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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of pre-tax and after-tax share-based compensation expense
The following table presents pre-tax and after-tax share-based compensation expense:
Year Ended December 31
(in millions of U.S. dollars)202120202019
Stock options and shares issued under ESPP:
Pre-tax$55 $45 $42 
After-tax (1)
$36 $38 $39 
Restricted stock:
Pre-tax$210 $210 $224 
After-tax (1)
$164 $164 $180 
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million, $10 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Schedule of the weighted-average model valuation assumptions
Year Ended December 31
202120202019
Dividend yield1.9 %2.1 %2.2 %
Expected volatility26.0 %18.0 %16.0 %
Risk-free interest rate1.0 %1.2 %2.6 %
Expected life5.8 years5.7 years5.7 years
Rollforward of the company's stock options
The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars)Number of OptionsWeighted-Average Exercise PriceWeighted-Average Fair ValueTotal Intrinsic Value
Options outstanding, December 31, 201811,007,722 $108.25 
Granted2,073,940 $133.90 $18.76 
Exercised(1,944,604)$84.13 $122 
Forfeited and expired(251,801)$136.87 
Options outstanding, December 31, 201910,885,257 $116.79 
Granted1,958,279 $150.10 $19.89 
Exercised(1,158,633)$86.90 $76 
Forfeited and expired(206,720)$138.77 
Options outstanding, December 31, 202011,478,183 $125.09 
Granted1,805,234 $164.89 $33.05 
Exercised(2,284,795)$112.12 $140 
Forfeited and expired(236,135)$150.16 
Options outstanding, December 31, 202110,762,487 $133.94 $639 
Options exercisable, December 31, 20217,278,516 $124.03 $504 
Rollforward of the company's restricted stock
The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 15,586 restricted stock awards, 27,679 restricted stock awards, and 19,019 restricted stock awards that were granted to non-management directors during the years ended December 31, 2021, 2020, and 2019, respectively:
Service-based
Restricted Stock Awards
and Restricted Stock Units		Performance-based
Restricted Stock Awards
and Restricted Stock Units
Number of SharesWeighted-Average
Grant-Date Fair Value		Number of SharesWeighted-Average
Grant-Date Fair Value
Unvested restricted stock, December 31, 20183,294,849 $134.17 911,230 $127.27 
Granted1,492,900 $134.38 212,059 $133.90 
Vested(1,292,864)$129.18 (196,640)$115.62 
Forfeited(200,875)$135.98 (50,437)$132.36 
Unvested restricted stock, December 31, 20193,294,010 $136.20 876,212 $131.16 
Granted1,425,667 $148.56 186,291 $151.14 
Vested(1,304,308)$134.02 (490,185)$125.66 
Forfeited(152,074)$140.72 — $— 
Unvested restricted stock, December 31, 20203,263,295 $142.32 572,318 $142.38 
Granted1,288,042 $165.32 294,315 $164.75 
Vested(1,283,185)$140.62 (169,442)$143.07 
Forfeited(216,341)$150.19 — $— 
Unvested restricted stock, December 31, 20213,051,811 $152.19 697,191 $151.74