10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from             to             

Commission File No. 1-11778

CHUBB LIMITED

(Exact name of registrant as specified in its charter)

Switzerland	98-0091805
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)

+41 (0)43 456 76 00

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 24.15 per share	CB	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024	CB/24A	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038	CB/38A	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☑                                                 No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☑                                                 No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐                                               No  ☑

The number of registrant’s Common Shares (CHF 24.15 par value) outstanding as of October 21, 2022 was 415,050,274.

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) September 30, 2022 and December 31, 2021		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three and Nine Months Ended September 30, 2022 and 2021		4
	Consolidated Statements of Shareholders' Equity (Unaudited) Three and Nine Months Ended September 30, 2022 and 2021		5
	Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2022 and 2021		6
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1.	General	7
	Note 2.	Acquisitions	8
	Note 3.	Investments	10
	Note 4.	Fair value measurements	15
	Note 5.	Reinsurance	23
	Note 6.	Unpaid losses and loss expenses	24
	Note 7.	Value of business acquired, Goodwill, and Other intangible assets	26
	Note 8.	Commitments, contingencies, and guarantees	28
	Note 9.	Shareholders’ equity	33
	Note 10.	Share-based compensation	36
	Note 11.	Postretirement benefits	36
	Note 12.	Other income and expense	38
	Note 13.	Segment information	39
	Note 14.	Earnings per share	42
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		81
Item 4.	Controls and Procedures		84
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		85
Item 1A.	Risk Factors		85
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities		85
Item 6.	Exhibits		86

2

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries

	September 30		December 31
(in millions of U.S. dollars, except share and per share data)	2022		2021
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $147 and $14     (amortized cost – $93,316 and $90,493)	$	83,741	$	93,108
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $33 and $35     (fair value – $8,491 and $10,647)	8,976		10,118
Equity securities, at fair value	844		4,782
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)	4,534		3,146
Other investments, at fair value	13,645		11,169
Total investments	111,740		122,323
Cash	2,128		1,659
Restricted cash	136		152
Securities lending collateral	1,626		1,831
Accrued investment income	900		821
Insurance and reinsurance balances receivable, net of valuation allowance - $51 and $46	12,853		11,322
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $352 and $329	18,754		17,366
Reinsurance recoverable on policy benefits	297		213
Deferred policy acquisition costs	5,578		5,513
Value of business acquired	3,324		236
Goodwill	16,107		15,213
Other intangible assets	5,383		5,455
Prepaid reinsurance premiums	3,265		3,028
Investments in partially-owned insurance companies	2,943		3,130
Other assets	13,077		11,792
Total assets	$	198,111	$	200,054
Liabilities
Unpaid losses and loss expenses	$	75,992	$	72,943
Unearned premiums	20,520		19,101
Future policy benefits	9,586		5,947
Insurance and reinsurance balances payable	7,829		7,243
Securities lending payable	1,626		1,831
Accounts payable, accrued expenses, and other liabilities	16,673		15,004
Deferred tax liabilities	2		389
Repurchase agreements	2,417		1,406
Short-term debt	1,475		999
Long-term debt	14,044		15,169
Trust preferred securities	308		308
Total liabilities	150,472		140,340
Commitments and contingencies (refer to Note 8)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 446,376,614 and 474,021,114 shares issued; 415,020,484 and 426,572,612 shares outstanding)	10,346		10,985
Common Shares in treasury (31,356,130 and 47,448,502 shares)	(4,978)		(7,464)
Additional paid-in capital	7,429		8,478
Retained earnings	47,022		47,365
Accumulated other comprehensive income (loss) (AOCI)	(12,180)		350
Total shareholders’ equity	47,639		59,714
Total liabilities and shareholders’ equity	$	198,111	$	200,054

See accompanying notes to the Consolidated Financial Statements

3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except per share data)	2022		2021		2022		2021
Revenues
Net premiums written	$	12,020	$	10,510	$	31,521	$	28,718
Increase in unearned premiums	(485)		(510)		(1,683)		(1,684)
Net premiums earned	11,535		10,000		29,838		27,034
Net investment income	979		866		2,689		2,613
Net realized gains (losses)	(384)		(21)		(787)		833
Total revenues	12,130		10,845		31,740		30,480
Expenses
Losses and loss expenses	7,279		6,629		17,474		16,688
Policy benefits	486		151		790		503
Policy acquisition costs	1,975		1,778		5,451		5,141
Administrative expenses	883		806		2,479		2,325
Interest expense	150		122		416		366
Other (income) expense	188		(763)		(21)		(2,030)
Amortization of purchased intangibles	69		71		211		216
Cigna integration expenses	23		—		26		—
Total expenses	11,053		8,794		26,826		23,209
Income before income tax	1,077		2,051		4,914		7,271
Income tax expense	265		218		913		873
Net income	$	812	$	1,833	$	4,001	$	6,398
Other comprehensive income (loss)
Change in:
Unrealized depreciation	$	(3,045)	$	(554)	$	(12,041)	$	(2,177)
Cumulative foreign currency translation adjustment	(966)		(414)		(1,676)		(84)
Other, including postretirement benefit liability adjustment	(59)		4		(35)		(33)
Other comprehensive loss, before income tax	(4,070)		(964)		(13,752)		(2,294)
Income tax benefit related to OCI items	165		120		1,222		403
Other comprehensive loss	(3,905)		(844)		(12,530)		(1,891)
Comprehensive income (loss)	$	(3,093)	$	989	$	(8,529)	$	4,507
Earnings per share
Basic earnings per share	$	1.95	$	4.21	$	9.50	$	14.42
Diluted earnings per share	$	1.94	$	4.18	$	9.41	$	14.33

See accompanying notes to the Consolidated Financial Statements

4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Common Shares
Balance – beginning of period	$	10,666	$	11,064	$	10,985	$	11,064
Cancellation of treasury shares	(320)		(79)		(639)		(79)
Balance – end of period	10,346		10,985		10,346		10,985
Common Shares in treasury
Balance – beginning of period	(6,794)		(5,772)		(7,464)		(3,644)
Common Shares repurchased	(685)		(1,516)		(2,815)		(3,956)
Cancellation of treasury shares	2,473		590		4,983		590
Net shares issued under employee share-based compensation plans	28		77		318		389
Balance – end of period	(4,978)		(6,621)		(4,978)		(6,621)
Additional paid-in capital
Balance – beginning of period	7,707		9,046		8,478		9,815
Net shares redeemed (issued) under employee share-based    compensation plans	10		(2)		(185)		(184)
Exercise of stock options	(8)		(15)		(35)		(45)
Share-based compensation expense	66		69		205		216
Funding of dividends declared to Retained earnings	(346)		(346)		(1,034)		(1,050)
Balance – end of period	7,429		8,752		7,429		8,752
Retained earnings
Balance – beginning of period	48,363		43,902		47,365		39,337
Net income	812		1,833		4,001		6,398
Cancellation of treasury shares	(2,153)		(511)		(4,344)		(511)
Funding of dividends declared from Additional paid-in capital	346		346		1,034		1,050
Dividends declared on Common Shares	(346)		(346)		(1,034)		(1,050)
Balance – end of period	47,022		45,224		47,022		45,224
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period	(8,275)		1,822		350		2,869
Total other comprehensive loss	(3,905)		(844)		(12,530)		(1,891)
Balance – end of period	(12,180)		978		(12,180)		978
Total shareholders’ equity	$	47,639	$	59,318	$	47,639	$	59,318

See accompanying notes to the Consolidated Financial Statements

5

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Cash flows from operating activities
Net income	$	4,001	$	6,398
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	787		(833)
Amortization of premiums/discounts on fixed maturities	185		242
Amortization of purchased intangibles	211		216
Equity in net income of partially-owned entities	(192)		(2,073)
Deferred income taxes	(7)		(268)
Unpaid losses and loss expenses	4,848		4,907
Unearned premiums	2,035		2,032
Future policy benefits	40		163
Insurance and reinsurance balances payable	559		408
Accounts payable, accrued expenses, and other liabilities	573		45
Income taxes payable	(108)		212
Insurance and reinsurance balances receivable	(1,756)		(1,257)
Reinsurance recoverable	(1,881)		(1,071)
Deferred policy acquisition costs	(320)		(208)
Other	(383)		(364)
Net cash flows from operating activities	8,592		8,549
Cash flows from investing activities
Purchases of fixed maturities available for sale	(23,533)		(23,028)
Purchases of fixed maturities held to maturity	(454)		(434)
Purchases of equity securities	(837)		(799)
Sales of fixed maturities available for sale	14,142		5,225
Sales of equity securities	4,453		750
Maturities and redemptions of fixed maturities available for sale	7,882		13,710
Maturities and redemptions of fixed maturities held to maturity	1,357		1,488
Net change in short-term investments	(1,106)		809
Net derivative instruments settlements	(52)		(66)
Private equity contributions	(2,194)		(1,872)
Private equity distributions	649		891
Acquisition of subsidiaries (net of cash acquired of $366 and nil)	(4,982)		—
Payment for Huatai Group interest	(113)		(208)
Other	(414)		(217)
Net cash flows used for investing activities	(5,202)		(3,751)
Cash flows from financing activities
Dividends paid on Common Shares	(1,030)		(1,056)
Common Shares repurchased	(2,783)		(3,941)
Proceeds from issuance of repurchase agreements	3,552		1,405
Repayment of repurchase agreements	(2,554)		(1,405)
Proceeds from share-based compensation plans	198		239
Policyholder contract deposits and other	357		365
Policyholder contract withdrawals and other	(362)		(331)
Tax withholding payments for share-based compensation plans	(100)		(81)
Net cash flows used for financing activities	(2,722)		(4,805)
Effect of foreign currency rate changes on cash and restricted cash	(215)		(33)
Net increase (decrease) in cash and restricted cash	453		(40)
Cash and restricted cash – beginning of period	1,811		1,836
Cash and restricted cash – end of period	$	2,264	$	1,796
Supplemental cash flow information
Taxes paid	$	964	$	931
Interest paid	$	339	$	316

See accompanying notes to the Consolidated Financial Statements

6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Chubb Limited and Subsidiaries

1. General

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 13 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Form 10-K.

b) Restricted cash

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

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

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Cash	$	2,128	$	1,659
Restricted cash	136		152
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,264	$	1,811

c) Accounting guidance not yet adopted

Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.

7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

2. Acquisitions

Cigna’s Accident and Health (A&H) and Life Insurance Business in Asian Markets

On July 1, 2022, we completed the acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in six Asian markets. Chubb paid $5.36 billion in cash for the operations, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, collectively referred to as Cigna's business in Asia. The reduction in the final purchase price from the original agreement reflects the impacts of rising interest rates and foreign exchange rates on acquired book value and other minor adjustments. This complementary strategic acquisition expands our presence and advances our long-term growth opportunity in Asia. Effective July 1, 2022, the results of operations of this acquired business are reported primarily in our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment.

The interim consolidated financial statements include the results of Cigna's business in Asia from July 1, 2022. The acquisition of Cigna's business in Asia generated $1,340 million of goodwill, attributable to expected growth and profitability, and $269 million of other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition of Cigna's business in Asia generated $3,379 million of value of business acquired (VOBA). Refer to Note 7 for more information. Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreement transactions, of which $1.0 billion were outstanding as of September 30, 2022, and due to expire by the end of 2022.

The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows.

Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in Asia	July 1
(in millions of U.S. dollars)	2022
Assets
Investments and Cash	$	5,311
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	82
Value of business acquired	3,379
Goodwill and other intangible assets	1,609
Other assets	655
Total assets	$	11,124
Liabilities
Unpaid losses and loss expenses	$	10
Unearned premiums	60
Future policy benefits	3,844
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	925
Deferred tax liabilities	839
Total liabilities	$	5,793
Net acquired assets, including goodwill	5,331
Total	$	11,124

Direct costs related to the acquisition were expensed as incurred. Cigna integration expenses were $23 million and $26 million for the three and nine months ended September 30, 2022, respectively, and include one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition.

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table summarizes the results of operations of the acquired Cigna business in Asia since the acquisition date that have been included within our Consolidated statements of operations for both the three and nine months ended September 30, 2022.

(in millions of U.S. dollars)
Total revenues	$	681
Net income	$	21

The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows:

(in millions of U.S. dollars)	Amount		Weighted-average useful life
Definite life
Agency distribution relationships and renewal rights	$	190	20 years
Unearned premium reserves (UPR) intangible asset	9		1 year
Indefinite life
Trademarks	70		Indefinite
Total identified intangible assets	$	269

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.

	Three Months Ended				Nine Months Ended
Pro forma:	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Net premiums earned	$	11,535	$	10,788	$	31,362	$	29,406
Total revenues	$	12,132	$	11,632	$	33,253	$	32,879
Net income	$	825	$	1,894	$	4,203	$	6,649

Huatai Group

Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and approximately 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 700 branches and approximately 19 million customers in China.

As of September 30, 2022, Chubb's aggregate ownership interest in Huatai Group was approximately 47.3 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations.

During 2021, Chubb entered into agreements with several counterparties to purchase incremental ownership interests in Huatai Group totaling approximately 31.8 percent for approximately $2.2 billion. In connection with these agreements, Chubb paid approximately $1.1 billion in deposits. In January 2022, we paid $113 million relating to these agreements. Chubb entered into an agreement to acquire an approximate 7.1 percent ownership interest in Huatai Group for approximately $0.5 billion, which was paid as a deposit in 2020. The purchase of the additional ownership interest is contingent upon important conditions.

9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities

September 30, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,725	$	—	$	5	$	(174)	$	2,556
Non-U.S.	26,766		(61)		77		(2,599)		24,183
Corporate and asset-backed securities	40,776		(85)		30		(4,341)		36,380
Mortgage-backed securities	18,425		(1)		1		(2,190)		16,235
Municipal	4,624		—		6		(243)		4,387
	$	93,316	$	(147)	$	119	$	(9,547)	$	83,741
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,281	$	—	$	1,281	$	—	$	(52)	$	1,229
Non-U.S.	1,046		(4)		1,042		—		(86)		956
Corporate and asset-backed securities	1,769		(27)		1,742		—		(157)		1,585
Mortgage-backed securities	1,549		(1)		1,548		—		(110)		1,438
Municipal	3,364		(1)		3,363		1		(81)		3,283
	$	9,009	$	(33)	$	8,976	$	1	$	(486)	$	8,491

December 31, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,111	$	—	$	109	$	(6)	$	2,214
Non-U.S.	25,156		(8)		953		(272)		25,829
Corporate and asset-backed securities	37,844		(6)		1,410		(185)		39,063
Mortgage-backed securities	20,080		—		532		(123)		20,489
Municipal	5,302		—		216		(5)		5,513
	$	90,493	$	(14)	$	3,220	$	(591)	$	93,108
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,213	$	—	$	1,213	$	34	$	(3)	$	1,244
Non-U.S.	1,201		(5)		1,196		66		—		1,262
Corporate and asset-backed securities	2,032		(28)		2,004		197		—		2,201
Mortgage-backed securities	1,731		(1)		1,730		74		(1)		1,803
Municipal	3,976		(1)		3,975		162		—		4,137
	$	10,153	$	(35)	$	10,118	$	533	$	(4)	$	10,647

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents the amortized cost of our held to maturity securities according to S&P rating:

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,710	19	%	$	2,089	21	%
AA	4,975		55	%	5,303		52	%
A	1,679		19	%	1,964		19	%
BBB	622		7	%	773		8	%
BB	23		—	%	23		—	%
Other	—		—	%	1		—	%
Total	$	9,009	100	%	$	10,153	100	%

The following table presents fixed maturities by contractual maturity:

	September 30, 2022				December 31, 2021
(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	$	3,173	$	3,173	$	4,498	$	4,498
Due after 1 year through 5 years	23,685		23,685		25,542		25,542
Due after 5 years through 10 years	26,350		26,350		28,207		28,207
Due after 10 years	14,298		14,298		14,372		14,372
	67,506		67,506		72,619		72,619
Mortgage-backed securities	16,235		16,235		20,489		20,489
	$	83,741	$	83,741	$	93,108	$	93,108
Held to maturity
Due in 1 year or less	$	1,003	$	990	$	888	$	894
Due after 1 year through 5 years	3,373		3,233		3,744		3,846
Due after 5 years through 10 years	1,743		1,677		2,242		2,349
Due after 10 years	1,309		1,153		1,514		1,755
	7,428		7,053		8,388		8,844
Mortgage-backed securities	1,548		1,438		1,730		1,803
	$	8,976	$	8,491	$	10,118	$	10,647

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

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at September 30, 2022 and December 31, 2021 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 3 in the 2021 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

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Chubb Limited and Subsidiaries

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

	0 – 12 Months				Over 12 Months				Total
September 30, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	1,873	$	(145)	$	227	$	(29)	$	2,100	$	(174)
Non-U.S.	16,585		(1,480)		3,907		(588)		20,492		(2,068)
Corporate and asset-backed securities	28,533		(2,832)		2,621		(456)		31,154		(3,288)
Mortgage-backed securities	12,776		(1,459)		3,324		(728)		16,100		(2,187)
Municipal	3,905		(216)		70		(18)		3,975		(234)
Total AFS fixed maturities	$	63,672	$	(6,132)	$	10,149	$	(1,819)	$	73,821	$	(7,951)

	0 – 12 Months				Over 12 Months				Total
December 31, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	363	$	(3)	$	70	$	(3)	$	433	$	(6)
Non-U.S.	6,917		(196)		1,093		(62)		8,010		(258)
Corporate and asset-backed securities	9,449		(145)		806		(32)		10,255		(177)
Mortgage-backed securities	8,086		(116)		190		(7)		8,276		(123)
Municipal	226		(5)		—		—		226		(5)
Total AFS fixed maturities	$	25,041	$	(465)	$	2,159	$	(104)	$	27,200	$	(569)

During the nine months ended September 30, 2022, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $950 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize 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				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	78	$	11	$	14	$	20
Provision for expected credit loss	91		3		169		8
Foreign currency revaluation	(2)		—		(2)		—
Recovery of expected credit loss	(20)		(2)		(34)		(16)
Valuation allowance for expected credit losses - end of period	$	147	$	12	$	147	$	12
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	37	$	35	$	44
Provision for expected credit loss	—		—		1		—
Recovery of expected credit loss	(1)		(2)		(3)		(9)
Valuation allowance for expected credit losses - end of period	$	33	$	35	$	33	$	35

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Chubb Limited and Subsidiaries

c) Net realized gains (losses)

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities:
Gross realized gains	$	144	$	27	$	545	$	120
Gross realized losses	(331)		(27)		(1,158)		(99)
Net (provision for) recovery of expected credit losses	(70)		1		(133)		17
Impairment (1)	(22)		(11)		(111)		(12)
Total fixed maturities	(279)		(10)		(857)		26
Equity securities	(80)		(42)		(287)		475
Other investments	(42)		11		17		111
Foreign exchange	198		106		541		85
Investment and embedded derivative instruments	(198)		(9)		(232)		9
Fair value adjustments on insurance derivative	22		(59)		(86)		252
S&P futures	54		(4)		240		(112)
Other derivative instruments	(19)		(10)		(9)		(8)
Other (2)	(40)		(4)		(114)		(5)
Net realized gains (losses) (pre-tax)	$	(384)	$	(21)	$	(787)	$	833

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

(2)Other realized losses includes $36 million related to impairment of fixed assets. The nine months ended September 30, 2022 also includes impairment of assets related to Chubb’s Russian entities.

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

							Three Months Ended
							September 30
	2022						2021
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(80)	$	(42)	$	(122)	$	(42)	$	11	$	(31)
Less: Net gains (losses) recognized from sales of securities	(12)		—		(12)		19		—		19
Unrealized gains (losses) recognized for securities still held at reporting date	$	(68)	$	(42)	$	(110)	$	(61)	$	11	$	(50)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

							Nine Months Ended
							September 30
	2022						2021
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(287)	$	17	$	(270)	$	475	$	111	$	586
Less: Net gains recognized from sales of securities	406		—		406		109		—		109
Unrealized gains (losses) recognized for securities still held at reporting date	$	(693)	$	17	$	(676)	$	366	$	111	$	477

d) Alternative investments

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

	Expected Liquidation Period of Underlying Assets	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,085	$	528	$	1,096	$	267
Real assets	2 to 13 Years	2,045		807		1,193		766
Distressed	2 to 8 Years	1,055		746		753		641
Private credit	3 to 8 Years	194		450		84		279
Traditional	2 to 14 Years	7,548		5,091		6,647		5,200
Vintage	1 to 2 Years	51		—		68		—
Investment funds	Not Applicable	414		—		267		—
		$	12,392	$	7,622	$	10,108	$	7,153

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

Investment Category:	Consists of investments in private equity funds:
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

    

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Chubb Limited and Subsidiaries

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 September 30, 2022 and December 31, 2021 are investments, primarily fixed maturities, totaling $16,202 million and $17,092 million, respectively, and cash of $136 million and $152 million, respectively.

The following table presents the components of restricted assets:

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Trust funds	$	7,992	$	9,915
Deposits with U.S. regulatory authorities	2,318		2,402
Deposits with non-U.S. regulatory authorities	2,825		2,873
Assets pledged under repurchase agreements	2,529		1,420
Other pledged assets	674		634
Total	$	16,338	$	17,244

4. 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

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Chubb Limited and Subsidiaries

market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities

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

Equity securities

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

Short-term investments

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

Other investments

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

Securities lending collateral

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

Investment derivatives not designated as hedging instruments

Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on

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Chubb Limited and Subsidiaries

market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments

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

Derivatives designated as hedging instruments

Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets

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

Guaranteed living benefits

The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLBs are recorded in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3.

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Chubb Limited and Subsidiaries

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

September 30, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,032	$	524	$	—	$	2,556
Non-U.S.	—		23,677		506		24,183
Corporate and asset-backed securities	—		34,084		2,296		36,380
Mortgage-backed securities	—		16,216		19		16,235
Municipal	—		4,387		—		4,387
	2,032		78,888		2,821		83,741
Equity securities	761		—		83		844
Short-term investments	2,782		1,749		3		4,534
Other investments (1)	506		381		—		887
Securities lending collateral	—		1,626		—		1,626
Investment derivatives not designated as hedging instruments	129		—		—		129
Other derivative instruments	109		—		—		109
Derivatives designated as hedging instruments	—		71		—		71
Separate account assets	4,810		81		—		4,891
Total assets measured at fair value (1)	$	11,129	$	82,796	$	2,907	$	96,832
Liabilities:
Investment derivatives not designated as hedging instruments	$	306	$	—	$	—	$	306
Derivatives designated as hedging instruments	—		101		—		101
GLB (2)	—		—		784		784
Total liabilities measured at fair value	$	306	$	101	$	784	$	1,191

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,392 million, policy loans of $316 million, and other investments of $50 million at September 30, 2022 measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

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Chubb Limited and Subsidiaries

December 31, 2021	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	1,680	$	534	$	—	$	2,214
Non-U.S.	—		25,196		633		25,829
Corporate and asset-backed securities	—		37,014		2,049		39,063
Mortgage-backed securities	—		20,463		26		20,489
Municipal	—		5,513		—		5,513
	1,680		88,720		2,708		93,108
Equity securities	4,705		—		77		4,782
Short-term investments	1,744		1,395		7		3,146
Other investments (1)	286		481		—		767
Securities lending collateral	—		1,831		—		1,831
Investment derivative instruments	58		—		—		58
Separate account assets	5,461		99		—		5,560
Total assets measured at fair value (1)	$	13,934	$	92,526	$	2,792	$	109,252
Liabilities:
Investment derivative instruments	$	166	$	—	$	—	$	166
Other derivative instruments	16		—		—		16
GLB (2)	—		—		745		745
Total liabilities measured at fair value	$	182	$	—	$	745	$	927

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021, measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Level 3 financial instruments

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

(in millions of U.S. dollars, except for percentages)	Fair Value				Valuation Technique	Significant Unobservable Inputs	Ranges	Weighted Average (1)
	September 30, 2022		December 31, 2021
GLB (1)	$	784	$	745	Actuarial model	Lapse rate	3% – 30%	3.5	%
						Annuitization rate	0% – 100%	4.6	%

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

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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. In the third quarter of 2022, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. As a result, we refined our policyholder behavior assumptions (mainly those relating to annuitizations and partial withdrawals). This refinement increased the fair value of GLB liabilities, and resulted in a realized loss of approximately $40 million. We also made routine model refinements to the internal valuation model which had an insignificant impact on net income. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2021 Form 10-K.

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

	Assets										Liabilities
Three Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	549	$	2,261	$	19	$	81	$	9	$	832
Transfers into Level 3	—		2		—		—		—		—
Transfers out of Level 3	—		(4)		—		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(34)		(16)		—		—		—		—
Net Realized Gains/Losses	(4)		(9)		—		3		(1)		(22)
Purchases	39		164		4		3		1		—
Sales	(19)		(8)		—		(4)		—		—
Settlements	(25)		(94)		(4)		—		(6)		—
Other	—		—		—		—		—		(26)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—	$	3	$	(1)	$	(22)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(35)	$	(19)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

20

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Chubb Limited and Subsidiaries

	Assets												Liabilities
Three Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	642	$	1,688	$	47	$	78	$	3	$	10	$	760
Transfers into Level 3	22		45		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(15)		2		—		—		—		—		—
Net Realized Gains/Losses	(3)		—		—		1		—		—		59
Purchases	60		272		17		4		7		—		—
Sales	(19)		(13)		—		(4)		—		—		—
Settlements	(27)		(135)		(11)		—		—		—		—
Other	—		—		—		—		—		—		(1)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	—	$	—	$	(1)	$	—	$	—	$	59
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(15)	$	—	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

21

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Chubb Limited and Subsidiaries

	Assets										Liabilities
Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7	$	745
Transfers into Level 3	23		41		—		1		—		—
Transfers out of Level 3	(23)		(97)		(5)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(88)		(68)		—		—		—		—
Net Realized Gains/Losses	(6)		(9)		—		7		(1)		86
Purchases	108		658		4		6		8		—
Sales	(44)		(59)		—		(8)		—		—
Settlements	(97)		(219)		(6)		—		(11)		—
Other	—		—		—		—		—		(47)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(3)	$	(4)	$	—	$	6	$	(1)	$	86
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(89)	$	(71)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	546	$	1,573	$	60	$	73	$	5	$	10	$	1,089
Transfers into Level 3	22		91		—		—		—		—		—
Transfers out of Level 3	(10)		(3)		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(2)		14		—		—		—		—		—
Net Realized Gains/Losses	—		3		—		8		—		—		(252)
Purchases	235		681		18		11		10		—		—
Sales	(35)		(88)		(1)		(13)		—		—		—
Settlements	(96)		(412)		(24)		—		(5)		—		—
Other	—		—		—		—		—		—		(19)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	3	$	—	$	5	$	—	$	—	$	(252)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	2	$	17	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

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

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

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2021 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

22

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

September 30, 2022	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,157	$	72	$	—	$	1,229	$	1,281
Non-U.S.	—		956		—		956		1,042
Corporate and asset-backed securities	—		1,585		—		1,585		1,742
Mortgage-backed securities	—		1,438		—		1,438		1,548
Municipal	—		3,283		—		3,283		3,363
Total assets	$	1,157	$	7,334	$	—	$	8,491	$	8,976
Liabilities:
Repurchase agreements	$	—	$	2,417	$	—	$	2,417	$	2,417
Short-term debt	—		1,469		—		1,469		1,475
Long-term debt	—		12,067		—		12,067		14,044
Trust preferred securities	—		387		—		387		308
Total liabilities	$	—	$	16,340	$	—	$	16,340	$	18,244

December 31, 2021	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,192	$	52	$	—	$	1,244	$	1,213
Non-U.S.	—		1,262		—		1,262		1,196
Corporate and asset-backed securities	—		2,201		—		2,201		2,004
Mortgage-backed securities	—		1,803		—		1,803		1,730
Municipal	—		4,137		—		4,137		3,975
Total assets	$	1,192	$	9,455	$	—	$	10,647	$	10,118
Liabilities:
Repurchase agreements	$	—	$	1,406	$	—	$	1,406	$	1,406
Short-term debt	—		1,019		—		1,019		999
Long-term debt	—		16,848		—		16,848		15,169
Trust preferred securities	—		460		—		460		308
Total liabilities	$	—	$	19,733	$	—	$	19,733	$	17,882

5. Reinsurance

Reinsurance recoverable on ceded reinsurance

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	17,380	$	297	$	16,184	$	271
Reinsurance recoverable on paid losses and loss expenses	1,374		55		1,182		58
Reinsurance recoverable on losses and loss expenses	$	18,754	$	352	$	17,366	$	329
Reinsurance recoverable on policy benefits	$	297	$	4	$	213	$	4

(1)Net of valuation allowance for uncollectible reinsurance.

23

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Chubb Limited and Subsidiaries

The increase in reinsurance recoverable on losses and loss expenses was primarily due to prior period development in certain lines and higher underlying ceded exposures due to premium growth, partially offset by foreign currency movement.

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

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Valuation allowance for uncollectible reinsurance - beginning of period	$	329	$	314
Provision for uncollectible reinsurance	30		16
Write-offs charged against the valuation allowance	(4)		(4)
Foreign exchange revaluation	(3)		(1)
Valuation allowance for uncollectible reinsurance - end of period	$	352	$	325

For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2021 Form 10-K.

6. Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Gross unpaid losses and loss expenses – beginning of period	$	72,943	$	67,811
Reinsurance recoverable on unpaid losses – beginning of period (1)	(16,184)		(14,647)
Net unpaid losses and loss expenses – beginning of period	56,759		53,164
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	18,426		17,556
Prior years (2)	(952)		(868)
Total	17,474		16,688
Net losses and loss expenses paid in respect of losses occurring in:
Current year	5,104		4,771
Prior years	9,217		7,922
Total	14,321		12,693
Foreign currency revaluation and other	(1,300)		(78)
Net unpaid losses and loss expenses – end of period	58,612		57,081
Reinsurance recoverable on unpaid losses (1)	17,380		15,550
Gross unpaid losses and loss expenses – end of period	$	75,992	$	72,631

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $243 million and $87 million for the nine months ended September 30, 2022 and 2021, respectively.

Gross and net unpaid losses and loss expenses increased $3,049 million and $1,853 million, respectively, for the nine months ended September 30, 2022, driven by an increase in underlying exposure due to premium growth and net catastrophe losses, partially offset by favorable prior period development, and favorable foreign exchange movement.

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Chubb Limited and Subsidiaries

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 September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2022
North America Commercial P&C Insurance	$	(29)	$	(137)	$	(166)	$	(315)	$	(246)	$	(561)
North America Personal P&C Insurance	—		(133)		(133)		—		(187)		(187)
North America Agricultural Insurance	—		9		9		—		(17)		(17)
Overseas General Insurance	(5)		—		(5)		(5)		(233)		(238)
Global Reinsurance	—		—		—		(7)		29		22
Corporate	73		—		73		272		—		272
Total	$	39	$	(261)	$	(222)	$	(55)	$	(654)	$	(709)
2021
North America Commercial P&C Insurance	$	(101)	$	(56)	$	(157)	$	(243)	$	(197)	$	(440)
North America Personal P&C Insurance	—		(182)		(182)		—		(266)		(266)
North America Agricultural Insurance	—		7		7		—		5		5
Overseas General Insurance	(13)		(15)		(28)		(8)		(201)		(209)
Global Reinsurance	(4)		—		(4)		(26)		15		(11)
Corporate	43		—		43		140		—		140
Total	$	(75)	$	(246)	$	(321)	$	(137)	$	(644)	$	(781)

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 September 30, 2022, included $164 million from lower than expected loss experience in workers’ compensation lines and $66 million, net of premium adjustments, from lower claims activity in large multi-line loss sensitive accounts. The favorable development was partially offset by net adverse development of $58 million from higher than expected claims severity in commercial auto liability, and $71 million from commercial umbrella/excess portfolios. Net favorable development on our short-tail businesses primarily included $132 million from property and marine portfolios, where paid and reported loss activity for the most recent accident years was lower than expected. Net favorable development for the nine months ended September 30, 2022, also included favorable development in workers’ compensation lines due to updates to loss development factors and our annual assessment of multi-claimant events, including industrial accidents.

Net favorable development for the three and nine months ended September 30, 2021, included $97 million and $255 million from workers' compensation lines due to lower than expected loss experience. This favorable development for the nine months ended September 30, 2021, from workers' compensation lines also included related updates to loss development factors and our annual assessment of multi-claimant events, including industrial accidents. The favorable development for the nine months ended September 30, 2021, was partially offset by net adverse development in commercial auto liability of $74 million and commercial excess and umbrella portfolios of $74 million.

North America Personal P&C Insurance. Net favorable development for the three and nine months ended September 30, 2022, included favorable development in the homeowners and valuables lines of business, driven by lower than expected claims reserve development.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Net favorable development for the three and nine months ended September 30, 2021, included favorable development in homeowners and valuables, which experienced lower than expected loss development.

Overseas General Insurance. Net favorable development for the three months ended September 30, 2022, included lower than expected paid and reported loss activity of $82 million in casualty lines, including primary and excess lines in Continental Europe, the U.K., and Asia Pacific, and $34 million in environmental lines. The favorable development was partially offset by net adverse development of $114 million from financial lines, including Directors and Officers (D&O) due to a combination of higher than expected development on specific claims and increased expected future development in the U.K., Continental Europe, Asia Pacific, and London wholesale business. Net favorable development for the nine months ended September 30, 2022, also included net favorable development of $75 million in A&H lines, $67 million in property lines, and $53 million in personal lines.

Net favorable development for the three months ended September 30, 2021, included favorable development in casualty lines partially offset by adverse development in financial lines, primarily D&O. Net favorable development for the nine months ended September 30, 2021, also included favorable development in A&H and property lines, the latter of which included a $21 million favorable reduction in COVID-19 estimates.

Corporate. Net adverse development for the three months ended September 30, 2022 and 2021, included adverse development for environmental liabilities. Net adverse development for the nine months ended September 30, 2022 and 2021, also included adverse development for molestation claims of $155 million and $68 million, respectively.

Molestation claims

In the third quarter of 2022, the bankruptcy court approved the agreement-in-principle regarding the bankruptcy of the Boy Scouts of America (BSA), which will proceed to further approval before the U.S. District Court. The terms of the agreement are consistent with the 2021 10-K disclosure. Of the $800 million that will be paid per the agreement, we paid $200 million during the third quarter and expect to pay the remaining $600 million liability within the next twelve months. Refer to the 2021 10-K for additional information on molestation claims.

7. Value of business acquired, Goodwill, and Other intangible assets

Value of business acquired

Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts, and is amortized in relation to the profit emergence of the underlying contracts, in a manner similar to deferred acquisition costs. The VOBA calculation is based on many factors including mortality, morbidity, persistency, investment yields, expenses, and the discount rate, with the discount rate being the most significant factor.

The following table presents a roll-forward of VOBA:

	Nine months ended
	September 30
(in millions of U.S. dollars)	2022
Balance, beginning of period	$	236
Acquisition of Cigna's business in Asia	3,379
Amortization of VOBA (1)	(107)
Foreign exchange revaluation and other	(184)
Balance, end of period	$	3,324

(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

During the three months ended September 30, 2022, amortization of VOBA associated with the acquisition of Cigna’s business in Asia was $93 million pre-tax. The expected pre-tax amortization expense related to VOBA associated with the acquisition of Cigna’s business in Asia for the fourth quarter of 2022 at current exchange rates is approximately $100 million. Amortization of VOBA beyond next quarter will be determined in conjunction with the adoption of long-duration accounting guidance effective January 1, 2023. Refer to Note 1 for more information.

26

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Chubb Limited and Subsidiaries

Goodwill

The following table presents a roll-forward of Goodwill by segment:

(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		Chubb Consolidated
Balance at December 31, 2021	$	6,972	$	2,240	$	134	$	4,653	$	371	$	843	$	15,213
Acquisition of Cigna's business in Asia	—		—		—		103		—		1,237		1,340
Foreign exchange revaluation and other	(11)		(4)		—		(431)		—		—		(446)
Balance at September 30, 2022	$	6,961	$	2,236	$	134	$	4,325	$	371	$	2,080	$	16,107

Other intangible assets

Other intangible assets that are subject to amortization principally relate to agency distribution relationships, renewal rights, and patents, and other intangible assets that are not subject to amortization principally relate to trademarks.

(in millions of U.S. dollars)	September 30 2022		December 31 2021
Subject to amortization	$	2,417	$	2,508
Not subject to amortization	2,966		2,947
Total	$	5,383	$	5,455

The following table presents, as of September 30, 2022, the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2022 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)	Associated with the Cigna acquisition in Asia (1)		Associated with the Chubb acquisition (2)		Other intangible assets (3)		Total amortization of purchased intangibles
Fourth quarter of 2022	$	1	$	45	$	25	$	71
2023	2		170		96		268
2024	4		153		89		246
2025	5		137		87		229
2026	6		123		84		213
2027	9		108		81		198
Total	$	27	$	736	$	462	$	1,225

(1)Recorded in Life Insurance segment.

(2)Recorded in Corporate.

(3)Recorded in applicable segment(s) that acquired the intangible assets.

27

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Chubb Limited and Subsidiaries

8. 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. Investment derivative instruments and derivatives designated as hedges are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP); convertible bonds are recorded in Fixed maturities available for sale (FM AFS); and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

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.

Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs, principally GMIB, associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument and is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB book of business.

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

				September 30, 2022						December 31, 2021
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision		Fair Value				Notional Value/ 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)	$	72	$	(277)	$	5,211	$	25	$	(139)	$	6,182
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	57		(29)		1,366		33		(27)		12,944
Convertible securities (1)	FM AFS / ES	32		—		41		11		—		12
		$	161	$	(306)	$	6,618	$	69	$	(166)	$	19,138
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	107	$	—	$	952	$	—	$	(16)	$	905
Other	OA / (AP)	2		—		301		—		—		3
		$	109	$	—	$	1,253	$	—	$	(16)	$	908
GLB (3)	(AP)	$	—	$	(784)	$	2,210	$	—	$	(745)	$	1,432
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	—	$	(94)	$	1,501	$	—	$	—	$	—
Cross-currency swaps - net investment hedges	OA / (AP)	71		(7)		1,501		—		—		—
		$	71	$	(101)	$	3,002	$	—	$	—	$	—

(1)Includes fair value of embedded derivatives.

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

(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

At September 30, 2022, and December 31, 2021, net derivative liabilities of $98 million and $123 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designated certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge for 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.

(i) Cross-currency swaps - fair value hedges

In September 2022, Chubb entered into certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on our Euro denominated debt by converting cash flows back into the U.S dollar.

These fair value hedges are carried at fair value. The hedges are expected to be highly effective, with gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged Euro denominated senior notes within Net realized gains (losses) on the Consolidated statements of operations. The remaining change in fair value is recorded in Other comprehensive income (OCI).

The carrying value of hedged Euro denominated senior notes, recorded within Long-term debt on the Consolidated balance sheets, was $1.5 billion as of September 30, 2022. This carrying value includes a $32 million gain from foreign currency remeasurement since the inception of the hedge. For the three and nine months ended September 30, 2022, $94 million of losses on fair value hedges were recognized in OCI, of which $32 million of losses were reclassified from OCI to Net realized gains (losses).

(ii) Cross-currency swaps - net investment hedges

In September 2022, Chubb entered into 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, and Swiss franc. 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. The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

For the three and nine months ended September 30, 2022, $64 million of gains on net investment hedges were recognized in CTA.

29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(247)	$	(15)	$	(515)	$	(37)
All other futures contracts, options, and equities	49		6		285		45
Convertible securities (1)	—		—		(2)		1
Total investment and embedded derivative instruments	$	(198)	$	(9)	$	(232)	$	9
GLB and other derivative instruments:
GLB	$	22	$	(59)	$	(86)	$	252
Futures contracts on equities (2)	54		(4)		240		(112)
Other	(19)		(10)		(9)		(8)
Total GLB and other derivative instruments	$	57	$	(73)	$	145	$	132
	$	(141)	$	(82)	$	(87)	$	141

(1)Includes embedded derivatives.

(2)Related to GMDB and GLB 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 future policy benefit reserves for GMDB and an increase in the fair value liability for GLB reinsurance business.

Options

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

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

30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Other

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

(iii) Convertible security investments

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

(iv) TBA

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

(v) GLB

Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. The GLB is accounted for as a derivative and is recorded at fair value. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable.

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

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.

31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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
	September 30, 2022		December 31, 2021
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	857	$	931
U.S. Treasury / Agency	93		128
Non-U.S.	641		752
Corporate and asset-backed securities	35		12
Mortgage-backed securities	—		1
Equity securities	—		7
	$	1,626	$	1,831
Gross amount of recognized liability for securities lending payable	$	1,626	$	1,831

At September 30, 2022, and December 31, 2021, our repurchase agreement obligations of $2,417 million and $1,406 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.  

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

	Remaining contractual maturity
	September 30, 2022								December 31, 2021
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	66	$	10	$	—	$	76	$	—	$	29	$	29
U.S. Treasury / Agency	—		102		—		102		103		—		103
Mortgage-backed securities	350		1,530		471		2,351		—		1,288		1,288
	$	416	$	1,642	$	471	$	2,529	$	103	$	1,317	$	1,420
Gross amount of recognized liabilities for repurchase agreements							$	2,417					$	1,406
Difference (1)							$	112					$	14

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

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

32

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

e) Fixed maturities

At September 30, 2022, and December 31, 2021, commitments to purchase fixed income securities over the next several years were $630 million and $771 million, respectively.

f) Other investments

At September 30, 2022, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $12.0 billion. In connection with these investments, we have commitments that may require funding of up to $7.6 billion over the next several years. At December 31, 2021, these investments had a carrying value of $9.8 billion with a commitment that may require funding of up to $7.2 billion.

g) Income taxes

At September 30, 2022, $57 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 September 30, 2022, and December 31, 2021, the right-of-use asset was $458 million and $445 million, respectively, recorded within Other assets and the lease liability was $486 million and $484 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

j) Letters of credit

In October 2022, Chubb entered into a new group syndicated credit facility through 2027 with capacity of $3.0 billion. This facility consolidated our three existing syndicated facilities with capacity of $2.7 billion.

9. 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 September 30, 2022, our Common Shares had a par value of CHF 24.15 per share.

At our May 2022 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.32 per share, expected to be paid in four quarterly installments of $0.83 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of the 2023 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2021 and 2020 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.20 per share and $3.12 per share, respectively, which were paid in four quarterly installments of $0.80 per share and $0.78 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2022			2021			2022			2021
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.78	$	0.83	0.73	$	0.80	2.32	$	2.46	2.14	$	2.38

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. At our May 2022 annual general meeting, held on May 19, 2022, our shareholders approved the cancellation of 13,179,100 shares purchased under our share repurchase program during the last six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2022. During the nine months ended September 30, 2022, 14,022,728 shares were repurchased, 27,644,500 shares were canceled, and 2,470,600 net shares were issued under employee share-based compensation plans. At September 30, 2022, 31,356,130 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

•$1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021;

•$1.0 billion increase to the November 2020 share repurchase program to a total of $2.5 billion in February 2021, effective through December 31, 2021;

•One-time incremental share repurchase program of $5.0 billion of Chubb Common Shares from July 19, 2021 through June 30, 2022; and

•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023.

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except share data)	2022		2021		2022		2021
Number of shares repurchased	3,676,528		8,412,000		14,022,728		22,877,400
Cost of shares repurchased	$	685	$	1,516	$	2,815	$	3,956
Repurchase authorization remaining at end of period	$	1,816	$	3,551	$	1,816	$	3,551

34

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(5,713)	$	3,342	$	2,256	$	4,673
Change in period, before reclassification from AOCI (before tax)	(3,324)		(564)		(12,898)		(2,151)
Amounts reclassified from AOCI (before tax)	279		10		857		(26)
Change in period, before tax	(3,045)		(554)		(12,041)		(2,177)
Income tax benefit	147		98		1,174		390
Balance – end of period, net of tax	(8,611)		2,886		(8,611)		2,886
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,821)		(1,323)		(2,146)		(1,637)
Change in period, before tax	(966)		(414)		(1,676)		(84)
Income tax benefit	6		23		41		7
Balance – end of period, net of tax	(3,781)		(1,714)		(3,781)		(1,714)
Fair value hedging instruments
Balance – beginning of period, net of tax	—		—		—		—
Change in period, before reclassification from AOCI (before tax)	(94)		—		(94)		—
Amounts reclassified from AOCI (before tax)	32		—		32		—
Change in period, before tax	(62)		—		(62)		—
Income tax benefit	13		—		13		—
Balance – end of period, net of tax	(49)		—		(49)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	259		(197)		240		(167)
Change in period, before tax	3		4		27		(33)
Income tax (expense) benefit	(1)		(1)		(6)		6
Balance – end of period, net of tax	261		(194)		261		(194)
Accumulated other comprehensive income (loss)	$	(12,180)	$	978	$	(12,180)	$	978

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

	Three Months Ended				Nine Months Ended				Consolidated Statement of Operations Location
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities available for sale	$	(279)	$	(10)	$	(857)	$	26	Net realized gains (losses)
Income tax (expense) benefit	39		3		138		5		Income tax expense
	$	(240)	$	(7)	$	(719)	$	31	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	(32)	$	—	$	(32)	$	—	Net realized gains (losses)
Income tax (expense) benefit	7		—		7		—		Income tax expense
	$	(25)	$	—	$	(25)	$	—	Net income
Total amounts reclassified from AOCI	$	(265)	$	(7)	$	(744)	$	31

35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

10. 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 February 24, 2022, Chubb granted 1,699,554 stock options with a weighted-average grant date fair value of $35.21 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. The performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is principally granted at market close price on the grant date. On February 24, 2022, Chubb granted 807,194 service-based restricted stock awards, 295,301 service-based restricted stock units, and 294,229 performance-based stock awards to employees and officers with a grant date fair value of $199.03 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

11. 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
	2022				2021				2022		2021
Three Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	1	$	—	$	1	$	—	$	1
Non-service cost (benefit):
Interest cost	21		5		18		5		—		1
Expected return on plan assets	(70)		(11)		(64)		(10)		—		(1)
Amortization of net actuarial loss	—		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(49)		(6)		(45)		(5)		—		—
Net periodic benefit cost (benefit)	$	(49)	$	(5)	$	(45)	$	(4)	$	—	$	1

36

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2022				2021				2022		2021
Nine Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	3	$	—	$	3	$	—	$	1
Non-service cost (benefit):
Interest cost	64		17		53		14		1		1
Expected return on plan assets	(212)		(33)		(191)		(32)		(1)		(1)
Amortization of net actuarial loss	—		—		—		2		—		—
Amortization of prior service cost	—		—		—		—		—		(26)
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(148)		(16)		(137)		(16)		—		(26)
Net periodic benefit cost (benefit)	$	(148)	$	(13)	$	(137)	$	(13)	$	—	$	(25)

37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended September 30	2022		2021		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	1		1		—		1
Total service cost	1		1		—		1
Non-service cost (benefit):
Losses and loss expenses	(5)		(5)		—		—
Administrative expenses	(50)		(45)		—		—
Total non-service cost (benefit)	(55)		(50)		—		—
Net periodic benefit cost (benefit)	$	(54)	$	(49)	$	—	$	1

	Pension Benefit Plans				Other Postretirement Benefit Plans
Nine Months Ended September 30	2022		2021		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	3		3		—		1
Total service cost	3		3		—		1
Non-service cost (benefit):
Losses and loss expenses	(15)		(14)		—		(3)
Administrative expenses	(149)		(139)		—		(23)
Total non-service cost (benefit)	(164)		(153)		—		(26)
Net periodic benefit cost (benefit)	$	(161)	$	(150)	$	—	$	(25)

12. Other income and expense

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Equity in net income (loss) of partially-owned entities (1)	$	(98)	$	802	$	192	$	2,073
Gains (losses) from fair value changes in separate account assets (2)	(67)		(24)		(116)		(5)
Federal excise and capital taxes	(6)		(5)		(15)		(15)
Other	(17)		(10)		(40)		(23)
Total	$	(188)	$	763	$	21	$	2,030

(1)     Equity in net income (loss) of partially-owned entities principally comprises mark-to-market gain (loss) on private equities where we own more than three percent of $(190) million and $(69) million for the three and nine months ended September 30, 2022, respectively, and $702 million and $1,776 million, respectively, for the prior year periods. This line item also includes net income of $28 million and $83 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and nine months ended September 30, 2022, respectively, compared to $40 million and $144 million, respectively, for the prior year periods.

(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

38

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Other income and expense includes equity in net income of partially-owned entities, which includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

13. Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. Segment results for the three and nine months ended September 30, 2022, include the results of Cigna's business in Asia from July 1, 2022. Results from Cigna's business in Asia are included in our Life Insurance segment and, to a lesser extent, Overseas General Insurance segment according to the nature of the business written.

Management uses underwriting income (loss) as the basis for segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Segment income (loss) includes underwriting income (loss), net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes amortization of purchased intangibles acquired by the segment. We determined that this definition of segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income (loss) measures.

Revenue and expenses managed at the corporate level, including net realized gains (losses), interest expense, Cigna integration expenses, and income tax are reported within Corporate. Cigna 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 related to the acquisition of Cigna's A&H and Life insurance companies in six Asian markets. 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 Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore 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. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include:

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

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income for segment reporting purposes.

39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following tables present the Statement of Operations by segment:

For the Three Months Ended September 30, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	4,722	$	1,392	$	1,723	$	2,645	$	265	$	1,273	$	—	$	—	$	12,020
Net premiums earned	4,283		1,334		1,673		2,741		255		1,249		—		—		11,535
Losses and loss expenses	3,036		857		1,444		1,441		311		135		74		(19)		7,279
Policy benefits	—		—		—		—		—		553		—		(67)		486
Policy acquisition costs	583		274		68		720		59		271		—		—		1,975
Administrative expenses	272		71		3		264		8		174		91		—		883
Underwriting income (loss)	392		132		158		316		(123)		116		(165)		86		912
Net investment income	589		76		9		151		71		147		5		(69)		979
Other (income) expense	6		1		1		(2)		—		(10)		194		(2)		188
Amortization expense of    purchased intangibles	—		2		7		12		—		2		46		—		69
Segment income (loss)	$	975	$	205	$	159	$	457	$	(52)	$	271	$	(400)	$	19	$	1,634
Net realized gains (losses)													(365)		(19)		(384)
Interest expense													150		—		150
Cigna integration expenses													23		—		23
Income tax expense													265		—		265
Net income (loss)													$	(1,203)	$	—	$	812

For the Three Months Ended September 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	4,369	$	1,300	$	1,415	$	2,596	$	221	$	609	$	—	$	—	$	10,510
Net premiums earned	3,954		1,244		1,338		2,664		211		589		—		—		10,000
Losses and loss expenses	2,754		846		1,138		1,487		192		179		43		(10)		6,629
Policy benefits	—		—		—		—		—		175		—		(24)		151
Policy acquisition costs	537		254		61		703		55		168		—		—		1,778
Administrative expenses	273		73		4		266		9		82		99		—		806
Underwriting income (loss)	390		71		135		208		(45)		(15)		(142)		34		636
Net investment income (loss)	507		60		6		157		99		102		(10)		(55)		866
Other (income) expense	8		1		—		—		—		(19)		(722)		(31)		(763)
Amortization expense of    purchased intangibles	—		2		7		11		—		2		49		—		71
Segment income	$	889	$	128	$	134	$	354	$	54	$	104	$	521	$	10	$	2,194
Net realized gains (losses)													(11)		(10)		(21)
Interest expense													122		—		122
Income tax expense													218		—		218
Net income													$	170	$	—	$	1,833

40

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	13,426	$	3,998	$	2,523	$	8,364	$	780	$	2,430	$	—	$	—	$	31,521
Net premiums earned	12,645		3,852		2,217		8,065		712		2,347		—		—		29,838
Losses and loss expenses	7,979		2,343		1,830		4,054		565		437		275		(9)		17,474
Policy benefits	—		—		—		—		—		906		—		(116)		790
Policy acquisition costs	1,701		792		111		2,096		178		573		—		—		5,451
Administrative expenses	814		213		4		811		27		346		264		—		2,479
Underwriting income (loss)	2,151		504		272		1,104		(58)		85		(539)		125		3,644
Net investment income (loss)	1,600		199		23		460		232		359		(4)		(180)		2,689
Other (income) expense	12		3		1		3		1		(50)		73		(64)		(21)
Amortization expense of    purchased intangibles	—		7		20		40		—		7		137		—		211
Segment income (loss)	$	3,739	$	693	$	274	$	1,521	$	173	$	487	$	(753)	$	9	$	6,143
Net realized gains (losses)													(778)		(9)		(787)
Interest expense													416		—		416
Cigna integration expenses													26		—		26
Income tax expense													913		—		913
Net income (loss)													$	(2,886)	$	—	$	4,001

For the Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	12,318	$	3,761	$	2,110	$	7,983	$	702	$	1,844	$	—	$	—	$	28,718
Net premiums earned	11,431		3,652		1,858		7,721		583		1,789		—		—		27,034
Losses and loss expenses	7,740		2,341		1,554		3,936		422		562		141		(8)		16,688
Policy benefits	—		—		—		—		—		508		—		(5)		503
Policy acquisition costs	1,540		746		100		2,070		147		538		—		—		5,141
Administrative expenses	772		200		10		811		27		247		258		—		2,325
Underwriting income (loss)	1,379		365		194		904		(13)		(66)		(399)		13		2,377
Net investment income (loss)	1,582		189		21		447		250		301		(42)		(135)		2,613
Other (income) expense	24		(3)		—		3		—		(79)		(1,845)		(130)		(2,030)
Amortization expense of    purchased intangibles	—		8		20		36		—		4		148		—		216
Segment income	$	2,937	$	549	$	195	$	1,312	$	237	$	310	$	1,256	$	8	$	6,804
Net realized gains (losses)													841		(8)		833
Interest expense													366		—		366
Income tax expense													873		—		873
Net income													$	858	$	—	$	6,398

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

41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

14. Earnings per share

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except share and per share data)	2022		2021		2022		2021
Numerator:
Net income	$	812	$	1,833	$	4,001	$	6,398
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	416,542,101		435,318,088		421,290,032		443,595,026
Denominator for diluted earnings per share:
Share-based compensation plans	3,076,855		3,123,550		3,733,449		3,032,989
Weighted-average shares outstanding and assumed conversions	419,618,956		438,441,638		425,023,481		446,628,015
Basic earnings per share	$	1.95	$	4.21	$	9.50	$	14.42
Diluted earnings per share	$	1.94	$	4.18	$	9.41	$	14.33
Potential anti-dilutive share conversions	1,693,502		1,758,853		1,377,784		1,439,882

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 12 to the Consolidated Financial Statements of our 2021 Form 10-K for additional information on stock options.

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and nine months ended September 30, 2022.

All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our consolidated financial statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K).

Other Information

We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.

MD&A Index	Page
Forward-Looking Statements	44
Overview	45
Consolidated Operating Results	46
Segment Operating Results	51
Net Realized and Unrealized Gains (Losses)	62
Effective Income Tax Rate	63
Non-GAAP Reconciliation	64
Amortization of Purchased Intangibles and Other Amortization	69
Net Investment Income	70
Investments	70
Critical Accounting Estimates	75
Unpaid Losses and Loss Expenses	75
Asbestos and Environmental (A&E)	75
Fair Value Measurements	75
Catastrophe Management	76
Global Property Catastrophe Reinsurance Program	77
Capital Resources	78
Liquidity	79
Information Provided In Connection With Outstanding Debt of Subsidiaries	80

43

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the U.S. Securities and Exchange Commission (SEC), include but are not limited to:

•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections and changes in market conditions that could render our business strategies ineffective or obsolete;

•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;

•infection rates and severity of COVID-19 and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to COVID-19;

•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;

•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events;

•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;

•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; the amount of dividends received from subsidiaries;

•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available for sale fixed maturity investments before their anticipated recovery;

•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;

•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;

•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization, including with respect to our announced acquisitions not closing; risks and uncertainties relating to our planned purchases of additional interests in Huatai Insurance Group Co., Ltd. (Huatai Group), including our ability to receive Chinese insurance regulatory approval and complete the purchases;

•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;

44

•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;

•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and

•management’s response to these factors and actual events (including, but not limited to, those described above).

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At September 30, 2022, we had total assets of $198 billion and shareholders’ equity of $48 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate 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. For more information on our segments refer to “Segment Information” under Item 1 in our 2021 Form 10-K.

On July 1, 2022, we completed the acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in six Asian markets. Our results for the three and nine months ended September 30, 2022, include the results of these acquired businesses from July 1, 2022, and are included in our Life Insurance segment and, to a lesser extent, Overseas General Insurance segment according to the nature of the business written. Refer to Note 2 to the Consolidated Financial Statements for additional information on our acquisition.

45

Consolidated Operating Results – Three and Nine Months Ended September 30, 2022 and 2021

	Three Months Ended						Nine Months Ended
	September 30				% Change		September 30				% Change
(in millions of U.S. dollars, except for percentages)	2022		2021		Q-22 vs. Q-21		2022		2021		YTD-22 vs. YTD-21
Net premiums written	$	12,020	$	10,510	14.4	%	$	31,521	$	28,718	9.8	%
Net premiums written - constant dollars (1)					17.3	%					12.1	%
Net premiums earned	11,535		10,000		15.3	%	29,838		27,034		10.4	%
Net investment income	979		866		13.1	%	2,689		2,613		2.9	%
Net realized gains (losses)	(384)		(21)		NM		(787)		833		NM
Total revenues	12,130		10,845		11.9	%	31,740		30,480		4.1	%
Losses and loss expenses	7,279		6,629		9.8	%	17,474		16,688		4.7	%
Policy benefits	486		151		221.1	%	790		503		57.1	%
Policy acquisition costs	1,975		1,778		11.1	%	5,451		5,141		6.0	%
Administrative expenses	883		806		9.6	%	2,479		2,325		6.6	%
Interest expense	150		122		23.3	%	416		366		13.8	%
Other (income) expense	188		(763)		NM		(21)		(2,030)		(99.0)	%
Amortization of purchased intangibles	69		71		(3.2)	%	211		216		(2.3)	%
Cigna integration expenses	23		—		NM		26		—		NM
Total expenses	11,053		8,794		25.7	%	26,826		23,209		15.6	%
Income before income tax	1,077		2,051		(47.5)	%	4,914		7,271		(32.4)	%
Income tax expense	265		218		21.2	%	913		873		4.5	%
Net income	$	812	$	1,833	(55.7)	%	$	4,001	$	6,398	(37.5)	%

NM - not meaningful

(1)     On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

Financial Highlights for the Three Months Ended September 30, 2022

•Net income was $812 million compared with $1.8 billion in the prior year period. Net income in the current quarter was driven by strong underwriting results, including growth in net premiums earned and improvement in our combined ratios. Net income is lower compared to prior year, reflecting the after-tax mark-to-market losses on private equities of $231 million, compared to gains of $705 million in the prior year.

•Consolidated net premiums written were $12.0 billion, up 14.4 percent, or 17.3 percent in constant dollars. The acquisition of Cigna's business in Asia added 7.1 percentage points, or 7.2 percentage points in constant dollars, to the growth in net premiums written.

•Consolidated net premiums earned were $11.5 billion, up 15.3 percent, or 18.6 percent in constant dollars. The acquisition of Cigna's business in Asia added 7.3 percentage points, or 7.5 percentage points in constant dollars, to the growth in net premiums earned.

•Total pre-tax and after-tax catastrophe losses were $1.2 billion (11.3 percentage points of the P&C combined ratio) and $949 million, respectively, compared with $1.1 billion (12.2 percentage points of the P&C combined ratio) and $943 million, respectively, in the prior year period. Catastrophe losses in the current quarter were primarily from Hurricane Ian losses of $975 million pre-tax and global weather-related events.

•Total pre-tax and after-tax favorable prior period development were $222 million (2.2 percentage points of the P&C combined ratio) and $162 million, respectively, including pre-tax adverse development of $52 million related to legacy environmental exposures. Excluding the adverse development, we had pre-tax favorable development of $274 million, with 5 percent in long-tail lines, and 95 percent in short-tail lines. This compares with pre-tax and after-tax favorable prior

46

period development of $321 million (3.6 percentage points of the P&C combined ratio) and $227 million, respectively, in the prior year period.

•The P&C combined ratio was 93.1 percent compared with 93.4 percent in the prior year period. The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 84.0 percent compared with 84.8 percent in the prior year period. The current year ratios decreased due to the favorable impact of higher net premiums earned on the expense ratio.

•Net investment income was a record $979 million compared with $866 million in the prior year period.

•Operating cash flow was $3.4 billion compared with $3.3 billion in the prior year period.

•Shareholders' equity decreased by $4.0 billion in the quarter, as net income of $812 million was more than offset by net unrealized losses on investments of $2.9 billion after-tax from rising interest rates and $1.0 billion related to cumulative foreign exchange translation. In addition, shareholders' equity reflected total capital returned to shareholders in the quarter of $1.0 billion, including share repurchases of $685 million, at an average purchase price of $186.22 per share, and dividends of $346 million.

Net Premiums Written	Three Months Ended September 30						% Change		Nine Months Ended September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022		2021		Q-22 vs. Q-21		C$ Q-22 vs. Q-21		2022		2021		YTD-22 vs. YTD-21		C$ YTD-22 vs. YTD-21
Commercial casualty	$	2,167	$	1,957	10.7	%	12.8	%	$	5,777	$	5,215	10.8	%	12.5	%
Workers' compensation	476		488		(2.5)	%	(2.5)	%	1,625		1,597		1.7	%	1.7	%
Financial lines	1,270		1,328		(4.4)	%	(1.9)	%	3,727		3,681		1.2	%	3.2	%
Surety	152		139		9.9	%	11.8	%	477		435		9.7	%	11.1	%
Commercial multiple peril (1)	341		310		10.1	%	10.1	%	972		889		9.4	%	9.4	%
Property and other short-tail lines	1,756		1,572		11.8	%	15.8	%	5,503		4,906		12.2	%	15.3	%
Total Commercial P&C lines	6,162		5,794		6.4	%	8.8	%	18,081		16,723		8.1	%	10.0	%
Agriculture	1,723		1,415		21.8	%	21.8	%	2,523		2,110		19.6	%	19.6	%
Personal automobile	404		383		5.4	%	7.9	%	1,239		1,134		9.2	%	11.4	%
Personal homeowners	1,023		978		4.5	%	5.6	%	2,910		2,778		4.7	%	5.6	%
Personal other	451		454		(0.7)	%	7.8	%	1,406		1,386		1.4	%	6.8	%
Total Personal lines	1,878		1,815		3.4	%	6.6	%	5,555		5,298		4.8	%	7.2	%
Total Property and Casualty lines	9,763		9,024		8.2	%	10.4	%	26,159		24,131		8.4	%	10.3	%
Global A&H lines (2)	1,518		922		64.7	%	75.3	%	3,451		2,855		20.9	%	26.7	%
Reinsurance lines	265		221		19.5	%	21.8	%	780		702		11.1	%	12.2	%
Life	474		343		38.6	%	48.0	%	1,131		1,030		9.9	%	15.3	%
Total consolidated	$	12,020	$	10,510	14.4	%	17.3	%	$	31,521	$	28,718	9.8	%	12.1	%

(1)Commercial multiple peril represents retail package business (property and general liability).

(2)For purposes of this schedule only, A&H results include Combined North America and International businesses, which are normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included in Global A&H lines above.

The increase in consolidated net premiums written for the three and nine months ended September 30, 2022, reflects growth across most lines of business driven by positive rate increases, new business, and strong renewal retention. The acquisition of Cigna's business in Asia contributed $738 million for the three and nine months ended September 30, 2022.

•Commercial casualty grew primarily in North America, Europe, and Asia, driven by strong new business and retention, including exposure and rate increases.

47

•Workers' compensation decreased for the quarter due to a favorable COVID-related exposure adjustment in the prior year. Growth for the nine months ended September 30, 2022, was due to exposure increases in North America.

•Financial lines decreased for the quarter as growth in Asia and Latin America was more than offset by lower retention and lower new business in North America. The year-to-date increase reflects growth across most regions from strong new business and retention, and rate increases.

•Surety increased due to strong new business in North America.

•Commercial multiple peril increased due to strong new business and renewal retention, including exposure and positive rate increases in North America.

•Property and other short-tail lines grew globally due to strong new business and renewal retention, including positive rate increases and increased exposure.

•Agriculture increased due to underlying growth in crop insurance, reflecting higher commodity prices, higher reported acreage from policyholders, and policy count growth. Partially offsetting growth for the nine months was a return of premium to the U.S. government in the first quarter of 2022 of $161 million.

•Personal lines grew in most regions reflecting new business and strong renewal retention, from both rate and exposure increases, primarily in homeowners and automobile in North America, high net worth and specialty lines in Asia, and specialty lines and automobile in Latin America. Partially offsetting growth in North America were additional cancellations in parts of California exposed to wildfires.

•Global A&H lines increased due to the acquisition of Cigna's business in Asia in the third quarter of 2022, which contributed $593 million. Additionally, growth in Asia, Latin America, Europe, and Japan on a constant dollar basis, was driven by higher new business and increased travel volume and consumer activity. Our North American Combined Insurance supplemental A&H business decreased primarily due to the non-renewal of a large program.

•Reinsurance lines increased for the quarter primarily due to higher catastrophe reinstatement premiums. Growth for the nine months ended September 30, 2022, was driven by new business and favorable premium adjustments; partially offset by a one-time portfolio transfer in the prior year.

•International life operations increased due to the acquisition of Cigna's business in Asia in the third quarter of 2022, which contributed $145 million. Growth from new business in Asia, primarily in Thailand, Indonesia and Vietnam, was more than offset by lower business in Latin America, principally reflecting the non-renewal of certain large account business in Chile.

For additional information on net premiums written, refer to the segment results discussions.

48

Net Premiums Earned

Net premiums earned for short-duration contracts, typically P&C contracts, generally reflect the portion of net premiums written that was recorded as revenues for the period as the exposure periods expire. Net premiums earned for long-duration contracts, typically traditional life contracts, generally are recognized as earned when due from policyholders. For the three months ended September 30, 2022, net premiums earned increased $1,535 million, or 15.3 percent. For the nine months ended September 30, 2022, net premiums earned increased $2,804 million, or 10.4 percent.

Catastrophe Losses and Prior Period Development

We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. We also define losses from certain pandemics, such as COVID-19, as a catastrophe loss.

Prior period development includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development.

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Catastrophe losses	$	1,158	$	1,146	$	1,782	$	2,126
Favorable prior period development	$	222	$	321	$	709	$	781

Catastrophe losses through September 30, 2022 and 2021, were primarily from the following events:

•2022: Hurricane Ian losses of $975 million, severe weather-related events in the U.S. and internationally, Australia storms, and Colorado wildfires.

•2021: Hurricane Ida losses of $806 million, winter storm losses in the U.S., flooding in Europe, and other severe weather-related events in the U.S. and internationally.

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.

Pre-tax net favorable PPD for the three months ended September 30, 2022, was $222 million, including adverse development of $52 million related to legacy environmental exposures. Excluding the adverse development, we had favorable development of $274 million, with 5 percent in long-tail lines, principally from accident years 2018 and prior, and 95 percent in short-tail lines, primarily in property lines.

Pre-tax net favorable PPD for the nine months ended September 30, 2022, was $709 million, including adverse development of $155 million for molestation claims, predominantly reviver statute-related, and adverse development of $52 million related to legacy environmental exposures. The molestation adverse development includes no change to the previously established reserve for the Boy Scouts of America settlement. Excluding the adverse development, we had favorable development of $916 million with 29 percent in long-tail lines, principally from accident years 2018 and prior, and 71 percent in short-tail lines, primarily in property and A&H lines.

Pre-tax net favorable PPD for the three months ended September 30, 2021, was $321 million, including adverse development of $33 million related to legacy environmental exposures. Excluding the adverse development, we had favorable development of $354 million with 30 percent in long-tail lines, principally from accident years 2017 and prior, and 70 percent in short-tail lines, primarily in homeowners and property lines.

Pre-tax net favorable PPD for the nine months ended September 30, 2021, was $781 million, including adverse development of $33 million related to legacy environmental exposures and $68 million for molestation claims. Excluding the adverse development, we had favorable development of $882 million with 27 percent in long-tail lines, principally from accident years 2017 and prior, and 73 percent in short-tail lines, primarily in homeowners, A&H, property, and surety lines.

49

Refer to the prior period development discussion in Note 6 to the Consolidated Financial Statements for additional information.

P&C Combined Ratio

In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio. We calculate this ratio by dividing the respective expense amounts by net premiums earned. We do not calculate this ratio for the Life Insurance segment as we do not use this measure to monitor or manage that segment. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss.

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2022		2021		2022		2021
Loss and loss expense ratio
CAY loss ratio excluding catastrophe losses	60.6	%	60.1	%	58.4	%	58.7	%
Catastrophe losses	11.4	%	12.2	%	6.6	%	8.4	%
Prior period development	(2.4)	%	(3.7)	%	(3.0)	%	(3.2)	%
Loss and loss expense ratio	69.6	%	68.6	%	62.0	%	63.9	%
Policy acquisition cost ratio	16.6	%	17.1	%	17.7	%	18.3	%
Administrative expense ratio	6.9	%	7.7	%	7.8	%	8.2	%
P&C Combined ratio	93.1	%	93.4	%	87.5	%	90.4	%

The loss and loss expense ratio and the CAY loss ratio excluding catastrophe losses increased for the three months ended September 30, 2022, reflecting the impact of a current accident year benefit recorded in the prior year partially offset by earned rate exceeding loss cost trends. The loss and loss expense ratio and the CAY loss ratio excluding catastrophe losses decreased for the nine months ended September 30, 2022, primarily from earned rate exceeding loss cost trends. The loss and loss expense ratio for the nine months ended September 30, 2022, also benefited from higher net premiums earned and lower catastrophe losses, partially offset by lower favorable prior period development.

The policy acquisition cost ratio decreased for the three and nine months ended September 30, 2022, primarily due to a higher percentage of net premiums earned from lines that have a lower acquisition cost ratio.

The administrative expense ratio decreased for the three and nine months ended September 30, 2022, primarily due to the favorable impact of higher net premiums earned, partially offset by higher employee-related expenses and increased investment to support growth.

Policy benefits

Policy benefits represent losses on contracts classified as long-duration and generally include accident and supplemental health products, term and whole life products, endowment products, and annuities. Refer to the Life Insurance segment operating results section for further discussion.

For the three months ended September 30, 2022 and 2021, Policy benefits were $486 million and $151 million, respectively, which included (gains) losses from fair value changes in separate account liabilities that do not qualify for separate account reporting under GAAP of $(67) million and $(24) million, respectively. The offsetting movements of these liabilities are recorded in Other (income) expense on the Consolidated statements of operations. Excluding the separate account gains and losses, Policy benefits were $553 million and $175 million for the three months ended September 30, 2022 and 2021, respectively.

For the nine months ended September 30, 2022 and 2021, Policy benefits were $790 million and $503 million, respectively, which included (gains) losses from fair value changes in separate account liabilities that do not qualify for separate account reporting under GAAP of $(116) million and $(5) million, respectively. The offsetting movements of these liabilities are recorded in Other (income) expense on the Consolidated statements of operations. Excluding the separate account gains and losses, Policy benefits were $906 million and $508 million for the nine months ended September 30, 2022 and 2021, respectively.

Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Amortization of purchased intangibles, and Income tax expense.

50

Segment Operating Results – Three and Nine Months Ended September 30, 2022 and 2021

We operate 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. For more information on our segments refer to “Segment Information” under Item 1 in our 2021 Form 10-K.

North America Commercial P&C Insurance

The North America Commercial P&C Insurance segment comprises operations that provide property and casualty (P&C) and accident & health (A&H) insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market and small commercial accounts).

	Three Months Ended									Nine Months Ended
	September 30						% Change			September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022			2021			Q-22 vs. Q-21			2022			2021			YTD-22 vs. YTD-21
Net premiums written	$	4,722		$	4,369		8.1		%	$	13,426		$	12,318		9.0		%
Net premiums earned	4,283			3,954			8.3		%	12,645			11,431			10.6		%
Losses and loss expenses	3,036			2,754			10.3		%	7,979			7,740			3.1		%
Policy acquisition costs	583			537			8.5		%	1,701			1,540			10.5		%
Administrative expenses	272			273			(0.2)		%	814			772			5.5		%
Underwriting income	392			390			0.2		%	2,151			1,379			55.9		%
Net investment income	589			507			16.4		%	1,600			1,582			1.2		%
Other (income) expense	6			8			(17.8)		%	12			24			(48.4)		%
Segment income	$	975		$	889		9.6		%	$	3,739		$	2,937		27.3		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	61.5		%	62.3		%	(0.8)	pts		61.5		%	63.1		%	(1.6)	pts
Catastrophe losses	14.0		%	11.9		%	2.1	pts		6.3		%	8.7		%	(2.4)	pts
Prior period development	(4.6)		%	(4.5)		%	(0.1)	pts		(4.7)		%	(4.1)		%	(0.6)	pts
Loss and loss expense ratio	70.9		%	69.7		%	1.2	pts		63.1		%	67.7		%	(4.6)	pts
Policy acquisition cost ratio	13.6		%	13.5		%	0.1	pts		13.5		%	13.5		%	—	pts
Administrative expense ratio	6.4		%	6.9		%	(0.5)	pts		6.4		%	6.7		%	(0.3)	pts
Combined ratio	90.9		%	90.1		%	0.8	pts		83.0		%	87.9		%	(4.9)	pts

Catastrophe Losses and Prior Period Development	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Catastrophe losses	$	598	$	472	$	803	$	999
Favorable prior period development	$	166	$	157	$	561	$	440

51

Catastrophe losses through September 30, 2022 and 2021, were primarily from the following events:

•2022: Hurricane Ian losses, severe weather-related events and winter storm losses in the U.S.

•2021: Hurricane Ida losses, winter storm losses and other severe weather-related events in the U.S.

Refer to the prior period development discussion in Note 6 to the Consolidated Financial Statements for additional information.

Premiums

Net premiums written increased $353 million, or 8.1 percent, and $1,108 million, or 9.0 percent, for the three and nine months ended September 30, 2022, respectively, reflecting strong premium retention, including both rate and exposure increases. Additionally, there was new business across a number of retail and wholesale lines, including property, primary and excess casualty, commercial multiple peril, and surety. A&H growth reflects recovery in A&H lines from exposure declines in the prior year and strong new business. Growth for the nine months ended September 30, 2022 also reflects strong premium retention, including rate and exposure increases, from financial lines and workers’ compensation.

Net premiums earned increased $329 million, or 8.3 percent, and $1,214 million, or 10.6 percent for the three and nine months ended September 30, 2022, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The loss and loss expense ratio increased for the three months ended September 30, 2022, primarily from higher catastrophe losses. The loss and loss expense ratio decreased for the nine months ended September 30, 2022, primarily from lower catastrophe losses and higher favorable prior period development. The CAY loss ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2022, primarily from earned rate exceeding loss cost trends.

The administrative expense ratio decreased for the three and nine months ended September 30, 2022, primarily due to a one-time expense accrual release and the favorable impact of higher net premiums earned, partially offset by higher employee-related expenses.

52

North America Personal P&C Insurance

The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.

	Three Months Ended									Nine Months Ended
	September 30						% Change			September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022			2021			Q-22 vs. Q-21			2022			2021			YTD-22 vs. YTD-21
Net premiums written	$	1,392		$	1,300		7.1		%	$	3,998		$	3,761		6.3		%
Net premiums earned	1,334			1,244			7.2		%	3,852			3,652			5.5		%
Losses and loss expenses	857			846			1.1		%	2,343			2,341			0.1		%
Policy acquisition costs	274			254			8.3		%	792			746			6.2		%
Administrative expenses	71			73			(3.2)		%	213			200			6.5		%
Underwriting income	132			71			86.8		%	504			365			38.4		%
Net investment income	76			60			26.6		%	199			189			5.3		%
Other (income) expense	1			1			—			3			(3)			NM
Amortization of purchased intangibles	2			2			—			7			8			(5.2)		%
Segment income	$	205		$	128		61.1		%	$	693		$	549		26.3		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	53.6		%	50.7		%	2.9	pts		53.5		%	52.5		%	1.0	pts
Catastrophe losses	20.6		%	31.9		%	(11.3)	pts		12.2		%	18.9		%	(6.7)	pts
Prior period development	(10.0)		%	(14.6)		%	4.6	pts		(4.9)		%	(7.3)		%	2.4	pts
Loss and loss expense ratio	64.2		%	68.0		%	(3.8)	pts		60.8		%	64.1		%	(3.3)	pts
Policy acquisition cost ratio	20.6		%	20.4		%	0.2	pts		20.6		%	20.4		%	0.2	pts
Administrative expense ratio	5.3		%	5.9		%	(0.6)	pts		5.5		%	5.5		%	—	pts
Combined ratio	90.1		%	94.3		%	(4.2)	pts		86.9		%	90.0		%	(3.1)	pts

NM - not meaningful

Catastrophe Losses and Prior Period Development	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Catastrophe losses	$	274	$	397	$	469	$	698
Favorable prior period development	$	133	$	182	$	187	$	266

Catastrophe losses through September 30, 2022 and 2021, were primarily from the following events:

•2022: Hurricane Ian losses, severe weather-related events in the U.S. and Colorado wildfires.

•2021: Hurricane Ida losses, winter storm losses and other severe weather-related events in the U.S.

Refer to the prior period development discussion in Note 6 to the Consolidated Financial Statements for additional information.

Premiums

Net premiums written increased $92 million, or 7.1 percent, and $237 million, or 6.3 percent for the three and nine months ended September 30, 2022, respectively, primarily driven by strong new business and renewal retention, from both rate and exposure increases, primarily in homeowners and automobile; partially offset by additional cancellations in parts of California exposed to wildfires.

Net premiums earned increased $90 million, or 7.2 percent, and $200 million, or 5.5 percent for the three and nine months ended September 30, 2022, respectively, reflecting the growth in net premiums written described above.

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Combined Ratio

The loss and loss expense ratio decreased for the three and nine months ended September 30, 2022, primarily from lower catastrophe losses, partially offset by lower favorable prior period development. The CAY loss ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2022, reflecting higher losses in automobile and, to a lesser extent, homeowners.

The policy acquisition cost ratio was relatively flat for the three and nine months ended September 30, 2022.

The administrative expense ratio decreased for the three months ended September 30, 2022, primarily due to a one-time expense accrual release, the favorable impact of higher net premiums earned and strong expense management. The administrative expense ratio was flat for the nine months ended September 30, 2022.

North America Agricultural Insurance

The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail) as well as farm and ranch and specialty P&C commercial insurance products and services through our Chubb Agribusiness unit.

	Three Months Ended									Nine Months Ended
	September 30						% Change			September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022			2021			Q-22 vs. Q-21			2022			2021			YTD-22 vs. YTD-21
Net premiums written	$	1,723		$	1,415		21.8		%	$	2,523		$	2,110		19.6		%
Net premiums earned	1,673			1,338			25.0		%	2,217			1,858			19.3		%
Losses and loss expenses	1,444			1,138			27.0		%	1,830			1,554			17.8		%
Policy acquisition costs	68			61			11.4		%	111			100			11.0		%
Administrative expenses	3			4			(21.4)		%	4			10			(58.1)		%
Underwriting income	158			135			16.3		%	272			194			39.9		%
Net investment income	9			6			28.9		%	23			21			5.6		%
Other (income) expense	1			—			NM			1			—			NM
Amortization of purchased intangibles	7			7			—			20			20			—
Segment income	$	159		$	134		17.9		%	$	274		$	195		40.2		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	84.0		%	84.0		%	—	pts		82.2		%	82.3		%	(0.1)	pts
Catastrophe losses	1.8		%	0.6		%	1.2	pts		2.3		%	1.1		%	1.2	pts
Prior period development	0.5		%	0.4		%	0.1	pts		(2.0)		%	0.2		%	(2.2)	pts
Loss and loss expense ratio	86.3		%	85.0		%	1.3	pts		82.5		%	83.6		%	(1.1)	pts
Policy acquisition cost ratio	4.1		%	4.6		%	(0.5)	pts		5.1		%	5.4		%	(0.3)	pts
Administrative expense ratio	0.2		%	0.3		%	(0.1)	pts		0.2		%	0.6		%	(0.4)	pts
Combined ratio	90.6		%	89.9		%	0.7	pts		87.8		%	89.6		%	(1.8)	pts

NM - not meaningful

Catastrophe Losses and Prior Period Development	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Catastrophe losses	$	31	$	8	$	52	$	20
(Unfavorable) favorable prior period development	$	(9)	$	(7)	$	17	$	(5)

54

Catastrophe losses through September 30, 2022 and 2021, were primarily from the following events:

•2022: Hurricane Ian losses, severe weather-related events in the Chubb Agribusiness, and winter storm losses in the U.S.

•2021: Severe weather-related events in Chubb Agribusiness and winter storm losses in the U.S.

Refer to the prior period development discussion in Note 6 to the Consolidated Financial Statements for additional information.

Premiums

Net premiums written increased $308 million, or 21.8 percent for the three months ended September 30, 2022, primarily due to an increase in MPCI, primarily reflecting higher commodity prices, higher reported acreage from policyholders, and policy count growth. Net premiums written increased $413 million, or 19.6 percent for the nine months ended September 30, 2022, primarily due to an increase in MPCI reflecting the factors noted above, partly offset by a return of premium to the U.S. government in the first quarter of 2022 of $161 million. Under the profit-sharing agreement, we returned additional premiums to the government because of the lower losses experienced in certain states in 2021. This return of premium reduced net premiums written growth for the nine months ended September 30, 2022, by 7.6 percentage points.

Net premiums earned increased $335 million, or 25.0 percent, and $359 million, or 19.3 percent for the three and nine months ended September 30, 2022, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio for the nine months ended September 30, 2022, was impacted by the return of premium to the U.S. government under the profit-sharing agreement related to the profitable 2021 crop year described above. This prior period development resulted in a reduction to net premiums earned of $161 million and a corresponding reduction to incurred losses, with no net impact to underwriting income.

The loss and loss expense ratio increased for the three months ended September 30, 2022, primarily from higher catastrophe losses. The loss and loss expense ratio decreased for the nine months ended September 30, 2022, primarily due to favorable prior period development compared with unfavorable prior period development in the prior year, partially offset by higher catastrophe losses. The CAY loss ratio excluding catastrophe losses was relatively flat for the three and nine months ended September 30, 2022.

The policy acquisition cost ratio decreased for the three and nine months ended September 30, 2022, primarily due to the favorable impact of higher net premiums earned from MPCI.

The administrative expense ratio decreased for the three and nine months ended September 30, 2022, reflecting the favorable impact of higher net premiums earned from MPCI, higher Administrative and Operating (A&O) reimbursements on the MPCI business, and strong expense management.

55

Overseas General Insurance

Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited.

	Three Months Ended									Nine Months Ended
	September 30						% Change			September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022			2021			Q-22 vs. Q-21			2022			2021			YTD-22 vs. YTD-21
Net premiums written	$	2,645		$	2,596		1.9		%	$	8,364		$	7,983		4.8		%
Net premiums written - constant dollars							11.7		%							12.0		%
Net premiums earned	2,741			2,664			2.9		%	8,065			7,721			4.5		%
Losses and loss expenses	1,441			1,487			(3.1)		%	4,054			3,936			3.0		%
Policy acquisition costs	720			703			2.5		%	2,096			2,070			1.3		%
Administrative expenses	264			266			(0.9)		%	811			811			—
Underwriting income	316			208			51.7		%	1,104			904			22.1		%
Net investment income	151			157			(3.2)		%	460			447			3.1		%
Other (income) expense	(2)			—			NM			3			3			—		%
Amortization of purchased intangibles	12			11			8.0		%	40			36			11.9		%
Segment income	$	457		$	354		29.1		%	$	1,521		$	1,312		15.9		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	49.2		%	49.8		%	(0.6)	pts		49.5		%	50.1		%	(0.6)	pts
Catastrophe losses	3.6		%	7.0		%	(3.4)	pts		3.7		%	3.6		%	0.1	pts
Prior period development	(0.2)		%	(1.0)		%	0.8	pts		(2.9)		%	(2.7)		%	(0.2)	pts
Loss and loss expense ratio	52.6		%	55.8		%	(3.2)	pts		50.3		%	51.0		%	(0.7)	pts
Policy acquisition cost ratio	26.3		%	26.4		%	(0.1)	pts		26.0		%	26.8		%	(0.8)	pts
Administrative expense ratio	9.6		%	10.0		%	(0.4)	pts		10.0		%	10.5		%	(0.5)	pts
Combined ratio	88.5		%	92.2		%	(3.7)	pts		86.3		%	88.3		%	(2.0)	pts

NM- Not meaningful

Catastrophe Losses and Prior Period Development

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Catastrophe losses	$	98	$	188	$	298	$	278
Favorable prior period development	$	5	$	28	$	238	$	209

Catastrophe losses through September 30, 2022 and 2021, were primarily from the following events:

•2022: Hurricane Ian losses, International weather-related events, and storms in Australia.

•2021: Flooding in Europe, Hurricane Ida, winter storm losses and international weather-related events.

Refer to the prior period development discussion in Note 6 to the Consolidated Financial Statements for additional information.

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Net Premiums Written by Region	Three months ended September 30
(in millions of U.S. dollars, except for percentages)	2022		2022  % of Total		2021		2021 % of Total		C$ 2021		Q-22 vs. Q-21		C$ Q-22 vs. Q-21
Region
Europe, Middle East, and Africa	$	1,133	43	%	$	1,173	45	%	$	1,055	(3.4)	%	7.4	%
Latin America	565		21	%	501		20	%	476		12.9	%	18.6	%
Asia Pacific	801		30	%	732		28	%	673		9.5	%	19.1	%
Japan	101		4	%	116		4	%	94		(12.8)	%	7.0	%
Other (1)	45		2	%	74		3	%	71		(39.8)	%	(37.1)	%
Net premiums written	$	2,645	100	%	$	2,596	100	%	$	2,369	1.9	%	11.7	%

	Nine months ended September 30
(in millions of U.S. dollars, except for percentages)	2022		2022  % of Total		2021		2021 % of Total		C$ 2021		Y-22 vs. Y-21		C$ Y-22 vs. Y-21
Region
Europe, Middle East, and Africa	$	3,990	48	%	$	3,912	49	%	$	3,643	2.0	%	9.5	%
Latin America	1,719		21	%	1,489		18	%	1,434		15.5	%	19.9	%
Asia Pacific	2,134		25	%	1,987		25	%	1,857		7.4	%	15.0	%
Japan	359		4	%	402		6	%	349		(10.7)	%	2.7	%
Other (1)	162		2	%	193		2	%	186		(16.3)	%	(13.1)	%
Net premiums written	$	8,364	100	%	$	7,983	100	%	$	7,469	4.8	%	12.0	%

(1)    Includes the international supplemental A&H business of Combined Insurance and other international operations including mainland China.

Premiums

Overall, net premiums written increased $49 million and $381 million, or $276 million and $895 million on a constant dollar basis, for the three and nine months ended September 30, 2022, respectively, reflecting growth in both commercial and consumer lines. For the three and nine months ended September 30, 2022, commercial lines grew 2.5 percent and 6.1 percent, or 11.0 percent and 12.6 percent on a constant-dollar basis, respectively, and consumer lines grew 1.1 percent and 2.7 percent, or 12.7 percent and 11.0 percent on a constant-dollar basis, respectively. The acquisition of Cigna's business in Asia contributed $39 million for the three and nine months ended September 30, 2022.

Our European division increased for the three and nine months ended September 30, 2022 on a constant dollar basis, supported by both our wholesale and retail divisions. This growth was primarily driven by higher new business, and positive rate increases in commercial lines, including commercial property and casualty lines. Consumer lines increased primarily due to A&H, reflecting increased travel volume. Additionally, A&H in the prior year was adversely impacted by restrictions resulting from the COVID-19 pandemic.

Latin America increased for the three and nine months ended September 30, 2022 driven by growth in consumer lines, including automobile in personal and travel in A&H. Commercial lines also grew due to exposure increases, positive rate increases, and new business, primarily property.

Asia Pacific increased for the three and nine months ended September 30, 2022 driven by higher new business, higher retention and positive rate increases in commercial lines, including property and casualty, and financial lines, and growth in consumer lines, primarily specialty and high net worth in personal, and travel in A&H. The acquisition of Cigna's business in Thailand also contributed to the increase, as described above.

Japan increased for the three and nine months ended September 30, 2022 on a constant-dollar basis primarily from new business in A&H.

Net premiums earned increased $77 million and $344 million, or $317 million and $848 million on a constant-dollar basis, for the three and nine months ended September 30, 2022, respectively, reflecting the increase in net premiums written described above.

57

Combined Ratio

The loss and loss expense ratio decreased for the three months ended September 30, 2022, due to lower catastrophe losses, partially offset by lower favorable prior period development. The loss and loss expense ratio decreased for the nine months ended September 30, 2022, due to higher favorable prior period development. The CAY loss ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2022, primarily reflecting underlying loss ratio improvement, including earned rate exceeding loss cost trends.

The policy acquisition cost ratio decreased for the three and nine months ended September 30, 2022, primarily due to a change in the mix of business, including higher premiums earned from commercial lines that have a lower acquisition cost ratio than consumer lines.

The administrative expense ratio decreased for the three and nine months ended September 30, 2022, reflecting continued expense management control and the favorable impact of higher net premiums earned.

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Global Reinsurance

The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

	Three Months Ended									Nine Months Ended
	September 30						% Change			September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022			2021			Q-22 vs. Q-21			2022			2021			YTD-22 vs. YTD-21
Net premiums written	$	265		$	221		19.5		%	$	780		$	702		11.1		%
Net premiums written - constant dollars							21.8		%							12.2		%
Net premiums earned	255			211			20.9		%	712			583			22.0		%
Losses and loss expenses	311			192			61.8		%	565			422			33.9		%
Policy acquisition costs	59			55			6.5		%	178			147			20.7		%
Administrative expenses	8			9			(4.0)		%	27			27			1.8		%
Underwriting loss	(123)			(45)			172.5		%	(58)			(13)			NM
Net investment income	71			99			(28.5)		%	232			250			(7.3)		%
Other (income) expense	—			—			—			1			—			NM
Segment income (loss)	$	(52)		$	54		NM			$	173		$	237		(27.2)		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	49.6		%	52.0		%	(2.4)	pts		49.8		%	50.5		%	(0.7)	pts
Catastrophe losses	72.6		%	41.7		%	30.9	pts		26.1		%	24.2		%	1.9	pts
Prior period development	(0.1)		%	(2.5)		%	2.4	pts		3.5		%	(2.3)		%	5.8	pts
Loss and loss expense ratio	122.1		%	91.2		%	30.9	pts		79.4		%	72.4		%	7.0	pts
Policy acquisition cost ratio	22.9		%	26.0		%	(3.1)	pts		25.0		%	25.2		%	(0.2)	pts
Administrative expense ratio	3.4		%	4.2		%	(0.8)	pts		3.8		%	4.6		%	(0.8)	pts
Combined ratio	148.4		%	121.4		%	27.0	pts		108.2		%	102.2		%	6.0	pts

NM - not meaningful

Catastrophe Losses and Prior Period Development

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S dollars)	2022		2021		2022		2021
Catastrophe losses	$	157	$	81	$	160	$	131
Favorable (Unfavorable) prior period development	$	—	$	4	$	(22)	$	11

Catastrophe losses through September 30, 2022, were primarily from Hurricane Ian, and storms in Australia and Canada. Catastrophe losses through September 30, 2021, were primarily from severe weather-related events in the U.S. and Canada, including Hurricane Ida.

Premiums

Net premiums written increased $44 million and $78 million for the three and nine months ended September 30, 2022, respectively, primarily due to higher catastrophe reinstatement premiums, continued growth in the portfolio from new business and favorable premium adjustments. Growth for the nine months ended September 30, 2022 was partially offset by a one-time portfolio transfer in the prior year.

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Net premiums earned increased $44 million and $129 million for the three and nine months ended September 30, 2022, respectively, primarily reflecting the factors described above. The increase for the nine months ended September 30, 2022 was also due to the impact of higher new business written in the prior year for which premiums are earned in the current year.

Combined Ratio

The loss and loss expense ratio increased for the three and nine months ended September 30, 2022, primarily due to higher catastrophe losses and the unfavorable impact of prior period development. The CAY loss ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2022 primarily due to a shift in the mix of business.

The policy acquisition cost ratio decreased for the three and nine months ended September 30, 2022, primarily due to catastrophe reinstatement premiums, which were fully earned in the three months ended September 30, 2022 and more than offset the impact of a shift in the mix of business.

The administrative expense ratio decreased for the three and nine months ended September 30, 2022, primarily from the favorable impact of higher net premiums earned.

Life Insurance

The Life Insurance segment comprises our international life operations, which commencing this quarter, includes Cigna's A&H and life business in six Asian markets acquired on July 1, 2022. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance. We assess the performance of our life business based on Life Insurance underwriting income, which includes Net investment income and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

	Three Months Ended						Nine Months Ended
	September 30				% Change		September 30				% Change
(in millions of U.S. dollars, except for percentages)	2022		2021		Q-22 vs. Q-21		2022		2021		YTD-22 vs. YTD-21
Net premiums written	$	1,273	$	609	108.8	%	$	2,430	$	1,844	31.7	%
Net premiums written - constant dollars					117.4	%					35.5	%
Net premiums earned	1,249		589		112.0	%	2,347		1,789		31.1	%
Losses and loss expenses	135		179		(23.7)	%	437		562		(22.2)	%
Policy benefits	553		175		NM		906		508		78.4	%
Policy acquisition costs	271		168		60.5	%	573		538		6.5	%
Administrative expenses	174		82		113.9	%	346		247		40.0	%
Net investment income	147		102		44.8	%	359		301		19.3	%
Life Insurance underwriting income	263		87		197.7	%	444		235		88.3	%
Other (income) expense	(10)		(19)		(41.3)	%	(50)		(79)		(35.7)	%
Amortization of purchased intangibles	2		2		—		7		4		87.2	%
Segment income	$	271	$	104	158.3	%	$	487	$	310	57.0	%

NM- Not meaningful

Premiums

Net premiums written increased $664 million and $586 million, or $687 million and $637 million on a constant-dollar basis, for the three and nine months ended September 30, 2022, respectively. For our international life operations, net premiums written increased 214.1 percent and 67.9 percent for the three and nine months ended September 30, 2022, respectively, primarily due to the acquisition of Cigna's business in Asia, which contributed $699 million. In addition, there was growth in Asia from new business, principally in Thailand, Indonesia and Vietnam, which was more than offset by lower business in Latin America, principally reflecting non-renewals of certain large account business in Chile. Net premiums written in our North American Combined Insurance business declined 8.6 percent and 8.7 percent, for the three and nine months ended September 30, 2022, respectively, primarily due to the non-renewal of a large program.

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Deposits

The following table presents deposits collected on universal life and investment contracts:

	Three Months Ended										Nine Months Ended
	September 30						% Change				September 30						% Change
(in millions of U.S. dollars, except for percentages)	2022		2021		C$ 2021		Q-22 vs. Q-21		C$ Q-22 vs. Q-21		2022		2021		C$ 2021		Y-22 vs. Y-21		C$     Y-22 vs. Y-21
Deposits collected on universal life and investment contracts	$	449	$	658	$	615	(31.8)	%	(27.1)	%	$	1,433	$	1,814	$	1,760	(21.0)	%	(18.6)	%

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with GAAP. New life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our business. Life deposits collected decreased $209 million and $381 million for the three and nine months ended September 30, 2022, respectively, primarily in Taiwan, reflecting challenging market conditions for deposit products. Additionally, the prior year benefited from successful sales campaigns in broker and bank channels in Taiwan. Partially offsetting the decline is $36 million from deposits collected through the acquired Cigna businesses in Asia, primarily in Korea.

Life Insurance underwriting income and Segment income

Life Insurance underwriting income increased $176 million and $209 million for the three and nine months ended

September 30, 2022, respectively, with $159 million of growth from the acquisition of Cigna's business in Asia, and lower year-over-year COVID-related losses. Segment income increased $167 million and $177 million for the three and nine months ended September 30, 2022, respectively, reflecting the increase in underwriting income described above.

Corporate

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures, including molestation.

	Three Months Ended						Nine Months Ended
	September 30				% Change		September 30				% Change
(in millions of U.S. dollars, except for percentages)	2022		2021		Q-22 vs. Q-21		2022		2021		YTD-22 vs. YTD-21
Losses and loss expenses	$	74	$	43	71.1	%	$	275	$	141	95.3	%
Administrative expenses	91		99		(8.8)	%	264		258		2.1	%
Underwriting loss	165		142		15.2	%	539		399		34.9	%
Net investment income (loss)	5		(10)		NM		(4)		(42)		(87.9)	%
Interest expense	150		122		23.3	%	416		366		13.8	%
Net realized gains (losses)	(365)		(11)		NM		(778)		841		NM
Other (income) expense	194		(722)		NM		73		(1,845)		NM
Amortization of purchased intangibles	46		49		(7.6)	%	137		148		(7.7)	%
Cigna integration expenses	23		—		NM		26		—		NM
Income tax expense	265		218		21.2	%	913		873		4.5	%
Net income (loss)	$	(1,203)	$	170	NM		$	(2,886)	$	858	NM

NM - not meaningful

Losses and loss expenses for the three months ended September 30, 2022 and 2021 were primarily from adverse development relating to our Brandywine environmental exposures of $52 million and $33 million, respectively. Losses and loss expenses for the nine months ended September 30, 2022 also includes unfavorable prior period development for molestation claims.

61

Administrative expenses decreased $8 million for the three months ended September 30, 2022, primarily due to lower employee-related expenses. Administrative expenses increased $6 million for the nine months ended September 30, 2022, primarily due to increased spending to support digital growth initiatives.

Cigna integration expenses of $23 million and $26 million for the three and nine months ended September 30, 2022, respectively, principally comprised transfer taxes and employee-related expenses. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), Amortization of purchased intangibles, and Income tax expense (benefit). Refer to Note 12 to the Consolidated Financial Statements for additional information on Other (income) expense.

Net Realized and Unrealized Gains (Losses)

We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available for sale and reported at fair value. Our held to maturity investment portfolio is reported at amortized cost, net of valuation allowance.

The effect of market movements on our fixed maturities portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 e) to the Consolidated Financial Statements in our 2021 Form 10-K. Additionally, Net income is impacted through the reporting of changes in the fair value of equity securities, private equity funds where we own less than three percent, and derivatives, including financial futures, options, swaps, and GLB reinsurance. Changes in unrealized appreciation and depreciation on available for sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, and unrealized postretirement benefit obligations liability adjustment, are reported as separate components of Accumulated other comprehensive income in Shareholders’ equity in the Consolidated balance sheets.

The following tables present our net realized and unrealized gains (losses):

	Three Months Ended September 30
	2022						2021
(in millions of U.S. dollars)	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact
Fixed maturities	$	(279)	$	(3,045)	$	(3,324)	$	(10)	$	(554)	$	(564)
Fixed income and investment derivatives	(198)		—		(198)		(9)		—		(9)
Public equity
Sales	(12)		—		(12)		19		—		19
Mark-to-market	(68)		—		(68)		(61)		—		(61)
Private equity (less than 3 percent ownership)
Mark-to-market	(42)		—		(42)		11		—		11
Total investment portfolio	(599)		(3,045)		(3,644)		(50)		(554)		(604)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges	76		—		76		(63)		—		(63)
Other derivatives	(19)		—		(19)		(10)		—		(10)
Foreign exchange	198		(966)		(768)		106		(414)		(308)
Other (1)	(40)		(59)		(99)		(4)		4		—
Net losses, pre-tax	$	(384)	$	(4,070)	$	(4,454)	$	(21)	$	(964)	$	(985)

(1)Other realized losses includes $36 million related to impairment of fixed assets.

62

	Nine Months Ended September 30
	2022						2021
(in millions of U.S. dollars)	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact
Fixed maturities	$	(857)	$	(12,041)	$	(12,898)	$	26	$	(2,177)	$	(2,151)
Fixed income and investment derivatives	(232)		—		(232)		9		—		9
Public equity
Sales	406		—		406		109		—		109
Mark-to-market	(693)		—		(693)		366		—		366
Private equity (less than 3 percent ownership)
Mark-to-market	17		—		17		111		—		111
Total investment portfolio	(1,359)		(12,041)		(13,400)		621		(2,177)		(1,556)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges	154		—		154		140		—		140
Other derivatives	(9)		—		(9)		(8)		—		(8)
Foreign exchange	541		(1,676)		(1,135)		85		(84)		1
Other (1)	(114)		(35)		(149)		(5)		(33)		(38)
Net gains (losses), pre-tax	$	(787)	$	(13,752)	$	(14,539)	$	833	$	(2,294)	$	(1,461)

(1)Other realized losses includes $36 million related to impairment of fixed assets.

Pre-tax net unrealized losses of $3,045 million and $12,041 million in our investment portfolio for the three and nine months ended September 30, 2022, respectively, were principally the result of an increase in interest rates. In addition, there were realized losses of $599 million and $1,359 million for the three and nine months ended September 30, 2022, respectively, primarily from mark-to-market losses on public equities and sales in fixed income securities.

The variable annuity reinsurance derivative transactions consist of changes in the fair value of GLB liabilities and gains or losses on other derivative instruments we maintain that decrease in fair value when the S&P 500 index increases. The variable annuity reinsurance derivative transactions resulted in realized gains of $76 million for the three months ended September 30, 2022, reflecting a net gain of $22 million, primarily from a decrease in the fair value of the GLB liabilities due to higher interest rates, partially offset by lower global equity markets and changes made to our valuation model relating to policyholder behavior, and a net realized gain of $54 million related to these other derivative instruments. The variable annuity reinsurance derivative transactions resulted in realized gains of $154 million for the nine months ended September 30, 2022, reflecting a net loss of $86 million, primarily from an increase in the fair value of the GLB liabilities due to lower global equity markets and changes to our valuation model relating to policyholder behavior, partially offset by higher interest rates, and a net realized gain of $240 million related to these other derivative instruments.

For the three months ended September 30, 2021, the variable annuity reinsurance derivative transactions resulted in realized losses of $63 million, reflecting a net loss of $59 million, primarily from an increase in the fair value of the GLB liabilities due to underperformance in certain equity markets, partially offset by an increase in interest rates, and a net realized loss of $4 million related to these other derivatives. For the nine months ended September 30, 2021, the variable annuity reinsurance derivative transactions resulted in net realized gains of $140 million reflecting a net gain of $252 million, principally related to a decrease in the fair value of the GLB liabilities due to higher interest rates and higher global equity markets, partially offset by a net realized loss of $112 million related to these other derivatives.

Effective Income Tax Rate

Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR.

63

For the three and nine months ended September 30, 2022 our ETR was 24.6 percent and 18.6 percent, respectively. This compares to an ETR of 10.7 percent and 12.0 percent for the three and nine months ended September 30, 2021, respectively. The ETR for each period in 2022 was impacted by the acquisition of Cigna's business in Asia, our mix of earnings among various jurisdictions, and discrete tax benefits.

Non-GAAP Reconciliation

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP.

Book value per common share is shareholders’ equity divided by the shares outstanding. Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that book value comparisons to less acquisitive peer companies are more meaningful when adjusted for goodwill and other intangible assets. The calculation of tangible book value per share does not consider the embedded goodwill attributable to our investments in partially-owned insurance companies until we consolidate.

We provide financial measures, including net premiums written, net premiums earned, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.

P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the 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.

CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, net premiums earned adjustments on PPD, prior period expense adjustments and reinstatement premiums on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

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The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:

		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate		Total P&C
Three Months Ended
September 30, 2022
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses	A	$	3,036		$	857		$	1,444		$	1,441		$	311		$	74	$	7,163
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(598)			(274)			(31)			(98)			(157)			—		(1,158)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—			—			—			55			—		55
Catastrophe losses, gross of related adjustments		(598)			(274)			(31)			(98)			(212)			—		(1,213)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		166			133			(9)			5			—			(73)		222
Net premiums earned adjustments on PPD - unfavorable (favorable)		80			—			—			—			—			—		80
Expense adjustments - unfavorable (favorable)		(1)			—			—			—			—			—		(1)
PPD, gross of related adjustments - favorable (unfavorable)		245			133			(9)			5			—			(73)		301
CAY loss and loss expense ex CATs	B	$	2,683		$	716		$	1,404		$	1,348		$	99		$	1	$	6,251
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	855		$	345		$	71		$	984		$	67		$	91	$	2,413
Expense adjustments - favorable (unfavorable)		1			—			—			—			—			—		1
Policy acquisition costs and administrative expenses, adjusted	D	$	856		$	345		$	71		$	984		$	67		$	91	$	2,414
Denominator
Net premiums earned	E	$	4,283		$	1,334		$	1,673		$	2,741		$	255				$	10,286
Reinstatement premiums (collected) expensed on catastrophe losses		—			—			—			—			(55)					(55)
Net premiums earned adjustments on PPD - unfavorable (favorable)		80			—			—			—			—					80
Net premiums earned excluding adjustments	F	$	4,363		$	1,334		$	1,673		$	2,741		$	200				$	10,311
P&C Combined ratio
Loss and loss expense ratio	A/E	70.9		%	64.2		%	86.3		%	52.6		%	122.1		%			69.6		%
Policy acquisition cost and administrative expense ratio	C/E	20.0		%	25.9		%	4.3		%	35.9		%	26.3		%			23.5		%
P&C Combined ratio		90.9		%	90.1		%	90.6		%	88.5		%	148.4		%			93.1		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	61.5		%	53.6		%	84.0		%	49.2		%	49.6		%			60.6		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	19.6		%	25.9		%	4.2		%	35.9		%	33.4		%			23.4		%
CAY P&C Combined ratio ex CATs		81.1		%	79.5		%	88.2		%	85.1		%	83.0		%			84.0		%
Combined ratio
Combined ratio																			92.9		%
Add: impact of gains and losses on crop derivatives																			0.2		%
P&C Combined ratio																			93.1		%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate		Total P&C
Three Months Ended
September 30, 2021
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses	A	$	2,754		$	846		$	1,138		$	1,487		$	192		$	43	$	6,460
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(472)			(397)			(8)			(188)			(81)			—		(1,146)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—			—			—			12			—		12
Catastrophe losses, gross of related adjustments		(472)			(397)			(8)			(188)			(93)			—		(1,158)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		157			182			(7)			28			4			(43)		321
Net premiums earned adjustments on PPD - unfavorable (favorable)		56			—			—			—			—			—		56
Expense adjustments - unfavorable (favorable)		3			—			—			—			—			—		3
PPD reinstatement premiums - unfavorable (favorable)		—			(2)			—			—			3			—		1
PPD, gross of related adjustments - favorable (unfavorable)		216			180			(7)			28			7			(43)		381
CAY loss and loss expense ex CATs	B	$	2,498		$	629		$	1,123		$	1,327		$	106		$	—	$	5,683
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	810		$	327		$	65		$	969		$	64		$	99	$	2,334
Expense adjustments - favorable (unfavorable)		(3)			—			—			—			—			—		(3)
Policy acquisition costs and administrative expenses, adjusted	D	$	807		$	327		$	65		$	969		$	64		$	99	$	2,331
Denominator
Net premiums earned	E	$	3,954		$	1,244		$	1,338		$	2,664		$	211				$	9,411
Reinstatement premiums (collected) expensed on catastrophe losses		—			—			—			—			(12)					(12)
Net premiums earned adjustments on PPD - unfavorable (favorable)		56			—			—			—			—					56
PPD reinstatement premiums - unfavorable (favorable)		—			(2)			—			—			3					1
Net premiums earned excluding adjustments	F	$	4,010		$	1,242		$	1,338		$	2,664		$	202				$	9,456
P&C Combined ratio
Loss and loss expense ratio	A/E	69.7		%	68.0		%	85.0		%	55.8		%	91.2		%			68.6		%
Policy acquisition cost and administrative expense ratio	C/E	20.4		%	26.3		%	4.9		%	36.4		%	30.2		%			24.8		%
P&C Combined ratio		90.1		%	94.3		%	89.9		%	92.2		%	121.4		%			93.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	62.3		%	50.7		%	84.0		%	49.8		%	52.0		%			60.1		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	20.1		%	26.3		%	4.9		%	36.4		%	31.5		%			24.7		%
CAY P&C Combined ratio ex CATs		82.4		%	77.0		%	88.9		%	86.2		%	83.5		%			84.8		%
Combined ratio
Combined ratio																			93.3		%
Add: impact of gains and losses on crop derivatives																			0.1
P&C Combined ratio																			93.4		%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate		Total P&C
Nine Months Ended
September 30, 2022
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses	A	$	7,979		$	2,343		$	1,830		$	4,054		$	565		$	275	$	17,046
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(803)			(469)			(52)			(298)			(160)			—		(1,782)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—			—			—			55			—		55
Catastrophe losses, gross of related adjustments		(803)			(469)			(52)			(298)			(215)			—		(1,837)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		561			187			17			238			(22)			(272)		709
Net premiums earned adjustments on PPD - unfavorable (favorable)		83			—			159			—			—			—		242
Expense adjustments - unfavorable (favorable)		4			—			(1)			—			—			—		3
PPD reinstatement premiums - unfavorable (favorable)		—			—			—			—			(2)			—		(2)
PPD, gross of related adjustments - favorable (unfavorable)		648			187			175			238			(24)			(272)		952
CAY loss and loss expense ex CATs	B	$	7,824		$	2,061		$	1,953		$	3,994		$	326		$	3	$	16,161
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,515		$	1,005		$	115		$	2,907		$	205		$	264	$	7,011
Expense adjustments - favorable (unfavorable)		(4)			—			1			—			—			—		(3)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,511		$	1,005		$	116		$	2,907		$	205		$	264	$	7,008
Denominator
Net premiums earned	E	$	12,645		$	3,852		$	2,217		$	8,065		$	712				$	27,491
Reinstatement premiums (collected) expensed on catastrophe losses		—			—			—			—			(55)					(55)
Net premiums earned adjustments on PPD - unfavorable (favorable)		83			—			159			—			—					242
PPD reinstatement premiums - unfavorable (favorable)		—			—			—			—			(2)					(2)
Net premiums earned excluding adjustments	F	$	12,728		$	3,852		$	2,376		$	8,065		$	655				$	27,676
P&C Combined ratio
Loss and loss expense ratio	A/E	63.1		%	60.8		%	82.5		%	50.3		%	79.4		%			62.0		%
Policy acquisition cost and administrative expense ratio	C/E	19.9		%	26.1		%	5.3		%	36.0		%	28.8		%			25.5		%
P&C Combined ratio		83.0		%	86.9		%	87.8		%	86.3		%	108.2		%			87.5		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	61.5		%	53.5		%	82.2		%	49.5		%	49.8		%			58.4		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	19.7		%	26.1		%	4.9		%	36.1		%	31.2		%			25.3		%
CAY P&C Combined ratio ex CATs		81.2		%	79.6		%	87.1		%	85.6		%	81.0		%			83.7		%
Combined ratio
Combined ratio																			87.5		%
Add: impact of gains and losses on crop derivatives																			—		%
P&C Combined ratio																			87.5		%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate		Total P&C
Nine Months Ended
September 30, 2021
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses	A	$	7,740		$	2,341		$	1,554		$	3,936		$	422		$	141	$	16,134
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(999)			(698)			(20)			(278)			(131)			—		(2,126)
Reinstatement premiums collected (expensed) on catastrophe losses		—			(16)			—			—			18			—		2
Catastrophe losses, gross of related adjustments		(999)			(682)			(20)			(278)			(149)			—		(2,128)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		440			266			(5)			209			11			(140)		781
Net premiums earned adjustments on PPD - unfavorable (favorable)		67			—			(2)			—			—			—		65
Expense adjustments - unfavorable (favorable)		6			—			—			—			—			—		6
PPD reinstatement premiums - unfavorable (favorable)		6			(1)			—			7			4			—		16
PPD, gross of related adjustments - favorable (unfavorable)		519			265			(7)			216			15			(140)		868
CAY loss and loss expense ex CATs	B	$	7,260		$	1,924		$	1,527		$	3,874		$	288		$	1	$	14,874
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,312		$	946		$	110		$	2,881		$	174		$	258	$	6,681
Expense adjustments - favorable (unfavorable)		(6)			—			—			—			—			—		(6)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,306		$	946		$	110		$	2,881		$	174		$	258	$	6,675
Denominator
Net premiums earned	E	$	11,431		$	3,652		$	1,858		$	7,721		$	583				$	25,245
Reinstatement premiums (collected) expensed on catastrophe losses		—			16			—			—			(18)					(2)
Net premiums earned adjustments on PPD - unfavorable (favorable)		67			—			(2)			—			—					65
PPD reinstatement premiums - unfavorable (favorable)		6			(1)			—			7			4					16
Net premiums earned excluding adjustments	F	$	11,504		$	3,667		$	1,856		$	7,728		$	569				$	25,324
P&C Combined ratio
Loss and loss expense ratio	A/E	67.7		%	64.1		%	83.6		%	51.0		%	72.4		%			63.9		%
Policy acquisition cost and administrative expense ratio	C/E	20.2		%	25.9		%	6.0		%	37.3		%	29.8		%			26.5		%
P&C Combined ratio		87.9		%	90.0		%	89.6		%	88.3		%	102.2		%			90.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	63.1		%	52.5		%	82.3		%	50.1		%	50.5		%			58.7		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	20.1		%	25.8		%	5.9		%	37.3		%	30.5		%			26.4		%
CAY P&C Combined ratio ex CATs		83.2		%	78.3		%	88.2		%	87.4		%	81.0		%			85.1		%
Combined ratio
Combined ratio																			90.4		%
Add: impact of gains and losses on crop derivatives																			—
P&C Combined ratio																			90.4		%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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Amortization of Purchased Intangibles and Other Amortization

Amortization expense related to purchased intangibles was $69 million and $211 million for the three and nine months ended September 30, 2022, respectively, compared with $71 million and $216 million for the prior year periods, respectively. The respective increases principally relate to purchased intangibles from the acquisition of Cigna's business in Asia. Refer to Note 7 to the Consolidated Financial Statements for more information on the expected pre-tax amortization expense (benefit) of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2022 and for the next five years.

Reduction of deferred tax liability associated with Other intangible assets

At September 30, 2022, the deferred tax liability associated with Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expense) was $1,206 million.

The following table presents, as of September 30, 2022, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign exchange rates, for the fourth quarter of 2022 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)	Reduction to deferred tax liability associated with other intangibles
Fourth quarter of 2022	$	17
2023	61
2024	56
2025	53
2026	49
2027	46
Total	$	282

Amortization of the fair value adjustment on acquired invested assets and assumed long-term debt

The following table presents, as of September 30, 2022, the expected amortization expense of the fair value adjustment on acquired invested assets related to the acquisition of Cigna's business in Asia and prior acquisitions, at current foreign currency exchange rates, and the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the fourth quarter of 2022 and for the next five years:

	Amortization (expense) benefit of the fair value adjustment on
For the Years Ending December 31 (in millions of U.S. dollars)	Acquired Cigna invested assets		Other acquired invested assets		Total invested assets (1)		Assumed long-term debt (2)
Fourth quarter of 2022	$	6	$	(14)	$	(8)	$	6
2023	35		(50)		(15)		21
2024	32		(13)		19		21
2025	30		—		30		21
2026	28		—		28		21
2027	27		—		27		21
Total	$	158	$	(77)	$	81	$	111

(1)Recorded as an increase (reduction) to Net investment income in the Consolidated statements of operations.

(2)Recorded as a reduction to Interest expense in the Consolidated statements of operations.

The estimate of amortization expense of the fair value adjustment on acquired invested assets could vary based on current market conditions, bond calls, overall duration of the acquired investment portfolio, and foreign exchange.

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Net Investment Income

	Three Months Ended September 30				Nine Months Ended September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities (1)	$	932	$	804	$	2,584	$	2,480
Short-term investments	25		9		49		26
Other interest income	14		3		21		8
Equity securities	21		40		93		117
Other investments	32		56		78		122
Gross investment income (1)	1,024		912		2,825		2,753
Investment expenses	(45)		(46)		(136)		(140)
Net investment income (1)	$	979	$	866	$	2,689	$	2,613
(1) Includes amortization expense related to fair value adjustment of acquired invested assets       related to the Chubb Corp acquisition	$	(6)	$	(19)	$	(36)	$	(67)

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 13.1 percent and 2.9 percent for the three and nine months ended September 30, 2022, respectively, primarily due to higher reinvestment rates on fixed maturities.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other income (expense) in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other income (expense) or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:

	Three Months Ended September 30				Nine Months Ended September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Total mark-to-market gain (loss) on private equity, pre-tax	$	(232)	$	713	$	(52)	$	1,887

Investments

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at September 30, 2022. The portfolio is externally managed by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. Other investments principally comprise direct investments, investment funds, and limited partnerships. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and closely monitor investment manager compliance with portfolio guidelines.

The average duration of our fixed income securities, including the effect of options and swaps, was 4.5 years and 4.1 years at September 30, 2022 and December 31, 2021, respectively. We estimate that a 100 basis point (bps) increase in interest rates would reduce the valuation of our fixed income portfolio by approximately $4.4 billion at September 30, 2022. The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

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	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)	Fair Value		Cost/ Amortized Cost, Net		Fair Value		Cost/ Amortized Cost, Net
Fixed maturities available for sale	$	83,741	$	93,169	$	93,108	$	90,479
Fixed maturities held to maturity	8,491		8,976		10,647		10,118
Short-term investments	4,534		4,536		3,146		3,147
Fixed income securities	96,766		106,681		106,901		103,744
Equity securities	844		844		4,782		4,782
Other investments	13,645		13,645		11,169		11,169
Total investments	$	111,255	$	121,170	$	122,852	$	119,695

The fair value of our total investments decreased $11.6 billion during the nine months ended September 30, 2022 due to unrealized losses on fixed maturities, sales of equity securities, and share repurchases, partially offset by strong operating cash flows.

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The following tables present the fair value of our fixed income securities at September 30, 2022 and December 31, 2021. The first table lists investments according to type and second according to S&P credit rating:

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars, except for percentages)	Fair Value		% of Total		Fair Value		% of Total
U.S. Treasury / Agency	$	3,785	4	%	$	3,458	3	%
Corporate and asset-backed securities	37,965		39	%	41,264		39	%
Mortgage-backed securities	17,673		18	%	22,292		21	%
Municipal	7,670		8	%	9,650		9	%
Non-U.S.	25,139		26	%	27,091		25	%
Short-term investments	4,534		5	%	3,146		3	%
Total	$	96,766	100	%	$	106,901	100	%
AAA	$	14,715	15	%	$	15,364	14	%
AA	30,778		32	%	35,179		33	%
A	17,916		18	%	20,171		19	%
BBB	16,067		17	%	17,362		16	%
BB	8,621		9	%	9,084		8	%
B	8,265		9	%	9,202		9	%
Other	404		—	%	539		1	%
Total	$	96,766	100	%	$	106,901	100	%

Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at September 30, 2022: 

(in millions of U.S. dollars)	Fair Value
Bank of America Corp	$	713
JP Morgan Chase & Co	590
Morgan Stanley	587
Wells Fargo & Co	531
Citigroup Inc	482
Goldman Sachs Group Inc	458
Verizon Communications Inc	418
Comcast Corp	353
HSBC Holdings Plc	330
AT&T Inc	328

Mortgage-backed securities

The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:

	S&P Credit Rating										Fair  Value		Amortized Cost, Net
September 30, 2022 (in millions of U.S. dollars)	AAA		AA		A		BBB		BB and below		Total		Total
Agency residential mortgage-backed securities (RMBS)	$	8	$	14,233	$	—	$	—	$	—	$	14,241	$	16,227
Non-agency RMBS	483		42		57		38		5		625		712
Commercial mortgage-backed securities	2,439		215		141		9		3		2,807		3,033
Total mortgage-backed securities	$	2,930	$	14,490	$	198	$	47	$	8	$	17,673	$	19,972

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Municipal

As part of our overall investment strategy, we may invest in states, municipalities, and other political subdivisions fixed maturity securities (Municipal). We apply the same investment selection process described previously to our Municipal investments. The portfolio is highly diversified primarily in state general obligation bonds and essential service revenue bonds including education and utilities (water, power, and sewers).

Non-U.S.

Our exposure to the Euro results primarily from Chubb European Group SE which is headquartered in France and offers a broad range of coverages throughout the European Union, Central, and Eastern Europe. Chubb primarily invests in Euro denominated investments to support its local currency insurance obligations and required capital levels. Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines.

Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A and 45 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating based investment approach. Accordingly, we do not believe our indirect exposure is material.

The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at September 30, 2022: 

(in millions of U.S. dollars)	Fair Value		Amortized Cost, Net
Republic of Korea	$	1,416	$	1,504
Canada	864		925
Taiwan	804		834
Federative Republic of Brazil	581		598
Province of Ontario	535		576
United Mexican States	486		533
Kingdom of Thailand	415		446
Province of Quebec	377		401
Commonwealth of Australia	365		429
Socialist Republic of Vietnam	357		341
Other Non-U.S. Government Securities	4,532		5,093
Total	$	10,732	$	11,680

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The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at September 30, 2022:

(in millions of U.S. dollars)	Fair Value		Amortized Cost, Net
United Kingdom	$	2,029	$	2,295
Canada	1,747		1,922
South Korea	1,106		1,151
France	1,060		1,179
United States (1)	1,022		1,184
Australia	848		948
Japan	707		773
Switzerland	496		571
Netherlands	474		530
Germany	443		510
Other Non-U.S. Corporate Securities	4,475		5,004
Total	$	14,407	$	16,067

(1)     The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Below-investment grade corporate fixed income portfolio

Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At September 30, 2022, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 16 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes 1,763 issuers, with the greatest single exposure being $146 million.

We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Sixteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.

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Critical Accounting Estimates

As of September 30, 2022, there were no material changes to our critical accounting estimates. For a full discussion of our critical accounting estimates, refer to Item 7 in our 2021 Form 10-K.

Unpaid losses and loss expenses

As an insurance and reinsurance company, we are required by applicable laws and regulations and GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money.

The following table presents a roll-forward of our unpaid losses and loss expenses: 

(in millions of U.S. dollars)	Gross Losses		Reinsurance Recoverable (1)		Net Losses
Balance at December 31, 2021	$	72,943	$	16,184	$	56,759
Losses and loss expenses incurred	22,857		5,383		17,474
Losses and loss expenses paid	(18,015)		(3,694)		(14,321)
Other (including foreign exchange translation)	(1,793)		(493)		(1,300)
Balance at September 30, 2022	$	75,992	$	17,380	$	58,612

(1)Net of valuation allowance for uncollectible reinsurance.

The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses).

Refer to Note 6 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.

Asbestos and Environmental (A&E)

During the three months ended September 30, 2022, we increased environmental net loss reserves for Brandywine managed operations by $52 million. A&E reserves are included in Corporate. Refer to our 2021 Form 10-K for further information on our A&E exposures.

Fair value measurements

Accounting 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 (Level 1 inputs) and the lowest priority to unobservable data (Level 3 inputs). Level 2 includes inputs, other than quoted prices within Level 1, that are observable for assets or liabilities either directly or indirectly. Refer to Note 4 to the Consolidated Financial Statements for information on our fair value measurements.

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Catastrophe Management

We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, including setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance, to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at September 30, 2022, and does not represent our expected catastrophe losses for any one year.

	Modeled Net Probable Maximum Loss (PML) Pre-tax
	Worldwide (1)				U.S. Hurricane (2)				California Earthquake (3)
	Annual Aggregate				Annual Aggregate				Single Occurrence
(in millions of U.S. dollars, except for percentages)	Chubb		% of Total Shareholders’ Equity		Chubb		% of Total Shareholders’ Equity		Chubb		% of Total Shareholders’ Equity
1-in-10	$	2,142	4.5	%	$	1,098	2.3	%	$	146	0.3	%
1-in-100	$	4,521	9.5	%	$	2,869	6.0	%	$	1,320	2.8	%
1-in-250	$	7,506	15.8	%	$	5,439	11.4	%	$	1,517	3.2	%

(1)    Worldwide aggregate is comprised of losses arising from tropical cyclones, convective storms, earthquakes, and U.S. wildfires and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.

(2)    U.S. hurricane losses include losses from wind and storm-surge and exclude rainfall.

(3)    California earthquakes include the fire-following sub-peril.

The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at July 1, 2022, and reflect the April 1, 2022, reinsurance program (see Global Property Catastrophe Reinsurance Program section) as well as inuring reinsurance protection coverages. These estimates assume that reinsurance recoverable is fully collectible.

According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $2,869 million (or 6.0 percent of our total shareholders’ equity at September 30, 2022). Effective December 31, 2021, our worldwide PMLs include losses from U.S. wildfire and U.S. inland flood.

The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:

•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. Modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;

•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;

•The potential effects of climate change add to modeling complexity; and

•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2022. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.

Refer to Item 7 in our 2021 Form 10-K for more information on man-made and other catastrophes.

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Global Property Catastrophe Reinsurance Program

Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).

We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.

Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2022, through March 31, 2023, with no material changes in coverage from the expiring program. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. In addition, Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2022, through March 31, 2023, with the same limits and retention and percentage placed except that the majority of terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Loss Location	Layer of Loss	Comments	Notes
United States (excluding Alaska and Hawaii)	$0 million – $1.0 billion	Losses retained by Chubb	(a)
United States (excluding Alaska and Hawaii)	$1.0 billion – $1.15 billion	All natural perils and terrorism	(b)
United States (excluding Alaska and Hawaii)	$1.15 billion – $2.25 billion	All natural perils and terrorism	(c)
United States (excluding Alaska and Hawaii)	$2.25 billion – $3.5 billion	All natural perils and terrorism	(d)
International (including Alaska and Hawaii)	$0 million – $175 million	Losses retained by Chubb	(a)
International (including Alaska and Hawaii)	$175 million – $1.275 billion	All natural perils and terrorism	(c)
Alaska, Hawaii, and Canada	$1.275 billion – $2.525 billion	All natural perils and terrorism	(d)

(a)    Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.

(b)    These coverages are partially placed with Reinsurers.

(c)    These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

(d)    These coverages are both part of the same Third layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

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Capital Resources

Capital resources consist of funds deployed or available to be deployed to support our business operations.

	September 30			December 31
(in millions of U.S. dollars, except for ratios)	2022			2021
Short-term debt	$	1,475		$	999
Long-term debt	14,044			15,169
Total financial debt	15,519			16,168
Trust preferred securities	308			308
Total shareholders’ equity	47,639			59,714
Total capitalization	$	63,466		$	76,190
Ratio of financial debt to total capitalization	24.5		%	21.2		%
Ratio of financial debt plus trust preferred securities to total capitalization	25.0		%	21.6		%

The ratios of financial debt to total capitalization in the table above are higher at September 30, 2022 compared to December 31, 2021 from the decline in shareholders' equity, principally reflecting net unrealized depreciation on investments in the current period compared to net unrealized appreciation in 2021.

Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.

For the nine months ended September 30, 2022, we repurchased $2.8 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At September 30, 2022, there were 31,356,130 Common Shares in treasury with a weighted-average cost of $158.76 per share, and $1.8 billion in share repurchase authorization remained through June 30, 2023.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs.

Dividends

We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 9 to the Consolidated Financial Statements for a discussion of our dividend methodology.

At our May 2022 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.32 per share, or CHF 3.22 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 19, 2022, expected to be paid in four quarterly installments of $0.83 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2023 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2022 represented a $0.12 per share increase ($0.03 per quarter) over the prior year dividend.

The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: 

Shareholders of record as of:	Dividends paid as of:
December 17, 2021	January 7, 2022	$0.80 (CHF 0.74)
March 18, 2022	April 8, 2022	$0.80 (CHF 0.74)
June 17, 2022	July 8, 2022	$0.83 (CHF 0.80)
September 16, 2022	October 7, 2022	$0.83 (CHF 0.78)

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Liquidity

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to capital markets and to credit facilities with letter of credit capacity of $3.7 billion with a sub-limit of $2.0 billion for revolving credit. At September 30, 2022, our usage under these facilities was $1.4 billion in letters of credit. Our access to credit under these facilities is dependent on the ability of the banks that are a party to the facilities to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at September 30, 2022. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facilities.

In October 2022, Chubb entered into a new group syndicated credit facility through 2027 with capacity of $3.0 billion. This facility consolidated our three existing syndicated facilities with capacity of $2.7 billion.

The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the nine months ended September 30, 2022, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. Chubb Limited received dividends of $6.8 billion and $3.1 billion from its Bermuda subsidiaries during the nine months ended September 30, 2022 and 2021, respectively. Chubb Limited received cash dividends of $32 million and $21 million and non-cash dividends of $348 million and $536 million from a Swiss subsidiary during the nine months ended September 30, 2022 and 2021, respectively.

The U.S. insurance subsidiaries of Chubb INA Holdings Inc. (Chubb INA) may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the nine months ended September 30, 2022 and 2021. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received $1.8 billion and $910 million from its subsidiaries during the nine months ended September 30, 2022 and 2021, respectively.

Cash Flows

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the nine months ended September 30, 2022 and 2021.

Operating cash flows were $8.6 billion in the nine months ended September 30, 2022, compared to $8.5 billion in the prior year period.

Cash used for investing was $5.2 billion in the nine months ended September 30, 2022, compared to $3.8 billion in the prior year period. Cash used for investing in the current year was primarily due to cash paid for the purchase of Cigna's business in Asia of $5.0 billion, which is net of cash acquired of $366 million. There were net sales, principally in equities securities and fixed maturities of $1.9 billion, in part to fund the acquisition of Cigna's business in Asia, compared to net purchases of $2.3 billion in the prior year. In addition, the current year included higher private equity contributions, net of distributions received, of $1.5 billion compared to $981 million in the prior year.

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Cash used for financing was $2.7 billion in the nine months ended September 30, 2022, compared to $4.8 billion in the prior year period. This decrease of $2.1 billion reflects lower Common Shares repurchased of $1.2 billion and proceeds of $1.0 billion from repurchase agreements, which were used to finance a portion of the acquisition of Cigna's business in Asia. At September 30, 2022, there were $2.4 billion in repurchase agreements outstanding with various maturities over the next four months.

Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss.

Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings Inc. (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.

The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings Inc., after elimination of investment in any non-guarantor subsidiary:

	Chubb Limited (Parent Guarantor)				Chubb INA Holdings Inc. (Subsidiary Issuer)
	September 30		December 31		September 30		December 31
(in millions of U.S. dollars)	2022		2021		2022		2021
Assets
Investments	$	1	$	—	$	137	$	149
Cash	32		1		2		580
Due from parent guarantor/subsidiary issuer	2		2		897		348
Due from subsidiaries that are not issuers or     guarantors	1,771		1,805		691		526
Other assets	10		16		2,317		1,667
Total assets	$	1,816	$	1,824	$	4,044	$	3,270
Liabilities
Due to parent guarantor/subsidiary issuer	$	897	$	348	$	2	$	2
Due to subsidiaries that are not issuers or     guarantors	230		241		1,726		1,647
Affiliated notional cash pooling programs	345		8		593		—
Short-term debt	—		—		1,475		999
Long-term debt	—		—		14,044		15,169
Trust preferred securities	—		—		308		308
Other liabilities	387		363		2,101		1,803
Total liabilities	1,859		960		20,249		19,928
Total shareholders’ equity	(43)		864		(16,205)		(16,658)
Total liabilities and shareholders’ equity	$	1,816	$	1,824	$	4,044	$	3,270

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The following table presents the condensed statements of operations and comprehensive income of Chubb Limited and Chubb INA Holdings Inc., excluding equity in earnings from non-guarantor subsidiaries:

Nine Months Ended September 30, 2022	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)
(in millions of U.S. dollars)
Net investment income (loss)	$	3	$	(3)
Net realized gains (losses)	4		321
Administrative expenses	80		(72)
Interest (income) expense	(41)		405
Other (income) expense	(34)		32
Cigna integration expenses	10		—
Income tax expense (benefit)	2		(23)
Net income (loss)	$	(10)	$	(24)
Comprehensive income (loss)	$	(10)	$	(65)

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Refer to Item 7A included in our 2021 Form 10-K.

Foreign currency management

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities and required capital for each individual jurisdiction in local currency, which would include the use of derivatives. We occasionally engage in hedging activity for planned cross border transactions. For an estimated impact of foreign currency movement on our net assets denominated in non-U.S. currencies, refer to Item 7A in our 2021 Form 10-K. This information will be updated and disclosed in interim filings if our net assets in non-U.S. currencies change materially from the December 31, 2021, balances disclosed in the 2021 Form 10-K.

Effective April 1, 2022, Turkey was designated as a highly inflationary economy and therefore we changed the functional currency for our Turkish operations from the Turkish lira to the U.S. dollar. Our net assets denominated in the Turkish lira represented less than 0.1% of consolidated shareholders’ equity. Therefore, this change in the functional currency of our Turkish operations did not have a material impact on our financial condition or results of operations.

Reinsurance of GMDB and GLB guarantees

Chubb views its variable annuity reinsurance business as having a similar risk profile to that of catastrophe reinsurance, with the probability of long-term economic loss relatively small at the time of pricing. Adverse changes in market factors and policyholder behavior will have an impact on both realized gains (losses) and net income for GLB and both Life Insurance underwriting income and net income for GMDB. When evaluating these risks, we expect to be compensated for taking both the risk of a cumulative long-term economic net loss, as well as the short-term accounting variations caused by these market movements. Therefore, we evaluate this business in terms of its long-term economic risk and reward.

For the GMDB reinsurance business, net income is directly impacted by changes in future policy benefit reserves. For the GLB reinsurance business, net income is directly impacted by changes in the fair value of the GLB liability (FVL), which is classified as a derivative for accounting purposes. The FVL calculation is directly affected by market factors, including equity levels, interest rate levels, credit risk, and implied volatilities, as well as policyholder behaviors, such as annuitization and lapse rates, and policyholder mortality.

The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock etc.) at September 30, 2022, of the FVL and of the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the variable annuity guarantee reinsurance portfolio. The following assumptions should be considered when using the below tables:

•Equity shocks impact all global equity markets equally

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•Our liabilities are sensitive to global equity markets in the following proportions: 80 percent—90 percent U.S. equity, and 10 percent—20 percent international equity.

•Our current hedge portfolio is sensitive only to U.S. equity markets.

•We would suggest using the S&P 500 index as a proxy for U.S. equity, and the MSCI EAFE index as a proxy for international equity.

•Interest rate shocks assume a parallel shift in the U.S. yield curve

•Our liabilities are also sensitive to global interest rates at various points on the yield curve, mainly the U.S. Treasury curve in the following proportions: 5 percent—15 percent short-term rates (maturing in less than 5 years), 15 percent—25 percent medium-term rates (maturing between 5 years and 10 years, inclusive), and 70 percent—80 percent long-term rates (maturing beyond 10 years).

•A change in AA-rated credit spreads impacts the rate used to discount cash flows in the fair value model. AA-rated credit spreads are a proxy for both our own credit spreads and the credit spreads of the ceding insurers.

•The hedge sensitivity is from September 30, 2022, market levels and only applicable to the equity and interest rate sensitivities table below.

•The sensitivities do not scale linearly and may be proportionally greater for larger movements in the market factors. Actual sensitivity of our net income may differ from those disclosed in the tables below due to fluctuations in short-term market movements.

Sensitivities to equity and interest rate movements
(in millions of U.S. dollars)		Worldwide Equity Shock
Interest Rate Shock		+10%		Flat		-10%		-20%		-30%		-40%
+100 bps	(Increase)/decrease in FVL	$	294	$	200	$	86	$	(59)	$	(232)	$	(438)
	Increase/(decrease) in hedge value	(84)		—		84		169		253		338
	Increase/(decrease) in net income	$	210	$	200	$	170	$	110	$	21	$	(100)
Flat	(Increase)/decrease in FVL	$	119	$	—	$	(144)	$	(313)	$	(513)	$	(744)
	Increase/(decrease) in hedge value	(84)		—		84		169		253		338
	Increase/(decrease) in net income	$	35	$	—	$	(60)	$	(144)	$	(260)	$	(406)
-100 bps	(Increase)/decrease in FVL	$	(103)	$	(247)	$	(415)	$	(610)	$	(834)	$	(1,087)
	Increase/(decrease) in hedge value	(85)		—		84		169		253		338
	Increase/(decrease) in net income	$	(188)	$	(247)	$	(331)	$	(441)	$	(581)	$	(749)
Sensitivities to Other Economic Variables		AA-rated Credit Spreads				Interest Rate Volatility				Equity Volatility
(in millions of U.S. dollars)		+100 bps		-100 bps		+2%		-2%		+2%		-2%
(Increase)/decrease in FVL		$	53	$	(59)	$	(1)	$	1	$	(14)	$	13
Increase/(decrease) in net income		$	53	$	(59)	$	(1)	$	1	$	(14)	$	13

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Variable Annuity Net Amount at Risk

All our VA reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible which limit the net amount at risk under these programs. The tables below present the net amount at risk at September 30, 2022, following an immediate change in equity market levels, assuming all global equity markets are impacted equally.

a) Reinsurance covering the GMDB risk only

	Equity Shock
(in millions of U.S. dollars)	+20		%	Flat		-20		%	-40		%	-60		%	-80		%
GMDB net amount at risk	$	359		$	610	$	784		$	829		$	743		$	618
Claims at 100% immediate mortality	159			162		153			142			129			117

The treaty claim limits function as a ceiling as equity markets fall. As the shocks in the table above become incrementally more negative, the impact on the NAR and claims at 100 percent mortality begin to drop due to the specific nature of these claim limits, many of which are annual claim limits calculated as a percentage of the reinsured account value. There is also some impact due to a small portion of the GMDB reinsurance under which claims are positively correlated to equity markets (claims decrease as equity markets fall).

b) Reinsurance covering the GLB risk only

	Equity Shock
(in millions of U.S. dollars)	+20		%	Flat		-20		%	-40		%	-60		%	-80		%
GLB net amount at risk	$	1,186		$	1,625	$	2,272		$	2,630		$	2,980		$	3,154

The treaty claim limits cause the net amount at risk to increase at a declining rate as equity markets fall.

c) Reinsurance covering both the GMDB and GLB risks on the same underlying policyholders

	Equity Shock
(in millions of U.S. dollars)	+20		%	Flat		-20		%	-40		%	-60		%	-80		%
GMDB net amount at risk	$	56		$	66	$	76		$	85		$	92		$	98
GLB net amount at risk	477			584		704			821			920			922
Claims at 100% immediate mortality	33			33		33			33			33			33

The treaty limits control the increase in the GMDB net amount at risk as equity markets fall. The GMDB net amount at risk continues to increase as equity markets fall because most of these reinsurance treaties do not have annual claim limits calculated as a percentage of the underlying account value. The treaty limits cause the GLB net amount at risk to increase at a declining rate as equity markets fall.

83

ITEM 4. Controls and Procedures

Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of September 30, 2022. Based upon that evaluation, Chubb’s Chief Executive Officer and Chief Financial Officer concluded that Chubb’s disclosure controls and procedures are effective in allowing information required to be disclosed in reports filed under the Securities Exchange Act of 1934 to be recorded, processed, summarized, and reported within time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to Chubb’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

On July 1, 2022, we completed the acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in six Asian markets. As of and for the three months ended September 30, 2022, Cigna's A&H and Life business in Asia represented approximately 6 percent of consolidated revenues, approximately 3 percent of pre-tax income, and approximately 5 percent of total assets. We currently exclude, and are in the process of working to incorporate, Cigna's A&H and Life business in Asia in our evaluation of internal controls over financial reporting, and related disclosure controls and procedures.

Other than the aforementioned acquisition, there have been no changes in Chubb's internal controls over financial reporting during the three months ended September 30, 2022, that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

84

PART II OTHER INFORMATION

ITEM 1. Legal Proceedings

The information required with respect to this item is included in Note 8 h) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.

ITEM 1A. Risk Factors

There have been no material changes to the risk factors described under "Risk Factors" under Item 1A of Part I of our 2021 Form 10-K.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities

Issuer’s Repurchases of Equity Securities

The following table provides information with respect to purchases by Chubb of its Common Shares during the three months ended September 30, 2022:

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan (2)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan
July 1 through July 31	1,715,842	$	185.99	1,713,728	$	2.18	billion
August 1 through August 31	1,393,391	$	187.36	1,390,500	$	1.92	billion
September 1 through September 30	578,345	$	184.27	572,300	$	1.82	billion
Total	3,687,578	$	186.24	3,676,528

(1)This column represents open market share repurchases and the surrender to Chubb of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees and to cover the cost of the exercise of options by employees through stock swaps.

(2)The aggregate value of shares purchased in the three months ended September 30, 2022 as part of the publicly announced plan was $685 million. In May 2022, the Board authorized the repurchase of up to $2.5 billion of Chubb's Common Shares effective through June 30, 2023. Refer to Note 9 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorization.

85

ITEM 6. Exhibits

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Original Number	Date Filed	Filed Herewith
3.1	Articles of Association of the Company, as amended and restated	8-K	3.1	August 9, 2022
3.2	Organizational Regulations of the Company, as amended	8-K	3.1	November 21, 2016
4.1	Articles of Association of the Company, as amended and restated	8-K	4.1	August 9, 2022
4.2	Organizational Regulations of the Company, as amended	8-K	3.1	November 21, 2016
10.1*	Aircraft Time Sharing Agreement, dated as of September 19, 2022, between Chubb INA Holdings Inc. and Evan G. Greenberg [certain information omitted]				X
22.1	Guaranteed Securities	10-K	22.1	February 24, 2022
31.1	Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002				X
31.2	Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002				X
32.1	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002				X
32.2	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002				X
101.1	The following financial information from Chubb Limited’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 formatted in Inline XBRL: (i) Consolidated Balance Sheets at September 30, 2022, and December 31, 2021; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021; (iii) Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021; (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021; and (v) Notes to Consolidated Financial Statements				X
104.1	The Cover Page Interactive Data File formatted in Inline XBRL (The cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101.1)
* Management contract, compensatory plan or arrangement

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CHUBB LIMITED
	(Registrant)
October 28, 2022	/s/ Evan G. Greenberg
	Evan G. Greenberg
	Chairman and Chief Executive Officer
October 28, 2022	/s/ Peter C. Enns
	Peter C. Enns
	Executive Vice President and Chief Financial Officer

87

EX-10.1

Exhibit 10.1

Certain information in the marked exhibit below has been omitted because it is both not material and is of the type that the registrant treats as private or confidential. Omissions are designated as “[Redacted].”

AIRCRAFT TIME SHARING AGREEMENT

Dated as of September 19, 2022,

between

CHUBB INA HOLDINGS INC.

as Time Share Lessor,

and

Evan G. Greenberg,

as Time Share Lessee,

concerning Aircraft identified in Exhibit A

* * *

INSTRUCTIONS FOR COMPLIANCE WITH

“TRUTH IN LEASING” REQUIREMENTS UNDER FAR § 91.23

Within 24 hours after execution of this Agreement:

mail a copy of the executed document to the

following address via certified mail, return receipt requested:

Federal Aviation Administration

Aircraft Registration Branch

ATTN: Technical Section

P.O. Box 25724

Oklahoma City, Oklahoma 73125

At least 48 hours prior to the first flight to be conducted under this Agreement:

provide notice of the departure airport and proposed time of

departure of the first flight, by facsimile, to the Flight Standards

District Office located nearest the departure airport.

Carry a copy of this Agreement in the aircraft at all times.

* * *

This AIRCRAFTTIME SHARING AGREEMENT (the “Agreement”) is made and effective as of September 19, 2022, (the “Effective Date”), by and between the CHUBB INA HOLDINGS INC., a Delaware corporation (“Time Share Lessor”), and EVAN G. GREENBERG(“Time Share Lessee”).

W I T N E S S E T H :

WHEREAS, title to the Aircraft described and referred to herein is held by Owner;

WHEREAS, Recovery Services International Inc. (the “Trustor”) has a leasehold interest in the Aircraft described and referred to herein pursuant to an Aircraft Operating Lease Agreement by and between Owner and Trustor dated as of September 19, 2017 (G650ER), an Aircraft Lease Agreement by and between Trustor and Time Share Lessor dated as of September 13, 2016 (G450); and, an Aircraft Lease Agreement by and between Trustor and Time Share Lessor dated as of August 12, 2008 (G550) (as such agreements have been and may be amended, supplemented and restated from time to time, the “Trust Agreement”);

WHEREAS, Time Share Lessor has a leasehold interest in the Aircraft described and referred to herein pursuant to an Aircraft Lease Agreement by and between Trustor and Time Share Lessor dated as of September 19, 2017, within the scope of and incidental to its own business;

WHEREAS, Time Share Lessee desires to lease the Aircraft, with a flight crew, on a non-exclusive basis, from Time Share Lessor on a time sharing basis as defined in 14 C.F.R. Section 375.37(d) (“Section 375.37(d)”);

WHEREAS, Time Share Lessor is willing to lease the Aircraft, with a flight crew, on a non-exclusive basis, to Time Share Lessee on a time sharing basis; and

WHEREAS, during the Term of this Agreement, the Aircraft will be subject to use by Time Share Lessor and may be subject to use by one or more other third-parties.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.    Definitions. The following terms shall have the following meanings for all purposes of this Agreement:

“Aircraft” means the Airframe, the engines, the Parts, and the Aircraft Documents. The engines shall be deemed part of the “Aircraft” whether or not from time to time attached to the Airframe or removed from the Airframe.

“Aircraft Documents” means all flight records, maintenance records, historical records, modification records, overhaul records, manuals, logbooks, authorizations, drawings and data relating to the Airframe, any engine, or any Part, or that are required by Applicable Law to be created or maintained with respect to the maintenance and/or operation of the Aircraft.

“Airframe” means the airframes listed in Exhibit A, together with any and all Parts (including, but not limited to, landing gear and auxiliary power units but excluding engines) so long as such Parts shall be either incorporated or installed in or attached to the Airframe.

“Applicable Law” means, without limitation, all applicable laws, treaties, international agreements, decisions and orders of any court, arbitration or governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any governmental body, instrumentality, agency or authority, including, without limitation, the FAR and 49 U.S.C. § 41101, et seq., as amended.

“Business Day” means any day of the year in which banks are not authorized or required to close in the Commonwealth of Pennsylvania.

“DOT” means the United States Department of Transportation or any successor agency.

“FAA” means the Federal Aviation Administration or any successor agency.

“FAR” means collectively the Aeronautics Regulations of the FAA and the DOT, as codified at Title 14, Parts 1 to 399 of the United States Code of Federal Regulations.

“Flight Hour” means one (1) hour of use of the Aircraft in flight operations, as recorded on the Aircraft hour meter and measured in one-tenth (1/10th) of an hour increments.

“Operating Base” means Philadelphia Northeast Airport (PNE).

“Operational Control” has the same meaning given the term in Section 1.1 of the FAR.

“Operator” means Chubb INA Holdings Inc., the Time Share Lessor.

“Owner” shall mean TVPX Aircraft Solutions Inc., a corporation organized and existing under the laws of Utah, not in its individual capacity but solely as owner trustee under the Trust.

“Parts” means all appliances, components, parts, instruments, appurtenances, accessories, furnishings or other equipment of whatever nature (other than complete engines) which may from time to time be incorporated or installed in or attached to the Airframe or any engine and includes replacement parts.

“Pilot in Command” has the same meaning given the term in Section 1.1 of the FAR.

“Schedule Keeper” means the person designated to maintain the scheduling log of the Aircraft. The name, address, telephone number, and other contact information for the Schedule Keeper are set forth in Section 28.

“Taxes” meansall taxes of every kind (excluding any tax measured by or assessed against a taxpayer’s income, including, without limitation, any income tax, gross income tax, net income tax, or capital gains tax, and any tax measured by or assessed against the Aircraft’s value, including, without limitation, any personal property or ad valorem tax) assessed or levied by any federal, state, county, local, airport, district, foreign, or other governmental authority, including, without limitation, sales taxes, use taxes, retailer taxes, federal air transportation excise taxes, federal aviation fuel excise taxes, and other similar duties, fees, and excise taxes.

“Term” means the entire period from the Effective Date to the date this Agreement is terminated pursuant to Section 3.

“Trust Agreement” has the same meaning given the term in the Recitals.

“Trustor” has the same meaning given to the term in the Recitals.

2. Agreement to Lease. Time Share Lessor agrees to lease the Aircraft to Time Share Lessee from time to time on an “as needed and as available” basis, and to provide a fully qualified flight crew for all Time Share Lessee’s flights, in accordance with the terms and conditions of this Agreement. Nothing contained herein shall obligate or entitle Time Share Lessee to any minimum usage of the Aircraft.

3. Term.

3.1 Initial Term. The initial term of this Agreement shall commence on the Effective Date and continue for a period of one (1) year.

3.2 Renewal. At the end of the initial one (1) year term or any subsequent one (1) year term, this Agreement shall automatically be renewed for an additional one (1) year term.

3.3 Termination. Each partyshall have the right to terminate this Agreement at any time with or without cause on thirty (30) days prior written notice to the other party.

4. Applicable Regulations. The parties hereto intend that this Agreement shall constitute, and this Agreement shall be interpreted as, a Time Sharing Agreement as defined in Section 375.37(d). The parties agree that for all flights under this Agreement, the Aircraft shall be operated under the pertinent provisions of Subpart F of Part 91 of the FAR. If any provision of this Agreement is determined to be inconsistent with any of the requirements of the provisions of Subpart F of Part 91 of the FAR, such provision shall be deemed amended in any respect necessary to bring it into compliance with such requirements.

5. Non-Exclusivity. Time Share Lessee acknowledges that the Aircraft is leased to Time Share Lessee hereunder on a non-exclusive basis, and that the Aircraft will also be subject to use by Time Share Lessor, and may also be subject to non-exclusive leases and lease to others during the Term.

6. Flight Charges. Time Share Lessee shall pay Time Share Lessor for each flight conducted under this Agreement an amount not to exceed the maximum amount of expense reimbursement permitted in accordance with Section 375.37(d), which expenses include and are limited to:

6.1 fuel, oil, lubricants, and other additives;

6.2 travel expenses of the crew, including food, lodging and ground transportation;

6.3 hangar and tie down costs away from the Aircraft’s Operating Base;

6.4 insurance obtained for the specific flight;

6.5 landing fees, airport taxes and similar assessments;

6.6 customs, foreign permit, and similar fees directly related to the flight;

6.7 in-flight food and beverages;

6.8 passenger ground transportation;

6.9 flight planning and weather contract services; and

6.10 an additional charge equal to 100% of the expenses listed in Section 6.1.

The Time Share Lessor may charge the Time Share Lessee any amount less than the maximum amount provided herein.

7. Invoices and Payment. Time Share Lessor will initially pay all expenses related to the operation of the Aircraft when and as such expenses are incurred, provided that within thirty (30) days after the last day of any calendar month during which any flight for the account of Time Share Lessee has been conducted, Time Share Lessor shall provide an invoice to Time Share Lessee for an amount determined in accordance with Section 6 above. Time Share Lessee shall remit the full amount of any such invoice, together with any applicable Taxes under Section 8, to Time Share Lessor promptly within thirty (30) days following Time Share Lessee’s receipt of the invoice date.

8. Taxes. Time Share Lessee agrees to pay when due and assume liability for, and indemnify and hold harmless Time Share Lessor concerning all claims of any kind whatsoever asserted by any person in the nature of taxes which are incurred by Time Share Lessee (or his guests) through his (or their) use of the Aircraft under this Agreement or otherwise resulting from this Agreement. Without limiting the generality of the foregoing, Time Share Lessee and Time Share Lessor specifically acknowledge that all Time Share Lessee’s flights will be subject to commercial air transportation excise taxes pursuant to Section 4261 of the Internal Revenue Code, regardless of whether any such flight is considered “noncommercial” under the FAR, which Time Share Lessor agrees to collect and remit for the benefit of Time Share Lessee and Time Share Lessor agrees to pay when due.

9. Scheduling Flights.

9.1 Submitting Flight Requests. Time Share Lessee shall submit requests for flight time and proposed flight schedules to the Schedule Keeper.

9.2 Approval of Flight Requests. Each use of the Aircraft by Time Share Lessee shall be subject to the Schedule Keeper’s prior approval. Schedule Keeper may approve or deny any flight scheduling request based on the availability of the Aircraft or otherwise in its discretion.

9.3 Subordinated Use of Aircraft. Time Share Lessee’s rights to schedule use of the Aircraft during the Term of this Agreement shall at all times be subordinate to the Aircraft use requirements of Time Share Lessor and any other person or entity to whom Time Share Lessor has leased an interest in the Aircraft, and Time Share Lessor and each such other lessee shall at all times be entitled to preempt any scheduled, unscheduled, and anticipated use of the Aircraft by Time Share Lessee, notwithstanding any prior approval by Schedule Keeper of a request by Time Share Lessee to schedule a flight.

10. Title and Registration. Time Share Lessorhas an exclusive leasehold interest in the Aircraft and is the beneficial owner of the Aircraft pursuant to the Trust. Time Share Lessee acknowledges that title to the Aircraft shall remain vested in Owner. Time Share Lessee undertakes, to the extent permitted by Applicable Law, to do all such further acts, deeds, assurances or things as, in the reasonable opinion of Time Share Lessor may be necessary or desirable in order to protect or preserve Time Share Lessor’s leasehold interest in the Aircraft and Owner’stitle to the Aircraft.

11. Aircraft Maintenance. During the Term of this Agreement, Time Share Lessor shall, at its sole cost, (i) keep (or cause to be kept) the Aircraft in good and efficient working order, condition and repair, ordinary wear and tear excepted, (ii) maintain, service, inspect, repair and overhaul (or cause to be maintained, serviced, inspected, repaired or overhauled) the Aircraft or any part thereof (including without limitation, any parts, accessories or components incorporated therein or attached thereto) as may be necessary to enable the airworthiness certificate of the Aircraft to be maintained in good standing at all times under the applicable rules and regulations of the FAA or other governmental authority having jurisdiction over the Aircraft, (iii) comply with all applicable airworthiness directives and orders of the FAA, and the Aircraft manufacturer’s recommended maintenance program and mandatory service bulletins, and (iv) cause all maintenance procedures required hereunder to be undertaken by properly trained, licensed and certified maintenance sources and maintenance personnel.Time Share Lessor shall

be solely responsible for maintenance, preventive maintenance and required or otherwise necessary inspections of the Aircraft and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventative maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or inspection can be safely conducted later in compliance with all Applicable Laws and regulations, and within the sound discretion of the Pilot in Command.

12. Flight Crews; Aircraft Operation; Compliance with Law.

12.1 Flight Crew. Time Share Lessor shall provide, at its sole cost, to Time Share Lessee a qualified flight crew for each flight conducted in accordance with this Agreement, who in all cases shall (i) be fully qualified and properly certificated and trained, (ii) hold all licenses, certificates, ratings, type ratings or endorsements appropriate to the Aircraft, purpose of flight, condition of flight or as otherwise required by the FARs, and (iii) meet all currency of flight and other requirements specified by the FAA and the insurance policies for the Aircraft and be included under the insurance coverage for the Aircraft. The members of the flight crew may be either employees or independent contractors of Time Share Lessor. In either event, the flight crew shall be and remain under the exclusive command and control of Time Share Lessor in all phases of all flights conducted hereunder.

12.2. Operation of Aircraft. For all Time Share Lessee’s flights under this Agreement, Time Share Lessor shall operate the Aircraft in accordance with the provisions of Part 91 of the FARs and agrees not to operate or locate the Aircraft (nor allow the Aircraft to be operated or located) (i) in any area excluded from coverage by any insurance policy in effect with respect to the Aircraft, (ii) in any area to which travel or flights are restricted or prohibited by law or in violation of any United States export control law, or (iii) in areas that are war zones or recognized as threatened or actual areas of hostilities.

12.3. Compliance with Law, Etc. For all Time Share Lessee’s flights under this Agreement, Time Share Lessor shall use, operate and maintain the Aircraft (i) in compliance with all laws or regulations of governmental bodies having jurisdiction over Time Share Lessor or the Aircraft including, without limitation, the FARs, and (ii) in compliance with the Aircraft’s flight manual, manufacturer’s recommended maintenance program and operating procedures, airworthiness certificate, license or registration relating to the Aircraft issued by any governmental body, and the insurance policies in effect with respect to the Aircraft. Time Share Lessor shall, at its sole cost, maintain in full force and effect all authorizations required for the operation of the Aircraft by Time Share Lessor hereunder.

13. Operational Control. THE PARTIES EXPRESSLY AGREE THAT TIME SHARE LESSOR SHALL HAVE AND MAINTAIN SOLE OPERATIONAL CONTROL OF THE AIRCRAFT AND EXCLUSIVE POSSESSION, COMMAND AND CONTROL OF THE AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT, AND THAT THE INTENT OF THE PARTIES IS THAT THIS AGREEMENT CONSTITUTE A “TIME SHARING AGREEMENT” AS SUCH TERM IS DEFINED IN SECTION 375.37(d). TIME SHARE LESSOR shall exercise exclusive authority over initiating, conducting, or terminating any flight conducted ON BEHALF OF TIME SHARE LESSEE pursuant to this Agreement.

14. Authority of Pilot In Command. Notwithstanding that Time Share Lessor shall have Operational Control of the Aircraft during any flight conducted pursuant to this Agreement, Time Share Lessor and Time Share Lessee expressly agree that the Pilot in Command, in his or her sole discretion, may terminate any flight, refuse to commence any flight, or take any other flight-related action which in the judgment of the Pilot in Command is necessary to ensure the safety of the Aircraft, the flight crew, the passengers, and persons and property on the ground. The Pilot in Command shall have final and complete authority to postpone or cancel any flight for any reason or condition that in his or her judgment would compromise the safety of the flight. No such action of the Pilot in Command shall create or support any liability of Time Share Lessor to Time Share Lessee for loss, injury, damage or delay.

15. Passengers and Baggage. Time Share Lessee may carry on the Aircraft on all flights under this Agreement such passengers and baggage/cargo as Time Share Lessee in its sole but reasonable discretion shall determine; provided, however, that the passengers to be carried on such flights shall be limited to those permitted under the pertinent provisions of Part 91 of the FAR, and that the number of such passengers shall in no event exceed the number of passenger seats legally available in the Aircraft and the total load, including fuel and oil in such quantities as the Pilot in Command shall determine to be required, shall not exceed the maximum allowable load for the Aircraft.

16. Prohibited Items. Time Share Lessee shall not cause or permit to be carried on board the Aircraft and shall not cause or permit any passenger to carry on board the Aircraft, any contraband, prohibited dangerous goods, or prohibited controlled substances on the Aircraft at any time.

17. Damage to Aircraft. Time Share Lessee shall be solely responsible for, and shall pay the costs of, repairs of any damage (normal wear and tear excepted) to the Aircraft that may be caused by Time Share Lessee’s passengers, baggage, or cargo.

18. Force Majeure. Time Share Lessor shall not be liable for delay or failure to furnish the Aircraft and/or flight crew pursuant to this Agreement when such failure is caused by government regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other unforeseen or unanticipated circumstances.

19. Insurance. Time Share Lessor shall maintain or cause to be maintained (i) comprehensive aviation liability insurance, including bodily injury and property damage, contractual liability and war risk insurance, and (ii) all risks aircraft hull insurance, including confiscation, expropriation and war risk insurance, on the Aircraft (covering ground, flight and any other exposure) in an amount equal to the full replacement value of the Aircraft.

20. No Assignments. Neither this Agreement nor any party’s interest herein shall be assignable to any other party whatsoever.

21. Modification. This Agreement may not be modified, altered, or amended except by written agreement executed by both parties.

22. Entire Agreement. This Agreement constitutes the entire agreement of the parties as of the Effective Date and supersedes all prior or independent, oral or written agreements, understandings, statements, representations, commitments, promises, and warranties made with respect to the subject matter of this Agreement.

23. Prohibited or Unenforceable Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction. To the extent permitted by Applicable Law, each of Time Share Lessor and Time Share Lessee hereby waives any provision of Applicable Law which renders any provision hereof prohibited or unenforceable in any respect.

24. Binding Effect. This Agreement, including all agreements, covenants, representations and warranties, shall be binding upon and inure to the benefit of, and may be enforced by Time Share Lessor, Time Share Lessee, and each of their respective agents, servants, heirs, representatives and successors.

25. Headings. The section headings in this Agreement are for convenience of reference only and shall not modify, define, expand, or limit any of the terms or provisions hereof.

26. Amendments. No term or provision of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by both parties.

27. No Waiver. No delay or omission in the exercise or enforcement or any right or remedy hereunder by either party shall be construed as a waiver of such right or remedy. All remedies, rights, undertakings, obligations, and agreements contained herein shall be cumulative and not mutually exclusive, and in addition to all other rights and remedies which either party possesses at law or in equity.

28. Notices. All communications, declarations, demands, consents, directions, approvals, instructions, requests and notices required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given or made when delivered personally or transmitted electronically by e-facsimile, receipt acknowledged, or in the case of documented overnight delivery service or registered or certified mail, return receipt requested, delivery charge or postage prepaid, on the date shown on the receipt therefor, in each case at the address set forth below:

If to Time Share Lessor: Chubb INA Holdings, Inc.

c/o ACE American Insurance Company

436 Walnut Street

Philadelphia PA 19106-3703

Attn: General Counsel

Tel: [Redacted]

Email: [Redacted]

If to Time Share Lessee: Evan G. Greenberg

Chubb

1133 Avenue of the Americas

New York, NY 10036

Email: [Redacted]

If to Schedule Keeper: Chubb INA Holdings, Inc.

Attn: Debra Marano

Philadelphia Northeast Airport

11501 Norcom Road

Philadelphia PA 19154

Tel: [Redacted]

Email: [Redacted]

29. Governing Law. This Agreement has been negotiated and delivered in the Commonwealth of Pennsylvania and shall in all respects be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, including all matters of construction, validity and performance, without giving effect to its conflict of laws provisions.

30. Jurisdiction and Venue. Exclusive jurisdiction and venue over any and all disputes between the parties arising under this Agreement shall be in, and for such purpose each party hereby submits to the jurisdiction of, the state and federal courts serving the Commonwealth of Pennsylvania.

31. No Agent Relationship. Nothing contained in this Agreement shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venture or any association between Time Share Lessor and Time Share Lessee.

32. Counterparts. This Agreement may be executed by the parties hereto in two (2) or more separate counterparts, each and all of which when so executed and delivered shall be an original, and all of which shall together constitute but one and the same instrument.

33. Truth In Leasing.

TIME SHARE LESSOR HEREBY CERTIFIES THAT, DURING THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409.

THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409.

TIME SHARE LESSOR ACKNOWLEDGES THAT WHEN IT OPERATES THE AIRCRAFT ON BEHALF OF TIME SHARE LESSEE UNDER THIS AGREEMENT, TIME SHARE LESSOR SHALL BE KNOWN AS, CONSIDERED, AND IN FACT WILL BE THE OPERATOR OF THE AIRCRAFT AND SOLELY RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT. EACH PARTY HERETO CERTIFIES THAT IT UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION ADMINISTRATION FLIGHT STANDARDS DISTRICT OFFICE.

THE PARTIES HERETO CERTIFY THAT A TRUE COPY OF THIS AGREEMENT SHALL BE CARRIED ON THE AIRCRAFT AT ALL TIMES AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON REQUEST BY AN APPROPRIATELY CONSTITUTED IDENTIFIED REPRESENTATIVE OF THE ADMINISTRATOR OF THE FAA.

IN WITNESS WHEREOF, the parties have executed this Aircraft Time Sharing Agreement as of the date and year first written above.

TIME SHARE LESSOR:

Chubb INA Holdings Inc.

By: /s/ Joseph Wayland

Print: Joseph Wayland

Title: General Counsel

TIME SHARE LESSEE:

By: /s/ Evan G. Greenberg

Print: Evan G. Greenberg

EXHIBIT A

[Redacted]

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Evan G. Greenberg, certify that:

1)I have reviewed this quarterly report on Form 10-Q of Chubb Limited;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:October 28, 2022

/s/ Evan G. Greenberg

Evan G. Greenberg

Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Peter C. Enns, certify that:

1)I have reviewed this quarterly report on Form 10-Q of Chubb Limited;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:October 28, 2022

/s/ Peter C. Enns

Peter C. Enns

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officer of Chubb Limited (the Corporation) hereby certifies that the Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, fully complies with the applicable reporting requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: October 28, 2022	/s/ Evan G. Greenberg
	Evan G. Greenberg
	Chairman and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officer of Chubb Limited (the Corporation) hereby certifies that the Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, fully complies with the applicable reporting requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: October 28, 2022	/s/ Peter C. Enns
	Peter C. Enns
	Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - SFr / shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022	Dec. 31, 2021
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	CHUBB LIMITED
Entity Central Index Key	0000896159
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity File Number	1-11778
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, City or Town	Zurich
Entity Address, Country	CH
Entity Address, Postal Zip Code	8001
Country Region	41
City Area Code	(0)43
Local Phone Number	456 76 00
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Common Shares, par value	SFr 24.15		SFr 24.15
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Shares Outstanding		415,050,274
INA Senior Notes Due March 2038 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE
INA Senior Notes Due December 2029 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
INA Senior Notes Due June 2031 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
INA Senior Notes Due December 2024 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024
Trading Symbol	CB/24A
Security Exchange Name	NYSE
Common Class A [Member]
Title of 12(b) Security	Common Shares, par value CHF 24.15 per share
Trading Symbol	CB
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
Assets
Fixed maturities available for sale, at fair value, net of valuation allowance - $147 and $14 (amortized cost – $93,316 and $90,493)		$ 83,741	$ 93,108
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $33 and $35 (fair value – $8,491 and $10,647)		8,976	10,118
Equity securities, at fair value		844	4,782
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)		4,534	3,146
Other investments, at fair value		13,645	11,169
Total investments		111,740	122,323
Cash		2,128	1,659
Restricted cash		136	152
Securities lending collateral		1,626	1,831
Accrued investment income		900	821
Insurance and reinsurance balances receivable, net of valuation allowance - $51 and $46		12,853	11,322
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $352 and $329	[1]	18,754	17,366
Reinsurance recoverable on policy benefits	[1]	297	213
Deferred policy acquisition costs		5,578	5,513
Value of business acquired		3,324	236
Goodwill		16,107	15,213
Other intangible assets		5,383	5,455
Prepaid reinsurance premiums		3,265	3,028
Investments in partially-owned insurance companies		2,943	3,130
Other assets		13,077	11,792
Total assets		198,111	200,054
Liabilities
Liability for Claims and Claims Adjustment Expense		75,992	72,943
Unearned premiums		20,520	19,101
Future policy benefits		9,586	5,947
Insurance and reinsurance balances payable		7,829	7,243
Securities lending payable		1,626	1,831
Accounts payable, accrued expenses, and other liabilities		16,673	15,004
Deferred tax liabilities		2	389
Repurchase agreements		2,417	1,406
Short-term debt		1,475	999
Long-term debt		14,044	15,169
Trust preferred securities		308	308
Total liabilities		150,472	140,340
Commitments and contingencies (refer to Note 8)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 446,376,614 and 474,021,114 shares issued; 415,020,484 and 426,572,612 shares outstanding)		10,346	10,985
Common Shares in treasury (31,356,130 and 47,448,502 shares)		(4,978)	(7,464)
Additional paid-in capital		7,429	8,478
Retained earnings		47,022	47,365
Accumulated other comprehensive income (loss) (AOCI)		(12,180)	350
Accumulated other comprehensive income (loss)		47,639	59,714
Total liabilities and shareholders’ equity		$ 198,111	$ 200,054

[1] Net of valuation allowance for uncollectible reinsurance.

XML

Consolidated Balance Sheets (Parentheticals) (Unaudited) $ in Millions	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Statement of Financial Position [Abstract]
Debt Securities, Available for sale, Allowance for Credit Loss	$ 147	$ 14
Available for sale, at amortized cost	93,316	90,493
Debt Securities, Held to maturity, Allowance for Credit Loss	33	35
Held to maturity, Fair Value	8,491	10,647
Short-term investments amortized cost	4,536	3,147
Premium Receivable, Allowance for Credit Loss	51	46
Reinsurance Recoverable, Allowance for Credit Loss	$ 352	$ 329
Common Shares, shares issued | shares	446,376,614	474,021,114
Common Shares, shares outstanding | shares	415,020,484	426,572,612
Common Shares in treasury, shares | shares	31,356,130	47,448,502

XML

Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Net premiums written	$ 12,020	$ 10,510	$ 31,521	$ 28,718
Increase in unearned premiums	(485)	(510)	(1,683)	(1,684)
Net premiums earned	11,535	10,000	29,838	27,034
Net investment income	979	866	2,689	2,613
Net realized gains (losses)	(384)	(21)	(787)	833
Total revenues	12,130	10,845	31,740	30,480
Expenses
Losses and loss expenses	7,279	6,629	17,474	16,688
Policy benefits	486	151	790	503
Policy acquisition costs	1,975	1,778	5,451	5,141
Administrative expenses	883	806	2,479	2,325
Interest expense	150	122	416	366
Other (income) expense	188	(763)	(21)	(2,030)
Amortization of purchased intangibles	69	71	211	216
Cigna integration expenses	23	0	26	0
Total expenses	11,053	8,794	26,826	23,209
Income before income tax	1,077	2,051	4,914	7,271
Income tax expense	265	218	913	873
Net income	812	1,833	4,001	6,398
Other comprehensive income (loss):
Change in unrealized depreciation	(3,045)	(554)	(12,041)	(2,177)
Change in Cumulative foreign currency translation adjustment	(966)	(414)	(1,676)	(84)
Change in Other, including postretirement benefit liability adjustment	(59)	4	(35)	(33)
Other comprehensive loss, before income tax	(4,070)	(964)	(13,752)	(2,294)
Income tax benefit related to OCI items	165	120	1,222	403
Other comprehensive loss	(3,905)	(844)	(12,530)	(1,891)
Comprehensive income (loss)	$ (3,093)	$ 989	$ (8,529)	$ 4,507
Earnings per share
Basic earnings per share	$ 1.95	$ 4.21	$ 9.50	$ 14.42
Diluted earnings per share	$ 1.94	$ 4.18	$ 9.41	$ 14.33

XML

Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Common shares in treasury [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]	Cumulative Foreign Currency Translation Adjustment [Member]	Postretirement Benefit Liability Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance – beginning of period, net of tax at Dec. 31, 2020		$ 11,064	$ (3,644)	$ 9,815	$ 39,337	$ 4,673	$ (1,637)	$ (167)	$ 2,869
Common Shares repurchased			(3,956)
Treasury Stock, Retired, Cost Method, Amount		(79)	590		(511)
Net shares redeemed under employee share-based compensation plans			389	(184)
Exercise of stock options				(45)
Share-based compensation expense				216
Funding of dividends declared to Retained earnings				(1,050)
Net income (loss)	$ 6,398				6,398
Funding of dividends declared from Additional paid-in capital					1,050
Dividends declared on Common Shares					(1,050)
Other Comprehensive Income (Loss), Net of Tax	(1,891)								(1,891)
Balance – end of period, net of tax at Sep. 30, 2021	59,318	10,985	(6,621)	8,752	45,224	2,886	(1,714)	(194)	978
Balance – beginning of period, net of tax at Jun. 30, 2021		11,064	(5,772)	9,046	43,902	3,342	(1,323)	(197)	1,822
Common Shares repurchased			(1,516)
Treasury Stock, Retired, Cost Method, Amount		(79)	590		(511)
Net shares redeemed under employee share-based compensation plans			77	(2)
Exercise of stock options				(15)
Share-based compensation expense				69
Funding of dividends declared to Retained earnings				(346)
Net income (loss)	1,833				1,833
Funding of dividends declared from Additional paid-in capital					346
Dividends declared on Common Shares					(346)
Other Comprehensive Income (Loss), Net of Tax	(844)								(844)
Balance – end of period, net of tax at Sep. 30, 2021	59,318	10,985	(6,621)	8,752	45,224	2,886	(1,714)	(194)	978
Balance – beginning of period, net of tax at Dec. 31, 2021	59,714	10,985	(7,464)	8,478	47,365	2,256	(2,146)	240	350
Common Shares repurchased			(2,815)
Treasury Stock, Retired, Cost Method, Amount		(639)	4,983		(4,344)
Net shares redeemed under employee share-based compensation plans			318	(185)
Exercise of stock options				(35)
Share-based compensation expense				205
Funding of dividends declared to Retained earnings				(1,034)
Net income (loss)	4,001				4,001
Funding of dividends declared from Additional paid-in capital					1,034
Dividends declared on Common Shares					(1,034)
Other Comprehensive Income (Loss), Net of Tax	(12,530)								(12,530)
Balance – end of period, net of tax at Sep. 30, 2022	47,639	10,346	(4,978)	7,429	47,022	(8,611)	(3,781)	261	(12,180)
Balance – beginning of period, net of tax at Jun. 30, 2022		10,666	(6,794)	7,707	48,363	(5,713)	(2,821)	259	(8,275)
Common Shares repurchased			(685)
Treasury Stock, Retired, Cost Method, Amount		(320)	2,473		(2,153)
Net shares redeemed under employee share-based compensation plans			28	10
Exercise of stock options				(8)
Share-based compensation expense				66
Funding of dividends declared to Retained earnings				(346)
Net income (loss)	812				812
Funding of dividends declared from Additional paid-in capital					346
Dividends declared on Common Shares					(346)
Other Comprehensive Income (Loss), Net of Tax	(3,905)								(3,905)
Balance – end of period, net of tax at Sep. 30, 2022	$ 47,639	$ 10,346	$ (4,978)	$ 7,429	$ 47,022	$ (8,611)	$ (3,781)	$ 261	$ (12,180)

XML

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)		$ 4,001	$ 6,398
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses		787	(833)
Amortization of premiums/discounts on fixed maturities		185	242
Amortization of purchased intangibles		211	216
Equity in net income of partially-owned entities	[1]	(192)	(2,073)
Deferred income taxes		(7)	(268)
Unpaid losses and loss expenses		4,848	4,907
Unearned premiums		2,035	2,032
Future policy benefits		40	163
Insurance and reinsurance balances payable		559	408
Accounts payable, accrued expenses, and other liabilities		573	45
Income taxes payable		(108)	212
Insurance and reinsurance balances receivable		(1,756)	(1,257)
Reinsurance recoverable		(1,881)	(1,071)
Deferred policy acquisition costs		(320)	(208)
Other		(383)	(364)
Net cash flows from operating activities		8,592	8,549
Cash flows from investing activities
Purchases of fixed maturities available for sale		(23,533)	(23,028)
Purchases of fixed maturities held to maturity		(454)	(434)
Purchases of equity securities		(837)	(799)
Sales of fixed maturities available for sale		14,142	5,225
Sales of equity securities		4,453	750
Maturities and redemptions of fixed maturities available for sale		7,882	13,710
Maturities and redemptions of fixed maturities held to maturity		1,357	1,488
Net change in short-term investments		(1,106)	809
Net derivative instruments settlements		(52)	(66)
Private equity contribution		(2,194)	(1,872)
Private equity distribution		649	891
Payments to Acquire Businesses, Net of Cash Acquired		(4,982)	0
Payment, including deposit, for Huatai Group Interest		(113)	(208)
Other		(414)	(217)
Net cash flows used for investing activities		(5,202)	(3,751)
Cash flows from financing activities
Dividends paid on Common Shares		(1,030)	(1,056)
Common Shares repurchased		(2,783)	(3,941)
Proceeds from issuance of repurchase agreements		3,552	1,405
Repayment of repurchase agreements		(2,554)	(1,405)
Proceeds from share-based compensation plans		198	239
Policyholder contract deposits and other		357	365
Policyholder contract withdrawals and other		(362)	(331)
Payment, Tax Withholding, Share-based Payment Arrangement		(100)	(81)
Net cash flows used for financing activities		(2,722)	(4,805)
Effect of foreign currency rate changes on cash and restricted cash		(215)	(33)
Net increase (decrease) in cash and restricted cash		453	(40)
Cash and restricted cash - beginning of period		1,811	1,836
Cash and restricted cash - end of period		2,264	1,796
Supplemental cash flow information
Taxes paid		964	931
Interest paid		$ 339	$ 316

[1] Equity in net income (loss) of partially-owned entities principally comprises mark-to-market gain (loss) on private equities where we own more than three percent of $(190) million and $(69) million for the three and nine months ended September 30, 2022, respectively, and $702 million and $1,776 million, respectively, for the prior year periods. This line item also includes net income of $28 million and $83 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and nine months ended September 30, 2022, respectively, compared to $40 million and $144 million, respectively, for the prior year periods.

XML

Statement of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Cash Acquired from Acquisition	$ 366	$ 0

XML

General

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 13 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Form 10-K.

b) Restricted cash

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

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

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Cash	$	2,128	$	1,659
Restricted cash	136		152
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,264	$	1,811

c) Accounting guidance not yet adopted

Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.

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Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Acquisitions

Acquisitions

Cigna’s Accident and Health (A&H) and Life Insurance Business in Asian Markets

On July 1, 2022, we completed the acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in six Asian markets. Chubb paid $5.36 billion in cash for the operations, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, collectively referred to as Cigna's business in Asia. The reduction in the final purchase price from the original agreement reflects the impacts of rising interest rates and foreign exchange rates on acquired book value and other minor adjustments. This complementary strategic acquisition expands our presence and advances our long-term growth opportunity in Asia. Effective July 1, 2022, the results of operations of this acquired business are reported primarily in our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment.

The interim consolidated financial statements include the results of Cigna's business in Asia from July 1, 2022. The acquisition of Cigna's business in Asia generated $1,340 million of goodwill, attributable to expected growth and profitability, and $269 million of other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition of Cigna's business in Asia generated $3,379 million of value of business acquired (VOBA). Refer to Note 7 for more information. Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreement transactions, of which $1.0 billion were outstanding as of September 30, 2022, and due to expire by the end of 2022.

The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows.

Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in Asia	July 1
(in millions of U.S. dollars)	2022
Assets
Investments and Cash	$	5,311
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	82
Value of business acquired	3,379
Goodwill and other intangible assets	1,609
Other assets	655
Total assets	$	11,124
Liabilities
Unpaid losses and loss expenses	$	10
Unearned premiums	60
Future policy benefits	3,844
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	925
Deferred tax liabilities	839
Total liabilities	$	5,793
Net acquired assets, including goodwill	5,331
Total	$	11,124

Direct costs related to the acquisition were expensed as incurred. Cigna integration expenses were $23 million and $26 million for the three and nine months ended September 30, 2022, respectively, and include one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition.

The following table summarizes the results of operations of the acquired Cigna business in Asia since the acquisition date that have been included within our Consolidated statements of operations for both the three and nine months ended September 30, 2022.

(in millions of U.S. dollars)
Total revenues	$	681
Net income	$	21

The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows:

(in millions of U.S. dollars)	Amount		Weighted-average useful life
Definite life
Agency distribution relationships and renewal rights	$	190	20 years
Unearned premium reserves (UPR) intangible asset	9		1 year
Indefinite life
Trademarks	70		Indefinite
Total identified intangible assets	$	269

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.

	Three Months Ended				Nine Months Ended
Pro forma:	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Net premiums earned	$	11,535	$	10,788	$	31,362	$	29,406
Total revenues	$	12,132	$	11,632	$	33,253	$	32,879
Net income	$	825	$	1,894	$	4,203	$	6,649

Huatai Group

Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and approximately 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 700 branches and approximately 19 million customers in China.

As of September 30, 2022, Chubb's aggregate ownership interest in Huatai Group was approximately 47.3 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations.

During 2021, Chubb entered into agreements with several counterparties to purchase incremental ownership interests in Huatai Group totaling approximately 31.8 percent for approximately $2.2 billion. In connection with these agreements, Chubb paid approximately $1.1 billion in deposits. In January 2022, we paid $113 million relating to these agreements. Chubb entered into an agreement to acquire an approximate 7.1 percent ownership interest in Huatai Group for approximately $0.5 billion, which was paid as a deposit in 2020. The purchase of the additional ownership interest is contingent upon important conditions.

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Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

a) Fixed maturities

September 30, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,725	$	—	$	5	$	(174)	$	2,556
Non-U.S.	26,766		(61)		77		(2,599)		24,183
Corporate and asset-backed securities	40,776		(85)		30		(4,341)		36,380
Mortgage-backed securities	18,425		(1)		1		(2,190)		16,235
Municipal	4,624		—		6		(243)		4,387
	$	93,316	$	(147)	$	119	$	(9,547)	$	83,741
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,281	$	—	$	1,281	$	—	$	(52)	$	1,229
Non-U.S.	1,046		(4)		1,042		—		(86)		956
Corporate and asset-backed securities	1,769		(27)		1,742		—		(157)		1,585
Mortgage-backed securities	1,549		(1)		1,548		—		(110)		1,438
Municipal	3,364		(1)		3,363		1		(81)		3,283
	$	9,009	$	(33)	$	8,976	$	1	$	(486)	$	8,491

December 31, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,111	$	—	$	109	$	(6)	$	2,214
Non-U.S.	25,156		(8)		953		(272)		25,829
Corporate and asset-backed securities	37,844		(6)		1,410		(185)		39,063
Mortgage-backed securities	20,080		—		532		(123)		20,489
Municipal	5,302		—		216		(5)		5,513
	$	90,493	$	(14)	$	3,220	$	(591)	$	93,108
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,213	$	—	$	1,213	$	34	$	(3)	$	1,244
Non-U.S.	1,201		(5)		1,196		66		—		1,262
Corporate and asset-backed securities	2,032		(28)		2,004		197		—		2,201
Mortgage-backed securities	1,731		(1)		1,730		74		(1)		1,803
Municipal	3,976		(1)		3,975		162		—		4,137
	$	10,153	$	(35)	$	10,118	$	533	$	(4)	$	10,647

The following table presents the amortized cost of our held to maturity securities according to S&P rating:

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,710	19	%	$	2,089	21	%
AA	4,975		55	%	5,303		52	%
A	1,679		19	%	1,964		19	%
BBB	622		7	%	773		8	%
BB	23		—	%	23		—	%
Other	—		—	%	1		—	%
Total	$	9,009	100	%	$	10,153	100	%

The following table presents fixed maturities by contractual maturity:

	September 30, 2022				December 31, 2021
(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	$	3,173	$	3,173	$	4,498	$	4,498
Due after 1 year through 5 years	23,685		23,685		25,542		25,542
Due after 5 years through 10 years	26,350		26,350		28,207		28,207
Due after 10 years	14,298		14,298		14,372		14,372
	67,506		67,506		72,619		72,619
Mortgage-backed securities	16,235		16,235		20,489		20,489
	$	83,741	$	83,741	$	93,108	$	93,108
Held to maturity
Due in 1 year or less	$	1,003	$	990	$	888	$	894
Due after 1 year through 5 years	3,373		3,233		3,744		3,846
Due after 5 years through 10 years	1,743		1,677		2,242		2,349
Due after 10 years	1,309		1,153		1,514		1,755
	7,428		7,053		8,388		8,844
Mortgage-backed securities	1,548		1,438		1,730		1,803
	$	8,976	$	8,491	$	10,118	$	10,647

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

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at September 30, 2022 and December 31, 2021 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 3 in the 2021 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

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

	0 – 12 Months				Over 12 Months				Total
September 30, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	1,873	$	(145)	$	227	$	(29)	$	2,100	$	(174)
Non-U.S.	16,585		(1,480)		3,907		(588)		20,492		(2,068)
Corporate and asset-backed securities	28,533		(2,832)		2,621		(456)		31,154		(3,288)
Mortgage-backed securities	12,776		(1,459)		3,324		(728)		16,100		(2,187)
Municipal	3,905		(216)		70		(18)		3,975		(234)
Total AFS fixed maturities	$	63,672	$	(6,132)	$	10,149	$	(1,819)	$	73,821	$	(7,951)

	0 – 12 Months				Over 12 Months				Total
December 31, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	363	$	(3)	$	70	$	(3)	$	433	$	(6)
Non-U.S.	6,917		(196)		1,093		(62)		8,010		(258)
Corporate and asset-backed securities	9,449		(145)		806		(32)		10,255		(177)
Mortgage-backed securities	8,086		(116)		190		(7)		8,276		(123)
Municipal	226		(5)		—		—		226		(5)
Total AFS fixed maturities	$	25,041	$	(465)	$	2,159	$	(104)	$	27,200	$	(569)

During the nine months ended September 30, 2022, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $950 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize 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				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	78	$	11	$	14	$	20
Provision for expected credit loss	91		3		169		8
Foreign currency revaluation	(2)		—		(2)		—
Recovery of expected credit loss	(20)		(2)		(34)		(16)
Valuation allowance for expected credit losses - end of period	$	147	$	12	$	147	$	12
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	37	$	35	$	44
Provision for expected credit loss	—		—		1		—
Recovery of expected credit loss	(1)		(2)		(3)		(9)
Valuation allowance for expected credit losses - end of period	$	33	$	35	$	33	$	35

c) Net realized gains (losses)

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities:
Gross realized gains	$	144	$	27	$	545	$	120
Gross realized losses	(331)		(27)		(1,158)		(99)
Net (provision for) recovery of expected credit losses	(70)		1		(133)		17
Impairment (1)	(22)		(11)		(111)		(12)
Total fixed maturities	(279)		(10)		(857)		26
Equity securities	(80)		(42)		(287)		475
Other investments	(42)		11		17		111
Foreign exchange	198		106		541		85
Investment and embedded derivative instruments	(198)		(9)		(232)		9
Fair value adjustments on insurance derivative	22		(59)		(86)		252
S&P futures	54		(4)		240		(112)
Other derivative instruments	(19)		(10)		(9)		(8)
Other (2)	(40)		(4)		(114)		(5)
Net realized gains (losses) (pre-tax)	$	(384)	$	(21)	$	(787)	$	833

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

(2)Other realized losses includes $36 million related to impairment of fixed assets. The nine months ended September 30, 2022 also includes impairment of assets related to Chubb’s Russian entities.

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

							Three Months Ended
							September 30
	2022						2021
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(80)	$	(42)	$	(122)	$	(42)	$	11	$	(31)
Less: Net gains (losses) recognized from sales of securities	(12)		—		(12)		19		—		19
Unrealized gains (losses) recognized for securities still held at reporting date	$	(68)	$	(42)	$	(110)	$	(61)	$	11	$	(50)

							Nine Months Ended
							September 30
	2022						2021
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(287)	$	17	$	(270)	$	475	$	111	$	586
Less: Net gains recognized from sales of securities	406		—		406		109		—		109
Unrealized gains (losses) recognized for securities still held at reporting date	$	(693)	$	17	$	(676)	$	366	$	111	$	477

d) Alternative investments

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

	Expected Liquidation Period of Underlying Assets	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,085	$	528	$	1,096	$	267
Real assets	2 to 13 Years	2,045		807		1,193		766
Distressed	2 to 8 Years	1,055		746		753		641
Private credit	3 to 8 Years	194		450		84		279
Traditional	2 to 14 Years	7,548		5,091		6,647		5,200
Vintage	1 to 2 Years	51		—		68		—
Investment funds	Not Applicable	414		—		267		—
		$	12,392	$	7,622	$	10,108	$	7,153

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

Investment Category:	Consists of investments in private equity funds:
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 September 30, 2022 and December 31, 2021 are investments, primarily fixed maturities, totaling $16,202 million and $17,092 million, respectively, and cash of $136 million and $152 million, respectively.

The following table presents the components of restricted assets:

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Trust funds	$	7,992	$	9,915
Deposits with U.S. regulatory authorities	2,318		2,402
Deposits with non-U.S. regulatory authorities	2,825		2,873
Assets pledged under repurchase agreements	2,529		1,420
Other pledged assets	674		634
Total	$	16,338	$	17,244

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Fair value measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Fair value measurements

a) Fair value hierarchy

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

The three levels of the hierarchy are as follows:

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

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

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

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

would use in pricing an asset or liability.

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

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable

market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities

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

Equity securities

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

Short-term investments

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

Other investments

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

Securities lending collateral

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

Investment derivatives not designated as hedging instruments

Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on

market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments

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

Derivatives designated as hedging instruments

Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets

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

Guaranteed living benefits

The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLBs are recorded in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3.

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

September 30, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,032	$	524	$	—	$	2,556
Non-U.S.	—		23,677		506		24,183
Corporate and asset-backed securities	—		34,084		2,296		36,380
Mortgage-backed securities	—		16,216		19		16,235
Municipal	—		4,387		—		4,387
	2,032		78,888		2,821		83,741
Equity securities	761		—		83		844
Short-term investments	2,782		1,749		3		4,534
Other investments (1)	506		381		—		887
Securities lending collateral	—		1,626		—		1,626
Investment derivatives not designated as hedging instruments	129		—		—		129
Other derivative instruments	109		—		—		109
Derivatives designated as hedging instruments	—		71		—		71
Separate account assets	4,810		81		—		4,891
Total assets measured at fair value (1)	$	11,129	$	82,796	$	2,907	$	96,832
Liabilities:
Investment derivatives not designated as hedging instruments	$	306	$	—	$	—	$	306
Derivatives designated as hedging instruments	—		101		—		101
GLB (2)	—		—		784		784
Total liabilities measured at fair value	$	306	$	101	$	784	$	1,191

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,392 million, policy loans of $316 million, and other investments of $50 million at September 30, 2022 measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

December 31, 2021	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	1,680	$	534	$	—	$	2,214
Non-U.S.	—		25,196		633		25,829
Corporate and asset-backed securities	—		37,014		2,049		39,063
Mortgage-backed securities	—		20,463		26		20,489
Municipal	—		5,513		—		5,513
	1,680		88,720		2,708		93,108
Equity securities	4,705		—		77		4,782
Short-term investments	1,744		1,395		7		3,146
Other investments (1)	286		481		—		767
Securities lending collateral	—		1,831		—		1,831
Investment derivative instruments	58		—		—		58
Separate account assets	5,461		99		—		5,560
Total assets measured at fair value (1)	$	13,934	$	92,526	$	2,792	$	109,252
Liabilities:
Investment derivative instruments	$	166	$	—	$	—	$	166
Other derivative instruments	16		—		—		16
GLB (2)	—		—		745		745
Total liabilities measured at fair value	$	182	$	—	$	745	$	927

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021, measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Level 3 financial instruments

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

(in millions of U.S. dollars, except for percentages)	Fair Value				Valuation Technique	Significant Unobservable Inputs	Ranges	Weighted Average (1)
	September 30, 2022		December 31, 2021
GLB (1)	$	784	$	745	Actuarial model	Lapse rate	3% – 30%	3.5	%
						Annuitization rate	0% – 100%	4.6	%

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

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

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

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

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. In the third quarter of 2022, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. As a result, we refined our policyholder behavior assumptions (mainly those relating to annuitizations and partial withdrawals). This refinement increased the fair value of GLB liabilities, and resulted in a realized loss of approximately $40 million. We also made routine model refinements to the internal valuation model which had an insignificant impact on net income. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2021 Form 10-K.

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

	Assets										Liabilities
Three Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	549	$	2,261	$	19	$	81	$	9	$	832
Transfers into Level 3	—		2		—		—		—		—
Transfers out of Level 3	—		(4)		—		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(34)		(16)		—		—		—		—
Net Realized Gains/Losses	(4)		(9)		—		3		(1)		(22)
Purchases	39		164		4		3		1		—
Sales	(19)		(8)		—		(4)		—		—
Settlements	(25)		(94)		(4)		—		(6)		—
Other	—		—		—		—		—		(26)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—	$	3	$	(1)	$	(22)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(35)	$	(19)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Three Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	642	$	1,688	$	47	$	78	$	3	$	10	$	760
Transfers into Level 3	22		45		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(15)		2		—		—		—		—		—
Net Realized Gains/Losses	(3)		—		—		1		—		—		59
Purchases	60		272		17		4		7		—		—
Sales	(19)		(13)		—		(4)		—		—		—
Settlements	(27)		(135)		(11)		—		—		—		—
Other	—		—		—		—		—		—		(1)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	—	$	—	$	(1)	$	—	$	—	$	59
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(15)	$	—	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets										Liabilities
Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7	$	745
Transfers into Level 3	23		41		—		1		—		—
Transfers out of Level 3	(23)		(97)		(5)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(88)		(68)		—		—		—		—
Net Realized Gains/Losses	(6)		(9)		—		7		(1)		86
Purchases	108		658		4		6		8		—
Sales	(44)		(59)		—		(8)		—		—
Settlements	(97)		(219)		(6)		—		(11)		—
Other	—		—		—		—		—		(47)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(3)	$	(4)	$	—	$	6	$	(1)	$	86
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(89)	$	(71)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	546	$	1,573	$	60	$	73	$	5	$	10	$	1,089
Transfers into Level 3	22		91		—		—		—		—		—
Transfers out of Level 3	(10)		(3)		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(2)		14		—		—		—		—		—
Net Realized Gains/Losses	—		3		—		8		—		—		(252)
Purchases	235		681		18		11		10		—		—
Sales	(35)		(88)		(1)		(13)		—		—		—
Settlements	(96)		(412)		(24)		—		(5)		—		—
Other	—		—		—		—		—		—		(19)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	3	$	—	$	5	$	—	$	—	$	(252)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	2	$	17	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

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

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

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2021 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

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

September 30, 2022	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,157	$	72	$	—	$	1,229	$	1,281
Non-U.S.	—		956		—		956		1,042
Corporate and asset-backed securities	—		1,585		—		1,585		1,742
Mortgage-backed securities	—		1,438		—		1,438		1,548
Municipal	—		3,283		—		3,283		3,363
Total assets	$	1,157	$	7,334	$	—	$	8,491	$	8,976
Liabilities:
Repurchase agreements	$	—	$	2,417	$	—	$	2,417	$	2,417
Short-term debt	—		1,469		—		1,469		1,475
Long-term debt	—		12,067		—		12,067		14,044
Trust preferred securities	—		387		—		387		308
Total liabilities	$	—	$	16,340	$	—	$	16,340	$	18,244

December 31, 2021	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,192	$	52	$	—	$	1,244	$	1,213
Non-U.S.	—		1,262		—		1,262		1,196
Corporate and asset-backed securities	—		2,201		—		2,201		2,004
Mortgage-backed securities	—		1,803		—		1,803		1,730
Municipal	—		4,137		—		4,137		3,975
Total assets	$	1,192	$	9,455	$	—	$	10,647	$	10,118
Liabilities:
Repurchase agreements	$	—	$	1,406	$	—	$	1,406	$	1,406
Short-term debt	—		1,019		—		1,019		999
Long-term debt	—		16,848		—		16,848		15,169
Trust preferred securities	—		460		—		460		308
Total liabilities	$	—	$	19,733	$	—	$	19,733	$	17,882

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Reinsurance

9 Months Ended

Sep. 30, 2022

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	17,380	$	297	$	16,184	$	271
Reinsurance recoverable on paid losses and loss expenses	1,374		55		1,182		58
Reinsurance recoverable on losses and loss expenses	$	18,754	$	352	$	17,366	$	329
Reinsurance recoverable on policy benefits	$	297	$	4	$	213	$	4

(1)Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses was primarily due to prior period development in certain lines and higher underlying ceded exposures due to premium growth, partially offset by foreign currency movement.

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

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Valuation allowance for uncollectible reinsurance - beginning of period	$	329	$	314
Provision for uncollectible reinsurance	30		16
Write-offs charged against the valuation allowance	(4)		(4)
Foreign exchange revaluation	(3)		(1)
Valuation allowance for uncollectible reinsurance - end of period	$	352	$	325

For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2021 Form 10-K.

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Unpaid losses and loss expenses

9 Months Ended

Sep. 30, 2022

Liability for Claims and Claims Adjustment Expense [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]

Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Gross unpaid losses and loss expenses – beginning of period	$	72,943	$	67,811
Reinsurance recoverable on unpaid losses – beginning of period (1)	(16,184)		(14,647)
Net unpaid losses and loss expenses – beginning of period	56,759		53,164
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	18,426		17,556
Prior years (2)	(952)		(868)
Total	17,474		16,688
Net losses and loss expenses paid in respect of losses occurring in:
Current year	5,104		4,771
Prior years	9,217		7,922
Total	14,321		12,693
Foreign currency revaluation and other	(1,300)		(78)
Net unpaid losses and loss expenses – end of period	58,612		57,081
Reinsurance recoverable on unpaid losses (1)	17,380		15,550
Gross unpaid losses and loss expenses – end of period	$	75,992	$	72,631

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $243 million and $87 million for the nine months ended September 30, 2022 and 2021, respectively.

Gross and net unpaid losses and loss expenses increased $3,049 million and $1,853 million, respectively, for the nine months ended September 30, 2022, driven by an increase in underlying exposure due to premium growth and net catastrophe losses, partially offset by favorable prior period development, and favorable foreign exchange movement.

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 September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2022
North America Commercial P&C Insurance	$	(29)	$	(137)	$	(166)	$	(315)	$	(246)	$	(561)
North America Personal P&C Insurance	—		(133)		(133)		—		(187)		(187)
North America Agricultural Insurance	—		9		9		—		(17)		(17)
Overseas General Insurance	(5)		—		(5)		(5)		(233)		(238)
Global Reinsurance	—		—		—		(7)		29		22
Corporate	73		—		73		272		—		272
Total	$	39	$	(261)	$	(222)	$	(55)	$	(654)	$	(709)
2021
North America Commercial P&C Insurance	$	(101)	$	(56)	$	(157)	$	(243)	$	(197)	$	(440)
North America Personal P&C Insurance	—		(182)		(182)		—		(266)		(266)
North America Agricultural Insurance	—		7		7		—		5		5
Overseas General Insurance	(13)		(15)		(28)		(8)		(201)		(209)
Global Reinsurance	(4)		—		(4)		(26)		15		(11)
Corporate	43		—		43		140		—		140
Total	$	(75)	$	(246)	$	(321)	$	(137)	$	(644)	$	(781)

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 September 30, 2022, included $164 million from lower than expected loss experience in workers’ compensation lines and $66 million, net of premium adjustments, from lower claims activity in large multi-line loss sensitive accounts. The favorable development was partially offset by net adverse development of $58 million from higher than expected claims severity in commercial auto liability, and $71 million from commercial umbrella/excess portfolios. Net favorable development on our short-tail businesses primarily included $132 million from property and marine portfolios, where paid and reported loss activity for the most recent accident years was lower than expected. Net favorable development for the nine months ended September 30, 2022, also included favorable development in workers’ compensation lines due to updates to loss development factors and our annual assessment of multi-claimant events, including industrial accidents.

Net favorable development for the three and nine months ended September 30, 2021, included $97 million and $255 million from workers' compensation lines due to lower than expected loss experience. This favorable development for the nine months ended September 30, 2021, from workers' compensation lines also included related updates to loss development factors and our annual assessment of multi-claimant events, including industrial accidents. The favorable development for the nine months ended September 30, 2021, was partially offset by net adverse development in commercial auto liability of $74 million and commercial excess and umbrella portfolios of $74 million.

North America Personal P&C Insurance. Net favorable development for the three and nine months ended September 30, 2022, included favorable development in the homeowners and valuables lines of business, driven by lower than expected claims reserve development.

Net favorable development for the three and nine months ended September 30, 2021, included favorable development in homeowners and valuables, which experienced lower than expected loss development.

Overseas General Insurance. Net favorable development for the three months ended September 30, 2022, included lower than expected paid and reported loss activity of $82 million in casualty lines, including primary and excess lines in Continental Europe, the U.K., and Asia Pacific, and $34 million in environmental lines. The favorable development was partially offset by net adverse development of $114 million from financial lines, including Directors and Officers (D&O) due to a combination of higher than expected development on specific claims and increased expected future development in the U.K., Continental Europe, Asia Pacific, and London wholesale business. Net favorable development for the nine months ended September 30, 2022, also included net favorable development of $75 million in A&H lines, $67 million in property lines, and $53 million in personal lines.

Net favorable development for the three months ended September 30, 2021, included favorable development in casualty lines partially offset by adverse development in financial lines, primarily D&O. Net favorable development for the nine months ended September 30, 2021, also included favorable development in A&H and property lines, the latter of which included a $21 million favorable reduction in COVID-19 estimates.

Corporate. Net adverse development for the three months ended September 30, 2022 and 2021, included adverse development for environmental liabilities. Net adverse development for the nine months ended September 30, 2022 and 2021, also included adverse development for molestation claims of $155 million and $68 million, respectively.

Molestation claims

In the third quarter of 2022, the bankruptcy court approved the agreement-in-principle regarding the bankruptcy of the Boy Scouts of America (BSA), which will proceed to further approval before the U.S. District Court. The terms of the agreement are consistent with the 2021 10-K disclosure. Of the $800 million that will be paid per the agreement, we paid $200 million during the third quarter and expect to pay the remaining $600 million liability within the next twelve months. Refer to the 2021 10-K for additional information on molestation claims.

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Value of Business Acquired, Goodwill, and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Value of business acquired, Goodwill, and Other intangible assets

Value of business acquired

Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts, and is amortized in relation to the profit emergence of the underlying contracts, in a manner similar to deferred acquisition costs. The VOBA calculation is based on many factors including mortality, morbidity, persistency, investment yields, expenses, and the discount rate, with the discount rate being the most significant factor.

The following table presents a roll-forward of VOBA:

	Nine months ended
	September 30
(in millions of U.S. dollars)	2022
Balance, beginning of period	$	236
Acquisition of Cigna's business in Asia	3,379
Amortization of VOBA (1)	(107)
Foreign exchange revaluation and other	(184)
Balance, end of period	$	3,324

(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

During the three months ended September 30, 2022, amortization of VOBA associated with the acquisition of Cigna’s business in Asia was $93 million pre-tax. The expected pre-tax amortization expense related to VOBA associated with the acquisition of Cigna’s business in Asia for the fourth quarter of 2022 at current exchange rates is approximately $100 million. Amortization of VOBA beyond next quarter will be determined in conjunction with the adoption of long-duration accounting guidance effective January 1, 2023. Refer to Note 1 for more information.

Goodwill

The following table presents a roll-forward of Goodwill by segment:

(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		Chubb Consolidated
Balance at December 31, 2021	$	6,972	$	2,240	$	134	$	4,653	$	371	$	843	$	15,213
Acquisition of Cigna's business in Asia	—		—		—		103		—		1,237		1,340
Foreign exchange revaluation and other	(11)		(4)		—		(431)		—		—		(446)
Balance at September 30, 2022	$	6,961	$	2,236	$	134	$	4,325	$	371	$	2,080	$	16,107

Other intangible assets

Other intangible assets that are subject to amortization principally relate to agency distribution relationships, renewal rights, and patents, and other intangible assets that are not subject to amortization principally relate to trademarks.

(in millions of U.S. dollars)	September 30 2022		December 31 2021
Subject to amortization	$	2,417	$	2,508
Not subject to amortization	2,966		2,947
Total	$	5,383	$	5,455

The following table presents, as of September 30, 2022, the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2022 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)	Associated with the Cigna acquisition in Asia (1)		Associated with the Chubb acquisition (2)		Other intangible assets (3)		Total amortization of purchased intangibles
Fourth quarter of 2022	$	1	$	45	$	25	$	71
2023	2		170		96		268
2024	4		153		89		246
2025	5		137		87		229
2026	6		123		84		213
2027	9		108		81		198
Total	$	27	$	736	$	462	$	1,225

(1)Recorded in Life Insurance segment.

(2)Recorded in Corporate.

(3)Recorded in applicable segment(s) that acquired the intangible assets.

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Commitments, contingencies, and guarantees

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments, contingencies, and guarantees

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. Investment derivative instruments and derivatives designated as hedges are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP); convertible bonds are recorded in Fixed maturities available for sale (FM AFS); and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

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.

Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs, principally GMIB, associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument and is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB book of business.

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

				September 30, 2022						December 31, 2021
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision		Fair Value				Notional Value/ 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)	$	72	$	(277)	$	5,211	$	25	$	(139)	$	6,182
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	57		(29)		1,366		33		(27)		12,944
Convertible securities (1)	FM AFS / ES	32		—		41		11		—		12
		$	161	$	(306)	$	6,618	$	69	$	(166)	$	19,138
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	107	$	—	$	952	$	—	$	(16)	$	905
Other	OA / (AP)	2		—		301		—		—		3
		$	109	$	—	$	1,253	$	—	$	(16)	$	908
GLB (3)	(AP)	$	—	$	(784)	$	2,210	$	—	$	(745)	$	1,432
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	—	$	(94)	$	1,501	$	—	$	—	$	—
Cross-currency swaps - net investment hedges	OA / (AP)	71		(7)		1,501		—		—		—
		$	71	$	(101)	$	3,002	$	—	$	—	$	—

(1)Includes fair value of embedded derivatives.

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

(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

At September 30, 2022, and December 31, 2021, net derivative liabilities of $98 million and $123 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designated certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge for 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.

(i) Cross-currency swaps - fair value hedges

In September 2022, Chubb entered into certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on our Euro denominated debt by converting cash flows back into the U.S dollar.

These fair value hedges are carried at fair value. The hedges are expected to be highly effective, with gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged Euro denominated senior notes within Net realized gains (losses) on the Consolidated statements of operations. The remaining change in fair value is recorded in Other comprehensive income (OCI).

The carrying value of hedged Euro denominated senior notes, recorded within Long-term debt on the Consolidated balance sheets, was $1.5 billion as of September 30, 2022. This carrying value includes a $32 million gain from foreign currency remeasurement since the inception of the hedge. For the three and nine months ended September 30, 2022, $94 million of losses on fair value hedges were recognized in OCI, of which $32 million of losses were reclassified from OCI to Net realized gains (losses).

(ii) Cross-currency swaps - net investment hedges

In September 2022, Chubb entered into 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, and Swiss franc. 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. The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

For the three and nine months ended September 30, 2022, $64 million of gains on net investment hedges were recognized in CTA.

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(247)	$	(15)	$	(515)	$	(37)
All other futures contracts, options, and equities	49		6		285		45
Convertible securities (1)	—		—		(2)		1
Total investment and embedded derivative instruments	$	(198)	$	(9)	$	(232)	$	9
GLB and other derivative instruments:
GLB	$	22	$	(59)	$	(86)	$	252
Futures contracts on equities (2)	54		(4)		240		(112)
Other	(19)		(10)		(9)		(8)
Total GLB and other derivative instruments	$	57	$	(73)	$	145	$	132
	$	(141)	$	(82)	$	(87)	$	141

(1)Includes embedded derivatives.

(2)Related to GMDB and GLB 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 future policy benefit reserves for GMDB and an increase in the fair value liability for GLB reinsurance business.

Options

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

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

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

Other

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

(iii) Convertible security investments

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

(iv) TBA

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

(v) GLB

Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. The GLB is accounted for as a derivative and is recorded at fair value. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable.

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

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
	September 30, 2022		December 31, 2021
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	857	$	931
U.S. Treasury / Agency	93		128
Non-U.S.	641		752
Corporate and asset-backed securities	35		12
Mortgage-backed securities	—		1
Equity securities	—		7
	$	1,626	$	1,831
Gross amount of recognized liability for securities lending payable	$	1,626	$	1,831

At September 30, 2022, and December 31, 2021, our repurchase agreement obligations of $2,417 million and $1,406 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.  

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

	Remaining contractual maturity
	September 30, 2022								December 31, 2021
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	66	$	10	$	—	$	76	$	—	$	29	$	29
U.S. Treasury / Agency	—		102		—		102		103		—		103
Mortgage-backed securities	350		1,530		471		2,351		—		1,288		1,288
	$	416	$	1,642	$	471	$	2,529	$	103	$	1,317	$	1,420
Gross amount of recognized liabilities for repurchase agreements							$	2,417					$	1,406
Difference (1)							$	112					$	14

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

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

e) Fixed maturities

At September 30, 2022, and December 31, 2021, commitments to purchase fixed income securities over the next several years were $630 million and $771 million, respectively.

f) Other investments

At September 30, 2022, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $12.0 billion. In connection with these investments, we have commitments that may require funding of up to $7.6 billion over the next several years. At December 31, 2021, these investments had a carrying value of $9.8 billion with a commitment that may require funding of up to $7.2 billion.

g) Income taxes

At September 30, 2022, $57 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 September 30, 2022, and December 31, 2021, the right-of-use asset was $458 million and $445 million, respectively, recorded within Other assets and the lease liability was $486 million and $484 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

j) Letters of credit

In October 2022, Chubb entered into a new group syndicated credit facility through 2027 with capacity of $3.0 billion. This facility consolidated our three existing syndicated facilities with capacity of $2.7 billion.

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Shareholders' equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At September 30, 2022, our Common Shares had a par value of CHF 24.15 per share.

At our May 2022 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.32 per share, expected to be paid in four quarterly installments of $0.83 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of the 2023 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2021 and 2020 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.20 per share and $3.12 per share, respectively, which were paid in four quarterly installments of $0.80 per share and $0.78 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

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

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2022			2021			2022			2021
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.78	$	0.83	0.73	$	0.80	2.32	$	2.46	2.14	$	2.38

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. At our May 2022 annual general meeting, held on May 19, 2022, our shareholders approved the cancellation of 13,179,100 shares purchased under our share repurchase program during the last six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2022. During the nine months ended September 30, 2022, 14,022,728 shares were repurchased, 27,644,500 shares were canceled, and 2,470,600 net shares were issued under employee share-based compensation plans. At September 30, 2022, 31,356,130 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

•$1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021;

•$1.0 billion increase to the November 2020 share repurchase program to a total of $2.5 billion in February 2021, effective through December 31, 2021;

•One-time incremental share repurchase program of $5.0 billion of Chubb Common Shares from July 19, 2021 through June 30, 2022; and

•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023.

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except share data)	2022		2021		2022		2021
Number of shares repurchased	3,676,528		8,412,000		14,022,728		22,877,400
Cost of shares repurchased	$	685	$	1,516	$	2,815	$	3,956
Repurchase authorization remaining at end of period	$	1,816	$	3,551	$	1,816	$	3,551

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(5,713)	$	3,342	$	2,256	$	4,673
Change in period, before reclassification from AOCI (before tax)	(3,324)		(564)		(12,898)		(2,151)
Amounts reclassified from AOCI (before tax)	279		10		857		(26)
Change in period, before tax	(3,045)		(554)		(12,041)		(2,177)
Income tax benefit	147		98		1,174		390
Balance – end of period, net of tax	(8,611)		2,886		(8,611)		2,886
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,821)		(1,323)		(2,146)		(1,637)
Change in period, before tax	(966)		(414)		(1,676)		(84)
Income tax benefit	6		23		41		7
Balance – end of period, net of tax	(3,781)		(1,714)		(3,781)		(1,714)
Fair value hedging instruments
Balance – beginning of period, net of tax	—		—		—		—
Change in period, before reclassification from AOCI (before tax)	(94)		—		(94)		—
Amounts reclassified from AOCI (before tax)	32		—		32		—
Change in period, before tax	(62)		—		(62)		—
Income tax benefit	13		—		13		—
Balance – end of period, net of tax	(49)		—		(49)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	259		(197)		240		(167)
Change in period, before tax	3		4		27		(33)
Income tax (expense) benefit	(1)		(1)		(6)		6
Balance – end of period, net of tax	261		(194)		261		(194)
Accumulated other comprehensive income (loss)	$	(12,180)	$	978	$	(12,180)	$	978

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

	Three Months Ended				Nine Months Ended				Consolidated Statement of Operations Location
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities available for sale	$	(279)	$	(10)	$	(857)	$	26	Net realized gains (losses)
Income tax (expense) benefit	39		3		138		5		Income tax expense
	$	(240)	$	(7)	$	(719)	$	31	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	(32)	$	—	$	(32)	$	—	Net realized gains (losses)
Income tax (expense) benefit	7		—		7		—		Income tax expense
	$	(25)	$	—	$	(25)	$	—	Net income
Total amounts reclassified from AOCI	$	(265)	$	(7)	$	(744)	$	31

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Share-based compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensationThe Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 24, 2022, Chubb granted 1,699,554 stock options with a weighted-average grant date fair value of $35.21 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. The performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is principally granted at market close price on the grant date. On February 24, 2022, Chubb granted 807,194 service-based restricted stock awards, 295,301 service-based restricted stock units, and 294,229 performance-based stock awards to employees and officers with a grant date fair value of $199.03 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

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Postretirement benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Postretirement benefits

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

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2022				2021				2022		2021
Three Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	1	$	—	$	1	$	—	$	1
Non-service cost (benefit):
Interest cost	21		5		18		5		—		1
Expected return on plan assets	(70)		(11)		(64)		(10)		—		(1)
Amortization of net actuarial loss	—		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(49)		(6)		(45)		(5)		—		—
Net periodic benefit cost (benefit)	$	(49)	$	(5)	$	(45)	$	(4)	$	—	$	1

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2022				2021				2022		2021
Nine Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	3	$	—	$	3	$	—	$	1
Non-service cost (benefit):
Interest cost	64		17		53		14		1		1
Expected return on plan assets	(212)		(33)		(191)		(32)		(1)		(1)
Amortization of net actuarial loss	—		—		—		2		—		—
Amortization of prior service cost	—		—		—		—		—		(26)
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(148)		(16)		(137)		(16)		—		(26)
Net periodic benefit cost (benefit)	$	(148)	$	(13)	$	(137)	$	(13)	$	—	$	(25)

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

	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended September 30	2022		2021		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	1		1		—		1
Total service cost	1		1		—		1
Non-service cost (benefit):
Losses and loss expenses	(5)		(5)		—		—
Administrative expenses	(50)		(45)		—		—
Total non-service cost (benefit)	(55)		(50)		—		—
Net periodic benefit cost (benefit)	$	(54)	$	(49)	$	—	$	1

	Pension Benefit Plans				Other Postretirement Benefit Plans
Nine Months Ended September 30	2022		2021		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	3		3		—		1
Total service cost	3		3		—		1
Non-service cost (benefit):
Losses and loss expenses	(15)		(14)		—		(3)
Administrative expenses	(149)		(139)		—		(23)
Total non-service cost (benefit)	(164)		(153)		—		(26)
Net periodic benefit cost (benefit)	$	(161)	$	(150)	$	—	$	(25)

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Other Income and Expense

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other Income and Expense Disclosure

Other income and expense

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Equity in net income (loss) of partially-owned entities (1)	$	(98)	$	802	$	192	$	2,073
Gains (losses) from fair value changes in separate account assets (2)	(67)		(24)		(116)		(5)
Federal excise and capital taxes	(6)		(5)		(15)		(15)
Other	(17)		(10)		(40)		(23)
Total	$	(188)	$	763	$	21	$	2,030

(1)     Equity in net income (loss) of partially-owned entities principally comprises mark-to-market gain (loss) on private equities where we own more than three percent of $(190) million and $(69) million for the three and nine months ended September 30, 2022, respectively, and $702 million and $1,776 million, respectively, for the prior year periods. This line item also includes net income of $28 million and $83 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and nine months ended September 30, 2022, respectively, compared to $40 million and $144 million, respectively, for the prior year periods.

(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Other income and expense includes equity in net income of partially-owned entities, which includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

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Segment information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment information

Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. Segment results for the three and nine months ended September 30, 2022, include the results of Cigna's business in Asia from July 1, 2022. Results from Cigna's business in Asia are included in our Life Insurance segment and, to a lesser extent, Overseas General Insurance segment according to the nature of the business written.

Management uses underwriting income (loss) as the basis for segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Segment income (loss) includes underwriting income (loss), net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes amortization of purchased intangibles acquired by the segment. We determined that this definition of segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income (loss) measures.

Revenue and expenses managed at the corporate level, including net realized gains (losses), interest expense, Cigna integration expenses, and income tax are reported within Corporate. Cigna 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 related to the acquisition of Cigna's A&H and Life insurance companies in six Asian markets. 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 Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore 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. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include:

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

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Three Months Ended September 30, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	4,722	$	1,392	$	1,723	$	2,645	$	265	$	1,273	$	—	$	—	$	12,020
Net premiums earned	4,283		1,334		1,673		2,741		255		1,249		—		—		11,535
Losses and loss expenses	3,036		857		1,444		1,441		311		135		74		(19)		7,279
Policy benefits	—		—		—		—		—		553		—		(67)		486
Policy acquisition costs	583		274		68		720		59		271		—		—		1,975
Administrative expenses	272		71		3		264		8		174		91		—		883
Underwriting income (loss)	392		132		158		316		(123)		116		(165)		86		912
Net investment income	589		76		9		151		71		147		5		(69)		979
Other (income) expense	6		1		1		(2)		—		(10)		194		(2)		188
Amortization expense of    purchased intangibles	—		2		7		12		—		2		46		—		69
Segment income (loss)	$	975	$	205	$	159	$	457	$	(52)	$	271	$	(400)	$	19	$	1,634
Net realized gains (losses)													(365)		(19)		(384)
Interest expense													150		—		150
Cigna integration expenses													23		—		23
Income tax expense													265		—		265
Net income (loss)													$	(1,203)	$	—	$	812

For the Three Months Ended September 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	4,369	$	1,300	$	1,415	$	2,596	$	221	$	609	$	—	$	—	$	10,510
Net premiums earned	3,954		1,244		1,338		2,664		211		589		—		—		10,000
Losses and loss expenses	2,754		846		1,138		1,487		192		179		43		(10)		6,629
Policy benefits	—		—		—		—		—		175		—		(24)		151
Policy acquisition costs	537		254		61		703		55		168		—		—		1,778
Administrative expenses	273		73		4		266		9		82		99		—		806
Underwriting income (loss)	390		71		135		208		(45)		(15)		(142)		34		636
Net investment income (loss)	507		60		6		157		99		102		(10)		(55)		866
Other (income) expense	8		1		—		—		—		(19)		(722)		(31)		(763)
Amortization expense of    purchased intangibles	—		2		7		11		—		2		49		—		71
Segment income	$	889	$	128	$	134	$	354	$	54	$	104	$	521	$	10	$	2,194
Net realized gains (losses)													(11)		(10)		(21)
Interest expense													122		—		122
Income tax expense													218		—		218
Net income													$	170	$	—	$	1,833

For the Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	13,426	$	3,998	$	2,523	$	8,364	$	780	$	2,430	$	—	$	—	$	31,521
Net premiums earned	12,645		3,852		2,217		8,065		712		2,347		—		—		29,838
Losses and loss expenses	7,979		2,343		1,830		4,054		565		437		275		(9)		17,474
Policy benefits	—		—		—		—		—		906		—		(116)		790
Policy acquisition costs	1,701		792		111		2,096		178		573		—		—		5,451
Administrative expenses	814		213		4		811		27		346		264		—		2,479
Underwriting income (loss)	2,151		504		272		1,104		(58)		85		(539)		125		3,644
Net investment income (loss)	1,600		199		23		460		232		359		(4)		(180)		2,689
Other (income) expense	12		3		1		3		1		(50)		73		(64)		(21)
Amortization expense of    purchased intangibles	—		7		20		40		—		7		137		—		211
Segment income (loss)	$	3,739	$	693	$	274	$	1,521	$	173	$	487	$	(753)	$	9	$	6,143
Net realized gains (losses)													(778)		(9)		(787)
Interest expense													416		—		416
Cigna integration expenses													26		—		26
Income tax expense													913		—		913
Net income (loss)													$	(2,886)	$	—	$	4,001

For the Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	12,318	$	3,761	$	2,110	$	7,983	$	702	$	1,844	$	—	$	—	$	28,718
Net premiums earned	11,431		3,652		1,858		7,721		583		1,789		—		—		27,034
Losses and loss expenses	7,740		2,341		1,554		3,936		422		562		141		(8)		16,688
Policy benefits	—		—		—		—		—		508		—		(5)		503
Policy acquisition costs	1,540		746		100		2,070		147		538		—		—		5,141
Administrative expenses	772		200		10		811		27		247		258		—		2,325
Underwriting income (loss)	1,379		365		194		904		(13)		(66)		(399)		13		2,377
Net investment income (loss)	1,582		189		21		447		250		301		(42)		(135)		2,613
Other (income) expense	24		(3)		—		3		—		(79)		(1,845)		(130)		(2,030)
Amortization expense of    purchased intangibles	—		8		20		36		—		4		148		—		216
Segment income	$	2,937	$	549	$	195	$	1,312	$	237	$	310	$	1,256	$	8	$	6,804
Net realized gains (losses)													841		(8)		833
Interest expense													366		—		366
Income tax expense													873		—		873
Net income													$	858	$	—	$	6,398

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

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Earnings per share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except share and per share data)	2022		2021		2022		2021
Numerator:
Net income	$	812	$	1,833	$	4,001	$	6,398
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	416,542,101		435,318,088		421,290,032		443,595,026
Denominator for diluted earnings per share:
Share-based compensation plans	3,076,855		3,123,550		3,733,449		3,032,989
Weighted-average shares outstanding and assumed conversions	419,618,956		438,441,638		425,023,481		446,628,015
Basic earnings per share	$	1.95	$	4.21	$	9.50	$	14.42
Diluted earnings per share	$	1.94	$	4.18	$	9.41	$	14.33
Potential anti-dilutive share conversions	1,693,502		1,758,853		1,377,784		1,439,882

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 12 to the Consolidated Financial Statements of our 2021 Form 10-K for additional information on stock options.

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General (Policies)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 13 for additional information.

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

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Form 10-K.

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

Restricted cash

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

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

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Cash	$	2,128	$	1,659
Restricted cash	136		152
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,264	$	1,811

Accounting guidance not yet adopted

Accounting guidance not yet adopted

Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.

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Fair value measurements (Fair Value Measurement Policy) (Policies)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement, Policy [Policy Text Block]

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

The three levels of the hierarchy are as follows:

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

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

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

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

would use in pricing an asset or liability.

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General (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]

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

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Cash	$	2,128	$	1,659
Restricted cash	136		152
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,264	$	1,811

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Acquisitions (Tables)

3 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the results of operations of the acquired Cigna business in Asia since the acquisition date that have been included within our Consolidated statements of operations for both the three and nine months ended September 30, 2022.

(in millions of U.S. dollars)
Total revenues	$	681
Net income	$	21

Business Acquisition, Pro Forma Information

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.

	Three Months Ended				Nine Months Ended
Pro forma:	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Net premiums earned	$	11,535	$	10,788	$	31,362	$	29,406
Total revenues	$	12,132	$	11,632	$	33,253	$	32,879
Net income	$	825	$	1,894	$	4,203	$	6,649

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows:

(in millions of U.S. dollars)	Amount		Weighted-average useful life
Definite life
Agency distribution relationships and renewal rights	$	190	20 years
Unearned premium reserves (UPR) intangible asset	9		1 year
Indefinite life
Trademarks	70		Indefinite
Total identified intangible assets	$	269

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows.

Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in Asia	July 1
(in millions of U.S. dollars)	2022
Assets
Investments and Cash	$	5,311
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	82
Value of business acquired	3,379
Goodwill and other intangible assets	1,609
Other assets	655
Total assets	$	11,124
Liabilities
Unpaid losses and loss expenses	$	10
Unearned premiums	60
Future policy benefits	3,844
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	925
Deferred tax liabilities	839
Total liabilities	$	5,793
Net acquired assets, including goodwill	5,331
Total	$	11,124

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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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

September 30, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,725	$	—	$	5	$	(174)	$	2,556
Non-U.S.	26,766		(61)		77		(2,599)		24,183
Corporate and asset-backed securities	40,776		(85)		30		(4,341)		36,380
Mortgage-backed securities	18,425		(1)		1		(2,190)		16,235
Municipal	4,624		—		6		(243)		4,387
	$	93,316	$	(147)	$	119	$	(9,547)	$	83,741
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,281	$	—	$	1,281	$	—	$	(52)	$	1,229
Non-U.S.	1,046		(4)		1,042		—		(86)		956
Corporate and asset-backed securities	1,769		(27)		1,742		—		(157)		1,585
Mortgage-backed securities	1,549		(1)		1,548		—		(110)		1,438
Municipal	3,364		(1)		3,363		1		(81)		3,283
	$	9,009	$	(33)	$	8,976	$	1	$	(486)	$	8,491

December 31, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,111	$	—	$	109	$	(6)	$	2,214
Non-U.S.	25,156		(8)		953		(272)		25,829
Corporate and asset-backed securities	37,844		(6)		1,410		(185)		39,063
Mortgage-backed securities	20,080		—		532		(123)		20,489
Municipal	5,302		—		216		(5)		5,513
	$	90,493	$	(14)	$	3,220	$	(591)	$	93,108
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,213	$	—	$	1,213	$	34	$	(3)	$	1,244
Non-U.S.	1,201		(5)		1,196		66		—		1,262
Corporate and asset-backed securities	2,032		(28)		2,004		197		—		2,201
Mortgage-backed securities	1,731		(1)		1,730		74		(1)		1,803
Municipal	3,976		(1)		3,975		162		—		4,137
	$	10,153	$	(35)	$	10,118	$	533	$	(4)	$	10,647

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities

September 30, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,725	$	—	$	5	$	(174)	$	2,556
Non-U.S.	26,766		(61)		77		(2,599)		24,183
Corporate and asset-backed securities	40,776		(85)		30		(4,341)		36,380
Mortgage-backed securities	18,425		(1)		1		(2,190)		16,235
Municipal	4,624		—		6		(243)		4,387
	$	93,316	$	(147)	$	119	$	(9,547)	$	83,741
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,281	$	—	$	1,281	$	—	$	(52)	$	1,229
Non-U.S.	1,046		(4)		1,042		—		(86)		956
Corporate and asset-backed securities	1,769		(27)		1,742		—		(157)		1,585
Mortgage-backed securities	1,549		(1)		1,548		—		(110)		1,438
Municipal	3,364		(1)		3,363		1		(81)		3,283
	$	9,009	$	(33)	$	8,976	$	1	$	(486)	$	8,491

December 31, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,111	$	—	$	109	$	(6)	$	2,214
Non-U.S.	25,156		(8)		953		(272)		25,829
Corporate and asset-backed securities	37,844		(6)		1,410		(185)		39,063
Mortgage-backed securities	20,080		—		532		(123)		20,489
Municipal	5,302		—		216		(5)		5,513
	$	90,493	$	(14)	$	3,220	$	(591)	$	93,108
	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,213	$	—	$	1,213	$	34	$	(3)	$	1,244
Non-U.S.	1,201		(5)		1,196		66		—		1,262
Corporate and asset-backed securities	2,032		(28)		2,004		197		—		2,201
Mortgage-backed securities	1,731		(1)		1,730		74		(1)		1,803
Municipal	3,976		(1)		3,975		162		—		4,137
	$	10,153	$	(35)	$	10,118	$	533	$	(4)	$	10,647

Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]

The following table presents the amortized cost of our held to maturity securities according to S&P rating:

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,710	19	%	$	2,089	21	%
AA	4,975		55	%	5,303		52	%
A	1,679		19	%	1,964		19	%
BBB	622		7	%	773		8	%
BB	23		—	%	23		—	%
Other	—		—	%	1		—	%
Total	$	9,009	100	%	$	10,153	100	%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

	September 30, 2022				December 31, 2021
(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	$	3,173	$	3,173	$	4,498	$	4,498
Due after 1 year through 5 years	23,685		23,685		25,542		25,542
Due after 5 years through 10 years	26,350		26,350		28,207		28,207
Due after 10 years	14,298		14,298		14,372		14,372
	67,506		67,506		72,619		72,619
Mortgage-backed securities	16,235		16,235		20,489		20,489
	$	83,741	$	83,741	$	93,108	$	93,108
Held to maturity
Due in 1 year or less	$	1,003	$	990	$	888	$	894
Due after 1 year through 5 years	3,373		3,233		3,744		3,846
Due after 5 years through 10 years	1,743		1,677		2,242		2,349
Due after 10 years	1,309		1,153		1,514		1,755
	7,428		7,053		8,388		8,844
Mortgage-backed securities	1,548		1,438		1,730		1,803
	$	8,976	$	8,491	$	10,118	$	10,647

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

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

	0 – 12 Months				Over 12 Months				Total
September 30, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	1,873	$	(145)	$	227	$	(29)	$	2,100	$	(174)
Non-U.S.	16,585		(1,480)		3,907		(588)		20,492		(2,068)
Corporate and asset-backed securities	28,533		(2,832)		2,621		(456)		31,154		(3,288)
Mortgage-backed securities	12,776		(1,459)		3,324		(728)		16,100		(2,187)
Municipal	3,905		(216)		70		(18)		3,975		(234)
Total AFS fixed maturities	$	63,672	$	(6,132)	$	10,149	$	(1,819)	$	73,821	$	(7,951)

	0 – 12 Months				Over 12 Months				Total
December 31, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	363	$	(3)	$	70	$	(3)	$	433	$	(6)
Non-U.S.	6,917		(196)		1,093		(62)		8,010		(258)
Corporate and asset-backed securities	9,449		(145)		806		(32)		10,255		(177)
Mortgage-backed securities	8,086		(116)		190		(7)		8,276		(123)
Municipal	226		(5)		—		—		226		(5)
Total AFS fixed maturities	$	25,041	$	(465)	$	2,159	$	(104)	$	27,200	$	(569)

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	78	$	11	$	14	$	20
Provision for expected credit loss	91		3		169		8
Foreign currency revaluation	(2)		—		(2)		—
Recovery of expected credit loss	(20)		(2)		(34)		(16)
Valuation allowance for expected credit losses - end of period	$	147	$	12	$	147	$	12
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	37	$	35	$	44
Provision for expected credit loss	—		—		1		—
Recovery of expected credit loss	(1)		(2)		(3)		(9)
Valuation allowance for expected credit losses - end of period	$	33	$	35	$	33	$	35

Schedule of Realized Gain (Loss)

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities:
Gross realized gains	$	144	$	27	$	545	$	120
Gross realized losses	(331)		(27)		(1,158)		(99)
Net (provision for) recovery of expected credit losses	(70)		1		(133)		17
Impairment (1)	(22)		(11)		(111)		(12)
Total fixed maturities	(279)		(10)		(857)		26
Equity securities	(80)		(42)		(287)		475
Other investments	(42)		11		17		111
Foreign exchange	198		106		541		85
Investment and embedded derivative instruments	(198)		(9)		(232)		9
Fair value adjustments on insurance derivative	22		(59)		(86)		252
S&P futures	54		(4)		240		(112)
Other derivative instruments	(19)		(10)		(9)		(8)
Other (2)	(40)		(4)		(114)		(5)
Net realized gains (losses) (pre-tax)	$	(384)	$	(21)	$	(787)	$	833

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

(2)Other realized losses includes $36 million related to impairment of fixed assets. The nine months ended September 30, 2022 also includes impairment of assets related to Chubb’s Russian entities.

Gain (Loss) on Securities [Table Text Block]

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

							Three Months Ended
							September 30
	2022						2021
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(80)	$	(42)	$	(122)	$	(42)	$	11	$	(31)
Less: Net gains (losses) recognized from sales of securities	(12)		—		(12)		19		—		19
Unrealized gains (losses) recognized for securities still held at reporting date	$	(68)	$	(42)	$	(110)	$	(61)	$	11	$	(50)

							Nine Months Ended
							September 30
	2022						2021
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(287)	$	17	$	(270)	$	475	$	111	$	586
Less: Net gains recognized from sales of securities	406		—		406		109		—		109
Unrealized gains (losses) recognized for securities still held at reporting date	$	(693)	$	17	$	(676)	$	366	$	111	$	477

Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	78	$	11	$	14	$	20
Provision for expected credit loss	91		3		169		8
Foreign currency revaluation	(2)		—		(2)		—
Recovery of expected credit loss	(20)		(2)		(34)		(16)
Valuation allowance for expected credit losses - end of period	$	147	$	12	$	147	$	12
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	37	$	35	$	44
Provision for expected credit loss	—		—		1		—
Recovery of expected credit loss	(1)		(2)		(3)		(9)
Valuation allowance for expected credit losses - end of period	$	33	$	35	$	33	$	35

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

	Expected Liquidation Period of Underlying Assets	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,085	$	528	$	1,096	$	267
Real assets	2 to 13 Years	2,045		807		1,193		766
Distressed	2 to 8 Years	1,055		746		753		641
Private credit	3 to 8 Years	194		450		84		279
Traditional	2 to 14 Years	7,548		5,091		6,647		5,200
Vintage	1 to 2 Years	51		—		68		—
Investment funds	Not Applicable	414		—		267		—
		$	12,392	$	7,622	$	10,108	$	7,153

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

	September 30		December 31
(in millions of U.S. dollars)	2022		2021
Trust funds	$	7,992	$	9,915
Deposits with U.S. regulatory authorities	2,318		2,402
Deposits with non-U.S. regulatory authorities	2,825		2,873
Assets pledged under repurchase agreements	2,529		1,420
Other pledged assets	674		634
Total	$	16,338	$	17,244

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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments Measured At Fair Value On A Recurring Basis

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

September 30, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,032	$	524	$	—	$	2,556
Non-U.S.	—		23,677		506		24,183
Corporate and asset-backed securities	—		34,084		2,296		36,380
Mortgage-backed securities	—		16,216		19		16,235
Municipal	—		4,387		—		4,387
	2,032		78,888		2,821		83,741
Equity securities	761		—		83		844
Short-term investments	2,782		1,749		3		4,534
Other investments (1)	506		381		—		887
Securities lending collateral	—		1,626		—		1,626
Investment derivatives not designated as hedging instruments	129		—		—		129
Other derivative instruments	109		—		—		109
Derivatives designated as hedging instruments	—		71		—		71
Separate account assets	4,810		81		—		4,891
Total assets measured at fair value (1)	$	11,129	$	82,796	$	2,907	$	96,832
Liabilities:
Investment derivatives not designated as hedging instruments	$	306	$	—	$	—	$	306
Derivatives designated as hedging instruments	—		101		—		101
GLB (2)	—		—		784		784
Total liabilities measured at fair value	$	306	$	101	$	784	$	1,191

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,392 million, policy loans of $316 million, and other investments of $50 million at September 30, 2022 measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

December 31, 2021	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	1,680	$	534	$	—	$	2,214
Non-U.S.	—		25,196		633		25,829
Corporate and asset-backed securities	—		37,014		2,049		39,063
Mortgage-backed securities	—		20,463		26		20,489
Municipal	—		5,513		—		5,513
	1,680		88,720		2,708		93,108
Equity securities	4,705		—		77		4,782
Short-term investments	1,744		1,395		7		3,146
Other investments (1)	286		481		—		767
Securities lending collateral	—		1,831		—		1,831
Investment derivative instruments	58		—		—		58
Separate account assets	5,461		99		—		5,560
Total assets measured at fair value (1)	$	13,934	$	92,526	$	2,792	$	109,252
Liabilities:
Investment derivative instruments	$	166	$	—	$	—	$	166
Other derivative instruments	16		—		—		16
GLB (2)	—		—		745		745
Total liabilities measured at fair value	$	182	$	—	$	745	$	927

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021, measured using NAV as a practical expedient.

(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations

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

(in millions of U.S. dollars, except for percentages)	Fair Value				Valuation Technique	Significant Unobservable Inputs	Ranges	Weighted Average (1)
	September 30, 2022		December 31, 2021
GLB (1)	$	784	$	745	Actuarial model	Lapse rate	3% – 30%	3.5	%
						Annuitization rate	0% – 100%	4.6	%

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

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

	Assets										Liabilities
Three Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	549	$	2,261	$	19	$	81	$	9	$	832
Transfers into Level 3	—		2		—		—		—		—
Transfers out of Level 3	—		(4)		—		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(34)		(16)		—		—		—		—
Net Realized Gains/Losses	(4)		(9)		—		3		(1)		(22)
Purchases	39		164		4		3		1		—
Sales	(19)		(8)		—		(4)		—		—
Settlements	(25)		(94)		(4)		—		(6)		—
Other	—		—		—		—		—		(26)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—	$	3	$	(1)	$	(22)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(35)	$	(19)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Three Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	642	$	1,688	$	47	$	78	$	3	$	10	$	760
Transfers into Level 3	22		45		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(15)		2		—		—		—		—		—
Net Realized Gains/Losses	(3)		—		—		1		—		—		59
Purchases	60		272		17		4		7		—		—
Sales	(19)		(13)		—		(4)		—		—		—
Settlements	(27)		(135)		(11)		—		—		—		—
Other	—		—		—		—		—		—		(1)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	—	$	—	$	(1)	$	—	$	—	$	59
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(15)	$	—	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets										Liabilities
Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7	$	745
Transfers into Level 3	23		41		—		1		—		—
Transfers out of Level 3	(23)		(97)		(5)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(88)		(68)		—		—		—		—
Net Realized Gains/Losses	(6)		(9)		—		7		(1)		86
Purchases	108		658		4		6		8		—
Sales	(44)		(59)		—		(8)		—		—
Settlements	(97)		(219)		(6)		—		(11)		—
Other	—		—		—		—		—		(47)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(3)	$	(4)	$	—	$	6	$	(1)	$	86
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(89)	$	(71)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	546	$	1,573	$	60	$	73	$	5	$	10	$	1,089
Transfers into Level 3	22		91		—		—		—		—		—
Transfers out of Level 3	(10)		(3)		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(2)		14		—		—		—		—		—
Net Realized Gains/Losses	—		3		—		8		—		—		(252)
Purchases	235		681		18		11		10		—		—
Sales	(35)		(88)		(1)		(13)		—		—		—
Settlements	(96)		(412)		(24)		—		(5)		—		—
Other	—		—		—		—		—		—		(19)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	3	$	—	$	5	$	—	$	—	$	(252)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	2	$	17	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

^[1]

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

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

	Assets										Liabilities
Three Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	549	$	2,261	$	19	$	81	$	9	$	832
Transfers into Level 3	—		2		—		—		—		—
Transfers out of Level 3	—		(4)		—		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(34)		(16)		—		—		—		—
Net Realized Gains/Losses	(4)		(9)		—		3		(1)		(22)
Purchases	39		164		4		3		1		—
Sales	(19)		(8)		—		(4)		—		—
Settlements	(25)		(94)		(4)		—		(6)		—
Other	—		—		—		—		—		(26)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—	$	3	$	(1)	$	(22)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(35)	$	(19)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Three Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	642	$	1,688	$	47	$	78	$	3	$	10	$	760
Transfers into Level 3	22		45		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(15)		2		—		—		—		—		—
Net Realized Gains/Losses	(3)		—		—		1		—		—		59
Purchases	60		272		17		4		7		—		—
Sales	(19)		(13)		—		(4)		—		—		—
Settlements	(27)		(135)		(11)		—		—		—		—
Other	—		—		—		—		—		—		(1)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	—	$	—	$	(1)	$	—	$	—	$	59
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(15)	$	—	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets										Liabilities
Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7	$	745
Transfers into Level 3	23		41		—		1		—		—
Transfers out of Level 3	(23)		(97)		(5)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(88)		(68)		—		—		—		—
Net Realized Gains/Losses	(6)		(9)		—		7		(1)		86
Purchases	108		658		4		6		8		—
Sales	(44)		(59)		—		(8)		—		—
Settlements	(97)		(219)		(6)		—		(11)		—
Other	—		—		—		—		—		(47)
Balance, end of period	$	506	$	2,296	$	19	$	83	$	3	$	784
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(3)	$	(4)	$	—	$	6	$	(1)	$	86
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(89)	$	(71)	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

	Assets												Liabilities
Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments		Other investments		GLB (1)
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	546	$	1,573	$	60	$	73	$	5	$	10	$	1,089
Transfers into Level 3	22		91		—		—		—		—		—
Transfers out of Level 3	(10)		(3)		—		—		—		(10)		—
Change in Net Unrealized Gains/Losses in OCI	(2)		14		—		—		—		—		—
Net Realized Gains/Losses	—		3		—		8		—		—		(252)
Purchases	235		681		18		11		10		—		—
Sales	(35)		(88)		(1)		(13)		—		—		—
Settlements	(96)		(412)		(24)		—		(5)		—		—
Other	—		—		—		—		—		—		(19)
Balance, end of period	$	660	$	1,859	$	53	$	79	$	10	$	—	$	818
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	3	$	—	$	5	$	—	$	—	$	(252)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	2	$	17	$	—	$	—	$	—	$	—	$	—

(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

^[1]

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:

September 30, 2022	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,157	$	72	$	—	$	1,229	$	1,281
Non-U.S.	—		956		—		956		1,042
Corporate and asset-backed securities	—		1,585		—		1,585		1,742
Mortgage-backed securities	—		1,438		—		1,438		1,548
Municipal	—		3,283		—		3,283		3,363
Total assets	$	1,157	$	7,334	$	—	$	8,491	$	8,976
Liabilities:
Repurchase agreements	$	—	$	2,417	$	—	$	2,417	$	2,417
Short-term debt	—		1,469		—		1,469		1,475
Long-term debt	—		12,067		—		12,067		14,044
Trust preferred securities	—		387		—		387		308
Total liabilities	$	—	$	16,340	$	—	$	16,340	$	18,244

December 31, 2021	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency	$	1,192	$	52	$	—	$	1,244	$	1,213
Non-U.S.	—		1,262		—		1,262		1,196
Corporate and asset-backed securities	—		2,201		—		2,201		2,004
Mortgage-backed securities	—		1,803		—		1,803		1,730
Municipal	—		4,137		—		4,137		3,975
Total assets	$	1,192	$	9,455	$	—	$	10,647	$	10,118
Liabilities:
Repurchase agreements	$	—	$	1,406	$	—	$	1,406	$	1,406
Short-term debt	—		1,019		—		1,019		999
Long-term debt	—		16,848		—		16,848		15,169
Trust preferred securities	—		460		—		460		308
Total liabilities	$	—	$	19,733	$	—	$	19,733	$	17,882

[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2022

Reinsurance Disclosures [Abstract]

schedule of reinsurance recoverable on ceded insurance

	September 30, 2022				December 31, 2021
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	17,380	$	297	$	16,184	$	271
Reinsurance recoverable on paid losses and loss expenses	1,374		55		1,182		58
Reinsurance recoverable on losses and loss expenses	$	18,754	$	352	$	17,366	$	329
Reinsurance recoverable on policy benefits	$	297	$	4	$	213	$	4

(1)Net of valuation allowance for uncollectible reinsurance.

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

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

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Valuation allowance for uncollectible reinsurance - beginning of period	$	329	$	314
Provision for uncollectible reinsurance	30		16
Write-offs charged against the valuation allowance	(4)		(4)
Foreign exchange revaluation	(3)		(1)
Valuation allowance for uncollectible reinsurance - end of period	$	352	$	325

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

9 Months Ended

Sep. 30, 2022

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2022		2021
Gross unpaid losses and loss expenses – beginning of period	$	72,943	$	67,811
Reinsurance recoverable on unpaid losses – beginning of period (1)	(16,184)		(14,647)
Net unpaid losses and loss expenses – beginning of period	56,759		53,164
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	18,426		17,556
Prior years (2)	(952)		(868)
Total	17,474		16,688
Net losses and loss expenses paid in respect of losses occurring in:
Current year	5,104		4,771
Prior years	9,217		7,922
Total	14,321		12,693
Foreign currency revaluation and other	(1,300)		(78)
Net unpaid losses and loss expenses – end of period	58,612		57,081
Reinsurance recoverable on unpaid losses (1)	17,380		15,550
Gross unpaid losses and loss expenses – end of period	$	75,992	$	72,631

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $243 million and $87 million for the nine months ended September 30, 2022 and 2021, respectively.

Prior Period Development, by Segment [Table Text Block]

The following table summarizes (favorable) and adverse PPD by segment:

	Three Months Ended September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2022
North America Commercial P&C Insurance	$	(29)	$	(137)	$	(166)	$	(315)	$	(246)	$	(561)
North America Personal P&C Insurance	—		(133)		(133)		—		(187)		(187)
North America Agricultural Insurance	—		9		9		—		(17)		(17)
Overseas General Insurance	(5)		—		(5)		(5)		(233)		(238)
Global Reinsurance	—		—		—		(7)		29		22
Corporate	73		—		73		272		—		272
Total	$	39	$	(261)	$	(222)	$	(55)	$	(654)	$	(709)
2021
North America Commercial P&C Insurance	$	(101)	$	(56)	$	(157)	$	(243)	$	(197)	$	(440)
North America Personal P&C Insurance	—		(182)		(182)		—		(266)		(266)
North America Agricultural Insurance	—		7		7		—		5		5
Overseas General Insurance	(13)		(15)		(28)		(8)		(201)		(209)
Global Reinsurance	(4)		—		(4)		(26)		15		(11)
Corporate	43		—		43		140		—		140
Total	$	(75)	$	(246)	$	(321)	$	(137)	$	(644)	$	(781)

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Value of Business Acquired, Goodwill, and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in VOBA

The following table presents a roll-forward of VOBA:

	Nine months ended
	September 30
(in millions of U.S. dollars)	2022
Balance, beginning of period	$	236
Acquisition of Cigna's business in Asia	3,379
Amortization of VOBA (1)	(107)
Foreign exchange revaluation and other	(184)
Balance, end of period	$	3,324

(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

Goodwill roll-forward by business segment

The following table presents a roll-forward of Goodwill by segment:

(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		Chubb Consolidated
Balance at December 31, 2021	$	6,972	$	2,240	$	134	$	4,653	$	371	$	843	$	15,213
Acquisition of Cigna's business in Asia	—		—		—		103		—		1,237		1,340
Foreign exchange revaluation and other	(11)		(4)		—		(431)		—		—		(446)
Balance at September 30, 2022	$	6,961	$	2,236	$	134	$	4,325	$	371	$	2,080	$	16,107

Schedule of Intangible Assets and Goodwill

Other intangible assets that are subject to amortization principally relate to agency distribution relationships, renewal rights, and patents, and other intangible assets that are not subject to amortization principally relate to trademarks.

(in millions of U.S. dollars)	September 30 2022		December 31 2021
Subject to amortization	$	2,417	$	2,508
Not subject to amortization	2,966		2,947
Total	$	5,383	$	5,455

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents, as of September 30, 2022, the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2022 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)	Associated with the Cigna acquisition in Asia (1)		Associated with the Chubb acquisition (2)		Other intangible assets (3)		Total amortization of purchased intangibles
Fourth quarter of 2022	$	1	$	45	$	25	$	71
2023	2		170		96		268
2024	4		153		89		246
2025	5		137		87		229
2026	6		123		84		213
2027	9		108		81		198
Total	$	27	$	736	$	462	$	1,225

(1)Recorded in Life Insurance segment.

(2)Recorded in Corporate.

(3)Recorded in applicable segment(s) that acquired the intangible assets.

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Commitments, contingencies, and guarantees (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

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

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

				September 30, 2022						December 31, 2021
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision		Fair Value				Notional Value/ 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)	$	72	$	(277)	$	5,211	$	25	$	(139)	$	6,182
Options/Futures contracts on notes, bonds, and equities	OA / (AP)	57		(29)		1,366		33		(27)		12,944
Convertible securities (1)	FM AFS / ES	32		—		41		11		—		12
		$	161	$	(306)	$	6,618	$	69	$	(166)	$	19,138
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	107	$	—	$	952	$	—	$	(16)	$	905
Other	OA / (AP)	2		—		301		—		—		3
		$	109	$	—	$	1,253	$	—	$	(16)	$	908
GLB (3)	(AP)	$	—	$	(784)	$	2,210	$	—	$	(745)	$	1,432
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	—	$	(94)	$	1,501	$	—	$	—	$	—
Cross-currency swaps - net investment hedges	OA / (AP)	71		(7)		1,501		—		—		—
		$	71	$	(101)	$	3,002	$	—	$	—	$	—

(1)Includes fair value of embedded derivatives.

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

(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

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

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(247)	$	(15)	$	(515)	$	(37)
All other futures contracts, options, and equities	49		6		285		45
Convertible securities (1)	—		—		(2)		1
Total investment and embedded derivative instruments	$	(198)	$	(9)	$	(232)	$	9
GLB and other derivative instruments:
GLB	$	22	$	(59)	$	(86)	$	252
Futures contracts on equities (2)	54		(4)		240		(112)
Other	(19)		(10)		(9)		(8)
Total GLB and other derivative instruments	$	57	$	(73)	$	145	$	132
	$	(141)	$	(82)	$	(87)	$	141

(1)Includes embedded derivatives.

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

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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

	Remaining contractual maturity
	September 30, 2022		December 31, 2021
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	857	$	931
U.S. Treasury / Agency	93		128
Non-U.S.	641		752
Corporate and asset-backed securities	35		12
Mortgage-backed securities	—		1
Equity securities	—		7
	$	1,626	$	1,831
Gross amount of recognized liability for securities lending payable	$	1,626	$	1,831

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

	Remaining contractual maturity
	September 30, 2022								December 31, 2021
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	66	$	10	$	—	$	76	$	—	$	29	$	29
U.S. Treasury / Agency	—		102		—		102		103		—		103
Mortgage-backed securities	350		1,530		471		2,351		—		1,288		1,288
	$	416	$	1,642	$	471	$	2,529	$	103	$	1,317	$	1,420
Gross amount of recognized liabilities for repurchase agreements							$	2,417					$	1,406
Difference (1)							$	112					$	14

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

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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Share Repurchase Program [Table Text Block]

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except share data)	2022		2021		2022		2021
Number of shares repurchased	3,676,528		8,412,000		14,022,728		22,877,400
Cost of shares repurchased	$	685	$	1,516	$	2,815	$	3,956
Repurchase authorization remaining at end of period	$	1,816	$	3,551	$	1,816	$	3,551

Dividends Declared

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

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2022			2021			2022			2021
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.78	$	0.83	0.73	$	0.80	2.32	$	2.46	2.14	$	2.38

Schedule of Accumulated Other Comprehensive Income (Loss)

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(5,713)	$	3,342	$	2,256	$	4,673
Change in period, before reclassification from AOCI (before tax)	(3,324)		(564)		(12,898)		(2,151)
Amounts reclassified from AOCI (before tax)	279		10		857		(26)
Change in period, before tax	(3,045)		(554)		(12,041)		(2,177)
Income tax benefit	147		98		1,174		390
Balance – end of period, net of tax	(8,611)		2,886		(8,611)		2,886
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,821)		(1,323)		(2,146)		(1,637)
Change in period, before tax	(966)		(414)		(1,676)		(84)
Income tax benefit	6		23		41		7
Balance – end of period, net of tax	(3,781)		(1,714)		(3,781)		(1,714)
Fair value hedging instruments
Balance – beginning of period, net of tax	—		—		—		—
Change in period, before reclassification from AOCI (before tax)	(94)		—		(94)		—
Amounts reclassified from AOCI (before tax)	32		—		32		—
Change in period, before tax	(62)		—		(62)		—
Income tax benefit	13		—		13		—
Balance – end of period, net of tax	(49)		—		(49)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	259		(197)		240		(167)
Change in period, before tax	3		4		27		(33)
Income tax (expense) benefit	(1)		(1)		(6)		6
Balance – end of period, net of tax	261		(194)		261		(194)
Accumulated other comprehensive income (loss)	$	(12,180)	$	978	$	(12,180)	$	978

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				Nine Months Ended				Consolidated Statement of Operations Location
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Fixed maturities available for sale	$	(279)	$	(10)	$	(857)	$	26	Net realized gains (losses)
Income tax (expense) benefit	39		3		138		5		Income tax expense
	$	(240)	$	(7)	$	(719)	$	31	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	(32)	$	—	$	(32)	$	—	Net realized gains (losses)
Income tax (expense) benefit	7		—		7		—		Income tax expense
	$	(25)	$	—	$	(25)	$	—	Net income
Total amounts reclassified from AOCI	$	(265)	$	(7)	$	(744)	$	31

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Postretirement benefits (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

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

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2022				2021				2022		2021
Three Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	1	$	—	$	1	$	—	$	1
Non-service cost (benefit):
Interest cost	21		5		18		5		—		1
Expected return on plan assets	(70)		(11)		(64)		(10)		—		(1)
Amortization of net actuarial loss	—		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(49)		(6)		(45)		(5)		—		—
Net periodic benefit cost (benefit)	$	(49)	$	(5)	$	(45)	$	(4)	$	—	$	1

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2022				2021				2022		2021
Nine Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	3	$	—	$	3	$	—	$	1
Non-service cost (benefit):
Interest cost	64		17		53		14		1		1
Expected return on plan assets	(212)		(33)		(191)		(32)		(1)		(1)
Amortization of net actuarial loss	—		—		—		2		—		—
Amortization of prior service cost	—		—		—		—		—		(26)
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(148)		(16)		(137)		(16)		—		(26)
Net periodic benefit cost (benefit)	$	(148)	$	(13)	$	(137)	$	(13)	$	—	$	(25)

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

	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended September 30	2022		2021		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	1		1		—		1
Total service cost	1		1		—		1
Non-service cost (benefit):
Losses and loss expenses	(5)		(5)		—		—
Administrative expenses	(50)		(45)		—		—
Total non-service cost (benefit)	(55)		(50)		—		—
Net periodic benefit cost (benefit)	$	(54)	$	(49)	$	—	$	1

	Pension Benefit Plans				Other Postretirement Benefit Plans
Nine Months Ended September 30	2022		2021		2022		2021
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	3		3		—		1
Total service cost	3		3		—		1
Non-service cost (benefit):
Losses and loss expenses	(15)		(14)		—		(3)
Administrative expenses	(149)		(139)		—		(23)
Total non-service cost (benefit)	(164)		(153)		—		(26)
Net periodic benefit cost (benefit)	$	(161)	$	(150)	$	—	$	(25)

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Other Income and Expense (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2022		2021		2022		2021
Equity in net income (loss) of partially-owned entities (1)	$	(98)	$	802	$	192	$	2,073
Gains (losses) from fair value changes in separate account assets (2)	(67)		(24)		(116)		(5)
Federal excise and capital taxes	(6)		(5)		(15)		(15)
Other	(17)		(10)		(40)		(23)
Total	$	(188)	$	763	$	21	$	2,030

(1)     Equity in net income (loss) of partially-owned entities principally comprises mark-to-market gain (loss) on private equities where we own more than three percent of $(190) million and $(69) million for the three and nine months ended September 30, 2022, respectively, and $702 million and $1,776 million, respectively, for the prior year periods. This line item also includes net income of $28 million and $83 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and nine months ended September 30, 2022, respectively, compared to $40 million and $144 million, respectively, for the prior year periods.

(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

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Segment information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Operations By Segment

The following tables present the Statement of Operations by segment:

For the Three Months Ended September 30, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	4,722	$	1,392	$	1,723	$	2,645	$	265	$	1,273	$	—	$	—	$	12,020
Net premiums earned	4,283		1,334		1,673		2,741		255		1,249		—		—		11,535
Losses and loss expenses	3,036		857		1,444		1,441		311		135		74		(19)		7,279
Policy benefits	—		—		—		—		—		553		—		(67)		486
Policy acquisition costs	583		274		68		720		59		271		—		—		1,975
Administrative expenses	272		71		3		264		8		174		91		—		883
Underwriting income (loss)	392		132		158		316		(123)		116		(165)		86		912
Net investment income	589		76		9		151		71		147		5		(69)		979
Other (income) expense	6		1		1		(2)		—		(10)		194		(2)		188
Amortization expense of    purchased intangibles	—		2		7		12		—		2		46		—		69
Segment income (loss)	$	975	$	205	$	159	$	457	$	(52)	$	271	$	(400)	$	19	$	1,634
Net realized gains (losses)													(365)		(19)		(384)
Interest expense													150		—		150
Cigna integration expenses													23		—		23
Income tax expense													265		—		265
Net income (loss)													$	(1,203)	$	—	$	812

For the Three Months Ended September 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	4,369	$	1,300	$	1,415	$	2,596	$	221	$	609	$	—	$	—	$	10,510
Net premiums earned	3,954		1,244		1,338		2,664		211		589		—		—		10,000
Losses and loss expenses	2,754		846		1,138		1,487		192		179		43		(10)		6,629
Policy benefits	—		—		—		—		—		175		—		(24)		151
Policy acquisition costs	537		254		61		703		55		168		—		—		1,778
Administrative expenses	273		73		4		266		9		82		99		—		806
Underwriting income (loss)	390		71		135		208		(45)		(15)		(142)		34		636
Net investment income (loss)	507		60		6		157		99		102		(10)		(55)		866
Other (income) expense	8		1		—		—		—		(19)		(722)		(31)		(763)
Amortization expense of    purchased intangibles	—		2		7		11		—		2		49		—		71
Segment income	$	889	$	128	$	134	$	354	$	54	$	104	$	521	$	10	$	2,194
Net realized gains (losses)													(11)		(10)		(21)
Interest expense													122		—		122
Income tax expense													218		—		218
Net income													$	170	$	—	$	1,833

For the Nine Months Ended September 30, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	13,426	$	3,998	$	2,523	$	8,364	$	780	$	2,430	$	—	$	—	$	31,521
Net premiums earned	12,645		3,852		2,217		8,065		712		2,347		—		—		29,838
Losses and loss expenses	7,979		2,343		1,830		4,054		565		437		275		(9)		17,474
Policy benefits	—		—		—		—		—		906		—		(116)		790
Policy acquisition costs	1,701		792		111		2,096		178		573		—		—		5,451
Administrative expenses	814		213		4		811		27		346		264		—		2,479
Underwriting income (loss)	2,151		504		272		1,104		(58)		85		(539)		125		3,644
Net investment income (loss)	1,600		199		23		460		232		359		(4)		(180)		2,689
Other (income) expense	12		3		1		3		1		(50)		73		(64)		(21)
Amortization expense of    purchased intangibles	—		7		20		40		—		7		137		—		211
Segment income (loss)	$	3,739	$	693	$	274	$	1,521	$	173	$	487	$	(753)	$	9	$	6,143
Net realized gains (losses)													(778)		(9)		(787)
Interest expense													416		—		416
Cigna integration expenses													26		—		26
Income tax expense													913		—		913
Net income (loss)													$	(2,886)	$	—	$	4,001

For the Nine Months Ended September 30, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	12,318	$	3,761	$	2,110	$	7,983	$	702	$	1,844	$	—	$	—	$	28,718
Net premiums earned	11,431		3,652		1,858		7,721		583		1,789		—		—		27,034
Losses and loss expenses	7,740		2,341		1,554		3,936		422		562		141		(8)		16,688
Policy benefits	—		—		—		—		—		508		—		(5)		503
Policy acquisition costs	1,540		746		100		2,070		147		538		—		—		5,141
Administrative expenses	772		200		10		811		27		247		258		—		2,325
Underwriting income (loss)	1,379		365		194		904		(13)		(66)		(399)		13		2,377
Net investment income (loss)	1,582		189		21		447		250		301		(42)		(135)		2,613
Other (income) expense	24		(3)		—		3		—		(79)		(1,845)		(130)		(2,030)
Amortization expense of    purchased intangibles	—		8		20		36		—		4		148		—		216
Segment income	$	2,937	$	549	$	195	$	1,312	$	237	$	310	$	1,256	$	8	$	6,804
Net realized gains (losses)													841		(8)		833
Interest expense													366		—		366
Income tax expense													873		—		873
Net income													$	858	$	—	$	6,398

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Earnings per share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share, Basic And Diluted

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars, except share and per share data)	2022		2021		2022		2021
Numerator:
Net income	$	812	$	1,833	$	4,001	$	6,398
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	416,542,101		435,318,088		421,290,032		443,595,026
Denominator for diluted earnings per share:
Share-based compensation plans	3,076,855		3,123,550		3,733,449		3,032,989
Weighted-average shares outstanding and assumed conversions	419,618,956		438,441,638		425,023,481		446,628,015
Basic earnings per share	$	1.95	$	4.21	$	9.50	$	14.42
Diluted earnings per share	$	1.94	$	4.18	$	9.41	$	14.33
Potential anti-dilutive share conversions	1,693,502		1,758,853		1,377,784		1,439,882

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General Schedule of Cash and Cash Equivalent (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash	$ 2,128	$ 1,659
Restricted cash	136	152
Total cash and restricted cash shown in the Consolidated statement of cash flows	$ 2,264	$ 1,811	$ 1,796	$ 1,836

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Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended				9 Months Ended
		Jul. 01, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill			$ 16,107				$ 16,107		$ 15,213
Other intangible assets			5,383				5,383		5,455
Value of business acquired (preliminary)			3,324				3,324		236
Repurchase agreements			2,417				2,417		1,406
Accrued investment income			900				900		821
Insurance and reinsurance balances receivable			12,853				12,853		11,322
Reinsurance recoverable on losses and loss expenses	[1]		18,754				18,754		17,366
Reinsurance recoverable on policy benefits	[1]		297				297		213
Other assets			13,077				13,077		11,792
Total assets			198,111				198,111		200,054
Liability for Claims and Claims Adjustment Expense			75,992		$ 72,631		75,992	$ 72,631	72,943	$ 67,811
Unearned premiums			20,520				20,520		19,101
Future policy benefits			9,586				9,586		5,947
Insurance and reinsurance balances payable			7,829				7,829		7,243
Accounts payable, accrued expenses, and other liabilities			16,673				16,673		15,004
Deferred tax liabilities			2				2		389
Total liabilities			150,472				150,472		140,340
Balance – beginning of period, net of tax			47,639		59,318		47,639	59,318	59,714
Total liabilities and shareholders’ equity			198,111				198,111		200,054
Cigna integration expenses			23		0		26	0
Total revenues			12,130		10,845		31,740	30,480
Net income (loss)			812		1,833		4,001	6,398
Net premiums earned			11,535		10,000		29,838	27,034
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization			2,417				2,417		2,508
Intangible assets not subject to amortization			2,966				2,966		2,947
Total identified intangible assets			5,383				5,383		5,455
Huatai Group
Business Acquisition [Line Items]
Equity method investment, additional 31.8 percent agreed on				31.80%
Purchase of incremental ownership interest							2,200
Deposits Assets									$ 1,100
Payment to acquire additional ownership interest in equity method investment						$ 500	113
Equity method investment, additional 7.1 percentage agreed on						7.10%
Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Jul. 01, 2022
Payments to Acquire Businesses, Gross		$ 5,360
Goodwill		1,340
Other intangible assets		269
Value of business acquired (preliminary)		3,379
Repurchase agreements		2,000
Investments and Cash		5,311
Accrued investment income		33
Insurance and reinsurance balances receivable		52
Reinsurance recoverable on losses and loss expenses		3
Reinsurance recoverable on policy benefits		82
Goodwill and other intangible assets		1,609
Other assets		655
Total assets		11,124
Liability for Claims and Claims Adjustment Expense		10
Unearned premiums		60
Future policy benefits		3,844
Insurance and reinsurance balances payable		115
Accounts payable, accrued expenses, and other liabilities		925
Deferred tax liabilities		839
Total liabilities		5,793
Balance – beginning of period, net of tax		5,331
Total liabilities and shareholders’ equity		11,124
Cigna integration expenses			23				26
Total revenues					681
Net income (loss)					21
Finite-Lived Intangible Assets [Line Items]
Total identified intangible assets		269
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Maturity 30 to 90 Days [Member]
Business Acquisition [Line Items]
Repurchase agreements		1,000
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Pro Forma
Business Acquisition [Line Items]
Net premiums earned			11,535		10,788		31,362	29,406
Total revenues			12,132		11,632		33,253	32,879
Net income			$ 825		$ 1,894		$ 4,203	$ 6,649
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets not subject to amortization		70
Direct ownership | Huatai Group
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			47.30%				47.30%
Agency distribution relationships and renewal rights | Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization		$ 190
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life		20 years
Unearned premium reserves (UPR) intangible asset | Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization		$ 9
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life		1 year

[1] Net of valuation allowance for uncollectible reinsurance.

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Investments (Narrative) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments [Line Items]
Restricted assets in fixed maturities and short-term investments	$ 16,202	$ 17,092
Restricted assets in cash	136	$ 152
Investments
Investments [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 950

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Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 93,316		$ 90,493
Debt Securities, Available-for-sale, Allowance for Credit Loss	(147)	$ (78)	(14)	$ (12)	$ (11)	$ (20)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	119		3,220
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(9,547)		(591)
Available for sale, Fair Value	83,741		93,108
U.S. Treasury / Agency
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,725		2,111
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	5		109
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(174)		(6)
Available for sale, Fair Value	2,556		2,214
Non-U.S.
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	26,766		25,156
Debt Securities, Available-for-sale, Allowance for Credit Loss	(61)		(8)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	77		953
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(2,599)		(272)
Available for sale, Fair Value	24,183		25,829
Corporate and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	40,776		37,844
Debt Securities, Available-for-sale, Allowance for Credit Loss	(85)		(6)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	30		1,410
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(4,341)		(185)
Available for sale, Fair Value	36,380		39,063
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	18,425		20,080
Debt Securities, Available-for-sale, Allowance for Credit Loss	(1)		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1		532
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(2,190)		(123)
Available for sale, Fair Value	16,235		20,489
Municipal
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4,624		5,302
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	6		216
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(243)		(5)
Available for sale, Fair Value	$ 4,387		$ 5,513

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Investments (Schedule Of Amortized Cost And Fair Value Of Held-to-Maturity Fixed Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	$ 9,009		$ 10,153
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(33)	$ (34)	(35)	$ (35)	$ (37)	$ (44)
Debt securities, held to maturity, net carrying value	8,976		10,118
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	1		533
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(486)		(4)
Held to maturity, at Fair Value	8,491		10,647
U.S. Treasury / Agency
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,281		1,213
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0		0
Debt securities, held to maturity, net carrying value	1,281		1,213
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0		34
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(52)		(3)
Held to maturity, at Fair Value	1,229		1,244
Non-U.S.
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,046		1,201
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(4)		(5)
Debt securities, held to maturity, net carrying value	1,042		1,196
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0		66
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(86)		0
Held to maturity, at Fair Value	956		1,262
Corporate and asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,769		2,032
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(27)		(28)
Debt securities, held to maturity, net carrying value	1,742		2,004
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0		197
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(157)		0
Held to maturity, at Fair Value	1,585		2,201
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	1,549		1,731
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(1)		(1)
Debt securities, held to maturity, net carrying value	1,548		1,730
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0		74
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(110)		(1)
Held to maturity, at Fair Value	1,438		1,803
Municipal
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-maturity	3,364		3,976
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(1)		(1)
Debt securities, held to maturity, net carrying value	3,363		3,975
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	1		162
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(81)		0
Held to maturity, at Fair Value	$ 3,283		$ 4,137

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Investments (Held-to-Maturity Credit Quality Indicator) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 9,009	$ 10,153
Fixed Maturities Percent of Total Amortized cost	100.00%	100.00%
Standard & Poor's, AAA Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 1,710	$ 2,089
Fixed Maturities Percent of Total Amortized cost	19.00%	21.00%
Standard & Poor's, AA Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 4,975	$ 5,303
Fixed Maturities Percent of Total Amortized cost	55.00%	52.00%
Standard & Poor's, A Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 1,679	$ 1,964
Fixed Maturities Percent of Total Amortized cost	19.00%	19.00%
Standard & Poor's, BBB Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 622	$ 773
Fixed Maturities Percent of Total Amortized cost	7.00%	8.00%
Standard & Poor's, BB Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 23	$ 23
Fixed Maturities Percent of Total Amortized cost	0.00%	0.00%
Other [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 0	$ 1
Fixed Maturities Percent of Total Amortized cost	0.00%	0.00%

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Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value	$ 3,173	$ 4,498
Available for sale, Due after 1 year through 5 years, Fair Value & Net Carrying Value	23,685	25,542
Available for sale, Due after 5 years through 10 years, Fair Value & Net Carrying Value	26,350	28,207
Available for sale, Due after 10 years, Fair Value & Net Carrying Value	14,298	14,372
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	67,506	72,619
Available for sale, Mortgage backed securities, Fair Value & Net Carrying Value	16,235	20,489
Available for sale, Fair Value	83,741	93,108
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value	1,003	888
Held to maturity, Due in 1 year or less, Fair Value	990	894
Held-to-maturity, after one through five years, net carrying value	3,373	3,744
Held to maturity, Due after 1 year through 5, Fair Value	3,233	3,846
Held-to-maturity, after 5 through 10 years, net carrying value	1,743	2,242
Held to maturity, Due after 5 years through 10 years, Fair Value	1,677	2,349
Held-to-maturity, after 10 years, net carrying value	1,309	1,514
Held to maturity, Due after 10 years, Fair Value	1,153	1,755
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value	7,428	8,388
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value	7,053	8,844
Held-to-maturity, MBS, net carrying value	1,548	1,730
Held to maturity, Mortgage backed securities, Fair Value	1,438	1,803
Debt securities, held to maturity, net carrying value	8,976	10,118
Held to maturity, Fair Value	$ 8,491	$ 10,647

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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) - Fixed Maturities [Member] - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 63,672	$ 25,041
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(6,132)	(465)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	10,149	2,159
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,819)	(104)
Debt Securities, Available-for-sale, Unrealized Loss Position	73,821	27,200
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(7,951)	(569)
U.S. Treasury / Agency
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,873	363
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(145)	(3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	227	70
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(29)	(3)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,100	433
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(174)	(6)
Non-U.S.
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	16,585	6,917
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,480)	(196)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	3,907	1,093
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(588)	(62)
Debt Securities, Available-for-sale, Unrealized Loss Position	20,492	8,010
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(2,068)	(258)
Corporate and asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	28,533	9,449
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2,832)	(145)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,621	806
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(456)	(32)
Debt Securities, Available-for-sale, Unrealized Loss Position	31,154	10,255
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(3,288)	(177)
Mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	12,776	8,086
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,459)	(116)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	3,324	190
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(728)	(7)
Debt Securities, Available-for-sale, Unrealized Loss Position	16,100	8,276
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(2,187)	(123)
Municipal
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	3,905	226
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(216)	(5)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	70	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(18)	0
Debt Securities, Available-for-sale, Unrealized Loss Position	3,975	226
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (234)	$ (5)

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Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available for sale, Allowance for Credit Loss	$ 147	$ 12	$ 147	$ 12	$ 78	$ 14	$ 11	$ 20
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	91	3	169	8
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Foreign Currency Revaluation	(2)	0	(2)	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery	$ (20)	$ (2)	$ (34)	$ (16)

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Investments (Rollforward of expected credit losses HTM) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Debt Securities, Held to maturity, Allowance for Credit Loss	$ 33	$ 35	$ 33	$ 35	$ 34	$ 35	$ 37	$ 44
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease)	0	0	1	0
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery	$ (1)	$ (2)	$ (3)	$ (9)

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Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Gain (Loss) on Securities [Line Items]
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease)		$ 91	$ 3	$ 169	$ 8
Debt Securities, Available-for-sale, Gain (Loss), Total		(279)	(10)	(857)	26
Net realized gains (losses)		(384)	(21)	(787)	833
Foreign exchange		198	106	541	85
Fair Value on Insurance Derivatives		22	(59)	(86)	252
Gain (Loss) on Derivative		(141)	(82)	(87)	141
Other	[1]	(40)	(4)	(114)	(5)
Fixed Maturities [Member]
Gain (Loss) on Securities [Line Items]
Debt Securities, Available-for-sale, Realized Gain		144	27	545	120
Debt Securities, Available-for-sale, Realized Loss		(331)	(27)	(1,158)	(99)
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease)		(70)	1	(133)	17
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell	[2]	(22)	(11)	(111)	(12)
Equity Securities
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)		(80)	(42)	(287)	475
Other Investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)		(42)	11	17	111
Other derivative instruments
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative		(19)	(10)	(9)	(8)
Investment and embedded derivative instruments
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative		(198)	(9)	(232)	9
S&P put options and futures
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative		$ 54	$ (4)	$ 240	$ (112)

[1] Other realized losses includes $36 million related to impairment of fixed assets. The nine months ended September 30, 2022 also includes impairment of assets related to Chubb’s Russian entities.

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

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Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	$ (384)	$ (21)	$ (787)	$ 833
Equity Securities
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	(80)	(42)	(287)	475
Less: Net gains (losses) recognized from sales of securities	(12)	19	406	109
Unrealized Gain (Loss) on Investments	(68)	(61)	(693)	366
Other Investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	(42)	11	17	111
Less: Net gains (losses) recognized from sales of securities	0	0	0	0
Unrealized Gain (Loss) on Investments	(42)	11	17	111
Equity securities and other investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	(122)	(31)	(270)	586
Less: Net gains (losses) recognized from sales of securities	(12)	19	406	109
Unrealized Gain (Loss) on Investments	$ (110)	$ (50)	$ (676)	$ 477

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Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 7,622	$ 7,153
Alternative Investment	12,392	10,108
Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	528	267
Alternative Investment	1,085	1,096
Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	807	766
Alternative Investment	2,045	1,193
Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	746	641
Alternative Investment	1,055	753
Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	450	279
Alternative Investment	194	84
Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	5,091	5,200
Alternative Investment	7,548	6,647
Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	0	0
Alternative Investment	51	68
Investment Funds Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	0	0
Alternative Investment	$ 414	$ 267
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	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	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	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	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	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	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	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	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	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	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	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	2 years	2 years

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Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments [Line Items]
Total restricted assets	$ 16,338	$ 17,244
Asset Pledged as Collateral without Right
Investments [Line Items]
Trust funds	7,992	9,915
Deposits with U.S. regulatory authorities	2,318	2,402
Deposits with non-U.S. regulatory authorities	2,825	2,873
Assets pledged under repurchase agreements	2,529	1,420
Other pledged assets	$ 674	$ 634

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Fair value measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Net realized gains (losses)	$ (384)	$ (21)	$ (787)	$ 833
GLB | Variable Annuity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Realized Gains Losses As A Result of Valuation Model Refinement	$ (40)

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Fair value measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions		Sep. 30, 2022		Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		$ 83,741		$ 93,108
Equity securities, at fair value		844		4,782
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)		4,534		3,146
Other investments, at fair value		13,645		11,169
Securities lending collateral		1,626		1,831
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Other investments, at fair value		12,392		10,108
Policy Loans
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Other investments, at fair value		316		243
Other Investments
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Other investments, at fair value		50		51
U.S. Treasury / Agency
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		2,556		2,214
Non-U.S.
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		24,183		25,829
Corporate and asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		36,380		39,063
Mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		16,235		20,489
Municipal
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		4,387		5,513
Level 1 | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		2,032		1,680
Equity securities, at fair value		761		4,705
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)		2,782		1,744
Other investments, at fair value		506	[1]	286	[2]
Securities lending collateral		0		0
Investment derivative instruments, assets		129		58
Other Derivative Instruments Fair Value		109
Derivative Instruments in Hedges, at Fair Value		0
Separate Account Asset		4,810		5,461
Total assets measured at fair value		11,129	[1]	13,934	[2]
Investment derivative instruments, liabilities		306		166
Other derivative instruments, liability				16
Derivative Instruments in Hedges, Liabilities, at Fair Value		0
Liabilities Related to Investment Contracts, Fair Value Disclosure		306		182
Level 1 | Fair Value, Recurring | GLB
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross		0	[3]	0	[4]
Level 1 | U.S. Treasury / Agency | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		2,032		1,680
Level 1 | Non-U.S. | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		0		0
Level 1 | Corporate and asset-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		0		0
Level 1 | Mortgage-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		0		0
Level 1 | Municipal | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		0		0
Level 2 | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		78,888		88,720
Equity securities, at fair value		0		0
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)		1,749		1,395
Other investments, at fair value		381	[1]	481	[2]
Securities lending collateral		1,626		1,831
Investment derivative instruments, assets		0		0
Other Derivative Instruments Fair Value		0
Derivative Instruments in Hedges, at Fair Value		71
Separate Account Asset		81		99
Total assets measured at fair value		82,796	[1]	92,526	[2]
Investment derivative instruments, liabilities		0		0
Other derivative instruments, liability				0
Derivative Instruments in Hedges, Liabilities, at Fair Value		101
Liabilities Related to Investment Contracts, Fair Value Disclosure		101		0
Level 2 | Fair Value, Recurring | GLB
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross		0	[3]	0	[4]
Level 2 | U.S. Treasury / Agency | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		524		534
Level 2 | Non-U.S. | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		23,677		25,196
Level 2 | Corporate and asset-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		34,084		37,014
Level 2 | Mortgage-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		16,216		20,463
Level 2 | Municipal | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		4,387		5,513
Level 3 | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		2,821		2,708
Equity securities, at fair value		83		77
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)		3		7
Other investments, at fair value		0	[1]	0	[2]
Securities lending collateral		0		0
Investment derivative instruments, assets		0		0
Other Derivative Instruments Fair Value		0
Derivative Instruments in Hedges, at Fair Value		0
Separate Account Asset		0		0
Total assets measured at fair value		2,907	[1]	2,792	[2]
Investment derivative instruments, liabilities		0		0
Other derivative instruments, liability				0
Derivative Instruments in Hedges, Liabilities, at Fair Value		0
Liabilities Related to Investment Contracts, Fair Value Disclosure		784		745
Level 3 | Fair Value, Recurring | GLB
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross	[5]	784		745	[4]
Level 3 | U.S. Treasury / Agency | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		0		0
Level 3 | Non-U.S. | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		506		633
Level 3 | Corporate and asset-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		2,296		2,049
Level 3 | Mortgage-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		19		26
Level 3 | Municipal | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		0		0
Total Level 1, Level 2, and Level 3 | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		83,741		93,108
Equity securities, at fair value		844		4,782
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)		4,534		3,146
Other investments, at fair value		887	[1]	767	[2]
Securities lending collateral		1,626		1,831
Investment derivative instruments, assets		129		58
Other Derivative Instruments Fair Value		109
Derivative Instruments in Hedges, at Fair Value		71
Separate Account Asset		4,891		5,560
Total assets measured at fair value		96,832	[1]	109,252	[2]
Investment derivative instruments, liabilities		306		166
Other derivative instruments, liability				16
Derivative Instruments in Hedges, Liabilities, at Fair Value		101
Liabilities Related to Investment Contracts, Fair Value Disclosure		1,191		927
Total Level 1, Level 2, and Level 3 | Fair Value, Recurring | GLB
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross		784	[3]	745	[4]
Total Level 1, Level 2, and Level 3 | U.S. Treasury / Agency | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		2,556		2,214
Total Level 1, Level 2, and Level 3 | Non-U.S. | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		24,183		25,829
Total Level 1, Level 2, and Level 3 | Corporate and asset-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		36,380		39,063
Total Level 1, Level 2, and Level 3 | Mortgage-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		16,235		20,489
Total Level 1, Level 2, and Level 3 | Municipal | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value		$ 4,387		$ 5,513

[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,392 million, policy loans of $316 million, and other investments of $50 million at September 30, 2022 measured using NAV as a practical expedient.

[2] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $10,108 million, policy loans of $243 million and other investments of $51 million at December 31, 2021, measured using NAV as a practical expedient.

[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

[4] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

[5] The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.

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Fair value measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021	[2]
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]	3.50%
Significant Unobservable Inputs Annuitization Rate	[1]	4.60%
Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate		3.00%
Significant Unobservable Inputs Annuitization Rate		0.00%
Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate		30.00%
Significant Unobservable Inputs Annuitization Rate		100.00%
Level 3 | Fair Value, Recurring | GLB
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross	[1]	$ 784	$ 745

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

[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

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Fair value measurements (Assets and Liabilities, Measured At Fair Value Using Significant Unobservable Inputs) (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	$ 81		$ 78		$ 77		$ 73
Transfers Into Level 3, Asset	0		0		1		0
Transfers out of Level 3, Assets	0		0		0		0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0		0		0		0
Net Realized Gains/ (Losses), Assets	3		1		7		8
Purchases, Assets	3		4		6		11
Sales, Assets	(4)		(4)		(8)		(13)
Settlements, Assets	0		0		0		0
Other, Assets	0		0		0		0
Balance-End of Period, Assets	83		79		83		79
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	3		(1)		6		5
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0		0		0		0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	9		3		7		5
Transfers Into Level 3, Asset	0		0		0		0
Transfers out of Level 3, Assets	0		0		0		0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0		0		0		0
Net Realized Gains/ (Losses), Assets	(1)		0		(1)		0
Purchases, Assets	1		7		8		10
Sales, Assets	0		0		0		0
Settlements, Assets	(6)		0		(11)		(5)
Other, Assets	0		0		0		0
Balance-End of Period, Assets	3		10		3		10
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(1)		0		(1)		0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0		0		0		0
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets			10				10
Transfers Into Level 3, Asset			0				0
Transfers out of Level 3, Assets			(10)				(10)
Change in Net Unrealized Gains (Losses) included in OCI, Assets			0				0
Net Realized Gains/ (Losses), Assets			0				0
Purchases, Assets			0				0
Sales, Assets			0				0
Settlements, Assets			0				0
Other, Assets			0				0
Balance-End of Period, Assets			0				0
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
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	549		642		633		546
Transfers Into Level 3, Asset	0		22		23		22
Transfers out of Level 3, Assets	0		0		(23)		(10)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(34)		(15)		(88)		(2)
Net Realized Gains/ (Losses), Assets	(4)		(3)		(6)		0
Purchases, Assets	39		60		108		235
Sales, Assets	(19)		(19)		(44)		(35)
Settlements, Assets	(25)		(27)		(97)		(96)
Other, Assets	0		0		0		0
Balance-End of Period, Assets	506		660		506		660
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(1)		0		(3)		0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	(35)		(15)		(89)		2
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	2,261		1,688		2,049		1,573
Transfers Into Level 3, Asset	2		45		41		91
Transfers out of Level 3, Assets	(4)		0		(97)		(3)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(16)		2		(68)		14
Net Realized Gains/ (Losses), Assets	(9)		0		(9)		3
Purchases, Assets	164		272		658		681
Sales, Assets	(8)		(13)		(59)		(88)
Settlements, Assets	(94)		(135)		(219)		(412)
Other, Assets	0		0		0		0
Balance-End of Period, Assets	2,296		1,859		2,296		1,859
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(3)		0		(4)		3
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	(19)		0		(71)		17
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	19		47		26		60
Transfers Into Level 3, Asset	0		0		0		0
Transfers out of Level 3, Assets	0		0		(5)		0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0		0		0		0
Net Realized Gains/ (Losses), Assets	0		0		0		0
Purchases, Assets	4		17		4		18
Sales, Assets	0		0		0		(1)
Settlements, Assets	(4)		(11)		(6)		(24)
Other, Assets	0		0		0		0
Balance-End of Period, Assets	19		53		19		53
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	0		0		0		0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0		0		0		0
Guaranteed Minimum Income Benefit [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance - Beginning of Period, Liabilities	832	[1]	760	[2]	745	[2]	1,089	[2]
Transfers into level 3, liability	0		0		0		0
Transfers out of Level 3, Liabilities	0		0		0		0
Change in Net Unrealized Gains (losses) included in OCI, Liabilities	0		0		0		0
Net Realized Gains/(Losses), Liabilities	(22)	[1]	59	[2]	86	[2]	(252)	[2]
Purchases, Liabilities	0		0		0		0
Sales, Liabilities	0		0		0		0
Settlements, Liabilities	0		0		0		0
Other, Liabilities	(26)	[1]	(1)	[2]	(47)	[2]	(19)	[2]
Balance - End of Period, Liabilities	784	[1]	818	[2]	784	[1]	818	[2]
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Liabilities	(22)	[1]	59	[2]	86	[2]	(252)	[2]
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Liabilities	$ 0		$ 0		$ 0		$ 0

[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

XML

Fair value measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	$ 8,491	$ 10,647
Debt Securities, Held-to-maturity	9,009	10,153
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	2,417	1,406
Short-term debt	1,475	999
Long-term debt	14,044	15,169
Total liabilities	150,472	140,340
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,157	1,192
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value	0	0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	7,334	9,455
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	2,417	1,406
Short-Term Debt, Fair Value	1,469	1,019
Long-term Debt, Fair Value	12,067	16,848
Trust preferred securities	387	460
Total liabilities	16,340	19,733
Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value	0	0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	8,491	10,647
Estimate of Fair Value Measurement [Member] | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	2,417	1,406
Short-Term Debt, Fair Value	1,469	1,019
Long-term Debt, Fair Value	12,067	16,848
Trust preferred securities	387	460
Total liabilities	16,340	19,733
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	8,976	10,118
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	2,417	1,406
Short-term debt	1,475	999
Long-term debt	14,044	15,169
Trust preferred securities	308	308
Total liabilities	18,244	17,882
U.S. Treasury / Agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,229	1,244
Debt Securities, Held-to-maturity	1,281	1,213
U.S. Treasury / Agency | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,157	1,192
U.S. Treasury / Agency | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	72	52
U.S. Treasury / Agency | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
U.S. Treasury / Agency | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,229	1,244
U.S. Treasury / Agency | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,281	1,213
Non-U.S.
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	956	1,262
Debt Securities, Held-to-maturity	1,046	1,201
Non-U.S. | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Non-U.S. | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	956	1,262
Non-U.S. | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Non-U.S. | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	956	1,262
Non-U.S. | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,042	1,196
Corporate and asset-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,585	2,201
Debt Securities, Held-to-maturity	1,769	2,032
Corporate and asset-backed securities | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Corporate and asset-backed securities | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,585	2,201
Corporate and asset-backed securities | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Corporate and asset-backed securities | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,585	2,201
Corporate and asset-backed securities | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,742	2,004
Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,438	1,803
Debt Securities, Held-to-maturity	1,549	1,731
Mortgage-backed securities | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Mortgage-backed securities | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,438	1,803
Mortgage-backed securities | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Mortgage-backed securities | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	1,438	1,803
Mortgage-backed securities | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,548	1,730
Municipal
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	3,283	4,137
Debt Securities, Held-to-maturity	3,364	3,976
Municipal | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Municipal | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	3,283	4,137
Municipal | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	0	0
Municipal | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Held to maturity, Fair Value	3,283	4,137
Municipal | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	$ 3,363	$ 3,975

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Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Reinsurance recoverable on unpaid losses and loss expenses	[1]	$ 17,380	$ 16,184	$ 15,550	$ 14,647
Reinsurance recoverable on paid losses and loss expenses	[1]	1,374	1,182
Reinsurance recoverable on losses and loss expenses	[1]	18,754	17,366
Reinsurance recoverable on policy benefits	[1]	297	213
Reinsurance Recoverables on Unpaid Losses, Allowance		297	271
Reinsurance Recoverables on Paid Losses, Allowance		55	58
Reinsurance Recoverable, Allowance for Credit Loss, Total		352	329	$ 325	$ 314
Reinsurance Recoverables on Future Policy Benefits, Allowance		$ 4	$ 4

[1] Net of valuation allowance for uncollectible reinsurance.

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Reinsurance, Allowance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Valuation allowance for uncollectible reinsurance - beginning of period	$ 329	$ 314
Provision for uncollectible reinsurance	30	16
Write-offs charged against the valuation allowance	(4)	(4)
Foreign exchange revaluation	(3)	(1)
Valuation allowance for uncollectible reinsurance - end of period	$ 352	$ 325

XML

Unpaid losses and loss expenses (RF) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)		Sep. 30, 2021 USD ($)
Unpaid Losses and Loss Expenses [Roll Forward]
Gross unpaid losses and loss expenses – beginning of period	$ 72,943		$ 67,811
Reinsurance recoverable on unpaid losses – beginning of period (1)	(16,184)	[1]	(14,647)	[1]
Net unpaid losses and loss expenses – beginning of period	56,759		53,164
Current Year Claims and Claims Adjustment Expense	18,426		17,556
Prior Year Claims and Claims Adjustment Expense	(952)	[2]	(868)	[2]
Total, Incurred	17,474		16,688
Net loss and loss expenses paid, Current Year	5,104		4,771
Net loss and loss expenses paid, Prior Years	9,217		7,922
Total, Paid	14,321		12,693
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other	(1,300)		(78)
Net unpaid losses and loss expenses – end of period	58,612		57,081
Reinsurance recoverable on unpaid losses (1)	17,380	[1]	15,550	[1]
Gross unpaid losses and loss expenses – end of period	75,992		72,631
prior period development, net adjustments	243		$ 87
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross	3,049
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease)	$ 1,853

[1] Net of valuation allowance for uncollectible reinsurance.

[2] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling $243 million and $87 million for the nine months ended September 30, 2022 and 2021, respectively.

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Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (222)	$ (321)	$ (709)	$ (781)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(166)	(157)	(561)	(440)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(133)	(182)	(187)	(266)
North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	7	(17)	5
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(5)	(28)	(238)	(209)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(4)	22	(11)
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(261)	(246)	(654)	(644)
Short Tail [Member] | North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(137)	(56)	(246)	(197)
Short Tail [Member] | North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(133)	(182)	(187)	(266)
Short Tail [Member] | North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	7	(17)	5
Short Tail [Member] | Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(15)	(233)	(201)
Short Tail [Member] | Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	29	15
Short Tail [Member] | Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	39	(75)	(55)	(137)
Long Tail [Member] | North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(29)	(101)	(315)	(243)
Long Tail [Member] | North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member] | North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member] | Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(5)	(13)	(5)	(8)
Long Tail [Member] | Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(4)	(7)	(26)
Long Tail [Member] | Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 73	$ 43	$ 272	$ 140

XML

Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (222)	$ (321)	$ (709)	$ (781)
Liability for Claims and Claims Adjustment Expense	75,992	72,631	75,992	72,631	$ 72,943	$ 67,811
Net loss and loss expenses paid, Prior Years			9,217	7,922
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	39	(75)	(55)	(137)
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(261)	(246)	(654)	(644)
Boy Scouts of America Agreement in Principle [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for Claims and Claims Adjustment Expense	600		600		$ 800
Net loss and loss expenses paid, Prior Years	200
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(166)	(157)	(561)	(440)
North America Commercial P&C Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(29)	(101)	(315)	(243)
North America Commercial P&C Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(137)	(56)	(246)	(197)
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(164)	(97)		(255)
North America Commercial P&C Insurance [Member] | Auto Liability [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	58			74
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	71			74
North America Commercial P&C Insurance [Member] | Multi-Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(66)
North America Commercial P&C Insurance [Member] | Property and Inland Marine [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(132)
North America Agricultural Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	7	(17)	5
North America Agricultural Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
North America Agricultural Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	7	(17)	5
Corporate Segment [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	73	43	272	140
Corporate Segment [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Corporate Segment [Member] | Other [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			155	68
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(5)	(28)	(238)	(209)
Overseas General Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(5)	(13)	(5)	(8)
Overseas General Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(15)	(233)	(201)
Overseas General Insurance [Member] | Accident and Health Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(75)
Overseas General Insurance [Member] | Property, Liability and Casualty Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(67)	(21)
Overseas General Insurance [Member] | Financial [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	114
Overseas General Insurance [Member] | Personal Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(53)
Overseas General Insurance [Member] | Environmental lines [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development			(34)
Overseas General Insurance [Member] | Casualty lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(82)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(133)	(182)	(187)	(266)
North America Personal P&C Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
North America Personal P&C Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(133)	(182)	(187)	(266)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(4)	22	(11)
Global Reinsurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(4)	(7)	(26)
Global Reinsurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 0	$ 0	$ 29	$ 15

XML

Value of Business Acquired, Goodwill, and Other Intangible Assets (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Present Value of Future Insurance Profits [Line Items]
Amortization of Value of Business Acquired (VOBA)		$ (107)	[1]
Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Present Value of Future Insurance Profits [Line Items]
Amortization of Value of Business Acquired (VOBA)	$ 93
Fourth quarter of 2022, VOBA	$ 100	$ 100

[1] Recognized in Policy acquisition costs in the Consolidated statements of operations.

XML

Value of Business Acquired, Goodwill, and Other Intangible Assets (VOBA) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
VOBA Roll Forward
VOBA balance, beginning of year	$ 236
Acquisition of Cigna's business in Asia	3,379
Amortization of Value of Business Acquired (VOBA)	(107)	[1]
Foreign exchange revaluation and other	(184)
VOBA balance, end of year	$ 3,324

[1] Recognized in Policy acquisition costs in the Consolidated statements of operations.

XML

Value of Business Acquired, Goodwill, and Other Intangible Assets (Roll-forward of Goodwill by Business Segment) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 15,213
Foreign exchange revaluation and other	(446)
Balance at end of period	16,107
North America Commercial P&C Insurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	6,972
Foreign exchange revaluation and other	(11)
Balance at end of period	6,961
North America Personal P&C Insurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	2,240
Foreign exchange revaluation and other	(4)
Balance at end of period	2,236
North America Agricultural Insurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	134
Foreign exchange revaluation and other	0
Balance at end of period	134
Overseas General Insurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	4,653
Foreign exchange revaluation and other	(431)
Balance at end of period	4,325
Global Reinsurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	371
Foreign exchange revaluation and other	0
Balance at end of period	371
Segment Life [Member]
Goodwill [Roll Forward]
Balance at beginning of period	843
Foreign exchange revaluation and other	0
Balance at end of period	2,080
Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	1,340
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | North America Commercial P&C Insurance [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	0
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | North America Personal P&C Insurance [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	0
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | North America Agricultural Insurance [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	0
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Overseas General Insurance [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	103
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Global Reinsurance [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	0
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Segment Life [Member]
Goodwill [Roll Forward]
Acquisition of Cigna's business in Asia	$ 1,237

XML

Value of Business Acquired, Goodwill, and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets subject to amortization	$ 2,417	$ 2,508
Intangible assets not subject to amortization	2,966	2,947
Other intangible assets	$ 5,383	$ 5,455

XML

Value of Business Acquired, Goodwill, and Other Intangible Assets (Estimated Amortization Expense Over Next Five Years) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Fourth quarter of 2022, Other intangible assets	$ 71
2023, Other intangible assets	268
2024, Other intangible assets	246
2025, Other intangible assets	229
2026, Other intangible assets	213
2027, Other intangible assets	198
Total, Other intangible assets	1,225
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Fourth quarter of 2022, Other intangible assets	25	[1]
2023, Other intangible assets	96	[1]
2024, Other intangible assets	89	[1]
2025, Other intangible assets	87	[1]
2026, Other intangible assets	84	[1]
2027, Other intangible assets	81	[1]
Total, Other intangible assets	462	[1]
Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Finite-Lived Intangible Assets [Line Items]
Fourth quarter of 2022, Other intangible assets	1	[2]
2023, Other intangible assets	2	[2]
2024, Other intangible assets	4	[2]
2025, Other intangible assets	5	[2]
2026, Other intangible assets	6	[2]
2027, Other intangible assets	9	[2]
Total, Other intangible assets	27	[2]
The Chubb Corporation
Finite-Lived Intangible Assets [Line Items]
Fourth quarter of 2022, Other intangible assets	45	[3]
2023, Other intangible assets	170	[3]
2024, Other intangible assets	153	[3]
2025, Other intangible assets	137	[3]
2026, Other intangible assets	123	[3]
2027, Other intangible assets	108	[3]
Total, Other intangible assets	$ 736	[3]

[1] Recorded in applicable segment(s) that acquired the intangible assets

[2] Recorded in Life Insurance segment.

[3] Recorded in Corporate.

XML

Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Oct. 06, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Derivative liability subject to a master netting agreement	$ 98	$ 98		$ 123
Repurchase agreements	2,417	2,417		1,406
Purchase Commitment, Remaining Minimum Amount Committed	630	630		771
Carrying value of limited partnerships and partially-owned investment companies included in other investments	12,000	12,000		9,800
Funding commitments relating to limited partnerships and partially-owned investment companies	7,600	7,600		7,200
Unrecognized tax benefits	57	57
Operating Lease, Right-of-Use Asset	458	458		445
Operating Lease, Liability	$ 486	$ 486		$ 484
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	Other assets		Other assets
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,700	$ 2,700
Hedged Liability, Fair Value Hedge	1,500	1,500
Foreign Currency Transaction Gain (Loss), Realized		32
Subsequent Event [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 3,000
Fair Value Hedging
Financial Instruments Owned and Pledged as Collateral [Line Items]
OCI, before Reclassifications, Net of Tax, Attributable to Parent	94	94
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion	32	32
Net Investment Hedging
Financial Instruments Owned and Pledged as Collateral [Line Items]
OCI, before Reclassifications, Net of Tax, Attributable to Parent	$ 64	$ 64

XML

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		Sep. 30, 2022	Dec. 31, 2021
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		$ 5,211	$ 6,182
Options/Futures contracts on notes, bonds, and equities
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,366	12,944
Convertible securities
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	[1]	41	12
Investment And Embedded Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		161	69
Fair Value, Liability		(306)	(166)
Derivative, Notional Amount		6,618	19,138
Futures contracts on equities
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	[2]	952	905
Other Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		301	3
Other Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,253	908
Guaranteed Minimum Income Benefit [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	[3]	0	0
Derivative, Notional Amount	[3]	2,210	1,432
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		71	0
Fair Value, Liability		(101)	0
Derivative, Notional Amount		3,002	0
Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,501	0
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,501	0
Other Assets [Member] | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		72	25
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		57	33
Other Assets [Member] | Futures contracts on equities
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	[2]	107	0
Other Assets [Member] | Other Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		2	0
Other Assets [Member] | Other Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		109	0
Other Assets [Member] | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		0	0
Other Assets [Member] | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		71	0
Fixed Maturities [Member] | Convertible securities
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	[1]	32	11
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(277)	(139)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(29)	(27)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities
Derivatives, Fair Value [Line Items]
Fair Value, Liability	[2]	0	(16)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivatives [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Liability		0	0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Liability		0	(16)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Guaranteed Minimum Income Benefit [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Liability	[3]	(784)	(745)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(94)	0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(7)	0
Equity Securities | Convertible securities
Derivatives, Fair Value [Line Items]
Fair Value, Liability	[1]	$ 0	$ 0

[1] Includes fair value of embedded derivatives.

[2] Related to GMDB and GLB book of business.

[3] Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

XML

Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		$ (141)	$ (82)	$ (87)	$ 141
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		(247)	(15)	(515)	(37)
All Other Futures Contracts, Options and equities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		49	6	285	45
Convertible securities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	[1]	0	0	(2)	1
Investment And Embedded Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		(198)	(9)	(232)	9
GLB
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		22	(59)	(86)	252
Futures contracts on equities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	[2]	54	(4)	240	(112)
Other Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		(19)	(10)	(9)	(8)
Guaranteed Living Benefit And Other Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		$ 57	$ (73)	$ 145	$ 132

[1] Includes embedded derivatives.

[2] Related to GMDB and GLB book of business.

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Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 1,626	$ 1,831
Securities lending payable	1,626	1,831
Cash [Member] | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	857	931
U.S. Treasury / Agency | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	93	128
Foreign [Member] | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	641	752
Corporate and asset-backed securities | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	35	12
Mortgage-backed securities | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	0	1
Equity Securities | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 0	$ 7

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Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements		$ 2,417	$ 1,406
Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		2,529	1,420
Cash [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		76	29
U.S. Treasury / Agency | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		102	103
Mortgage-backed securities | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		2,351	1,288
Repurchase Agreements [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Secured Borrowings, Gross, Difference, Amount	[1]	112	14
Maturity Less than 30 Days [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		416
Maturity Less than 30 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		66
Maturity Less than 30 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		0
Maturity Less than 30 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		350
Maturity 30 to 90 Days [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		1,642	103
Maturity 30 to 90 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		10	0
Maturity 30 to 90 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		102	103
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		1,530	0
Maturity Greater than 90 Days [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		471	1,317
Maturity Greater than 90 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		0	29
Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		0	0
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		$ 471	$ 1,288

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

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Shareholders' equity (Details)			3 Months Ended	9 Months Ended
	Aug. 04, 2022 shares	Jan. 17, 2022 shares	Sep. 30, 2021 shares	Sep. 30, 2022 SFr / shares shares	May 19, 2022 $ / shares	Dec. 31, 2021 SFr / shares shares	May 20, 2021 $ / shares	May 20, 2020 $ / shares
Stockholders' Equity Note [Abstract]
Common Shares, par value | SFr / shares				SFr 24.15		SFr 24.15
Common Shares in treasury, shares				31,356,130		47,448,502
Treasury Stock, Shares, Retired	13,179,100	14,465,400		27,644,500
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				2,470,600
Common Stock, Dividend Rate Approved | $ / shares					$ 0.83		$ 0.80	$ 0.78
Annual dividend per share approved by shareholders | $ / shares					3.32		3.20	3.12
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividend Rate Approved | $ / shares					$ 0.83		$ 0.80	$ 0.78
Treasury Stock, Shares, Retired	13,179,100	14,465,400		27,644,500
Nov 2020 Stock Repurchase Plan
Stockholders' Equity Note [Abstract]
Number of shares repurchased			8,412,000

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Shareholders' equity Dividends Declared (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2022 SFr / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2021 SFr / shares	Sep. 30, 2021 $ / shares	Sep. 30, 2022 SFr / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2021 SFr / shares	Sep. 30, 2021 $ / shares
United States of America, Dollars
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.83		$ 0.80		$ 2.46		$ 2.38
Switzerland, Francs
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | SFr / shares	SFr 0.78		SFr 0.73		SFr 2.32		SFr 2.14

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Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 19, 2022	Jul. 19, 2021	Feb. 01, 2021	Nov. 19, 2020
Nov 2019 Stock Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased				22,877,400
Cost of shares repurchased				$ 3,956
Repurchase authorization remaining at end of period		$ 3,551		3,551
Nov 2020 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount							$ 2,500	$ 1,500
Number of shares repurchased		8,412,000
Cost of shares repurchased		$ 1,516
Repurchase authorization remaining at end of period		$ 3,551		$ 3,551
CB_Increase(Decrease)StockRepurchaseProgramAuthorizedAmount							$ 1,000
July 2021 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount						$ 5,000
Number of shares repurchased			14,022,728
Cost of shares repurchased			$ 2,815
May 2022 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 2,500
Number of shares repurchased	3,676,528
Cost of shares repurchased	$ 685
Repurchase authorization remaining at end of period	$ 1,816		$ 1,816

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Shareholders' equity AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax			$ 59,714
Balance – end of period, net of tax	$ 47,639	$ 59,318	47,639	$ 59,318
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	(5,713)	3,342	2,256	4,673
OCI, before Reclassifications, before Tax, Attributable to Parent	(3,324)	(564)	(12,898)	(2,151)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	279	10	857	(26)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(3,045)	(554)	(12,041)	(2,177)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	147	98	1,174	390
Balance – end of period, net of tax	(8,611)	2,886	(8,611)	2,886
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	(2,821)	(1,323)	(2,146)	(1,637)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(966)	(414)	(1,676)	(84)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	6	23	41	7
Balance – end of period, net of tax	(3,781)	(1,714)	(3,781)	(1,714)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	0	0	0	0
OCI, before Reclassifications, before Tax, Attributable to Parent	(94)	0	(94)	0
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	32	0	32	0
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(62)	0	(62)	0
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	13	0	13	0
Balance – end of period, net of tax	(49)	0	(49)	0
Postretirement Benefit Liability Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	259	(197)	240	(167)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	3	4	27	(33)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(1)	(1)	(6)	6
Balance – end of period, net of tax	261	(194)	261	(194)
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	(8,275)	1,822	350	2,869
Balance – end of period, net of tax	$ (12,180)	$ 978	$ (12,180)	$ 978

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Shareholders' equity AOCI Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Foreign Currency Transaction Gain (Loss), Realized			$ 32
Income tax expense	$ 265	$ 218	913	$ 873
Net income (loss)	812	1,833	4,001	6,398
Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Net income (loss)	(265)	(7)	(744)	31
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Debt Securities, Available-for-sale, Realized Gain	(279)	(10)	(857)	26
Income tax expense	39	3	138	5
Net income (loss)	(240)	(7)	(719)	31
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	(32)	0	(32)	0
Income tax expense	7	0	7	0
Net income (loss)	$ (25)	$ 0	$ (25)	$ 0

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Share-Based Compensation (Detail) - $ / shares		9 Months Ended
	Feb. 24, 2022	Sep. 30, 2022
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period		3 years
Award term period in years		10 years
Stock options granted	1,699,554
Weighted-average grant date fair value for stock options granted	$ 35.21
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	807,194
Grant date fair value of awards except for options granted to employees and officers of the company	$ 199.03
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Restricted stock awards granted to employees and officers of the company	294,229
Grant date fair value of awards except for options granted to employees and officers of the company	$ 199.03
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	295,301
Grant date fair value of awards except for options granted to employees and officers of the company	$ 199.03

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Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 1	$ 1	$ 3	$ 3
Non-service (benefit) cost	(55)	(50)	(164)	(153)
Net periodic benefit cost (benefit)	(54)	(49)	(161)	(150)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	1	0	1
Interest cost	0	1	1	1
Expected return on plan assets	0	(1)	(1)	(1)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	0
Amortization of prior service cost	0	0	0	(26)
Settlements	0	0	0	0
Non-service (benefit) cost	0	0	0	(26)
Net periodic benefit cost (benefit)	0	1	0	(25)
Losses and loss expenses | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	(5)	(5)	(15)	(14)
Losses and loss expenses | Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	0	0	0	(3)
Administrative Expense | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	1	1	3	3
Non-service (benefit) cost	(50)	(45)	(149)	(139)
Administrative Expense | Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	1	0	1
Non-service (benefit) cost	0	0	0	(23)
Foreign Plan [Member] | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	1	1	3	3
Interest cost	5	5	17	14
Expected return on plan assets	(11)	(10)	(33)	(32)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	2
Amortization of prior service cost	0	0	0	0
Settlements	0	0	0	0
Non-service (benefit) cost	(6)	(5)	(16)	(16)
Net periodic benefit cost (benefit)	(5)	(4)	(13)	(13)
UNITED STATES | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Interest cost	21	18	64	53
Expected return on plan assets	(70)	(64)	(212)	(191)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	0
Amortization of prior service cost	0	0	0	0
Settlements	0	1	0	1
Non-service (benefit) cost	(49)	(45)	(148)	(137)
Net periodic benefit cost (benefit)	$ (49)	$ (45)	$ (148)	$ (137)

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Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity in net income of partially-owned entities	[1]	$ (98)	$ 802	$ 192	$ 2,073
Gains (losses) from fair value changes in separate account assets	[2]	(67)	(24)	(116)	(5)
Federal excise and capital taxes		(6)	(5)	(15)	(15)
Other		(17)	(10)	(40)	(23)
Total		(188)	763	21	2,030
Partially-owned Investment Companies
Unrealized Gain (Loss) on Investments		(190)	702	(69)	1,776
Huatai Group
Equity in net income of partially-owned entities		$ 28	$ 40	$ 83	$ 144

[1] Equity in net income (loss) of partially-owned entities principally comprises mark-to-market gain (loss) on private equities where we own more than three percent of $(190) million and $(69) million for the three and nine months ended September 30, 2022, respectively, and $702 million and $1,776 million, respectively, for the prior year periods. This line item also includes net income of $28 million and $83 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and nine months ended September 30, 2022, respectively, compared to $40 million and $144 million, respectively, for the prior year periods.

[2] Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

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Segment information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net premiums written	$ 12,020	$ 10,510	$ 31,521	$ 28,718
Net premiums earned	11,535	10,000	29,838	27,034
Losses and loss expenses	7,279	6,629	17,474	16,688
Policy benefits	486	151	790	503
Policy acquisition costs	1,975	1,778	5,451	5,141
Administrative expenses	883	806	2,479	2,325
Underwriting income (loss)	912	636	3,644	2,377
Net investment income (loss)	979	866	2,689	2,613
Other (income) expense	188	(763)	(21)	(2,030)
Amortization of purchased intangibles	69	71	211	216
Segment Income (loss)	1,634	2,194	6,143	6,804
Net realized gains (losses)	(384)	(21)	(787)	833
Interest expense	150	122	416	366
Cigna integration expenses	23	0	26	0
Income tax expense	265	218	913	873
Net income	812	1,833	4,001	6,398
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Losses and loss expenses	(19)	(10)	(9)	(8)
Policy benefits	(67)	(24)	(116)	(5)
Policy acquisition costs	0	0	0	0
Administrative expenses	0	0	0	0
Underwriting income (loss)	86	34	125	13
Net investment income (loss)	(69)	(55)	(180)	(135)
Other (income) expense	(2)	(31)	(64)	(130)
Amortization of purchased intangibles	0	0	0	0
Segment Income (loss)	19	10	9	8
Net realized gains (losses)	(19)	(10)	(9)	(8)
Interest expense	0	0	0	0
Cigna integration expenses	0		0
Income tax expense	0	0	0	0
Net income	0	0	0	0
North America Commercial P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	4,722	4,369	13,426	12,318
Net premiums earned	4,283	3,954	12,645	11,431
Losses and loss expenses	3,036	2,754	7,979	7,740
Policy benefits	0	0	0	0
Policy acquisition costs	583	537	1,701	1,540
Administrative expenses	272	273	814	772
Underwriting income (loss)	392	390	2,151	1,379
Net investment income (loss)	589	507	1,600	1,582
Other (income) expense	6	8	12	24
Amortization of purchased intangibles	0	0	0	0
Segment Income (loss)	975	889	3,739	2,937
North America Personal P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	1,392	1,300	3,998	3,761
Net premiums earned	1,334	1,244	3,852	3,652
Losses and loss expenses	857	846	2,343	2,341
Policy benefits	0	0	0	0
Policy acquisition costs	274	254	792	746
Administrative expenses	71	73	213	200
Underwriting income (loss)	132	71	504	365
Net investment income (loss)	76	60	199	189
Other (income) expense	1	1	3	(3)
Amortization of purchased intangibles	2	2	7	8
Segment Income (loss)	205	128	693	549
North America Agricultural Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	1,723	1,415	2,523	2,110
Net premiums earned	1,673	1,338	2,217	1,858
Losses and loss expenses	1,444	1,138	1,830	1,554
Policy benefits	0	0	0	0
Policy acquisition costs	68	61	111	100
Administrative expenses	3	4	4	10
Underwriting income (loss)	158	135	272	194
Net investment income (loss)	9	6	23	21
Other (income) expense	1	0	1	0
Amortization of purchased intangibles	7	7	20	20
Segment Income (loss)	159	134	274	195
Overseas General Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	2,645	2,596	8,364	7,983
Net premiums earned	2,741	2,664	8,065	7,721
Losses and loss expenses	1,441	1,487	4,054	3,936
Policy benefits	0	0	0	0
Policy acquisition costs	720	703	2,096	2,070
Administrative expenses	264	266	811	811
Underwriting income (loss)	316	208	1,104	904
Net investment income (loss)	151	157	460	447
Other (income) expense	(2)	0	3	3
Amortization of purchased intangibles	12	11	40	36
Segment Income (loss)	457	354	1,521	1,312
Global Reinsurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	265	221	780	702
Net premiums earned	255	211	712	583
Losses and loss expenses	311	192	565	422
Policy benefits	0	0	0	0
Policy acquisition costs	59	55	178	147
Administrative expenses	8	9	27	27
Underwriting income (loss)	(123)	(45)	(58)	(13)
Net investment income (loss)	71	99	232	250
Other (income) expense	0	0	1	0
Amortization of purchased intangibles	0	0	0	0
Segment Income (loss)	(52)	54	173	237
Life Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	1,273	609	2,430	1,844
Net premiums earned	1,249	589	2,347	1,789
Losses and loss expenses	135	179	437	562
Policy benefits	553	175	906	508
Policy acquisition costs	271	168	573	538
Administrative expenses	174	82	346	247
Underwriting income (loss)	116	(15)	85	(66)
Net investment income (loss)	147	102	359	301
Other (income) expense	(10)	(19)	(50)	(79)
Amortization of purchased intangibles	2	2	7	4
Segment Income (loss)	271	104	487	310
Segment Corporate and Other
Segment Reporting Information [Line Items]
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Losses and loss expenses	74	43	275	141
Policy benefits	0	0	0	0
Policy acquisition costs	0	0	0	0
Administrative expenses	91	99	264	258
Underwriting income (loss)	(165)	(142)	(539)	(399)
Net investment income (loss)	5	(10)	(4)	(42)
Other (income) expense	194	(722)	73	(1,845)
Amortization of purchased intangibles	46	49	137	148
Segment Income (loss)	(400)	521	(753)	1,256
Net realized gains (losses)	(365)	(11)	(778)	841
Interest expense	150	122	416	366
Cigna integration expenses	23		26
Income tax expense	265	218	913	873
Net income	$ (1,203)	$ 170	$ (2,886)	$ 858

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Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 812	$ 1,833	$ 4,001	$ 6,398
Weighted-average shares outstanding	416,542,101	435,318,088	421,290,032	443,595,026
Share-based compensation plans	3,076,855	3,123,550	3,733,449	3,032,989
Weighted-average shares outstanding and assumed conversions	419,618,956	438,441,638	425,023,481	446,628,015
Basic earnings (loss) per share (US$ per share)	$ 1.95	$ 4.21	$ 9.50	$ 14.42
Diluted earnings (loss) per share (US$ per share)	$ 1.94	$ 4.18	$ 9.41	$ 14.33
Potential anti-dilutive share conversions	1,693,502	1,758,853	1,377,784	1,439,882