Schedule II

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (Parent Company Only)

	December 31		December 31
(in millions of U.S. dollars)	2022		2021
Assets
Investments in subsidiaries and affiliates on equity basis	$	50,393	$	58,850
Total investments	50,393		58,850
Cash	40		1
Due from subsidiaries and affiliates, net	959		1,218
Other assets	16		16
Total assets	$	51,408	$	60,085
Liabilities
Affiliated notional cash pooling programs	$	252	$	8
Accounts payable, accrued expenses, and other liabilities	616		363
Total liabilities	868		371
Shareholders' equity
Common Shares	10,346		10,985
Common Shares in treasury	(5,113)		(7,464)
Additional paid-in capital	7,166		8,478
Retained earnings	48,334		47,365
Accumulated other comprehensive income	(10,193)		350
Total shareholders' equity	50,540		59,714
Total liabilities and shareholders' equity	$	51,408	$	60,085

The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF OPERATIONS (Parent Company Only)

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Revenues
Investment income (1)	$	83	$	96	$	155
Equity in net income of subsidiaries and affiliates	5,323		8,514		3,457
Total revenues	5,406		8,610		3,612
Expenses
Administrative and other (income) expense	65		56		55
Cigna integration expenses	10		—		—
Income tax expense	18		15		24
Total expenses	93		71		79
Net income	$	5,313	$	8,539	$	3,533
Comprehensive income (loss)	$	(5,230)	$	6,020	$	5,783

(1) Includes net investment income, interest income, and net realized gains (losses).

The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.

STATEMENTS OF CASH FLOWS (Parent Company Only)

	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Net cash flows from operating activities (1)	$	7,831	$	4,167	$	1,933
Cash flows from investing activities
Capital contribution	(4,046)		$	—	(1,200)
Other	—		—		(2)
Net cash flows used for investing activities	(4,046)		$	—	(1,202)
Cash flows from financing activities
Dividends paid on Common Shares	(1,375)		(1,401)		(1,388)
Common Shares repurchased	(2,894)		(4,861)		(523)
Repayment of intercompany loans	279		2,003		1,265
Net proceeds from affiliated notional cash pooling programs (2)	245		8		—
Net cash flows used for financing activities	(3,745)		(4,251)		(646)
Effect of foreign currency rate changes on cash and restricted cash	(1)		1		(3)
Net increase (decrease) in cash and restricted cash	39		(83)		82
Cash and restricted cash – beginning of year	1		84		2
Cash and restricted cash – end of year	$	40	$	1	$	84

(1) Includes cash dividends received from subsidiaries of $7.7 billion, $3.7 billion, and $2.0 billion in 2022, 2021, and 2020, respectively.

(2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 g) for additional information.

The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.