		(370)		(61)		(801)

Other (including foreign exchange)	(6)		(19)		(86)		2		(109)
Ending balance at original discount rate	1,840		4,312		11,677		275		18,104
Effect of changes in discount rate assumptions	(295)		111		212		1		29
Balance – end of period	$	1,545	$	4,423	$	11,889	$	276	$	18,133

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Effect of changes in cash flow assumptions	—		(10)		2		—		(8)
Effect of actual variances from expected experience	10		24		(95)		—		(61)
Adjusted beginning of period balance	2,657		11,256		15,559		601		30,073

Issuances	65		288		599		208		1,160
Interest accrual	19		90		165		6		280
Benefit payments	(51)		(78)		(421)		(6)		(556)

Other (including foreign exchange)	(6)		(32)		(127)		3		(162)
Ending balance at original discount rate	2,684		11,524		15,775		812		30,795
Effect of changes in discount rate assumptions	(416)		905		155		45		689
Balance – end of period	$	2,268	$	12,429	$	15,930	$	857	$	31,484


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	723	$	8,006	$	4,041	$	581	$	13,351
Deferred profit liability	291		1,351		202		64		1,908
Net liability for future policy benefits, before reinsurance recoverable	1,014		9,357		4,243		645		15,259
Less: Reinsurance recoverable on future policy benefits	108		45		114		—		267
Net liability for future policy benefits, after reinsurance recoverable	$	906	$	9,312	$	4,129	$	645	$	14,992
Weighted average duration (years)	10.5		27.9		9.9		23.5		21.8


Present Value of Expected Net Premiums	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		109		—		185
Effect of actual variances from expected experience	(1)		22		(37)		—		(16)
Adjusted beginning of period balance	1,997		4,037		10,764		64		16,862
Issuances	65		295		697		2		1,059
Interest accrual	14		27		133		—		174
Net premiums collected (1)	(57)		(310)		(363)		(7)		(737)


Other (including foreign exchange)	(5)		(4)		82		—		73
Ending balance at original discount rate	2,014		4,045		11,313		59		17,431
Effect of changes in discount rate assumptions	(407)		18		(295)		—		(684)
Balance – end of period	$	1,607	$	4,063	$	11,018	$	59	$	16,747

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		86		100		—		194
Effect of actual variances from expected experience	3		27		(36)		—		(6)
Adjusted beginning of period balance	2,760		10,104		15,135		492		28,491
Issuances	65		295		697		2		1,059
Interest accrual	19		74		164		3		260
Benefit payments	(59)		(87)		(398)		(6)		(550)

Other (including foreign exchange)	30		(2)		114		21		163
Ending balance at original discount rate	2,815		10,384		15,712		512		29,423
Effect of changes in discount rate assumptions	(516)		184		(487)		18		(801)
Balance – end of period	$	2,299	$	10,568	$	15,225	$	530	$	28,622


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2024
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	692	$	6,505	$	4,207	$	471	$	11,875
Deferred profit liability	254		904		174		19		1,351
Net liability for future policy benefits, before reinsurance recoverable	946		7,409		4,381		490		13,226
Less: Reinsurance recoverable on future policy benefits	107		45		113		1		266
Net liability for future policy benefits, after reinsurance recoverable	$	839	$	7,364	$	4,268	$	489	$	12,960
Weighted average duration (years)	10.2		25.6		10.1		15.1		19.3

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.


	March 31
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	13,351	$	11,875
Other (1)	1,431		1,149
Deferred profit liability	1,908		1,351
Liability for future policy benefits, per consolidated balance sheet	$	16,690	$	14,375

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:


	March 31		March 31
(in millions of U.S. dollars)	2025		2024

Term Life
Undiscounted expected future benefit payments	$	4,266	$	4,358
Undiscounted expected future gross premiums	6,595		7,291
Discounted expected future benefit payments	2,268		2,299
Discounted expected future gross premiums	4,460		3,909
Whole Life
Undiscounted expected future benefit payments	29,099		24,834
Undiscounted expected future gross premiums	10,390		9,593
Discounted expected future benefit payments	12,429		10,568
Discounted expected future gross premiums	8,518		7,774
A&H
Undiscounted expected future benefit payments	26,695		26,475
Undiscounted expected future gross premiums	39,108		39,002
Discounted expected future benefit payments	15,930		15,225
Discounted expected future gross premiums	23,346		22,975
Other
Undiscounted expected future benefit payments	1,556		901
Undiscounted expected future gross premiums	478		94
Discounted expected future benefit payments	857		530
Discounted expected future gross premiums	$	437	$	83

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:


	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	March 31				March 31
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	170	$	167	$	5	$	5

Whole Life	563		530		58		47
A&H	752		753		32		31
Other	89		20		4		3
Total	$	1,574	$	1,470	$	99	$	86

The following table presents the weighted-average interest rates for the Life Insurance segment:


	Interest Accretion Rate				Current Discount Rate

	March 31				March 31
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	2.9	%	5.6	%	5.7	%

Whole Life	3.5	%	3.2	%	4.0	%	4.5	%
A&H	4.1	%	3.7	%	5.7	%	6.3	%
Other	3.2	%	2.6	%	3.6	%	3.8	%

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

3 Months Ended

Mar. 31, 2025

Policyholder Account Balance [Abstract]

Policyholders' Account Balances, Separate Accounts, and Unearned Revenue Liability

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:


	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748


Premiums received	53		101		94		248
Policy charges (1)	(29)		—		(2)		(31)
Surrenders and withdrawals	(29)		(9)		(51)		(89)
Benefit payments (4)	(17)		(48)		(22)		(87)

Interest credited	12		10		16		38
Other (including foreign exchange)	13		5		(1)		17
Balance – end of period	$	1,812	$	2,644	$	2,388	$	6,844
Unearned revenue liability							719
Other (5)							566
Policyholders' account liability, per consolidated balance sheet							$	8,129

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

(5)Primarily comprises unpaid dividends on certain participating policies.


	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789

Premiums received	72		131		131		334
Policy charges (1)	(34)		—		(2)		(36)
Surrenders and withdrawals	(32)		(10)		(77)		(119)
Benefit payments (4)	(54)		(59)		(3)		(116)

Interest credited	13		16		14		43
Other (including foreign exchange)	(1)		(5)		(9)		(15)
Balance – end of period	$	1,840	$	2,484	$	2,556	$	6,880
Unearned revenue liability							680
Policyholders' account liability, per consolidated balance sheet							$	7,560

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.



	March 31
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.7		%	1.6		%	2.7		%	2.9		%	2.6		%	2.5		%
Net amount at risk (2)	$	12,079		$	—		$	407		$	12,014		$	—		$	499
Cash Surrender Value	$	1,659		$	1,728		$	2,095		$	1,623		$	1,605		$	2,239

(1)Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, respectively.

(2)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	433	$	—	$	47	$	131	$	611
2.01% – 4.00%	245		589		355		—		1,189
Greater than 4.00%	12		—		—		—		12
Total	$	690	$	589	$	402	$	131	$	1,812


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	482	$	—	$	39	$	49	$	570
2.01% – 4.00%	67		461		728		—		1,256
Greater than 4.00%	14		—		—		—		14
Total	$	563	$	461	$	767	$	49	$	1,840

Annuities


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	90	$	—	$	1,637	$	56	$	1,783
2.01% – 4.00%	861		—		—		—		861
Greater than 4.00%	—		—		—		—		—
Total	$	951	$	—	$	1,637	$	56	$	2,644


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	720	$	—	$	1,624	$	1	$	2,345
2.01% – 4.00%	139		—		—		—		139
Greater than 4.00%	—		—		—		—		—
Total	$	859	$	—	$	1,624	$	1	$	2,484

Other policyholders' account balances


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	363	$	5	$	153	$	438	$	959
2.01% – 4.00%	1,378		51		—		—		1,429
Greater than 4.00%	—		—		—		—		—
Total	$	1,741	$	56	$	153	$	438	$	2,388


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	789	$	—	$	243	$	533	$	1,565
2.01% – 4.00%	378		613		—		—		991
Greater than 4.00%	—		—		—		—		—
Total	$	1,167	$	613	$	243	$	533	$	2,556

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:


	March 31		March 31
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	76

Mutual funds	6,081		5,699

Fixed maturities	73		89

Total	$	6,285	$	5,864

The following table presents a roll-forward of separate account liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573

Premiums and deposits	490		264
Policy charges	(33)		(43)
Surrenders and withdrawals	(243)		(210)
Benefit payments	(113)		(105)
Investment performance	5		375

Other (including foreign exchange)	(52)		10
Balance – end of period	$	6,285	$	5,864
Cash surrender value (1)	$	5,898	$	5,655

(1)Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	34		34
Amortization	(18)		(18)

Other (including foreign exchange)	(8)		(9)
Balance – end of period	$	719	$	680

Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:


	Three Months Ended March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	607	$	771
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	592		749



Interest rate changes	46		(57)
Effect of market movements (1)	52		(77)
Effect of changes in volatilities	16		(20)
Actual policyholder behavior different from expected behavior	16		30


Effect of timing and all other	(25)		(31)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	697	$	594
Effect of changes in the instrument-specific credit risk	11		17
Balance – end of period	$	708	$	611
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,654	$	1,683

(1) Market movements are predominantly driven by changes in equities.

(2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB gains (losses) of $14 million and $(134) million for the three months ended March 31, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB, Chubb estimates fair value using an internal valuation model which includes 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. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

March 31, 2025

March 31, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.2

%

0.5% – 30.0%

4.3

%

Annuitization rate

0% – 100%

4.8

%

0% – 100%

4.2

%

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

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB 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 GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB 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 detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K.

Market risk benefits

3 Months Ended

Mar. 31, 2025

Market Risk Benefit [Abstract]

Market Risk Benefits

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:


	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748


Premiums received	53		101		94		248
Policy charges (1)	(29)		—		(2)		(31)
Surrenders and withdrawals	(29)		(9)		(51)		(89)
Benefit payments (4)	(17)		(48)		(22)		(87)

Interest credited	12		10		16		38
Other (including foreign exchange)	13		5		(1)		17
Balance – end of period	$	1,812	$	2,644	$	2,388	$	6,844
Unearned revenue liability							719
Other (5)							566
Policyholders' account liability, per consolidated balance sheet							$	8,129

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

(5)Primarily comprises unpaid dividends on certain participating policies.


	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789

Premiums received	72		131		131		334
Policy charges (1)	(34)		—		(2)		(36)
Surrenders and withdrawals	(32)		(10)		(77)		(119)
Benefit payments (4)	(54)		(59)		(3)		(116)

Interest credited	13		16		14		43
Other (including foreign exchange)	(1)		(5)		(9)		(15)
Balance – end of period	$	1,840	$	2,484	$	2,556	$	6,880
Unearned revenue liability							680
Policyholders' account liability, per consolidated balance sheet							$	7,560

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.



	March 31
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.7		%	1.6		%	2.7		%	2.9		%	2.6		%	2.5		%
Net amount at risk (2)	$	12,079		$	—		$	407		$	12,014		$	—		$	499
Cash Surrender Value	$	1,659		$	1,728		$	2,095		$	1,623		$	1,605		$	2,239

(1)Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, respectively.

(2)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	433	$	—	$	47	$	131	$	611
2.01% – 4.00%	245		589		355		—		1,189
Greater than 4.00%	12		—		—		—		12
Total	$	690	$	589	$	402	$	131	$	1,812


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	482	$	—	$	39	$	49	$	570
2.01% – 4.00%	67		461		728		—		1,256
Greater than 4.00%	14		—		—		—		14
Total	$	563	$	461	$	767	$	49	$	1,840

Annuities


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	90	$	—	$	1,637	$	56	$	1,783
2.01% – 4.00%	861		—		—		—		861
Greater than 4.00%	—		—		—		—		—
Total	$	951	$	—	$	1,637	$	56	$	2,644


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	720	$	—	$	1,624	$	1	$	2,345
2.01% – 4.00%	139		—		—		—		139
Greater than 4.00%	—		—		—		—		—
Total	$	859	$	—	$	1,624	$	1	$	2,484

Other policyholders' account balances


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	363	$	5	$	153	$	438	$	959
2.01% – 4.00%	1,378		51		—		—		1,429
Greater than 4.00%	—		—		—		—		—
Total	$	1,741	$	56	$	153	$	438	$	2,388


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	789	$	—	$	243	$	533	$	1,565
2.01% – 4.00%	378		613		—		—		991
Greater than 4.00%	—		—		—		—		—
Total	$	1,167	$	613	$	243	$	533	$	2,556

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:


	March 31		March 31
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	76

Mutual funds	6,081		5,699

Fixed maturities	73		89

Total	$	6,285	$	5,864

The following table presents a roll-forward of separate account liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573

Premiums and deposits	490		264
Policy charges	(33)		(43)
Surrenders and withdrawals	(243)		(210)
Benefit payments	(113)		(105)
Investment performance	5		375

Other (including foreign exchange)	(52)		10
Balance – end of period	$	6,285	$	5,864
Cash surrender value (1)	$	5,898	$	5,655

(1)Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	34		34
Amortization	(18)		(18)

Other (including foreign exchange)	(8)		(9)
Balance – end of period	$	719	$	680

Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:


	Three Months Ended March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	607	$	771
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	592		749



Interest rate changes	46		(57)
Effect of market movements (1)	52		(77)
Effect of changes in volatilities	16		(20)
Actual policyholder behavior different from expected behavior	16		30


Effect of timing and all other	(25)		(31)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	697	$	594
Effect of changes in the instrument-specific credit risk	11		17
Balance – end of period	$	708	$	611
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,654	$	1,683

(1) Market movements are predominantly driven by changes in equities.

(2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB gains (losses) of $14 million and $(134) million for the three months ended March 31, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB, Chubb estimates fair value using an internal valuation model which includes 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. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

March 31, 2025

March 31, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.2

%

0.5% – 30.0%

4.3

%

Annuitization rate

0% – 100%

4.8

%

0% – 100%

4.2

%

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

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB 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 GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB 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 detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K.

Commitments, contingencies, and guarantees

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments, contingencies, and guarantees

a) Derivative instruments

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

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.

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


				March 31, 2025								December 31, 2024
	Consolidated Balance Sheet Location	Fair Value				Notional Amount/ Payment Provision			Fair Value					Notional Amount/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	38	$	(289)	$	4,563		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	2		(5)		768			—			(8)		449
Convertible securities (1)	FM AFS / ES	14		—		14			12			—		12
Total		$	54	$	(294)	$	5,345		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	2	$	—	$	921		$	35		$	—	$	1,047
Other	OA / (AP)	3		(5)		265			—			(2)		211
Total		$	5	$	(5)	$	1,186		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	93	$	(1)	$	1,906		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	39		(100)		2,925			43			(116)		2,896
Total		$	132	$	(101)	$	4,831		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At March 31, 2025, and December 31, 2024, net derivative liabilities of $223 million and $199 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Cross-currency swaps - fair value hedges

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.7 billion, or approximately $1.9 billion at March 31, 2025, of euro denominated debt by converting cash flows back into the U.S. dollar.

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows:


	Three Months Ended
	March 31
(pre-tax, in millions of U.S. dollars)		2025		2024
Gain (loss) recognized in OCI		$	(26)	$	(8)
Net realized gain (loss) reclassified from OCI		69		(37)
Interest expense reclassified from OCI		(4)		(4)
OCI gain (loss) after reclassifications		$	(91)	$	33

(ii) Cross-currency swaps - net investment hedges

Chubb holds certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, Swiss franc, and Chinese yuan renminbi. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

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


	Three Months Ended
	March 31
(pre-tax, in millions of U.S. dollars)		2025		2024
Gain (loss) recognized in OCI		$	24	$	36
Interest income reclassified from OCI		8		3
OCI gain (loss) after reclassifications		$	16	$	33

c) Derivative instruments not designated as hedges

Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts		$	(14)	$	(52)

Options/Futures/Forward contracts on notes and bonds		(9)		6
Convertible securities (1)		—		3

Total investment and embedded derivative instruments		$	(23)	$	(43)
Other derivative instruments:
Futures contracts on equities (2)		$	54	$	(95)
Other		(3)		(2)
Total other derivative instruments		$	51	$	(97)
Total		$	28	$	(140)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

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

Forwards

A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums.

Options

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

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

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

Other

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

(iii) Convertible security investments

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

(iv) TBA

By acquiring to be announced mortgage-backed securities (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) Futures contracts on equities

Under the MRB 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. We may recognize a loss for 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). 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 MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

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

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


	Remaining contractual maturity

	March 31, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	752	$	557
U.S. and local government securities	147		148
Non-U.S.	926		663
Corporate and asset-backed securities	50		49

Equity securities	34		28

	$	1,909	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,909	$	1,445

At March 31, 2025, and December 31, 2024, our repurchase agreement obligations of $3,124 million and $2,731 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, 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, 2025				December 31, 2024
	Up to 30 Days		30-90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	—	$	—	$	—	$	19	$	2	$	21
Non-U.S.	1,866		—		1,866		1,387		—		—		1,387
U.S. and local government securities	—		106		106		—		—		104		104

Mortgage-backed securities	470		922		1,392		—		454		924		1,378
	$	2,336	$	1,028	$	3,364	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements					$	3,124							$	2,731
Difference (1)					$	240							$	159

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

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

e) Fixed maturities

At March 31, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $1.2 billion and $1.3 billion, respectively.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At March 31, 2025, private equities with a carrying value of $15.3 billion had commitments that could require funding of up to $6.4 billion over the next several years. At December 31, 2024, these investments had a carrying value of $14.5 billion with commitments of up to $6.4 billion. The remaining private equities had no funding commitments.

g) Income taxes

At March 31, 2025, $97 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.

h) 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.

i) Lease commitments

At March 31, 2025, and December 31, 2024, the right-of-use asset was $1,052 million and $824 million, respectively, recorded within Other assets, and the lease liability was $1,177 million and $942 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.

Shareholders' equity

3 Months Ended

Mar. 31, 2025

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, 2025, our Common Shares had a par value of CHF 0.50 per share.

At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.64 per share and $3.44 per share, respectively, which were paid in four quarterly installments of $0.91 per share and $0.86 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, 2025, and 2024, were $0.91 (CHF 0.81) and $0.86 (CHF 0.75), 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.

On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024. The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the three months ended March 31, 2025, 1,345,782 shares were repurchased, 7,518,565 shares were canceled, and

1,390,604 net shares were issued under employee share-based compensation plans. At March 31, 2025, 11,358,936 Common Shares remain in treasury.

Chubb Limited securities repurchase authorization

In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares effective July 1, 2023, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorization:


	Three Months Ended			April 1, 2025 through April 25, 2025
	March 31
(in millions of U.S. dollars, except share data)		2025				2024
Number of shares repurchased		1,345,782		1,220,121			511,000
Cost of shares repurchased		$	385	$	316		$	143
Repurchase authorization remaining at end of period		$	1,300	$	3,373		$	1,157

The following table presents changes in accumulated other comprehensive income (loss):


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax		$	(4,552)	$	(4,177)
Change in period, before reclassification from AOCI (before tax)		843		(796)
Amounts reclassified from AOCI (before tax)		58		119
Change in period, before tax		901		(677)
Income tax (expense) benefit		(61)		42
Total other comprehensive income (loss)		840		(635)
Noncontrolling interests, net of tax		(8)		13
Balance – end of period, net of tax		(3,704)		(4,825)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax		(539)		51
Change in period, before tax		(122)		(53)
Income tax (expense) benefit		12		(20)
Total other comprehensive loss		(110)		(73)
Noncontrolling interests, net of tax		(4)		(33)
Balance – end of period, net of tax		(645)		11
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax		(16)		(22)
Change in period, before tax		4		5
Income tax expense		(1)		—
Total other comprehensive income		3		5
Noncontrolling interests, net of tax		—		—
Balance – end of period, net of tax		(13)		(17)


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Accumulated other comprehensive income (loss) (AOCI) - continued
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax		(4,025)		(2,945)
Change in period, before reclassification from AOCI (before tax)		367		83
Amounts reclassified from AOCI (before tax)		(8)		(3)
Change in period, before tax		359		80
Income tax expense		(12)		(7)
Total other comprehensive income		347		73
Noncontrolling interests, net of tax		7		(8)
Balance – end of period, net of tax		(3,685)		(2,864)
Fair value hedging instruments
Balance – beginning of period, net of tax		50		(13)
Change in period, before reclassification from AOCI (before tax)		(26)		(8)
Amounts reclassified from AOCI (before tax)		(65)		41
Change in period, before tax		(91)		33
Income tax (expense) benefit		19		(7)
Total other comprehensive income (loss)		(72)		26
Noncontrolling interests, net of tax		—		—
Balance – end of period, net of tax		(22)		13
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax		438		297
Change in period, before tax		(4)		(2)
Income tax benefit		—		1
Total other comprehensive loss		(4)		(1)
Noncontrolling interests, net of tax		—		—
Balance – end of period, net of tax		434		296
Accumulated other comprehensive loss		$	(7,635)	$	(7,386)

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:


	Three Months Ended			Consolidated Statement of Operations Location
	March 31
(in millions of U.S. dollars)		2025				2024
Fixed maturities available-for-sale		$	(58)	$	(119)		Net realized gains (losses)
Income tax benefit		25		12			Income tax expense
		$	(33)	$	(107)		Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps		$	8	$	3		Interest expense
Income tax expense		(2)		(1)			Income tax expense
		$	6	$	2		Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps		$	69	$	(37)		Net realized gains (losses)
Cross-currency swaps		(4)		(4)			Interest expense
Income tax (expense) benefit		(14)		9			Income tax expense
		$	51	$	(32)		Net income
Total amounts reclassified from AOCI		$	24	$	(137)

The entire disclosure for equity.

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Compensation and Employee Benefit Plans [Text Block]

Share-based compensation	3 Months Ended
Share-based compensation	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation The 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 March 3, 2025, Chubb granted 1,253,605 stock options with a weighted-average grant date fair value of $74.64 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 shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, 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 the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 3, 2025, Chubb granted 620,237 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and 288,070 performance stock units to employees and officers with a grant date fair value of $289.69 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

Postretirement benefits

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Postretirement benefits

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


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	2	$	—	$	—
Non-service cost (benefit):
Interest cost	34		9		33		9		—		1
Expected return on plan assets	(63)		(13)		(61)		(13)		—		(1)
Amortization of net actuarial (gain) loss	(2)		—		—		1		(1)		(1)
Amortization of prior service cost	—		—		—		—		—		—

Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(31)		(4)		(28)		(3)		(1)		(1)
Net periodic benefit cost (benefit)	$	(31)	$	(2)	$	(28)	$	(1)	$	(1)	$	(1)

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


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended March 31	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		2		—		—
Total service cost	2		2		—		—
Non-service cost (benefit):
Losses and loss expenses	(3)		(3)		—		—
Administrative expenses	(32)		(28)		(1)		(1)
Total non-service cost (benefit)	(35)		(31)		(1)		(1)
Net periodic benefit cost (benefit)	$	(33)	$	(29)	$	(1)	$	(1)

Other Income and Expense

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Other Income and Expense Disclosure

Other income and expense


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Equity in net income (loss) of partially-owned entities		$	82	$	184
Gains (losses) from fair value changes in separate account assets		(10)		10
Asset management and performance fee revenue		56		53
Asset management and performance fee expense		(33)		(33)
Federal excise and capital taxes		(5)		(4)
Other		(7)		(19)
Total		$	83	$	191

Equity in net income of partially-owned entities 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) where we own more than three percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $(27) million and $103 million for the three months ended March 31, 2025 and 2024, respectively.

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 treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.

Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.

Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

Segment information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a 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. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, 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. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in

Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:

•Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

•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, 2025 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	4,787	$	1,552	$	276	$	3,903	$	408	$	1,720	$	12,646
Net premiums earned	4,988		1,574		165		3,209		368		1,696		12,000
Losses and loss expenses	3,031		2,093		92		1,397		242		26
Policy benefits	—		—		—		113		—		1,163
Policy acquisition costs	719		330		17		837		100		310
Administrative expenses	344		87		2		330		10		202
Underwriting income	894		(936)		54		532		16		NM
Net investment income	929		120		24		281		70		271
Other (income) expense	8		1		1		6		—		(35)
Amortization of purchased intangibles	1		2		6		19		—		10
Segment income (loss)	$	1,814	$	(819)	$	71	$	788	$	86	$	291	$	2,231
Net realized gains (losses)													(116)
Market risk benefits gains (losses)													(92)
Interest expense													181

Corporate underwriting loss													(119)
Corporate net investment loss													(27)
Corporate other (income) expense													33
Corporate amortization of purchased intangibles													37
Other reclassification													38
Income before income tax													$	1,664

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Three Months Ended March 31, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	4,689	$	1,456	$	249	$	3,835	$	359	$	1,633	$	12,221
Net premiums earned	4,880		1,471		128		3,198		295		1,611		11,583
Losses and loss expenses	3,175		899		49		1,426		137		32
Policy benefits	—		—		—		100		—		1,070
Policy acquisition costs	688		300		21		823		81		294
Administrative expenses	328		86		2		331		9		207
Underwriting income	689		186		56		518		68		NM
Net investment income	826		102		21		267		57		230
Other (income) expense	7		1		—		5		—		(40)
Amortization of purchased intangibles	—		2		6		20		—		10
Segment income	$	1,508	$	285	$	71	$	760	$	125	$	268	$	3,017
Net realized gains (losses)													(101)
Market risk benefits gains (losses)													21
Interest expense													178
Integration expenses													7
Corporate underwriting loss													(117)
Corporate net investment loss													(26)
Corporate other (income) expense													(68)
Corporate amortization of purchased intangibles													42
Other reclassification													1
Income before income tax													$	2,636

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

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

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Earnings per share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings per share


	Three Months Ended
	March 31
(in millions of U.S. dollars, except share and per share data)		2025		2024
Numerator:
Net income		$	1,343	$	2,294
Net income attributable to noncontrolling interests		12		151
Net income attributable to Chubb		$	1,331	$	2,143
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding		400,681,956		405,662,694
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans		3,992,395		4,076,941
Weighted-average shares outstanding and assumed conversions		404,674,351		409,739,635
Basic earnings per share attributable to Chubb		$	3.32	$	5.28
Diluted earnings per share attributable to Chubb		$	3.29	$	5.23
Potential anti-dilutive share conversions		1,268,531		1,005,420

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 16 to the Consolidated Financial Statements of our 2024 Form 10-K for additional information on stock options.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 1,331	$ 2,143

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

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Investments, Debt and Equity Securities [Abstract]

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
John J. Lupica [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 19, 2025, John J. Lupica, Vice Chairman; Executive Chairman, North America Insurance, adopted a "Rule 10b5-1 trading arrangement" as defined in Item 408 of SEC Regulation S-K. The arrangement is scheduled to expire on September 30, 2025, subject to earlier termination in accordance with its terms. The aggregate number of Chubb common shares authorized to be sold pursuant to the trading arrangement is 57,674.
Name	John J. Lupica
Title	Vice Chairman; Executive Chairman, North America Insurance
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 19, 2025
Expiration Date	September 30, 2025
Aggregate Available	57,674

General and significant accounting policies (Policies)	3 Months Ended
General and significant accounting policies (Policies)	Mar. 31, 2025
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 16 for additional information. The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. 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 2024 Form 10-K.
Goodwill and Intangible Assets, Goodwill, Policy	Goodwill During the three months ended March 31, 2025, Goodwill increased $137 million, primarily reflecting the impact of foreign exchange.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements Accounting guidance not yet adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our 2025 annual reporting. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement. Disaggregation of Income Statement Expenses In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Fair value measurements (Fair Value Measurement Policy) (Policies)	3 Months Ended
	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy	Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: •Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; •Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and •Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability.

Investments (Tables)

3 Months Ended

Mar. 31, 2025

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


March 31, 2025	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,268	$	—	$	17	$	(260)	$	4,025
Non-U.S.	36,574		(22)		810		(1,060)		36,302
Corporate and asset-backed securities	45,105		(41)		309		(2,093)		43,280
Mortgage-backed securities	28,983		—		145		(1,612)		27,516

	$	114,930	$	(63)	$	1,281	$	(5,025)	$	111,123


December 31, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,383	$	—	$	10	$	(323)	$	4,070
Non-U.S.	36,311		(23)		753		(1,203)		35,838
Corporate and asset-backed securities	45,231		(47)		287		(2,264)		43,207
Mortgage-backed securities	29,158		—		69		(1,979)		27,248

	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:


	March 31, 2025				December 31, 2024
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,938	$	4,938	$	4,507	$	4,507
Due after 1 year through 5 years	33,342		33,342		33,446		33,446
Due after 5 years through 10 years	27,027		27,027		26,901		26,901
Due after 10 years	18,300		18,300		18,261		18,261
	83,607		83,607		83,115		83,115
Mortgage-backed securities	27,516		27,516		27,248		27,248
	$	111,123	$	111,123	$	110,363	$	110,363

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

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


	0 – 12 Months				Over 12 Months				Total
March 31, 2025	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities	$	524	$	(7)	$	2,468	$	(253)	$	2,992	$	(260)
Non-U.S.	5,533		(102)		11,375		(774)		16,908		(876)
Corporate and asset-backed securities	10,320		(177)		12,824		(1,172)		23,144		(1,349)
Mortgage-backed securities	5,493		(48)		11,986		(1,564)		17,479		(1,612)

Total AFS fixed maturities	$	21,870	$	(334)	$	38,653	$	(3,763)	$	60,523	$	(4,097)


	0 – 12 Months				Over 12 Months				Total
December 31, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

U.S. and local government securities	$	767	$	(16)	$	2,489	$	(303)	$	3,256	$	(319)
Non-U.S.	6,630		(138)		12,023		(874)		18,653		(1,012)
Corporate and asset-backed securities	10,069		(194)		13,290		(1,259)		23,359		(1,453)
Mortgage-backed securities	10,490		(170)		11,987		(1,794)		22,477		(1,964)

Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)

Debt Securities, Available-for-sale, Allowance for Credit Loss

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


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	70	$	156


Provision for expected credit loss	21		31

Write-offs charged against the expected credit loss	—		(5)

Recovery of expected credit loss	(28)		(67)
Valuation allowance for expected credit losses - end of period	$	63	$	115
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	4
Provision for expected credit loss	—		1
Recovery of expected credit loss	(1)		—
Valuation allowance for expected credit losses - end of period	$	3	$	5

Private debt held-for-investment, allowance for credit loss

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)	2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	70	$	156


Provision for expected credit loss	21		31

Write-offs charged against the expected credit loss	—		(5)

Recovery of expected credit loss	(28)		(67)
Valuation allowance for expected credit losses - end of period	$	63	$	115
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	4
Provision for expected credit loss	—		1
Recovery of expected credit loss	(1)		—
Valuation allowance for expected credit losses - end of period	$	3	$	5

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)	2025		2024
Fixed maturities:
Gross realized gains	$	38	$	16
Gross realized losses	(96)		(141)
Other investments - Fixed maturities (2025 includes $(53) million related to investments measured under the fair value option)	(40)		168
Net (provision for) recovery of expected credit losses	8		40
Impairment (1)	(7)		(34)
Total fixed maturities	(97)		49
Equity securities (2025 includes $53 million related to investments measured under the fair value option)	63		3
Private equities (less than 3 percent ownership)	11		31
Foreign exchange	(65)		(131)
Investment and embedded derivative instruments	(23)		(43)
Other derivative instruments	(3)		(2)
Other	(2)		(8)
Net realized gains (losses) (pre-tax)	$	(116)	$	(101)

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

Gain (Loss) on Securities

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


											Three Months Ended
													March 31
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	63	$	(40)	$	11	$	34	$	3	$	168	$	31	$	202
Less: Net gains (losses) recognized from sales of securities	(12)		1		—		(11)		(3)		—		—		(3)
Unrealized gains (losses) recognized for securities still held at reporting date	$	75	$	(41)	$	11	$	45	$	6	$	168	$	31	$	205

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share


	Expected Liquidation Period of Underlying Assets	March 31, 2025				December 31, 2024
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,340	$	250	$	1,265	$	281
Real assets	2 to 13 Years	1,952		487		1,974		547
Distressed	2 to 8 Years	1,249		656		1,257		679
Private credit	3 to 8 Years	315		328		295		285
Traditional	2 to 14 Years	10,336		4,694		9,674		4,650
Vintage	1 to 3 Years	61		—		64		—
Investment funds	Not Applicable	253		—		240		—
		$	15,506	$	6,415	$	14,769	$	6,442

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:


	March 31		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,273	$	8,170
Assets pledged under repurchase agreements	3,364		2,890
Deposits with U.S. regulatory authorities	2,522		2,487

Deposits with non-U.S. regulatory authorities and other	4,198		4,659

Total	$	18,357	$	18,206

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,739	$	2,286	$	—	$	4,025
Non-U.S.	—		35,715		587		36,302
Corporate and asset-backed securities	—		40,263		3,017		43,280
Mortgage-backed securities	—		27,516		—		27,516

	1,739		105,780		3,604		111,123
Equity securities (1)	4,412		—		113		4,525
Short-term investments	2,484		1,930		18		4,432
Other investments (2)	577		7,318		—		7,895
Securities lending collateral	—		1,909		—		1,909
Investment derivatives	40		—		—		40
Derivatives designated as hedging instruments	—		132		—		132
Other derivative instruments	5		—		—		5
Separate account assets	6,212		73		—		6,285
Total assets measured at fair value (1)(2)(3)	$	15,469	$	117,142	$	3,735	$	136,346
Liabilities:
Investment derivatives	$	294	$	—	$	—	$	294
Derivatives designated as hedging instruments	—		101		—		101
Other derivative instruments	—		5		—		5
Market risk benefits (4)	—		—		708		708
Total liabilities measured at fair value	$	294	$	106	$	708	$	1,108

(1)Excluded from the table above is a fund of $5,031 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,329 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $15,506 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.


December 31, 2024	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,765	$	2,305	$	—	$	4,070
Non-U.S.	—		35,234		604		35,838
Corporate and asset-backed securities	—		40,316		2,891		43,207
Mortgage-backed securities	—		27,245		3		27,248

	1,765		105,100		3,498		110,363
Equity securities (1)	4,053		—		120		4,173
Short-term investments	3,156		1,972		14		5,142
Other investments (2)	573		6,783		—		7,356
Securities lending collateral	—		1,445		—		1,445
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		146		—		146
Other derivative instruments	35		—		—		35
Separate account assets	6,165		66		—		6,231
Total assets measured at fair value (1)(2)(3)	$	15,788	$	115,512	$	3,632	$	134,932
Liabilities:
Investment derivatives	$	303	$	—	$	—	$	303
Derivatives designated as hedging instruments	—		116		—		116
Other derivative instruments	—		2		—		2
Market risk benefits (4)	—		—		607		607
Total liabilities measured at fair value	$	303	$	118	$	607	$	1,028

(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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



Three Months Ended March 31, 2025 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	604	$	2,891	$	3		$	120		$	14
Transfers into Level 3	1		24		—			—			—
Transfers out of Level 3	—		(1)		—			—			—
Change in Net Unrealized Gains (Losses) in OCI	20		(4)		—			—			—
Net Realized Gains (Losses)	(6)		(2)		(2)			(5)			—
Purchases	60		219		1			7			5
Sales	(53)		(47)		(2)			(9)			—
Settlements	(39)		(63)		—			—			(1)

Balance, end of period	$	587	$	3,017	$	—		$	113		$	18
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—		$	5		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	14	$	(10)	$	—		$	—		$	—



Three Months Ended March 31, 2024 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			1			—		—		—
Transfers out of Level 3		(4)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		14			6			—		—		—
Net Realized Gains (Losses)		—			—			—		(3)		—

Purchases		72			143			—		18		4
Sales		(20)			(20)			—		(1)		—
Settlements		(37)			(91)			—		—		(2)

Balance, end of period		$	718		$	2,658		$	7	$	101	$	5
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	—		$	—	$	(2)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	13		$	6		$	—	$	—	$	—

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, 2025	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,498	$	2,498	$	2,460
Total assets	$	—	$	—	$	2,498	$	2,498	$	2,460
Liabilities:
Repurchase agreements	$	—	$	3,124	$	—	$	3,124	$	3,124

Long-term debt	—		13,149		—		13,149		14,508
Hybrid debt	—		476		—		476		419
Total liabilities	$	—	$	16,749	$	—	$	16,749	$	18,051


December 31, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,680	$	2,680	$	2,628
Total assets	$	—	$	—	$	2,680	$	2,680	$	2,628
Liabilities:
Repurchase agreements	$	—	$	2,731	$	—	$	2,731	$	2,731
Short-term debt	—		797		—		797		800
Long-term debt	—		12,979		—		12,979		14,379
Hybrid debt	—		479		—		479		419
Total liabilities	$	—	$	16,986	$	—	$	16,986	$	18,329

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

schedule of reinsurance recoverable on ceded insurance

Reinsurance (Tables)

3 Months Ended

Mar. 31, 2025

Reinsurance Disclosures [Abstract]


	March 31, 2025				December 31, 2024
(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	$	18,081	$	254	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,934		66		2,043		68
Reinsurance recoverable on losses and loss expenses	$	20,015	$	320	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	267	$	—	$	289	$	—

(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 losses and loss expenses:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	11		8
Write-offs charged against the valuation allowance	(2)		—
Foreign exchange revaluation	1		—

Valuation allowance for uncollectible reinsurance - end of period	$	320	$	375

Deferred acquisition costs (Tables)

3 Months Ended

Mar. 31, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment:


	Three Months Ended March 31, 2025

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	469	$	722	$	870	$	1,681	$	324	$	4,066

Capitalizations	58		38		109		170		40		415
Amortization expense	(36)		(20)		(12)		(54)		(7)		(129)

Other (including foreign exchange)	4		(8)		(4)		(16)		(2)		(26)
Balance – end of period	$	495	$	732	$	963	$	1,781	$	355	$	4,326
Overseas General Insurance segment excluded from table											608
Total deferred policy acquisition costs on long-duration contracts											$	4,934
Deferred policy acquisition costs on short-duration contracts											3,841
Total deferred policy acquisition costs											$	8,775


	Three Months Ended March 31, 2024

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185

Capitalizations	47		33		85		158		16		339
Amortization expense	(28)		(20)		(8)		(41)		(7)		(104)

Other (including foreign exchange)	(8)		1		(3)		3		(2)		(9)
Balance – end of period	$	413	$	688	$	608	$	1,421	$	281	$	3,411
Overseas General Insurance segment excluded from table											616
Total deferred policy acquisition costs on long-duration contracts											$	4,027
Deferred policy acquisition costs on short-duration contracts											3,510
Total deferred policy acquisition costs											$	7,537

Unpaid losses and loss expenses, and Future policy benefits (Tables)

3 Months Ended

Mar. 31, 2025

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Schedule of Unpaid Losses And Loss Expenses Roll Forward [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)	2025		2024

Gross unpaid losses and loss expenses – beginning of period	$	84,004	$	80,122
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)	(17,734)		(17,884)
Net unpaid losses and loss expenses – beginning of period	66,270		62,238
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	7,133		5,980
Prior years (2)	(237)		(253)
Total	6,896		5,727
Net losses and loss expenses paid in respect of losses occurring in:
Current year	1,305		767
Prior years	4,699		4,055
Total	6,004		4,822
Foreign currency revaluation and other	228		35
Net unpaid losses and loss expenses – end of period	67,390		63,178
Reinsurance recoverable on unpaid losses and loss expenses (1)	18,081		17,163
Gross unpaid losses and loss expenses – end of period	$	85,471	$	80,341

(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, earned premiums, and A&H long-duration lines totaling $(18) million and $46 million for the three months ended March 31, 2025 and 2024, 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-tail		Total
2025
North America Commercial P&C Insurance		$	49	$	(163)	$	(114)
North America Personal P&C Insurance		—		—		—
North America Agricultural Insurance		—		(33)		(33)
Overseas General Insurance		1		(122)		(121)
Global Reinsurance		(5)		5		—
Corporate		13		—		13
Total		$	58	$	(313)	$	(255)
2024
North America Commercial P&C Insurance		$	96	$	(144)	$	(48)
North America Personal P&C Insurance		—		(52)		(52)
North America Agricultural Insurance		—		(28)		(28)
Overseas General Insurance		(1)		(88)		(89)
Global Reinsurance		—		1		1
Corporate		9		—		9
Total		$	104	$	(311)	$	(207)

Liability for Future Policy Benefit, Activity

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:


Present Value of Expected Net Premiums	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,523	$	4,405	$	11,626	$	125	$	17,679
Beginning balance at original discount rate	1,819		4,303		11,499		124		17,745
Effect of changes in cash flow assumptions	—		(4)		(5)		—		(9)
Effect of actual variances from expected experience	7		23		(93)		—		(63)
Adjusted beginning of period balance	1,826		4,322		11,401		124		17,673

Issuances	65		288		599		208		1,160
Interest accrual	14		32		133		2		181
Net premiums collected (1)	(59)		(311)		(370)		(61)		(801)

Other (including foreign exchange)	(6)		(19)		(86)		2		(109)
Ending balance at original discount rate	1,840		4,312		11,677		275		18,104
Effect of changes in discount rate assumptions	(295)		111		212		1		29
Balance – end of period	$	1,545	$	4,423	$	11,889	$	276	$	18,133

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Effect of changes in cash flow assumptions	—		(10)		2		—		(8)
Effect of actual variances from expected experience	10		24		(95)		—		(61)
Adjusted beginning of period balance	2,657		11,256		15,559		601		30,073

Issuances	65		288		599		208		1,160
Interest accrual	19		90		165		6		280
Benefit payments	(51)		(78)		(421)		(6)		(556)

Other (including foreign exchange)	(6)		(32)		(127)		3		(162)
Ending balance at original discount rate	2,684		11,524		15,775		812		30,795
Effect of changes in discount rate assumptions	(416)		905		155		45		689
Balance – end of period	$	2,268	$	12,429	$	15,930	$	857	$	31,484


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	723	$	8,006	$	4,041	$	581	$	13,351
Deferred profit liability	291		1,351		202		64		1,908
Net liability for future policy benefits, before reinsurance recoverable	1,014		9,357		4,243		645		15,259
Less: Reinsurance recoverable on future policy benefits	108		45		114		—		267
Net liability for future policy benefits, after reinsurance recoverable	$	906	$	9,312	$	4,129	$	645	$	14,992
Weighted average duration (years)	10.5		27.9		9.9		23.5		21.8


Present Value of Expected Net Premiums	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		109		—		185
Effect of actual variances from expected experience	(1)		22		(37)		—		(16)
Adjusted beginning of period balance	1,997		4,037		10,764		64		16,862
Issuances	65		295		697		2		1,059
Interest accrual	14		27		133		—		174
Net premiums collected (1)	(57)		(310)		(363)		(7)		(737)


Other (including foreign exchange)	(5)		(4)		82		—		73
Ending balance at original discount rate	2,014		4,045		11,313		59		17,431
Effect of changes in discount rate assumptions	(407)		18		(295)		—		(684)
Balance – end of period	$	1,607	$	4,063	$	11,018	$	59	$	16,747

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		86		100		—		194
Effect of actual variances from expected experience	3		27		(36)		—		(6)
Adjusted beginning of period balance	2,760		10,104		15,135		492		28,491
Issuances	65		295		697		2		1,059
Interest accrual	19		74		164		3		260
Benefit payments	(59)		(87)		(398)		(6)		(550)

Other (including foreign exchange)	30		(2)		114		21		163
Ending balance at original discount rate	2,815		10,384		15,712		512		29,423
Effect of changes in discount rate assumptions	(516)		184		(487)		18		(801)
Balance – end of period	$	2,299	$	10,568	$	15,225	$	530	$	28,622


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2024
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	692	$	6,505	$	4,207	$	471	$	11,875
Deferred profit liability	254		904		174		19		1,351
Net liability for future policy benefits, before reinsurance recoverable	946		7,409		4,381		490		13,226
Less: Reinsurance recoverable on future policy benefits	107		45		113		1		266
Net liability for future policy benefits, after reinsurance recoverable	$	839	$	7,364	$	4,268	$	489	$	12,960
Weighted average duration (years)	10.2		25.6		10.1		15.1		19.3

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.


	March 31
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	13,351	$	11,875
Other (1)	1,431		1,149
Deferred profit liability	1,908		1,351
Liability for future policy benefits, per consolidated balance sheet	$	16,690	$	14,375

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:


	March 31		March 31
(in millions of U.S. dollars)	2025		2024

Term Life
Undiscounted expected future benefit payments	$	4,266	$	4,358
Undiscounted expected future gross premiums	6,595		7,291
Discounted expected future benefit payments	2,268		2,299
Discounted expected future gross premiums	4,460		3,909
Whole Life
Undiscounted expected future benefit payments	29,099		24,834
Undiscounted expected future gross premiums	10,390		9,593
Discounted expected future benefit payments	12,429		10,568
Discounted expected future gross premiums	8,518		7,774
A&H
Undiscounted expected future benefit payments	26,695		26,475
Undiscounted expected future gross premiums	39,108		39,002
Discounted expected future benefit payments	15,930		15,225
Discounted expected future gross premiums	23,346		22,975
Other
Undiscounted expected future benefit payments	1,556		901
Undiscounted expected future gross premiums	478		94
Discounted expected future benefit payments	857		530
Discounted expected future gross premiums	$	437	$	83

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:


	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	March 31				March 31
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	170	$	167	$	5	$	5

Whole Life	563		530		58		47
A&H	752		753		32		31
Other	89		20		4		3
Total	$	1,574	$	1,470	$	99	$	86

The following table presents the weighted-average interest rates for the Life Insurance segment:


	Interest Accretion Rate				Current Discount Rate

	March 31				March 31
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	2.9	%	5.6	%	5.7	%

Whole Life	3.5	%	3.2	%	4.0	%	4.5	%
A&H	4.1	%	3.7	%	5.7	%	6.3	%
Other	3.2	%	2.6	%	3.6	%	3.8	%

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:


	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748


Premiums received	53		101		94		248
Policy charges (1)	(29)		—		(2)		(31)
Surrenders and withdrawals	(29)		(9)		(51)		(89)
Benefit payments (4)	(17)		(48)		(22)		(87)

Interest credited	12		10		16		38
Other (including foreign exchange)	13		5		(1)		17
Balance – end of period	$	1,812	$	2,644	$	2,388	$	6,844
Unearned revenue liability							719
Other (5)							566
Policyholders' account liability, per consolidated balance sheet							$	8,129

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

(5)Primarily comprises unpaid dividends on certain participating policies.


	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789

Premiums received	72		131		131		334
Policy charges (1)	(34)		—		(2)		(36)
Surrenders and withdrawals	(32)		(10)		(77)		(119)
Benefit payments (4)	(54)		(59)		(3)		(116)

Interest credited	13		16		14		43
Other (including foreign exchange)	(1)		(5)		(9)		(15)
Balance – end of period	$	1,840	$	2,484	$	2,556	$	6,880
Unearned revenue liability							680
Policyholders' account liability, per consolidated balance sheet							$	7,560

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.



	March 31
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.7		%	1.6		%	2.7		%	2.9		%	2.6		%	2.5		%
Net amount at risk (2)	$	12,079		$	—		$	407		$	12,014		$	—		$	499
Cash Surrender Value	$	1,659		$	1,728		$	2,095		$	1,623		$	1,605		$	2,239

(1)Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, respectively.

(2)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Policyholder Account Balance, Guaranteed Minimum Crediting Rates

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	433	$	—	$	47	$	131	$	611
2.01% – 4.00%	245		589		355		—		1,189
Greater than 4.00%	12		—		—		—		12
Total	$	690	$	589	$	402	$	131	$	1,812


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	482	$	—	$	39	$	49	$	570
2.01% – 4.00%	67		461		728		—		1,256
Greater than 4.00%	14		—		—		—		14
Total	$	563	$	461	$	767	$	49	$	1,840

Annuities


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	90	$	—	$	1,637	$	56	$	1,783
2.01% – 4.00%	861		—		—		—		861
Greater than 4.00%	—		—		—		—		—
Total	$	951	$	—	$	1,637	$	56	$	2,644


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	720	$	—	$	1,624	$	1	$	2,345
2.01% – 4.00%	139		—		—		—		139
Greater than 4.00%	—		—		—		—		—
Total	$	859	$	—	$	1,624	$	1	$	2,484

Other policyholders' account balances


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	363	$	5	$	153	$	438	$	959
2.01% – 4.00%	1,378		51		—		—		1,429
Greater than 4.00%	—		—		—		—		—
Total	$	1,741	$	56	$	153	$	438	$	2,388


	March 31, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	789	$	—	$	243	$	533	$	1,565
2.01% – 4.00%	378		613		—		—		991
Greater than 4.00%	—		—		—		—		—
Total	$	1,167	$	613	$	243	$	533	$	2,556

Fair Value, Separate Account Investment

The following table presents the aggregate fair value of Separate account assets, by major security type:


	March 31		March 31
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	76

Mutual funds	6,081		5,699

Fixed maturities	73		89

Total	$	6,285	$	5,864

Separate Account, Liability

The following table presents a roll-forward of separate account liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573

Premiums and deposits	490		264
Policy charges	(33)		(43)
Surrenders and withdrawals	(243)		(210)
Benefit payments	(113)		(105)
Investment performance	5		375

Other (including foreign exchange)	(52)		10
Balance – end of period	$	6,285	$	5,864
Cash surrender value (1)	$	5,898	$	5,655

(1)Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

The following table presents a roll-forward of unearned revenue liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	34		34
Amortization	(18)		(18)

Other (including foreign exchange)	(8)		(9)
Balance – end of period	$	719	$	680

Market risk benefits (Tables)

3 Months Ended

Mar. 31, 2025

Market Risk Benefit [Abstract]

Market Risk Benefit, Activity

The following table presents a roll-forward of MRB:


	Three Months Ended March 31
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	607	$	771
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	592		749



Interest rate changes	46		(57)
Effect of market movements (1)	52		(77)
Effect of changes in volatilities	16		(20)
Actual policyholder behavior different from expected behavior	16		30


Effect of timing and all other	(25)		(31)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	697	$	594
Effect of changes in the instrument-specific credit risk	11		17
Balance – end of period	$	708	$	611
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,654	$	1,683

(1) Market movements are predominantly driven by changes in equities.

(2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations

For MRB, Chubb estimates fair value using an internal valuation model which includes 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. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

March 31, 2025

March 31, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.2

%

0.5% – 30.0%

4.3

%

Annuitization rate

0% – 100%

4.8

%

0% – 100%

4.2

%

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

Commitments, contingencies, and guarantees (Tables)

3 Months Ended

Mar. 31, 2025

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 location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments:


				March 31, 2025								December 31, 2024
	Consolidated Balance Sheet Location	Fair Value				Notional Amount/ Payment Provision			Fair Value					Notional Amount/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	38	$	(289)	$	4,563		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	2		(5)		768			—			(8)		449
Convertible securities (1)	FM AFS / ES	14		—		14			12			—		12
Total		$	54	$	(294)	$	5,345		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	2	$	—	$	921		$	35		$	—	$	1,047
Other	OA / (AP)	3		(5)		265			—			(2)		211
Total		$	5	$	(5)	$	1,186		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	93	$	(1)	$	1,906		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	39		(100)		2,925			43			(116)		2,896
Total		$	132	$	(101)	$	4,831		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location


	Three Months Ended
	March 31
(pre-tax, in millions of U.S. dollars)		2025		2024
Gain (loss) recognized in OCI		$	(26)	$	(8)
Net realized gain (loss) reclassified from OCI		69		(37)
Interest expense reclassified from OCI		(4)		(4)
OCI gain (loss) after reclassifications		$	(91)	$	33

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location


	Three Months Ended
	March 31
(pre-tax, in millions of U.S. dollars)		2025		2024
Gain (loss) recognized in OCI		$	24	$	36
Interest income reclassified from OCI		8		3
OCI gain (loss) after reclassifications		$	16	$	33

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

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


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts		$	(14)	$	(52)

Options/Futures/Forward contracts on notes and bonds		(9)		6
Convertible securities (1)		—		3

Total investment and embedded derivative instruments		$	(23)	$	(43)
Other derivative instruments:
Futures contracts on equities (2)		$	54	$	(95)
Other		(3)		(2)
Total other derivative instruments		$	51	$	(97)
Total		$	28	$	(140)

(1)Includes embedded derivatives.

(2)Related to MRB 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, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	752	$	557
U.S. and local government securities	147		148
Non-U.S.	926		663
Corporate and asset-backed securities	50		49

Equity securities	34		28

	$	1,909	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,909	$	1,445

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, 2025				December 31, 2024
	Up to 30 Days		30-90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	—	$	—	$	—	$	19	$	2	$	21
Non-U.S.	1,866		—		1,866		1,387		—		—		1,387
U.S. and local government securities	—		106		106		—		—		104		104

Mortgage-backed securities	470		922		1,392		—		454		924		1,378
	$	2,336	$	1,028	$	3,364	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements					$	3,124							$	2,731
Difference (1)					$	240							$	159

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

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Share Repurchase Program [Table Text Block]

In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares effective July 1, 2023, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorization:


	Three Months Ended			April 1, 2025 through April 25, 2025
	March 31
(in millions of U.S. dollars, except share data)		2025				2024
Number of shares repurchased		1,345,782		1,220,121			511,000
Cost of shares repurchased		$	385	$	316		$	143
Repurchase authorization remaining at end of period		$	1,300	$	3,373		$	1,157

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income (loss):


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax		$	(4,552)	$	(4,177)
Change in period, before reclassification from AOCI (before tax)		843		(796)
Amounts reclassified from AOCI (before tax)		58		119
Change in period, before tax		901		(677)
Income tax (expense) benefit		(61)		42
Total other comprehensive income (loss)		840		(635)
Noncontrolling interests, net of tax		(8)		13
Balance – end of period, net of tax		(3,704)		(4,825)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax		(539)		51
Change in period, before tax		(122)		(53)
Income tax (expense) benefit		12		(20)
Total other comprehensive loss		(110)		(73)
Noncontrolling interests, net of tax		(4)		(33)
Balance – end of period, net of tax		(645)		11
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax		(16)		(22)
Change in period, before tax		4		5
Income tax expense		(1)		—
Total other comprehensive income		3		5
Noncontrolling interests, net of tax		—		—
Balance – end of period, net of tax		(13)		(17)


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Accumulated other comprehensive income (loss) (AOCI) - continued
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax		(4,025)		(2,945)
Change in period, before reclassification from AOCI (before tax)		367		83
Amounts reclassified from AOCI (before tax)		(8)		(3)
Change in period, before tax		359		80
Income tax expense		(12)		(7)
Total other comprehensive income		347		73
Noncontrolling interests, net of tax		7		(8)
Balance – end of period, net of tax		(3,685)		(2,864)
Fair value hedging instruments
Balance – beginning of period, net of tax		50		(13)
Change in period, before reclassification from AOCI (before tax)		(26)		(8)
Amounts reclassified from AOCI (before tax)		(65)		41
Change in period, before tax		(91)		33
Income tax (expense) benefit		19		(7)
Total other comprehensive income (loss)		(72)		26
Noncontrolling interests, net of tax		—		—
Balance – end of period, net of tax		(22)		13
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax		438		297
Change in period, before tax		(4)		(2)
Income tax benefit		—		1
Total other comprehensive loss		(4)		(1)
Noncontrolling interests, net of tax		—		—
Balance – end of period, net of tax		434		296
Accumulated other comprehensive loss		$	(7,635)	$	(7,386)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:


	Three Months Ended			Consolidated Statement of Operations Location
	March 31
(in millions of U.S. dollars)		2025				2024
Fixed maturities available-for-sale		$	(58)	$	(119)		Net realized gains (losses)
Income tax benefit		25		12			Income tax expense
		$	(33)	$	(107)		Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps		$	8	$	3		Interest expense
Income tax expense		(2)		(1)			Income tax expense
		$	6	$	2		Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps		$	69	$	(37)		Net realized gains (losses)
Cross-currency swaps		(4)		(4)			Interest expense
Income tax (expense) benefit		(14)		9			Income tax expense
		$	51	$	(32)		Net income
Total amounts reclassified from AOCI		$	24	$	(137)

Postretirement benefits (Tables)

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

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


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	2	$	—	$	—
Non-service cost (benefit):
Interest cost	34		9		33		9		—		1
Expected return on plan assets	(63)		(13)		(61)		(13)		—		(1)
Amortization of net actuarial (gain) loss	(2)		—		—		1		(1)		(1)
Amortization of prior service cost	—		—		—		—		—		—

Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(31)		(4)		(28)		(3)		(1)		(1)
Net periodic benefit cost (benefit)	$	(31)	$	(2)	$	(28)	$	(1)	$	(1)	$	(1)

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


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended March 31	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		2		—		—
Total service cost	2		2		—		—
Non-service cost (benefit):
Losses and loss expenses	(3)		(3)		—		—
Administrative expenses	(32)		(28)		(1)		(1)
Total non-service cost (benefit)	(35)		(31)		(1)		(1)
Net periodic benefit cost (benefit)	$	(33)	$	(29)	$	(1)	$	(1)

Other Income and Expense (Tables)

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Equity in net income (loss) of partially-owned entities		$	82	$	184
Gains (losses) from fair value changes in separate account assets		(10)		10
Asset management and performance fee revenue		56		53
Asset management and performance fee expense		(33)		(33)
Federal excise and capital taxes		(5)		(4)
Other		(7)		(19)
Total		$	83	$	191

Segment information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Operations By Segment

The following tables present the Statement of Operations by segment:


For the Three Months Ended March 31, 2025 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	4,787	$	1,552	$	276	$	3,903	$	408	$	1,720	$	12,646
Net premiums earned	4,988		1,574		165		3,209		368		1,696		12,000
Losses and loss expenses	3,031		2,093		92		1,397		242		26
Policy benefits	—		—		—		113		—		1,163
Policy acquisition costs	719		330		17		837		100		310
Administrative expenses	344		87		2		330		10		202
Underwriting income	894		(936)		54		532		16		NM
Net investment income	929		120		24		281		70		271
Other (income) expense	8		1		1		6		—		(35)
Amortization of purchased intangibles	1		2		6		19		—		10
Segment income (loss)	$	1,814	$	(819)	$	71	$	788	$	86	$	291	$	2,231
Net realized gains (losses)													(116)
Market risk benefits gains (losses)													(92)
Interest expense													181

Corporate underwriting loss													(119)
Corporate net investment loss													(27)
Corporate other (income) expense													33
Corporate amortization of purchased intangibles													37
Other reclassification													38
Income before income tax													$	1,664

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Three Months Ended March 31, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	4,689	$	1,456	$	249	$	3,835	$	359	$	1,633	$	12,221
Net premiums earned	4,880		1,471		128		3,198		295		1,611		11,583
Losses and loss expenses	3,175		899		49		1,426		137		32
Policy benefits	—		—		—		100		—		1,070
Policy acquisition costs	688		300		21		823		81		294
Administrative expenses	328		86		2		331		9		207
Underwriting income	689		186		56		518		68		NM
Net investment income	826		102		21		267		57		230
Other (income) expense	7		1		—		5		—		(40)
Amortization of purchased intangibles	—		2		6		20		—		10
Segment income	$	1,508	$	285	$	71	$	760	$	125	$	268	$	3,017
Net realized gains (losses)													(101)
Market risk benefits gains (losses)													21
Interest expense													178
Integration expenses													7
Corporate underwriting loss													(117)
Corporate net investment loss													(26)
Corporate other (income) expense													(68)
Corporate amortization of purchased intangibles													42
Other reclassification													1
Income before income tax													$	2,636

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2025

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)		2025		2024
Numerator:
Net income		$	1,343	$	2,294
Net income attributable to noncontrolling interests		12		151
Net income attributable to Chubb		$	1,331	$	2,143
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding		400,681,956		405,662,694
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans		3,992,395		4,076,941
Weighted-average shares outstanding and assumed conversions		404,674,351		409,739,635
Basic earnings per share attributable to Chubb		$	3.32	$	5.28
Diluted earnings per share attributable to Chubb		$	3.29	$	5.23
Potential anti-dilutive share conversions		1,268,531		1,005,420

General and significant accounting policies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
General and significant accounting policies [Line Items]
Goodwill, Period Increase (Decrease)	$ 137

Acquisitions (Narrative) (Details)	3 Months Ended
Acquisitions (Narrative) (Details)	Jun. 30, 2025	Mar. 31, 2025	Apr. 28, 2025
Huatai Group
Business Acquisition [Line Items]
Subsidiary, Ownership Percentage, Parent		85.50%
Huatai Group \| Subsequent Event
Business Acquisition [Line Items]
Additional percent ownership interest obtained in subsidiary	0.60%
Outstanding additional ownership interest agreed on			1.00%
Liberty Insurance, Vietnam [Member]
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement		Mar. 03, 2025
LMG Insurance, Thailand [Member]
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement		Mar. 03, 2025
LMG Insurance, Thailand [Member] \| Subsequent Event
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Apr. 01, 2025

Investments (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments [Line Items]
Restricted assets in fixed maturities and short-term investments	$ 18,079	$ 17,945
Restricted assets in cash	278	261
Equity securities	9,556	9,151
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure	89	97
Investments
Investments [Line Items]
Deferred Tax Assets, Valuation Allowance	491
Reserved alternative investment fund
Investments [Line Items]
Equity securities	$ 5,000	$ 5,000

Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 114,930	$ 115,083
Debt Securities, Available-for-sale, Allowance for Credit Loss	(63)	(70)	$ (115)	$ (156)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1,281	1,119
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(5,025)	(5,769)
Available for sale, Fair Value	111,123	110,363
U.S. and local government securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4,268	4,383
Debt Securities, Available-for-sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	17	10
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(260)	(323)
Available for sale, Fair Value	4,025	4,070
Non-U.S.
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	36,574	36,311
Debt Securities, Available-for-sale, Allowance for Credit Loss	(22)	(23)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	810	753
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(1,060)	(1,203)
Available for sale, Fair Value	36,302	35,838
Corporate and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	45,105	45,231
Debt Securities, Available-for-sale, Allowance for Credit Loss	(41)	(47)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	309	287
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(2,093)	(2,264)
Available for sale, Fair Value	43,280	43,207
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	28,983	29,158
Debt Securities, Available-for-sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	145	69
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(1,612)	(1,979)
Available for sale, Fair Value	$ 27,516	$ 27,248

Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value	$ 4,938	$ 4,507
Available for sale, Due after 1 year through 5 years, Fair Value & Net Carrying Value	33,342	33,446
Available for sale, Due after 5 years through 10 years, Fair Value & Net Carrying Value	27,027	26,901
Available for sale, Due after 10 years, Fair Value & Net Carrying Value	18,300	18,261
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	83,607	83,115
Available for sale, Mortgage backed securities, Fair Value & Net Carrying Value	27,516	27,248
Available for sale, Fair Value	$ 111,123	$ 110,363

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 21,870	$ 27,956
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(334)	(518)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	38,653	39,789
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(3,763)	(4,230)
Debt Securities, Available-for-sale, Unrealized Loss Position	60,523	67,745
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(4,097)	(4,748)
U.S. and local government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	524	767
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(7)	(16)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,468	2,489
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(253)	(303)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,992	3,256
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(260)	(319)
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	5,533	6,630
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(102)	(138)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	11,375	12,023
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(774)	(874)
Debt Securities, Available-for-sale, Unrealized Loss Position	16,908	18,653
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(876)	(1,012)
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	10,320	10,069
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(177)	(194)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	12,824	13,290
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,172)	(1,259)
Debt Securities, Available-for-sale, Unrealized Loss Position	23,144	23,359
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,349)	(1,453)
Mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	5,493	10,490
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(48)	(170)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	11,986	11,987
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,564)	(1,794)
Debt Securities, Available-for-sale, Unrealized Loss Position	17,479	22,477
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (1,612)	$ (1,964)

Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Beginning Balance	$ 70	$ 156
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	21	31
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	0	(5)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery	(28)	(67)
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance	$ 63	$ 115

Investments (Rollforward of expected credit losses Private Debt HFI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Private Debt, Held-for-investment, Allowance for Credit Loss [Line Items]
Private Debt Held-for-investment, Allowance for Credit Loss, Beginning Balance	$ 4	$ 4
Private Debt Held-for-investment, Allowance for Credit Loss, Period Increase (Decrease)	0	1
Private Debt Held-for-investment, Allowance for Credit Loss, Recovery	1	0
Private Debt Held-for-investment, Allowance for Credit Loss, Ending Balance	$ 3	$ 5

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

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

$ (116)

$ (101)

21

31

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

(97)

49

Foreign exchange

(65)

(131)

Fixed Maturities [Member]

28

(140)

Other

(2)

(8)

Debt Securities, Available-for-Sale, Realized Gain

38

16

Debt Securities, Available-for-Sale, Realized Loss

96

141

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

8

40

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

^[1]

(7)

(34)

Other Investments

(40)

168

Equity Securities

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

63

3

Private equities

Equity securities, Private equities and Other investments

11

31

Other investments - Fixed Maturities [Member]

34

202

Reserved alternative investment fund

(53)

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

53

Investment and embedded derivative instruments

(23)

(43)

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

$ (3)

$ (2)

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

Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	$ (116)	$ (101)
Equity Securities
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	63	3
Less: Net gains (losses) recognized from sales of securities	(12)	(3)
Unrealized Gain (Loss) on Investments	75	6
Other Investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	(40)	168
Less: Net gains (losses) recognized from sales of securities	1	0
Unrealized Gain (Loss) on Investments	(41)	168
Private equities
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	11	31
Less: Net gains (losses) recognized from sales of securities	0	0
Unrealized Gain (Loss) on Investments	11	31
Equity securities, Private equities and Other investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	34	202
Less: Net gains (losses) recognized from sales of securities	(11)	(3)
Unrealized Gain (Loss) on Investments	$ 45	$ 205

Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	$ 15,506	$ 14,769
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	6,415	6,442
Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	1,340	1,265
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	250	281
Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	1,952	1,974
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	487	547
Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	1,249	1,257
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	656	679
Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	315	295
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	328	285
Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	10,336	9,674
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	4,694	4,650
Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	61	64
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	0	0
Investment Funds Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	253	240
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 0	$ 0
Minimum \| Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years
Minimum \| Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years
Minimum \| Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years
Minimum \| Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years
Minimum \| Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years
Minimum \| Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	1 year
Maximum \| Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	10 years
Maximum \| Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	13 years
Maximum \| Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	8 years
Maximum \| Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	8 years
Maximum \| Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	14 years
Maximum \| Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years

Investments (Schedule Of Components Of Restricted Assets) (Detail) - Asset Pledged as Collateral without Right - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments [Line Items]
Trust funds	$ 8,273	$ 8,170
Assets pledged under repurchase agreements	3,364	2,890
Deposits with U.S. regulatory authorities	2,522	2,487
Deposits with non-U.S. regulatory authorities and other	4,198	4,659
Total restricted assets	$ 18,357	$ 18,206

Fair value measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($)
$ in Millions

Mar. 31, 2025

Dec. 31, 2024

Mar. 31, 2024

$ 111,123

$ 110,363

9,556

9,151

4,432

5,142

9,224

8,597

1,909

1,445

6,285

6,231

$ 5,864

Reserved alternative investment fund

708

607

Private equities

15,506

14,769

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

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

5,031

4,978

Other Investments

Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value

1,329

1,241

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

Private equities

15,506

14,769

U.S. and local government securities

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

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

4,025

4,070

Non-U.S.

Corporate and asset-backed securities

36,302

35,838

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

Mortgage-backed securities

43,280

43,207

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

Level 1 | Fair Value, Recurring

27,516

27,248

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

1,739

1,765

4,412

^[1]

4,053

^[2]

2,484

3,156

577

^[3]

573

^[4]

0

40

41

0

5

35

6,212

6,165

15,469

^[1],[3],[5]

15,788

^[2],[4],[6]

294

303

0

0

0

^[7]

0

^[8]

Level 1 | U.S. and local government securities | Fair Value, Recurring

294

303

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

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

1,739

1,765

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

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

0

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

Level 1 | Mortgage-backed securities | Fair Value, Recurring

0

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

Level 2 | Fair Value, Recurring

0

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

105,780

105,100

0

^[1]

0

^[2]

1,930

1,972

7,318

^[3]

6,783

^[4]

1,909

1,445

0

132

146

0

73

66

117,142

^[1],[3],[5]

115,512

^[2],[4],[6]

0

101

116

5

2

0

^[7]

0

^[8]

Level 2 | U.S. and local government securities | Fair Value, Recurring

106

118

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

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

2,286

2,305

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

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

35,715

35,234

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

Level 2 | Mortgage-backed securities | Fair Value, Recurring

40,263

40,316

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

Level 3 | Fair Value, Recurring

27,516

27,245

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

3,604

3,498

113

^[1]

120

^[2]

18

14

0

^[3]

0

^[4]

0

0

0

0

0

3,735

^[1],[3],[5]

3,632

^[2],[4],[6]

0

0

0

708

^[7]

607

^[8]

Level 3 | U.S. and local government securities | Fair Value, Recurring

708

607

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

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

0

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

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

587

604

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

Level 3 | Mortgage-backed securities | Fair Value, Recurring

3,017

2,891

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

Total Level 1, Level 2, and Level 3 | Fair Value, Recurring

0

3

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

111,123

110,363

4,525

^[1]

4,173

^[2]

4,432

5,142

7,895

^[3]

7,356

^[4]

1,909

1,445

40

41

132

146

5

35

6,285

6,231

136,346

^[1],[3],[5]

134,932

^[2],[4],[6]

294

303

101

116

5

2

708

^[7]

607

^[8]

Total Level 1, Level 2, and Level 3 | U.S. and local government securities | Fair Value, Recurring

1,108

1,028

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

Total Level 1, Level 2, and Level 3 | Non-U.S. | Fair Value, Recurring

4,025

4,070

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

Total Level 1, Level 2, and Level 3 | Corporate and asset-backed securities | Fair Value, Recurring

36,302

35,838

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

Total Level 1, Level 2, and Level 3 | Mortgage-backed securities | Fair Value, Recurring

43,280

43,207

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

Reinsurance recoverable on unpaid losses and loss expenses

$ 27,516

$ 27,248

[1]	Excluded from the table above is a fund of $5,031 million, measured using NAV as a practical expedient.
[2]	Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.
[3]	Excluded from the table above are other investments of $1,329 million, principally policy loans, measured using NAV as a practical expedient.
[4]	Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.
[5]	Excluded from the table above are private equities of $15,506 million, measured using NAV as a practical expedient.
[6]	Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.
[7]	Refer to Note 10 for additional information on Market risk benefits.
[8]	Refer to Note 10 for additional information on Market risk benefits.

Fair value measurements (Assets, Measured At Fair Value Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive income (loss), before income tax	Other comprehensive income (loss), before income tax
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Level 3 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	$ 120	$ 87
Transfers Into Level 3, Asset	0	0
Transfers out of Level 3, Assets	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0
Net Realized Gains/ (Losses), Assets	(5)	(3)
Purchases, Assets	7	18
Sales, Assets	(9)	(1)
Settlements, Assets	0	0
Balance-End of Period, Assets	113	101
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	5	(2)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0	0
Level 3 \| Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	14	3
Transfers Into Level 3, Asset	0	0
Transfers out of Level 3, Assets	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0
Net Realized Gains/ (Losses), Assets	0	0
Purchases, Assets	5	4
Sales, Assets	0	0
Settlements, Assets	(1)	(2)
Balance-End of Period, Assets	18	5
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
Level 3 \| Available-for-Sale Debt Securities \| Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	604	692
Transfers Into Level 3, Asset	1	1
Transfers out of Level 3, Assets	0	(4)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	20	14
Net Realized Gains/ (Losses), Assets	(6)	0
Purchases, Assets	60	72
Sales, Assets	(53)	(20)
Settlements, Assets	(39)	(37)
Balance-End of Period, Assets	587	718
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(1)	0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	14	13
Level 3 \| Available-for-Sale Debt Securities \| Corporate and asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	2,891	2,622
Transfers Into Level 3, Asset	24	1
Transfers out of Level 3, Assets	(1)	(3)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(4)	6
Net Realized Gains/ (Losses), Assets	(2)	0
Purchases, Assets	219	143
Sales, Assets	(47)	(20)
Settlements, Assets	(63)	(91)
Balance-End of Period, Assets	3,017	2,658
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(3)	0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	(10)	6
Level 3 \| Available-for-Sale Debt Securities \| Mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	3	7
Transfers Into Level 3, Asset	0	0
Transfers out of Level 3, Assets	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0
Net Realized Gains/ (Losses), Assets	(2)	0
Purchases, Assets	1	0
Sales, Assets	(2)	0
Settlements, Assets	0	0
Balance-End of Period, Assets	0	7
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

Fair value measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	$ 2,460	$ 2,628
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,124	2,731
Short-term debt	0	800
Long-term debt	14,508	14,379
Hybrid debt	419	419
Portion at Other than Fair Value Measurement \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	0	0
Assets, Fair Value Disclosure	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value		0
Long-term Debt, Fair Value	0	0
Hybrid debt, Fair Value	0	0
Liabilities, Fair Value Disclosure	0	0
Portion at Other than Fair Value Measurement \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	0	0
Assets, Fair Value Disclosure	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,124	2,731
Short-Term Debt, Fair Value		797
Long-term Debt, Fair Value	13,149	12,979
Hybrid debt, Fair Value	476	479
Liabilities, Fair Value Disclosure	16,749	16,986
Portion at Other than Fair Value Measurement \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	2,498	2,680
Assets, Fair Value Disclosure	2,498	2,680
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value		0
Long-term Debt, Fair Value	0	0
Hybrid debt, Fair Value	0	0
Liabilities, Fair Value Disclosure	0	0
Portion at Other than Fair Value Measurement \| Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	2,498	2,680
Assets, Fair Value Disclosure	2,498	2,680
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,124	2,731
Short-Term Debt, Fair Value		797
Long-term Debt, Fair Value	13,149	12,979
Hybrid debt, Fair Value	476	479
Liabilities, Fair Value Disclosure	16,749	16,986
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	2,460	2,628
Assets, Fair Value Disclosure	2,460	2,628
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,124	2,731
Short-term debt		800
Long-term debt	14,508	14,379
Hybrid debt	419	419
Liabilities, Fair Value Disclosure	$ 18,051	$ 18,329

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

Mar. 31, 2025

Dec. 31, 2024

Mar. 31, 2024

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

^[1]

$ 18,081

$ 17,734

$ 17,163

$ 17,884

Reinsurance recoverable on paid losses and loss expenses

^[1]

1,934

2,043

Reinsurance recoverable on losses and loss expenses

^[1]

20,015

19,777

Reinsurance Recoverables on Unpaid Losses, Allowance

254

242

Reinsurance Recoverables on Paid Losses, Allowance

66

68

Reinsurance Recoverable, Allowance for Credit Loss, Total

320

310

$ 375

$ 367

Reinsurance recoverable on policy benefits

^[1]

267

289

Reinsurance Recoverables on Future Policy Benefits, Allowance

$ 0

[1]	Net of valuation allowance for uncollectible reinsurance.

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

Reinsurance, Allowance (Details) - USD ($) $ in Millions	3 Months Ended
Reinsurance, Allowance (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Reinsurance Disclosures [Abstract]
Valuation allowance for uncollectible reinsurance - beginning of period	$ 310	$ 367
Provision for uncollectible reinsurance	11	8
Write-offs charged against the valuation allowance	(2)	0
Foreign exchange revaluation	1	0
Valuation allowance for uncollectible reinsurance - end of period	$ 320	$ 375

Deferred acquisition costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	$ 8,358
Amortization expense	(2,313)	$ (2,207)
Balance – end of period	8,775	7,537
Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Amortization expense	(310)	(294)
Overseas General Insurance [Member]
Deferred Policy Acquisition Cost [Line Items]
Amortization expense	(837)	(823)
Short-Duration Insurance, Other
Deferred Policy Acquisition Cost [Line Items]
Balance – end of period	3,841	3,510
Long-Duration Insurance, Other
Deferred Policy Acquisition Cost [Line Items]
Balance – end of period	4,934	4,027
Long-Duration Insurance, Other \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	4,066	3,185
Capitalizations	415	339
Amortization expense	(129)	(104)
Other (including foreign exchange)	(26)	(9)
Balance – end of period	4,326	3,411
Long-Duration Insurance, Other \| Overseas General Insurance [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – end of period	608	616
Term Life Insurance \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	469	402
Capitalizations	58	47
Amortization expense	(36)	(28)
Other (including foreign exchange)	4	(8)
Balance – end of period	495	413
Universal Life \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	722	674
Capitalizations	38	33
Amortization expense	(20)	(20)
Other (including foreign exchange)	(8)	1
Balance – end of period	732	688
Whole Life Insurance \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	870	534
Capitalizations	109	85
Amortization expense	(12)	(8)
Other (including foreign exchange)	(4)	(3)
Balance – end of period	963	608
Accident and Health Insurance Product Line [Member] \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	1,681	1,301
Capitalizations	170	158
Amortization expense	(54)	(41)
Other (including foreign exchange)	(16)	3
Balance – end of period	1,781	1,421
Insurance, Other \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period	324	274
Capitalizations	40	16
Amortization expense	(7)	(7)
Other (including foreign exchange)	(2)	(2)
Balance – end of period	$ 355	$ 281

Goodwill (Details) $ in Millions	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 19,579
Balance at end of period	$ 19,716

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Liability for Claims and Claims Adjustment Expense [Line Items]

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Gross unpaid losses and loss expenses – beginning of period

$ 84,004

$ 80,122

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

^[1]

(17,734)

(17,884)

Net unpaid losses and loss expenses – beginning of period

66,270

62,238

Current Year Claims and Claims Adjustment Expense

7,133

5,980

Prior Year Claims and Claims Adjustment Expense

^[2]

(237)

(253)

Total, Incurred

6,896

5,727

Net loss and loss expenses paid, Current Year

1,305

767

Net loss and loss expenses paid, Prior Years

4,699

4,055

Total, Paid

6,004

4,822

Foreign currency revaluation and other

228

35

Net unpaid losses and loss expenses – end of period

67,390

63,178

Reinsurance recoverable on unpaid losses and loss expenses (1)

^[1]

18,081

17,163

Gross unpaid losses and loss expenses – end of period

85,471

80,341

prior period development, net adjustments

$ (18)

$ 46

[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, earned premiums, and A&H long-duration lines totaling $(18) million and $46 million for the three months ended March 31, 2025 and 2024, respectively.

Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (255)	$ (207)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(114)	(48)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(52)
North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(33)	(28)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(121)	(89)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	1
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	13	9
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(313)	(311)
Short Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(163)	(144)
Short Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(52)
Short Tail [Member] \| North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(33)	(28)
Short Tail [Member] \| Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(122)	(88)
Short Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	5	1
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	58	104
Long Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	49	96
Long Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
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	1	(1)
Long Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(5)	0
Long Tail [Member] \| Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 13	$ 9

Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease)	$ 1,120
Net Prior Period Development	(255)	$ (207)
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	58	104
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(313)	(311)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(114)	(48)
North America Commercial P&C Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	49	96
North America Commercial P&C Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(163)	(144)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(121)	(89)
Overseas General Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	1	(1)
Overseas General Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (122)	$ (88)

Future policy benefits (Rollforward) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Dec. 31, 2024

Liability for Future Policy Benefit, Activity [Line Items]

Net liability for future policy benefits, before reinsurance recoverable

$ 1,908

$ 1,351

16,690

14,375

$ 16,121

Less: Reinsurance recoverable on future policy benefits

^[1]

267

$ 289

Segment Life [Member]

Liability for Future Policy Benefit, Activity [Line Items]

17,679

16,036

17,745

16,693

Effect of actual variances from expected experience

(9)

185

(63)

(16)

17,673

16,862

1,160

1,059

181

174

^[2]

(801)

(737)

(109)

73

18,104

17,431

29

(684)

18,133

16,747

30,635

27,462

30,142

28,303

Effect of actual variances from expected experience

(8)

194

(61)

(6)

30,073

28,491

1,160

1,059

280

260

(556)

(550)

(162)

163

30,795

29,423

689

(801)

31,484

28,622

13,351

11,875

Net liability for future policy benefits, before reinsurance recoverable

1,908

1,351

15,259

13,226

Less: Reinsurance recoverable on future policy benefits

267

266

Net liability for future policy benefits, after reinsurance recoverable

$ 14,992

$ 12,960

Liability for Future Policy Benefit, Activity [Line Items]

21 years 9 months 18 days

19 years 3 months 18 days

Other Segments

Net liability for future policy benefits, before reinsurance recoverable

$ 1,431

$ 1,149

Term Life Insurance | Segment Life [Member]

Liability for Future Policy Benefit, Activity [Line Items]

1,523

1,590

1,819

1,992

Effect of actual variances from expected experience

0

6

7

(1)

1,826

1,997

65

14

^[2]

(59)

(57)

(6)

(5)

1,840

2,014

(295)

(407)

1,545

1,607

2,238

2,254

2,647

2,749

Effect of actual variances from expected experience

0

8

10

3

2,657

2,760

65

19

(51)

(59)

(6)

30

2,684

2,815

(416)

(516)

2,268

2,299

723

692

Net liability for future policy benefits, before reinsurance recoverable

291

254

1,014

946

Less: Reinsurance recoverable on future policy benefits

108

107

Net liability for future policy benefits, after reinsurance recoverable

$ 906

$ 839

Whole Life Insurance | Segment Life [Member]

10 years 6 months

10 years 2 months 12 days

Liability for Future Policy Benefit, Activity [Line Items]

$ 4,405

$ 3,950

4,303

3,945

Effect of actual variances from expected experience

(4)

70

23

22

4,322

4,037

288

295

32

27

^[2]

(311)

(310)

(19)

(4)

4,312

4,045

111

18

4,423

4,063

12,057

10,063

11,242

9,991

Effect of actual variances from expected experience

(10)

86

24

27

11,256

10,104

288

295

90

74

(78)

(87)

(32)

(2)

11,524

10,384

905

184

12,429

10,568

8,006

6,505

Net liability for future policy benefits, before reinsurance recoverable

1,351

904

9,357

7,409

Less: Reinsurance recoverable on future policy benefits

45

Net liability for future policy benefits, after reinsurance recoverable

$ 9,312

$ 7,364

Accident and Health Insurance Product Line [Member] | Segment Life [Member]

27 years 10 months 24 days

25 years 7 months 6 days

Liability for Future Policy Benefit, Activity [Line Items]

$ 11,626

$ 10,432

11,499

10,692

Effect of actual variances from expected experience

(5)

109

(93)

(37)

11,401

10,764

599

697

133

^[2]

(370)

(363)

(86)

82

11,677

11,313

212

(295)

11,889

11,018

15,693

14,650

15,652

15,071

Effect of actual variances from expected experience

2

100

(95)

(36)

15,559

15,135

599

697

165

164

(421)

(398)

(127)

114

15,775

15,712

155

(487)

15,930

15,225

4,041

4,207

Net liability for future policy benefits, before reinsurance recoverable

202

174

4,243

4,381

Less: Reinsurance recoverable on future policy benefits

114

113

Net liability for future policy benefits, after reinsurance recoverable

$ 4,129

$ 4,268

Insurance, Other | Segment Life [Member]

9 years 10 months 24 days

10 years 1 month 6 days

Liability for Future Policy Benefit, Activity [Line Items]

$ 125

$ 64

124

64

Effect of actual variances from expected experience

0

0

124

64

208

2

2

0

^[2]

(61)

(7)

2

0

275

59

1

0

276

59

647

495

601

492

Effect of actual variances from expected experience

0

0

601

492

208

2

6

3

(6)

3

21

812

512

45

18

857

530

581

471

Net liability for future policy benefits, before reinsurance recoverable

64

19

645

490

Less: Reinsurance recoverable on future policy benefits

0

1

Net liability for future policy benefits, after reinsurance recoverable

$ 645

$ 489

23 years 6 months

15 years 1 month 6 days

[1]	Net of valuation allowance for uncollectible reinsurance.
[2]	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

Future policy benefits (Undiscounted & discounted FPB) (Details) - Segment Life [Member] - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Discounted expected future benefit payments	$ 31,484	$ 30,635	$ 28,622	$ 27,462
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	4,266		4,358
Undiscounted expected future gross premiums	6,595		7,291
Discounted expected future benefit payments	2,268	2,238	2,299	2,254
Discounted expected future gross premiums	4,460		3,909
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	29,099		24,834
Undiscounted expected future gross premiums	10,390		9,593
Discounted expected future benefit payments	12,429	12,057	10,568	10,063
Discounted expected future gross premiums	8,518		7,774
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	26,695		26,475
Undiscounted expected future gross premiums	39,108		39,002
Discounted expected future benefit payments	15,930	15,693	15,225	14,650
Discounted expected future gross premiums	23,346		22,975
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	1,556		901
Undiscounted expected future gross premiums	478		94
Discounted expected future benefit payments	857	$ 647	530	$ 495
Discounted expected future gross premiums	$ 437		$ 83

Future policy benefits (Premiums & interest) (Details) - Segment Life [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	$ 1,574	$ 1,470
Interest Accretion	99	86
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	170	167
Interest Accretion	5	5
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	563	530
Interest Accretion	58	47
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	752	753
Interest Accretion	32	31
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	89	20
Interest Accretion	$ 4	$ 3

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Future policy benefits (Weighted average interest rates) (Details) - Segment Life [Member]	Mar. 31, 2025	Mar. 31, 2024
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.00%	2.90%
Current Discount Rate	5.60%	5.70%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.50%	3.20%
Current Discount Rate	4.00%	4.50%
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	4.10%	3.70%
Current Discount Rate	5.70%	6.30%
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.20%	2.60%
Current Discount Rate	3.60%	3.80%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Policyholders' account balances (Policyholder Account Balance Rollforward) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Dec. 31, 2024

Dec. 31, 2023

$ 6,748

$ 6,789

248

334

Policyholder Account Balance, Surrender and Withdrawal

^[1]

(31)

(36)

(89)

(119)

^[2]

(87)

(116)

Policyholder Account Balance, Increase (Decrease) from Other Change

38

43

17

(15)

Unearned Revenue Liability

6,844

6,880

719

680

$ 711

$ 673

Policyholder Account Balance, Other Reconciling Items

^[3]

566

8,129

7,560

Universal Life

1,809

1,876

53

72

Policyholder Account Balance, Surrender and Withdrawal

^[1]

(29)

(34)

(29)

(32)

^[2]

(17)

(54)

Policyholder Account Balance, Increase (Decrease) from Other Change

12

13

13

(1)

1,812

1,840

Policyholder Account Balance, Weighted Average Crediting Rate

$ 1,812

$ 1,840

^[4]

2.70%

2.90%

Policyholder Account Balance, Net Amount at Risk

^[5]

$ 12,079

$ 12,014

Policyholder Account Balance, Cash Surrender Value

1,659

1,623

Annuities [Member]

^[6]

2,585

2,411

^[6]

101

131

Policyholder Account Balance, Surrender and Withdrawal

^[1],[6]

0

^[6]

(9)

(10)

^[2],[6]

(48)

(59)

Policyholder Account Balance, Increase (Decrease) from Other Change

^[6]

10

16

^[6]

5

(5)

^[6]

2,644

2,484

Policyholder Account Balance, Weighted Average Crediting Rate

$ 2,644

$ 2,484

^[4]

1.60%

2.60%

Policyholder Account Balance, Net Amount at Risk

^[5]

$ 0

Policyholder Account Balance, Cash Surrender Value

1,728

1,605

Insurance, Other

^[7]

2,354

2,502

^[7]

94

131

Policyholder Account Balance, Surrender and Withdrawal

^[1],[7]

(2)

^[7]

(51)

(77)

^[2],[7]

(22)

(3)

Policyholder Account Balance, Increase (Decrease) from Other Change

^[7]

16

14

^[7]

(1)

(9)

^[7]

2,388

2,556

Policyholder Account Balance, Weighted Average Crediting Rate

$ 2,388

$ 2,556

^[4]

2.70%

2.50%

Policyholder Account Balance, Net Amount at Risk

^[5]

$ 407

$ 499

Policyholder Account Balance, Cash Surrender Value

$ 2,095

$ 2,239

[1]	Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
[2]	Includes benefit payments upon maturity as well as death benefits.
[3]	Primarily comprises unpaid dividends on certain participating policies.
[4]	Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, respectively.
[5]	For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
[6]	Relates to Huatai Life.
[7]	Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

Policyholders' account balances (Guaranteed Minimum Crediting Rates) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	$ 8,129	$ 8,016	$ 7,560
Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,812		1,840
Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	690		563
Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	589		461
Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	402		767
Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	131		49
Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	2,644		2,484
Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	951		859
Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,637		1,624
Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	56		1
Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	2,388		2,556
Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,741		1,167
Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	56		613
Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	153		243
Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	438		533
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	611		570
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	433		482
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	47		39
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	131		49
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,783		2,345
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	90		720
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,637		1,624
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	56		1
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	959		1,565
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	363		789
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	5		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	153		243
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	438		533
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,189		1,256
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	245		67
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	589		461
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	355		728
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	861		139
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	861		139
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,429		991
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,378		378
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	51		613
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	12		14
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	12		14
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	$ 0		$ 0
Minimum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%		2.01%
Minimum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%		2.01%
Minimum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%		2.01%
Minimum \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Minimum \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Minimum \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%		2.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%		2.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%		2.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%

Separate accounts (Fair value of assets) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 6,285	$ 6,231	$ 5,864
Separate Account, Cash and Cash Equivalents
Fair Value, Separate Account Investment [Line Items]
Separate account assets	131		76
Fixed maturities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	73		89
Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 6,081		$ 5,699

Separate accounts (Separate account liabilities rollforward) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Separate Account, Liability [Line Items]

Separate Account, Liability, Beginning Balance

$ 6,231

$ 5,573

Separate Account, Liability, Premium and Deposit

490

264

Separate Account, Liability, Policy Charge

(33)

(43)

Separate Account, Liability, Surrender and Withdrawal

(243)

(210)

Separate Account, Liability, Benefit Payment

(113)

(105)

Separate Account, Liability, Increase (Decrease) from Invested Performance

5

375

Separate Account, Liability, Increase (Decrease) from Other Change

(52)

10

Separate Account, Liability, Ending Balance

6,285

5,864

Separate Account, Liability, Cash Surrender Value, Amount

^[1]

$ 5,898

$ 5,655

[1]	Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liability (URL Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Insurance [Abstract]
Balance – beginning of period	$ 711	$ 673
Deferred revenue	34	34
Amortization	(18)	(18)
Other (including foreign exchange)	(8)	(9)
Balance – end of period	$ 719	$ 680

Market risk benefits (MRB Roll-Forward) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Market Risk Benefit [Line Items]

Market risk benefits gains (losses)

$ (92)

$ 21

Long-Duration Insurance, Other | Variable Annuity

Market Risk Benefit [Line Items]

Balance - beginning of period

607

771

Balance, beginning of period, before effect of changes in the instrument-specific credit risk

592

749

Interest rate changes

46

(57)

Effect of market movements (1)

^[1]

52

(77)

Effect of changes in volatilities

16

(20)

Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected

16

30

Effect of timing and all other

(25)

(31)

Balance, end of period, before effect of changes in the instrument-specific credit risk

697

594

Effect of changes in the instrument-specific credit risk

11

17

Balance - end of period

708

611

Market Risk Benefit, Net Amount at Risk

^[2]

1,654

1,683

Market Risk Benefits Other Gains (Losses)

$ 14

$ (134)

Weighted-average age of policyholders (years)

74 years

[1]

Market movements are predominantly driven by changes in equities.

[2]

The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Market Risk Benefits (MRB Valuation) (Details)

Mar. 31, 2025

Mar. 31, 2024

Minimum

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

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

0.50%

Significant Unobservable Inputs Annuitization Rate

0.00%

Maximum

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

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

27.30%

30.00%

Significant Unobservable Inputs Annuitization Rate

100.00%

Weighted Average

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

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

^[1]

3.20%

4.30%

Significant Unobservable Inputs Annuitization Rate

^[1]

4.80%

4.20%

[1]	The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.

Commitments, Contingencies, And Guarantees (Narrative) (Detail) € in Millions, $ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2025 EUR (€)	Dec. 31, 2024 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Hedged Liability, Fair Value Hedge	$ 1,900	€ 1,700
Repurchase agreements	3,124		$ 2,731
Purchase Commitment, Remaining Minimum Amount Committed	1,200		1,300
Carrying value of limited partnerships and partially-owned investment companies included in other investments	15,300		14,500
Funding commitments relating to limited partnerships and partially-owned investment companies	6,400		6,400
Unrecognized tax benefits	97
Operating Lease, Right-of-Use Asset	1,052		824
Operating Lease, Liability	$ 1,177		$ 942
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets (includes VIE balances of $32 and $26)	Other assets (includes VIE balances of $32 and $26)	Other assets (includes VIE balances of $32 and $26)
Derivative Liability, Subject to Master Netting Arrangement, after Offset	$ 223		$ 199

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, 2025

Dec. 31, 2024

Foreign currency forward contracts

Options/Futures/Forward contracts on notes and bonds

$ 4,563

$ 3,959

768

449

Convertible securities

Investment And Embedded Derivative Instruments [Member]

^[1]

14

12

54

53

(294)

(303)

Futures contracts on equities

5,345

4,420

Designated as Hedging Instrument

^[2]

921

1,047

132

146

(101)

116

4,831

4,475

Fair Value Hedging

1,906

1,579

Net Investment Hedging

2,925

2,896

Other Derivative Instruments [Member]

265

211

Other Assets [Member] | Foreign currency forward contracts

1,186

1,258

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

38

41

Other Assets [Member] | Futures contracts on equities

2

0

Other Assets [Member] | Fair Value Hedging

^[2]

2

35

Other Assets [Member] | Net Investment Hedging

93

103

Other Assets [Member] | Other derivative instruments

39

43

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

3

0

Fixed Maturities [Member] | Convertible securities

5

35

Derivative Asset, Not Subject to Master Netting Arrangement

^[1]

14

12

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

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

(289)

(295)

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

(5)

(8)

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

^[2]

0

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

(1)

0

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

(100)

(116)

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

(5)

(2)

Equity Securities | Convertible securities

(5)

(2)

Derivative Liability, Not Subject to Master Netting Arrangement

^[1]

$ 0

[1]	Includes fair value of embedded derivatives.
[2]	Related to MRB book of business.

Commitment, Contingencies, And Guarantees (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]
Interest expense reclassified from OCI	$ 181	$ 178
Fair Value Hedging
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gain (loss) recognized in OCI	(26)	(8)
Net realized gain (loss) reclassified from OCI	69	(37)
Interest expense reclassified from OCI	(4)	(4)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	$ (91)	$ 33

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

Derivative Instruments, Gain (Loss) [Line Items]

Commitments, Contingencies, And Guarantees (Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location) (Details) - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gain (loss) recognized in OCI	$ 24	$ 36
Interest income reclassified from OCI	8	3
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	$ 16	$ 33

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, 2025

Mar. 31, 2024

Foreign currency forward contracts

$ 28

$ (140)

Derivative Instruments, Gain (Loss) [Line Items]

Options/Futures/Forward contracts on notes and bonds

(14)

(52)

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Line Items]

(9)

6

Convertible securities

Investment And Embedded Derivative Instruments [Member]

^[1]

0

3

Derivative Instruments, Gain (Loss) [Line Items]

Futures contracts on equities

(23)

(43)

Derivative Instruments, Gain (Loss) [Line Items]

^[2]

54

(95)

Derivative Instruments, Gain (Loss) [Line Items]

Other Derivative Instruments [Member]

(3)

(2)

Derivative Instruments, Gain (Loss) [Line Items]

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

$ 51

$ (97)

[1]	Includes embedded derivatives.
[2]	Related to MRB book of business.

Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 1,909	$ 1,445
Securities lending payable	1,909	1,445
Cash [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	752	557
U.S. and local government securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	147	148
Foreign [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	926	663
Corporate and asset-backed securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	50	49
Equity Securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 34	$ 28

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

Mar. 31, 2025

Dec. 31, 2024

Repurchase agreements

$ 3,124

$ 2,731

Asset Pledged as Collateral without Right

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

Cash [Member] | Asset Pledged as Collateral without Right

3,364

2,890

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

U.S. and local government securities | Asset Pledged as Collateral without Right

0

21

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

Mortgage-backed securities | Asset Pledged as Collateral without Right

106

104

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

Repurchase Agreements [Member]

1,392

1,378

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

Secured Borrowings, Gross, Difference, Amount

^[1]

240

159

Non-US [Member] | Asset Pledged as Collateral without Right

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

Maturity Less than 30 Days [Member] | Asset Pledged as Collateral without Right

1,866

1,387

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

Maturity Less than 30 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right

2,336

1,387

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

Maturity Less than 30 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right

0

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

Maturity Less than 30 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right

0

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

Maturity Less than 30 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right

470

0

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

Maturity 30 to 90 Days [Member] | Asset Pledged as Collateral without Right

1,866

1,387

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

Maturity 30 to 90 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right

1,028

473

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

Maturity 30 to 90 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right

0

19

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

Maturity 30 to 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right

106

0

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

Maturity 30 to 90 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right

922

454

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

Maturity Greater than 90 Days [Member] | Asset Pledged as Collateral without Right

$ 0

0

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

Maturity Greater than 90 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right

1,030

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

Maturity Greater than 90 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right

2

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

Maturity Greater than 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right

104

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

Maturity Greater than 90 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right

924

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

$ 0

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

Shareholders' equity (Details)		3 Months Ended
Shareholders' equity (Details)	Mar. 07, 2025 shares	Mar. 31, 2025 SFr / shares shares	Dec. 31, 2024 SFr / shares shares	May 16, 2024 $ / shares	May 17, 2023 $ / shares
Stockholders' Equity Note [Abstract]
Common Shares, par value \| SFr / shares		SFr 0.50	SFr 0.50
Treasury Stock, Shares, Retired \| shares	7,518,565	7,518,565
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures \| shares		1,390,604
Common Stock, Dividend Rate Approved \| $ / shares				$ 0.91	$ 0.86
Annual dividend per share approved by shareholders \| $ / shares				3.64	3.44
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividend Rate Approved \| $ / shares				0.91	0.86
Treasury Stock, Shares, Retired \| shares	7,518,565	7,518,565
Treasury Stock, Common, Shares \| shares		11,358,936	18,922,323
Common Shares, par value \| SFr / shares		SFr 0.50	SFr 0.50
Annual dividend per share approved by shareholders \| $ / shares				$ 3.64	$ 3.44

Shareholders' equity Dividends Declared (Details)	3 Months Ended
Shareholders' equity Dividends Declared (Details)	Mar. 31, 2025 $ / shares	Mar. 31, 2025 SFr / shares	Mar. 31, 2024 $ / shares	Mar. 31, 2024 SFr / shares
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared \| (per share)	$ 0.91	SFr 0.81	$ 0.86	SFr 0.75

Shareholders' equity Share Repurchases (Details) - July 2023 Stock Repurchase Plan - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 25, 2025	Mar. 31, 2025	Mar. 31, 2024	Jul. 01, 2023
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 5,000
Number of shares repurchased		1,345,782	1,220,121
Cost of shares repurchased		$ 385	$ 316
Repurchase authorization remaining at end of period		$ 1,300	$ 3,373
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	511,000
Cost of shares repurchased	$ 143
Repurchase authorization remaining at end of period	$ 1,157

Shareholders' equity AOCI (Details) - USD ($) $ in Millions	3 Months Ended
Shareholders' equity AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	$ 64,021
Other comprehensive income (loss), before income tax	1,047	$ (614)
Other Comprehensive Income (Loss), Tax	43	(9)
Other Comprehensive Income (Loss), Net of Tax	1,004	(605)
Balance – end of period, net of tax	65,726
Total shareholders' equity	70,755	64,431	$ 68,394
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(3,704)	(4,825)	(4,552)	$ (4,177)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	843	(796)
Net Realized Gains (Losses) Reclassified from AOCI	(58)	(119)
Other comprehensive income (loss), before income tax	901	(677)
Other Comprehensive Income (Loss), Tax	61	(42)
Other Comprehensive Income (Loss), Net of Tax	840	(635)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	(8)	13
AOCI, Liability for Future Policy Benefit, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(645)	11	(539)	51
AOCI, Liability for Future Policy Benefit, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	(122)	(53)
Other Comprehensive Income (Loss), Tax	(12)	20
Other Comprehensive Income (Loss), Net of Tax	(110)	(73)
AOCI, Liability for Future Policy Benefit, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	(4)	(33)
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(13)	(17)	(16)	(22)
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	4	5
Other Comprehensive Income (Loss), Tax	1	0
Other Comprehensive Income (Loss), Net of Tax	3	5
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	0	0
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(3,685)	(2,864)	(4,025)	(2,945)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	367	83
Net Realized Gains (Losses) Reclassified from AOCI	8	3
Other comprehensive income (loss), before income tax	359	80
Other Comprehensive Income (Loss), Tax	12	7
Other Comprehensive Income (Loss), Net of Tax	347	73
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	7	(8)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(22)	13	50	(13)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(26)	(8)
Net Realized Gains (Losses) Reclassified from AOCI	65	(41)
Other comprehensive income (loss), before income tax	(91)	33
Other Comprehensive Income (Loss), Tax	(19)	7
Other Comprehensive Income (Loss), Net of Tax	(72)	26
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	0	0
Postretirement Benefit Liability Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	434	296	438	297
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	(4)	(2)
Other Comprehensive Income (Loss), Tax	0	(1)
Other Comprehensive Income (Loss), Net of Tax	(4)	(1)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	0	0
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	1,009	(577)
Total shareholders' equity	$ (7,635)	$ (7,386)	$ (8,644)	$ (6,809)

Shareholders' equity AOCI Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Equity, Class of Treasury Stock [Line Items]
Interest expense	$ 181	$ 178
Income Tax (Expense) Benefit	(321)	(342)
Net income	1,343	2,294
Net income (loss)	1,331	2,143
Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Net income	24	(137)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Income Tax (Expense) Benefit	25	12
Net income	(33)	(107)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	(58)	(119)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Interest expense	8	3
Income Tax (Expense) Benefit	(2)	(1)
Net income	6	2
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	69	(37)
Interest expense	(4)	(4)
Income Tax (Expense) Benefit	(14)	9
Net income	$ 51	$ (32)

Share-Based Compensation (Detail) - $ / shares		3 Months Ended
Share-Based Compensation (Detail) - $ / shares	Mar. 03, 2025	Mar. 31, 2025
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	1,253,605
Weighted-average grant date fair value for stock options granted	$ 74.64
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	620,237
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69
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	103,285
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69
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	287,268
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69
PerformanceBasedStockUnits(PSU)
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	288,070
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69

Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 2	$ 2
Non-service (benefit) cost	(35)	(31)
Net periodic benefit cost (benefit)	(33)	(29)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Interest cost	0	1
Expected return on plan assets	0	(1)
Defined Benefit Plan, Amortization of Gain (Loss)	(1)	(1)
Amortization of prior service cost	0	0
Settlements	0	0
Non-service (benefit) cost	(1)	(1)
Net periodic benefit cost (benefit)	(1)	(1)
Losses and loss expenses \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Non-service (benefit) cost	(3)	(3)
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	0
Administrative Expense \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	2
Non-service (benefit) cost	(32)	(28)
Administrative Expense \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Non-service (benefit) cost	(1)	(1)
Foreign Plan [Member] \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	2
Interest cost	9	9
Expected return on plan assets	(13)	(13)
Defined Benefit Plan, Amortization of Gain (Loss)	0	1
Amortization of prior service cost	0	0
Settlements	0	0
Non-service (benefit) cost	(4)	(3)
Net periodic benefit cost (benefit)	(2)	(1)
UNITED STATES \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Interest cost	34	33
Expected return on plan assets	(63)	(61)
Defined Benefit Plan, Amortization of Gain (Loss)	(2)	0
Amortization of prior service cost	0	0
Settlements	0	0
Non-service (benefit) cost	(31)	(28)
Net periodic benefit cost (benefit)	$ (31)	$ (28)

Other Income and Expense (Details) - USD ($) $ in Millions	3 Months Ended
Other Income and Expense (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Equity in net income (loss) of partially-owned entities	$ 82	$ 184
Gains (losses) from fair value changes in separate account assets	(10)	10
Asset management and performance fee revenue	56	53
Asset management and performance fee expense	(33)	(33)
Federal excise and capital taxes	(5)	(4)
Other	7	19
Total	83	191
Partially-owned Investment Companies
Unrealized Gain (Loss) on Investments	$ (27)	$ 103

Amount of income (loss) for proportionate share of equity method investee's income (loss).